Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

VIP-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Allocation

VIP

Fund

2

Franklin

DynaTech

VIP

Fund

31

Franklin

Global

Real

Estate

VIP

Fund

36

Franklin

Growth

and

Income

VIP

Fund

39

Franklin

Income

VIP

Fund

44

Franklin

Large

Cap

Growth

VIP

Fund

56

Franklin

Mutual

Global

Discovery

VIP

Fund

59

Franklin

Mutual

Shares

VIP

Fund

64

Franklin

Rising

Dividends

VIP

Fund

69

Franklin

Small

Cap

Value

VIP

Fund

72

Franklin

Small-Mid

Cap

Growth

VIP

Fund

75

Franklin

Strategic

Income

VIP

Fund

79

Franklin

U.S.

Government

Securities

VIP

Fund

109

Franklin

VolSmart

Allocation

VIP

Fund

113

Templeton

Developing

Markets

VIP

Fund

122

Templeton

Foreign

VIP

Fund

126

Templeton

Global

Bond

VIP

Fund

129

Templeton

Growth

VIP

Fund

136

Notes

to

Schedules

of

Investments

139

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

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

56.1%

Aerospace

&

Defense

1.8%

BAE

Systems

plc

...................................

United

Kingdom

24,974

$

504,287

BWX

Technologies,

Inc.

..............................

United

States

3,167

312,425

Curtiss-Wright

Corp.

.................................

United

States

680

215,744

Dassault

Aviation

SA

.................................

France

2,110

695,722

General

Electric

Co.

.................................

United

States

5,158

1,032,374

Leonardo

SpA

......................................

Italy

1,956

95,255

Lockheed

Martin

Corp.

...............................

United

States

1,903

850,089

MTU

Aero

Engines

AG

...............................

Germany

2,535

880,843

Northrop

Grumman

Corp.

.............................

United

States

3,908

2,000,935

a

Rolls-Royce

Holdings

plc

.............................

United

Kingdom

9,142

88,854

RTX

Corp.

........................................

United

States

17,751

2,351,297

Safran

SA

.........................................

France

1,710

450,215

9,478,040

Air

Freight

&

Logistics

0.2%

Deutsche

Post

AG

...................................

Germany

1,221

52,422

DSV

A/S

..........................................

Denmark

4,752

918,947

971,369

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

............

France

4,360

153,239

Continental

AG

.....................................

Germany

8,984

633,550

Forvia

SE

.........................................

France

19,080

156,570

943,359

Automobiles

0.7%

Ferrari

NV

.........................................

Italy

107

45,695

General

Motors

Co.

..................................

United

States

15,576

732,539

Isuzu

Motors

Ltd.

...................................

Japan

12,500

169,970

Stellantis

NV

.......................................

United

States

54,681

613,307

Subaru

Corp.

......................................

Japan

15,600

279,383

a

Tesla,

Inc.

.........................................

United

States

5,074

1,314,978

Toyota

Motor

Corp.

..................................

Japan

18,800

332,333

3,488,205

Banks

3.2%

b

ABN

AMRO

Bank

NV

,

CVA

,

144A

,

Reg

S

.................

Netherlands

7,876

165,958

AIB

Group

plc

......................................

Ireland

44,623

288,230

Bank

of

America

Corp.

...............................

United

States

35,808

1,494,268

Barclays

plc

.......................................

United

Kingdom

76,466

287,515

BNP

Paribas

SA

....................................

France

5,939

496,378

Citigroup,

Inc.

......................................

United

States

3,672

260,675

Commonwealth

Bank

of

Australia

.......................

Australia

3,262

310,196

DBS

Group

Holdings

Ltd.

.............................

Singapore

2,300

78,985

Erste

Group

Bank

AG

................................

Austria

1,026

70,970

HDFC

Bank

Ltd.

....................................

India

26,574

566,457

HSBC

Holdings

plc

..................................

United

Kingdom

91,080

1,032,527

ING

Groep

NV

.....................................

Netherlands

59,203

1,159,864

Intesa

Sanpaolo

SpA

.................................

Italy

67,914

350,006

JPMorgan

Chase

&

Co.

...............................

United

States

15,811

3,878,438

Lloyds

Banking

Group

plc

.............................

United

Kingdom

747,631

701,216

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

5,000

68,169

NatWest

Group

plc

..................................

United

Kingdom

102,258

603,771

Shinhan

Financial

Group

Co.

Ltd.

.......................

South

Korea

13,118

419,814

Standard

Chartered

plc

...............................

United

Kingdom

91,170

1,352,906

Sumitomo

Mitsui

Financial

Group,

Inc.

....................

Japan

14,700

378,005

Sumitomo

Mitsui

Financial

Group,

Inc.

,

ADR

...............

Japan

59,066

913,160

UniCredit

SpA

......................................

Italy

12,158

682,455

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)

US

Bancorp

.......................................

United

States

19,920

$

841,022

Wells

Fargo

&

Co.

...................................

United

States

14,632

1,050,431

17,451,416

Beverages

0.7%

Asahi

Group

Holdings

Ltd.

.............................

Japan

8,400

107,323

Coca-Cola

Consolidated,

Inc.

..........................

United

States

78

105,300

Coca-Cola

HBC

AG

.................................

Italy

6,169

279,393

Molson

Coors

Beverage

Co.

,

B

.........................

United

States

2,452

149,253

a

Monster

Beverage

Corp.

..............................

United

States

16,691

976,757

PepsiCo,

Inc.

......................................

United

States

14,186

2,127,049

3,745,075

Biotechnology

1.0%

AbbVie,

Inc.

.......................................

United

States

6,838

1,432,698

Amgen,

Inc.

.......................................

United

States

4,127

1,285,767

a

Biogen,

Inc.

.......................................

United

States

2,196

300,500

a

BioNTech

SE

,

ADR

..................................

Germany

1,000

91,060

CSL

Ltd.

..........................................

United

States

1,512

237,972

a

Exelixis,

Inc.

.......................................

United

States

4,489

165,734

a

Genmab

A/S

.......................................

Denmark

179

34,873

Gilead

Sciences,

Inc.

................................

United

States

8,174

915,897

a

Incyte

Corp.

.......................................

United

States

2,407

145,744

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

548

347,558

a

Swedish

Orphan

Biovitrum

AB

..........................

Sweden

1,716

49,174

a

United

Therapeutics

Corp.

.............................

United

States

599

184,654

5,191,631

Broadline

Retail

1.9%

Alibaba

Group

Holding

Ltd.

............................

China

51,547

852,896

a

Amazon.com,

Inc.

...................................

United

States

36,625

6,968,272

a

Etsy,

Inc.

..........................................

United

States

1

47

a

MercadoLibre,

Inc.

..................................

Brazil

425

829,120

Next

plc

..........................................

United

Kingdom

2,970

427,904

Prosus

NV

........................................

China

18,467

857,961

a

Rakuten

Group,

Inc.

.................................

Japan

9,600

55,075

Wesfarmers

Ltd.

....................................

Australia

1,849

83,822

10,075,097

Building

Products

0.2%

a

Builders

FirstSource,

Inc.

.............................

United

States

1

125

Cie

de

Saint-Gobain

SA

..............................

France

4,728

470,988

Masco

Corp.

.......................................

United

States

942

65,507

Trane

Technologies

plc

...............................

United

States

1,956

659,016

1,195,636

Capital

Markets

1.6%

3i

Group

plc

.......................................

United

Kingdom

9,871

464,141

Bank

of

New

York

Mellon

Corp.

(The)

....................

United

States

2,639

221,333

BlackRock,

Inc.

.....................................

United

States

272

257,443

Blackstone,

Inc.

....................................

United

States

2,261

316,043

Charles

Schwab

Corp.

(The)

...........................

United

States

24,741

1,936,725

Deutsche

Bank

AG

..................................

Germany

18,239

434,766

Intercontinental

Exchange,

Inc.

.........................

United

States

3,310

570,975

Intermediate

Capital

Group

plc

.........................

United

Kingdom

32,000

815,017

Macquarie

Group

Ltd.

................................

Australia

8,338

1,037,636

Morgan

Stanley

.....................................

United

States

715

83,419

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)

Partners

Group

Holding

AG

............................

Switzerland

189

$

268,985

S&P

Global,

Inc.

....................................

United

States

2,118

1,076,156

SEI

Investments

Co.

.................................

United

States

1,388

107,750

Singapore

Exchange

Ltd.

.............................

Singapore

7,800

77,220

State

Street

Corp.

...................................

United

States

4,388

392,858

T

Rowe

Price

Group,

Inc.

.............................

United

States

3,347

307,489

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

2,887

428,604

8,796,560

Chemicals

1.7%

Air

Products

and

Chemicals,

Inc.

........................

United

States

9,032

2,663,717

Albemarle

Corp.

....................................

United

States

4,169

300,251

Asahi

Kasei

Corp.

...................................

Japan

14,300

100,253

BASF

SE

.........................................

Germany

1,692

84,818

CF

Industries

Holdings,

Inc.

...........................

United

States

2,890

225,854

DuPont

de

Nemours,

Inc.

.............................

United

States

3,768

281,394

Ecolab,

Inc.

........................................

United

States

1,382

350,365

Givaudan

SA

.......................................

Switzerland

100

429,298

LG

Chem

Ltd.

......................................

South

Korea

2,316

389,469

Linde

plc

..........................................

United

States

1,631

759,459

LyondellBasell

Industries

NV

,

A

.........................

United

States

670

47,168

Mitsubishi

Chemical

Group

Corp.

.......................

Japan

18,300

90,429

Nitto

Denko

Corp.

...................................

Japan

19,400

358,833

RPM

International,

Inc.

...............................

United

States

1,287

148,880

Sherwin-Williams

Co.

(The)

............................

United

States

5,487

1,916,006

Shin-Etsu

Chemical

Co.

Ltd.

...........................

Japan

2,100

59,924

Sika

AG

..........................................

Switzerland

3,100

755,111

8,961,229

Commercial

Services

&

Supplies

0.4%

Brambles

Ltd.

......................................

Australia

5,242

66,223

Cintas

Corp.

.......................................

United

States

1,150

236,360

Republic

Services,

Inc.

,

A

.............................

United

States

1,491

361,061

Securitas

AB

,

B

.....................................

Sweden

52,345

740,732

Veralto

Corp.

.......................................

United

States

8,240

802,988

2,207,364

Communications

Equipment

0.5%

Cisco

Systems,

Inc.

.................................

United

States

15,263

941,880

a

F5,

Inc.

...........................................

United

States

859

228,726

Motorola

Solutions,

Inc.

...............................

United

States

2,965

1,298,106

Telefonaktiebolaget

LM

Ericsson

,

B

......................

Sweden

16,187

125,947

2,594,659

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

............

Spain

4,278

244,844

Eiffage

SA

.........................................

France

869

101,177

EMCOR

Group,

Inc.

.................................

United

States

612

226,213

572,234

Construction

Materials

0.5%

CRH

plc

,

(

GBP

Traded)

...............................

United

States

6,522

571,605

CRH

plc

,

(

USD

Traded)

...............................

United

States

1,300

114,361

a

Holcim

AG

........................................

United

States

1,891

203,497

Martin

Marietta

Materials,

Inc.

..........................

United

States

3,456

1,652,417

2,541,880

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

0.5%

American

Express

Co.

...............................

United

States

5,160

$

1,388,298

Capital

One

Financial

Corp.

...........................

United

States

7,230

1,296,339

Synchrony

Financial

.................................

United

States

4,898

259,300

2,943,937

Consumer

Staples

Distribution

&

Retail

0.9%

Albertsons

Cos.,

Inc.

,

A

...............................

United

States

4,006

88,092

Carrefour

SA

.......................................

France

84,557

1,209,326

Costco

Wholesale

Corp.

..............................

United

States

625

591,113

Koninklijke

Ahold

Delhaize

NV

..........................

Netherlands

6,605

246,730

Kroger

Co.

(The)

....................................

United

States

9,784

662,279

Target

Corp.

.......................................

United

States

3,220

336,039

Tesco

plc

.........................................

United

Kingdom

94,191

405,237

Walmart,

Inc.

......................................

United

States

12,510

1,098,253

4,637,069

Containers

&

Packaging

0.2%

SIG

Group

AG

.....................................

Switzerland

33,000

610,149

Smurfit

WestRock

plc

................................

United

States

15,910

714,137

1,324,286

Diversified

Consumer

Services

0.0%

†

H&R

Block,

Inc.

.....................................

United

States

2,059

113,060

Pearson

plc

.......................................

United

Kingdom

3,792

59,987

173,047

Diversified

REITs

0.0%

†

Stockland

.........................................

Australia

15,237

47,015

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

.........................................

United

States

33,740

954,167

Deutsche

Telekom

AG

................................

Germany

23,515

868,173

Telenor

ASA

.......................................

Norway

16,723

238,955

Telia

Co.

AB

.......................................

Sweden

66,103

238,652

2,299,947

Electric

Utilities

0.6%

American

Electric

Power

Co.,

Inc.

.......................

United

States

1,917

209,471

Edison

International

.................................

United

States

21,207

1,249,516

Entergy

Corp.

......................................

United

States

1,225

104,725

Iberdrola

SA

.......................................

Spain

48,815

788,269

NextEra

Energy,

Inc.

.................................

United

States

6,376

451,995

NRG

Energy,

Inc.

...................................

United

States

3,361

320,841

PPL

Corp.

.........................................

United

States

2,632

95,041

Southern

Co.

(The)

..................................

United

States

1,487

136,730

3,356,588

Electrical

Equipment

0.4%

ABB

Ltd.

..........................................

Switzerland

5,265

271,663

AMETEK,

Inc.

......................................

United

States

1,866

321,213

Eaton

Corp.

plc

.....................................

United

States

3,591

976,142

Fujikura

Ltd.

.......................................

Japan

5,400

199,988

Mitsubishi

Electric

Corp.

..............................

Japan

10,900

201,021

Schneider

Electric

SE

................................

United

States

462

106,651

2,076,678

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol

Corp.

,

A

..................................

United

States

12,503

820,072

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

(continued)

a

Arrow

Electronics,

Inc.

...............................

United

States

558

$

57,937

Inficon

Holding

AG

..................................

Switzerland

180

188,872

Keyence

Corp.

.....................................

Japan

200

78,642

TDK

Corp.

........................................

Japan

23,100

242,067

TE

Connectivity

plc

..................................

Switzerland

4,120

582,238

Yokogawa

Electric

Corp.

..............................

Japan

6,000

117,096

2,086,924

Energy

Equipment

&

Services

0.1%

SBM

Offshore

NV

...................................

Netherlands

13,008

277,186

Entertainment

0.9%

CTS

Eventim

AG

&

Co.

KGaA

..........................

Germany

6,800

682,192

Electronic

Arts,

Inc.

..................................

United

States

2,959

427,635

a

Netflix,

Inc.

........................................

United

States

2,438

2,273,508

Nintendo

Co.

Ltd.

...................................

Japan

1,500

101,967

a

Sea

Ltd.

,

ADR

......................................

Singapore

2,900

378,421

a

Spotify

Technology

SA

................................

United

States

1,151

633,084

Walt

Disney

Co.

(The)

................................

United

States

5,310

524,097

5,020,904

Financial

Services

2.5%

a

Berkshire

Hathaway,

Inc.

,

B

............................

United

States

7,312

3,894,225

EXOR

NV

.........................................

Netherlands

2,574

233,753

Fidelity

National

Information

Services,

Inc.

.................

United

States

2,023

151,077

Industrivarden

AB

,

A

.................................

Sweden

3,686

135,431

Investor

AB

,

B

......................................

Sweden

11,207

334,239

Mastercard,

Inc.

,

A

..................................

United

States

4,711

2,582,193

MGIC

Investment

Corp.

...............................

United

States

4,188

103,779

a

PayPal

Holdings,

Inc.

................................

United

States

20,923

1,365,226

Visa,

Inc.

,

A

........................................

United

States

13,924

4,879,805

Western

Union

Co.

(The)

..............................

United

States

4,722

49,959

13,729,687

Food

Products

0.4%

Archer-Daniels-Midland

Co.

...........................

United

States

1,368

65,678

Associated

British

Foods

plc

...........................

United

Kingdom

10,074

249,748

Bunge

Global

SA

...................................

United

States

2,123

162,239

Chocoladefabriken

Lindt

&

Spruengli

AG

..................

Switzerland

6

81,117

Ingredion,

Inc.

......................................

United

States

924

124,934

MEIJI

Holdings

Co.

Ltd.

...............................

Japan

4,800

104,007

Nestle

SA

.........................................

United

States

12,569

1,270,181

b

WH

Group

Ltd.

,

144A

,

Reg

S

..........................

Hong

Kong

189,500

174,000

2,231,904

Gas

Utilities

0.1%

Tokyo

Gas

Co.

Ltd.

..................................

Japan

8,700

276,752

Ground

Transportation

0.8%

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

3,240

227,480

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

951

157,343

Tokyu

Corp.

.......................................

Japan

12,200

137,348

a

Uber

Technologies,

Inc.

...............................

United

States

13,472

981,570

Union

Pacific

Corp.

..................................

United

States

6,458

1,525,638

a

XPO,

Inc.

.........................................

United

States

11,310

1,216,730

4,246,109

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)

Health

Care

Equipment

&

Supplies

1.7%

Abbott

Laboratories

..................................

United

States

3,982

$

528,212

Alcon

AG

.........................................

United

States

10,500

996,293

Becton

Dickinson

&

Co.

...............................

United

States

7,628

1,747,270

a

Boston

Scientific

Corp.

...............................

United

States

3,772

380,519

Cochlear

Ltd.

......................................

Australia

6,130

1,010,279

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

....................

New

Zealand

2,503

47,768

a

Hologic,

Inc.

.......................................

United

States

3,477

214,774

Hoya

Corp.

........................................

Japan

3,000

338,576

a

IDEXX

Laboratories,

Inc.

..............................

United

States

279

117,166

a

Intuitive

Surgical,

Inc.

................................

United

States

3,178

1,573,968

Medtronic

plc

......................................

United

States

5,400

485,244

ResMed,

Inc.

......................................

United

States

315

70,513

Straumann

Holding

AG

...............................

Switzerland

309

37,409

Stryker

Corp.

......................................

United

States

3,587

1,335,261

8,883,252

Health

Care

Providers

&

Services

1.4%

CVS

Health

Corp.

...................................

United

States

19,520

1,322,480

Fresenius

Medical

Care

AG

............................

Germany

1,673

83,248

McKesson

Corp.

....................................

United

States

3,436

2,312,394

UnitedHealth

Group,

Inc.

..............................

United

States

6,937

3,633,254

Universal

Health

Services,

Inc.

,

B

.......................

United

States

876

164,600

7,515,976

Health

Care

Technology

0.1%

Pro

Medicus

Ltd.

....................................

Australia

569

72,021

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

782

181,135

253,156

Hotels,

Restaurants

&

Leisure

0.8%

a

Airbnb,

Inc.

,

A

......................................

United

States

4,866

581,292

Amadeus

IT

Group

SA

...............................

Spain

9,200

704,564

Aristocrat

Leisure

Ltd.

................................

Australia

4,864

196,715

Booking

Holdings,

Inc.

...............................

United

States

265

1,220,831

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

5,929

297,695

Expedia

Group,

Inc.

.................................

United

States

1,196

201,048

b

FDJ

United

,

144A

,

Reg

S

.............................

France

2,949

92,793

InterContinental

Hotels

Group

plc

.......................

United

Kingdom

3,294

354,666

Sodexo

SA

........................................

France

935

60,054

Starbucks

Corp.

....................................

United

States

7,620

747,446

4,457,104

Household

Durables

0.4%

Barratt

Redrow

plc

..................................

United

Kingdom

111,265

612,052

Panasonic

Holdings

Corp.

.............................

Japan

31,500

375,779

Persimmon

plc

.....................................

United

Kingdom

38,785

599,889

Sekisui

House

Ltd.

..................................

Japan

2,800

62,670

Sony

Group

Corp.

...................................

Japan

18,200

460,515

2,110,905

Household

Products

0.3%

Colgate-Palmolive

Co.

...............................

United

States

8,456

792,327

Kimberly-Clark

Corp.

.................................

United

States

1,080

153,598

Procter

&

Gamble

Co.

(The)

...........................

United

States

2,741

467,121

1,413,046

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)

Independent

Power

and

Renewable

Electricity

Producers

0.2%

a,b

Orsted

A/S

,

144A

,

Reg

S

..............................

Denmark

16,501

$

720,617

RWE

AG

..........................................

Germany

1,568

55,985

Vistra

Corp.

........................................

United

States

3,836

450,500

1,227,102

Industrial

Conglomerates

0.2%

3M

Co.

...........................................

United

States

3,008

441,755

Hitachi

Ltd.

........................................

Japan

21,000

493,067

Siemens

AG

.......................................

Germany

1,455

336,027

1,270,849

Industrial

REITs

0.1%

First

Industrial

Realty

Trust,

Inc.

........................

United

States

1,551

83,692

Prologis,

Inc.

.......................................

United

States

2,613

292,107

375,799

Insurance

1.8%

Aegon

Ltd.

........................................

Netherlands

36,028

236,626

Aflac,

Inc.

.........................................

United

States

408

45,366

Ageas

SA/NV

......................................

Belgium

4,152

248,885

AIA

Group

Ltd.

.....................................

Hong

Kong

83,732

633,841

Allianz

SE

.........................................

Germany

212

81,134

AXA

SA

...........................................

France

6,614

282,588

Axis

Capital

Holdings

Ltd.

.............................

United

States

1,041

104,350

Hartford

Insurance

Group,

Inc.

(The)

.....................

United

States

3,227

399,277

Japan

Post

Insurance

Co.

Ltd.

.........................

Japan

4,800

97,824

Loews

Corp.

.......................................

United

States

964

88,601

Marsh

&

McLennan

Cos.,

Inc.

..........................

United

States

7,813

1,906,606

MS&AD

Insurance

Group

Holdings,

Inc.

..................

Japan

6,100

132,662

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

508

320,914

Old

Republic

International

Corp.

........................

United

States

3,644

142,918

Progressive

Corp.

(The)

..............................

United

States

4,528

1,281,469

Prudential

plc

,

(

GBP

Traded)

...........................

Hong

Kong

60,834

656,461

Prudential

plc

,

(

HKD

Traded)

...........................

Hong

Kong

6,149

66,419

Sompo

Holdings,

Inc.

................................

Japan

17,500

532,896

Swiss

Re

AG

.......................................

United

States

4,806

817,880

Travelers

Cos.,

Inc.

(The)

.............................

United

States

6,157

1,628,280

Unum

Group

.......................................

United

States

2,370

193,060

9,898,057

Interactive

Media

&

Services

2.2%

Alphabet,

Inc.

,

A

....................................

United

States

26,476

4,094,249

Alphabet,

Inc.

,

C

....................................

United

States

7,468

1,166,725

b

Auto

Trader

Group

plc

,

144A

,

Reg

S

.....................

United

Kingdom

20,464

197,879

Match

Group,

Inc.

...................................

United

States

2

63

Meta

Platforms,

Inc.

,

A

...............................

United

States

9,620

5,544,583

b

Scout24

SE

,

144A

,

Reg

S

.............................

Germany

6,000

628,335

11,631,834

IT

Services

0.4%

Accenture

plc

,

A

....................................

Ireland

1,539

480,230

a

GoDaddy,

Inc.

,

A

....................................

United

States

1,944

350,192

a

MongoDB,

Inc.

,

A

...................................

United

States

448

78,579

NEC

Corp.

........................................

Japan

13,500

287,560

a

Shopify,

Inc.

,

A

.....................................

Canada

8,000

763,840

a

VeriSign,

Inc.

......................................

United

States

389

98,755

2,059,156

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)

Leisure

Products

0.0%

†

Bandai

Namco

Holdings,

Inc.

..........................

Japan

2,500

$

83,869

Life

Sciences

Tools

&

Services

0.9%

Agilent

Technologies,

Inc.

.............................

United

States

2,502

292,684

Danaher

Corp.

.....................................

United

States

2,658

544,890

Eurofins

Scientific

SE

................................

Luxembourg

3,219

171,710

a

ICON

plc

..........................................

United

States

822

143,842

Lonza

Group

AG

....................................

Switzerland

550

339,773

a

Mettler-Toledo

International,

Inc.

........................

United

States

682

805,381

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

4,681

2,329,266

a

Waters

Corp.

......................................

United

States

206

75,925

West

Pharmaceutical

Services,

Inc.

......................

United

States

658

147,313

4,850,784

Machinery

1.9%

Allison

Transmission

Holdings,

Inc.

......................

United

States

1,220

116,717

Atlas

Copco

AB

,

A

...................................

Sweden

20,579

328,717

CNH

Industrial

NV

...................................

United

States

83,145

1,021,021

Deere

&

Co.

.......................................

United

States

3,389

1,590,627

GEA

Group

AG

.....................................

Germany

4,127

250,876

Georg

Fischer

AG

...................................

Switzerland

3,400

248,842

Illinois

Tool

Works,

Inc.

...............................

United

States

4,662

1,156,223

Ingersoll

Rand,

Inc.

..................................

United

States

4,789

383,264

Interroll

Holding

AG

..................................

Switzerland

285

675,338

Komatsu

Ltd.

......................................

Japan

11,500

336,756

Makita

Corp.

.......................................

Japan

6,000

198,801

Otis

Worldwide

Corp.

................................

United

States

8,169

843,041

Parker-Hannifin

Corp.

................................

United

States

2,400

1,458,840

Schindler

Holding

AG

................................

Switzerland

683

206,985

Snap-on,

Inc.

......................................

United

States

795

267,923

b

VAT

Group

AG

,

144A

,

Reg

S

...........................

Switzerland

1,300

468,601

Wartsila

OYJ

Abp

...................................

Finland

11,291

201,470

Xylem,

Inc.

........................................

United

States

2,688

321,108

Yangzijiang

Shipbuilding

Holdings

Ltd.

....................

China

73,200

128,468

10,203,618

Marine

Transportation

0.0%

†

AP

Moller

-

Maersk

A/S

,

B

.............................

Denmark

56

97,464

Media

0.4%

Comcast

Corp.

,

A

...................................

United

States

46,530

1,716,957

Fox

Corp.

,

A

.......................................

United

States

3,229

182,762

Publicis

Groupe

SA

..................................

France

1,159

109,350

2,009,069

Metals

&

Mining

0.3%

BHP

Group

Ltd.

....................................

Australia

17,679

428,948

Fortescue

Ltd.

......................................

Australia

43,603

422,034

Freeport-McMoRan,

Inc.

..............................

United

States

17,059

645,854

Northern

Star

Resources

Ltd.

..........................

Australia

4,666

53,870

Reliance,

Inc.

......................................

United

States

769

222,049

Southern

Copper

Corp.

...............................

Mexico

993

92,806

1,865,561

Multi-Utilities

0.8%

Centrica

plc

.......................................

United

Kingdom

137,310

265,867

Engie

SA

.........................................

France

19,862

387,027

Sempra,

Inc.

.......................................

United

States

36,044

2,572,100

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)

Multi-Utilities

(continued)

WEC

Energy

Group,

Inc.

..............................

United

States

11,420

$

1,244,552

4,469,546

Oil,

Gas

&

Consumable

Fuels

2.0%

BP

plc

............................................

United

States

273,802

1,536,428

Cheniere

Energy,

Inc.

................................

United

States

3,170

733,538

Chevron

Corp.

.....................................

United

States

9,231

1,544,254

ConocoPhillips

.....................................

United

States

16,206

1,701,954

ENEOS

Holdings,

Inc.

................................

Japan

46,700

246,296

EOG

Resources,

Inc.

................................

United

States

7,210

924,610

Equinor

ASA

.......................................

Norway

20,718

547,136

Exxon

Mobil

Corp.

...................................

United

States

3,764

447,653

Galp

Energia

SGPS

SA

,

B

............................

Portugal

28,384

497,288

Idemitsu

Kosan

Co.

Ltd.

..............................

Japan

23,500

166,222

Marathon

Petroleum

Corp.

............................

United

States

492

71,679

Ovintiv,

Inc.

........................................

United

States

3,811

163,111

Shell

plc

..........................................

United

States

39,889

1,451,973

TotalEnergies

SE

...................................

France

6,062

390,593

Valero

Energy

Corp.

.................................

United

States

553

73,035

Venture

Global,

Inc.

,

A

................................

United

States

44,787

461,306

10,957,076

Passenger

Airlines

0.1%

Qantas

Airways

Ltd.

.................................

Australia

22,565

128,646

a

United

Airlines

Holdings,

Inc.

...........................

United

States

4,718

325,778

454,424

Personal

Care

Products

0.2%

Beiersdorf

AG

......................................

Germany

2,366

305,649

a

BellRing

Brands,

Inc.

.................................

United

States

1,171

87,193

L'Oreal

SA

........................................

France

994

369,463

Unilever

plc

........................................

United

Kingdom

6,586

392,967

1,155,272

Pharmaceuticals

2.6%

AstraZeneca

plc

....................................

United

Kingdom

13,804

2,027,046

AstraZeneca

plc

,

ADR

................................

United

Kingdom

4,714

346,479

Bristol-Myers

Squibb

Co.

..............................

United

States

15,744

960,227

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

2,800

128,273

Eli

Lilly

&

Co.

......................................

United

States

2,242

1,851,690

GSK

plc

..........................................

United

States

22,069

421,743

Haleon

plc

,

ADR

....................................

United

States

107,400

1,105,146

Ipsen

SA

..........................................

France

1,075

123,819

a

Jazz

Pharmaceuticals

plc

.............................

United

States

700

86,905

Johnson

&

Johnson

.................................

United

States

9,854

1,634,187

Merck

&

Co.,

Inc.

...................................

United

States

6,470

580,747

Novartis

AG

.......................................

United

States

9,955

1,105,700

Novo

Nordisk

A/S

,

ADR

...............................

Denmark

11,637

808,073

Novo

Nordisk

A/S

,

B

.................................

Denmark

8,077

552,292

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

7,700

401,247

Roche

Holding

AG

..................................

United

States

2,625

863,960

Roche

Holding

AG

..................................

United

States

913

316,912

Shionogi

&

Co.

Ltd.

..................................

Japan

18,600

280,762

UCB

SA

..........................................

Belgium

722

127,119

Zoetis,

Inc.

,

A

......................................

United

States

2,943

484,565

14,206,892

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)

Professional

Services

0.5%

Adecco

Group

AG

...................................

Switzerland

20,566

$

618,434

Automatic

Data

Processing,

Inc.

........................

United

States

174

53,162

Experian

plc

.......................................

United

States

16,500

764,533

Genpact

Ltd.

.......................................

United

States

2,397

120,761

Leidos

Holdings,

Inc.

.................................

United

States

957

129,137

ManpowerGroup,

Inc.

................................

United

States

4,558

263,817

Recruit

Holdings

Co.

Ltd.

.............................

Japan

5,800

300,505

RELX

plc

.........................................

United

Kingdom

5,172

259,793

Teleperformance

SE

.................................

France

923

92,809

Verisk

Analytics,

Inc.

,

A

...............................

United

States

474

141,072

Wolters

Kluwer

NV

..................................

Netherlands

1,153

179,518

2,923,541

Real

Estate

Management

&

Development

0.1%

CK

Asset

Holdings

Ltd.

...............................

Hong

Kong

54,000

218,482

Mitsubishi

Estate

Co.

Ltd.

.............................

Japan

9,100

148,748

Sun

Hung

Kai

Properties

Ltd.

..........................

Hong

Kong

5,000

47,638

Wharf

Real

Estate

Investment

Co.

Ltd.

...................

Hong

Kong

47,000

114,122

528,990

Residential

REITs

0.0%

†

Camden

Property

Trust

...............................

United

States

1,201

146,882

Retail

REITs

0.2%

Klepierre

SA

.......................................

France

4,726

158,188

Simon

Property

Group,

Inc.

............................

United

States

4,053

673,122

831,310

Semiconductors

&

Semiconductor

Equipment

4.6%

Advantest

Corp.

....................................

Japan

3,500

156,018

Applied

Materials,

Inc.

................................

United

States

3,571

518,224

a

ARM

Holdings

plc

,

ADR

..............................

United

States

600

64,074

ASM

International

NV

................................

Netherlands

107

48,759

ASML

Holding

NV

...................................

Netherlands

2,077

1,374,504

ASML

Holding

NV

,

ADR

..............................

Netherlands

1,825

1,209,300

Broadcom,

Inc.

.....................................

United

States

13,305

2,227,656

Disco

Corp.

........................................

Japan

4,650

949,631

Infineon

Technologies

AG

.............................

Germany

20,861

695,399

Intel

Corp.

.........................................

United

States

70,825

1,608,436

KLA

Corp.

.........................................

United

States

704

478,579

Lam

Research

Corp.

.................................

United

States

1,316

95,673

a

Lattice

Semiconductor

Corp.

...........................

United

States

1,664

87,277

Microchip

Technology,

Inc.

............................

United

States

28,840

1,396,144

Monolithic

Power

Systems,

Inc.

.........................

United

States

831

481,963

a

Nova

Ltd.

.........................................

Israel

2,720

501,378

NVIDIA

Corp.

......................................

United

States

86,645

9,390,585

NXP

Semiconductors

NV

.............................

China

1,675

318,350

QUALCOMM,

Inc.

...................................

United

States

6,206

953,304

STMicroelectronics

NV

...............................

Singapore

20,720

454,339

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

23,696

667,350

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

3,696

613,536

Texas

Instruments,

Inc.

...............................

United

States

2,563

460,571

Tokyo

Electron

Ltd.

..................................

Japan

2,300

315,405

25,066,455

Software

4.8%

a

Adobe,

Inc.

........................................

United

States

2,405

922,390

a

AppLovin

Corp.

,

A

...................................

United

States

1,144

303,126

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)

Software

(continued)

a

Autodesk,

Inc.

......................................

United

States

1,891

$

495,064

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

2,214

504,615

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

278

98,017

a

CyberArk

Software

Ltd.

...............................

United

States

2,700

912,600

a

DocuSign,

Inc.

,

A

...................................

United

States

2,832

230,525

a

Dropbox,

Inc.

,

A

....................................

United

States

3,730

99,628

a

Fair

Isaac

Corp.

....................................

United

States

319

588,287

a

Fortinet,

Inc.

.......................................

United

States

7,849

755,545

Gen

Digital,

Inc.

....................................

United

States

8,159

216,540

Intuit,

Inc.

.........................................

United

States

2,789

1,712,418

a

Kinaxis,

Inc.

.......................................

Canada

7,800

859,976

Microsoft

Corp.

.....................................

United

States

24,127

9,057,034

a

Monday.com

Ltd.

....................................

United

States

2,700

656,532

a

Nice

Ltd.

,

ADR

.....................................

Israel

3,900

601,263

a

Palo

Alto

Networks,

Inc.

..............................

United

States

4,666

796,206

a

PTC,

Inc.

.........................................

United

States

2,586

400,701

Sage

Group

plc

(The)

................................

United

Kingdom

22,017

345,674

Salesforce,

Inc.

.....................................

United

States

4,548

1,220,501

SAP

SE

..........................................

Germany

6,796

1,820,986

a

ServiceNow,

Inc.

....................................

United

States

1,090

867,792

a

Synopsys,

Inc.

.....................................

United

States

2,453

1,051,969

a

Tyler

Technologies,

Inc.

...............................

United

States

340

197,673

a

Workday,

Inc.

,

A

....................................

United

States

2,627

613,483

a

Xero

Ltd.

..........................................

New

Zealand

3,066

299,682

a

Zoom

Communications,

Inc.

,

A

.........................

United

States

3,242

239,162

25,867,389

Specialized

REITs

0.3%

American

Tower

Corp.

................................

United

States

4,326

941,338

Equinix,

Inc.

.......................................

United

States

609

496,548

VICI

Properties,

Inc.

,

A

...............................

United

States

8,458

275,900

1,713,786

Specialty

Retail

1.0%

a

AutoZone,

Inc.

.....................................

United

States

25

95,319

Bath

&

Body

Works,

Inc.

..............................

United

States

2

61

Best

Buy

Co.,

Inc.

...................................

United

States

2,948

217,002

Fast

Retailing

Co.

Ltd.

................................

Japan

1,500

446,537

Home

Depot,

Inc.

(The)

...............................

United

States

3,155

1,156,276

Industria

de

Diseno

Textil

SA

...........................

Spain

8,177

407,148

JD

Sports

Fashion

plc

................................

United

Kingdom

596,729

527,649

Lowe's

Cos.,

Inc.

....................................

United

States

3,544

826,567

a

O'Reilly

Automotive,

Inc.

..............................

United

States

790

1,131,738

TJX

Cos.,

Inc.

(The)

.................................

United

States

2,814

342,745

a

Ulta

Beauty,

Inc.

....................................

United

States

188

68,910

Williams-Sonoma,

Inc.

...............................

United

States

1,678

265,292

5,485,244

Technology

Hardware,

Storage

&

Peripherals

1.8%

Apple,

Inc.

........................................

United

States

35,740

7,938,926

HP,

Inc.

...........................................

United

States

14,478

400,896

Logitech

International

SA

.............................

Switzerland

807

68,381

NetApp,

Inc.

.......................................

United

States

3,052

268,088

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

25,017

991,811

9,668,102

Textiles,

Apparel

&

Luxury

Goods

0.4%

adidas

AG

.........................................

Germany

892

210,387

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)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Asics

Corp.

........................................

Japan

15,400

$

326,597

Hermes

International

SCA

.............................

France

81

213,121

Kering

SA

.........................................

France

2,178

453,112

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

433

268,148

NIKE,

Inc.

,

B

.......................................

United

States

3,114

197,677

Pandora

A/S

.......................................

Denmark

1,934

296,407

Puma

SE

.........................................

Germany

10,517

256,533

Ralph

Lauren

Corp.

,

A

................................

United

States

92

20,308

2,242,290

Tobacco

0.2%

Altria

Group,

Inc.

....................................

United

States

15,675

940,813

Imperial

Brands

plc

..................................

United

Kingdom

1,514

56,021

Japan

Tobacco,

Inc.

.................................

Japan

9,600

263,867

1,260,701

Trading

Companies

&

Distributors

0.5%

AerCap

Holdings

NV

.................................

Ireland

1,900

194,123

Fastenal

Co.

.......................................

United

States

6,550

507,953

Rexel

SA

.........................................

France

6,281

169,279

RS

Group

plc

......................................

United

Kingdom

78,000

567,888

Toyota

Tsusho

Corp.

.................................

Japan

4,300

72,446

WW

Grainger,

Inc.

...................................

United

States

922

910,779

2,422,468

Transportation

Infrastructure

0.0%

†

b

Aena

SME

SA

,

144A

,

Reg

S

...........................

Spain

509

119,413

Wireless

Telecommunication

Services

0.0%

†

Vodafone

Group

plc

.................................

United

Kingdom

254,961

239,567

Total

Common

Stocks

(Cost

$

214,033,900

)

...................................

302,907,736

Preferred

Stocks

0.1%

Household

Products

0.0%

†

c

Henkel

AG

&

Co.

KGaA

,

2.51

%

.........................

Germany

3,540

281,668

Life

Sciences

Tools

&

Services

0.1%

c

Sartorius

AG

,

0.69

%

.................................

Germany

1,232

287,204

Total

Preferred

Stocks

(Cost

$

689,168

)

.......................................

568,872

Units

Limited

Partnerships

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Enterprise

Products

Partners

LP

........................

United

States

61,224

2,090,187

2,090,187

Total

Limited

Partnerships

(Cost

$

1,576,535

)

.................................

2,090,187

Principal

Amount

*

Corporate

Bonds

13.2%

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

Senior

Bond

,

3.5%,

3/01/39

..........................

United

States

200,000

153,560

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

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

Boeing

Co.

(The),

(continued)

Senior

Bond

,

5.705%,

5/01/40

........................

United

States

350,000

$

340,442

Senior

Note

,

6.528%,

5/01/34

........................

United

States

175,000

187,611

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

5.95%,

2/01/37

.........................

United

States

250,000

261,936

Senior

Note

,

4.85%,

10/15/31

........................

United

States

50,000

49,878

Lockheed

Martin

Corp.

,

Senior

Bond

,

4.07%,

12/15/42

.......

United

States

130,000

108,891

Northrop

Grumman

Corp.

,

Senior

Bond

,

5.25%,

5/01/50

.........................

United

States

100,000

94,642

Senior

Bond

,

4.95%,

3/15/53

.........................

United

States

220,000

198,639

RTX

Corp.

,

Senior

Bond

,

2.82%,

9/01/51

..................

United

States

125,000

76,501

1,472,100

Air

Freight

&

Logistics

0.0%

†

b

FedEx

Corp.

,

Senior

Note

,

144A,

2.4%,

5/15/31

............

United

States

200,000

173,136

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35%,

3/19/29

....................

United

States

485,000

491,402

Senior

Note

,

144A,

5.4%,

1/08/31

.....................

United

States

200,000

201,657

693,059

Banks

2.8%

b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

200,000

204,574

Bank

of

America

Corp.

,

Senior

Bond

,

3.974%

to

2/06/29,

FRN

thereafter

,

2/07/30

...

United

States

200,000

194,662

Senior

Bond

,

1.922%

to

10/23/30,

FRN

thereafter

,

10/24/31

.

United

States

200,000

171,203

Senior

Bond

,

2.687%

to

4/21/31,

FRN

thereafter

,

4/22/32

...

United

States

200,000

176,088

Senior

Bond

,

5.468%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

225,000

228,370

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

1,280,000

1,330,559

Senior

Note

,

5.162%

to

1/23/30,

FRN

thereafter

,

1/24/31

....

United

States

500,000

507,013

Sub.

Bond

,

5.744%

to

2/11/35,

FRN

thereafter

,

2/12/36

.....

United

States

150,000

149,769

Barclays

plc

,

Senior

Note

,

5.086%

to

2/24/28,

FRN

thereafter

,

2/25/29

.........................................

United

Kingdom

230,000

231,675

b

BNP

Paribas

SA

,

Senior

Preferred

Note

,

144A,

5.176%

to

1/08/29,

FRN

thereafter

,

1/09/30

......................

France

250,000

253,142

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

............................

France

250,000

239,845

Citibank

NA

,

Senior

Note

,

5.438%,

4/30/26

................

United

States

750,000

758,164

Citigroup,

Inc.

,

Senior

Bond

,

2.572%

to

6/02/30,

FRN

thereafter

,

6/03/31

...

United

States

400,000

356,351

Senior

Note

,

5.174%

to

2/12/29,

FRN

thereafter

,

2/13/30

....

United

States

425,000

430,616

b

Danske

Bank

A/S

,

Senior

Non-Preferred

Note

,

144A,

5.705%

to

2/28/29,

FRN

thereafter

,

3/01/30

.................................

Denmark

200,000

205,855

Senior

Preferred

Note

,

144A,

5.427%

to

2/28/27,

FRN

thereafter

,

3/01/28

.................................

Denmark

400,000

406,769

Fifth

Third

Bancorp

,

Senior

Note

,

4.772%

to

7/27/29,

FRN

thereafter

,

7/28/30

....

United

States

235,000

233,658

Senior

Note

,

5.631%

to

1/28/31,

FRN

thereafter

,

1/29/32

....

United

States

200,000

204,806

HSBC

Holdings

plc

,

Senior

Note

,

1.645%

to

8/17/25,

FRN

thereafter

,

4/18/26

.................................

United

Kingdom

525,000

524,257

Huntington

Bancshares,

Inc.

,

Senior

Bond

,

2.55%,

2/04/30

.........................

United

States

200,000

179,343

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

(continued)

Banks

(continued)

Huntington

Bancshares,

Inc.,

(continued)

Senior

Note

,

5.272%

to

1/14/30,

FRN

thereafter

,

1/15/31

....

United

States

200,000

$

202,175

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

3.54%

to

4/30/27,

FRN

thereafter

,

5/01/28

....

United

States

1,200,000

1,176,154

Senior

Bond

,

5.35%

to

5/31/33,

FRN

thereafter

,

6/01/34

....

United

States

535,000

543,935

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

100,000

101,100

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

350,000

355,534

Sub.

Bond

,

2.956%

to

5/12/30,

FRN

thereafter

,

5/13/31

.....

United

States

200,000

181,937

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

....

Japan

200,000

206,498

Senior

Note

,

5.098%

to

5/12/30,

FRN

thereafter

,

5/13/31

....

Japan

200,000

201,973

NatWest

Group

plc

,

Senior

Note

,

5.808%

to

9/12/28,

FRN

thereafter

,

9/13/29

....

United

Kingdom

300,000

309,717

Senior

Note

,

4.964%

to

8/14/29,

FRN

thereafter

,

8/15/30

....

United

Kingdom

200,000

200,253

PNC

Financial

Services

Group,

Inc.

(The)

,

d

T

,

Junior

Sub.

Bond

,

3.4%

to

9/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

230,000

219,378

Senior

Bond

,

5.676%

to

1/21/34,

FRN

thereafter

,

1/22/35

...

United

States

50,000

51,198

Senior

Note

,

6.615%

to

10/19/26,

FRN

thereafter

,

10/20/27

..

United

States

450,000

463,880

Senior

Note

,

5.222%

to

1/28/30,

FRN

thereafter

,

1/29/31

....

United

States

200,000

203,553

Royal

Bank

of

Canada

,

Senior

Note

,

4.97%

to

5/01/30,

FRN

thereafter

,

5/02/31

.................................

Canada

250,000

251,302

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

200,000

192,714

b

Societe

Generale

SA

,

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.....................

France

200,000

193,052

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.568%,

12/17/26

..

Canada

220,000

220,389

Truist

Financial

Corp.

,

Senior

Note

,

7.161%

to

10/29/28,

FRN

thereafter

,

10/30/29

..

United

States

350,000

376,959

Senior

Note

,

5.153%

to

8/04/31,

FRN

thereafter

,

8/05/32

....

United

States

200,000

200,406

b

UniCredit

SpA

,

Senior

Preferred

Note

,

144A,

1.982%

to

6/02/26,

FRN

thereafter

,

6/03/27

.............................

Italy

300,000

289,964

US

Bancorp

,

Senior

Note

,

5.1%

to

7/22/29,

FRN

thereafter

,

7/23/30

.........................................

United

States

400,000

404,848

Wells

Fargo

&

Co.

,

Senior

Bond

,

2.879%

to

10/29/29,

FRN

thereafter

,

10/30/30

.

United

States

350,000

322,710

Senior

Bond

,

3.35%

to

3/01/32,

FRN

thereafter

,

3/02/33

....

United

States

200,000

179,503

Senior

Bond

,

5.389%

to

4/23/33,

FRN

thereafter

,

4/24/34

...

United

States

410,000

412,964

Senior

Note

,

4.808%

to

7/24/27,

FRN

thereafter

,

7/25/28

....

United

States

530,000

531,783

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

100,000

101,698

15,082,296

Beverages

0.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

4.7%,

2/01/36

......................

Belgium

100,000

96,492

Anheuser-Busch

InBev

Worldwide,

Inc.

,

Senior

Bond

,

3.5%,

6/01/30

..........................

Belgium

350,000

333,601

Senior

Bond

,

5.8%,

1/23/59

..........................

Belgium

150,000

155,250

585,343

Biotechnology

0.5%

AbbVie,

Inc.

,

Senior

Bond

,

4.85%,

6/15/44

.........................

United

States

530,000

492,184

Senior

Note

,

4.95%,

3/15/31

.........................

United

States

300,000

304,868

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)

Biotechnology

(continued)

Amgen,

Inc.

,

Senior

Bond

,

2.45%,

2/21/30

.........................

United

States

200,000

$

180,584

Senior

Bond

,

5.25%,

3/02/33

.........................

United

States

100,000

101,482

Senior

Bond

,

5.6%,

3/02/43

..........................

United

States

560,000

555,397

b

CSL

Finance

plc

,

Senior

Bond

,

144A,

4.25%,

4/27/32

....................

Australia

300,000

287,292

Senior

Bond

,

144A,

5.106%,

4/03/34

...................

Australia

255,000

256,349

Gilead

Sciences,

Inc.

,

Senior

Bond

,

5.25%,

10/15/33

.........

United

States

185,000

189,401

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75%,

9/15/30

.........................

United

States

200,000

170,624

Senior

Bond

,

2.8%,

9/15/50

..........................

United

States

460,000

272,241

2,810,422

Broadline

Retail

0.0%

†

Amazon.com,

Inc.

,

Senior

Bond

,

2.875%,

5/12/41

...........

United

States

325,000

242,986

Building

Products

0.1%

Owens

Corning

,

Senior

Bond

,

5.7%,

6/15/34

...............

United

States

370,000

380,482

Capital

Markets

1.0%

BlackRock

Funding,

Inc.

,

Senior

Bond

,

5.25%,

3/14/54

.......

United

States

135,000

130,317

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371%,

9/09/27

...

Germany

150,000

153,373

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.615%

to

4/21/31,

FRN

thereafter

,

4/22/32

...

United

States

100,000

87,342

Senior

Bond

,

5.851%

to

4/24/34,

FRN

thereafter

,

4/25/35

...

United

States

320,000

330,833

Senior

Bond

,

5.536%

to

1/27/35,

FRN

thereafter

,

1/28/36

...

United

States

200,000

202,869

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

200,000

191,878

Senior

Note

,

2.64%

to

2/23/27,

FRN

thereafter

,

2/24/28

.....

United

States

200,000

193,112

Senior

Note

,

5.727%

to

4/24/29,

FRN

thereafter

,

4/25/30

....

United

States

540,000

557,204

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

6.2%,

4/14/34

....

United

States

175,000

178,481

Morgan

Stanley

,

Senior

Bond

,

3.591%,

7/22/28

........................

United

States

760,000

741,216

Senior

Bond

,

3.622%

to

3/31/30,

FRN

thereafter

,

4/01/31

...

United

States

500,000

472,263

Senior

Bond

,

1.794%

to

2/12/31,

FRN

thereafter

,

2/13/32

...

United

States

200,000

167,638

Senior

Bond

,

5.25%

to

4/20/33,

FRN

thereafter

,

4/21/34

....

United

States

735,000

735,667

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

50,000

50,609

Senior

Note

,

4.654%

to

10/17/29,

FRN

thereafter

,

10/18/30

..

United

States

335,000

332,391

b

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25%,

4/01/29

...................................

United

States

100,000

102,077

b

UBS

Group

AG

,

Senior

Bond

,

144A,

2.095%

to

2/10/31,

FRN

thereafter

,

2/11/32

Switzerland

425,000

361,023

Senior

Note

,

144A,

6.327%

to

12/21/26,

FRN

thereafter

,

12/22/27

........................................

Switzerland

300,000

308,166

Senior

Note

,

144A,

6.246%

to

9/21/28,

FRN

thereafter

,

9/22/29

Switzerland

200,000

209,098

5,505,557

Chemicals

0.1%

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.319%,

11/15/38

.....

United

States

100,000

103,182

Huntsman

International

LLC

,

Senior

Bond

,

4.5%,

5/01/29

.....

United

States

100,000

95,958

b

Solvay

Finance

America

LLC

,

Senior

Note

,

144A,

5.65%,

6/04/29

Belgium

400,000

410,580

Westlake

Corp.

,

Senior

Bond

,

3.125%,

8/15/51

.............

United

States

250,000

154,881

764,601

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)

Commercial

Services

&

Supplies

0.1%

Republic

Services,

Inc.

,

Senior

Bond

,

5%,

4/01/34

...........

United

States

200,000

$

199,620

Veralto

Corp.

,

Senior

Note

,

5.5%,

9/18/26

.................

United

States

250,000

253,131

452,751

Communications

Equipment

0.2%

Cisco

Systems,

Inc.

,

Senior

Bond

,

5.05%,

2/26/34

...........

United

States

315,000

319,351

Motorola

Solutions,

Inc.

,

Senior

Bond

,

4.6%,

5/23/29

..........................

United

States

330,000

328,685

Senior

Bond

,

5.4%,

4/15/34

..........................

United

States

150,000

151,829

799,865

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

Senior

Bond

,

5.15%,

12/01/34

..

United

States

240,000

238,653

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4%,

10/29/33

.........................

Ireland

150,000

129,529

Senior

Note

,

3%,

10/29/28

..........................

Ireland

450,000

422,984

Capital

One

Financial

Corp.

,

Senior

Bond

,

3.75%,

3/09/27

.........................

United

States

585,000

575,780

Senior

Note

,

5.463%

to

7/25/29,

FRN

thereafter

,

7/26/30

....

United

States

200,000

202,514

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

5.4%,

4/06/26

.

United

States

240,000

241,071

Toyota

Motor

Credit

Corp.

,

Senior

Note

,

4.45%,

5/18/26

......

United

States

220,000

220,211

1,792,089

Consumer

Staples

Distribution

&

Retail

0.0%

†

b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3%,

2/10/28

............

United

States

260,000

236,613

Containers

&

Packaging

0.0%

†

b

Amcor

Flexibles

North

America,

Inc.

,

Senior

Note

,

144A,

5.1%,

3/17/30

.........................................

United

States

75,000

75,640

WRKCo,

Inc.

,

Senior

Bond

,

3%,

6/15/33

..................

United

States

135,000

115,916

191,556

Diversified

REITs

0.2%

Simon

Property

Group

LP

,

Senior

Bond

,

2.2%,

2/01/31

..........................

United

States

300,000

260,108

Senior

Note

,

3.375%,

12/01/27

.......................

United

States

495,000

482,552

VICI

Properties

LP

,

Senior

Note

,

4.95%,

2/15/30

............

United

States

200,000

198,457

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.125%,

8/15/30

...................................

United

States

225,000

212,047

1,153,164

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

,

Senior

Bond

,

2.55%,

12/01/33

........................

United

States

300,000

246,063

Senior

Bond

,

3.5%,

6/01/41

..........................

United

States

650,000

501,792

Orange

SA

,

Senior

Bond

,

9%,

3/01/31

....................

France

100,000

120,881

Verizon

Communications,

Inc.

,

Senior

Bond

,

2.55%,

3/21/31

.........................

United

States

100,000

88,145

Senior

Bond

,

2.85%,

9/03/41

.........................

United

States

200,000

140,864

Senior

Note

,

2.355%,

3/15/32

........................

United

States

550,000

465,582

1,563,327

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)

Electric

Utilities

0.9%

Duke

Energy

Florida

LLC

,

Senior

Bond

,

6.4%,

6/15/38

.......

United

States

200,000

$

217,976

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

5.4%,

4/01/53

.......

United

States

350,000

332,773

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25%,

4/01/33

........

United

States

230,000

233,431

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

2.5%,

7/12/31

Italy

200,000

171,801

Exelon

Corp.

,

Senior

Bond

,

4.05%,

4/15/30

................

United

States

510,000

494,280

Georgia

Power

Co.

,

Senior

Bond

,

4.3%,

3/15/42

............

United

States

400,000

343,452

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

2.44%,

1/15/32

.........................

United

States

300,000

256,453

Senior

Bond

,

5.9%,

3/15/55

..........................

United

States

200,000

199,885

Senior

Note

,

5.3%,

3/15/32

..........................

United

States

95,000

96,572

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

3.3%,

12/01/27

.........................

United

States

350,000

335,905

Senior

Secured

Bond

,

3.25%,

6/01/31

..................

United

States

300,000

267,076

Southern

Co.

(The)

,

A

,

Senior

Bond

,

3.7%,

4/30/30

..........

United

States

300,000

285,946

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

2.4%,

3/30/32

..........................

United

States

705,000

602,755

Senior

Bond

,

5%,

4/01/33

...........................

United

States

200,000

198,287

b

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

4.3%,

7/15/29

..............

United

States

300,000

290,544

Senior

Secured

Note

,

144A,

5.05%,

12/30/26

............

United

States

75,000

75,292

Xcel

Energy,

Inc.

,

Senior

Bond

,

4.6%,

6/01/32

..........................

United

States

200,000

192,903

Senior

Bond

,

5.45%,

8/15/33

.........................

United

States

150,000

150,732

4,746,063

Energy

Equipment

&

Services

0.0%

†

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor,

Inc.

,

Senior

Bond

,

4.08%,

12/15/47

........................

United

States

285,000

225,140

Entertainment

0.1%

Netflix,

Inc.

,

Senior

Bond

,

4.9%,

8/15/34

..........................

United

States

100,000

100,110

Senior

Bond

,

5.4%,

8/15/54

..........................

United

States

135,000

132,545

b

Senior

Bond

,

144A,

5.375%,

11/15/29

..................

United

States

225,000

232,366

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05%,

3/15/42

.....

United

States

170,000

136,040

601,061

Financial

Services

0.1%

Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05%,

9/15/33

.......

United

States

150,000

156,629

b

EDP

Finance

BV

,

Senior

Note

,

144A,

1.71%,

1/24/28

........

Portugal

200,000

184,752

Fiserv,

Inc.

,

Senior

Bond

,

3.5%,

7/01/29

..................

United

States

270,000

256,837

Global

Payments,

Inc.

,

Senior

Note

,

5.4%,

8/15/32

..........

United

States

135,000

136,633

734,851

Food

Products

0.3%

Conagra

Brands,

Inc.

,

Senior

Bond

,

5.4%,

11/01/48

..........

United

States

100,000

91,109

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3.625%,

1/15/32

........................

United

States

400,000

360,663

Senior

Note

,

5.75%,

4/01/33

.........................

United

States

200,000

203,307

b

Mars,

Inc.

,

Senior

Bond

,

144A,

3.2%,

4/01/30

.....................

United

States

100,000

93,964

Senior

Bond

,

144A,

4.75%,

4/20/33

....................

United

States

200,000

197,095

Senior

Bond

,

144A,

5.7%,

5/01/55

.....................

United

States

80,000

79,990

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)

Food

Products

(continued)

b

Mars,

Inc.,

(continued)

Senior

Note

,

144A,

5.2%,

3/01/35

.....................

United

States

190,000

$

191,023

McCormick

&

Co.,

Inc.

,

Senior

Bond

,

1.85%,

2/15/31

.........

United

States

500,000

424,220

1,641,371

Gas

Utilities

0.1%

Southern

California

Gas

Co.

,

Senior

Bond

,

6.35%,

11/15/52

...

United

States

350,000

374,938

Ground

Transportation

0.2%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8%,

4/15/34

......

United

Kingdom

200,000

201,301

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.75%,

5/01/40

.........................

United

States

300,000

312,336

Senior

Bond

,

4.9%,

4/01/44

..........................

United

States

200,000

186,047

CSX

Corp.

,

Senior

Bond

,

4.75%,

11/15/48

.................

United

States

365,000

325,361

1,025,045

Health

Care

Equipment

&

Supplies

0.2%

Baxter

International,

Inc.

,

Senior

Bond

,

2.539%,

2/01/32

......

United

States

580,000

497,700

Boston

Scientific

Corp.

,

Senior

Bond

,

2.65%,

6/01/30

........

United

States

200,000

182,305

Solventum

Corp.

,

Senior

Note

,

5.6%,

3/23/34

..............

United

States

135,000

136,903

816,908

Health

Care

Providers

&

Services

0.6%

Ascension

Health

,

Senior

Bond

,

3.945%,

11/15/46

...........

United

States

270,000

219,641

Centene

Corp.

,

Senior

Bond

,

3%,

10/15/30

................

United

States

270,000

236,406

Cigna

Group

(The)

,

Senior

Bond

,

2.375%,

3/15/31

........................

United

States

400,000

349,172

Senior

Bond

,

3.2%,

3/15/40

..........................

United

States

240,000

182,024

CVS

Health

Corp.

,

Senior

Bond

,

5.3%,

12/05/43

.........................

United

States

475,000

427,948

Senior

Bond

,

5.125%,

7/20/45

........................

United

States

100,000

87,248

Elevance

Health,

Inc.

,

Senior

Bond

,

5.1%,

1/15/44

..........

United

States

165,000

152,625

HCA,

Inc.

,

Senior

Bond

,

4.5%,

2/15/27

..........................

United

States

408,000

406,751

Senior

Note

,

3.625%,

3/15/32

........................

United

States

200,000

180,860

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6%,

5/08/34

.

United

States

200,000

204,390

Kaiser

Foundation

Hospitals

,

Senior

Bond

,

4.15%,

5/01/47

....

United

States

225,000

187,433

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.05%,

5/15/41

.........................

United

States

330,000

243,161

Senior

Note

,

2.3%,

5/15/31

..........................

United

States

250,000

218,861

Senior

Note

,

5.15%,

7/15/34

.........................

United

States

100,000

100,713

3,197,233

Health

Care

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

2.95%,

3/15/34

.........................

United

States

295,000

246,644

Senior

Bond

,

5.25%,

5/15/36

.........................

United

States

50,000

48,812

295,456

Health

Care

Technology

0.0%

†

IQVIA,

Inc.

,

Senior

Secured

Note

,

6.25%,

2/01/29

...........

United

States

100,000

104,211

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)

Hotels,

Restaurants

&

Leisure

0.1%

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5%,

10/15/32

...

United

States

200,000

$

178,420

McDonald's

Corp.

,

Senior

Bond

,

3.625%,

9/01/49

...........

United

States

200,000

146,059

324,479

Household

Durables

0.1%

DR

Horton,

Inc.

,

Senior

Bond

,

5%,

10/15/34

...............

United

States

250,000

243,761

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8%,

11/01/29

.....

United

States

150,000

143,050

386,811

Household

Products

0.1%

b

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Senior

Bond

,

144A,

2.431%,

7/01/31

...................................

Mexico

300,000

264,580

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

5.8%,

3/01/33

..........................

United

States

300,000

310,839

Senior

Bond

,

6.125%,

1/15/34

........................

United

States

325,000

342,701

653,540

Insurance

0.4%

Allstate

Corp.

(The)

,

Senior

Bond

,

4.2%,

12/15/46

...........

United

States

200,000

162,335

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635%,

6/30/50

.......

United

States

370,000

269,180

Arthur

J

Gallagher

&

Co.

,

Senior

Bond

,

6.5%,

2/15/34

..........................

United

States

150,000

162,927

Senior

Bond

,

5.45%,

7/15/34

.........................

United

States

200,000

203,215

Senior

Bond

,

5.15%,

2/15/35

.........................

United

States

245,000

243,004

Athene

Holding

Ltd.

,

Senior

Bond

,

6.25%,

4/01/54

...........

United

States

175,000

175,446

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond

,

3.85%,

3/15/52

United

States

125,000

96,339

Brown

&

Brown,

Inc.

,

Senior

Bond

,

2.375%,

3/15/31

.........

United

States

305,000

262,024

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9%,

3/15/49

....

United

States

200,000

181,519

MetLife,

Inc.

,

Junior

Sub.

Bond

,

6.4%,

12/15/36

.............

United

States

200,000

203,207

b

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

4.3%,

8/25/29

.........................................

United

States

150,000

147,525

b

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5%,

1/11/31

.....

United

States

150,000

154,351

b

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875%,

4/15/34

.........................................

United

States

100,000

106,803

2,367,875

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

4.45%,

8/15/52

..........

United

States

290,000

247,083

Life

Sciences

Tools

&

Services

0.0%

†

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

5.404%,

8/10/43

...

United

States

100,000

100,086

Machinery

0.2%

Ingersoll

Rand,

Inc.

,

Senior

Note

,

5.176%,

6/15/29

........................

United

States

140,000

142,432

Senior

Note

,

5.314%,

6/15/31

........................

United

States

300,000

307,139

Westinghouse

Air

Brake

Technologies

Corp.

,

Senior

Bond

,

4.7%,

9/15/28

.........................................

United

States

480,000

480,876

930,447

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)

Media

0.4%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8%,

4/01/31

...................

United

States

320,000

$

276,393

Senior

Secured

Bond

,

4.4%,

4/01/33

...................

United

States

100,000

90,448

Senior

Secured

Bond

,

5.375%,

4/01/38

.................

United

States

250,000

225,544

Senior

Secured

Bond

,

3.5%,

3/01/42

...................

United

States

100,000

68,470

Comcast

Corp.

,

Senior

Bond

,

4.25%,

1/15/33

.........................

United

States

300,000

285,315

Senior

Bond

,

4.049%,

11/01/52

.......................

United

States

500,000

380,230

Fox

Corp.

,

Senior

Bond

,

6.5%,

10/13/33

..................

United

States

215,000

230,372

Paramount

Global

,

Senior

Bond

,

4.95%,

1/15/31

.........................

United

States

400,000

384,533

Senior

Bond

,

4.2%,

5/19/32

..........................

United

States

300,000

269,150

2,210,455

Metals

&

Mining

0.1%

Newmont

Corp.

/

Newcrest

Finance

Pty.

Ltd.

,

Senior

Note

,

5.35%,

3/15/34

.........................................

United

States

185,000

186,781

Rio

Tinto

Finance

USA

plc

,

Senior

Note

,

5%,

3/14/32

.........

Australia

200,000

200,971

387,752

Multi-Utilities

0.1%

Berkshire

Hathaway

Energy

Co.

,

Senior

Bond

,

1.65%,

5/15/31

.

United

States

300,000

250,804

DTE

Energy

Co.

,

Senior

Note

,

4.875%,

6/01/28

.............

United

States

150,000

150,965

Public

Service

Enterprise

Group,

Inc.

,

Senior

Bond

,

5.4%,

3/15/35

United

States

50,000

50,311

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95%,

9/15/34

.

United

States

250,000

243,512

695,592

Oil,

Gas

&

Consumable

Fuels

0.9%

b

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.75%,

1/15/30

...........

Norway

550,000

519,877

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

4.812%,

2/13/33

United

States

120,000

118,029

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95%,

7/15/30

.........................

Canada

350,000

316,457

Senior

Bond

,

6.25%,

3/15/38

.........................

Canada

140,000

145,342

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65%,

4/15/34

..........

United

States

50,000

50,602

b

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8%,

12/15/34

United

States

125,000

125,681

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8%,

1/15/35

United

States

290,000

299,503

Energy

Transfer

LP

,

Senior

Bond

,

5.55%,

5/15/34

.........................

United

States

300,000

299,975

Senior

Bond

,

5.15%,

3/15/45

.........................

United

States

505,000

442,301

Enterprise

Products

Operating

LLC

,

Senior

Bond

,

6.125%,

10/15/39

........................................

United

States

160,000

170,222

Exxon

Mobil

Corp.

,

Senior

Bond

,

3.567%,

3/06/45

...........

United

States

180,000

138,041

Hess

Corp.

,

Senior

Bond

,

7.125%,

3/15/33

........................

United

States

150,000

169,775

Senior

Bond

,

5.6%,

2/15/41

..........................

United

States

135,000

135,464

MPLX

LP

,

Senior

Bond

,

5.4%,

4/01/35

..........................

United

States

200,000

196,616

Senior

Bond

,

5.5%,

2/15/49

..........................

United

States

140,000

127,425

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Bond

,

4.2%,

3/15/28

.........................................

United

States

325,000

321,437

Targa

Resources

Corp.

,

Senior

Bond

,

6.5%,

2/15/53

.........

United

States

210,000

218,588

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4%,

1/15/32

................

United

States

300,000

$

276,976

TotalEnergies

Capital

SA

,

Senior

Bond

,

4.724%,

9/10/34

........................

France

100,000

98,170

Senior

Bond

,

5.275%,

9/10/54

........................

France

210,000

198,059

b

Var

Energi

ASA

,

Senior

Bond

,

144A,

8%,

11/15/32

.....................

Norway

200,000

225,349

Senior

Note

,

144A,

7.5%,

1/15/28

.....................

Norway

200,000

211,953

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

2.6%,

3/15/31

........

United

States

200,000

175,822

4,981,664

Passenger

Airlines

0.0%

†

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5%,

10/20/25

...............................

United

States

55,876

55,687

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625%,

3/24/32

.......

United

States

800,000

736,831

Pharmaceuticals

0.4%

AstraZeneca

plc

,

Senior

Bond

,

4.375%,

11/16/45

............

United

Kingdom

450,000

392,102

b

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.375%,

12/15/28

Germany

400,000

389,759

Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.25%,

10/26/49

......

United

States

150,000

122,806

Eli

Lilly

&

Co.

,

Senior

Bond

,

4.95%,

2/27/63

................

United

States

215,000

195,896

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75%,

5/19/33

.........................

United

States

340,000

336,417

Senior

Bond

,

5.3%,

5/19/53

..........................

United

States

70,000

66,512

Royalty

Pharma

plc

,

Senior

Bond

,

2.15%,

9/02/31

.........................

United

States

300,000

251,505

Senior

Bond

,

3.35%,

9/02/51

.........................

United

States

175,000

110,940

1,865,937

Residential

REITs

0.1%

Essex

Portfolio

LP

,

Senior

Bond

,

2.65%,

3/15/32

............

United

States

400,000

342,463

Semiconductors

&

Semiconductor

Equipment

0.1%

Analog

Devices,

Inc.

,

Senior

Bond

,

2.8%,

10/01/41

..........

United

States

175,000

126,771

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9%,

1/25/33

.........................................

United

States

200,000

203,703

Marvell

Technology,

Inc.

,

Senior

Note

,

5.95%,

9/15/33

........

United

States

220,000

229,584

560,058

Software

0.4%

Intuit,

Inc.

,

Senior

Bond

,

5.5%,

9/15/53

...................

United

States

100,000

99,525

Microsoft

Corp.

,

Senior

Bond

,

2.921%,

3/17/52

.............

United

States

335,000

224,867

Oracle

Corp.

,

Senior

Bond

,

2.875%,

3/25/31

........................

United

States

300,000

268,673

Senior

Bond

,

3.95%,

3/25/51

.........................

United

States

335,000

246,238

Senior

Note

,

4.65%,

5/06/30

.........................

United

States

200,000

199,580

Salesforce,

Inc.

,

Senior

Bond

,

1.95%,

7/15/31

..............

United

States

350,000

301,511

ServiceNow,

Inc.

,

Senior

Bond

,

1.4%,

9/01/30

..............

United

States

150,000

126,636

Synopsys,

Inc.

,

Senior

Bond

,

5.7%,

4/01/55

..........................

United

States

140,000

139,107

Senior

Note

,

5%,

4/01/32

...........................

United

States

100,000

100,291

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)

Software

(continued)

Workday,

Inc.

,

Senior

Bond

,

3.8%,

4/01/32

................

United

States

225,000

$

208,341

1,914,769

Specialized

REITs

0.1%

American

Tower

Corp.

,

Senior

Bond

,

5.35%,

3/15/35

.........................

United

States

200,000

200,662

Senior

Note

,

5%,

1/31/30

...........................

United

States

160,000

161,376

362,038

Specialty

Retail

0.2%

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15%,

1/15/32

.........................

United

States

200,000

177,038

Senior

Bond

,

4.1%,

1/15/52

..........................

United

States

270,000

193,986

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

3.625%,

4/15/52

.......

United

States

390,000

286,487

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5.75%,

7/01/53

.............

United

States

260,000

255,174

912,685

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

Senior

Bond

,

2.8%,

2/08/61

...................

United

States

500,000

302,544

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.45%,

9/25/26

.........................

United

States

250,000

249,487

Senior

Note

,

4.85%,

10/15/31

........................

United

States

100,000

99,009

651,040

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Tapestry,

Inc.

,

Senior

Bond

,

5.5%,

3/11/35

.................

United

States

125,000

123,600

Tobacco

0.1%

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375%,

2/15/33

..

United

States

500,000

510,115

Wireless

Telecommunication

Services

0.3%

Rogers

Communications,

Inc.

,

Senior

Bond

,

4.55%,

3/15/52

...

Canada

150,000

119,697

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.3%,

5/15/35

..........................

United

States

250,000

251,444

Senior

Bond

,

3.3%,

2/15/51

..........................

United

States

100,000

66,807

Senior

Note

,

3.375%,

4/15/29

........................

United

States

625,000

594,257

Senior

Note

,

2.55%,

2/15/31

.........................

United

States

300,000

264,556

Vodafone

Group

plc

,

Senior

Bond

,

6.15%,

2/27/37

.........................

United

Kingdom

36,000

38,162

Senior

Bond

,

4.25%,

9/17/50

.........................

United

Kingdom

210,000

161,845

Senior

Bond

,

5.75%,

6/28/54

.........................

United

Kingdom

60,000

57,304

1,554,072

Total

Corporate

Bonds

(Cost

$

72,924,786

)

....................................

71,039,936

Foreign

Government

and

Agency

Securities

1.2%

b

African

Export-Import

Bank

(The)

,

Senior

Bond

,

144A,

3.994%,

9/21/29

.........................................

Supranational

e

200,000

186,073

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/31

.....................................

Brazil

630,000

BRL

90,975

10%,

1/01/33

.....................................

Brazil

780,000

BRL

107,958

10%,

1/01/35

.....................................

Brazil

6,830,000

BRL

911,857

China

Government

Bond

,

2.27%,

5/25/34

.................

China

2,600,000

CNY

372,574

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Allocation

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Colombia

Titulos

de

Tesoreria

,

B

,

7%,

3/26/31

....................................

Colombia

130,000,000

COP

$

25,060

B

,

9.25%,

5/28/42

.................................

Colombia

170,000,000

COP

30,858

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348%,

2/09/31

.........................................

Mexico

300,000

255,723

b

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7%,

5/23/28

....

France

200,000

205,391

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8%,

11/07/47

...................................

Mexico

4,430,000

f

MXN

179,408

M

,

8%,

7/31/53

...................................

Mexico

15,630,000

f

MXN

625,734

M

,

Senior

Bond

,

8.5%,

11/18/38

.......................

Mexico

1,900,000

f

MXN

85,013

M

,

Senior

Bond

,

7.75%,

11/13/42

......................

Mexico

6,390,000

f

MXN

256,927

b

Pertamina

Persero

PT

,

Senior

Bond

,

144A,

4.7%,

7/30/49

.....

Indonesia

200,000

161,426

Peru

Government

Bond

,

Senior

Bond

,

2.783%,

1/23/31

.......

Peru

200,000

175,830

Petroleos

Mexicanos

,

Senior

Bond

,

6.95%,

1/28/60

..........

Mexico

170,000

116,132

South

Africa

Government

Bond

,

Senior

Bond

,

8.75%,

2/28/48

..

South

Africa

11,200,000

ZAR

473,832

b

United

Kingdom

Gilt

,

Reg

S,

4.25%,

7/31/34

..............................

United

Kingdom

920,000

GBP

1,155,348

Reg

S,

1.25%,

7/31/51

..............................

United

Kingdom

920,000

GBP

519,811

Reg

S,

4.375%,

7/31/54

.............................

United

Kingdom

510,000

GBP

570,184

Total

Foreign

Government

and

Agency

Securities

(Cost

$

7,000,505

)

.............

6,506,114

U.S.

Government

and

Agency

Securities

20.0%

FFCB

,

2.1

%,

2/25/36

.................................

United

States

150,000

116,945

U.S.

Treasury

Bonds

,

1.125

%,

5/15/40

...................................

United

States

45,000

28,495

4.375

%,

5/15/40

...................................

United

States

500,000

496,484

1.125

%,

8/15/40

...................................

United

States

332,000

208,187

1.375

%,

11/15/40

..................................

United

States

1,771,000

1,151,703

2.75

%,

8/15/42

...................................

United

States

80,000

62,488

3.875

%,

5/15/43

...................................

United

States

2,000,000

1,826,211

4.75

%,

11/15/43

...................................

United

States

315,000

321,903

3.125

%,

8/15/44

...................................

United

States

725,000

584,984

3

%,

11/15/44

.....................................

United

States

80,000

63,056

4.625

%,

11/15/44

..................................

United

States

220,000

220,344

2.5

%,

5/15/46

....................................

United

States

945,000

669,953

2.25

%,

8/15/46

...................................

United

States

2,754,000

1,853,033

2.75

%,

11/15/47

...................................

United

States

90,000

65,679

3.375

%,

11/15/48

..................................

United

States

3,300,000

2,679,381

3

%,

2/15/49

......................................

United

States

7,246,000

5,481,344

2.25

%,

8/15/49

...................................

United

States

255,000

164,555

1.25

%,

5/15/50

...................................

United

States

1,710,000

849,590

1.375

%,

8/15/50

...................................

United

States

1,705,000

869,350

2.375

%,

5/15/51

...................................

United

States

950,000

621,508

2

%,

8/15/51

......................................

United

States

1,350,000

804,410

1.875

%,

11/15/51

..................................

United

States

1,885,000

1,084,795

2.25

%,

2/15/52

...................................

United

States

710,000

448,077

3.625

%,

2/15/53

...................................

United

States

155,000

130,591

3.625

%,

5/15/53

...................................

United

States

1,755,000

1,478,827

4.125

%,

8/15/53

...................................

United

States

20,000

18,436

4.25

%,

2/15/54

...................................

United

States

175,000

164,938

U.S.

Treasury

Notes

,

0.375

%,

11/30/25

..................................

United

States

2,050,000

1,999,601

0.375

%,

1/31/26

...................................

United

States

6,000,000

5,817,944

0.75

%,

3/31/26

...................................

United

States

300,000

290,426

3.75

%,

4/15/26

...................................

United

States

3,920,000

3,908,144

0.75

%,

5/31/26

...................................

United

States

320,000

308,188

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Allocation

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes,

(continued)

0.875

%,

6/30/26

...................................

United

States

1,175,000

$

1,130,754

4.625

%,

6/30/26

...................................

United

States

750,000

755,669

1.875

%,

7/31/26

...................................

United

States

389,000

378,492

1.25

%,

12/31/26

...................................

United

States

9,075,000

8,668,220

2.375

%,

5/15/27

...................................

United

States

3,140,000

3,042,918

0.5

%,

6/30/27

....................................

United

States

6,535,000

6,063,382

3.25

%,

6/30/27

...................................

United

States

2,830,000

2,792,304

2.25

%,

11/15/27

...................................

United

States

3,500,000

3,358,018

1.125

%,

2/29/28

...................................

United

States

8,700,000

8,046,480

3.5

%,

4/30/28

....................................

United

States

223,000

220,456

3.125

%,

11/15/28

..................................

United

States

820,000

798,443

1.5

%,

11/30/28

....................................

United

States

250,000

229,619

1.375

%,

12/31/28

..................................

United

States

150,000

136,872

3.75

%,

12/31/28

...................................

United

States

500,000

497,139

2.625

%,

2/15/29

...................................

United

States

4,000,000

3,816,094

3.25

%,

6/30/29

...................................

United

States

1,500,000

1,460,332

3.125

%,

8/31/29

...................................

United

States

100,000

96,750

4

%,

10/31/29

.....................................

United

States

1,725,000

1,729,043

3.75

%,

6/30/30

...................................

United

States

600,000

593,461

0.625

%,

8/15/30

...................................

United

States

4,400,000

3,691,531

4.125

%,

8/31/30

...................................

United

States

7,020,000

7,066,069

4.625

%,

9/30/30

...................................

United

States

1,200,000

1,237,242

1.125

%,

2/15/31

...................................

United

States

800,000

681,109

1.25

%,

8/15/31

...................................

United

States

435,000

367,048

1.375

%,

11/15/31

..................................

United

States

7,500,000

6,335,156

4.125

%,

11/15/32

..................................

United

States

2,000,000

2,003,359

3.5

%,

2/15/33

....................................

United

States

500,000

479,004

3.375

%,

5/15/33

...................................

United

States

1,750,000

1,657,817

3.875

%,

8/15/33

...................................

United

States

1,500,000

1,470,469

4.375

%,

5/15/34

...................................

United

States

1,000,000

1,013,731

3.875

%,

8/15/34

...................................

United

States

1,370,000

1,335,643

4.625

%,

2/15/35

...................................

United

States

1,180,000

1,219,180

g

FRN,

4.44

%,

(

3-month

U.S.

Treasury

Bill

Rate

+

0.205

%

),

10/31/26

........................................

United

States

450,000

450,791

g

FRN,

4.333

%,

(

3-month

U.S.

Treasury

Bill

Rate

+

0.098

%

),

1/31/27

.........................................

United

States

220,000

219,994

Total

U.S.

Government

and

Agency

Securities

(Cost

$

114,753,320

)

..............

107,832,159

Asset-Backed

Securities

0.2%

Financial

Services

0.1%

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91%,

10/20/61

.

..................................

United

States

490,000

457,691

Passenger

Airlines

0.1%

American

Airlines

Pass-Through

Trust

,

2016-3

,

A

,

3.25%,

10/15/28

.

........................................

United

States

342,512

320,357

United

Airlines

Pass-Through

Trust

,

2016-1

,

A

,

3.45%,

7/07/28

...........................

United

States

60,426

57,474

2019-2

,

A

,

2.9%,

5/01/28

............................

United

States

77,648

72,596

2020-1

,

B

,

4.875%,

7/15/27

..........................

United

States

115,200

115,030

565,457

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

1,037,898

)

..............................

1,023,148

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

Commercial

Mortgage-Backed

Securities

0.3%

Financial

Services

0.3%

b

,h

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

B

,

144A,

FRN

,

5.384%,

(

1-month

SOFR

+

1.064

%

),

9/15/36

..................................

United

States

250,000

$

247,653

2022-LP2

,

A

,

144A,

FRN

,

5.332%,

(

1-month

SOFR

+

1.013

%

),

2/15/39

.........................................

United

States

141,275

140,939

b

,h

BX

Mortgage

Trust

,

2021-PAC

,

A

,

144A,

FRN

,

5.123%,

(

1-month

SOFR

+

0.804

%

),

10/15/36

..........................

United

States

230,000

228,397

b

,h

BX

Trust

,

2022-IND

,

A

,

144A,

FRN

,

5.81%,

(

1-month

SOFR

+

1.491

%

),

4/15/37

..................................

United

States

249,830

250,012

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839%,

12/10/54

........................................

United

States

70,000

68,479

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45%,

7/10/49

.........................................

United

States

43,618

42,699

CSAIL

Commercial

Mortgage

Trust

,

i

2015-C2

,

AS

,

FRN

,

3.849%,

6/15/57

...................

United

States

100,000

99,056

2015-C3

,

A4

,

3.718%,

8/15/48

........................

United

States

45,592

45,395

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05%,

5/10/49

..

United

States

30,000

29,456

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C26

,

AS

,

3.8%,

1/15/48

.........................

United

States

10,363

10,238

2015-C31

,

A3

,

3.801%,

8/15/48

.......................

United

States

69,375

68,918

2016-C1

,

A5

,

3.576%,

3/17/49

........................

United

States

102,000

100,715

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414%,

3/15/50

...................................

United

States

72,911

71,169

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27

,

AS

,

4.068%,

12/15/47

......................

United

States

49,000

48,461

i

2016-C32

,

AS

,

FRN

,

3.994%,

12/15/49

.................

United

States

75,000

73,291

i

Morgan

Stanley

Capital

I

Trust

,

2015-MS1

,

AS

,

FRN

,

4.018%,

5/15/48

.........................................

United

States

83,000

82,532

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695%,

11/15/48

......................

United

States

40,000

39,706

i

2016-C32

,

B

,

FRN

,

4.727%,

1/15/59

...................

United

States

42,000

41,388

1,688,504

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

1,681,805

)

...............

1,688,504

Mortgage-Backed

Securities

5.1%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.0%

FHLMC

Gold

Pool,

30

Year

,

4.5

%,

1/01/49

................

United

States

286,467

280,002

FHLMC

Pool,

15

Year

,

3

%,

8/01/34

......................

United

States

30,000

28,732

FHLMC

Pool,

15

Year

,

4

%,

11/01/37

.....................

United

States

137,895

134,575

FHLMC

Pool,

30

Year

,

2

%,

10/01/51

-

8/01/52

..............

United

States

2,660,704

2,121,320

FHLMC

Pool,

30

Year

,

2.5

%,

4/01/52

.....................

United

States

982,883

820,640

FHLMC

Pool,

30

Year

,

3

%,

3/01/50

-

5/01/52

...............

United

States

1,163,720

1,014,610

FHLMC

Pool,

30

Year

,

3.5

%,

4/01/50

-

11/01/52

............

United

States

1,851,178

1,685,707

FHLMC

Pool,

30

Year

,

4

%,

5/01/47

-

1/01/54

...............

United

States

847,613

796,517

FHLMC

Pool,

30

Year

,

4.5

%,

10/01/48

-

8/01/52

............

United

States

440,687

427,041

FHLMC

Pool,

30

Year

,

5

%,

10/01/52

-

2/01/53

..............

United

States

1,264,777

1,243,022

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/54

-

1/01/55

............

United

States

1,461,966

1,460,770

FHLMC

Pool,

30

Year

,

6

%,

1/01/55

......................

United

States

475,926

483,586

FHLMC

Pool,

30

Year

,

6.5

%,

10/01/54

....................

United

States

462,675

477,288

10,973,810

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

1.4%

FNMA,

15

Year

,

2

%,

8/01/36

-

12/01/36

...................

United

States

421,845

382,358

FNMA,

30

Year

,

1.5

%,

9/01/51

.........................

United

States

179,728

136,017

FNMA,

30

Year

,

2

%,

5/01/51

-

10/01/51

...................

United

States

2,131,620

1,703,715

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

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

FNMA,

30

Year

,

2.5

%,

10/01/51

-

3/01/52

.................

United

States

3,047,584

$

2,547,464

FNMA,

30

Year

,

3

%,

9/01/50

-

5/01/52

....................

United

States

1,221,954

1,068,070

FNMA,

30

Year

,

3.5

%,

6/01/49

.........................

United

States

117,964

107,825

FNMA,

30

Year

,

4

%,

2/01/49

...........................

United

States

48,718

46,219

FNMA,

30

Year

,

4.5

%,

2/01/50

-

11/01/52

.................

United

States

279,153

269,790

FNMA,

30

Year

,

5

%,

5/01/53

...........................

United

States

106,473

104,618

FNMA,

30

Year

,

5.5

%,

5/01/53

.........................

United

States

462,048

462,337

FNMA,

30

Year

,

6

%,

8/01/53

...........................

United

States

446,613

454,657

7,283,070

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.7%

GNMA

II,

Single-family,

30

Year

,

2

%,

10/20/50

-

5/20/52

......

United

States

1,909,585

1,563,548

GNMA

II,

Single-family,

30

Year

,

2.5

%,

12/20/51

-

6/20/52

.....

United

States

1,359,135

1,160,464

GNMA

II,

Single-family,

30

Year

,

3

%,

11/20/51

..............

United

States

524,517

465,654

GNMA

II,

Single-family,

30

Year

,

3.5

%,

5/20/52

.............

United

States

283,231

259,971

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/53

.............

United

States

198,711

191,268

GNMA

II,

Single-family,

30

Year

,

5

%,

7/20/53

-

10/20/54

......

United

States

901,338

887,558

GNMA

II,

Single-family,

30

Year

,

5.5

%,

5/20/53

-

7/20/54

......

United

States

516,297

518,282

GNMA

II,

Single-family,

30

Year

,

6

%,

10/20/53

-

2/20/55

......

United

States

3,798,428

3,860,564

GNMA

II,

Single-family,

30

Year

,

6.5

%,

12/20/54

............

United

States

337,470

346,025

9,253,334

Total

Mortgage-Backed

Securities

(Cost

$

29,029,323

)

..........................

27,510,214

Municipal

Bonds

0.2%

California

0.2%

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

...........................

United

States

385,000

354,504

San

Bernardino

Community

College

District

,

GO

,

2021

,

Refunding

,

2.686

%

,

8/01/41

.................

United

States

485,000

356,132

GO

,

2021

,

Refunding

,

2.856

%

,

8/01/49

.................

United

States

285,000

188,917

899,553

Ohio

0.0%

†

Greenville

City

School

District

,

GO

,

2019

,

Refunding

,

3.541

%

,

1/01/51

.........................................

United

States

160,000

124,537

Total

Municipal

Bonds

(Cost

$

1,299,052

)

.....................................

1,024,090

Total

Long

Term

Investments

(Cost

$

444,026,292

)

.............................

522,190,960

a

Short

Term

Investments

3.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

0.1%

j

Egypt

Treasury

Bills

,

24.001

%,

4/01/25

..................................

Egypt

13,500,000

EGP

266,957

24.11

%,

7/01/25

...................................

Egypt

14,000,000

EGP

260,777

527,734

Total

Foreign

Government

and

Agency

Securities

(Cost

$

550,992

)

..............

527,734

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

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.0%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

13,122,215

$

13,122,215

l

JPMorgan

100%

U.S.

Treasury

Securities

Money

Market

Fund

,

4.94

%

..........................................

United

States

2,931,121

2,931,121

Total

Money

Market

Funds

(Cost

$

16,053,336

)

................................

16,053,336

Total

Short

Term

Investments

(Cost

$

16,604,328

)

..............................

16,581,070

a

Total

Investments

(Cost

$

460,630,620

)

99.9

%

.................................

$538,772,030

Other

Assets,

less

Liabilities

0.1

%

...........................................

922,992

Net

Assets

100.0%

.........................................................

$539,695,022

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$16,187,921,

representing

3.0%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

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

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

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.

j

The

rate

shown

represents

the

yield

at

period

end.

k

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

l

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)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

At

March

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

S&P

500

E-Mini

Index

.........................

Long

60

$

16,959,750

6/20/25

$

(

237,639

)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

135

15,014,531

6/18/25

(

111,210

)

U.S.

Treasury

10

Year

Notes

....................

Long

17

1,890,719

6/18/25

1,831

U.S.

Treasury

10

Year

Ultra

Notes

................

Long

4

456,500

6/18/25

5,401

U.S.

Treasury

2

Year

Notes

.....................

Long

18

3,729,094

6/30/25

17,274

U.S.

Treasury

5

Year

Notes

.....................

Long

13

1,406,031

6/30/25

14,710

U.S.

Treasury

Ultra

Bonds

......................

Short

4

489,000

6/18/25

3,556

Total

Futures

Contracts

......................................................................

$(306,077)

*

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

Chilean

Peso

......

HSBK

Buy

230,000,000

229,072

4/15/25

$

13,142

$

—

Chilean

Peso

......

HSBK

Sell

230,000,000

246,279

4/15/25

4,065

—

Brazilian

Real

......

HSBK

Sell

2,530,000

436,560

4/16/25

—

(

5,572

)

Canadian

Dollar

....

CITI

Buy

790,000

552,298

4/28/25

—

(

2,627

)

Canadian

Dollar

....

HSBK

Buy

320,000

224,706

4/28/25

—

(

2,055

)

Mexican

Peso

......

CITI

Buy

6,000,000

288,524

4/29/25

3,585

—

Mexican

Peso

......

CITI

Sell

9,600,000

469,404

4/29/25

2,404

(

374

)

Columbian

Peso

....

JPHQ

Sell

170,000,000

39,377

4/30/25

—

(

1,123

)

Euro

.............

CITI

Buy

520,000

561,319

5/05/25

1,966

—

Euro

.............

HSBK

Sell

190,000

205,286

5/05/25

—

(

529

)

Euro

.............

JPHQ

Buy

3,290,000

3,445,256

5/05/25

118,607

—

Euro

.............

MSCO

Buy

540,000

569,519

5/05/25

15,431

—

South

African

Rand

..

HSBK

Sell

8,200,000

445,180

5/13/25

305

(

888

)

Chilean

Peso

......

HSBK

Buy

100,000,000

103,988

5/14/25

1,303

—

Chilean

Peso

......

HSBK

Sell

100,000,000

107,048

5/14/25

1,757

—

New

Zealand

Dollar

.

MSCO

Buy

580,000

333,056

5/14/25

—

(

3,413

)

South

Korean

Won

..

CITI

Buy

320,000,000

224,262

5/14/25

—

(

6,688

)

South

Korean

Won

..

CITI

Sell

320,000,000

220,935

5/14/25

3,360

—

Chinese

Yuan

......

HSBK

Sell

2,530,000

349,182

5/27/25

—

(

387

)

Australian

Dollar

....

MSCO

Buy

1,160,000

725,907

6/06/25

—

(

695

)

Australian

Dollar

....

MSCO

Sell

1,160,000

726,688

6/06/25

1,476

—

British

Pound

......

HSBK

Buy

260,000

336,586

6/12/25

—

(

755

)

British

Pound

......

HSBK

Sell

1,720,000

2,219,013

6/12/25

—

(

2,640

)

Japanese

Yen

......

CITI

Buy

211,000,000

1,444,543

6/13/25

—

(

26,266

)

Japanese

Yen

......

MSCO

Buy

109,000,000

737,676

6/13/25

—

(

5,012

)

Total

Forward

Exchange

Contracts

...................................................

$167,401

$(59,024)

Net

unrealized

appreciation

(depreciation)

............................................

$108,377

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

*

In

U.S.

dollars

unless

otherwise

indicated.

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

At

March

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Abbreviations

on

page

160

.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.IG.43

..

1.00%

Quarterly

12/20/34

890,000

$

2,470

$

3,285

$

(

815

)

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$2,470

$3,285

$(815)

Total

Credit

Default

Swap

Contracts

....................................

$2,470

$

3,285

$(815)

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

DynaTech

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.9%

Aerospace

&

Defense

2.4%

a

Axon

Enterprise,

Inc.

.................................

United

States

5,751

$

3,024,738

a,b

Karman

Holdings,

Inc.

................................

United

States

2,168

72,455

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

8,057

239,212

3,336,405

Automobiles

2.3%

a

Tesla,

Inc.

.........................................

United

States

12,435

3,222,655

Biotechnology

2.2%

a

Argenx

SE

........................................

Netherlands

1,257

741,751

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,300

202,618

a

BioNTech

SE

,

ADR

..................................

Germany

1,288

117,286

a

Insmed,

Inc.

.......................................

United

States

2,549

194,463

a

Natera,

Inc.

........................................

United

States

7,486

1,058,595

a

United

Therapeutics

Corp.

.............................

United

States

625

192,669

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

1,260

610,873

3,118,255

Broadline

Retail

10.2%

a

Amazon.com,

Inc.

...................................

United

States

62,179

11,830,177

a

MercadoLibre,

Inc.

..................................

Brazil

1,243

2,424,931

14,255,108

Capital

Markets

1.9%

a

Coinbase

Global,

Inc.

,

A

..............................

United

States

1,273

219,249

Moody's

Corp.

......................................

United

States

942

438,680

a

Robinhood

Markets,

Inc.

,

A

............................

United

States

3,206

133,434

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

12,435

1,846,100

2,637,463

Commercial

Services

&

Supplies

0.0%

†

a

Liquidity

Services,

Inc.

...............................

United

States

1,473

45,678

Communications

Equipment

0.5%

a

Arista

Networks,

Inc.

.................................

United

States

8,821

683,451

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

................................

United

States

641

162,929

Diversified

Consumer

Services

0.3%

a

Duolingo,

Inc.

,

A

....................................

United

States

1,260

391,280

Electrical

Equipment

0.3%

GE

Vernova,

Inc.

....................................

United

States

1,575

480,816

Electronic

Equipment,

Instruments

&

Components

1.1%

Amphenol

Corp.

,

A

..................................

United

States

8,801

577,257

a

Celestica,

Inc.

......................................

Canada

8,506

670,358

Keyence

Corp.

.....................................

Japan

628

246,936

1,494,551

Energy

Equipment

&

Services

0.5%

Baker

Hughes

Co.

,

A

.................................

United

States

6,413

281,851

a

Oceaneering

International,

Inc.

.........................

United

States

6,253

136,378

TechnipFMC

plc

....................................

United

Kingdom

8,016

254,027

672,256

Entertainment

2.6%

a

Netflix,

Inc.

........................................

United

States

2,176

2,029,185

a

ROBLOX

Corp.

,

A

...................................

United

States

3,848

224,300

a

Sea

Ltd.

,

ADR

......................................

Singapore

6,301

822,218

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Entertainment

(continued)

a

Spotify

Technology

SA

................................

United

States

942

$

518,128

3,593,831

Financial

Services

6.1%

a

Affirm

Holdings,

Inc.

,

A

...............................

United

States

7,503

339,061

Mastercard,

Inc.

,

A

..................................

United

States

10,570

5,793,628

a

Toast,

Inc.

,

A

.......................................

United

States

7,735

256,570

Visa,

Inc.

,

A

........................................

United

States

6,217

2,178,810

8,568,069

Ground

Transportation

0.3%

a

Uber

Technologies,

Inc.

...............................

United

States

6,238

454,501

Health

Care

Equipment

&

Supplies

2.9%

a

Boston

Scientific

Corp.

...............................

United

States

4,790

483,215

Hoya

Corp.

........................................

Japan

481

54,285

a

IDEXX

Laboratories,

Inc.

..............................

United

States

322

135,224

a

Intuitive

Surgical,

Inc.

................................

United

States

6,528

3,233,122

a,b

Kestra

Medical

Technologies

Ltd.

.......................

United

States

1,760

43,859

a

PROCEPT

BioRobotics

Corp.

..........................

United

States

546

31,810

Stryker

Corp.

......................................

United

States

323

120,237

4,101,752

Health

Care

Providers

&

Services

0.5%

a

GeneDx

Holdings

Corp.

,

A

.............................

United

States

670

59,338

a

Guardant

Health,

Inc.

................................

United

States

1,800

76,680

a

HealthEquity,

Inc.

...................................

United

States

4,410

389,712

UnitedHealth

Group,

Inc.

..............................

United

States

311

162,886

688,616

Health

Care

Technology

0.8%

a

Doximity,

Inc.

,

A

....................................

United

States

9,429

547,165

Pro

Medicus

Ltd.

....................................

Australia

3,143

397,827

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

640

148,243

1,093,235

Hotels,

Restaurants

&

Leisure

2.3%

Booking

Holdings,

Inc.

...............................

United

States

312

1,437,356

a

DoorDash,

Inc.

,

A

...................................

United

States

7,503

1,371,323

a

MakeMyTrip

Ltd.

....................................

India

3,465

339,536

3,148,215

Household

Durables

0.1%

Garmin

Ltd.

........................................

United

States

322

69,916

Insurance

0.1%

a

Root,

Inc.

,

A

.......................................

United

States

809

107,953

Interactive

Media

&

Services

10.6%

Alphabet,

Inc.

,

A

....................................

United

States

43,525

6,730,706

Meta

Platforms,

Inc.

,

A

...............................

United

States

13,990

8,063,276

14,793,982

IT

Services

4.1%

a

Cloudflare,

Inc.

,

A

...................................

United

States

9,357

1,054,440

a

Gartner,

Inc.

.......................................

United

States

1,250

524,675

a

GoDaddy,

Inc.

,

A

....................................

United

States

2,813

506,734

a

Shopify,

Inc.

,

A

.....................................

Canada

31,266

2,974,404

a

Snowflake,

Inc.

,

A

...................................

United

States

1,289

188,400

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

33

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

IT

Services

(continued)

a

Wix.com

Ltd.

.......................................

Israel

3,126

$

510,726

5,759,379

Life

Sciences

Tools

&

Services

0.3%

a,b

Tempus

AI,

Inc.

,

A

...................................

United

States

3,449

166,380

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

625

311,000

477,380

Pharmaceuticals

2.3%

a

Corcept

Therapeutics,

Inc.

............................

United

States

570

65,105

Eli

Lilly

&

Co.

......................................

United

States

3,730

3,080,644

a

Ligand

Pharmaceuticals,

Inc.

...........................

United

States

1,077

113,236

3,258,985

Professional

Services

0.2%

Verisk

Analytics,

Inc.

,

A

...............................

United

States

833

247,917

Semiconductors

&

Semiconductor

Equipment

18.1%

Analog

Devices,

Inc.

.................................

United

States

6,238

1,258,017

Applied

Materials,

Inc.

................................

United

States

664

96,360

a

ARM

Holdings

plc

,

ADR

..............................

United

States

667

71,229

ASM

International

NV

................................

Netherlands

1,257

572,807

ASML

Holding

NV

,

ADR

..............................

Netherlands

1,243

823,649

Broadcom,

Inc.

.....................................

United

States

27,980

4,684,691

Intel

Corp.

.........................................

United

States

1,531

34,769

KLA

Corp.

.........................................

United

States

1,247

847,711

Lam

Research

Corp.

.................................

United

States

12,476

907,005

Monolithic

Power

Systems,

Inc.

.........................

United

States

1,871

1,085,143

NVIDIA

Corp.

......................................

United

States

127,467

13,814,873

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

6,238

1,035,508

25,231,762

Software

24.3%

a

Appfolio,

Inc.

,

A

.....................................

United

States

937

206,046

a

AppLovin

Corp.

,

A

...................................

United

States

6,878

1,822,464

a

Atlassian

Corp.

,

A

...................................

United

States

975

206,905

a

Aurora

Innovation,

Inc.

,

A

.............................

United

States

12,728

85,596

a

Cadence

Design

Systems,

Inc.

.........................

United

States

9,326

2,371,882

a

Clearwater

Analytics

Holdings,

Inc.

,

A

....................

United

States

8,016

214,829

a

Confluent,

Inc.

,

A

....................................

United

States

2,886

67,648

Constellation

Software,

Inc.

............................

Canada

468

1,482,123

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

1,260

444,251

a

Datadog,

Inc.

,

A

....................................

United

States

3,126

310,130

a

Descartes

Systems

Group,

Inc.

(The)

....................

Canada

6,286

633,817

a

DocuSign,

Inc.

,

A

...................................

United

States

370

30,118

a

Fair

Isaac

Corp.

....................................

United

States

98

180,728

a

Fortinet,

Inc.

.......................................

United

States

4,410

424,507

a

Gitlab,

Inc.

,

A

......................................

United

States

3,867

181,749

a

Guidewire

Software,

Inc.

..............................

United

States

1,403

262,866

a

HubSpot,

Inc.

......................................

United

States

2,027

1,158,005

Intuit,

Inc.

.........................................

United

States

1,559

957,210

a

Klaviyo,

Inc.

,

A

.....................................

United

States

8,441

255,425

a

Life360,

Inc.

.......................................

United

States

3,222

123,693

a,c

Lumine

Group,

Inc.

,

Reg

S

............................

Canada

3,206

90,228

Microsoft

Corp.

.....................................

United

States

27,980

10,503,412

a

Monday.com

Ltd.

....................................

United

States

2,200

534,952

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

6,931

584,976

a

Palo

Alto

Networks,

Inc.

..............................

United

States

12,435

2,121,908

a

Procore

Technologies,

Inc.

............................

United

States

1,330

87,807

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.

34

See

Abbreviations

on

page

160

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

a

Q2

Holdings,

Inc.

...................................

United

States

730

$

58,407

a

SailPoint,

Inc.

......................................

United

States

4,670

87,563

Salesforce,

Inc.

.....................................

United

States

2,520

676,267

a

Samsara,

Inc.

,

A

....................................

United

States

7,798

298,897

a

ServiceNow,

Inc.

....................................

United

States

5,596

4,455,199

a,b

ServiceTitan,

Inc.

,

A

.................................

United

States

2,256

214,568

a

Synopsys,

Inc.

.....................................

United

States

4,663

1,999,728

a

Tyler

Technologies,

Inc.

...............................

United

States

1,257

730,807

33,864,711

Technology

Hardware,

Storage

&

Peripherals

2.5%

Apple,

Inc.

........................................

United

States

15,544

3,452,789

Total

Common

Stocks

(Cost

$

70,107,872

)

....................................

139,413,840

Warrants

Warrants

0.0%

Software

0.0%

a,d

Constellation

Software,

Inc.

,

3/31/40

.....................

Canada

341

—

Total

Warrants

(Cost

$

–

)

....................................................

—

Total

Long

Term

Investments

(Cost

$

70,107,872

)

..............................

139,413,840

a

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.0%

†

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

1,068

1,068

Total

Money

Market

Funds

(Cost

$

1,068

)

.....................................

1,068

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

471,390

471,390

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

471,390

)

...........................................................

471,390

Total

Short

Term

Investments

(Cost

$

472,458

)

................................

472,458

a

Total

Investments

(Cost

$

70,580,330

)

100.2

%

.................................

$139,886,298

Other

Assets,

less

Liabilities

(

0.2

)

%

.........................................

(366,851)

Net

Assets

100.0%

.........................................................

$139,519,447

a

a

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

value

of

this

security

was

$90,228,

representing

0.1%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

e

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Global

Real

Estate

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.5%

Diversified

REITs

4.7%

British

Land

Co.

plc

(The)

.............................

United

Kingdom

268,407

$

1,285,111

Broadstone

Net

Lease,

Inc.

............................

United

States

34,694

591,186

KDX

Realty

Investment

Corp.

..........................

Japan

973

959,398

Star

Asia

Investment

Corp.

............................

Japan

2,254

811,757

Stockland

.........................................

Australia

374,612

1,155,887

4,803,339

Diversified

Telecommunication

Services

0.8%

a

Cellnex

Telecom

SA

,

144A

,

Reg

S

.......................

Spain

22,191

788,863

Health

Care

Providers

&

Services

1.2%

Chartwell

Retirement

Residences

.......................

Canada

104,705

1,220,909

Health

Care

REITs

12.1%

American

Healthcare

REIT,

Inc.

.........................

United

States

28,119

852,006

Healthpeak

Properties,

Inc.

............................

United

States

60,048

1,214,171

Sabra

Health

Care

REIT,

Inc.

..........................

United

States

27,993

489,038

Ventas,

Inc.

........................................

United

States

34,295

2,358,124

Welltower,

Inc.

.....................................

United

States

48,069

7,364,651

12,277,990

Hotel

&

Resort

REITs

2.7%

Host

Hotels

&

Resorts,

Inc.

............................

United

States

29,228

415,330

Japan

Hotel

REIT

Investment

Corp.

......................

Japan

2,162

1,046,688

Ryman

Hospitality

Properties,

Inc.

.......................

United

States

8,714

796,808

Sunstone

Hotel

Investors,

Inc.

..........................

United

States

52,119

490,440

2,749,266

Industrial

REITs

12.9%

Americold

Realty

Trust,

Inc.

............................

United

States

24,360

522,766

EastGroup

Properties,

Inc.

............................

United

States

7,537

1,327,642

Goodman

Group

....................................

Australia

157,182

2,820,889

LaSalle

Logiport

REIT

................................

Japan

1,004

932,783

Prologis,

Inc.

.......................................

United

States

48,666

5,440,372

Rexford

Industrial

Realty,

Inc.

..........................

United

States

21,080

825,282

Warehouses

De

Pauw

CVA

............................

Belgium

49,411

1,171,344

13,041,078

Office

REITs

4.5%

Cousins

Properties,

Inc.

..............................

United

States

48,504

1,430,868

Derwent

London

plc

.................................

United

Kingdom

29,487

703,138

Gecina

SA

........................................

France

12,424

1,165,789

Vornado

Realty

Trust

.................................

United

States

35,185

1,301,493

4,601,288

Real

Estate

Management

&

Development

10.7%

Catena

AB

........................................

Sweden

14,757

638,621

Cibus

Nordic

Real

Estate

AB

publ

.......................

Sweden

47,041

693,423

a

CTP

NV

,

144A

,

Reg

S

................................

Netherlands

67,771

1,213,530

b

Fastighets

AB

Balder

,

B

...............................

Sweden

173,472

1,085,516

Mitsui

Fudosan

Co.

Ltd.

..............................

Japan

440,012

3,940,341

Sun

Hung

Kai

Properties

Ltd.

..........................

Hong

Kong

143,439

1,366,637

b

TAG

Immobilien

AG

..................................

Germany

70,822

965,709

Vonovia

SE

........................................

Germany

34,386

925,338

10,829,115

Residential

REITs

16.5%

American

Homes

4

Rent

,

A

............................

United

States

73,647

2,784,593

AvalonBay

Communities,

Inc.

..........................

United

States

17,373

3,728,593

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

37

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Residential

REITs

(continued)

Boardwalk

Real

Estate

Investment

Trust

..................

Canada

22,974

$

1,071,231

Camden

Property

Trust

...............................

United

States

23,260

2,844,698

Comforia

Residential

REIT,

Inc.

.........................

Japan

305

536,816

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

30,377

2,026,146

Killam

Apartment

Real

Estate

Investment

Trust

.............

Canada

62,083

755,411

UDR,

Inc.

.........................................

United

States

32,066

1,448,421

UNITE

Group

plc

(The)

...............................

United

Kingdom

150,474

1,583,525

16,779,434

Retail

REITs

18.1%

Brixmor

Property

Group,

Inc.

...........................

United

States

67,440

1,790,532

Carmila

SA

........................................

France

35,793

677,302

Curbline

Properties

Corp.

.............................

United

States

26,447

639,753

First

Capital

Real

Estate

Investment

Trust

.................

Canada

69,006

790,736

Frasers

Centrepoint

Trust

.............................

Singapore

693,741

1,122,919

NETSTREIT

Corp.

..................................

United

States

90,240

1,430,304

Realty

Income

Corp.

.................................

United

States

76,552

4,440,782

Regency

Centers

Corp.

...............................

United

States

28,721

2,118,461

Shaftesbury

Capital

plc

...............................

United

Kingdom

509,359

825,196

Simon

Property

Group,

Inc.

............................

United

States

12,724

2,113,202

Unibail-Rodamco-Westfield

............................

France

11,945

1,007,089

Vicinity

Ltd.

........................................

Australia

987,762

1,367,746

18,324,022

Specialized

REITs

15.3%

CubeSmart

........................................

United

States

30,258

1,292,319

Digital

Realty

Trust,

Inc.

..............................

United

States

23,255

3,332,209

Equinix,

Inc.

.......................................

United

States

6,742

5,497,090

Extra

Space

Storage,

Inc.

.............................

United

States

24,037

3,569,254

Iron

Mountain,

Inc.

..................................

United

States

9,582

824,435

National

Storage

REIT

...............................

Australia

346,789

484,151

Weyerhaeuser

Co.

..................................

United

States

17,354

508,125

15,507,583

Total

Common

Stocks

(Cost

$

76,151,962

)

....................................

100,922,887

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.

38

See

Abbreviations

on

page

160

.

Short

Term

Investments

0.4%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.4%

c

Joint

Repurchase

Agreement

,

4.356

%

,

4/01/25

(Maturity

Value

$

394,834

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$271,314)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$28,558)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$94,962)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7.5%,

11/20/33

-

5/15/63;

U.S.

Treasury

Bonds,

1.13%,

5/15/40;

and

U.S.

Treasury

Notes,

1.25%

-

4.88%,

6/30/28

-

10/31/28

(valued

at

$

402,797

)

...............................

394,786

$

394,786

Total

Repurchase

Agreements

(Cost

$

394,786

)

................................

394,786

Total

Short

Term

Investments

(Cost

$

394,786

)

................................

394,786

a

Total

Investments

(Cost

$

76,546,748

)

99.9

%

..................................

$101,317,673

Other

Assets,

less

Liabilities

0.1

%

...........................................

124,820

Net

Assets

100.0%

.........................................................

$101,442,493

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$2,002,393,

representing

2.0%

of

net

assets.

b

Non-income

producing.

c

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

March

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Growth

and

Income

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

81.6%

Aerospace

&

Defense

2.0%

L3Harris

Technologies,

Inc.

............................

United

States

471

$

98,585

RTX

Corp.

........................................

United

States

6,877

910,927

1,009,512

Air

Freight

&

Logistics

0.2%

United

Parcel

Service,

Inc.

,

B

..........................

United

States

1,158

127,368

Banks

7.2%

Bank

of

America

Corp.

...............................

United

States

35,788

1,493,433

JPMorgan

Chase

&

Co.

...............................

United

States

8,933

2,191,265

3,684,698

Beverages

2.9%

Coca-Cola

Co.

(The)

.................................

United

States

11,519

824,991

PepsiCo,

Inc.

......................................

United

States

4,380

656,737

1,481,728

Capital

Markets

8.3%

Ares

Management

Corp.

,

A

............................

United

States

2,025

296,885

BlackRock,

Inc.

.....................................

United

States

906

857,511

Blackstone,

Inc.

....................................

United

States

4,450

622,021

Charles

Schwab

Corp.

(The)

...........................

United

States

12,532

981,005

Morgan

Stanley

.....................................

United

States

12,840

1,498,043

4,255,465

Chemicals

1.9%

Corteva,

Inc.

.......................................

United

States

6,613

416,156

Linde

plc

..........................................

United

States

1,252

582,981

999,137

Commercial

Services

&

Supplies

0.3%

Republic

Services,

Inc.

,

A

.............................

United

States

620

150,139

Communications

Equipment

1.8%

Cisco

Systems,

Inc.

.................................

United

States

14,773

911,642

Consumer

Finance

1.3%

American

Express

Co.

...............................

United

States

2,440

656,482

Consumer

Staples

Distribution

&

Retail

3.0%

Casey's

General

Stores,

Inc.

...........................

United

States

983

426,661

Walmart,

Inc.

......................................

United

States

12,650

1,110,544

1,537,205

Electric

Utilities

5.4%

Duke

Energy

Corp.

..................................

United

States

10,569

1,289,101

Evergy,

Inc.

........................................

United

States

6,522

449,692

NextEra

Energy,

Inc.

.................................

United

States

5,325

377,489

PPL

Corp.

.........................................

United

States

18,134

654,819

2,771,101

Electrical

Equipment

3.5%

Eaton

Corp.

plc

.....................................

United

States

4,241

1,152,831

Emerson

Electric

Co.

................................

United

States

1,952

214,018

Hubbell,

Inc.

,

B

.....................................

United

States

1,353

447,721

1,814,570

Electronic

Equipment,

Instruments

&

Components

1.1%

TE

Connectivity

plc

..................................

Switzerland

4,135

584,358

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.

40

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Energy

Equipment

&

Services

0.4%

Schlumberger

NV

...................................

United

States

5,380

$

224,884

Financial

Services

0.2%

Apollo

Global

Management,

Inc.

........................

United

States

735

100,651

Ground

Transportation

0.6%

Norfolk

Southern

Corp.

...............................

United

States

1,200

284,220

Health

Care

Equipment

&

Supplies

2.6%

a

Boston

Scientific

Corp.

...............................

United

States

2,720

274,394

GE

HealthCare

Technologies,

Inc.

.......................

United

States

4,735

382,162

Medtronic

plc

......................................

United

States

7,299

655,888

1,312,444

Health

Care

Providers

&

Services

3.7%

HCA

Healthcare,

Inc.

.................................

United

States

2,047

707,341

UnitedHealth

Group,

Inc.

..............................

United

States

2,323

1,216,671

1,924,012

Health

Care

REITs

1.7%

Ventas,

Inc.

........................................

United

States

12,518

860,738

Hotels,

Restaurants

&

Leisure

1.2%

McDonald's

Corp.

...................................

United

States

1,984

619,742

Household

Products

2.9%

Procter

&

Gamble

Co.

(The)

...........................

United

States

8,756

1,492,198

Industrial

REITs

1.3%

Prologis,

Inc.

.......................................

United

States

5,815

650,059

Insurance

0.3%

Arthur

J

Gallagher

&

Co.

..............................

United

States

430

148,453

Interactive

Media

&

Services

0.6%

Alphabet,

Inc.

,

A

....................................

United

States

1,915

296,136

Life

Sciences

Tools

&

Services

1.7%

Danaher

Corp.

.....................................

United

States

1,060

217,300

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

1,291

642,402

859,702

Machinery

2.7%

Caterpillar,

Inc.

.....................................

United

States

1,388

457,762

Illinois

Tool

Works,

Inc.

...............................

United

States

1,061

263,139

Parker-Hannifin

Corp.

................................

United

States

1,070

650,400

1,371,301

Oil,

Gas

&

Consumable

Fuels

7.8%

Canadian

Natural

Resources

Ltd.

.......................

Canada

16,859

519,257

Chevron

Corp.

.....................................

United

States

11,549

1,932,032

Shell

plc

,

ADR

......................................

United

States

11,889

871,226

Suncor

Energy,

Inc.

..................................

Canada

17,307

670,127

3,992,642

Pharmaceuticals

4.6%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

8,656

636,216

Johnson

&

Johnson

.................................

United

States

8,929

1,480,785

Merck

&

Co.,

Inc.

...................................

United

States

2,900

260,304

2,377,305

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

41

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Residential

REITs

1.6%

Mid-America

Apartment

Communities,

Inc.

................

United

States

4,821

$

807,903

Semiconductors

&

Semiconductor

Equipment

3.0%

Broadcom,

Inc.

.....................................

United

States

3,457

578,805

KLA

Corp.

.........................................

United

States

290

197,142

Texas

Instruments,

Inc.

...............................

United

States

4,267

766,780

1,542,727

Software

1.3%

Oracle

Corp.

.......................................

United

States

4,730

661,301

Specialty

Retail

2.4%

Lowe's

Cos.,

Inc.

....................................

United

States

3,560

830,299

Tractor

Supply

Co.

..................................

United

States

7,403

407,905

1,238,204

Tobacco

0.9%

Philip

Morris

International,

Inc.

.........................

United

States

2,767

439,206

Trading

Companies

&

Distributors

1.2%

United

Rentals,

Inc.

..................................

United

States

1,019

638,607

Total

Common

Stocks

(Cost

$

27,215,619

)

....................................

41,825,840

Equity-Linked

Securities

9.8%

Capital

Markets

0.6%

b

Mizuho

Markets

Cayman

LP

into

Charles

Schwab

Corp.

(The)

,

144A,

7

%

,

12/23/25

................................

United

States

4,000

317,091

Chemicals

0.3%

b

Wells

Fargo

Bank

NA

into

Huntsman

Corp.

,

144A,

8.5

%

,

6/03/25

United

States

10,200

164,659

Consumer

Finance

0.6%

b

Toronto-Dominion

Bank

(The)

into

American

Express

Co.

,

144A,

6.5

%

,

3/13/26

....................................

United

States

1,150

319,321

Consumer

Staples

Distribution

&

Retail

1.0%

b

Royal

Bank

of

Canada

into

Tesco

plc

,

144A,

7.5

%

,

1/08/26

....

United

Kingdom

5,300

290,308

b

UBS

AG

into

Casey's

General

Stores,

Inc.

,

144A,

5

%

,

4/23/25

..

United

States

600

218,985

509,293

Diversified

Telecommunication

Services

0.7%

b

Barclays

Bank

plc

into

Telenor

ASA

,

144A,

6

%

,

8/07/25

.......

Norway

2,400

343,177

Electrical

Equipment

0.6%

b

Merrill

Lynch

BV

into

Hubbell,

Inc.

,

144A,

6.5

%

,

7/10/25

......

United

States

900

301,607

Energy

Equipment

&

Services

0.6%

b

Jefferies

Financial

Group,

Inc.

into

Schlumberger

NV

,

144A,

8

%

,

10/17/25

........................................

United

States

7,500

319,787

Ground

Transportation

0.6%

b

Royal

Bank

of

Canada

into

Norfolk

Southern

Corp.

,

144A,

6

%

,

9/17/25

.........................................

United

States

1,200

288,652

Health

Care

Providers

&

Services

1.1%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

HCA

Healthcare,

Inc.

,

144A,

6

%

,

6/13/25

.................................

United

States

900

307,162

b

National

Bank

of

Canada

into

UnitedHealth

Group,

Inc.

,

144A,

6.5

%

,

2/05/26

....................................

United

States

500

260,189

567,351

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.

42

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Interactive

Media

&

Services

0.5%

b

Jefferies

Financial

Group,

Inc.

into

Alphabet,

Inc.

,

144A,

7.5

%

,

4/16/25

.........................................

United

States

1,600

$

248,079

Life

Sciences

Tools

&

Services

1.1%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Thermo

Fisher

Scientific,

Inc.

,

144A,

5

%

,

10/22/25

....................

United

States

500

256,116

b

Mizuho

Markets

Cayman

LP

into

Danaher

Corp.

,

144A,

5

%

,

5/15/25

.........................................

United

States

1,500

309,797

565,913

Machinery

0.5%

b

Toronto-Dominion

Bank

(The)

into

Parker-Hannifin

Corp.

,

144A,

6.25

%

,

11/18/25

...................................

United

States

400

246,828

Oil,

Gas

&

Consumable

Fuels

0.6%

b

Barclays

Bank

plc

into

Canadian

Natural

Resources

Ltd.

,

144A,

9

%

,

2/25/26

......................................

Canada

10,400

321,549

Semiconductors

&

Semiconductor

Equipment

0.6%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

KLA

Corp.

,

144A,

8.5

%

,

12/04/25

...................................

United

States

500

330,795

Software

0.4%

b

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

9

%

,

3/20/26

...

United

States

1,400

197,700

Total

Equity-Linked

Securities

(Cost

$

5,301,563

)

..............................

5,041,802

Convertible

Preferred

Stocks

5.5%

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

,

6

%

................................

United

States

11,476

686,609

Capital

Markets

1.0%

Ares

Management

Corp.

,

6.75

%

,

B

......................

United

States

10,194

491,453

Electric

Utilities

1.3%

NextEra

Energy,

Inc.

,

6.926

%

..........................

United

States

16,905

686,850

Financial

Services

1.9%

Apollo

Global

Management,

Inc.

,

6.75

%

..................

United

States

13,081

956,091

Total

Convertible

Preferred

Stocks

(Cost

$

2,607,713

)

..........................

2,821,003

Total

Long

Term

Investments

(Cost

$

35,124,895

)

..............................

49,688,645

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Growth

and

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

See

Abbreviations

on

page

160

.

Short

Term

Investments

3.0%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

3.0%

c

Joint

Repurchase

Agreement

,

4.356

%

,

4/01/25

(Maturity

Value

$

1,550,850

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$1,065,682)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$112,173)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$372,995)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7.5%,

11/20/33

-

5/15/63;

U.S.

Treasury

Bonds,

1.13%,

5/15/40;

and

U.S.

Treasury

Notes,

1.25%

-

4.88%,

6/30/28

-

10/31/28

(valued

at

$

1,582,128

)

..............................

1,550,662

$

1,550,662

Total

Repurchase

Agreements

(Cost

$

1,550,662

)

..............................

1,550,662

Total

Short

Term

Investments

(Cost

$

1,550,662

)

...............................

1,550,662

a

Total

Investments

(Cost

$

36,675,557

)

99.9

%

..................................

$51,239,307

Other

Assets,

less

Liabilities

0.1

%

...........................................

60,659

Net

Assets

100.0%

.........................................................

$51,299,966

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$5,041,802,

representing

9.8%

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

March

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Income

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

32.3%

Aerospace

&

Defense

1.3%

Lockheed

Martin

Corp.

...............................

United

States

65,000

$

29,036,150

RTX

Corp.

........................................

United

States

90,000

11,921,400

40,957,550

Air

Freight

&

Logistics

0.5%

United

Parcel

Service,

Inc.

,

B

..........................

United

States

139,000

15,288,610

Banks

1.3%

Citigroup,

Inc.

......................................

United

States

50,000

3,549,500

Fifth

Third

Bancorp

..................................

United

States

200,000

7,840,000

JPMorgan

Chase

&

Co.

...............................

United

States

100,000

24,530,000

Truist

Financial

Corp.

................................

United

States

150,000

6,172,500

42,092,000

Beverages

1.7%

Coca-Cola

Co.

(The)

.................................

United

States

250,000

17,905,000

PepsiCo,

Inc.

......................................

United

States

230,000

34,486,200

52,391,200

Biotechnology

1.6%

AbbVie,

Inc.

.......................................

United

States

140,000

29,332,800

Amgen,

Inc.

.......................................

United

States

70,000

21,808,500

51,141,300

Building

Products

0.5%

Johnson

Controls

International

plc

.......................

United

States

200,000

16,022,000

Capital

Markets

1.0%

Charles

Schwab

Corp.

(The)

...........................

United

States

100,000

7,828,000

Morgan

Stanley

.....................................

United

States

200,000

23,334,000

31,162,000

Chemicals

1.4%

Air

Products

and

Chemicals,

Inc.

........................

United

States

80,000

23,593,600

Albemarle

Corp.

....................................

United

States

155,008

11,163,676

LyondellBasell

Industries

NV

,

A

.........................

United

States

110,000

7,744,000

42,501,276

Communications

Equipment

1.2%

Cisco

Systems,

Inc.

.................................

United

States

600,000

37,026,000

Consumer

Staples

Distribution

&

Retail

0.2%

Target

Corp.

.......................................

United

States

50,000

5,218,000

Diversified

Telecommunication

Services

0.4%

Verizon

Communications,

Inc.

..........................

United

States

250,000

11,340,000

Electric

Utilities

2.8%

Duke

Energy

Corp.

..................................

United

States

150,000

18,295,500

Edison

International

.................................

United

States

75,000

4,419,000

NextEra

Energy,

Inc.

.................................

United

States

332,379

23,562,347

Southern

Co.

(The)

..................................

United

States

360,000

33,102,000

Xcel

Energy,

Inc.

....................................

United

States

130,000

9,202,700

88,581,547

Food

Products

0.6%

Nestle

SA

,

ADR

....................................

United

States

190,000

19,222,300

Ground

Transportation

1.0%

Union

Pacific

Corp.

..................................

United

States

129,993

30,709,546

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

0.3%

Medtronic

plc

......................................

United

States

100,000

$

8,986,000

Hotels,

Restaurants

&

Leisure

0.3%

McDonald's

Corp.

...................................

United

States

30,000

9,371,100

Household

Products

1.4%

Procter

&

Gamble

Co.

(The)

...........................

United

States

250,000

42,605,000

Industrial

Conglomerates

0.3%

Honeywell

International,

Inc.

...........................

United

States

45,391

9,611,544

Machinery

0.1%

Caterpillar,

Inc.

.....................................

United

States

12,500

4,122,500

Media

0.7%

Comcast

Corp.

,

A

...................................

United

States

575,000

21,217,500

Metals

&

Mining

0.7%

Rio

Tinto

plc

,

ADR

...................................

Australia

365,529

21,960,983

Multi-Utilities

0.9%

Dominion

Energy,

Inc.

................................

United

States

300,000

16,821,000

Sempra,

Inc.

.......................................

United

States

180,000

12,844,800

29,665,800

Oil,

Gas

&

Consumable

Fuels

5.1%

Chevron

Corp.

.....................................

United

States

350,000

58,551,500

ConocoPhillips

.....................................

United

States

150,000

15,753,000

Exxon

Mobil

Corp.

...................................

United

States

425,000

50,545,250

Shell

plc

,

ADR

......................................

United

States

250,000

18,320,000

TotalEnergies

SE

,

ADR

...............................

France

250,000

16,172,500

159,342,250

Pharmaceuticals

3.9%

AstraZeneca

plc

,

ADR

................................

United

Kingdom

125,000

9,187,500

a,b

Bausch

Health

Cos.,

Inc.

..............................

United

States

200,000

1,294,000

a

Endo,

Inc.

.........................................

United

States

187,928

4,510,272

Johnson

&

Johnson

.................................

United

States

350,000

58,044,000

Merck

&

Co.,

Inc.

...................................

United

States

250,000

22,440,000

Pfizer,

Inc.

.........................................

United

States

1,059,816

26,855,738

122,331,510

Semiconductors

&

Semiconductor

Equipment

1.5%

Analog

Devices,

Inc.

.................................

United

States

60,000

12,100,200

Marvell

Technology,

Inc.

..............................

United

States

50,000

3,078,500

Microchip

Technology,

Inc.

............................

United

States

146,059

7,070,716

Micron

Technology,

Inc.

...............................

United

States

150,000

13,033,500

Texas

Instruments,

Inc.

...............................

United

States

75,000

13,477,500

48,760,416

Specialty

Retail

0.9%

Home

Depot,

Inc.

(The)

...............................

United

States

80,000

29,319,200

Tobacco

0.7%

Philip

Morris

International,

Inc.

.........................

United

States

130,000

20,634,900

Total

Common

Stocks

(Cost

$

811,673,889

)

...................................

1,011,582,032

Equity-Linked

Securities

15.4%

Aerospace

&

Defense

1.3%

c

Barclays

Bank

plc

into

RTX

Corp.

,

144A,

7.5

%

,

10/16/25

......

United

States

98,000

12,035,855

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Aerospace

&

Defense

(continued)

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5

%

,

12/08/25

...............................

United

States

79,900

$

12,817,218

c

JPMorgan

Chase

Bank

NA

into

Boeing

Co.

(The)

,

144A,

10

%

,

1/22/26

.........................................

United

States

65,000

11,149,728

c

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

9

%

,

6/17/25

United

States

35,000

5,993,550

41,996,351

Banks

1.2%

c

JPMorgan

Chase

Bank

NA

into

Truist

Financial

Corp.

,

144A,

9.5

%

,

3/02/26

....................................

United

States

168,000

6,942,046

c

UBS

AG

into

Bank

of

America

Corp.

,

144A,

8

%

,

1/28/26

......

United

States

500,000

21,476,306

c

Wells

Fargo

Bank

NA

into

Citigroup,

Inc.

,

144A,

8.5

%

,

2/25/26

..

United

States

130,000

9,610,284

38,028,636

Broadline

Retail

0.3%

c

Barclays

Bank

plc

into

Amazon.com,

Inc.

,

144A,

10

%

,

3/25/26

..

United

States

50,000

9,795,612

Capital

Markets

0.3%

c

Merrill

Lynch

International

&

Co.

CV

into

Morgan

Stanley

,

144A,

9

%

,

7/14/25

......................................

United

States

100,000

10,452,279

Communications

Equipment

0.2%

c

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/17/25

.........................................

United

States

150,000

8,081,586

Consumer

Staples

Distribution

&

Retail

0.4%

c

Barclays

Bank

plc

into

Target

Corp.

,

144A,

10

%

,

12/29/25

.....

United

States

75,000

8,227,358

c

UBS

AG

into

Target

Corp.

,

144A,

10

%

,

9/15/25

.............

United

States

28,200

3,020,892

11,248,250

Containers

&

Packaging

0.2%

c

BNP

Paribas

SA

into

International

Paper

Co.

,

144A,

9

%

,

10/20/25

United

States

125,000

6,307,844

Electric

Utilities

0.5%

c

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

5/21/25

.........................................

United

States

205,000

14,659,500

Energy

Equipment

&

Services

0.5%

c

Merrill

Lynch

International

&

Co.

CV

into

Halliburton

Co.

,

144A,

8.5

%

,

11/13/25

....................................

United

States

225,000

5,895,772

c

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

10

%

,

11/26/25

........................................

United

States

206,500

8,732,948

14,628,720

Health

Care

Providers

&

Services

1.1%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

UnitedHealth

Group,

Inc.

,

144A,

9

%

,

1/27/26

.............................

United

States

15,000

7,807,751

c

JPMorgan

Chase

Bank

NA

into

CVS

Health

Corp.

,

144A,

9

%

,

11/25/25

........................................

United

States

145,000

9,223,621

c

Wells

Fargo

Bank

NA

into

CVS

Health

Corp.

,

144A,

10

%

,

4/09/26

United

States

150,000

10,110,196

c

Wells

Fargo

Bank

NA

into

UnitedHealth

Group,

Inc.

,

144A,

7

%

,

7/14/25

.........................................

United

States

17,000

8,579,807

35,721,375

Hotels,

Restaurants

&

Leisure

0.6%

c

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

9

%

,

1/12/26

.........................................

United

States

190,000

18,591,244

IT

Services

0.5%

c

Barclays

Bank

plc

into

International

Business

Machines

Corp.

,

144A,

8.5

%

,

6/09/25

...............................

United

States

75,000

14,498,884

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Metals

&

Mining

1.3%

c

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

8/12/25

.....................................

United

States

350,000

$

13,469,414

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Newmont

Corp.

,

144A,

9.5

%

,

2/18/26

...............................

United

States

250,000

11,236,650

c

Mizuho

Markets

Cayman

LP

into

Barrick

Gold

Corp.

,

144A,

9

%

,

7/01/25

.........................................

Canada

303,000

5,602,103

c

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

12/24/25

....................................

United

States

250,000

9,684,782

39,992,949

Oil,

Gas

&

Consumable

Fuels

0.8%

c

JPMorgan

Chase

Bank

NA

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

11/03/25

........................................

United

States

50,000

5,745,074

c

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

4/07/26

.........................................

United

States

159,000

18,599,409

24,344,483

Pharmaceuticals

0.4%

c

Mizuho

Markets

Cayman

LP

into

Bristol-Myers

Squibb

Co.

,

144A,

9.5

%

,

5/08/25

....................................

United

States

230,000

12,625,979

Semiconductors

&

Semiconductor

Equipment

3.5%

c

Barclays

Bank

plc

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

10/14/25

........................................

United

States

135,000

6,944,461

c

BNP

Paribas

Issuance

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

10

%

,

3/02/26

................................

United

States

75,000

7,921,783

c

BNP

Paribas

Issuance

BV

into

Applied

Materials,

Inc.

,

144A,

10

%

,

12/10/25

....................................

United

States

60,000

9,106,501

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Intel

Corp.

,

144A,

10

%

,

3/03/26

.....................................

United

States

541,000

12,769,167

c

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

10

%

,

12/08/25

United

States

615,000

14,052,956

c

National

Bank

of

Canada

into

Broadcom,

Inc.

,

144A,

11.5

%

,

5/13/25

.........................................

United

States

8,000

11,123,659

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8

%

,

6/11/25

.........................................

United

States

160,000

28,973,520

c

UBS

AG

into

Analog

Devices,

Inc.

,

144A,

9

%

,

9/17/25

........

United

States

34,000

6,995,084

c

Wells

Fargo

Bank

NA

into

QUALCOMM,

Inc.

,

144A,

10

%

,

10/22/25

........................................

United

States

68,500

10,832,755

108,719,886

Software

1.1%

c

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5

%

,

10/06/25

....

United

States

25,600

9,883,538

c

Merrill

Lynch

International

&

Co.

CV

into

Microsoft

Corp.

,

144A,

7

%

,

3/09/26

......................................

United

States

32,655

12,510,873

c

UBS

AG

into

Oracle

Corp.

,

144A,

9

%

,

6/10/25

..............

United

States

105,000

13,822,830

36,217,241

Specialty

Retail

0.3%

c

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

8

%

,

10/15/25

................................

United

States

25,000

9,122,340

Technology

Hardware,

Storage

&

Peripherals

0.7%

c

Barclays

Bank

plc

into

Dell

Technologies

Inc

,

144A,

12

%

,

9/03/25

United

States

75,000

7,118,873

c

Mizuho

Markets

Cayman

LP

into

Hewlett

Packard

Enterprise

Co.

,

144A,

9.5

%

,

9/30/25

...............................

United

States

400,000

6,208,937

c

UBS

AG

into

Apple,

Inc.

,

144A,

7

%

,

4/02/25

...............

United

States

39,000

7,466,028

20,793,838

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Textiles,

Apparel

&

Luxury

Goods

0.2%

c

Goldman

Sachs

International

Bank

into

NIKE,

Inc.

,

144A,

9

%

,

3/31/26

.........................................

United

States

100,000

$

6,732,578

Total

Equity-Linked

Securities

(Cost

$

498,588,474

)

............................

482,559,575

Convertible

Preferred

Stocks

1.4%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

6

%

................................

United

States

240,000

14,359,200

Capital

Markets

0.1%

Ares

Management

Corp.

,

6.75

%

,

B

......................

United

States

50,000

2,410,500

Chemicals

0.3%

Albemarle

Corp.

,

7.25

%

..............................

United

States

230,000

8,199,500

Electric

Utilities

0.1%

NextEra

Energy,

Inc.

,

7.234

%

..........................

United

States

50,000

2,277,500

Financial

Services

0.5%

a

FNMA

,

5.375

%

.....................................

United

States

475

17,218,750

a

Total

Convertible

Preferred

Stocks

(Cost

$

65,806,042

)

.........................

44,465,450

Principal

Amount

*

Corporate

Bonds

37.5%

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

Senior

Note

,

5.15

%

,

5/01/30

.............

United

States

25,000,000

25,168,585

c

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/01/31

.........

Canada

4,250,000

4,269,769

c

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

.............

United

States

5,000,000

5,079,270

Senior

Secured

Note

,

144A,

6.625

%

,

3/01/32

............

United

States

15,000,000

15,209,915

49,727,539

Automobile

Components

0.3%

c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

11,945,000

9,098,084

Automobiles

0.8%

Ford

Motor

Co.

,

Senior

Bond

,

3.25

%

,

2/12/32

.........................

United

States

3,000,000

2,473,720

Senior

Bond

,

6.1

%

,

8/19/32

..........................

United

States

7,000,000

6,866,445

General

Motors

Co.

,

Senior

Bond

,

5.6

%

,

10/15/32

.........................

United

States

5,000,000

4,960,844

Senior

Bond

,

5.15

%

,

4/01/38

.........................

United

States

13,500,000

12,230,572

26,531,581

Banks

3.3%

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

15,000,000

15,250,071

Senior

Bond

,

7.437%

to

11/01/32,

FRN

thereafter

,

11/02/33

..

United

Kingdom

10,000,000

11,165,823

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

........................................

United

States

24,500,000

26,011,008

JPMorgan

Chase

&

Co.

,

d

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

5,000,000

5,263,995

d

OO

,

Junior

Sub.

Bond

,

6.5%

to

3/31/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

3,000,000

3,077,829

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

3,000,000

3,223,075

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

8,000,000

$

8,402,143

Truist

Financial

Corp.

,

Sub.

Bond

,

4.916%

to

7/27/32,

FRN

thereafter

,

7/28/33

.................................

United

States

4,000,000

3,819,659

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

........................................

United

States

10,000,000

10,367,693

Wells

Fargo

&

Co.

,

Senior

Bond

,

5.557%

to

7/24/33,

FRN

thereafter

,

7/25/34

.................................

United

States

15,500,000

15,777,693

102,358,989

Building

Products

0.7%

c

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

6,900,000

5,692,569

c

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

........................

United

States

11,000,000

11,018,625

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

.........................................

United

States

6,500,000

6,546,573

23,257,767

Capital

Markets

1.3%

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.....................

United

States

17,000,000

18,562,555

Morgan

Stanley

,

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

8,650,000

9,283,145

Senior

Bond

,

5.25%

to

4/20/33,

FRN

thereafter

,

4/21/34

....

United

States

5,700,000

5,705,170

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

..

United

States

6,000,000

6,546,591

40,097,461

Chemicals

1.2%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.415

%

,

7/15/27

....

United

States

12,000,000

12,206,342

c

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

144A,

2.3

%

,

11/01/30

....................................

United

States

5,500,000

4,756,264

b

,c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

7,300,000

7,763,886

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/01/29

...................

United

States

5,500,000

5,290,052

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

............

United

States

8,888,000

8,461,890

38,478,434

Commercial

Services

&

Supplies

0.1%

c

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

2,000,000

1,983,032

Communications

Equipment

0.7%

c

CommScope

LLC

,

Senior

Note

,

144A,

8.25

%

,

3/01/27

....................

United

States

10,000,000

9,481,917

Senior

Note

,

144A,

7.125

%

,

7/01/28

...................

United

States

9,846,000

8,722,192

Senior

Secured

Note

,

144A,

4.75

%

,

9/01/29

.............

United

States

3,000,000

2,670,899

20,875,008

Consumer

Finance

1.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

5.3

%

,

1/19/34

..........................

Ireland

5,000,000

4,973,401

Capital

One

Financial

Corp.

,

Senior

Note

,

3.273%

to

2/28/29,

FRN

thereafter

,

3/01/30

....

United

States

7,000,000

6,564,596

Senior

Note

,

5.247%

to

7/25/29,

FRN

thereafter

,

7/26/30

....

United

States

6,070,000

6,111,054

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.95

%

,

5/28/27

.........................

United

States

15,000,000

14,785,956

Senior

Note

,

7.35

%

,

3/06/30

.........................

United

States

1,500,000

1,570,517

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.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

6.4

%

,

1/09/33

.

United

States

5,000,000

$

5,159,407

39,164,931

Consumer

Staples

Distribution

&

Retail

0.1%

c

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8

%

,

2/10/31

...........

United

States

3,000,000

2,487,954

Containers

&

Packaging

1.3%

c

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

....................

United

States

10,700,000

4,953,078

Senior

Secured

Note

,

144A,

4.125

%

,

8/15/26

............

United

States

11,000,000

10,118,405

c

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

4,000,000

4,030,911

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/27

...................

United

States

16,932,000

15,992,669

Senior

Secured

Note

,

144A,

7.875

%

,

4/15/27

............

United

States

7,000,000

6,868,750

41,963,813

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Bond

,

5.125

%

,

5/15/32

...........

United

States

10,000,000

9,796,438

Diversified

Telecommunication

Services

1.0%

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

5/01/27

...................

United

States

3,000,000

2,957,156

Senior

Bond

,

144A,

5

%

,

2/01/28

......................

United

States

10,000,000

9,713,305

Senior

Bond

,

144A,

4.75

%

,

3/01/30

....................

United

States

2,500,000

2,320,954

Senior

Note

,

144A,

6.375

%

,

9/01/29

...................

United

States

17,500,000

17,461,473

32,452,888

Electric

Utilities

1.8%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.25

%

,

3/15/34

.........................................

United

States

8,000,000

8,008,820

c

NRG

Energy,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

........

United

States

20,000,000

19,724,218

Southern

Co.

(The)

,

2025

,

Junior

Sub.

Bond

,

6.375%

to

3/14/35,

FRN

thereafter

,

3/15/55

.........................................

United

States

1,000,000

1,026,463

Senior

Bond

,

5.7

%

,

10/15/32

.........................

United

States

10,000,000

10,398,648

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

...................

United

States

10,505,000

9,984,436

Senior

Note

,

144A,

7.75

%

,

10/15/31

...................

United

States

4,700,000

4,926,233

Senior

Note

,

144A,

6.875

%

,

4/15/32

...................

United

States

2,800,000

2,856,255

56,925,073

Electrical

Equipment

0.2%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.4

%

,

4/15/33

...........

United

States

5,000,000

5,192,238

Energy

Equipment

&

Services

0.5%

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

.........................................

United

States

14,500,000

14,733,029

Food

Products

0.4%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.75

%

,

4/01/33

....................

United

States

8,000,000

8,132,280

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

6.25

%

,

7/01/33

..........

United

States

4,000,000

4,145,548

12,277,828

Ground

Transportation

0.1%

c

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

11/01/29

....

United

Kingdom

4,500,000

4,334,778

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

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Equipment

&

Supplies

0.7%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905

%

,

11/22/32

United

States

7,500,000

$

7,918,437

c

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

...................

United

States

4,000,000

3,841,054

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

............

United

States

10,000,000

9,354,184

21,113,675

Health

Care

Providers

&

Services

6.3%

Centene

Corp.

,

Senior

Note

,

4.625

%

,

12/15/29

.............

United

States

10,000,000

9,588,234

c

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.875

%

,

4/15/29

..................

United

States

41,250,000

26,791,413

Senior

Note

,

144A,

6.875

%

,

4/01/28

...................

United

States

25,000,000

16,575,618

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

...............

United

States

5,000,000

4,952,507

Senior

Secured

Note

,

144A,

10.875

%

,

1/15/32

...........

United

States

25,500,000

25,153,730

CVS

Health

Corp.

,

Senior

Bond

,

5.25

%

,

2/21/33

............

United

States

5,000,000

4,938,533

c

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

....................

United

States

2,500,000

2,178,667

Senior

Note

,

144A,

4.625

%

,

6/01/30

...................

United

States

20,000,000

18,427,834

HCA,

Inc.

,

Senior

Bond

,

5.5

%

,

6/01/33

...................

United

States

10,000,000

10,041,290

c

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/31/30

...................................

United

States

4,311,514

3,130,892

Tenet

Healthcare

Corp.

,

Secured

Note

,

6.25

%

,

2/01/27

........................

United

States

24,031,000

24,060,943

Senior

Note

,

6.125

%

,

10/01/28

.......................

United

States

19,400,000

19,323,365

Senior

Secured

Note

,

6.125

%

,

6/15/30

.................

United

States

12,500,000

12,457,830

Senior

Secured

Note

,

6.75

%

,

5/15/31

..................

United

States

10,000,000

10,152,417

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

5.35

%

,

2/15/33

.......

United

States

10,000,000

10,256,195

198,029,468

Hotels,

Restaurants

&

Leisure

2.2%

c

Caesars

Entertainment,

Inc.

,

b

Senior

Note

,

144A,

6

%

,

10/15/32

.....................

United

States

12,500,000

11,684,055

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

................

United

States

6,250,000

6,339,525

c

Carnival

Corp.

,

Senior

Note

,

144A,

7.625

%

,

3/01/26

.........

United

States

20,000,000

20,018,361

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

....................

United

States

4,100,000

3,549,113

Senior

Secured

Note

,

144A,

4.625

%

,

1/15/29

............

United

States

3,500,000

3,226,320

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75

%

,

2/01/32

..........

United

States

2,000,000

1,976,995

c

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25

%

,

5/15/27

..........................

United

States

6,000,000

5,940,977

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

6.25

%

,

3/15/33

..........................

United

States

15,000,000

14,623,206

67,358,552

Independent

Power

and

Renewable

Electricity

Producers

0.8%

c

Calpine

Corp.

,

Senior

Note

,

144A,

5.125

%

,

3/15/28

...................

United

States

12,500,000

12,310,107

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

..............

United

States

5,000,000

4,851,253

c

,d

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

7,800,000

7,904,894

25,066,254

Media

0.7%

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

4/15/28

....................

United

States

2,800,000

2,410,215

Senior

Note

,

144A,

7.5

%

,

6/01/29

.....................

United

States

7,000,000

5,789,677

Senior

Secured

Note

,

144A,

5.125

%

,

8/15/27

............

United

States

5,582,436

5,400,693

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.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

c

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.....

United

States

5,000,000

$

4,766,643

c

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

6/01/27

...................................

United

States

4,500,000

4,466,468

22,833,696

Metals

&

Mining

1.3%

c

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125

%

,

3/31/29

United

States

8,500,000

7,887,793

ArcelorMittal

SA

,

Senior

Bond

,

6.8

%

,

11/29/32

..............

Luxembourg

12,000,000

12,921,300

c

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

5/01/33

....

United

States

3,000,000

2,881,770

c

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

...................

Australia

6,000,000

5,424,556

Senior

Note

,

144A,

5.875

%

,

4/15/30

...................

Australia

5,000,000

4,941,926

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

4.625

%

,

8/01/30

......

United

States

8,000,000

7,822,048

41,879,393

Oil,

Gas

&

Consumable

Fuels

2.8%

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/26

......................

United

States

13,186,000

13,275,124

Senior

Note

,

144A,

8.125

%

,

1/15/27

...................

United

States

8,820,000

8,150,890

Senior

Secured

Note

,

144A,

9.25

%

,

7/15/29

.............

United

States

5,500,000

5,685,625

c

Expand

Energy

Corp.

,

Senior

Note

,

144A,

5.875

%

,

2/01/29

....

United

States

9,500,000

9,490,278

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25

%

,

2/15/35

...................................

United

States

4,000,000

3,825,128

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.4

%

,

2/01/34

............

United

States

8,000,000

7,995,311

c

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.25

%

,

4/15/33

...

United

States

3,500,000

3,422,754

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.625

%

,

9/01/30

........................

United

States

6,000,000

6,307,032

Senior

Bond

,

5.55

%

,

10/01/34

........................

United

States

3,000,000

2,933,093

c

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,250,000

9,735,233

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

............

United

States

5,000,000

5,112,282

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

............

United

States

7,500,000

7,611,795

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65

%

,

3/15/33

.......

United

States

5,000,000

5,125,362

88,669,907

Passenger

Airlines

1.2%

c

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

.........................................

United

States

7,000,000

7,110,749

c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

....................

United

States

6,250,000

6,237,627

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

..............................

United

States

10,000,000

9,961,548

c

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875

%

,

9/20/31

..............................

United

States

7,000,000

6,915,591

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

8,750,000

8,286,557

38,512,072

Personal

Care

Products

0.1%

c

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

2,750,000

2,750,000

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

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

0.7%

c

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

....

Canada

6,374,000

$

6,373,048

b

,c

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

4,000,000

4,175,104

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75

%

,

3/01/28

...................................

Israel

10,000,000

10,264,490

20,812,642

Semiconductors

&

Semiconductor

Equipment

0.7%

c

Broadcom,

Inc.

,

Senior

Bond

,

144A,

4.15

%

,

4/15/32

.........

United

States

10,000,000

9,488,909

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875

%

,

2/09/33

........................

United

States

4,000,000

4,144,722

Senior

Note

,

6.75

%

,

11/01/29

........................

United

States

8,000,000

8,585,555

22,219,186

Software

0.5%

Oracle

Corp.

,

Senior

Bond

,

6.25

%

,

11/09/32

...............

United

States

6,750,000

7,201,370

Workday,

Inc.

,

Senior

Bond

,

3.8

%

,

4/01/32

................

United

States

10,000,000

9,259,615

16,460,985

Specialized

REITs

0.2%

American

Tower

Corp.

,

Senior

Bond

,

5.65

%

,

3/15/33

.........

United

States

5,000,000

5,155,851

Specialty

Retail

0.4%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

...............

United

States

13,000,000

12,952,221

Technology

Hardware,

Storage

&

Peripherals

0.5%

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5

%

,

10/15/34

...

United

States

6,000,000

5,847,661

HP,

Inc.

,

Senior

Bond

,

5.5

%

,

1/15/33

.....................

United

States

10,000,000

10,145,763

15,993,424

Tobacco

0.2%

BAT

Capital

Corp.

,

Senior

Bond

,

6.421

%

,

8/02/33

...........

United

Kingdom

6,000,000

6,406,801

Trading

Companies

&

Distributors

0.7%

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4.875

%

,

1/15/28

........................

United

States

12,800,000

12,591,292

c

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

...............

United

States

8,000,000

8,137,831

20,729,123

Wireless

Telecommunication

Services

0.5%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

3/01/26

.................

United

States

7,500,000

7,618,902

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.2

%

,

1/15/33

............

United

States

7,500,000

7,562,268

15,181,170

Total

Corporate

Bonds

(Cost

$

1,177,473,416

)

.................................

1,173,861,285

Senior

Floating

Rate

Interests

0.6%

Containers

&

Packaging

0.1%

e

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.548

%

,

(

3-month

SOFR

+

3.25

%

),

4/01/32

...................................

United

States

3,931,271

3,914,072

Health

Care

Providers

&

Services

0.1%

e

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.037

%

,

(

3-month

SOFR

+

3.75

%

),

12/31/30

United

States

1,592,498

1,580,841

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

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

IT

Services

0.2%

e

Twitter,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

10.979

%

,

(

3-month

SOFR

+

6.5

%

),

10/26/29

............................

United

States

7,750,000

$

7,711,250

Personal

Care

Products

0.2%

e

Opal

US

LLC,

First

Lien

CME

Term

Loan

,

7.385

%

,

(

3-month

SOFR

+

3.25

%

),

3/31/32

............................

United

States

5,750,000

5,721,250

Total

Senior

Floating

Rate

Interests

(Cost

$

18,733,365

)

........................

18,927,413

U.S.

Government

and

Agency

Securities

5.1%

U.S.

Treasury

Bonds

,

3

%,

8/15/52

.....................................

United

States

40,000,000

29,796,094

3.625

%,

5/15/53

..................................

United

States

42,500,000

35,812,061

4.125

%,

8/15/53

..................................

United

States

21,000,000

19,357,324

4.5

%,

11/15/54

...................................

United

States

10,000,000

9,856,250

U.S.

Treasury

Notes

,

2.875

%,

5/15/32

....................

United

States

70,000,000

64,771,875

Total

U.S.

Government

and

Agency

Securities

(Cost

$

171,292,161

)

..............

159,593,604

Asset-Backed

Securities

0.3%

Passenger

Airlines

0.3%

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875

%

,

10/15/27

.........................

United

States

4,262,146

4,344,476

2023-1

,

A

,

5.8

%

,

1/15/36

............................

United

States

6,018,478

6,122,209

10,466,685

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

10,280,624

)

.............................

10,466,685

Mortgage-Backed

Securities

5.6%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

3.3%

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

......................

United

States

16,036,064

15,756,670

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

.....................

United

States

27,090,323

26,567,418

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/54

....................

United

States

16,624,705

16,611,097

FHLMC

Pool,

30

Year

,

5.5

%,

7/01/53

-

2/01/55

.............

United

States

30,670,780

30,669,272

FHLMC

Pool,

30

Year

,

6

%,

1/01/55

-

2/01/55

...............

United

States

14,249,659

14,478,998

104,083,455

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

1.2%

FNMA,

30

Year

,

4

%,

8/01/49

...........................

United

States

1,293,350

1,223,150

FNMA,

30

Year

,

5

%,

5/01/53

-

11/01/53

...................

United

States

29,617,116

29,101,328

FNMA,

30

Year

,

5.5

%,

11/01/54

.........................

United

States

6,798,440

6,792,876

37,117,354

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.1%

GNMA

II,

Single-family,

30

Year

,

5.5

%,

3/20/55

.............

United

States

6,000,000

6,017,837

GNMA

II,

Single-family,

30

Year

,

6

%,

1/20/55

-

3/20/55

.......

United

States

27,240,831

27,674,837

33,692,674

Total

Mortgage-Backed

Securities

(Cost

$

173,576,453

)

.........................

174,893,483

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,b,f

Endo,

Inc.,

Escrow

Account

............................

United

States

12,929,000

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

.................................

—

Total

Long

Term

Investments

(Cost

$

2,927,424,424

)

...........................

3,076,349,527

a

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

See

Abbreviations

on

page

160

.

Short

Term

Investments

1.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.8%

g

U.S.

Treasury

Bills

,

3

.96

%

,

4/15/25

......................

United

States

25,000,000

$

24,958,801

Total

U.S.

Government

and

Agency

Securities

(Cost

$

24,959,118

)

...............

24,958,801

Shares

Money

Market

Funds

0.7%

h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

23,144,428

23,144,428

Total

Money

Market

Funds

(Cost

$

23,144,428

)

................................

23,144,428

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

8,133,000

8,133,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

8,133,000

)

..........................................................

8,133,000

Total

Short

Term

Investments

(Cost

$

56,236,546

)

..............................

56,236,229

a

Total

Investments

(Cost

$

2,983,660,970

)

100.0

%

..............................

$3,132,585,756

Other

Assets,

less

Liabilities

0.0

%

†

..........................................

1,539,541

Net

Assets

100.0%

.........................................................

$3,134,125,297

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$1,104,614,635,

representing

35.2%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

g

The

rate

shown

represents

the

yield

at

period

end.

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.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Large

Cap

Growth

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.8%

Aerospace

&

Defense

2.7%

a

Axon

Enterprise,

Inc.

.................................

United

States

3,862

$

2,031,219

a

Standardaero,

Inc.

..................................

United

States

10,600

282,384

2,313,603

Automobiles

1.2%

a

Tesla,

Inc.

.........................................

United

States

3,843

995,952

Biotechnology

0.4%

a

Vaxcyte,

Inc.

.......................................

United

States

9,902

373,899

Broadline

Retail

6.3%

a

Amazon.com,

Inc.

...................................

United

States

27,989

5,325,187

Building

Products

1.4%

Trane

Technologies

plc

...............................

United

States

3,627

1,222,009

Capital

Markets

3.7%

Ares

Management

Corp.

,

A

............................

United

States

10,193

1,494,396

MSCI,

Inc.

,

A

.......................................

United

States

950

537,225

S&P

Global,

Inc.

....................................

United

States

2,115

1,074,631

3,106,252

Chemicals

2.1%

Linde

plc

..........................................

United

States

3,804

1,771,295

Commercial

Services

&

Supplies

1.9%

Republic

Services,

Inc.

,

A

.............................

United

States

6,489

1,571,376

Construction

Materials

0.7%

Martin

Marietta

Materials,

Inc.

..........................

United

States

1,267

605,791

Electrical

Equipment

1.1%

Eaton

Corp.

plc

.....................................

United

States

1,971

535,777

GE

Vernova,

Inc.

....................................

United

States

1,305

398,390

934,167

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.

,

A

..................................

United

States

9,092

596,344

Entertainment

3.6%

a

Netflix,

Inc.

........................................

United

States

2,473

2,306,147

a

ROBLOX

Corp.

,

A

...................................

United

States

13,603

792,919

3,099,066

Financial

Services

4.0%

Mastercard,

Inc.

,

A

..................................

United

States

6,192

3,393,959

Food

Products

0.6%

a

Freshpet,

Inc.

......................................

United

States

6,341

527,381

Ground

Transportation

0.8%

a

Uber

Technologies,

Inc.

...............................

United

States

9,870

719,128

Health

Care

Equipment

&

Supplies

3.3%

a

Boston

Scientific

Corp.

...............................

United

States

4,442

448,109

a

Dexcom,

Inc.

.......................................

United

States

10,100

689,729

a

Intuitive

Surgical,

Inc.

................................

United

States

3,337

1,652,716

2,790,554

Health

Care

Providers

&

Services

3.4%

McKesson

Corp.

....................................

United

States

1,675

1,127,258

UnitedHealth

Group,

Inc.

..............................

United

States

3,412

1,787,035

2,914,293

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

57

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

2.2%

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

26,830

$

1,347,135

Wingstop,

Inc.

......................................

United

States

2,428

547,708

1,894,843

Interactive

Media

&

Services

10.8%

Alphabet,

Inc.

,

A

....................................

United

States

17,226

2,663,829

Meta

Platforms,

Inc.

,

A

...............................

United

States

10,420

6,005,671

a

Pinterest,

Inc.

,

A

....................................

United

States

17,504

542,624

9,212,124

IT

Services

0.6%

a

Gartner,

Inc.

.......................................

United

States

1,107

464,652

Life

Sciences

Tools

&

Services

1.4%

a

Tempus

AI,

Inc.

,

A

...................................

United

States

1,600

77,184

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

1,086

540,393

West

Pharmaceutical

Services,

Inc.

......................

United

States

2,510

561,939

1,179,516

Machinery

0.8%

Parker-Hannifin

Corp.

................................

United

States

1,046

635,811

Personal

Care

Products

1.5%

a

BellRing

Brands,

Inc.

.................................

United

States

12,789

952,269

a

Oddity

Tech

Ltd.

,

A

..................................

Israel

8,154

352,742

1,305,011

Pharmaceuticals

3.6%

Eli

Lilly

&

Co.

......................................

United

States

3,676

3,036,045

Professional

Services

1.8%

TransUnion

........................................

United

States

9,037

749,981

Verisk

Analytics,

Inc.

,

A

...............................

United

States

2,730

812,502

1,562,483

Real

Estate

Management

&

Development

0.9%

a

CoStar

Group,

Inc.

..................................

United

States

9,346

740,484

Semiconductors

&

Semiconductor

Equipment

11.5%

Analog

Devices,

Inc.

.................................

United

States

3,694

744,969

Broadcom,

Inc.

.....................................

United

States

13,477

2,256,454

a

Lattice

Semiconductor

Corp.

...........................

United

States

10,668

559,537

Monolithic

Power

Systems,

Inc.

.........................

United

States

1,955

1,133,861

NVIDIA

Corp.

......................................

United

States

46,629

5,053,651

9,748,472

Software

16.6%

a

AppLovin

Corp.

,

A

...................................

United

States

2,252

596,712

a

Confluent,

Inc.

,

A

....................................

United

States

9,544

223,711

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

4,487

1,582,027

a

Fair

Isaac

Corp.

....................................

United

States

710

1,309,354

a

HubSpot,

Inc.

......................................

United

States

995

568,434

Microsoft

Corp.

.....................................

United

States

14,424

5,414,625

a

Monday.com

Ltd.

....................................

United

States

2,134

518,903

Oracle

Corp.

.......................................

United

States

4,490

627,747

a

SailPoint,

Inc.

......................................

United

States

2,500

46,875

Salesforce,

Inc.

.....................................

United

States

3,611

969,048

a

ServiceNow,

Inc.

....................................

United

States

1,557

1,239,590

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.

58

See

Abbreviations

on

page

160

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

a

Synopsys,

Inc.

.....................................

United

States

2,343

$

1,004,796

14,101,822

Specialty

Retail

1.3%

a

AutoZone,

Inc.

.....................................

United

States

296

1,128,583

Technology

Hardware,

Storage

&

Peripherals

5.6%

Apple,

Inc.

........................................

United

States

21,508

4,777,572

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.

...................................

United

States

4,190

1,117,515

Total

Common

Stocks

(Cost

$

36,723,796

)

....................................

83,165,189

Short

Term

Investments

1.6%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

1.6%

b

Joint

Repurchase

Agreement

,

4.356

%

,

4/01/25

(Maturity

Value

$

1,364,645

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$937,729)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$98,705)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$328,211)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7.5%,

11/20/33

-

5/15/63;

U.S.

Treasury

Bonds,

1.13%,

5/15/40;

and

U.S.

Treasury

Notes,

1.25%

-

4.88%,

6/30/28

-

10/31/28

(valued

at

$

1,392,168

)

..............................

1,364,480

1,364,480

Total

Repurchase

Agreements

(Cost

$

1,364,480

)

..............................

1,364,480

Total

Short

Term

Investments

(Cost

$

1,364,480

)

...............................

1,364,480

a

Total

Investments

(Cost

$

38,088,276

)

99.4

%

..................................

$84,529,669

Other

Assets,

less

Liabilities

0.6

%

...........................................

542,668

Net

Assets

100.0%

.........................................................

$85,072,337

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

March

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Mutual

Global

Discovery

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.1%

Aerospace

&

Defense

1.6%

Airbus

SE

.........................................

France

38,999

$

6,867,166

Automobile

Components

2.9%

a

Aptiv

plc

..........................................

Jersey

99,782

5,937,029

Denso

Corp.

.......................................

Japan

502,237

6,231,042

12,168,071

Automobiles

1.2%

Toyota

Motor

Corp.

..................................

Japan

282,596

4,995,535

Banks

8.8%

Bank

of

America

Corp.

...............................

United

States

160,334

6,690,738

BNP

Paribas

SA

....................................

France

136,654

11,421,454

DBS

Group

Holdings

Ltd.

.............................

Singapore

216,840

7,446,574

JPMorgan

Chase

&

Co.

...............................

United

States

22,471

5,512,136

Wells

Fargo

&

Co.

...................................

United

States

89,525

6,427,000

37,497,902

Beverages

1.4%

Heineken

NV

......................................

Netherlands

72,559

5,916,490

Building

Products

1.4%

Johnson

Controls

International

plc

.......................

United

States

72,535

5,810,779

Capital

Markets

3.2%

BlackRock,

Inc.

.....................................

United

States

4,848

4,588,535

Deutsche

Bank

AG

..................................

Germany

373,686

8,907,616

13,496,151

Chemicals

0.5%

a

Covestro

AG

.......................................

Germany

31,167

2,001,832

Consumer

Finance

1.9%

Capital

One

Financial

Corp.

...........................

United

States

46,030

8,253,179

Consumer

Staples

Distribution

&

Retail

1.6%

Seven

&

i

Holdings

Co.

Ltd.

............................

Japan

456,752

6,614,184

Containers

&

Packaging

1.5%

International

Paper

Co.

...............................

United

States

120,457

6,426,381

Diversified

Telecommunication

Services

1.6%

Deutsche

Telekom

AG

................................

Germany

189,269

6,987,809

Electrical

Equipment

1.7%

Mitsubishi

Electric

Corp.

..............................

Japan

396,419

7,310,872

Energy

Equipment

&

Services

2.1%

Schlumberger

NV

...................................

United

States

210,041

8,779,714

Entertainment

1.3%

Walt

Disney

Co.

(The)

................................

United

States

54,343

5,363,654

Financial

Services

4.9%

a

Fiserv,

Inc.

........................................

United

States

28,916

6,385,520

Global

Payments,

Inc.

................................

United

States

76,305

7,471,786

Voya

Financial,

Inc.

..................................

United

States

103,661

7,024,069

20,881,375

Food

Products

3.9%

Danone

SA

........................................

France

92,326

7,061,579

Kellanova

.........................................

United

States

36,226

2,988,283

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.

60

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Food

Products

(continued)

Mondelez

International,

Inc.

,

A

..........................

United

States

92,613

$

6,283,792

16,333,654

Health

Care

Equipment

&

Supplies

3.6%

Medtronic

plc

......................................

United

States

85,936

7,722,209

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

68,112

7,708,916

15,431,125

Health

Care

Providers

&

Services

6.1%

CVS

Health

Corp.

...................................

United

States

121,314

8,219,024

Elevance

Health,

Inc.

................................

United

States

23,868

10,381,625

a

Fresenius

SE

&

Co.

KGaA

.............................

Germany

169,507

7,236,876

25,837,525

Household

Durables

0.5%

DR

Horton,

Inc.

.....................................

United

States

16,393

2,084,042

Household

Products

1.7%

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

104,984

7,099,074

Industrial

Conglomerates

1.0%

Siemens

AG

.......................................

Germany

17,497

4,040,867

Insurance

5.8%

Everest

Group

Ltd.

..................................

United

States

18,765

6,817,888

NN

Group

NV

......................................

Netherlands

128,979

7,177,136

Prudential

plc

......................................

Hong

Kong

977,871

10,552,232

24,547,256

Interactive

Media

&

Services

1.7%

Tencent

Holdings

Ltd.

................................

China

114,076

7,288,995

Media

2.4%

a

Charter

Communications,

Inc.

,

A

........................

United

States

28,070

10,344,637

Metals

&

Mining

1.6%

Rio

Tinto

plc

.......................................

Australia

114,539

6,873,509

Oil,

Gas

&

Consumable

Fuels

4.8%

BP

plc

............................................

United

States

1,626,306

9,125,943

Hess

Corp.

........................................

United

States

15,259

2,437,320

Shell

plc

..........................................

United

States

239,407

8,714,493

20,277,756

Personal

Care

Products

1.2%

Kenvue,

Inc.

.......................................

United

States

214,521

5,144,213

Pharmaceuticals

9.4%

GSK

plc

..........................................

United

States

464,417

8,875,105

Haleon

plc

........................................

United

States

1,382,968

6,984,275

Merck

&

Co.,

Inc.

...................................

United

States

73,532

6,600,232

Novartis

AG

,

ADR

...................................

United

States

73,936

8,242,385

Roche

Holding

AG

..................................

United

States

28,319

9,320,566

40,022,563

Semiconductors

&

Semiconductor

Equipment

1.6%

Renesas

Electronics

Corp.

............................

Japan

516,117

6,922,497

Specialized

REITs

2.0%

American

Tower

Corp.

................................

United

States

39,235

8,537,536

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

61

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

1.8%

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

187,274

$

7,424,566

Textiles,

Apparel

&

Luxury

Goods

3.0%

Cie

Financiere

Richemont

SA

..........................

Switzerland

38,422

6,707,172

Kering

SA

.........................................

France

28,820

5,995,721

12,702,893

Tobacco

1.8%

British

American

Tobacco

plc

...........................

United

Kingdom

188,151

7,718,777

Trading

Companies

&

Distributors

3.6%

AerCap

Holdings

NV

.................................

Ireland

92,949

9,496,599

Ferguson

Enterprises,

Inc.

............................

United

States

35,194

5,639,135

15,135,734

Total

Common

Stocks

(Cost

$

309,011,509

)

...................................

403,138,313

Principal

Amount

*

Corporate

Bonds

0.2%

Specialty

Retail

0.2%

b

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875%,

5/01/29

.

United

States

1,500,000

803,230

Total

Corporate

Bonds

(Cost

$

946,122

)

......................................

803,230

Senior

Floating

Rate

Interests

2.3%

c

Commercial

Services

&

Supplies

1.0%

Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.139

%

,

(

3-month

SOFR

+

4.75

%

),

10/11/28

....................

United

States

2,350,828

2,027,965

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.389

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

.................

United

States

2,662,732

2,302,850

4,330,815

a

a

a

a

a

a

Media

0.2%

c,d

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.209

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

1,197,000

976,052

Professional

Services

0.5%

c

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.939

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

1,957,300

1,924,681

Specialty

Retail

0.6%

c

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.84

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

.....................

United

States

3,402,432

2,535,986

Total

Senior

Floating

Rate

Interests

(Cost

$

10,561,203

)

........................

9,767,534

Shares

a

Companies

in

Liquidation

0.0%

a,e,f

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

966,000

—

Total

Companies

in

Liquidation

(Cost

$

–

)

....................................

—

Total

Long

Term

Investments

(Cost

$

320,518,834

)

.............................

413,709,077

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

Short

Term

Investments

0.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.5%

g

FHLB

,

4.21

%,

4/01/25

................................

United

States

1,700,000

$

1,699,801

g

U.S.

Treasury

Bills

,

4.18

%,

7/24/25

......................

United

States

500,000

493,411

Total

U.S.

Government

and

Agency

Securities

(Cost

$

2,193,413

)

................

2,193,212

Total

Short

Term

Investments

(Cost

$

2,193,413

)

...............................

2,193,212

a

Total

Investments

(Cost

$

322,712,247

)

98.1

%

.................................

$415,902,289

Other

Assets,

less

Liabilities

1.9

%

...........................................

8,157,943

Net

Assets

100.0%

.........................................................

$424,060,232

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

value

of

this

security

was

$803,230,

representing

0.2%

of

net

assets.

c

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

f

Contingent

distributions

represent

the

right

to

receive

additional

distributions,

if

any,

during

the

reorganization

of

the

underlying

company.

Shares

represent

total

underlying

principal

of

debt

securities.

g

The

rate

shown

represents

the

yield

at

period

end.

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

63

At

March

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

77

$

10,454,675

6/16/25

$

24,450

Total

Futures

Contracts

......................................................................

$24,450

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

South

Korean

Won

..

HSBK

Buy

721,495,308

515,153

4/29/25

$

—

$

(

24,985

)

South

Korean

Won

..

HSBK

Sell

8,346,645,107

6,010,669

4/29/25

340,140

—

South

Korean

Won

..

UBSW

Sell

447,389,608

325,223

4/29/25

21,276

—

Japanese

Yen

......

HSBK

Buy

14,447,356

96,823

5/20/25

26

—

Japanese

Yen

......

UBSW

Buy

96,804,088

651,504

5/20/25

—

(

2,573

)

Japanese

Yen

......

UBSW

Sell

1,413,923,492

9,432,150

5/20/25

12,530

(

58,673

)

Euro

.............

BOFA

Buy

133,000

139,597

7/14/25

5,063

—

Euro

.............

BOFA

Sell

8,048,316

8,423,471

7/14/25

2,303

(

332,716

)

Euro

.............

UBSW

Buy

150,000

157,924

7/14/25

5,226

—

Euro

.............

UBSW

Sell

3,204,569

3,461,204

7/14/25

12,859

(

37,156

)

Euro

.............

WFLA

Sell

6,351,570

6,611,190

7/14/25

—

(

297,199

)

Total

Forward

Exchange

Contracts

...................................................

$399,423

$(753,302)

Net

unrealized

appreciation

(depreciation)

............................................

$(353,879)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

page

160

.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Mutual

Shares

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.6%

Automobiles

1.6%

General

Motors

Co.

..................................

United

States

671,198

$

31,566,442

Banks

9.9%

Bank

of

America

Corp.

...............................

United

States

1,190,959

49,698,719

BNP

Paribas

SA

....................................

France

452,323

37,804,868

JPMorgan

Chase

&

Co.

...............................

United

States

153,196

37,578,979

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

216,189

37,999,540

Wells

Fargo

&

Co.

...................................

United

States

439,533

31,554,074

194,636,180

Building

Products

1.7%

Johnson

Controls

International

plc

.......................

United

States

415,761

33,306,614

Capital

Markets

1.7%

BlackRock,

Inc.

.....................................

United

States

35,840

33,921,843

Communications

Equipment

1.5%

Cisco

Systems,

Inc.

.................................

United

States

483,111

29,812,780

Construction

&

Engineering

1.2%

WillScot

Holdings

Corp.

...............................

United

States

827,806

23,013,007

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

...........................

United

States

165,204

29,621,077

Consumer

Staples

Distribution

&

Retail

3.2%

Dollar

General

Corp.

.................................

United

States

362,827

31,903,378

Target

Corp.

.......................................

United

States

307,630

32,104,267

64,007,645

Containers

&

Packaging

1.8%

International

Paper

Co.

...............................

United

States

678,704

36,208,858

Diversified

Telecommunication

Services

0.6%

a,b,c

Windstream

Holdings,

Inc.

.............................

United

States

643,835

11,584,253

Electric

Utilities

3.7%

Entergy

Corp.

......................................

United

States

422,385

36,109,694

PPL

Corp.

.........................................

United

States

1,005,365

36,303,730

72,413,424

Electronic

Equipment,

Instruments

&

Components

1.2%

b

Flex

Ltd.

..........................................

United

States

706,637

23,375,552

Energy

Equipment

&

Services

2.0%

Schlumberger

NV

...................................

United

States

927,938

38,787,808

Entertainment

1.7%

Walt

Disney

Co.

(The)

................................

United

States

342,514

33,806,132

Financial

Services

7.3%

Apollo

Global

Management,

Inc.

........................

United

States

219,270

30,026,834

b

Fiserv,

Inc.

........................................

United

States

200,500

44,276,415

Global

Payments,

Inc.

................................

United

States

382,541

37,458,415

Voya

Financial,

Inc.

..................................

United

States

478,529

32,425,125

144,186,789

Food

Products

1.1%

Kellanova

.........................................

United

States

259,186

21,380,253

Health

Care

Equipment

&

Supplies

5.3%

Baxter

International,

Inc.

..............................

United

States

935,927

32,036,781

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

65

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Medtronic

plc

......................................

United

States

457,857

$

41,143,030

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

283,187

32,051,105

105,230,916

Health

Care

Providers

&

Services

4.4%

CVS

Health

Corp.

...................................

United

States

567,876

38,473,599

Elevance

Health,

Inc.

................................

United

States

109,732

47,729,031

86,202,630

Household

Durables

1.2%

DR

Horton,

Inc.

.....................................

United

States

181,147

23,029,218

Insurance

3.6%

Everest

Group

Ltd.

..................................

United

States

90,868

33,015,070

Progressive

Corp.

(The)

..............................

United

States

131,176

37,124,120

70,139,190

Machinery

1.7%

Dover

Corp.

.......................................

United

States

195,735

34,386,725

Media

3.9%

b

Charter

Communications,

Inc.

,

A

........................

United

States

128,941

47,518,627

Comcast

Corp.

,

A

...................................

United

States

813,860

30,031,434

77,550,061

Metals

&

Mining

1.8%

Reliance,

Inc.

......................................

United

States

125,768

36,315,510

Oil,

Gas

&

Consumable

Fuels

5.5%

Chevron

Corp.

.....................................

United

States

308,066

51,536,361

EOG

Resources,

Inc.

................................

United

States

359,749

46,134,212

Hess

Corp.

........................................

United

States

69,509

11,102,672

108,773,245

Personal

Care

Products

1.9%

Kenvue,

Inc.

.......................................

United

States

1,544,911

37,046,966

Pharmaceuticals

6.4%

GSK

plc

..........................................

United

States

2,016,716

38,539,858

Merck

&

Co.,

Inc.

...................................

United

States

443,570

39,814,843

Novartis

AG

,

ADR

...................................

United

States

419,441

46,759,283

125,113,984

Professional

Services

3.1%

KBR,

Inc.

.........................................

United

States

555,891

27,688,931

SS&C

Technologies

Holdings,

Inc.

.......................

United

States

403,029

33,665,012

61,353,943

Real

Estate

Management

&

Development

1.0%

b

CBRE

Group,

Inc.

,

A

.................................

United

States

149,353

19,532,385

Retail

REITs

1.8%

Brixmor

Property

Group,

Inc.

...........................

United

States

1,317,261

34,973,280

Semiconductors

&

Semiconductor

Equipment

1.6%

NXP

Semiconductors

NV

.............................

China

165,602

31,474,316

Software

2.8%

Gen

Digital,

Inc.

....................................

United

States

961,392

25,515,343

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.

66

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

Oracle

Corp.

.......................................

United

States

216,349

$

30,247,754

55,763,097

Specialized

REITs

2.0%

American

Tower

Corp.

................................

United

States

184,258

40,094,541

Specialty

Retail

1.2%

b

Ulta

Beauty,

Inc.

....................................

United

States

62,079

22,754,437

Tobacco

1.7%

British

American

Tobacco

plc

...........................

United

Kingdom

792,239

32,501,112

Trading

Companies

&

Distributors

4.0%

AerCap

Holdings

NV

.................................

Ireland

375,127

38,326,726

Ferguson

Enterprises,

Inc.

............................

United

States

251,067

40,228,465

78,555,191

Total

Common

Stocks

(Cost

$

1,444,060,407

)

..................................

1,902,419,404

Principal

Amount

*

Corporate

Bonds

0.2%

Specialty

Retail

0.2%

d

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875%,

5/01/29

.

United

States

7,500,000

4,016,148

Total

Corporate

Bonds

(Cost

$

4,730,613

)

.....................................

4,016,148

Senior

Floating

Rate

Interests

2.3%

e

Commercial

Services

&

Supplies

1.1%

Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.139

%

,

(

3-month

SOFR

+

4.75

%

),

10/11/28

....................

United

States

11,095,962

9,572,042

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.389

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

.................

United

States

12,680,219

10,966,424

20,538,466

a

a

a

a

a

a

Media

0.2%

e,f

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.209

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

5,785,500

4,717,583

Professional

Services

0.4%

e

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.939

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

8,839,849

8,692,533

Specialty

Retail

0.6%

e

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.84

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

.....................

United

States

15,734,627

11,727,726

Total

Senior

Floating

Rate

Interests

(Cost

$

49,214,899

)

........................

45,676,308

Shares

a

Companies

in

Liquidation

0.0%

a,b,g

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

..............................

Netherlands

347,093

—

a,b,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

6,301,000

—

Total

Companies

in

Liquidation

(Cost

$

–

)

....................................

—

Total

Long

Term

Investments

(Cost

$

1,498,005,919

)

...........................

1,952,111,860

a

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

67

Short

Term

Investments

0.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.3%

h

FHLB

,

4.21

%,

4/01/25

................................

United

States

4,600,000

$

4,599,462

h

U.S.

Treasury

Bills

,

4.17

%,

8/14/25

...................................

United

States

500,000

492,238

4.15

%,

8/21/25

...................................

United

States

500,000

491,884

984,122

Total

U.S.

Government

and

Agency

Securities

(Cost

$

5,584,048

)

................

5,583,584

Total

Short

Term

Investments

(Cost

$

5,584,048

)

...............................

5,583,584

a

Total

Investments

(Cost

$

1,503,589,967

)

99.4

%

................................

$1,957,695,444

Other

Assets,

less

Liabilities

0.6

%

...........................................

11,651,442

Net

Assets

100.0%

.........................................................

$1,969,346,886

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

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

March

31,

2025,

the

value

of

this

security

was

$4,016,148,

representing

0.2%

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Contingent

distributions

represent

the

right

to

receive

additional

distributions,

if

any,

during

the

reorganization

of

the

underlying

company.

Shares

represent

total

underlying

principal

of

debt

securities.

h

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

At

March

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

GBP/USD

...................

Short

112

$

9,037,700

6/16/25

$

(

31,230

)

Total

Futures

Contracts

......................................................................

$(31,230)

*

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

Sell

16,222,499

17,154,221

7/14/25

$

3,753

$

(

494,200

)

Euro

.............

UBSW

Sell

6,869,091

7,318,828

7/14/25

926

(

153,378

)

Euro

.............

WFLA

Sell

10,696,904

11,140,276

7/14/25

—

(

494,386

)

British

Pound

......

UBSW

Buy

229,258

296,371

7/21/25

—

(

270

)

British

Pound

......

WFLA

Buy

612,746

770,411

7/21/25

20,990

—

British

Pound

......

WFLA

Sell

3,871,751

4,737,133

7/21/25

—

(

263,485

)

Total

Forward

Exchange

Contracts

...................................................

$25,669

$(1,405,719)

Net

unrealized

appreciation

(depreciation)

............................................

$(1,380,050)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

page

160

.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Rising

Dividends

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.5%

Aerospace

&

Defense

3.5%

General

Dynamics

Corp.

..............................

United

States

77,707

$

21,181,374

RTX

Corp.

........................................

United

States

212,179

28,105,230

49,286,604

Air

Freight

&

Logistics

0.6%

United

Parcel

Service,

Inc.

,

B

..........................

United

States

81,273

8,939,217

Banks

2.7%

JPMorgan

Chase

&

Co.

...............................

United

States

153,647

37,689,609

Beverages

1.4%

PepsiCo,

Inc.

......................................

United

States

135,437

20,307,424

Biotechnology

1.7%

AbbVie,

Inc.

.......................................

United

States

113,977

23,880,461

Building

Products

2.9%

Carlisle

Cos.,

Inc.

...................................

United

States

55,895

19,032,247

Johnson

Controls

International

plc

.......................

United

States

271,450

21,745,860

40,778,107

Capital

Markets

5.9%

Ares

Management

Corp.

,

A

............................

United

States

42,866

6,284,584

Charles

Schwab

Corp.

(The)

...........................

United

States

305,401

23,906,790

Morgan

Stanley

.....................................

United

States

208,401

24,314,145

Nasdaq,

Inc.

.......................................

United

States

380,559

28,869,206

83,374,725

Chemicals

6.5%

Air

Products

and

Chemicals,

Inc.

........................

United

States

61,935

18,265,870

Ecolab,

Inc.

........................................

United

States

71,114

18,028,821

Linde

plc

..........................................

United

States

91,943

42,812,339

Sherwin-Williams

Co.

(The)

............................

United

States

34,937

12,199,651

91,306,681

Commercial

Services

&

Supplies

1.6%

Cintas

Corp.

.......................................

United

States

110,915

22,796,360

Consumer

Staples

Distribution

&

Retail

3.8%

Casey's

General

Stores,

Inc.

...........................

United

States

27,276

11,838,875

Target

Corp.

.......................................

United

States

60,067

6,268,592

Walmart,

Inc.

......................................

United

States

407,152

35,743,874

53,851,341

Electric

Utilities

1.2%

NextEra

Energy,

Inc.

.................................

United

States

245,301

17,389,388

Electrical

Equipment

1.2%

nVent

Electric

plc

...................................

United

States

329,427

17,268,563

Financial

Services

3.5%

Visa,

Inc.

,

A

........................................

United

States

142,390

49,901,999

Food

Products

1.9%

McCormick

&

Co.,

Inc.

...............................

United

States

148,641

12,234,641

Mondelez

International,

Inc.

,

A

..........................

United

States

218,705

14,839,134

27,073,775

Health

Care

Equipment

&

Supplies

7.3%

Abbott

Laboratories

..................................

United

States

243,286

32,271,888

Becton

Dickinson

&

Co.

...............................

United

States

80,693

18,483,539

STERIS

plc

........................................

United

States

58,060

13,159,299

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.

70

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Stryker

Corp.

......................................

United

States

106,677

$

39,710,513

103,625,239

Health

Care

Providers

&

Services

3.1%

UnitedHealth

Group,

Inc.

..............................

United

States

83,121

43,534,624

Hotels,

Restaurants

&

Leisure

2.3%

McDonald's

Corp.

...................................

United

States

101,953

31,847,059

Household

Durables

0.6%

DR

Horton,

Inc.

.....................................

United

States

62,875

7,993,299

Household

Products

3.1%

Colgate-Palmolive

Co.

...............................

United

States

137,401

12,874,474

Procter

&

Gamble

Co.

(The)

...........................

United

States

182,029

31,021,382

43,895,856

Industrial

Conglomerates

1.7%

Honeywell

International,

Inc.

...........................

United

States

112,569

23,836,486

Insurance

2.1%

Erie

Indemnity

Co.

,

A

.................................

United

States

32,541

13,636,306

Marsh

&

McLennan

Cos.,

Inc.

..........................

United

States

66,347

16,190,658

29,826,964

IT

Services

2.4%

Accenture

plc

,

A

....................................

Ireland

107,811

33,641,344

Life

Sciences

Tools

&

Services

2.0%

Danaher

Corp.

.....................................

United

States

87,057

17,846,685

West

Pharmaceutical

Services,

Inc.

......................

United

States

46,410

10,390,271

28,236,956

Machinery

1.0%

Parker-Hannifin

Corp.

................................

United

States

24,047

14,616,969

Oil,

Gas

&

Consumable

Fuels

3.4%

Chevron

Corp.

.....................................

United

States

120,463

20,152,255

EOG

Resources,

Inc.

................................

United

States

113,905

14,607,177

Exxon

Mobil

Corp.

...................................

United

States

116,596

13,866,763

48,626,195

Pharmaceuticals

1.8%

Johnson

&

Johnson

.................................

United

States

152,704

25,324,431

Semiconductors

&

Semiconductor

Equipment

7.8%

Analog

Devices,

Inc.

.................................

United

States

121,363

24,475,276

Applied

Materials,

Inc.

................................

United

States

54,058

7,844,897

Broadcom,

Inc.

.....................................

United

States

246,583

41,285,392

Texas

Instruments,

Inc.

...............................

United

States

200,185

35,973,244

109,578,809

Software

12.9%

Microsoft

Corp.

.....................................

United

States

304,482

114,299,498

Oracle

Corp.

.......................................

United

States

198,936

27,813,242

Roper

Technologies,

Inc.

..............................

United

States

68,212

40,216,431

182,329,171

Specialty

Retail

3.5%

Lowe's

Cos.,

Inc.

....................................

United

States

108,344

25,269,071

Ross

Stores,

Inc.

...................................

United

States

144,334

18,444,442

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

71

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

(continued)

Tractor

Supply

Co.

..................................

United

States

110,887

$

6,109,874

49,823,387

Technology

Hardware,

Storage

&

Peripherals

3.1%

Apple,

Inc.

........................................

United

States

199,853

44,393,347

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.

,

B

.......................................

United

States

97,925

6,216,279

Trading

Companies

&

Distributors

1.5%

WW

Grainger,

Inc.

...................................

United

States

21,514

21,252,175

Total

Common

Stocks

(Cost

$

627,494,439

)

...................................

1,392,442,844

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.4%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

19,795,499

19,795,499

Total

Money

Market

Funds

(Cost

$

19,795,499

)

................................

19,795,499

Total

Short

Term

Investments

(Cost

$

19,795,499

)

..............................

19,795,499

a

Total

Investments

(Cost

$

647,289,938

)

99.9

%

.................................

$1,412,238,343

Other

Assets,

less

Liabilities

0.1

%

...........................................

1,833,173

Net

Assets

100.0%

.........................................................

$1,414,071,516

a

a

a

a

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Small

Cap

Value

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.8%

Aerospace

&

Defense

7.0%

Babcock

International

Group

plc

........................

United

Kingdom

2,034,797

$

19,148,685

Melrose

Industries

plc

................................

United

Kingdom

2,469,138

15,241,547

QinetiQ

Group

plc

...................................

United

Kingdom

5,277,262

26,459,731

Senior

plc

.........................................

United

Kingdom

6,448,089

12,394,027

73,243,990

Banks

19.5%

Atlantic

Union

Bankshares

Corp.

........................

United

States

245,882

7,656,766

Camden

National

Corp.

...............................

United

States

233,099

9,433,517

Columbia

Banking

System,

Inc.

.........................

United

States

1,188,349

29,637,424

First

Bancorp

......................................

United

States

420,886

16,894,364

First

Commonwealth

Financial

Corp.

.....................

United

States

554,646

8,619,199

First

Interstate

BancSystem,

Inc.

,

A

......................

United

States

963,919

27,616,279

German

American

Bancorp,

Inc.

........................

United

States

298,868

11,207,550

Peoples

Bancorp,

Inc.

................................

United

States

262,878

7,796,961

Sandy

Spring

Bancorp,

Inc.

............................

United

States

306,667

8,571,343

Seacoast

Banking

Corp.

of

Florida

......................

United

States

441,625

11,363,011

SouthState

Corp.

...................................

United

States

309,496

28,727,419

TriCo

Bancshares

...................................

United

States

283,329

11,324,660

Washington

Trust

Bancorp,

Inc.

.........................

United

States

36,672

1,131,698

WSFS

Financial

Corp.

................................

United

States

448,689

23,273,498

203,253,689

Building

Products

2.9%

a

American

Woodmark

Corp.

............................

United

States

61,349

3,609,162

UFP

Industries,

Inc.

..................................

United

States

248,747

26,625,879

30,235,041

Capital

Markets

2.2%

Victory

Capital

Holdings,

Inc.

,

A

.........................

United

States

398,131

23,039,841

Chemicals

4.2%

Ashland,

Inc.

.......................................

United

States

20,159

1,195,227

Avient

Corp.

.......................................

United

States

677,244

25,166,387

Elementis

plc

......................................

United

Kingdom

10,185,228

17,114,777

43,476,391

Commercial

Services

&

Supplies

0.5%

HNI

Corp.

.........................................

United

States

120,123

5,327,455

Construction

&

Engineering

4.7%

Valmont

Industries,

Inc.

...............................

United

States

85,101

24,285,272

WillScot

Holdings

Corp.

...............................

United

States

882,905

24,544,759

48,830,031

Consumer

Finance

1.1%

Bread

Financial

Holdings,

Inc.

..........................

United

States

237,481

11,893,048

Diversified

REITs

0.5%

Alexander

&

Baldwin,

Inc.

.............................

United

States

311,494

5,367,042

Electric

Utilities

0.6%

IDACORP,

Inc.

.....................................

United

States

51,852

6,026,239

Electrical

Equipment

1.5%

Regal

Rexnord

Corp.

................................

United

States

139,337

15,863,517

Electronic

Equipment,

Instruments

&

Components

5.7%

Benchmark

Electronics,

Inc.

...........................

United

States

383,159

14,571,537

a

Knowles

Corp.

.....................................

United

States

686,996

10,442,339

a

Sanmina

Corp.

.....................................

United

States

372,640

28,387,715

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

73

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

a

TTM

Technologies,

Inc.

...............................

United

States

284,465

$

5,834,377

59,235,968

Energy

Equipment

&

Services

2.9%

Hunting

plc

........................................

United

Kingdom

2,372,995

9,313,114

Liberty

Energy,

Inc.

,

A

................................

United

States

739,955

11,713,488

Select

Water

Solutions,

Inc.

,

A

..........................

United

States

579,606

6,085,863

TechnipFMC

plc

....................................

United

Kingdom

103,898

3,292,528

30,404,993

Ground

Transportation

2.3%

Knight-Swift

Transportation

Holdings,

Inc.

,

A

...............

United

States

375,175

16,316,361

a

RXO,

Inc.

.........................................

United

States

390,628

7,460,995

23,777,356

Health

Care

Equipment

&

Supplies

2.0%

a

Envista

Holdings

Corp.

...............................

United

States

1,210,514

20,893,472

Hotels,

Restaurants

&

Leisure

3.5%

Boyd

Gaming

Corp.

.................................

United

States

160,850

10,588,755

a

Hilton

Grand

Vacations,

Inc.

...........................

United

States

684,677

25,613,767

36,202,522

Household

Durables

2.6%

Century

Communities,

Inc.

............................

United

States

36,343

2,438,615

La-Z-Boy,

Inc.

......................................

United

States

63,678

2,489,173

a

M/I

Homes,

Inc.

.....................................

United

States

54,436

6,215,502

Meritage

Homes

Corp.

...............................

United

States

92,252

6,538,822

a

Taylor

Morrison

Home

Corp.

,

A

.........................

United

States

152,899

9,180,056

26,862,168

Industrial

REITs

0.4%

STAG

Industrial,

Inc.

.................................

United

States

110,648

3,996,606

Insurance

8.9%

CNO

Financial

Group,

Inc.

............................

United

States

709,403

29,546,635

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

209,165

36,384,252

Horace

Mann

Educators

Corp.

.........................

United

States

630,819

26,954,896

a

TWFG,

Inc.

,

A

......................................

United

States

1,819

56,225

92,942,008

Leisure

Products

3.2%

BRP,

Inc.

..........................................

United

States

30,975

1,045,881

Brunswick

Corp.

....................................

United

States

28,477

1,533,486

a

Mattel,

Inc.

........................................

United

States

1,565,274

30,413,274

32,992,641

Machinery

7.2%

a

Chart

Industries,

Inc.

.................................

United

States

197,942

28,574,907

a

Gates

Industrial

Corp.

plc

.............................

United

States

791,709

14,575,363

a

Middleby

Corp.

(The)

................................

United

States

76,714

11,658,994

Mueller

Water

Products,

Inc.

,

A

.........................

United

States

777,699

19,769,108

74,578,372

Media

1.1%

Cable

One,

Inc.

.....................................

United

States

42,132

11,197,422

Metals

&

Mining

3.2%

Commercial

Metals

Co.

...............................

United

States

484,441

22,289,131

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.

74

See

Abbreviations

on

page

160

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

(continued)

Ryerson

Holding

Corp.

...............................

United

States

494,170

$

11,346,143

33,635,274

Multi-Utilities

0.6%

Black

Hills

Corp.

....................................

United

States

99,081

6,009,263

Oil,

Gas

&

Consumable

Fuels

0.7%

Veren,

Inc.

........................................

Canada

1,103,965

7,303,253

Paper

&

Forest

Products

0.5%

Louisiana-Pacific

Corp.

...............................

United

States

57,947

5,329,965

Retail

REITs

1.0%

Kite

Realty

Group

Trust

...............................

United

States

443,187

9,914,093

Software

3.5%

a

ACI

Worldwide,

Inc.

..................................

United

States

671,400

36,732,294

Specialty

Retail

1.0%

Bath

&

Body

Works,

Inc.

..............................

United

States

133,465

4,046,659

Gap,

Inc.

(The)

.....................................

United

States

329,259

6,786,028

10,832,687

Textiles,

Apparel

&

Luxury

Goods

0.8%

a

Crocs,

Inc.

........................................

United

States

36,897

3,918,461

Dr.

Martens

plc

.....................................

United

Kingdom

6,113,002

4,023,252

7,941,713

Trading

Companies

&

Distributors

2.0%

McGrath

RentCorp

..................................

United

States

187,015

20,833,471

Total

Common

Stocks

(Cost

$

903,841,643

)

...................................

1,018,171,825

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.1%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

21,394,002

21,394,002

Total

Money

Market

Funds

(Cost

$

21,394,002

)

................................

21,394,002

Total

Short

Term

Investments

(Cost

$

21,394,002

)

..............................

21,394,002

a

Total

Investments

(Cost

$

925,235,645

)

99.9

%

.................................

$1,039,565,827

Other

Assets,

less

Liabilities

0.1

%

...........................................

1,374,085

Net

Assets

100.0%

.........................................................

$1,040,939,912

a

a

a

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),

March

31,

2025

Franklin

Small-Mid

Cap

Growth

VIP

Fund

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

97.0%

Aerospace

&

Defense

3.9%

a

Axon

Enterprise,

Inc.

.................................

United

States

19,600

$

10,308,620

BWX

Technologies,

Inc.

..............................

United

States

33,200

3,275,180

a

Standardaero,

Inc.

..................................

United

States

55,300

1,473,192

15,056,992

Banks

0.8%

Fifth

Third

Bancorp

..................................

United

States

76,500

2,998,800

Biotechnology

2.9%

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

15,600

4,212,312

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

8,600

1,340,396

a

CG

oncology,

Inc.

...................................

United

States

42,400

1,038,376

a

Natera,

Inc.

........................................

United

States

27,200

3,846,352

a

Vaxcyte,

Inc.

.......................................

United

States

19,700

743,872

11,181,308

Capital

Markets

10.1%

Ares

Management

Corp.

,

A

............................

United

States

63,900

9,368,379

Blue

Owl

Capital,

Inc.

,

A

..............................

United

States

289,400

5,799,576

LPL

Financial

Holdings,

Inc.

...........................

United

States

14,800

4,841,672

MSCI,

Inc.

,

A

.......................................

United

States

13,400

7,577,700

Nasdaq,

Inc.

.......................................

United

States

72,400

5,492,264

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

36,700

5,448,482

38,528,073

Commercial

Services

&

Supplies

0.6%

a

Copart,

Inc.

........................................

United

States

38,600

2,184,374

Electrical

Equipment

2.3%

AMETEK,

Inc.

......................................

United

States

29,000

4,992,060

Vertiv

Holdings

Co.

,

A

................................

United

States

54,000

3,898,800

8,890,860

Energy

Equipment

&

Services

0.8%

Halliburton

Co.

.....................................

United

States

126,500

3,209,305

Entertainment

2.2%

a

ROBLOX

Corp.

,

A

...................................

United

States

145,700

8,492,853

Financial

Services

1.8%

a

Block,

Inc.

,

A

.......................................

United

States

105,800

5,748,114

a

Paymentus

Holdings,

Inc.

,

A

...........................

United

States

37,800

986,580

6,734,694

Food

Products

0.7%

a

Freshpet,

Inc.

......................................

United

States

32,200

2,678,074

Ground

Transportation

1.8%

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

42,700

7,064,715

Health

Care

Equipment

&

Supplies

4.4%

a

Dexcom,

Inc.

.......................................

United

States

101,152

6,907,670

a

IDEXX

Laboratories,

Inc.

..............................

United

States

10,250

4,304,487

a

Penumbra,

Inc.

.....................................

United

States

20,760

5,551,432

16,763,589

Health

Care

Providers

&

Services

0.6%

a

HealthEquity,

Inc.

...................................

United

States

24,800

2,191,576

Health

Care

Technology

1.7%

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

28,400

6,578,292

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small-Mid

Cap

Growth

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

6.0%

a

Cava

Group,

Inc.

....................................

United

States

53,200

$

4,597,012

a

DoorDash,

Inc.

,

A

...................................

United

States

48,700

8,900,899

Texas

Roadhouse,

Inc.

,

A

.............................

United

States

31,100

5,182,193

Wingstop,

Inc.

......................................

United

States

19,100

4,308,578

22,988,682

Household

Durables

1.1%

a

NVR,

Inc.

.........................................

United

States

582

4,216,235

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Vistra

Corp.

........................................

United

States

27,100

3,182,624

Industrial

REITs

1.0%

Terreno

Realty

Corp.

.................................

United

States

59,450

3,758,429

Insurance

1.9%

Arthur

J

Gallagher

&

Co.

..............................

United

States

20,600

7,111,944

Interactive

Media

&

Services

1.5%

a

Pinterest,

Inc.

,

A

....................................

United

States

187,500

5,812,500

IT

Services

5.1%

a

Cloudflare,

Inc.

,

A

...................................

United

States

55,700

6,276,833

a

Gartner,

Inc.

.......................................

United

States

18,100

7,597,294

a

MongoDB,

Inc.

,

A

...................................

United

States

31,400

5,507,560

19,381,687

Leisure

Products

1.4%

a,b,c

Fanatics

Holdings,

Inc.

...............................

United

States

94,539

5,420,707

Life

Sciences

Tools

&

Services

1.2%

a

Repligen

Corp.

.....................................

United

States

35,700

4,542,468

Machinery

1.2%

Xylem,

Inc.

........................................

United

States

38,300

4,575,318

Media

2.4%

a

Blaize

Events

&

Media,

Inc.

............................

United

States

302,809

611,674

a,b

Blaize

Events

&

Media,

Inc.

............................

United

States

30,660

—

New

York

Times

Co.

(The)

,

A

...........................

United

States

84,700

4,201,120

a

Trade

Desk,

Inc.

(The)

,

A

..............................

United

States

77,300

4,229,856

9,042,650

Oil,

Gas

&

Consumable

Fuels

2.8%

Cheniere

Energy,

Inc.

................................

United

States

23,800

5,507,320

Hess

Corp.

........................................

United

States

31,900

5,095,387

10,602,707

Personal

Care

Products

1.0%

a

BellRing

Brands,

Inc.

.................................

United

States

53,900

4,013,394

Professional

Services

5.3%

Paychex,

Inc.

......................................

United

States

42,300

6,526,044

TransUnion

........................................

United

States

46,300

3,842,437

Verisk

Analytics,

Inc.

,

A

...............................

United

States

34,000

10,119,080

20,487,561

Residential

REITs

0.8%

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

43,800

2,921,460

Semiconductors

&

Semiconductor

Equipment

5.1%

ASM

International

NV

................................

Netherlands

6,300

2,870,868

a

Astera

Labs,

Inc.

....................................

United

States

12,700

757,809

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

77

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

a,b

Blaize

Holdings,

Inc.

.................................

United

States

10,198

$

—

a

Lattice

Semiconductor

Corp.

...........................

United

States

102,855

5,394,745

Monolithic

Power

Systems,

Inc.

.........................

United

States

9,750

5,654,805

a

Onto

Innovation,

Inc.

.................................

United

States

18,700

2,269,058

a

SiTime

Corp.

.......................................

United

States

17,900

2,736,373

19,683,658

Software

15.0%

a

Alkami

Technology,

Inc.

...............................

United

States

97,925

2,570,531

a

AppLovin

Corp.

,

A

...................................

United

States

15,400

4,080,538

a

Arteris,

Inc.

........................................

United

States

147,100

1,016,461

a

Confluent,

Inc.

,

A

....................................

United

States

171,000

4,008,240

a

Datadog,

Inc.

,

A

....................................

United

States

71,000

7,043,910

a

Fair

Isaac

Corp.

....................................

United

States

4,600

8,483,136

a

HubSpot,

Inc.

......................................

United

States

13,700

7,826,673

a

Manhattan

Associates,

Inc.

............................

United

States

25,500

4,412,520

a

Plaid,

Inc.

,

A

.......................................

Japan

3,377

688,829

a

Procore

Technologies,

Inc.

............................

United

States

60,300

3,981,006

a,d

SailPoint,

Inc.

......................................

United

States

38,300

718,125

a,d

ServiceTitan,

Inc.

,

A

.................................

United

States

8,000

760,880

a

Synopsys,

Inc.

.....................................

United

States

14,450

6,196,883

a

Tyler

Technologies,

Inc.

...............................

United

States

10,000

5,813,900

57,601,632

Specialty

Retail

6.2%

a

AutoZone,

Inc.

.....................................

United

States

1,500

5,719,170

a

Burlington

Stores,

Inc.

................................

United

States

27,800

6,625,574

Ross

Stores,

Inc.

...................................

United

States

33,500

4,280,965

Tractor

Supply

Co.

..................................

United

States

130,585

7,195,233

23,820,942

Trading

Companies

&

Distributors

2.6%

Fastenal

Co.

.......................................

United

States

83,500

6,475,425

United

Rentals,

Inc.

..................................

United

States

5,600

3,509,520

9,984,945

Total

Common

Stocks

(Cost

$

281,089,172

)

...................................

371,703,048

Convertible

Preferred

Stocks

1.7%

Diversified

Consumer

Services

0.2%

a,b,c

Newsela,

Inc.

,

D

....................................

United

States

48,915

882,231

a

Software

1.0%

a,b,c

Benchling,

Inc.

,

F

...................................

United

States

35,200

472,516

a,b,c

Databricks,

Inc.

,

G

..................................

United

States

25,878

2,316,514

a,b,c

OneTrust

LLC

,

C

....................................

United

States

82,367

1,055,111

3,844,141

Trading

Companies

&

Distributors

0.5%

a,b,c

Anduril

Industries,

Inc.

,

F

..............................

United

States

45,571

1,863,034

a

Total

Convertible

Preferred

Stocks

(Cost

$

6,321,492

)

..........................

6,589,406

Total

Long

Term

Investments

(Cost

$

287,410,664

)

.............................

378,292,454

a

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.

78

See

Abbreviations

on

page

160

.

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.4%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

5,560,895

$

5,560,895

Total

Money

Market

Funds

(Cost

$

5,560,895

)

.................................

5,560,895

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

977,000

977,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

977,000

)

...........................................................

977,000

Total

Short

Term

Investments

(Cost

$

6,537,895

)

...............................

6,537,895

a

Total

Investments

(Cost

$

293,948,559

)

100.4

%

................................

$384,830,349

Other

Assets,

less

Liabilities

(

0.4

)

%

.........................................

(1,434,204)

Net

Assets

100.0%

.........................................................

$383,396,145

a

a

a

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

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

e

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Strategic

Income

VIP

Fund

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

0.0%

†

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.

,

A

.......................

South

Africa

14,792,309

$

—

a,b,c

K2016470219

South

Africa

Ltd.

,

B

.......................

South

Africa

1,472,041

—

—

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

4,744

202

Machinery

0.0%

†

UTEX

Industries,

Inc.

................................

United

States

1,757

64,423

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b

Amplify

Energy

Corp.

................................

United

States

431

1,612

Birch

Permian

Holdings,

Inc.

...........................

United

States

4,478

27,351

28,963

Total

Common

Stocks

(Cost

$

1,107,368

)

.....................................

93,588

Management

Investment

Companies

0.9%

Capital

Markets

0.9%

a,b,d

Franklin

BSP

Real

Estate

Debt

BDC

.....................

United

States

86,519

2,438,118

b

Total

Management

Investment

Companies

(Cost

$

2,243,590

)

...................

2,438,118

Preferred

Stocks

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

b

24

Hour

Fitness

Worldwide,

Inc.

........................

United

States

11,237

1,152

b

Total

Preferred

Stocks

(Cost

$

169

)

..........................................

1,152

Warrants

Warrants

0.0%

Machinery

0.0%

a,b

UTEX

Industries,

Inc.

,

2/20/49

..........................

United

States

150

—

Total

Warrants

(Cost

$

132

)

.................................................

—

Principal

Amount

*

Corporate

Bonds

59.3%

Aerospace

&

Defense

1.1%

e

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

3/15/30

...................

United

States

200,000

202,345

Senior

Note

,

144A,

6.25

%

,

3/15/33

....................

United

States

150,000

151,918

Boeing

Co.

(The)

,

Senior

Bond

,

3.625

%

,

2/01/31

........................

United

States

700,000

649,424

Senior

Note

,

5.15

%

,

5/01/30

.........................

United

States

700,000

704,720

e

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

575,000

573,231

e

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

600,000

585,807

Howmet

Aerospace,

Inc.

,

Senior

Note

,

4.85

%

,

10/15/31

.......

United

States

250,000

249,393

3,116,838

Air

Freight

&

Logistics

0.2%

e

FedEx

Corp.

,

Senior

Bond

,

144A,

4.05

%

,

2/15/48

...........

United

States

650,000

480,817

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobile

Components

0.8%

e

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.....................

United

States

250,000

$

234,310

Senior

Secured

Note

,

144A,

7

%

,

4/15/28

................

United

States

200,000

200,579

e

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

5.875

%

,

6/01/29

...................

United

States

800,000

797,555

Senior

Bond

,

144A,

3.75

%

,

1/30/31

....................

United

States

300,000

266,970

e

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

600,000

456,999

e

ZF

North

America

Capital,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

4/23/30

.........................................

Germany

400,000

380,562

2,336,975

Automobiles

0.3%

e

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35

%

,

3/19/29

..

United

States

150,000

151,980

e

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

.........................................

United

Kingdom

800,000

780,403

932,383

Banks

6.3%

e

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

.....................

Netherlands

250,000

255,717

Banco

Santander

SA

,

Sub.

Bond

,

2.749

%

,

12/03/30

.........

Spain

300,000

260,861

Bank

of

America

Corp.

,

Senior

Bond

,

4.571%

to

4/26/32,

FRN

thereafter

,

4/27/33

...

United

States

800,000

773,301

Senior

Note

,

4.376%

to

4/26/27,

FRN

thereafter

,

4/27/28

....

United

States

1,000,000

996,003

e

BNP

Paribas

SA

,

Senior

Non-Preferred

Note

,

144A,

2.219%

to

6/08/25,

FRN

thereafter

,

6/09/26

.................................

France

500,000

497,551

Senior

Preferred

Note

,

144A,

5.176%

to

1/08/29,

FRN

thereafter

,

1/09/30

.................................

France

1,000,000

1,012,570

e

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

............................

France

800,000

767,505

Citigroup,

Inc.

,

Senior

Note

,

5.61%

to

9/28/25,

FRN

thereafter

,

9/29/26

.........................................

United

States

1,600,000

1,607,787

HSBC

Holdings

plc

,

Senior

Bond

,

2.848%

to

6/03/30,

FRN

thereafter

,

6/04/31

...

United

Kingdom

800,000

718,873

Senior

Bond

,

2.357%

to

8/17/30,

FRN

thereafter

,

8/18/31

...

United

Kingdom

300,000

261,452

Senior

Note

,

5.21%

to

8/10/27,

FRN

thereafter

,

8/11/28

.....

United

Kingdom

550,000

555,539

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

3.2

%

,

6/15/26

..........................

United

States

1,213,000

1,198,685

Senior

Bond

,

2.522%

to

4/21/30,

FRN

thereafter

,

4/22/31

...

United

States

1,000,000

897,693

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

300,000

303,301

KeyBank

NA

,

Senior

Note

,

4.15

%

,

8/08/25

................

United

States

500,000

498,678

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

.............................

Japan

500,000

516,246

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

......................

United

Kingdom

800,000

770,857

e

Societe

Generale

SA

,

Senior

Non-Preferred

Bond

,

144A,

2.889%

to

6/08/31,

FRN

thereafter

,

6/09/32

.................................

France

800,000

689,403

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

.................................

France

700,000

675,683

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693

%

,

9/15/27

...

Canada

1,000,000

$

1,006,688

Truist

Financial

Corp.

,

Senior

Note

,

5.9%

to

10/27/25,

FRN

thereafter

,

10/28/26

................................

United

States

800,000

805,330

e

UniCredit

SpA

,

Senior

Preferred

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

.............................

Italy

500,000

445,295

Wells

Fargo

&

Co.

,

Senior

Note

,

4.54%

to

8/14/25,

FRN

thereafter

,

8/15/26

.....

United

States

500,000

499,806

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

800,000

841,424

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

450,000

457,639

17,313,887

Beverages

0.4%

e

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/30/29

..................

United

States

1,000,000

957,900

Biotechnology

0.5%

Amgen,

Inc.

,

Senior

Bond

,

4.2

%

,

3/01/33

..........................

United

States

400,000

379,336

Senior

Bond

,

5.25

%

,

3/02/33

.........................

United

States

700,000

710,372

e

Grifols

SA

,

Senior

Note

,

144A,

4.75

%

,

10/15/28

............

Spain

200,000

184,928

1,274,636

Broadline

Retail

0.1%

a

,e

,f

,g

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.....................................

South

Africa

1,036,360

—

a

,e

,f

,g

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

....................................

South

Africa

564,697

—

e

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25

%

,

10/31/29

....

United

States

400,000

384,042

384,042

Building

Products

0.9%

e

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

300,000

247,503

e

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

........................

United

States

900,000

901,524

e

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

300,000

297,526

e

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

3/01/33

....................

United

States

100,000

99,636

Senior

Secured

Note

,

144A,

6.375

%

,

3/01/32

............

United

States

150,000

151,075

e

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.........................................

United

States

100,000

100,086

e

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.75

%

,

1/15/28

....................

United

States

500,000

484,444

Senior

Bond

,

144A,

3.375

%

,

1/15/31

...................

United

States

200,000

174,057

2,455,851

Capital

Markets

2.6%

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371

%

,

9/09/27

...

Germany

800,000

817,989

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.383%

to

7/20/31,

FRN

thereafter

,

7/21/32

...

United

States

370,000

316,996

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

300,000

299,566

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

1,000,000

959,389

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

11/01/32

.............................

United

States

750,000

$

738,512

Morgan

Stanley

,

Senior

Bond

,

3.591

%

,

7/22/28

........................

United

States

809,000

789,005

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

200,000

202,435

e

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.25

%

,

8/15/33

.............

United

States

1,200,000

1,036,525

e

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25

%

,

4/01/29

...................................

United

States

250,000

255,193

e

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

3/01/31

United

States

300,000

313,419

UBS

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

.........................

Switzerland

400,000

400,232

e

Senior

Note

,

144A,

6.373%

to

7/14/25,

FRN

thereafter

,

7/15/26

Switzerland

300,000

301,211

e

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

700,000

705,583

7,136,055

Chemicals

1.3%

e

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

200,000

198,288

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

.........................................

Mexico

400,000

299,253

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.415

%

,

7/15/27

....

United

States

287,000

291,935

e

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

300,000

307,683

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

...

United

States

800,000

753,871

e

,f

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

United

States

347,287

298,426

Nutrien

Ltd.

,

Senior

Note

,

4.9

%

,

3/27/28

..................

Canada

100,000

100,933

e

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

300,000

319,064

e

Syngenta

Finance

NV

,

Senior

Note

,

144A,

4.892

%

,

4/24/25

....

Switzerland

800,000

799,726

e

Yara

International

ASA

,

Senior

Bond

,

144A,

3.148

%

,

6/04/30

...

Brazil

100,000

91,128

3,460,307

Commercial

Services

&

Supplies

1.4%

e

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

700,000

709,499

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

.............

United

States

1,000,000

948,460

e

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

400,000

396,606

e

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

150,000

159,011

e

Waste

Management,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

1/15/29

.

United

States

1,000,000

977,626

e

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

100,000

100,587

e

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

500,000

509,578

3,801,367

Construction

&

Engineering

0.3%

e

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

...........

United

States

800,000

753,158

Construction

Materials

0.2%

e

Knife

River

Corp.

,

Senior

Note

,

144A,

7.75

%

,

5/01/31

........

United

States

500,000

521,004

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

1.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4

%

,

10/29/33

.........................

Ireland

800,000

$

690,820

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

.............................

United

States

900,000

886,395

e

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

600,000

608,222

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375

%

,

11/15/29

.......................

United

States

200,000

190,430

Senior

Note

,

9

%

,

1/15/29

...........................

United

States

400,000

420,068

2,795,935

Consumer

Staples

Distribution

&

Retail

0.2%

e

Cencosud

SA

,

Senior

Note

,

144A,

5.95

%

,

5/28/31

...........

Chile

200,000

203,708

e

US

Foods,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/15/28

...................

United

States

300,000

307,671

Senior

Note

,

144A,

5.75

%

,

4/15/33

....................

United

States

100,000

97,532

608,911

Containers

&

Packaging

1.3%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

....................

United

States

600,000

277,743

Senior

Secured

Note

,

144A,

2.125

%

,

8/15/26

............

United

States

200,000

EUR

199,924

e

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

650,000

655,023

e

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

175,000

170,426

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

...

United

States

500,000

510,940

e

Sealed

Air

Corp.

,

Senior

Note

,

144A,

6.125

%

,

2/01/28

........

United

States

800,000

801,676

e

Trivium

Packaging

Finance

BV

,

Senior

Secured

Note

,

144A,

5.5

%

,

8/15/26

....................................

Netherlands

700,000

689,765

WRKCo,

Inc.

,

Senior

Bond

,

3

%

,

6/15/33

..................

United

States

400,000

343,455

3,648,952

Distributors

0.2%

e

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

....................

Canada

300,000

314,339

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/28

.............

Canada

100,000

102,254

416,593

Diversified

Consumer

Services

0.3%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....

United

States

800,000

758,287

Diversified

REITs

0.3%

e

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

.................

United

States

400,000

376,807

h

VICI

Properties

LP

,

Senior

Note

,

5.625

%

,

4/01/35

...........

United

States

450,000

447,796

824,603

Diversified

Telecommunication

Services

1.2%

AT&T,

Inc.

,

Senior

Bond

,

3.65

%

,

9/15/59

..................

United

States

800,000

539,982

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

4.5

%

,

5/01/32

....................................

United

States

300,000

260,639

e

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

...............

France

600,000

607,742

Senior

Secured

Note

,

144A,

7

%

,

4/15/32

................

France

525,000

526,350

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895

%

,

3/06/48

......

Spain

150,000

$

126,200

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355

%

,

3/15/32

..

United

States

1,000,000

846,512

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

....................................

United

Kingdom

400,000

352,364

3,259,789

Electric

Utilities

2.0%

Duke

Energy

Corp.

,

Senior

Bond

,

2.45

%

,

6/01/30

...........

United

States

600,000

535,228

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25

%

,

4/01/33

........

United

States

100,000

101,492

Exelon

Corp.

,

Senior

Bond

,

4.05

%

,

4/15/30

................

United

States

1,300,000

1,259,928

e

NRG

Energy,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

........

United

States

400,000

394,484

Southern

Co.

(The)

,

Senior

Bond

,

4.4

%

,

7/01/46

..........................

United

States

400,000

331,215

Senior

Note

,

5.5

%

,

3/15/29

..........................

United

States

700,000

722,126

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35

%

,

11/30/37

.

United

States

85,000

91,733

e

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375

%

,

5/01/29

...................

United

States

1,100,000

1,045,491

Senior

Secured

Bond

,

144A,

4.3

%

,

7/15/29

..............

United

States

500,000

484,240

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45

%

,

8/15/33

.............

United

States

500,000

502,442

5,468,379

Electrical

Equipment

0.1%

Eaton

Corp.

,

Senior

Bond

,

4.15

%

,

3/15/33

.................

United

States

200,000

191,073

Electronic

Equipment,

Instruments

&

Components

1.0%

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

900,000

842,663

Flex

Ltd.

,

Senior

Bond

,

4.875

%

,

5/12/30

..................

United

States

800,000

793,698

e

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

800,000

738,023

e

Zebra

Technologies

Corp.

,

Senior

Note

,

144A,

6.5

%

,

6/01/32

..

United

States

300,000

303,875

2,678,259

Energy

Equipment

&

Services

0.8%

e

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

400,000

404,844

e

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

7.25

%

,

2/15/29

..

United

States

600,000

612,091

e

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

500,000

434,644

Transocean,

Inc.

,

Senior

Bond

,

6.8

%

,

3/15/38

..........................

United

States

100,000

76,742

e

Senior

Note

,

144A,

8.25

%

,

5/15/29

....................

United

States

100,000

97,825

e

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

.............

United

States

480,000

498,825

2,124,971

Entertainment

0.2%

e

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

7

%

,

5/01/29

................

France

300,000

EUR

339,091

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

............

France

32,323

33,276

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.054

%

,

3/15/29

....

United

States

300,000

282,643

655,010

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

1.1%

Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05

%

,

9/15/33

.......

United

States

500,000

$

522,096

e

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

450,000

440,075

e

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

........

Ireland

400,000

419,779

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

United

States

700,000

696,428

e

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

........................................

United

States

600,000

600,341

e

PRA

Group,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

..........

United

States

400,000

368,802

3,047,521

Food

Products

1.2%

e

Bimbo

Bakeries

USA,

Inc.

,

Senior

Bond

,

144A,

4

%

,

5/17/51

...

Mexico

200,000

150,188

e

,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

100,000

104,698

e

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

100,000

102,869

e

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.....

United

States

700,000

696,363

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

2.5

%

,

1/15/27

..........................

United

States

500,000

481,133

Senior

Note

,

3

%

,

2/02/29

...........................

United

States

200,000

187,110

Senior

Note

,

3.625

%

,

1/15/32

........................

United

States

400,000

360,663

e

Mars,

Inc.

,

Senior

Note

,

144A,

5.2

%

,

3/01/35

...............

United

States

945,000

950,089

e

Post

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

2/15/32

United

States

300,000

302,136

3,335,249

Gas

Utilities

0.1%

Piedmont

Natural

Gas

Co.,

Inc.

,

Senior

Bond

,

3.35

%

,

6/01/50

..

United

States

300,000

202,128

Ground

Transportation

0.9%

e

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8

%

,

4/15/34

......

United

Kingdom

200,000

201,301

e

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

1/15/30

..........................

United

States

450,000

439,367

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

550,000

459,742

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

.....................

United

States

500,000

458,884

e

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

300,000

301,951

e

XPO,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

2/01/32

.............

United

States

600,000

615,296

2,476,541

Health

Care

Equipment

&

Supplies

0.7%

e

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

........................................

United

States

800,000

831,000

Baxter

International,

Inc.

,

Senior

Note

,

2.272

%

,

12/01/28

......

United

States

500,000

459,481

e

Neogen

Food

Safety

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

United

States

600,000

632,239

1,922,720

Health

Care

Providers

&

Services

2.8%

Centene

Corp.

,

Senior

Note

,

4.25

%

,

12/15/27

........................

United

States

300,000

292,970

Senior

Note

,

2.45

%

,

7/15/28

.........................

United

States

100,000

91,319

Senior

Note

,

4.625

%

,

12/15/29

.......................

United

States

200,000

191,765

Senior

Note

,

3.375

%

,

2/15/30

........................

United

States

600,000

543,127

Senior

Note

,

2.625

%

,

8/01/31

........................

United

States

200,000

168,257

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.875

%

,

4/15/29

..................

United

States

100,000

64,949

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

e

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

5.625

%

,

3/15/27

............

United

States

700,000

$

669,005

Senior

Secured

Note

,

144A,

6

%

,

1/15/29

................

United

States

200,000

177,949

e

Concentra

Escrow

Issuer

Corp.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

200,000

203,751

CVS

Health

Corp.

,

Senior

Bond

,

1.75

%

,

8/21/30

.........................

United

States

400,000

339,098

Senior

Bond

,

5.3

%

,

6/01/33

..........................

United

States

500,000

495,298

Senior

Bond

,

2.7

%

,

8/21/40

..........................

United

States

600,000

410,467

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

...........

United

States

800,000

737,113

Elevance

Health,

Inc.

,

Senior

Bond

,

3.7

%

,

9/15/49

..........

United

States

150,000

108,820

HCA,

Inc.

,

Senior

Bond

,

3.5

%

,

9/01/30

...................

United

States

1,300,000

1,205,930

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

6

%

,

5/08/34

.

United

States

200,000

204,390

e

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

700,000

664,297

e

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.75

%

,

12/31/30

............

United

States

45,013

32,687

f

Senior

Secured

Note

,

144A,

PIK,

11.5

%

,

12/31/30

.........

United

States

68,893

59,319

f

Senior

Secured

Note

,

144A,

PIK,

6.75

%

,

3/31/31

.........

United

States

386,092

231,414

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.125

%

,

6/15/30

.

United

States

900,000

896,964

7,788,889

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

5.25

%

,

5/15/36

.........................................

United

States

250,000

244,060

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

..........................

United

States

400,000

361,881

Senior

Bond

,

3.5

%

,

3/15/31

..........................

United

States

300,000

200,393

e

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

..............

United

States

100,000

101,946

908,280

Hotel

&

Resort

REITs

0.5%

e

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375

%

,

10/15/29

..................................

United

States

200,000

197,901

e

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/32

...............................

United

States

700,000

699,302

e

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

...................

United

States

125,000

122,874

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

............

United

States

400,000

375,018

1,395,095

Hotels,

Restaurants

&

Leisure

2.4%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

700,000

634,109

e

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

..............................

Czech

Republic

600,000

620,106

e

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

..................

United

States

900,000

827,939

Senior

Note

,

144A,

6

%

,

10/15/32

.....................

United

States

100,000

93,472

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

e

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

1,000,000

$

996,730

e

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

500,000

432,819

e

Great

Canadian

Gaming

Corp.

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

...................................

Canada

500,000

502,855

Marriott

International,

Inc.

,

Senior

Bond

,

5.3

%

,

5/15/34

.......

United

States

250,000

249,616

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75

%

,

2/01/32

..........

United

States

300,000

296,549

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

9/30/31

...................

United

States

100,000

98,263

Senior

Note

,

144A,

6

%

,

2/01/33

......................

United

States

600,000

600,091

e

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

/

Canada's

Wonderland

Co.

,

Senior

Secured

Note

,

144A,

6.625

%

,

5/01/32

...................................

United

States

200,000

201,819

e

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

7

%

,

2/15/29

.........

United

States

300,000

301,202

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

10/01/29

..................

United

States

500,000

480,163

Senior

Note

,

144A,

7.125

%

,

2/15/31

...................

United

States

300,000

310,646

6,646,379

Household

Durables

0.6%

e

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

600,000

625,682

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

640,000

610,344

e

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

500,000

474,968

1,710,994

Household

Products

0.2%

e

Central

Garden

&

Pet

Co.

,

Senior

Bond

,

144A,

4.125

%

,

4/30/31

United

States

400,000

358,398

e

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

300,000

279,668

638,066

Independent

Power

and

Renewable

Electricity

Producers

1.4%

e

AES

Andes

SA

,

Senior

Note

,

144A,

6.3

%

,

3/15/29

...........

Chile

500,000

513,502

e

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

4.125

%

,

6/15/28

...................................

Spain

900,000

846,900

e

Clearway

Energy

Operating

LLC

,

Senior

Note

,

144A,

3.75

%

,

2/15/31

.........................................

United

States

500,000

439,697

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125

%

,

1/15/34

.........................................

United

States

200,000

210,893

e

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25

%

,

7/01/29

...................................

United

States

1,000,000

884,625

e

Talen

Energy

Supply

LLC

,

Senior

Secured

Note

,

144A,

8.625

%

,

6/01/30

.........................................

United

States

800,000

849,138

3,744,755

Insurance

2.4%

e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5

%

,

6/15/29

.....................

United

States

300,000

312,759

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

.............

United

States

500,000

509,028

e

AIA

Group

Ltd.

,

Senior

Bond

,

144A,

4.95

%

,

4/04/33

.........

Hong

Kong

300,000

303,977

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

7.375

%

,

10/01/32

..................

United

States

100,000

100,564

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/28

.............

United

States

600,000

602,721

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

................

United

States

200,000

200,772

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Insurance

(continued)

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635

%

,

6/30/50

.......

United

States

1,000,000

$

727,513

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

5

%

,

2/15/32

..........

United

States

250,000

250,145

e

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9

%

,

9/19/28

United

States

200,000

208,274

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5

%

,

6/04/29

.......

United

States

200,000

203,720

e

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05

%

,

1/06/28

...................

United

States

1,100,000

1,118,809

Secured

Note

,

144A,

4.3

%

,

8/25/29

....................

United

States

300,000

295,049

e

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.9

%

,

6/12/28

.........................................

United

States

600,000

608,585

e

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5

%

,

1/11/31

.....

United

States

700,000

720,304

e

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875

%

,

4/15/34

.........................................

United

States

400,000

427,211

6,589,431

Interactive

Media

&

Services

0.4%

e

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

............

United

States

200,000

200,166

e

Tencent

Holdings

Ltd.

,

Senior

Note

,

144A,

2.39

%

,

6/03/30

.....

China

900,000

810,677

1,010,843

IT

Services

0.8%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

.........................................

United

States

900,000

855,545

e

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

300,000

302,804

e

Gartner,

Inc.

,

Senior

Note

,

144A,

4.5

%

,

7/01/28

.....................

United

States

700,000

686,919

Senior

Note

,

144A,

3.625

%

,

6/15/29

...................

United

States

400,000

377,105

2,222,373

Life

Sciences

Tools

&

Services

0.1%

e

Fortrea

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

7/01/30

United

States

400,000

364,229

Machinery

0.7%

e

ATS

Corp.

,

Senior

Note

,

144A,

4.125

%

,

12/15/28

...........

Canada

400,000

371,898

e

ESAB

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

............

United

States

300,000

304,753

Hillenbrand,

Inc.

,

Senior

Note

,

6.25

%

,

2/15/29

..............

United

States

300,000

300,927

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9.25

%

,

10/01/31

United

States

200,000

205,838

e

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

900,000

874,028

2,057,444

Media

2.2%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8

%

,

4/01/31

...............................

United

States

1,300,000

1,122,847

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

4/15/28

....................

United

States

400,000

344,316

Senior

Secured

Note

,

144A,

5.125

%

,

8/15/27

............

United

States

200,000

193,489

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

............

United

States

200,000

196,279

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

Comcast

Corp.

,

Senior

Bond

,

4.8

%

,

5/15/33

...............

United

States

600,000

$

591,075

e

CSC

Holdings

LLC

,

Senior

Bond

,

144A,

3.375

%

,

2/15/31

.....

United

States

400,000

286,904

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

..................

United

States

700,000

678,987

Fox

Corp.

,

Senior

Bond

,

6.5

%

,

10/13/33

..................

United

States

500,000

535,748

e

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375

%

,

9/01/31

...................................

United

States

500,000

503,263

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625

%

,

3/15/30

.........................

United

States

500,000

457,665

Paramount

Global

,

Senior

Bond

,

4.2

%

,

5/19/32

.............

United

States

800,000

717,732

e

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

500,000

493,715

6,122,020

Metals

&

Mining

1.1%

e

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

300,000

288,245

e

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

....................

United

States

400,000

362,803

Senior

Note

,

144A,

6.375

%

,

8/15/32

...................

United

States

200,000

195,494

e

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

,

Senior

Bond

,

144A,

5.45

%

,

5/15/30

...........

Indonesia

700,000

705,496

e

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

1/30/30

....................

United

States

300,000

280,000

Senior

Note

,

144A,

3.25

%

,

11/15/26

...................

United

States

300,000

290,294

e

Novelis,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

...........

United

States

100,000

101,496

e

POSCO

,

Senior

Note

,

144A,

5.625

%

,

1/17/26

..............

South

Korea

850,000

857,031

3,080,859

Multi-Utilities

0.6%

Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35

%

,

8/15/32

.......

United

States

1,150,000

1,096,521

DTE

Energy

Co.

,

Senior

Note

,

4.875

%

,

6/01/28

.............

United

States

600,000

603,860

1,700,381

Oil,

Gas

&

Consumable

Fuels

6.8%

e

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1

%

,

7/15/31

............

Norway

900,000

792,876

e

Antero

Resources

Corp.

,

Senior

Note

,

144A,

7.625

%

,

2/01/29

..

United

States

598,000

613,529

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Secured

Note

,

144A,

9.25

%

,

7/15/29

..............

United

States

400,000

413,500

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95

%

,

7/15/30

Canada

850,000

768,538

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65

%

,

4/15/34

..........

United

States

200,000

202,407

e

Chord

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

3/15/33

......

United

States

350,000

348,484

e

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.375

%

,

7/01/28

...................

United

States

300,000

309,971

Senior

Note

,

144A,

8.625

%

,

11/01/30

..................

United

States

100,000

103,255

Senior

Note

,

144A,

8.75

%

,

7/01/31

....................

United

States

400,000

411,278

e

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

350,000

324,506

e

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

......................................

United

States

800,000

812,922

e

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

6/15/31

.....

United

States

700,000

644,506

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8

%

,

1/15/35

United

States

1,200,000

1,239,321

Energy

Transfer

LP

,

Senior

Bond

,

3.75

%

,

5/15/30

.........................

United

States

200,000

189,186

e

Senior

Note

,

144A,

6

%

,

2/01/29

......................

United

States

400,000

406,868

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

e

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

Senior

Secured

Bond

,

144A,

2.16

%

,

3/31/34

...................................

United

Arab

Emirates

294,860

$

260,140

e

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

......

United

Kingdom

200,000

200,264

e

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875

%

,

3/01/28

...................

United

States

300,000

301,591

Senior

Note

,

144A,

6.5

%

,

6/01/29

.....................

United

States

300,000

306,223

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6

%

,

2/01/31

......................

United

States

500,000

467,747

Senior

Bond

,

144A,

6.25

%

,

4/15/32

....................

United

States

200,000

187,105

e

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

800,000

792,247

e

Kraken

Oil

&

Gas

Partners

LLC

,

Senior

Note

,

144A,

7.625

%

,

8/15/29

.........................................

United

States

400,000

390,934

e

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

.....................

United

States

600,000

595,109

Senior

Note

,

144A,

6.25

%

,

4/15/33

....................

United

States

200,000

195,586

ONEOK,

Inc.

,

Senior

Bond

,

5.375

%

,

6/01/29

........................

United

States

1,100,000

1,117,389

e

Senior

Note

,

144A,

5.625

%

,

1/15/28

...................

United

States

100,000

101,754

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note

,

4.5

%

,

5/15/30

.........................................

United

States

1,600,000

1,571,118

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note

,

6

%

,

4/15/27

...........................

United

States

500,000

499,501

Senior

Note

,

4.5

%

,

5/15/29

..........................

United

States

900,000

853,136

e

Var

Energi

ASA

,

Senior

Bond

,

144A,

8

%

,

11/15/32

..........

Norway

1,000,000

1,126,745

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125

%

,

8/15/31

............

United

States

300,000

272,793

Senior

Secured

Note

,

144A,

3.875

%

,

8/15/29

............

United

States

300,000

277,932

e

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

.........................................

United

States

700,000

710,434

e

Viper

Energy,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

11/01/31

......

United

States

400,000

418,735

e

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875

%

,

4/15/32

.......

United

States

700,000

652,322

18,879,952

Paper

&

Forest

Products

0.4%

Suzano

Austria

GmbH

,

Senior

Bond

,

3.75

%

,

1/15/31

.........................

Brazil

700,000

632,299

DM3N

,

Senior

Bond

,

3.125

%

,

1/15/32

..................

Brazil

400,000

340,910

973,209

Passenger

Airlines

0.5%

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

...................

United

States

900,000

881,434

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5

%

,

10/20/25

...............................

United

States

276,000

275,069

e

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

200,000

202,328

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

United

States

143,097

140,932

1,499,763

Personal

Care

Products

0.5%

e

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

4.75

%

,

1/15/29

.........................................

United

States

800,000

775,133

e

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

625,000

625,000

e

Prestige

Brands,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

4/01/31

.....

United

States

100,000

89,764

1,489,897

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)

Pharmaceuticals

1.3%

e

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.375

%

,

12/15/28

Germany

889,000

$

866,239

e

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

400,000

417,511

e

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Bond

,

144A,

5.125

%

,

4/30/31

...................

United

States

300,000

261,802

Senior

Secured

Note

,

144A,

4.125

%

,

4/30/28

............

United

States

700,000

654,699

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75

%

,

5/19/33

.........................................

United

States

345,000

341,364

Royalty

Pharma

plc

,

Senior

Bond

,

3.3

%

,

9/02/40

............

United

States

500,000

369,436

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

...................................

Israel

700,000

684,549

3,595,600

Real

Estate

Management

&

Development

0.3%

e

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

3/15/33

.......

United

States

800,000

783,966

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

,

Senior

Bond

,

2.45

%

,

1/15/31

...

United

States

500,000

443,030

Essex

Portfolio

LP

,

Senior

Bond

,

5.375

%

,

4/01/35

...........

United

States

300,000

300,802

743,832

Software

0.3%

e

Gen

Digital,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

4/01/33

.........

United

States

150,000

149,693

e

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

800,000

708,741

858,434

Specialized

REITs

0.3%

e

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/15/29

.........

United

States

900,000

921,167

Specialty

Retail

0.1%

AutoNation,

Inc.

,

Senior

Bond

,

4.75

%

,

6/01/30

.............

United

States

200,000

196,426

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

5.4

%

,

4/15/34

United

States

900,000

907,481

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85

%

,

10/15/31

.

United

States

500,000

495,046

1,402,527

Textiles,

Apparel

&

Luxury

Goods

0.4%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

800,000

843,853

Tapestry,

Inc.

,

Senior

Bond

,

5.5

%

,

3/11/35

.................

United

States

200,000

197,761

1,041,614

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375

%

,

2/15/33

..

United

States

800,000

816,184

Trading

Companies

&

Distributors

0.8%

e

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

8.625

%

,

5/15/32

United

States

700,000

722,414

e

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

200,000

200,834

e

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

500,000

500,938

e

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

...................

United

States

700,000

708,999

Senior

Note

,

144A,

6.625

%

,

3/15/32

...................

United

States

100,000

101,567

2,234,752

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)

Transportation

Infrastructure

0.0%

†

e

,i

Rutas

2

and

7

Finance

Ltd.

,

Senior

Secured

Bond

,

144A,

3

%

,

9/30/36

.........................................

United

States

160,000

$

113,892

Wireless

Telecommunication

Services

1.0%

e

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

500,000

456,489

a

,i

Digicel

Group

Holdings

Ltd.

,

29

.594

%

,

11/17/33

................................

Bermuda

29,663

939

25

.86

%

,

11/17/33

.................................

Bermuda

10,459

1,282

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.3

%

,

2/15/51

..........................

United

States

500,000

334,037

Senior

Note

,

3.875

%

,

4/15/30

........................

United

States

1,300,000

1,246,639

e

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

600,000

636,663

2,676,049

Total

Corporate

Bonds

(Cost

$

169,690,745

)

...................................

163,547,443

Senior

Floating

Rate

Interests

2.6%

Air

Freight

&

Logistics

0.1%

j

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.299

%

,

(

3-month

SOFR

+

3

%

),

3/18/30

.......................

United

States

130,905

129,456

j

Automobile

Components

0.1%

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

1/28/32

.........

United

States

80,000

78,933

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.34

%

,

(

3-month

SOFR

+

3.75

%

),

10/04/28

.........

United

States

36,606

34,199

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.552

%

,

(

3-month

SOFR

+

5

%

),

3/30/27

................

United

States

78,103

72,758

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.052

%

,

(

3-month

SOFR

+

8.5

%

),

3/30/28

..............

United

States

107,744

97,508

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.825

%

,

(

1-month

SOFR

+

3.5

%

),

2/13/30

......

United

States

45,603

45,546

TI

Group

Automotive

Systems

LLC,

First

Lien,

2021

Refinancing

CME

Term

Loan,

B

,

7.689

%

,

(

1-month

SOFR

+

3.25

%

),

12/16/26

........................................

United

States

30,826

30,893

359,837

a

a

a

a

a

a

Automobiles

0.0%

†

j

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.175

%

,

(

1-month

SOFR

+

3.75

%

),

3/03/28

..............

United

States

78,730

63,975

Beverages

0.0%

†

j

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.565

%

,

(

3-month

SOFR

+

2.25

%

),

3/31/28

.........

United

States

55,852

55,691

Broadline

Retail

0.0%

†

j

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

7/01/31

......................

Netherlands

51,238

51,213

j

Building

Products

0.1%

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

5/14/29

.............................

United

States

63,151

63,341

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.819

%

,

(

1-month

SOFR

+

4.5

%

),

5/15/31

...............

United

States

122,979

102,117

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

35,325

35,045

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

93

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

j

Building

Products

(continued)

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.575

%

,

(

1-month

SOFR

+

2.25

%

),

3/19/29

.....................

United

States

42,308

$

41,961

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.575

%

,

(

1-month

SOFR

+

2.25

%

),

2/10/32

.....................

United

States

27,586

27,311

269,775

a

a

a

a

a

a

j

Capital

Markets

0.1%

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.323

%

,

(

1-month

SOFR

+

3

%

),

7/31/28

..........

United

States

60,074

59,598

Citadel

Securities

LP,

First

Lien,

2024

CME

Term

Loan

,

6.325

%

,

(

1-month

SOFR

+

2

%

),

10/31/31

......................

United

States

42,420

42,426

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.324

%

,

(

1-month

SOFR

+

3

%

),

4/07/28

...

United

States

25,861

25,818

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.329

%

,

(

3-month

SOFR

+

3

%

),

3/05/29

................

United

States

119,100

119,217

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.313

%

,

(

3-month

SOFR

+

2

%

),

12/15/31

................

United

States

42,189

41,741

288,800

a

a

a

a

a

a

j

Chemicals

0.2%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

9/09/31

.....................

United

States

25,533

25,469

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.063

%

,

(

3-month

SOFR

+

3.75

%

),

4/06/29

.....................

United

States

39,693

38,689

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.325

%

,

(

1-month

SOFR

+

4

%

),

3/15/29

............

United

States

75,562

73,632

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.861

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

............

United

States

50,408

48,202

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.575

%

,

(

1-month

SOFR

+

3.25

%

),

2/18/30

..............

Luxembourg

83,917

80,836

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.675

%

,

(

1-month

SOFR

+

4.25

%

),

4/02/29

..............

United

States

41,870

40,300

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

2

Refinancing

CME

Term

Loan,

B

,

7.325

%

,

(

1-month

SOFR

+

3

%

),

12/31/29

....................................

United

States

29,736

29,699

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.554

%

,

(

3-month

SOFR

+

3.25

%

),

4/03/28

..

Netherlands

51,954

52,051

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.291

%

,

(

3-month

SOFR

+

3

%

),

1/31/29

.............

United

States

42,195

41,905

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.689

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

..............

United

States

109,269

96,635

527,418

a

a

a

a

a

a

j

Commercial

Services

&

Supplies

0.1%

Acuren

Holdings,

Inc.,

First

Lien,

Amendment

No.

1

CME

Term

Loan

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

7/30/31

.........

United

States

25,844

25,691

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

CME

Term

Loan

,

8.175

%

,

(

1-month

SOFR

+

3.75

%

),

5/12/28

.....

United

States

66,390

66,396

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

12/17/27

......................

United

States

86,646

86,802

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.562

%

,

(

3-month

SOFR

+

4

%

),

3/06/28

.......................

United

States

108,738

92,360

271,249

a

a

a

a

a

a

j

Construction

&

Engineering

0.0%

†

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.06

%

,

(

3-month

SOFR

+

3.75

%

),

3/27/31

............................

United

States

59,700

59,589

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

Senior

Floating

Rate

Interests

(continued)

j

Construction

&

Engineering

(continued)

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

6.827

%

,

(

1-month

SOFR

+

2.5

%

),

11/03/31

.........

United

States

10,239

$

10,196

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

B2

,

8.044

%

,

(

3-month

SOFR

+

3.75

%

),

4/04/31

.....................

Luxembourg

41,770

41,940

111,725

a

a

a

a

a

a

Consumer

Finance

0.1%

j

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

B1

,

7.324

%

,

(

1-month

SOFR

+

3

%

),

11/17/31

................

United

States

122,754

122,106

j

Containers

&

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024-2

Replacement

CME

Term

Loan

,

7.82

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

6/09/31

.........................................

United

States

119,401

119,132

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.314

%

,

(

1-month

SOFR

+

3

%

),

11/29/30

.......

United

States

41,889

41,881

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227

%

,

(

6-month

SOFR

+

4.725

%

),

2/09/26

......

Luxembourg

145,973

133,443

Pactiv

Evergreen

Group

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

9/25/28

.......

United

States

28,029

28,018

322,474

a

a

a

a

a

a

Distributors

0.0%

†

h,j

Verde

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.299

%

,

(

3-month

SOFR

+

4

%

),

11/30/30

......................

United

States

72,685

72,387

Electrical

Equipment

0.0%

†

j

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.049

%

,

(

3-month

SOFR

+

2.75

%

),

11/22/29

........................................

United

States

81,157

80,845

Entertainment

0.0%

†

j

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.189

%

,

(

1-month

SOFR

+

2.75

%

),

3/13/28

.....................

United

States

43,578

43,202

j

Food

Products

0.1%

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

12/22/30

.............

United

States

43,896

44,060

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.237

%

,

(

6-month

SOFR

+

2

%

),

9/30/31

................

United

Kingdom

116,788

116,182

Primary

Products

Finance

LLC,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

7.546

%

,

(

3-month

SOFR

+

3.25

%

),

4/02/29

...................................

United

States

73,702

73,347

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.325

%

,

(

1-month

SOFR

+

2

%

),

3/17/27

................

United

States

5,963

5,998

239,587

a

a

a

a

a

a

j

Ground

Transportation

0.0%

†

Albion

Financing

3

SARL,

First

Lien,

2025

Amended

US

Dollar

CME

Term

Loan

,

7.293

%

,

(

3-month

SOFR

+

3

%

),

8/16/29

...

Luxembourg

14,112

14,142

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

......................

United

States

21,872

21,861

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.799

%

,

(

3-month

SOFR

+

2.5

%

),

7/21/28

...............

United

States

6,686

6,683

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.329

%

,

(

3-month

SOFR

+

4

%

),

7/26/28

............

United

States

59,692

59,015

101,701

a

a

a

a

a

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

j

Health

Care

Equipment

&

Supplies

0.0%

†

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan

,

6.575

%

,

(

1-month

SOFR

+

2.25

%

),

10/23/28

........

United

States

52,561

$

52,521

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.049

%

,

(

3-month

SOFR

+

4.75

%

),

12/15/27

..................................

United

States

39,599

39,599

92,120

a

a

a

a

a

a

j

Health

Care

Providers

&

Services

0.2%

ADMI

Corp.,

First

Lien,

Amendment

No.

4

Refinancing

CME

Term

Loan

,

7.814

%

,

(

1-month

SOFR

+

3.375

%

),

12/23/27

.......

United

States

104,565

103,624

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.572

%

,

(

1-month

SOFR

+

4.25

%

),

2/11/28

.........

United

States

65,288

64,997

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.802

%

,

(

3-month

SOFR

+

2.5

%

),

11/08/32

.........

United

States

27,867

27,729

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.891

%

,

(

3-month

SOFR

+

3.5

%

),

11/01/28

..............

United

States

67,347

43,708

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

3/17/31

.....................

United

States

42,475

42,309

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.824

%

,

(

1-month

SOFR

+

2.5

%

),

2/21/31

......................

United

States

49,625

49,487

f

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.09

%

,

(

3-month

SOFR

+

3.5

%

),

1/31/29

................

United

States

99,512

96,020

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.072

%

,

(

1-month

SOFR

+

2.75

%

),

12/19/30

....

United

States

6,078

6,078

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.687

%

,

(

1-month

SOFR

+

4.25

%

),

10/02/28

.............

United

States

102,562

100,814

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.575

%

,

(

1-month

SOFR

+

2.25

%

),

10/22/29

.............

United

States

19,751

19,702

554,468

a

a

a

a

a

a

j

Hotels,

Restaurants

&

Leisure

0.3%

f

24

Hour

Fitness

Worldwide,

Inc.,

First

Lien,

Exit

CME

Term

Loan

,

PIK,

9.561

%

,

(

3-month

SOFR

+

5

%

),

12/29/25

............

United

States

250,335

94,292

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.802

%

,

(

3-month

SOFR

+

3.25

%

),

10/02/28

...........................

United

States

58,640

52,368

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.563

%

,

(

3-month

SOFR

+

2.25

%

),

2/06/30

...

United

States

43,272

43,091

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.563

%

,

(

3-month

SOFR

+

3.25

%

),

6/29/29

.......

United

States

33,645

30,218

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.053

%

,

(

3-month

SOFR

+

2.75

%

),

10/31/29

...........................

United

Kingdom

49,625

49,732

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.074

%

,

(

1-month

SOFR

+

3.75

%

),

1/28/32

..............

United

States

64,386

63,232

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.564

%

,

(

1-month

SOFR

+

4.25

%

),

12/04/31

.............

United

States

33,730

33,881

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.053

%

,

(

3-month

SOFR

+

4.75

%

),

11/01/29

.............

Canada

41,658

41,150

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.324

%

,

(

1-month

SOFR

+

2

%

),

8/02/28

............

United

States

25,890

25,796

h

IRB

Holding

Corp.,

First

Lien,

2024

Second

Repacement

CME

Term

Loan,

B

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

12/15/27

...

United

States

74,813

74,429

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.549

%

,

(

3-month

SOFR

+

4.25

%

),

8/01/30

.....................

Canada

20,976

20,693

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.296

%

,

(

3-month

SOFR

+

3

%

),

4/04/29

...

United

States

128,866

128,275

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

Senior

Floating

Rate

Interests

(continued)

j

Hotels,

Restaurants

&

Leisure

(continued)

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.824

%

,

(

1-month

SOFR

+

2.5

%

),

8/03/28

........

United

States

28,294

$

28,207

685,364

a

a

a

a

a

a

Household

Durables

0.0%

†

j

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

1/16/32

.....................

Netherlands

19,170

18,375

j

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.325

%

,

(

1-month

SOFR

+

2

%

),

7/19/30

...

United

States

50,000

49,917

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.075

%

,

(

1-month

SOFR

+

1.75

%

),

1/31/31

.....................

United

States

49,875

49,745

99,662

a

a

a

a

a

a

j

Insurance

0.2%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.325

%

,

(

1-month

SOFR

+

3

%

),

11/06/30

..............................

United

States

29,560

29,428

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.825

%

,

(

1-month

SOFR

+

3.5

%

),

2/14/31

......................

United

States

81,912

82,100

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.425

%

,

(

1-month

SOFR

+

4

%

),

8/21/28

.......................

United

States

24,949

24,729

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.675

%

,

(

1-month

SOFR

+

4.25

%

),

8/21/28

.....................

United

States

9,102

9,032

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.689

%

,

(

1-month

SOFR

+

5.25

%

),

1/19/29

.....................

United

States

60,815

56,548

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.325

%

,

(

1-month

SOFR

+

3

%

),

6/16/31

................

United

States

121,991

121,087

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.313

%

,

(

3-month

SOFR

+

3

%

),

7/31/31

...

United

States

69,341

69,195

392,119

a

a

a

a

a

a

j

IT

Services

0.0%

†

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.075

%

,

(

1-month

SOFR

+

3.75

%

),

6/27/31

..............

United

States

21,854

21,841

h

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.569

%

,

(

1-month

SOFR

+

3.25

%

),

3/05/32

............................

United

States

80,000

79,850

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.574

%

,

(

1-month

SOFR

+

4.25

%

),

12/31/31

.............

United

States

10,719

9,877

111,568

a

a

a

a

a

a

Leisure

Products

0.0%

†

j

GBT

US

III

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.802

%

,

(

3-month

SOFR

+

2.5

%

),

7/25/31

......................

United

States

33,158

33,041

j

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.823

%

,

(

1-month

SOFR

+

4.5

%

),

9/28/28

......................

United

States

118,797

117,015

SunSource

Borrower

LLC,

First

Lien,

First

Refinancing

CME

Term

Loan

,

8.425

%

,

(

1-month

SOFR

+

4

%

),

3/25/31

............

United

States

45,113

43,405

160,420

a

a

a

a

a

a

j

Media

0.1%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.825

%

,

(

1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%

),

3/24/31

....................................

United

States

52,335

51,983

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.437

%

,

(

1-month

SOFR

+

3

%

),

12/01/28

......................

United

States

81,176

74,589

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

Senior

Floating

Rate

Interests

(continued)

j

Media

(continued)

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

5/03/28

..............

United

States

15,839

$

15,086

141,658

a

a

a

a

a

a

j

Oil,

Gas

&

Consumable

Fuels

0.1%

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.302

%

,

(

3-month

SOFR

+

3

%

),

10/15/31

......................

United

States

74,766

74,833

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.824

%

,

(

1-month

SOFR

+

2.5

%

),

2/22/30

...............

United

States

83,865

83,970

158,803

a

a

a

a

a

a

j

Passenger

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

9.305

%

,

(

3-month

SOFR

+

4.75

%

),

4/20/28

..............

United

States

30,773

31,437

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

64,000

63,175

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

6.293

%

,

(

3-month

SOFR

+

2

%

),

10/01/31

................

United

States

68,302

68,379

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.297

%

,

(

3-month

SOFR

+

2

%

),

2/24/31

.......................

United

States

44,308

44,269

207,260

a

a

a

a

a

a

j

Pharmaceuticals

0.0%

†

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

CME

Term

Loan,

B2

,

6.574

%

,

(

1-month

SOFR

+

2.25

%

),

5/05/28

..............

United

States

46,868

46,903

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.572

%

,

(

1-month

SOFR

+

2.25

%

),

5/19/31

.........

United

States

31,126

30,737

77,640

a

a

a

a

a

a

j

Professional

Services

0.1%

EAB

Global,

Inc.,

First

Lien,

CME

Term

Loan

,

7.325

%

,

(

1-month

SOFR

+

3

%

),

8/16/30

...............................

United

States

118,800

115,384

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002

%

,

(

3-month

SOFR

+

3.75

%

),

7/18/31

.........

United

States

42,259

41,626

157,010

a

a

a

a

a

a

j

Software

0.2%

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

6/08/28

......................

United

States

100,511

100,543

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.549

%

,

(

3-month

SOFR

+

3.25

%

),

7/06/29

.........

United

States

59,700

51,417

Clover

Holdings

2

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.295

%

,

(

3-month

SOFR

+

4

%

),

12/09/31

......................

United

States

23,753

23,530

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.061

%

,

(

3-month

SOFR

+

3.5

%

),

9/29/28

......................

United

States

45,105

45,124

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.825

%

,

(

1-month

SOFR

+

2.5

%

),

1/30/32

..........

United

States

60,402

59,842

Imprivata,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

12/01/27

..............

United

States

28,652

28,701

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.323

%

,

(

1-month

SOFR

+

3

%

),

3/01/29

...............................

United

States

66,739

63,870

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.302

%

,

(

3-month

SOFR

+

3.75

%

),

6/02/28

.....................

United

States

19,182

18,407

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.575

%

,

(

1-month

SOFR

+

4.25

%

),

11/28/28

....................

United

States

42,692

42,639

434,073

a

a

a

a

a

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

j

Specialty

Retail

0.2%

Evergreen

Acqco

1

LP,

First

Lien,

Initial

CME

Term

Loan

,

8.053

%

,

(

3-month

SOFR

+

3.75

%

),

4/26/28

.....................

United

States

43,920

$

43,659

f

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.424

%

,

(

1-month

SOFR

+

6

%

),

10/07/26

...............

United

States

316,647

215,320

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.575

%

,

(

1-month

SOFR

+

3.25

%

),

1/23/32

..............

United

States

46,463

46,422

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.938

%

,

(

1-month

SOFR

+

3.5

%

),

1/31/28

......................

United

States

64,899

62,150

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

7.674

%

,

(

1-month

SOFR

+

3.25

%

),

10/20/28

....

United

States

88,895

86,298

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.575

%

,

(

1-month

SOFR

+

3.25

%

),

10/19/29

.............

United

States

80,111

77,865

531,714

a

a

a

a

a

a

j

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.791

%

,

(

3-month

SOFR

+

3.5

%

),

3/02/28

......................

United

States

59,736

55,527

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.075

%

,

(

1-month

SOFR

+

2.75

%

),

3/08/32

.....................

United

States

58,032

58,031

113,558

a

a

a

a

a

a

j

Transportation

Infrastructure

0.0%

†

f

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

5.929

%

,

(

1-month

SOFR

+

1.5

%

),

8/10/29

......................

United

States

35,047

20,630

f

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.061

%

,

(

3-month

SOFR

+

1.5

%

),

8/10/29

......................

United

States

25,379

6,358

26,988

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

7,407,201

)

.........................

7,107,282

k

Marketplace

Loans

0.4%

a

Financial

Services

0.4%

a

a

a

a

a

a

Total

Marketplace

Loans

(Cost

$

1,310,282

)

...................................

1,089,505

Foreign

Government

and

Agency

Securities

2.1%

e

African

Export-Import

Bank

(The)

,

Senior

Bond

,

144A,

3.994

%

,

9/21/29

.........................................

Supranational

l

1,400,000

1,302,512

e

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

5

%

,

7/27/27

......................................

Supranational

l

1,200,000

1,174,488

Colombia

Government

Bond

,

Senior

Bond

,

9.85

%

,

6/28/27

....

Colombia

5,315,000,000

COP

1,249,821

e

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348

%

,

2/09/31

.........................................

Mexico

1,000,000

852,411

e

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7

%

,

5/23/28

....

France

200,000

205,391

e

Korea

Electric

Power

Corp.

,

Senior

Note

,

144A,

5.375

%

,

4/06/26

South

Korea

300,000

302,962

Petroleos

Mexicanos

,

Senior

Note

,

10

%

,

2/07/33

............

Mexico

300,000

312,735

e

Romania

Government

Bond

,

Senior

Bond

,

144A,

6.125

%

,

1/22/44

Romania

500,000

437,803

Total

Foreign

Government

and

Agency

Securities

(Cost

$

6,925,114

)

.............

5,838,123

U.S.

Government

and

Agency

Securities

15.2%

FFCB

,

2.1

%,

2/25/36

.................................

United

States

805,000

627,607

U.S.

Treasury

Bonds

,

3

%,

2/15/48

.....................................

United

States

1,450,000

1,105,681

3.375

%,

11/15/48

.................................

United

States

500,000

405,967

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

U.S.

Government

and

Agency

Securities

(continued)

U.S.

Treasury

Notes

,

m

Index

Linked,

0.625

%,

1/15/26

.......................

United

States

2,800,000

$

3,741,314

3.875

%,

1/15/26

..................................

United

States

3,050,000

3,045,159

4

%,

2/15/26

.....................................

United

States

11,200,000

11,188,091

3.625

%,

5/15/26

..................................

United

States

400,000

398,281

2.25

%,

2/15/27

...................................

United

States

1,400,000

1,358,191

2.75

%,

7/31/27

...................................

United

States

3,850,000

3,752,848

3.875

%,

11/30/27

.................................

United

States

4,000,000

3,998,828

2.875

%,

5/15/28

..................................

United

States

2,500,000

2,425,440

3.125

%,

11/15/28

.................................

United

States

2,900,000

2,823,762

2.625

%,

2/15/29

..................................

United

States

1,000,000

954,023

3.5

%,

1/31/30

....................................

United

States

1,750,000

1,715,615

4.125

%,

8/31/30

..................................

United

States

2,600,000

2,617,063

2.875

%,

5/15/32

..................................

United

States

1,300,000

1,202,906

2.75

%,

8/15/32

...................................

United

States

500,000

457,266

Total

U.S.

Government

and

Agency

Securities

(Cost

$

42,028,149

)

...............

41,818,042

Asset-Backed

Securities

2.0%

Financial

Services

2.0%

e

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-51

,

PT

,

144A,

FRN

,

2.745

%

,

1/15/45

...............

United

States

2,551

2,390

2019-52

,

PT

,

144A,

FRN

,

16.268

%

,

1/15/45

..............

United

States

3,019

1,963

2020-2

,

PT

,

144A,

FRN

,

16.26

%

,

3/15/45

................

United

States

2,635

2,457

2020-7

,

PT

,

144A,

FRN

,

16.119

%

,

4/17/45

...............

United

States

1,519

1,410

e

,j

Dryden

75

CLO

Ltd.

,

2019-75A

,

AR2

,

144A,

FRN

,

5.604

%

,

(

3-month

SOFR

+

1.302

%

),

4/15/34

.

...................

United

States

2,400,000

2,398,203

e

,j

Galaxy

XXVIII

CLO

Ltd.

,

2018-28A

,

C

,

144A,

FRN

,

6.514

%

,

(

3-month

SOFR

+

2.212

%

),

7/15/31

.

...................

United

States

250,000

250,472

e

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302

%

,

12/17/26

....................

United

States

1,219,306

1,165,773

2021-3

,

B

,

144A,

2.649

%

,

1/17/41

.....................

United

States

434,053

398,811

e

,j

LCM

XVII

LP

,

17A

,

BRR

,

144A,

FRN

,

6.164

%

,

(

3-month

SOFR

+

1.862

%

),

10/15/31

.

.................................

United

States

350,000

350,564

e

,j

Octagon

Investment

Partners

36

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

5.534

%

,

(

3-month

SOFR

+

1.232

%

),

4/15/31

.

.............

United

States

240,359

240,490

e

,n

Prosper

Pass-Thru

Trust

III

,

2020-PT1

,

A

,

144A,

FRN

,

8.796

%

,

3/15/26

...............

United

States

2,008

1,151

2020-PT2

,

A

,

144A,

FRN

,

9.444

%

,

4/15/26

...............

United

States

1,331

555

2020-PT3

,

A

,

144A,

FRN

,

7.183

%

,

5/15/26

...............

United

States

426

296

e

,j

Voya

CLO

Ltd.

,

2013-2A

,

BR

,

144A,

FRN

,

6.412

%

,

(

3-month

SOFR

+

2.112

%

),

4/25/31

.

...........................

United

States

780,000

781,227

5,595,762

a

a

a

a

a

a

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875

%

,

7/15/27

.

United

States

38,400

38,343

Total

Asset-Backed

Securities

(Cost

$

5,723,702

)

..............................

5,634,105

Commercial

Mortgage-Backed

Securities

3.1%

Financial

Services

3.1%

n

,o

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.196

%

,

3/15/63

..........

United

States

2,936,265

130,201

e

,n

,o

BANK5

Trust

,

2025-5YR13

,

XA

,

IO,

144A,

FRN

,

1.062

%

,

1/15/58

United

States

5,496,650

245,765

n

,o

BBCMS

Mortgage

Trust

,

2024-5C31

,

XA

,

IO,

FRN

,

1.061

%

,

12/15/57

..............

United

States

4,213,760

184,795

2025-5C33

,

XA

,

IO,

FRN

,

1.039

%

,

3/15/58

...............

United

States

6,012,000

212,815

n

,o

Benchmark

Mortgage

Trust

,

2020-B17

,

XA

,

IO,

FRN

,

1.385

%

,

3/15/53

................

United

States

7,436,254

322,681

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

n,o

Benchmark

Mortgage

Trust,

(continued)

2020-B20

,

XA

,

IO,

FRN

,

1.6

%

,

10/15/53

.................

United

States

4,375,104

$

242,841

2020-B22

,

XA

,

IO,

FRN

,

1.503

%

,

1/15/54

................

United

States

2,916,542

199,723

2024-V12

,

XA

,

IO,

FRN

,

0.847

%

,

12/15/57

...............

United

States

5,599,895

198,758

2025-V13

,

XA

,

IO,

FRN

,

0.914

%

,

2/15/58

................

United

States

5,224,000

190,697

h

2025-V14

,

XA

,

IO,

FRN

,

0.768

%

,

4/15/58

................

United

States

6,947,000

235,013

n

,o

BMO

Mortgage

Trust

,

2024-5C8

,

XA

,

IO,

FRN

,

1.021

%

,

12/15/57

...............

United

States

5,158,585

217,127

2025-5C9

,

XA

,

IO,

FRN

,

0.924

%

,

4/15/58

................

United

States

6,420,000

202,434

e

,j

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

5.134

%

,

(

1-month

SOFR

+

0.814

%

),

9/15/36

.........................................

United

States

250,000

247,936

2021-VOLT

,

B

,

144A,

FRN

,

5.384

%

,

(

1-month

SOFR

+

1.064

%

),

9/15/36

..................................

United

States

400,000

396,244

2022-LP2

,

A

,

144A,

FRN

,

5.332

%

,

(

1-month

SOFR

+

1.013

%

),

2/15/39

.........................................

United

States

583,526

582,141

CFCRE

Commercial

Mortgage

Trust

,

2016-C7

,

A3

,

3.839

%

,

12/10/54

........................................

United

States

280,000

273,914

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45

%

,

7/10/49

.........................................

United

States

180,288

176,490

CSAIL

Commercial

Mortgage

Trust

,

n

2015-C2

,

AS

,

FRN

,

3.849

%

,

6/15/57

...................

United

States

175,000

173,348

2015-C3

,

A4

,

3.718

%

,

8/15/48

........................

United

States

200,605

199,738

n,o

2019-C17

,

XA

,

IO,

FRN

,

1.32

%

,

9/15/52

.................

United

States

12,081,052

533,248

n,o

2021-C20

,

XA

,

IO,

FRN

,

0.991

%

,

3/15/54

................

United

States

4,338,424

190,789

GS

Mortgage

Securities

Trust

,

2016-GS2

,

A4

,

3.05

%

,

5/10/49

..

United

States

130,000

127,642

JPMBB

Commercial

Mortgage

Securities

Trust

,

2015-C31

,

A3

,

3.801

%

,

8/15/48

.......................

United

States

300,623

298,644

2016-C1

,

A5

,

3.576

%

,

3/17/49

........................

United

States

424,000

418,659

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414

%

,

3/15/50

...................................

United

States

292,983

285,980

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2015-C27

,

AS

,

4.068

%

,

12/15/47

......................

United

States

155,000

153,295

n

2016-C32

,

AS

,

FRN

,

3.994

%

,

12/15/49

.................

United

States

231,000

225,735

n,o

2025-5C1

,

XA

,

IO,

FRN

,

1.377

%

,

3/15/30

................

United

States

4,397,000

215,898

n

Morgan

Stanley

Capital

I

Trust

,

2015-MS1

,

AS

,

FRN

,

4.018

%

,

5/15/48

..................

United

States

263,000

261,518

o

2021-L5

,

XA

,

IO,

FRN

,

1.28

%

,

5/15/54

..................

United

States

3,314,701

173,450

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

A4

,

3.695

%

,

11/15/48

......................

United

States

150,000

148,899

n

2016-C32

,

B

,

FRN

,

4.727

%

,

1/15/59

...................

United

States

121,000

119,237

n,o

2019-C49

,

XA

,

IO,

FRN

,

1.247

%

,

3/15/52

................

United

States

8,717,519

314,343

n,o

2025-5C3

,

XA

,

IO,

FRN

,

0.819

%

,

1/15/58

................

United

States

4,651,805

162,857

n

WFRBS

Commercial

Mortgage

Trust

,

2014-C23

,

B

,

FRN

,

4.293

%

,

10/15/57

........................................

United

States

215,000

200,862

8,463,717

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$

8,437,501

)

...............

8,463,717

Mortgage-Backed

Securities

12.3%

p

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

,

6.473

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

1/01/33

United

States

3,706

3,766

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

4.6%

FHLMC

Gold

Pool,

30

Year

,

5

%,

4/01/34

-

8/01/35

...........

United

States

55,590

56,053

FHLMC

Gold

Pool,

30

Year

,

5.5

%,

6/01/33

-

1/01/35

.........

United

States

30,170

30,599

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

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Gold

Pool,

30

Year

,

6

%,

4/01/33

-

2/01/36

...........

United

States

42,928

$

44,088

FHLMC

Gold

Pool,

30

Year

,

6.5

%,

11/01/27

-

7/01/32

........

United

States

2,809

2,906

FHLMC

Gold

Pool,

30

Year

,

7

%,

4/01/30

..................

United

States

563

589

FHLMC

Gold

Pool,

30

Year

,

7.5

%,

8/01/30

................

United

States

84

87

FHLMC

Pool,

30

Year

,

2

%,

3/01/52

......................

United

States

3,443,945

2,742,421

FHLMC

Pool,

30

Year

,

4

%,

6/01/52

......................

United

States

2,350,999

2,195,492

FHLMC

Pool,

30

Year

,

4.5

%,

8/01/52

.....................

United

States

5,392,259

5,162,108

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/52

....................

United

States

2,568,771

2,574,013

12,808,356

p

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA

,

6.729

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

United

States

15,305

15,727

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

6.5%

FNMA,

20

Year

,

5

%,

4/01/30

...........................

United

States

8,148

8,240

FNMA,

30

Year

,

3

%,

9/01/48

-

9/01/51

....................

United

States

1,592,403

1,401,803

FNMA,

30

Year

,

4

%,

2/01/49

...........................

United

States

489,127

464,041

FNMA,

30

Year

,

4.5

%,

5/01/48

.........................

United

States

994,361

969,045

FNMA,

30

Year

,

6

%,

8/01/53

...........................

United

States

2,387,351

2,430,349

FNMA,

30

Year

,

6.5

%,

5/01/31

-

10/01/37

.................

United

States

29,279

30,450

q

Uniform

Mortgage-Backed

Securities

,

2

%

,

TBA,

4/25/55

......

United

States

10,860,000

8,632,507

q

Uniform

Mortgage-Backed

Securities

,

5.5

%

,

TBA,

4/25/55

.....

United

States

2,040,000

2,037,607

q

Uniform

Mortgage-Backed

Securities

,

6

%

,

TBA,

4/25/55

......

United

States

2,000,000

2,031,596

18,005,638

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.2%

GNMA

I,

Single-family,

30

Year

,

5

%,

11/15/33

-

7/15/34

.......

United

States

54,168

54,441

GNMA

I,

Single-family,

30

Year

,

7

%,

10/15/28

-

2/15/29

.......

United

States

6,122

6,158

GNMA

I,

Single-family,

30

Year

,

7.5

%,

9/15/30

..............

United

States

427

441

GNMA

II,

30

Year

,

6.5

%,

2/20/34

........................

United

States

1,031

1,016

GNMA

II,

Single-family,

30

Year

,

5

%,

9/20/33

-

11/20/33

.......

United

States

15,162

15,262

q

GNMA

II,

Single-family,

30

Year

,

5.5

%,

4/15/55

.............

United

States

1,550,000

1,553,428

GNMA

II,

Single-family,

30

Year

,

6

%,

11/20/34

..............

United

States

23,915

24,980

q

GNMA

II,

Single-family,

30

Year

,

6

%,

4/15/55

...............

United

States

1,520,000

1,542,872

GNMA

II,

Single-family,

30

Year

,

6.5

%,

4/20/31

-

1/20/33

......

United

States

8,791

9,089

GNMA

II,

Single-family,

30

Year

,

7.5

%,

1/20/28

-

4/20/32

......

United

States

2,219

2,282

3,209,969

Total

Mortgage-Backed

Securities

(Cost

$

34,603,256

)

..........................

34,043,456

Residential

Mortgage-Backed

Securities

1.3%

Financial

Services

1.3%

e

,n

BRAVO

Residential

Funding

Trust

,

2019-2

,

A3

,

144A,

FRN

,

3.5

%

,

10/25/44

........................................

United

States

217,814

207,983

e

,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

4

%

,

2/25/49

................

United

States

49,085

46,907

2019-INV2

,

A3

,

144A,

FRN

,

4

%

,

5/25/49

................

United

States

138,873

130,781

e

,n

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301

%

,

3/25/67

.........................................

United

States

311,867

308,382

j

FNMA

Connecticut

Avenue

Securities

,

2015-C02

,

1M2

,

FRN

,

8.454

%

,

(

30-day

SOFR

Average

+

4.114

%

),

5/25/25

..................................

United

States

267,548

268,788

2015-C03

,

1M2

,

FRN

,

9.454

%

,

(

30-day

SOFR

Average

+

5.114

%

),

7/25/25

..................................

United

States

393,217

399,163

2016-C01

,

1M2

,

FRN

,

11.204

%

,

(

30-day

SOFR

Average

+

6.864

%

),

8/25/28

..................................

United

States

42,143

43,858

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

FNMA

Connecticut

Avenue

Securities,

(continued)

2017-C04

,

2M2

,

FRN

,

7.304

%

,

(

30-day

SOFR

Average

+

2.964

%

),

11/25/29

.................................

United

States

279,570

$

286,629

e

,n

J.P.

Morgan

Mortgage

Trust

,

2021-15

,

A4

,

144A,

FRN

,

2.5

%

,

6/25/52

.........................................

United

States

349,577

309,762

e

,n

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5

%

,

4/25/66

.........................................

United

States

393,575

385,087

e

,n

OBX

Trust

,

2021-J3

,

A4

,

144A,

FRN

,

2.5

%

,

10/25/51

.........

United

States

99,701

88,836

e

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5

%

,

2/20/49

....................................

United

States

177,922

157,354

e

,n

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

3

%

,

12/25/49

........................................

United

States

130,127

112,443

e

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5

%

,

8/25/51

.........

United

States

945,130

842,009

3,587,982

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$

3,909,806

)

................

3,587,982

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

72,822

1,047

b

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

243,000

6,075

Total

Escrows

and

Litigation

Trusts

(Cost

$

243,000

)

...........................

7,122

Total

Long

Term

Investments

(Cost

$

283,630,015

)

.............................

273,669,635

a

Short

Term

Investments

5.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.7%

d,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

15,834,670

15,834,670

Total

Money

Market

Funds

(Cost

$

15,834,670

)

................................

15,834,670

Total

Short

Term

Investments

(Cost

$

15,834,670

)

..............................

15,834,670

a

Total

Investments

(Cost

$

299,464,685

)

104.9

%

................................

$289,504,305

Other

Assets,

less

Liabilities

(

4.9

)

%

.........................................

(13,662,274)

Net

Assets

100.0%

.........................................................

$275,842,031

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

regarding

restricted

securities.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$117,000,133,

representing

42.4%

of

net

assets.

f

Income

may

be

received

in

additional

securities

and/or

cash.

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

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

rate

shown

represents

the

yield

at

period

end.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

n

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.

o

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

p

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

q

Security

purchased

on

a

to-be-announced

(TBA)

basis.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Strategic

Income

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

At

March

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

Description

Principal

Amount

Value

Marketplace

Loans

-

0.4%

Freedom

Financial

Asset

Management

LLC

APP-13704982.FP.FTS.B

,

21

.99

%

,

5/25/25

$

466

$

470

APP-14969419.FP.FTS.B

,

9

.74

%

,

6/01/25

.

2,624

2,626

APP-11657858.FP.FTS.B

,

17

.49

%

,

1/30/26

5,990

768

APP-11752447.FP.FTS.B

,

9

.99

%

,

2/05/26

.

3,406

3,414

APP-11823715.FP.FTS.B

,

14

.99

%

,

2/05/26

6,353

6,470

APP-11795510.FP.FTS.B

,

12

.49

%

,

2/11/26

4,900

4,957

APP-11819292.FP.FTS.B

,

18

.99

%

,

3/31/26

4,347

4,507

APP-14159522.FP.FTS.B

,

10

.34

%

,

6/15/26

7,631

7,729

APP-14167786.FP.FTS.B

,

10

.34

%

,

6/17/26

12,242

12,402

APP-14974854.FP.FTS.B

,

16

.49

%

,

7/10/26

7,726

7,932

APP-11124654.FP.FTS.B

,

19

.49

%

,

12/18/26

21,737

22,589

APP-11605924.FP.FTS.B

,

11

.74

%

,

12/20/26

17,299

17,523

APP-11803939.FP.FTS.B

,

10

.99

%

,

2/10/27

15,252

15,487

APP-11806622.FP.FTS.B

,

18

.99

%

,

2/11/27

4,893

5,054

APP-11798689.FP.FTS.B

,

16

.99

%

,

2/12/27

9,389

9,590

APP-12249339.FP.FTS.B

,

19

.49

%

,

3/13/27

3,021

3,038

APP-12139734.FP.FTS.B

,

13

.49

%

,

3/14/27

7,526

7,675

APP-12106231.FP.FTS.B

,

11

.74

%

,

3/22/27

19,897

20,257

APP-13685540.FP.FTS.B

,

13

.59

%

,

5/20/27

18,563

18,926

APP-13701830.FP.FTS.B

,

20

.24

%

,

5/21/27

16,439

17,259

APP-14967059.FP.FTS.B

,

11

.99

%

,

6/01/27

2,067

2,069

APP-14058204.FP.FTS.B

,

11

.59

%

,

6/05/27

6,785

6,887

APP-14057383.FP.FTS.B

,

11

.34

%

,

6/15/27

18,336

18,654

APP-14163864.FP.FTS.B

,

11

.34

%

,

6/19/27

20,379

20,752

APP-14867762.FP.FTS.B

,

14

.24

%

,

7/10/27

8,994

9,153

APP-14975701.FP.FTS.B

,

11

.74

%

,

7/15/27

10,507

10,687

APP-14861817.FP.FTS.B

,

11

.99

%

,

11/05/27

12,772

3,725

260,600

LendingClub

Corp.

-

LCX

165313131.LC.FTS.B

,

11

.02

%

,

3/03/35

...

3,375

323

165954765.LC.FTS.B

,

20

.55

%

,

4/20/35

...

764

769

1,092

LendingClub

Corp.

-

LCX

PM

170715926.LC.FTS.B

,

16

.08

%

,

10/25/25

..

3,111

567

174329530.LC.FTS.B

,

20

.49

%

,

2/03/26

...

2,937

1,175

1,742

Prosper

Funding

LLC

1605968.PS.FTS.B

,

14

.29

%

,

8/17/26

....

2,690

2,691

1605959.PS.FTS.B

,

18

.73

%

,

8/17/26

....

3,782

3,760

1624202.PS.FTS.B

,

11

.79

%

,

9/21/26

....

6,907

6,884

1644821.PS.FTS.B

,

16

.18

%

,

10/26/26

...

5,965

5,966

1657248.PS.FTS.B

,

10

.5

%

,

10/29/26

....

9,825

9,867

1646507.PS.FTS.B

,

16

%

,

11/02/26

......

6,825

6,824

1654273.PS.FTS.B

,

11

.4

%

,

11/05/26

.....

5,967

5,912

1661067.PS.FTS.B

,

12

.3

%

,

11/05/26

....

4,277

2,289

1661382.PS.FTS.B

,

16

.7

%

,

11/05/26

....

2,141

2,170

1660956.PS.FTS.B

,

18

.25

%

,

11/05/26

....

3,059

3,100

1651610.PS.FTS.B

,

10

.8

%

,

11/08/26

....

4,141

4,106

1645643.PS.FTS.B

,

18

.5

%

,

11/10/26

....

4,949

5,065

1647191.PS.FTS.B

,

16

.32

%

,

11/12/26

....

5,265

5,266

1660294.PS.FTS.B

,

15

.2

%

,

11/25/26

....

5,088

5,056

1645601.PS.FTS.B

,

26

.13

%

,

11/26/26

....

2,578

2,699

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1686756.PS.FTS.B

,

20

.08

%

,

12/16/26

...

$

3,500

$

3,564

1675325.PS.FTS.B

,

14

%

,

12/20/26

......

7,758

7,725

1673693.PS.FTS.B

,

12

.5

%

,

1/01/27

.....

6,136

6,082

1695804.PS.FTS.B

,

10

.8

%

,

1/04/27

.....

2,150

2,124

1701348.PS.FTS.B

,

11

.1

%

,

1/13/27

.....

2,159

2,137

1688537.PS.FTS.B

,

13

.7

%

,

1/13/27

.....

4,694

–

1702140.PS.FTS.B

,

11

.55

%

,

1/14/27

....

6,516

6,450

1701774.PS.FTS.B

,

19

.3

%

,

1/16/27

.....

3,861

3,917

1692578.PS.FTS.B

,

13

.1

%

,

1/20/27

.....

1,759

1,743

1694423.PS.FTS.B

,

15

%

,

1/24/27

.......

6,821

6,805

1702129.PS.FTS.B

,

12

.7

%

,

1/25/27

.....

3,088

3,064

1709019.PS.FTS.B

,

19

%

,

1/25/27

.......

5,740

5,869

1691666.PS.FTS.B

,

11

.88

%

,

2/08/27

....

3,688

3,643

1714696.PS.FTS.B

,

12

.6

%

,

2/15/27

.....

3,638

3,595

1711397.PS.FTS.B

,

18

.15

%

,

2/22/27

....

8,833

8,794

1752507.PS.FTS.B

,

25

.9

%

,

4/05/27

.....

2,933

2,977

1750201.PS.FTS.B

,

19

.9

%

,

4/06/27

.....

5,381

5,431

1750603.PS.FTS.B

,

14

.29

%

,

4/07/27

....

2,521

2,485

1743635.PS.FTS.B

,

13

.1

%

,

4/13/27

.....

6,051

1,353

1753401.PS.FTS.B

,

16

.9

%

,

4/15/27

.....

8,903

9,001

1700734.PS.FTS.B

,

16

.2

%

,

1/17/28

.....

17,907

–

1716949.PS.FTS.B

,

11

.77

%

,

1/31/28

....

11,622

–

1654279.PS.FTS.B

,

12

.4

%

,

11/11/34

.....

20

–

1718530.PS.FTS.B

,

24

.4

%

,

2/28/35

.....

35

25

1752829.PS.FTS.B

,

18

.09

%

,

4/11/35

....

72

73

1750364.PS.FTS.B

,

18

.5

%

,

4/15/35

.....

365

–

1759842.PS.FTS.B

,

22

.9

%

,

4/15/35

.....

175

176

158,688

Upgrade,

Inc.

-

Card

992357555.UG.FTS.B

,

19

.99

%

,

7/03/25

..

21

19

992278455.UG.FTS.B

,

29

.49

%

,

8/03/25

..

78

35

992260350.UG.FTS.B

,

28

.98

%

,

11/03/25

.

25

23

992330039.UG.FTS.B

,

22

.97

%

,

11/03/27

.

546

360

992293228.UG.FTS.B

,

28

.98

%

,

5/03/29

..

113

112

992307437.UG.FTS.B

,

28

.98

%

,

4/01/30

..

10

10

992236828.UG.FTS.B

,

29

.49

%

,

4/01/30

..

1

–

992457494.UG.FTS.B

,

17

.99

%

,

4/02/30

..

20

20

992264434.UG.FTS.B

,

29

.49

%

,

4/02/30

..

1

1

992245824.UG.FTS.B

,

16

.99

%

,

4/03/30

..

3

3

992239267.UG.FTS.B

,

19

.21

%

,

4/03/30

..

73

73

992349565.UG.FTS.B

,

19

.8

%

,

4/03/30

...

16

16

992350427.UG.FTS.B

,

19

.8

%

,

4/03/30

...

36

36

992336548.UG.FTS.B

,

19

.99

%

,

4/03/30

..

39

40

992379889.UG.FTS.B

,

19

.99

%

,

4/03/30

..

45

45

992246882.UG.FTS.B

,

28

.98

%

,

4/03/30

..

261

18

992253878.UG.FTS.B

,

28

.98

%

,

4/03/30

..

79

79

992262040.UG.FTS.B

,

28

.98

%

,

4/03/30

..

9

9

992267371.UG.FTS.B

,

28

.98

%

,

4/03/30

..

42

42

992283659.UG.FTS.B

,

28

.98

%

,

4/03/30

..

10

10

992286835.UG.FTS.B

,

28

.98

%

,

4/03/30

..

4

–

992300547.UG.FTS.B

,

28

.98

%

,

4/03/30

..

1

1

992308269.UG.FTS.B

,

28

.98

%

,

4/03/30

..

5

5

992324031.UG.FTS.B

,

28

.98

%

,

4/03/30

..

27

27

992348005.UG.FTS.B

,

28

.98

%

,

4/03/30

..

20

20

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

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

-

Card

(continued)

992452469.UG.FTS.B

,

28

.98

%

,

4/03/30

..

$

8

$

8

992239318.UG.FTS.B

,

29

.49

%

,

4/03/30

..

5

5

992254667.UG.FTS.B

,

29

.49

%

,

4/03/30

..

14

15

992256966.UG.FTS.B

,

29

.49

%

,

4/03/30

..

28

28

992267222.UG.FTS.B

,

29

.49

%

,

4/03/30

..

15

15

992275086.UG.FTS.B

,

29

.49

%

,

4/03/30

..

12

12

992288356.UG.FTS.B

,

29

.49

%

,

4/03/30

..

22

22

992289258.UG.FTS.B

,

29

.49

%

,

4/03/30

..

6

6

992302260.UG.FTS.B

,

29

.49

%

,

4/03/30

..

8

8

992318568.UG.FTS.B

,

29

.49

%

,

4/03/30

..

2

2

992323515.UG.FTS.B

,

29

.49

%

,

4/03/30

..

3

3

992340414.UG.FTS.B

,

29

.49

%

,

4/03/30

..

4

–

992359163.UG.FTS.B

,

29

.49

%

,

4/03/30

..

5

5

992379445.UG.FTS.B

,

29

.49

%

,

4/03/30

..

10

10

992423485.UG.FTS.B

,

29

.49

%

,

4/03/30

..

1

–

992428186.UG.FTS.B

,

29

.49

%

,

4/03/30

..

136

136

992444794.UG.FTS.B

,

29

.49

%

,

4/03/30

..

1,598

111

992445820.UG.FTS.B

,

29

.49

%

,

4/03/30

..

7

7

992455533.UG.FTS.B

,

29

.49

%

,

4/03/30

..

65

65

1,462

Upstart

Network,

Inc.

FW2465119.UP.FTS.B

,

19

.64

%

,

6/19/25

..

432

427

L2466210.UP.FTS.B

,

20

.93

%

,

6/19/25

....

2,021

1,995

L1914732.UP.FTS.B

,

17

.66

%

,

8/25/25

....

1,388

1,371

L1739715.UP.FTS.B

,

9

.65

%

,

9/20/26

....

8,794

8,574

L1739019.UP.FTS.B

,

13

.76

%

,

9/20/26

....

2,596

139

L1736636.UP.FTS.B

,

14

.78

%

,

9/20/26

....

5,315

5,210

FW1739526.UP.FTS.B

,

17

.22

%

,

9/20/26

..

3,145

3,111

L1738899.UP.FTS.B

,

19

.15

%

,

9/20/26

....

6,058

5,958

L1739562.UP.FTS.B

,

22

.68

%

,

9/20/26

....

2,632

2,588

L1738904.UP.FTS.B

,

24

.36

%

,

9/20/26

....

2,979

2,932

L1915447.UP.FTS.B

,

20

.32

%

,

10/25/26

...

2,259

2,225

L1915560.UP.FTS.B

,

20

.46

%

,

10/25/26

...

2,154

2,121

L1915468.UP.FTS.B

,

23

.09

%

,

10/25/26

...

2,174

2,142

L1897015.UP.FTS.B

,

23

.49

%

,

10/25/26

...

5,375

5,297

L1915604.UP.FTS.B

,

24

.04

%

,

10/25/26

...

518

510

L1915081.UP.FTS.B

,

25

.35

%

,

10/25/26

...

1,283

1,266

FW1908593.UP.FTS.B

,

28

.41

%

,

10/25/26

.

10,350

10,207

FW1915312.UP.FTS.B

,

31

.22

%

,

10/25/26

.

2,014

2,002

L2024110.UP.FTS.B

,

7

.78

%

,

11/16/26

....

6,766

6,587

L2052804.UP.FTS.B

,

9

.15

%

,

11/16/26

....

15,264

14,866

L2053787.UP.FTS.B

,

10

.61

%

,

11/16/26

...

1,966

1,922

L2052126.UP.FTS.B

,

12

.52

%

,

11/16/26

...

6,463

6,321

L2055857.UP.FTS.B

,

12

.9

%

,

11/16/26

....

4,872

4,765

L2054559.UP.FTS.B

,

14

.24

%

,

11/16/26

...

4,763

345

L2055412.UP.FTS.B

,

14

.29

%

,

11/16/26

...

1,260

1,232

FW2056157.UP.FTS.B

,

15

.18

%

,

11/16/26

.

3,772

3,723

FW2055789.UP.FTS.B

,

15

.22

%

,

11/16/26

.

6,588

4,278

L2052051.UP.FTS.B

,

15

.75

%

,

11/16/26

...

1,901

1,876

FW2053732.UP.FTS.B

,

16

.83

%

,

11/16/26

.

453

299

L2056403.UP.FTS.B

,

18

.49

%

,

11/16/26

...

773

758

FW2055175.UP.FTS.B

,

19

.05

%

,

11/16/26

.

7,915

7,765

L2052101.UP.FTS.B

,

20

.05

%

,

11/16/26

...

13,503

973

L2047823.UP.FTS.B

,

23

.05

%

,

11/16/26

...

1,844

1,810

L2053900.UP.FTS.B

,

23

.81

%

,

11/16/26

...

468

460

L2055855.UP.FTS.B

,

25

.11

%

,

11/16/26

...

940

923

L2056364.UP.FTS.B

,

25

.24

%

,

11/16/26

...

667

655

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2049616.UP.FTS.B

,

25

.29

%

,

11/16/26

...

$

577

$

566

L2052082.UP.FTS.B

,

25

.42

%

,

11/16/26

...

716

703

FW2054089.UP.FTS.B

,

26

.17

%

,

11/16/26

.

963

946

FW2046105.UP.FTS.B

,

29

.67

%

,

11/16/26

.

2,257

2,219

FW2057500.UP.FTS.B

,

30

.64

%

,

11/16/26

.

4,049

3,980

FW2054534.UP.FTS.B

,

31

.22

%

,

11/16/26

.

611

601

FW2057162.UP.FTS.B

,

32

.15

%

,

11/16/26

.

4,787

4,711

L2055269.UP.FTS.B

,

19

.56

%

,

11/20/26

...

10,097

9,907

L2242685.UP.FTS.B

,

9

%

,

12/13/26

......

6,027

5,866

L2242651.UP.FTS.B

,

11

.78

%

,

12/13/26

...

6,269

6,123

L2241857.UP.FTS.B

,

11

.98

%

,

12/13/26

...

5,027

4,910

L2242098.UP.FTS.B

,

12

.31

%

,

12/13/26

...

2,948

2,880

L2242668.UP.FTS.B

,

12

.46

%

,

12/13/26

...

9,282

9,067

L2241756.UP.FTS.B

,

12

.69

%

,

12/13/26

...

2,347

2,291

L2241856.UP.FTS.B

,

13

.04

%

,

12/13/26

...

6,543

3,126

L2242202.UP.FTS.B

,

14

.09

%

,

12/13/26

...

7,161

6,998

L2239758.UP.FTS.B

,

14

.15

%

,

12/13/26

...

4,965

4,852

L2241610.UP.FTS.B

,

15

.37

%

,

12/13/26

...

3,293

3,247

L2242447.UP.FTS.B

,

16

.94

%

,

12/13/26

...

3,048

223

L2241045.UP.FTS.B

,

17

.22

%

,

12/13/26

...

3,822

3,771

L2242791.UP.FTS.B

,

17

.38

%

,

12/13/26

...

6,806

6,663

L2241989.UP.FTS.B

,

17

.5

%

,

12/13/26

....

1,174

1,158

L2242119.UP.FTS.B

,

18

.59

%

,

12/13/26

...

2,046

2,019

FW2241711.UP.FTS.B

,

21

.36

%

,

12/13/26

.

6,159

6,029

L2230478.UP.FTS.B

,

21

.97

%

,

12/13/26

...

3,626

3,553

L2242489.UP.FTS.B

,

22

.19

%

,

12/13/26

...

10,380

10,164

L2232043.UP.FTS.B

,

23

.76

%

,

12/13/26

...

2,682

2,628

L2242200.UP.FTS.B

,

24

.08

%

,

12/13/26

...

2,839

2,782

L2241600.UP.FTS.B

,

24

.51

%

,

12/13/26

...

1,696

1,663

L2242322.UP.FTS.B

,

25

.22

%

,

12/13/26

...

515

79

L2241994.UP.FTS.B

,

25

.4

%

,

12/13/26

....

867

850

L2242162.UP.FTS.B

,

25

.7

%

,

12/13/26

....

914

228

FW2241764.UP.FTS.B

,

27

.11

%

,

12/13/26

.

2,381

2,336

FW2242232.UP.FTS.B

,

27

.33

%

,

12/13/26

.

1,860

1,824

FW2242379.UP.FTS.B

,

28

.85

%

,

12/13/26

.

2,562

2,514

FW2241624.UP.FTS.B

,

31

.84

%

,

12/13/26

.

2,422

2,379

FW2465936.UP.FTS.B

,

5

.53

%

,

1/19/27

...

17,944

17,308

L2465582.UP.FTS.B

,

5

.92

%

,

1/19/27

....

1,272

1,232

L2465889.UP.FTS.B

,

6

.5

%

,

1/19/27

.....

2,414

2,329

FW2466269.UP.FTS.B

,

6

.87

%

,

1/19/27

...

2,037

1,967

FW2465536.UP.FTS.B

,

7

.64

%

,

1/19/27

...

8,224

8,003

L2465633.UP.FTS.B

,

8

.28

%

,

1/19/27

....

971

67

L2465717.UP.FTS.B

,

8

.6

%

,

1/19/27

.....

1,672

1,628

FW2464781.UP.FTS.B

,

9

.13

%

,

1/19/27

...

3,989

3,883

FW2465681.UP.FTS.B

,

9

.16

%

,

1/19/27

...

4,443

4,325

L2465458.UP.FTS.B

,

9

.24

%

,

1/19/27

....

708

696

L2466129.UP.FTS.B

,

9

.84

%

,

1/19/27

....

8,484

8,284

L2465666.UP.FTS.B

,

10

.14

%

,

1/19/27

....

1,065

1,037

FW2464664.UP.FTS.B

,

10

.42

%

,

1/19/27

..

3,421

3,341

L2463372.UP.FTS.B

,

11

.09

%

,

1/19/27

....

2,157

2,107

L2465414.UP.FTS.B

,

11

.1

%

,

1/19/27

.....

2,589

2,529

L2465634.UP.FTS.B

,

14

.68

%

,

1/19/27

....

2,790

2,740

L2465986.UP.FTS.B

,

15

.77

%

,

1/19/27

....

639

631

FW2466368.UP.FTS.B

,

16

.6

%

,

1/19/27

...

1,623

1,588

L2465805.UP.FTS.B

,

18

.87

%

,

1/19/27

....

10,416

10,294

L2465928.UP.FTS.B

,

20

.32

%

,

1/19/27

....

1,456

1,430

FW2466202.UP.FTS.B

,

23

.59

%

,

1/19/27

..

1,522

1,495

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

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2458881.UP.FTS.B

,

24

.14

%

,

1/19/27

....

$

2,247

$

2,208

L2466086.UP.FTS.B

,

25

.1

%

,

1/19/27

....

1,703

1,674

FW2465954.UP.FTS.B

,

25

.21

%

,

1/19/27

..

1,369

1,346

FW2465642.UP.FTS.B

,

25

.73

%

,

1/19/27

..

2,275

2,237

FW2464901.UP.FTS.B

,

27

.8

%

,

1/19/27

...

2,120

2,086

FW2466130.UP.FTS.B

,

28

.33

%

,

1/19/27

..

402

396

FW2465882.UP.FTS.B

,

28

.77

%

,

1/19/27

..

746

734

FW2465848.UP.FTS.B

,

30

.66

%

,

1/19/27

..

1,083

1,067

FW2464665.UP.FTS.B

,

30

.79

%

,

1/19/27

..

765

754

FW2465741.UP.FTS.B

,

30

.94

%

,

1/19/27

..

948

934

FW2466141.UP.FTS.B

,

32

%

,

1/19/27

....

3,418

3,370

FW1738592.UP.FTS.B

,

28

.44

%

,

2/20/27

..

3,123

3,073

L2635721.UP.FTS.B

,

6

%

,

2/22/27

.......

1,241

537

L2675715.UP.FTS.B

,

6

.52

%

,

2/22/27

....

4,221

4,069

FW2676020.UP.FTS.B

,

6

.82

%

,

2/22/27

...

3,219

3,104

FW2676337.UP.FTS.B

,

8

.57

%

,

2/22/27

...

5,208

5,067

FW2675837.UP.FTS.B

,

9

.42

%

,

2/22/27

...

3,063

2,981

FW2675651.UP.FTS.B

,

9

.54

%

,

2/22/27

...

2,990

2,910

FW2675315.UP.FTS.B

,

9

.86

%

,

2/22/27

...

12,415

12,124

FW2675769.UP.FTS.B

,

11

.04

%

,

2/22/27

..

15,253

14,891

FW2675417.UP.FTS.B

,

12

.04

%

,

2/22/27

..

3,871

3,778

FW2675303.UP.FTS.B

,

12

.76

%

,

2/22/27

..

6,914

6,751

L2676179.UP.FTS.B

,

13

.92

%

,

2/22/27

....

8,530

617

L2675483.UP.FTS.B

,

14

.22

%

,

2/22/27

....

2,150

2,101

L2675701.UP.FTS.B

,

15

.05

%

,

2/22/27

....

3,256

3,182

FW2676119.UP.FTS.B

,

15

.87

%

,

2/22/27

..

2,147

2,120

FW2674729.UP.FTS.B

,

15

.98

%

,

2/22/27

..

2,293

2,242

L2675286.UP.FTS.B

,

16

.53

%

,

2/22/27

....

7,496

7,404

FW2676101.UP.FTS.B

,

16

.63

%

,

2/22/27

..

5,482

3,514

FW2676275.UP.FTS.B

,

16

.64

%

,

2/22/27

..

10,491

10,356

FW2673151.UP.FTS.B

,

16

.69

%

,

2/22/27

..

2,411

2,382

L2676056.UP.FTS.B

,

17

.4

%

,

2/22/27

....

1,944

1,921

L2675889.UP.FTS.B

,

18

.95

%

,

2/22/27

....

26,077

16,699

FW2675506.UP.FTS.B

,

19

.13

%

,

2/22/27

..

5,385

5,285

FW2675598.UP.FTS.B

,

19

.23

%

,

2/22/27

..

3,297

479

L2676048.UP.FTS.B

,

19

.28

%

,

2/22/27

....

17,888

17,558

FW2675827.UP.FTS.B

,

19

.75

%

,

2/22/27

..

2,521

180

FW2675725.UP.FTS.B

,

19

.97

%

,

2/22/27

..

3,014

2,979

FW2676447.UP.FTS.B

,

21

.12

%

,

2/22/27

..

3,794

3,751

L2675653.UP.FTS.B

,

22

.41

%

,

2/22/27

....

2,176

2,138

FW2674944.UP.FTS.B

,

22

.84

%

,

2/22/27

..

4,932

1,266

FW2675190.UP.FTS.B

,

23

.05

%

,

2/22/27

..

3,265

2,150

FW2675530.UP.FTS.B

,

23

.25

%

,

2/22/27

..

1,559

1,533

FW2676351.UP.FTS.B

,

24

.32

%

,

2/22/27

..

3,522

255

FW2675911.UP.FTS.B

,

24

.61

%

,

2/22/27

..

1,583

1,557

L2676213.UP.FTS.B

,

25

.44

%

,

2/22/27

....

1,413

1,390

L2676015.UP.FTS.B

,

26

.95

%

,

2/22/27

....

502

493

FW2675720.UP.FTS.B

,

27

.06

%

,

2/22/27

..

1,787

1,759

FW2675330.UP.FTS.B

,

27

.13

%

,

2/22/27

..

1,788

1,760

FW2675561.UP.FTS.B

,

27

.52

%

,

2/22/27

..

3,914

3,855

FW2675198.UP.FTS.B

,

30

.64

%

,

2/22/27

..

3,869

3,814

FW2675958.UP.FTS.B

,

30

.93

%

,

2/22/27

..

788

775

FW2676100.UP.FTS.B

,

31

.11

%

,

2/22/27

..

791

779

FW2676065.UP.FTS.B

,

31

.64

%

,

2/22/27

..

5,639

3,754

FW2675468.UP.FTS.B

,

31

.91

%

,

2/22/27

..

4,373

4,313

FW2675534.UP.FTS.B

,

32

.24

%

,

2/22/27

..

5,070

5,001

FW2676248.UP.FTS.B

,

25

.38

%

,

3/05/27

..

1,835

1,805

L2057382.UP.FTS.B

,

22

.46

%

,

4/16/27

....

1,304

336

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2057372.UP.FTS.B

,

23

.63

%

,

4/16/27

....

$

3,986

$

2,577

FW2056081.UP.FTS.B

,

30

.81

%

,

4/16/27

..

1,146

1,130

L2981847.UP.FTS.B

,

12

.88

%

,

4/20/27

....

4,992

3,066

FW2981800.UP.FTS.B

,

15

.54

%

,

4/20/27

..

10,221

10,022

L2981666.UP.FTS.B

,

17

.74

%

,

4/20/27

....

25,041

5,914

L2982362.UP.FTS.B

,

19

.25

%

,

4/20/27

....

1,150

1,140

FW2982412.UP.FTS.B

,

19

.87

%

,

4/20/27

..

6,450

6,355

FW2980149.UP.FTS.B

,

20

.02

%

,

4/20/27

..

3,141

1,971

FW2982427.UP.FTS.B

,

20

.52

%

,

4/20/27

..

12,573

12,344

FW2980976.UP.FTS.B

,

25

.24

%

,

4/20/27

..

8,272

8,172

FW2981812.UP.FTS.B

,

25

.87

%

,

4/20/27

..

1,833

1,813

L2981818.UP.FTS.B

,

25

.89

%

,

4/20/27

....

5,755

3,665

L2981438.UP.FTS.B

,

25

.94

%

,

4/20/27

....

1,724

1,705

FW2982630.UP.FTS.B

,

27

.01

%

,

4/20/27

..

1,912

1,891

FW2982476.UP.FTS.B

,

28

.13

%

,

4/20/27

..

17,585

17,402

FW2982596.UP.FTS.B

,

28

.27

%

,

4/20/27

..

881

871

FW2982248.UP.FTS.B

,

30

.44

%

,

4/20/27

..

2,992

2,962

FW2980005.UP.FTS.B

,

30

.65

%

,

4/20/27

..

915

602

FW2982470.UP.FTS.B

,

30

.66

%

,

4/20/27

..

1,382

1,369

FW2981459.UP.FTS.B

,

31

.69

%

,

4/20/27

..

5,702

5,651

L2981618.UP.FTS.B

,

6

.67

%

,

4/22/27

....

6,181

3,671

FW2982593.UP.FTS.B

,

14

.46

%

,

4/25/27

..

4,028

3,949

L2241971.UP.FTS.B

,

20

.32

%

,

5/13/27

....

2,099

928

L2241640.UP.FTS.B

,

22

.44

%

,

5/13/27

....

1,760

34

L2242418.UP.FTS.B

,

25

.33

%

,

5/13/27

....

8,450

–

L2465861.UP.FTS.B

,

5

.83

%

,

6/19/27

....

16,437

1,423

FW2451492.UP.FTS.B

,

6

.07

%

,

6/19/27

...

23,025

22,131

FW2465871.UP.FTS.B

,

12

.64

%

,

6/19/27

..

5,561

404

FW2464742.UP.FTS.B

,

26

.31

%

,

6/19/27

..

825

810

FW2676429.UP.FTS.B

,

14

.76

%

,

7/22/27

..

14,374

14,011

L2676160.UP.FTS.B

,

25

.17

%

,

7/22/27

....

9,238

669

FW2675787.UP.FTS.B

,

15

.6

%

,

12/22/27

..

4,637

4,577

L2675381.UP.FTS.B

,

18

.91

%

,

12/22/27

...

10,020

1,338

FW2675485.UP.FTS.B

,

24

.08

%

,

12/22/27

.

2,830

401

L2982002.UP.FTS.B

,

25

.37

%

,

2/20/28

....

4,722

4,684

FW2675613.UP.FTS.B

,

24

.49

%

,

2/22/35

..

672

68

FW2676140.UP.FTS.B

,

29

.13

%

,

2/22/35

..

259

18

L2981596.UP.FTS.B

,

7

.13

%

,

4/20/35

....

155

153

FW2982315.UP.FTS.B

,

15

.15

%

,

4/20/35

..

33

33

665,921

Total

Marketplace

Loans

(Cost

$

1,310,282

)

.......................

$1,089,505

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

Strategic

Income

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

At

March

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

March

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

At

March

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

33

$

3,670,219

6/18/25

$

44,812

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

39

4,450,875

6/18/25

(

18,536

)

U.S.

Treasury

5

Year

Notes

.....................

Long

20

2,163,125

6/30/25

22,631

U.S.

Treasury

Long

Bonds

.....................

Short

33

3,870,281

6/18/25

1,756

Total

Futures

Contracts

......................................................................

$50,663

*

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

Columbian

Peso

....

JPHQ

Sell

5,400,000,000

1,288,245

5/19/25

$

5,324

$

—

Euro

.............

JPHQ

Sell

930,000

964,664

6/30/25

—

(

46,058

)

Euro

.............

JPHQ

Sell

370,000

389,648

8/25/25

—

(

13,751

)

Total

Forward

Exchange

Contracts

...................................................

$5,324

$(59,809)

Net

unrealized

appreciation

(depreciation)

............................................

$(54,485)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Traded

Index

CDX.NA.HY.41

.

5.00%

Quarterly

12/20/28

7,750,000

$

462,213

$

(

2,081

)

$

464,294

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$462,213

$(2,081)

$464,294

OTC

Swap

Contracts

Contracts

to

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

780,000

1,274

(

62,718

)

63,992

BB+

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

Strategic

Income

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

At

March

31,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Abbreviations

on

page

160

.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

(c)

(d)

(continued)

Single

Name

(continued)

Total

OTC

Swap

Contracts

..............................................

$1,274

$(62,718)

$63,992

Total

Credit

Default

Swap

Contracts

....................................

$463,487

$

(

64,799

)

$528,286

(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.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

...........................

1-day

SOFR

Quarterly

BNDP

6/20/25

5,525,000

$

(

19,427

)

Total

Return

Swap

Contracts

....................................................................

$(19,427)

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

U.S.

Government

Securities

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

Reliance

Industries

Ltd.

,

Senior

Bond

,

2.512

%

,

1/15/26

........................

India

1,312,500

$

1,293,594

Senior

Note

,

1.87

%

,

1/15/26

.........................

India

736,842

726,098

Senior

Note

,

2.06

%

,

1/15/26

.........................

India

625,000

616,483

2,636,175

Total

Corporate

Bonds

(Cost

$

2,659,125

)

.....................................

2,636,175

Foreign

Government

and

Agency

Securities

0.0%

†

Petroleos

Mexicanos

,

Senior

Bond

,

2.378

%

,

4/15/25

.........

Mexico

164,500

164,156

Total

Foreign

Government

and

Agency

Securities

(Cost

$

162,252

)

..............

164,156

U.S.

Government

and

Agency

Securities

14.4%

FHLB

,

2.625

%,

9/12/25

...............................

United

States

10,000,000

9,928,673

U.S.

International

Development

Finance

Corp.

(The)

,

4.01

%,

5/15/30

.........................................

United

States

1,010,000

999,052

U.S.

Treasury

Notes

,

2.25

%,

8/15/27

...................................

United

States

34,040,000

32,788,100

4

%,

7/31/29

.....................................

United

States

24,000,000

24,067,031

0.625

%,

8/15/30

..................................

United

States

8,500,000

7,131,367

Total

U.S.

Government

and

Agency

Securities

(Cost

$

78,420,193

)

...............

74,914,223

Mortgage-Backed

Securities

77.6%

a

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.6%

FHLMC

,

7.06

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

5/01/37

.

United

States

42,404

43,325

FHLMC

,

6.706

%

-

7.535

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

3/01/36

-

4/01/40

........

United

States

3,248,920

3,336,221

3,379,546

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

11.1%

FHLMC

Gold

Pool,

20

Year

,

3.5

%,

3/01/32

................

United

States

700,538

684,325

FHLMC

Gold

Pool,

30

Year

,

3

%,

5/01/43

..................

United

States

121,415

109,398

FHLMC

Gold

Pool,

30

Year

,

3.5

%,

5/01/43

................

United

States

19,865

18,548

FHLMC

Gold

Pool,

30

Year

,

4

%,

9/01/40

-

12/01/41

..........

United

States

1,925,510

1,855,609

FHLMC

Gold

Pool,

30

Year

,

4.5

%,

5/01/40

-

7/01/41

.........

United

States

560,689

554,089

FHLMC

Gold

Pool,

30

Year

,

5

%,

9/01/33

-

4/01/40

...........

United

States

1,737,435

1,755,154

FHLMC

Gold

Pool,

30

Year

,

5.5

%,

7/01/33

-

5/01/38

.........

United

States

316,764

323,406

FHLMC

Gold

Pool,

30

Year

,

6

%,

7/01/28

-

8/01/35

...........

United

States

299,919

307,485

FHLMC

Gold

Pool,

30

Year

,

6.5

%,

5/01/29

-

5/01/35

.........

United

States

77,453

80,666

FHLMC

Gold

Pool,

30

Year

,

7

%,

2/01/31

-

9/01/31

...........

United

States

23,778

24,861

FHLMC

Gold

Pool,

30

Year

,

8.5

%,

7/01/31

................

United

States

27,521

29,055

FHLMC

Pool,

30

Year

,

2

%,

1/01/51

......................

United

States

4,072,773

3,290,088

FHLMC

Pool,

30

Year

,

4

%,

11/01/45

.....................

United

States

6,733,640

6,379,131

FHLMC

Pool,

30

Year

,

4.5

%,

1/01/49

.....................

United

States

2,029,570

1,981,224

FHLMC

Pool,

30

Year

,

4.5

%,

10/01/52

....................

United

States

13,323,038

12,771,848

FHLMC

Pool,

30

Year

,

5

%,

12/01/52

.....................

United

States

12,915,876

12,700,974

FHLMC

Pool,

30

Year

,

5.5

%,

1/01/53

.....................

United

States

12,243,011

12,257,658

FHLMC

Pool,

30

Year

,

6

%,

2/01/55

......................

United

States

2,471,410

2,511,185

57,634,704

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

1.7%

FNMA

,

4.198

%

-

5.72

%,

(

COFI

11th

District

+/-

MBS

Margin),

6/01/26

-

11/01/36

.................................

United

States

14,919

14,778

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Government

Securities

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

a

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

(continued)

FNMA

,

5.468

%

-

6.969

%,

(

12-month

average

of

1-year

CMT

+/-

MBS

Margin),

9/01/35

-

10/01/44

......................

United

States

97,520

$

98,716

FNMA

,

5.551

%

-

7.375

%,

(

6-month

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/27

-

3/01/37

United

States

156,222

158,001

FNMA

,

7.386

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

9/01/37

....................

United

States

2,922,371

3,006,461

FNMA

,

6.052

%

-

7.754

%,

(

1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

1/01/32

-

4/01/41

........

United

States

4,097,429

4,199,648

FNMA

,

4.883

%

-

8.383

%,

(

1-year

CMT

T-Note

+/-

MBS

Margin),

10/01/25

-

12/01/40

................................

United

States

1,776,354

1,827,445

9,305,049

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

20.1%

FNMA

,

2.64

%,

7/01/25

...............................

United

States

2,179,445

2,163,717

FNMA

,

3.28

%,

7/01/27

...............................

United

States

4,000,000

3,914,117

FNMA

,

5.5

%,

4/01/34

................................

United

States

239,165

244,278

FNMA,

15

Year

,

2

%,

9/01/35

...........................

United

States

1,673,786

1,528,582

FNMA,

15

Year

,

3

%,

9/01/37

...........................

United

States

9,724,509

9,205,111

FNMA,

30

Year

,

2.5

%,

8/01/51

.........................

United

States

8,138,790

6,797,240

FNMA,

30

Year

,

2.5

%,

9/01/51

.........................

United

States

18,005,073

15,059,495

FNMA,

30

Year

,

2.5

%,

11/01/51

.........................

United

States

4,164,734

3,494,299

FNMA,

30

Year

,

2.5

%,

12/01/51

.........................

United

States

5,685,928

4,747,787

FNMA,

30

Year

,

2.5

%,

2/01/52

.........................

United

States

7,497,842

6,254,270

FNMA,

30

Year

,

3

%,

12/01/42

..........................

United

States

44,172

40,162

FNMA,

30

Year

,

3

%,

7/01/51

...........................

United

States

3,499,702

3,060,967

FNMA,

30

Year

,

3

%,

9/01/51

...........................

United

States

2,977,965

2,597,696

FNMA,

30

Year

,

3.5

%,

7/01/45

.........................

United

States

7,872,991

7,299,009

FNMA,

30

Year

,

4

%,

1/01/41

-

8/01/41

....................

United

States

1,864,740

1,793,925

FNMA,

30

Year

,

4

%,

9/01/52

...........................

United

States

13,534,739

12,636,047

FNMA,

30

Year

,

4.5

%,

8/01/40

-

6/01/41

..................

United

States

1,704,015

1,677,963

FNMA,

30

Year

,

5

%,

3/01/34

-

7/01/41

....................

United

States

1,092,021

1,100,832

FNMA,

30

Year

,

5.5

%,

12/01/32

-

8/01/35

.................

United

States

658,170

670,540

FNMA,

30

Year

,

5.5

%,

3/01/54

.........................

United

States

3,465,093

3,462,798

FNMA,

30

Year

,

6

%,

6/01/29

-

8/01/38

....................

United

States

510,383

525,372

FNMA,

30

Year

,

6

%,

8/01/53

...........................

United

States

9,801,130

9,977,660

FNMA,

30

Year

,

6.5

%,

12/01/29

-

9/01/36

.................

United

States

69,284

72,240

FNMA,

30

Year

,

6.5

%,

2/01/55

.........................

United

States

5,425,261

5,595,769

FNMA,

30

Year

,

7.5

%,

8/01/25

.........................

United

States

35

35

FNMA,

30

Year

,

9

%,

10/01/26

..........................

United

States

10,998

11,032

103,930,943

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

44.1%

GNMA

I,

30

Year

,

5

%,

9/15/40

..........................

United

States

5,936,039

5,964,511

GNMA

I,

30

Year

,

5.5

%,

3/15/32

-

2/15/38

.................

United

States

173,643

178,570

GNMA

I,

30

Year

,

6

%,

7/15/29

-

11/15/38

..................

United

States

137,093

143,511

GNMA

I,

30

Year

,

6.5

%,

12/15/28

-

1/15/33

................

United

States

57,002

58,858

GNMA

I,

30

Year

,

7

%,

12/15/28

.........................

United

States

2,320

2,379

GNMA

I,

30

Year

,

7.5

%,

12/15/31

-

8/15/33

................

United

States

41,414

43,474

GNMA

I,

Single-family,

30

Year

,

3

%,

7/15/42

...............

United

States

188,753

171,474

GNMA

I,

Single-family,

30

Year

,

4

%,

10/15/40

-

8/15/46

.......

United

States

2,740,326

2,618,951

GNMA

I,

Single-family,

30

Year

,

4.5

%,

1/15/39

-

6/15/41

......

United

States

4,151,089

4,093,636

GNMA

I,

Single-family,

30

Year

,

5.5

%,

1/15/29

-

10/15/39

......

United

States

1,267,515

1,296,001

GNMA

I,

Single-family,

30

Year

,

6

%,

3/15/29

-

9/15/38

........

United

States

533,926

549,975

GNMA

I,

Single-family,

30

Year

,

6.5

%,

2/15/26

-

5/15/37

......

United

States

239,317

246,205

GNMA

I,

Single-family,

30

Year

,

7

%,

12/15/25

-

9/15/31

.......

United

States

18,192

18,563

GNMA

I,

Single-family,

30

Year

,

7.5

%,

2/15/27

..............

United

States

519

521

GNMA

II,

Single-family,

30

Year

,

2

%,

10/20/50

..............

United

States

6,142,834

5,029,688

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

111

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year

,

2

%,

8/20/51

...............

United

States

4,351,757

$

3,563,173

GNMA

II,

Single-family,

30

Year

,

2

%,

12/20/51

..............

United

States

9,726,348

7,963,831

GNMA

II,

Single-family,

30

Year

,

2

%,

3/20/52

...............

United

States

6,196,257

5,073,430

GNMA

II,

Single-family,

30

Year

,

2.5

%,

6/20/51

.............

United

States

9,563,100

8,165,221

GNMA

II,

Single-family,

30

Year

,

2.5

%,

7/20/51

.............

United

States

4,040,915

3,450,237

GNMA

II,

Single-family,

30

Year

,

2.5

%,

8/20/51

.............

United

States

27,138,505

23,171,554

GNMA

II,

Single-family,

30

Year

,

2.5

%,

10/20/51

............

United

States

8,946,862

7,639,061

GNMA

II,

Single-family,

30

Year

,

3

%,

12/20/42

-

9/20/45

......

United

States

2,616,080

2,354,077

GNMA

II,

Single-family,

30

Year

,

3

%,

4/20/46

...............

United

States

4,907,131

4,413,630

GNMA

II,

Single-family,

30

Year

,

3

%,

7/20/51

...............

United

States

13,358,243

11,844,408

GNMA

II,

Single-family,

30

Year

,

3

%,

8/20/51

...............

United

States

5,195,948

4,607,112

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/51

..............

United

States

13,988,806

12,403,511

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/42

.............

United

States

5,337,793

4,984,005

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/42

............

United

States

3,247,736

3,030,463

GNMA

II,

Single-family,

30

Year

,

3.5

%,

1/20/43

.............

United

States

4,348,551

4,057,624

GNMA

II,

Single-family,

30

Year

,

3.5

%,

5/20/47

.............

United

States

7,905,125

7,317,510

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/47

.............

United

States

13,189,731

12,158,296

GNMA

II,

Single-family,

30

Year

,

3.5

%,

7/20/42

-

10/20/47

.....

United

States

12,561,473

11,717,192

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

............

United

States

3,565,356

3,297,550

GNMA

II,

Single-family,

30

Year

,

4

%,

11/20/39

-

2/20/44

.......

United

States

5,736,081

5,490,835

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/20/39

-

10/20/44

....

United

States

7,770,530

7,635,053

GNMA

II,

Single-family,

30

Year

,

5

%,

9/20/33

-

6/20/44

.......

United

States

3,073,544

3,112,753

GNMA

II,

Single-family,

30

Year

,

5

%,

9/20/54

...............

United

States

5,727,344

5,637,788

GNMA

II,

Single-family,

30

Year

,

5.5

%,

5/20/34

-

6/20/38

......

United

States

1,247,187

1,283,968

GNMA

II,

Single-family,

30

Year

,

5.5

%,

3/20/54

.............

United

States

4,902,899

4,920,600

GNMA

II,

Single-family,

30

Year

,

5.5

%,

8/20/54

.............

United

States

10,983,659

11,016,540

GNMA

II,

Single-family,

30

Year

,

6

%,

4/20/28

-

7/20/39

.......

United

States

817,497

853,293

GNMA

II,

Single-family,

30

Year

,

6

%,

1/20/55

...............

United

States

11,152,320

11,330,001

GNMA

II,

Single-family,

30

Year

,

6

%,

2/20/55

...............

United

States

10,471,455

10,638,288

GNMA

II,

Single-family,

30

Year

,

6.5

%,

12/20/27

-

4/20/32

.....

United

States

93,622

97,046

GNMA

II,

Single-family,

30

Year

,

6.5

%,

2/20/55

.............

United

States

5,099,457

5,237,388

GNMA

II,

Single-family,

30

Year

,

7

%,

5/20/32

...............

United

States

2,431

2,552

GNMA

II,

Single-family,

30

Year

,

7.5

%,

10/20/25

-

11/20/26

....

United

States

1,694

1,700

GNMA

II,

Single-family,

30

Year

,

8

%,

8/20/26

...............

United

States

309

311

228,886,318

Total

Mortgage-Backed

Securities

(Cost

$

445,155,817

)

.........................

403,136,560

Total

Long

Term

Investments

(Cost

$

526,397,387

)

.............................

480,851,114

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Government

Securities

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

See

Abbreviations

on

page

160

.

Short

Term

Investments

7.2%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

7.2%

b

Joint

Repurchase

Agreement

,

4.356

%

,

4/01/25

(Maturity

Value

$

37,437,014

)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$25,725,219)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$2,707,819)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$9,003,976)

Collateralized

by

U.S.

Government

Agency

Securities,

2.5%

-

7.5%,

11/20/33

-

5/15/63;

U.S.

Treasury

Bonds,

1.13%,

5/15/40;

and

U.S.

Treasury

Notes,

1.25%

-

4.88%,

6/30/28

-

10/31/28

(valued

at

$

38,192,059

)

.............................

37,432,484

$

37,432,484

Total

Repurchase

Agreements

(Cost

$

37,432,484

)

.............................

37,432,484

Total

Short

Term

Investments

(Cost

$

37,432,484

)

..............................

37,432,484

a

Total

Investments

(Cost

$

563,829,871

)

99.7

%

.................................

$518,283,598

Other

Assets,

less

Liabilities

0.3

%

...........................................

1,403,641

Net

Assets

100.0%

.........................................................

$519,687,239

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

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;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

b

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

March

31,

2025,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Franklin

VolSmart

Allocation

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Shares

a

Value

a

Common

Stocks

62.9%

Aerospace

&

Defense

1.3%

Curtiss-Wright

Corp.

.................................................

165

$

52,350

General

Dynamics

Corp.

..............................................

1,999

544,887

Howmet

Aerospace,

Inc.

..............................................

1,264

163,979

Lockheed

Martin

Corp.

...............................................

547

244,350

RTX

Corp.

........................................................

5,456

722,702

1,728,268

Air

Freight

&

Logistics

0.2%

United

Parcel

Service,

Inc.,

B

..........................................

2,095

230,429

Automobiles

0.5%

General

Motors

Co.

..................................................

3,775

177,538

a

Tesla,

Inc.

.........................................................

1,902

492,923

670,461

Banks

1.6%

Citigroup,

Inc.

......................................................

6,865

487,346

Citizens

Financial

Group,

Inc.

..........................................

1,509

61,824

JPMorgan

Chase

&

Co.

...............................................

6,277

1,539,748

M&T

Bank

Corp.

....................................................

281

50,229

2,139,147

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

..........................................

39

52,650

PepsiCo,

Inc.

......................................................

3,477

521,341

573,991

Biotechnology

1.7%

AbbVie,

Inc.

.......................................................

7,144

1,496,811

a

Exelixis,

Inc.

.......................................................

1,471

54,309

Gilead

Sciences,

Inc.

................................................

2,105

235,865

a

United

Therapeutics

Corp.

.............................................

169

52,098

a

Vertex

Pharmaceuticals,

Inc.

...........................................

921

446,519

2,285,602

Broadline

Retail

1.1%

a

Amazon.com,

Inc.

...................................................

7,151

1,360,549

eBay,

Inc.

.........................................................

1,662

112,567

1,473,116

Building

Products

1.3%

AAON,

Inc.

........................................................

407

31,799

Armstrong

World

Industries,

Inc.

........................................

413

58,183

Carlisle

Cos.,

Inc.

...................................................

1,623

552,631

Johnson

Controls

International

plc

.......................................

6,979

559,088

Lennox

International,

Inc.

.............................................

138

77,395

Masco

Corp.

.......................................................

819

56,953

Owens

Corning

.....................................................

357

50,987

Trane

Technologies

plc

...............................................

871

293,457

1,680,493

Capital

Markets

2.4%

Ares

Management

Corp.,

A

............................................

1,106

162,151

Bank

of

New

York

Mellon

Corp.

(The)

....................................

1,212

101,650

Charles

Schwab

Corp.

(The)

...........................................

7,812

611,523

Evercore,

Inc.,

A

....................................................

218

43,539

Goldman

Sachs

Group,

Inc.

(The)

.......................................

764

417,366

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Capital

Markets

(continued)

Houlihan

Lokey,

Inc.,

A

...............................................

286

$

46,189

Interactive

Brokers

Group,

Inc.,

A

.......................................

279

46,200

Janus

Henderson

Group

plc

...........................................

1,401

50,646

Jefferies

Financial

Group,

Inc.

..........................................

899

48,159

Lazard,

Inc.,

A

......................................................

944

40,875

Moody's

Corp.

......................................................

626

291,522

Morgan

Stanley

.....................................................

5,292

617,418

Nasdaq,

Inc.

.......................................................

9,789

742,594

SEI

Investments

Co.

.................................................

651

50,537

3,270,369

Chemicals

2.0%

Air

Products

and

Chemicals,

Inc.

........................................

1,964

579,223

CF

Industries

Holdings,

Inc.

...........................................

694

54,236

Eastman

Chemical

Co.

...............................................

557

49,077

Ecolab,

Inc.

........................................................

1,830

463,942

FMC

Corp.

........................................................

947

39,954

Linde

plc

..........................................................

2,360

1,098,910

LyondellBasell

Industries

NV,

A

.........................................

1,001

70,470

NewMarket

Corp.

...................................................

90

50,981

Sherwin-Williams

Co.

(The)

............................................

892

311,478

2,718,271

Commercial

Services

&

Supplies

1.1%

Cintas

Corp.

.......................................................

4,088

840,207

Republic

Services,

Inc.,

A

.............................................

760

184,041

Rollins,

Inc.

........................................................

1,031

55,705

Waste

Management,

Inc.

..............................................

1,519

351,664

1,431,617

Communications

Equipment

0.8%

a

Arista

Networks,

Inc.

.................................................

4,097

317,435

Cisco

Systems,

Inc.

.................................................

6,284

387,786

a

F5,

Inc.

...........................................................

206

54,852

Motorola

Solutions,

Inc.

...............................................

659

288,517

1,048,590

Construction

&

Engineering

0.1%

Comfort

Systems

USA,

Inc.

............................................

151

48,672

EMCOR

Group,

Inc.

.................................................

157

58,032

106,704

Construction

Materials

0.1%

CRH

plc

..........................................................

2,054

180,690

Consumer

Finance

0.1%

Synchrony

Financial

.................................................

1,781

94,286

Consumer

Staples

Distribution

&

Retail

2.4%

Casey's

General

Stores,

Inc.

...........................................

859

372,840

Costco

Wholesale

Corp.

..............................................

890

841,744

Kroger

Co.

(The)

....................................................

1,074

72,699

Target

Corp.

.......................................................

1,525

159,149

Walmart,

Inc.

......................................................

19,531

1,714,627

3,161,059

Containers

&

Packaging

0.1%

International

Paper

Co.

...............................................

1,240

66,154

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Containers

&

Packaging

(continued)

Packaging

Corp.

of

America

...........................................

330

$

65,347

131,501

Diversified

Consumer

Services

0.1%

a

Grand

Canyon

Education,

Inc.

..........................................

360

62,287

H&R

Block,

Inc.

.....................................................

857

47,058

109,345

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

.........................................................

25,093

709,630

Verizon

Communications,

Inc.

..........................................

15,872

719,954

1,429,584

Electric

Utilities

0.4%

Entergy

Corp.

......................................................

1,389

118,746

NextEra

Energy,

Inc.

.................................................

6,222

441,077

559,823

Electrical

Equipment

0.4%

Acuity,

Inc.

........................................................

171

45,033

nVent

Electric

plc

...................................................

8,451

443,001

488,034

Electronic

Equipment,

Instruments

&

Components

0.3%

Amphenol

Corp.,

A

..................................................

4,388

287,809

Avnet,

Inc.

........................................................

1,034

49,725

Corning,

Inc.

.......................................................

2,638

120,768

458,302

Entertainment

0.2%

a

Spotify

Technology

SA

................................................

389

213,962

a

Financial

Services

2.4%

a

Berkshire

Hathaway,

Inc.,

B

............................................

1,170

623,118

a

Fiserv,

Inc.

........................................................

920

203,163

Mastercard,

Inc.,

A

..................................................

1,673

917,005

MGIC

Investment

Corp.

...............................................

2,133

52,856

a

Toast,

Inc.,

A

.......................................................

1,239

41,098

Visa,

Inc.,

A

........................................................

3,669

1,285,838

Western

Union

Co.

(The)

..............................................

4,410

46,658

3,169,736

Food

Products

0.7%

Ingredion,

Inc.

......................................................

403

54,490

Kellanova

.........................................................

813

67,064

McCormick

&

Co.,

Inc.

...............................................

3,821

314,506

Mondelez

International,

Inc.,

A

..........................................

5,639

382,606

a

Pilgrim's

Pride

Corp.

.................................................

1,123

61,215

879,881

Gas

Utilities

0.2%

Atmos

Energy

Corp.

.................................................

361

55,803

MDU

Resources

Group,

Inc.

...........................................

2,238

37,845

National

Fuel

Gas

Co.

................................................

874

69,212

UGI

Corp.

.........................................................

2,078

68,719

231,579

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Ground

Transportation

0.0%

†

Ryder

System,

Inc.

..................................................

371

$

53,353

Health

Care

Equipment

&

Supplies

3.6%

Abbott

Laboratories

..................................................

9,053

1,200,880

Becton

Dickinson

&

Co.

...............................................

2,058

471,406

a

Boston

Scientific

Corp.

...............................................

5,085

512,975

a

Globus

Medical,

Inc.,

A

...............................................

627

45,896

a

Intuitive

Surgical,

Inc.

................................................

1,220

604,229

ResMed,

Inc.

......................................................

429

96,032

STERIS

plc

........................................................

1,484

336,349

Stryker

Corp.

......................................................

4,059

1,510,963

4,778,730

Health

Care

Providers

&

Services

1.8%

Chemed

Corp.

.....................................................

88

54,148

Cigna

Group

(The)

..................................................

918

302,022

a

DaVita,

Inc.

........................................................

352

53,846

Encompass

Health

Corp.

.............................................

547

55,400

HCA

Healthcare,

Inc.

.................................................

761

262,964

Premier,

Inc.,

A

.....................................................

2,394

46,156

Quest

Diagnostics,

Inc.

...............................................

332

56,174

a

Tenet

Healthcare

Corp.

...............................................

401

53,935

UnitedHealth

Group,

Inc.

..............................................

2,767

1,449,216

Universal

Health

Services,

Inc.,

B

.......................................

280

52,612

2,386,473

Health

Care

REITs

0.0%

†

Omega

Healthcare

Investors,

Inc.

.......................................

1,362

51,865

Health

Care

Technology

0.0%

†

a

Doximity,

Inc.,

A

....................................................

982

56,985

a

Hotel

&

Resort

REITs

0.0%

†

Park

Hotels

&

Resorts,

Inc.

............................................

3,768

40,242

Hotels,

Restaurants

&

Leisure

1.4%

Booking

Holdings,

Inc.

...............................................

127

585,078

Domino's

Pizza,

Inc.

.................................................

131

60,188

Hilton

Worldwide

Holdings,

Inc.

.........................................

743

169,070

McDonald's

Corp.

...................................................

2,612

815,910

Royal

Caribbean

Cruises

Ltd.

..........................................

634

130,249

Texas

Roadhouse,

Inc.,

A

.............................................

305

50,822

Travel

+

Leisure

Co.

.................................................

973

45,040

1,856,357

Household

Durables

0.5%

DR

Horton,

Inc.

.....................................................

1,605

204,044

Garmin

Ltd.

........................................................

629

136,575

Lennar

Corp.,

A

.....................................................

945

108,467

Lennar

Corp.,

B

....................................................

324

35,339

a

NVR,

Inc.

.........................................................

13

94,177

PulteGroup,

Inc.

....................................................

909

93,445

Toll

Brothers,

Inc.

...................................................

479

50,577

722,624

Household

Products

0.9%

Colgate-Palmolive

Co.

...............................................

3,521

329,918

Kimberly-Clark

Corp.

.................................................

866

123,162

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Household

Products

(continued)

Procter

&

Gamble

Co.

(The)

...........................................

4,667

$

795,350

1,248,430

Industrial

Conglomerates

0.6%

3M

Co.

...........................................................

1,054

154,790

Honeywell

International,

Inc.

...........................................

2,894

612,805

767,595

Insurance

0.9%

Aon

plc,

A

.........................................................

322

128,507

Axis

Capital

Holdings

Ltd.

.............................................

649

65,056

Cincinnati

Financial

Corp.

.............................................

342

50,520

Erie

Indemnity

Co.,

A

.................................................

837

350,745

Hartford

Insurance

Group,

Inc.

(The)

.....................................

958

118,533

Lincoln

National

Corp.

................................................

1,644

59,036

Marsh

&

McLennan

Cos.,

Inc.

..........................................

1,675

408,750

Unum

Group

.......................................................

667

54,334

1,235,481

Interactive

Media

&

Services

2.0%

Alphabet,

Inc.,

A

....................................................

5,256

812,788

Alphabet,

Inc.,

C

....................................................

4,371

682,881

Meta

Platforms,

Inc.,

A

...............................................

2,141

1,233,987

2,729,656

IT

Services

1.4%

Accenture

plc,

A

....................................................

2,755

859,670

Amdocs

Ltd.

.......................................................

610

55,815

Cognizant

Technology

Solutions

Corp.,

A

..................................

1,822

139,383

a

GoDaddy,

Inc.,

A

....................................................

277

49,899

International

Business

Machines

Corp.

...................................

2,965

737,277

1,842,044

Life

Sciences

Tools

&

Services

0.6%

Danaher

Corp.

.....................................................

2,239

458,995

a

Medpace

Holdings,

Inc.

...............................................

168

51,188

a

Waters

Corp.

......................................................

134

49,389

West

Pharmaceutical

Services,

Inc.

......................................

1,189

266,193

825,765

Machinery

1.4%

Allison

Transmission

Holdings,

Inc.

......................................

557

53,288

Caterpillar,

Inc.

.....................................................

1,829

603,204

Cummins,

Inc.

......................................................

459

143,869

Illinois

Tool

Works,

Inc.

...............................................

496

123,013

PACCAR,

Inc.

......................................................

2,087

203,211

Parker-Hannifin

Corp.

................................................

1,048

637,027

Snap-on,

Inc.

......................................................

147

49,541

1,813,153

Media

0.1%

Fox

Corp.,

A

.......................................................

1,261

71,373

Fox

Corp.,

B

.......................................................

1,362

71,791

Omnicom

Group,

Inc.

................................................

542

44,937

188,101

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Metals

&

Mining

0.1%

Royal

Gold,

Inc.

....................................................

370

$

60,499

Southern

Copper

Corp.

...............................................

525

49,067

Steel

Dynamics,

Inc.

.................................................

606

75,798

185,364

Multi-Utilities

0.1%

Public

Service

Enterprise

Group,

Inc.

....................................

1,513

124,520

Office

REITs

0.1%

Cousins

Properties,

Inc.

..............................................

1,842

54,339

Highwoods

Properties,

Inc.

............................................

1,699

50,359

Kilroy

Realty

Corp.

..................................................

1,520

49,795

154,493

Oil,

Gas

&

Consumable

Fuels

1.2%

APA

Corp.

.........................................................

2,007

42,187

Chevron

Corp.

.....................................................

3,090

516,926

Civitas

Resources,

Inc.

...............................................

913

31,855

Devon

Energy

Corp.

.................................................

1,630

60,962

DT

Midstream,

Inc.

..................................................

645

62,230

EOG

Resources,

Inc.

................................................

2,914

373,691

Exxon

Mobil

Corp.

...................................................

2,997

356,433

Targa

Resources

Corp.

...............................................

352

70,565

Texas

Pacific

Land

Corp.

..............................................

68

90,099

Viper

Energy,

Inc.,

A

.................................................

1,144

51,652

1,656,600

Passenger

Airlines

0.1%

Delta

Air

Lines,

Inc.

..................................................

1,937

84,453

a

United

Airlines

Holdings,

Inc.

...........................................

636

43,916

128,369

Personal

Care

Products

0.0%

†

a

BellRing

Brands,

Inc.

.................................................

693

51,601

a

Pharmaceuticals

1.8%

Bristol-Myers

Squibb

Co.

..............................................

3,860

235,421

Eli

Lilly

&

Co.

......................................................

763

630,169

Johnson

&

Johnson

.................................................

9,227

1,530,206

Organon

&

Co.

.....................................................

3,391

50,492

2,446,288

Professional

Services

0.3%

Automatic

Data

Processing,

Inc.

........................................

667

203,789

a

CACI

International,

Inc.,

A

.............................................

111

40,728

Genpact

Ltd.

.......................................................

1,329

66,955

Leidos

Holdings,

Inc.

.................................................

557

75,162

SS&C

Technologies

Holdings,

Inc.

.......................................

697

58,220

444,854

Residential

REITs

0.1%

AvalonBay

Communities,

Inc.

..........................................

349

74,902

Essex

Property

Trust,

Inc.

.............................................

205

62,847

137,749

Retail

REITs

0.3%

Agree

Realty

Corp.

..................................................

709

54,728

NNN

REIT,

Inc.

.....................................................

1,148

48,962

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Franklin

VolSmart

Allocation

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Retail

REITs

(continued)

Realty

Income

Corp.

.................................................

2,090

$

121,241

Simon

Property

Group,

Inc.

............................................

1,347

223,710

448,641

Semiconductors

&

Semiconductor

Equipment

5.8%

Analog

Devices,

Inc.

.................................................

3,120

629,210

Applied

Materials,

Inc.

................................................

4,172

605,441

Broadcom,

Inc.

.....................................................

10,513

1,760,192

NVIDIA

Corp.

......................................................

23,596

2,557,335

QUALCOMM,

Inc.

...................................................

3,974

610,446

Skyworks

Solutions,

Inc.

..............................................

672

43,431

Texas

Instruments,

Inc.

...............................................

8,350

1,500,495

7,706,550

Software

6.3%

a

DocuSign,

Inc.,

A

...................................................

651

52,991

a

Fair

Isaac

Corp.

....................................................

68

125,403

a

Fortinet,

Inc.

.......................................................

1,284

123,598

a

Guidewire

Software,

Inc.

..............................................

273

51,149

Microsoft

Corp.

.....................................................

14,519

5,450,288

Oracle

Corp.

.......................................................

9,264

1,295,200

a

Palantir

Technologies,

Inc.,

A

...........................................

3,282

277,001

Pegasystems,

Inc.

...................................................

575

39,974

Roper

Technologies,

Inc.

..............................................

1,748

1,030,586

8,446,190

Specialized

REITs

0.3%

Gaming

and

Leisure

Properties,

Inc.

.....................................

1,044

53,139

Iron

Mountain,

Inc.

..................................................

945

81,308

a

Millrose

Properties,

Inc.,

A

.............................................

654

17,337

Public

Storage

.....................................................

578

172,990

VICI

Properties,

Inc.,

A

...............................................

2,682

87,487

412,261

Specialty

Retail

2.4%

Best

Buy

Co.,

Inc.

...................................................

735

54,103

Dick's

Sporting

Goods,

Inc.

............................................

266

53,615

Home

Depot,

Inc.

(The)

...............................................

1,787

654,918

Lowe's

Cos.,

Inc.

....................................................

3,728

869,482

Murphy

USA,

Inc.

...................................................

103

48,391

a

O'Reilly

Automotive,

Inc.

..............................................

96

137,528

Ross

Stores,

Inc.

...................................................

3,698

472,567

TJX

Cos.,

Inc.

(The)

.................................................

4,298

523,496

Tractor

Supply

Co.

..................................................

4,192

230,979

Williams-Sonoma,

Inc.

...............................................

621

98,180

3,143,259

Technology

Hardware,

Storage

&

Peripherals

3.6%

Apple,

Inc.

........................................................

20,321

4,513,904

Hewlett

Packard

Enterprise

Co.

.........................................

4,839

74,666

HP,

Inc.

...........................................................

3,962

109,708

NetApp,

Inc.

.......................................................

978

85,907

4,784,185

Textiles,

Apparel

&

Luxury

Goods

0.2%

Carter's,

Inc.

.......................................................

1,049

42,904

NIKE,

Inc.,

B

.......................................................

2,490

158,065

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.

120

a

a

Shares

a

Value

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Ralph

Lauren

Corp.,

A

................................................

230

$

50,770

Tapestry,

Inc.

......................................................

819

57,666

309,405

Tobacco

0.9%

Altria

Group,

Inc.

....................................................

8,300

498,166

Philip

Morris

International,

Inc.

.........................................

4,619

733,174

1,231,340

Trading

Companies

&

Distributors

0.8%

Fastenal

Co.

.......................................................

2,421

187,749

United

Rentals,

Inc.

..................................................

242

151,661

WW

Grainger,

Inc.

...................................................

735

726,055

1,065,465

Wireless

Telecommunication

Services

0.3%

T-Mobile

US,

Inc.

...................................................

1,519

405,132

Total

Common

Stocks

(Cost

$48,019,525)

......................................

84,343,960

a

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

34.4%

Domestic

Fixed

Income

26.0%

b

Franklin

U.S.

Core

Bond

ETF

..........................................

1,084,725

23,316,164

b

Putnam

Core

Bond

Fund,

Class

R6

......................................

1,398,586

11,496,376

34,812,540

Domestic

Hybrid

8.4%

b

Franklin

Income

VIP

Fund,

Class

1

......................................

726,614

11,240,721

Total

Investments

In

Underlying

Funds

and

Exchange

Traded

Funds

(Cost

$50,348,348)

................................................................

46,053,261

Total

Long

Term

Investments

(Cost

$98,367,873)

................................

130,397,221

a

a

a

a

a

Short

Term

Investments

2.7%

a

Money

Market

Funds

2.7%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

..................

3,666,463

3,666,463

Total

Money

Market

Funds

(Cost

$3,666,463)

...................................

3,666,463

Total

Short

Term

Investments

(Cost

$3,666,463)

.................................

3,666,463

a

Total

Investments

(Cost

$102,034,336)

100.0%

..................................

$134,063,684

Other

Assets,

less

Liabilities

0.0%

†

............................................

17,382

Net

Assets

100.0%

...........................................................

$134,081,066

†

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)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

At

March

31,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Abbreviations

on

page

160

.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Dynamic

VIX

Backwardation

(BEFSDVB1

Index)

..

—

Monthly

BZWS

5/23/25

4,000,000

$

(54,126)

Total

Return

Swap

Contracts

....................................................................

$(54,126)

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Templeton

Developing

Markets

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Industry

Shares

a

Value

a

Common

Stocks

92.8%

Brazil

2.8%

Hypera

SA

.....................

Pharmaceuticals

328,354

$

1,114,566

a

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

..........................

Health

Care

Providers

&

Services

875,989

931,797

TOTVS

SA

.....................

Software

239,337

1,399,588

Vale

SA

........................

Metals

&

Mining

272,323

2,705,835

XP,

Inc.

,

A

......................

Capital

Markets

95,764

1,316,755

7,468,541

Cambodia

0.2%

a

NagaCorp

Ltd.

..................

Hotels,

Restaurants

&

Leisure

1,089,238

477,538

Chile

1.0%

Banco

Santander

Chile

,

ADR

.......

Banks

113,339

2,584,129

China

25.6%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

732,969

12,127,692

Alibaba

Group

Holding

Ltd.

,

ADR

....

Broadline

Retail

1,110

146,775

a

Baidu,

Inc.

,

A

....................

Interactive

Media

&

Services

272,655

3,147,026

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

...........

Construction

Materials

257,247

483,730

b,c

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

..................

Beverages

3,440,558

4,146,710

China

Merchants

Bank

Co.

Ltd.

,

A

....

Banks

858,415

5,127,312

China

Resources

Building

Materials

Technology

Holdings

Ltd.

.........

Construction

Materials

182,484

40,634

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

1,423,706

857,647

a,b

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

53,817

974,626

c

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

...........................

Real

Estate

Management

&

Development

529,539

290,082

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

836,125

1,680,726

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

568,057

680,323

JD.com,

Inc.

,

A

..................

Broadline

Retail

52,927

1,088,790

a,c

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

392,028

2,749,121

NetEase,

Inc.

...................

Entertainment

120,813

2,481,815

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

.......................

Insurance

501,906

2,995,853

Prosus

NV

.....................

Broadline

Retail

272,610

12,665,231

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

139,765

8,930,418

Uni-President

China

Holdings

Ltd.

....

Food

Products

1,772,259

2,039,988

Weichai

Power

Co.

Ltd.

,

H

.........

Machinery

1,074,149

2,262,317

Weifu

High-Technology

Group

Co.

Ltd.

,

B

...........................

Automobile

Components

306,139

548,715

a,c

Wuxi

Biologics

Cayman,

Inc.

,

144A

,

Reg

S

...........................

Life

Sciences

Tools

&

Services

720,132

2,518,618

67,984,149

Hong

Kong

1.8%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

400,911

4,804,628

Hungary

1.2%

Richter

Gedeon

Nyrt.

.............

Pharmaceuticals

113,238

3,119,056

India

12.9%

ACC

Ltd.

.......................

Construction

Materials

52,622

1,191,111

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

10,427

1,517,002

Brigade

Enterprises

Ltd.

...........

Real

Estate

Management

&

Development

69,433

787,514

Federal

Bank

Ltd.

................

Banks

927,139

2,081,555

HDFC

Bank

Ltd.

.................

Banks

360,872

7,692,425

ICICI

Bank

Ltd.

..................

Banks

883,124

13,880,962

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Developing

Markets

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

Infosys

Ltd.

.....................

IT

Services

130,468

$

2,390,638

d

Natco

Pharma

Ltd.

...............

Pharmaceuticals

19,863

184,613

a

Niva

Bupa

Health

Insurance

Co.

Ltd.

..

Insurance

680,077

616,848

a,b

ReNew

Energy

Global

plc

,

A

........

Independent

Power

and

Renewable

Electricity

Producers

276,925

1,631,088

a

Zomato

Ltd.

....................

Hotels,

Restaurants

&

Leisure

976,555

2,294,016

34,267,772

Indonesia

0.6%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

5,100,168

1,509,393

Italy

0.1%

a,b,c

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

14,268

275,325

Mexico

2.1%

Grupo

Financiero

Banorte

SAB

de

CV

,

O

...........................

Banks

789,165

5,473,194

a,c

Nemak

SAB

de

CV

,

144A

,

Reg

S

....

Automobile

Components

1,720,797

225,353

5,698,547

Peru

0.5%

Intercorp

Financial

Services,

Inc.

.....

Banks

39,413

1,305,753

Philippines

0.4%

BDO

Unibank,

Inc.

...............

Banks

454,356

1,217,174

Russia

0.0%

e

LUKOIL

PJSC

...................

Oil,

Gas

&

Consumable

Fuels

85,254

—

e

Sberbank

of

Russia

PJSC

..........

Banks

1,061,956

—

—

South

Africa

2.3%

b

Discovery

Ltd.

...................

Insurance

374,349

4,073,228

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

2,717,289

1,951,824

6,025,052

South

Korea

16.7%

a,c

Delivery

Hero

SE

,

144A

,

Reg

S

......

Hotels,

Restaurants

&

Leisure

123,190

2,953,804

Doosan

Bobcat,

Inc.

..............

Machinery

81,306

2,776,335

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

49,892

1,290,655

Hyundai

Motor

Co.

...............

Automobiles

20,219

2,730,979

KT

Skylife

Co.

Ltd.

...............

Media

92,351

283,311

LG

Corp.

.......................

Industrial

Conglomerates

81,614

3,599,554

a

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

7,220

470,408

NAVER

Corp.

...................

Interactive

Media

&

Services

35,729

4,669,200

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

256,549

10,171,007

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

73,067

4,130,492

Samsung

SDI

Co.

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

11,070

1,430,610

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

67,514

9,000,024

Soulbrain

Co.

Ltd.

................

Chemicals

5,705

739,298

44,245,677

Taiwan

17.1%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

1,106,499

4,991,185

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

242,028

672,181

MediaTek,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

181,729

7,832,602

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

1,105,116

31,123,371

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.

124

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

Yageo

Corp.

....................

Electronic

Equipment,

Instruments

&

Components

60,643

$

893,181

45,512,520

Thailand

3.2%

Kasikornbank

PCL

...............

Banks

932,771

4,456,728

Kiatnakin

Phatra

Bank

PCL

.........

Banks

549,194

885,053

Minor

International

PCL

............

Hotels,

Restaurants

&

Leisure

2,131,996

1,662,558

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

3,332,420

532,962

Thai

Beverage

PCL

...............

Beverages

2,310,605

877,086

8,414,387

United

Arab

Emirates

0.7%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

2,969,137

1,309,557

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

1,594,627

668,588

1,978,145

United

States

3.6%

Cognizant

Technology

Solutions

Corp.

,

A

...........................

IT

Services

54,281

4,152,497

Genpact

Ltd.

....................

Professional

Services

105,150

5,297,457

9,449,954

Total

Common

Stocks

(Cost

$

184,087,925

)

.....................................

246,337,740

a

Preferred

Stocks

5.7%

Brazil

5.7%

Banco

Bradesco

SA

,

ADR

..........

Banks

1,593,360

3,553,193

b,f

Itau

Unibanco

Holding

SA

,

ADR

,

4.04

%

Banks

884,508

4,864,794

f

Petroleo

Brasileiro

SA

,

12

%

........

Oil,

Gas

&

Consumable

Fuels

1,021,528

6,652,118

15,070,105

Total

Preferred

Stocks

(Cost

$

16,134,351

)

......................................

15,070,105

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,e

Hemisphere

Properties

India

Ltd.,

Escrow

Account

................

82,304

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

—

Total

Long

Term

Investments

(Cost

$

200,222,276

)

...............................

261,407,845

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

125

See

A

bbreviations

on

page

160

.

Short

Term

Investments

2.2%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.2%

United

States

2.2%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

.........

5,797,216

$

5,797,216

Total

Money

Market

Funds

(Cost

$

5,797,216

)

...................................

5,797,216

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

5,797,216

)

.................................

5,797,216

a

a

a

Total

Investments

(Cost

$

206,019,492

)

100.7

%

..................................

$267,205,061

Other

Assets,

less

Liabilities

(

0.7

)

%

...........................................

(1,763,717)

Net

Assets

100.0%

...........................................................

$265,441,344

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$13,159,013,

representing

5.0%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Templeton

Foreign

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.0%

Aerospace

&

Defense

2.2%

Dassault

Aviation

SA

.................................

France

57,532

$

18,969,794

Automobile

Components

2.9%

Continental

AG

.....................................

Germany

250,136

17,639,548

Forvia

SE

.........................................

France

817,984

6,712,362

24,351,910

Banks

16.2%

HDFC

Bank

Ltd.

....................................

India

869,949

18,544,019

ING

Groep

NV

.....................................

Netherlands

1,335,800

26,170,066

Lloyds

Banking

Group

plc

.............................

United

Kingdom

24,228,567

22,724,378

Shinhan

Financial

Group

Co.

Ltd.

.......................

South

Korea

392,131

12,549,311

Standard

Chartered

plc

...............................

United

Kingdom

1,852,786

27,494,185

Sumitomo

Mitsui

Financial

Group,

Inc.

....................

Japan

1,124,000

28,903,222

136,385,181

Broadline

Retail

7.3%

Alibaba

Group

Holding

Ltd.

............................

China

1,956,500

32,372,214

Prosus

NV

........................................

China

616,743

28,653,361

61,025,575

Chemicals

2.1%

a

Albemarle

Corp.

....................................

United

States

101,297

7,295,410

LG

Chem

Ltd.

......................................

South

Korea

60,012

10,091,881

17,387,291

Commercial

Services

&

Supplies

2.5%

Securitas

AB

,

B

.....................................

Sweden

1,517,541

21,474,674

Construction

Materials

2.2%

CRH

plc

..........................................

United

States

209,788

18,386,380

Consumer

Staples

Distribution

&

Retail

2.0%

Carrefour

SA

.......................................

France

1,156,376

16,538,383

Containers

&

Packaging

2.6%

Smurfit

WestRock

plc

................................

United

States

484,636

21,753,386

Energy

Equipment

&

Services

1.1%

SBM

Offshore

NV

...................................

Netherlands

426,048

9,078,598

Household

Durables

4.4%

Barratt

Redrow

plc

..................................

United

Kingdom

3,294,853

18,124,497

Persimmon

plc

.....................................

United

Kingdom

1,238,531

19,156,388

37,280,885

Independent

Power

and

Renewable

Electricity

Producers

2.7%

b,c

Orsted

A/S

,

144A

,

Reg

S

..............................

Denmark

514,031

22,448,308

Insurance

7.3%

AIA

Group

Ltd.

.....................................

Hong

Kong

1,779,800

13,472,861

Prudential

plc

......................................

Hong

Kong

2,020,195

21,799,977

Swiss

Re

AG

.......................................

United

States

152,501

25,952,448

61,225,286

Machinery

3.8%

a

CNH

Industrial

NV

...................................

United

States

2,573,582

31,603,587

Media

1.3%

TBS

Holdings,

Inc.

..................................

Japan

371,900

10,727,077

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

127

See

Abbreviations

on

page

160

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

2.3%

Antofagasta

plc

.....................................

Chile

888,707

$

19,348,529

Oil,

Gas

&

Consumable

Fuels

10.2%

BP

plc

............................................

United

States

6,387,961

35,845,755

Galp

Energia

SGPS

SA

,

B

............................

Portugal

876,713

15,360,013

Shell

plc

..........................................

United

States

949,294

34,554,613

85,760,381

Pharmaceuticals

3.4%

AstraZeneca

plc

....................................

United

Kingdom

197,598

29,016,247

Professional

Services

2.4%

a

Adecco

Group

AG

...................................

Switzerland

678,141

20,392,164

Semiconductors

&

Semiconductor

Equipment

9.2%

Infineon

Technologies

AG

.............................

Germany

689,424

22,981,882

NXP

Semiconductors

NV

.............................

China

63,487

12,066,339

STMicroelectronics

NV

...............................

Singapore

604,282

13,250,421

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

1,032,000

29,064,206

77,362,848

Specialty

Retail

1.4%

JD

Sports

Fashion

plc

................................

United

Kingdom

13,537,102

11,969,987

Technology

Hardware,

Storage

&

Peripherals

3.9%

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

825,657

32,733,563

Textiles,

Apparel

&

Luxury

Goods

1.6%

Kering

SA

.........................................

France

65,920

13,714,015

Total

Common

Stocks

(Cost

$

651,262,003

)

...................................

798,934,049

Convertible

Preferred

Stocks

0.4%

Chemicals

0.4%

Albemarle

Corp.

,

7.25

%

..............................

United

States

100,000

3,565,000

Total

Convertible

Preferred

Stocks

(Cost

$

5,000,000

)

..........................

3,565,000

Total

Long

Term

Investments

(Cost

$

656,262,003

)

.............................

802,499,049

a

Short

Term

Investments

3.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.4%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052

%

..

United

States

28,490,573

28,490,573

Total

Money

Market

Funds

(Cost

$

28,490,573

)

................................

28,490,573

Total

Short

Term

Investments

(Cost

$

28,490,573

)

..............................

28,490,573

a

Total

Investments

(Cost

$

684,752,576

)

98.8

%

.................................

$830,989,622

Other

Assets,

less

Liabilities

1.2

%

...........................................

9,788,365

Net

Assets

100.0%

.........................................................

$840,777,987

a

a

a

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Foreign

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

a

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

value

of

this

security

was

$22,448,308,

representing

2.7%

of

net

assets.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Templeton

Global

Bond

VIP

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

68.6%

Australia

6.9%

New

South

Wales

Treasury

Corp.

,

Senior

Bond,

2%,

3/08/33

........

7,096,000

AUD

$

3,621,417

a

Senior

Bond,

Reg

S,

1.75%,

3/20/34

43,382,000

AUD

20,812,941

Queensland

Treasury

Corp.

,

Senior

Bond,

2%,

8/22/33

........

23,430,000

AUD

11,719,362

a

Senior

Bond,

144A,

Reg

S,

1.75%,

7/20/34

......................

52,103,000

AUD

24,580,528

Treasury

Corp.

of

Victoria

,

Senior

Bond,

2.25%,

11/20/34

.....

37,794,000

AUD

18,451,326

Senior

Bond,

2%,

11/20/37

........

41,521,000

AUD

17,763,350

96,948,924

Brazil

10.2%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/27

..................

212,680,000

BRL

34,705,866

10%,

1/01/31

..................

435,778,000

BRL

62,928,346

10%,

1/01/33

..................

130,494,000

BRL

18,061,443

F,

10%,

1/01/29

................

182,536,000

BRL

27,955,522

143,651,177

Colombia

6.5%

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

............

576,000,000

COP

135,446

Colombia

Titulos

de

Tesoreria

,

B,

7.5%,

8/26/26

...............

62,065,600,000

COP

14,473,938

B,

6%,

4/28/28

.................

28,988,600,000

COP

6,161,916

B,

7.75%,

9/18/30

..............

37,868,000,000

COP

7,778,895

B,

7%,

3/26/31

.................

17,210,500,000

COP

3,317,663

B,

7%,

6/30/32

.................

24,227,000,000

COP

4,461,059

B,

13.25%,

2/09/33

.............

95,554,000,000

COP

24,162,412

B,

7.25%,

10/18/34

.............

53,738,000,000

COP

9,348,690

B,

6.25%,

7/09/36

..............

10,374,000,000

COP

1,561,293

B,

9.25%,

5/28/42

..............

105,197,500,000

COP

19,094,952

90,496,264

Egypt

2.1%

a

Egypt

Government

Bond

,

Senior

Bond,

144A,

8.5%,

1/31/47

..

16,780,000

12,749,796

Senior

Bond,

144A,

8.7%,

3/01/49

..

5,020,000

3,853,786

Senior

Bond,

144A,

8.875%,

5/29/50

11,120,000

8,647,941

Senior

Bond,

144A,

8.75%,

9/30/51

.

4,820,000

3,703,170

28,954,693

Ghana

0.6%

b

Ghana

Government

Bond

,

PIK,

8.35%,

2/16/27

.............

25,388,735

GHS

1,316,323

PIK,

8.5%,

2/15/28

..............

25,463,729

GHS

1,179,114

PIK,

8.65%,

2/13/29

.............

25,144,673

GHS

1,048,126

PIK,

8.8%,

2/12/30

..............

25,218,838

GHS

980,471

PIK,

8.95%,

2/11/31

.............

23,099,657

GHS

833,468

PIK,

9.1%,

2/10/32

..............

19,152,022

GHS

656,822

PIK,

9.25%,

2/08/33

.............

15,613,261

GHS

507,779

PIK,

9.4%,

2/07/34

..............

12,847,928

GHS

404,886

PIK,

9.55%,

2/06/35

.............

12,039,324

GHS

370,867

PIK,

9.7%,

2/05/36

..............

14,831,275

GHS

440,625

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

(continued)

b

Ghana

Government

Bond,

(continued)

PIK,

9.85%,

2/03/37

.............

8,413,209

GHS

$

247,587

PIK,

10%,

2/02/38

..............

12,184,536

GHS

356,894

8,342,962

Hungary

0.2%

a

Hungary

Government

Bond

,

Senior

Bond,

Reg

S,

1.75%,

6/05/35

2,529,000

EUR

2,082,404

Senior

Bond,

Reg

S,

1.5%,

11/17/50

1,755,000

EUR

996,711

3,079,115

India

8.8%

India

Government

Bond

,

Senior

Bond,

5.77%,

8/03/30

......

526,000,000

INR

5,966,528

Senior

Bond,

7.26%,

8/22/32

......

1,877,900,000

INR

22,942,404

Senior

Bond,

7.18%,

8/14/33

......

3,641,200,000

INR

44,141,817

Senior

Bond,

7.1%,

4/08/34

.......

552,840,000

INR

6,676,582

Senior

Bond,

6.79%,

10/07/34

.....

1,290,600,000

INR

15,379,092

Senior

Note,

7.1%,

4/18/29

.......

2,390,000,000

INR

28,583,293

123,689,716

Malaysia

8.6%

Malaysia

Government

Bond

,

3.955%,

9/15/25

................

8,790,000

MYR

1,987,367

3.9%,

11/30/26

.................

68,750,000

MYR

15,636,906

3.892%,

3/15/27

................

5,820,000

MYR

1,324,518

3.502%,

5/31/27

................

56,390,000

MYR

12,737,905

3.899%,

11/16/27

...............

209,830,000

MYR

47,826,988

3.733%,

6/15/28

................

15,880,000

MYR

3,603,166

3.885%,

8/15/29

................

41,250,000

MYR

9,414,937

4.498%,

4/15/30

................

39,053,000

MYR

9,159,831

3.582%,

7/15/32

................

82,656,000

MYR

18,469,118

120,160,736

Mexico

4.1%

Mexican

Bonos,

M,

10%,

11/20/36

....

39,180,000

MXN

2,007,174

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

8.5%,

3/01/29

...............

53,130,000

MXN

2,565,594

M,

8.5%,

2/28/30

...............

238,510,000

MXN

11,444,666

M,

7.75%,

5/29/31

..............

89,340,000

MXN

4,111,057

M,

7.5%,

5/26/33

...............

598,260,000

MXN

26,363,841

M,

Senior

Bond,

8.5%,

5/31/29

.....

192,440,000

MXN

9,299,493

M,

Senior

Bond,

8.5%,

11/18/38

....

37,560,000

MXN

1,680,578

57,472,403

Norway

5.1%

a

Norway

Government

Bond

,

Senior

Bond,

144A,

Reg

S,

1.5%,

2/19/26

......................

680,209,000

NOK

63,176,608

Senior

Bond,

144A,

Reg

S,

1.75%,

2/17/27

......................

85,989,000

NOK

7,869,826

71,046,434

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Panama

4.5%

Panama

Government

Bond

,

Senior

Bond,

3.16%,

1/23/30

......

1,922,000

$

1,680,773

Senior

Bond,

2.252%,

9/29/32

.....

7,860,000

5,748,769

Senior

Bond,

3.298%,

1/19/33

.....

800,000

624,280

Senior

Bond,

6.4%,

2/14/35

.......

29,180,000

27,449,626

Senior

Bond,

6.7%,

1/26/36

.......

880,000

844,668

Senior

Bond,

8%,

3/01/38

........

25,610,000

26,442,325

62,790,441

Serbia

0.4%

Serbia

Treasury

Bonds,

4.5%,

8/20/32

.

624,310,000

RSD

5,633,912

South

Africa

6.0%

South

Africa

Government

Bond

,

Senior

Bond,

8.875%,

2/28/35

.....

332,190,000

ZAR

16,222,458

Senior

Bond,

8.5%,

1/31/37

.......

827,420,000

ZAR

37,531,744

Senior

Bond,

9%,

1/31/40

........

612,520,000

ZAR

27,614,308

Senior

Bond,

8.75%,

1/31/44

......

60,790,000

ZAR

2,601,635

83,970,145

South

Korea

2.0%

Korea

Treasury

Bonds

,

3.25%,

3/10/28

................

3,309,000,000

KRW

2,288,587

3.5%,

9/10/28

.................

37,862,910,000

KRW

26,454,369

28,742,956

Uruguay

2.6%

c

Uruguay

Government

Bond,

Index

Linked,

Senior

Bond,

3.875%,

7/02/40

1,424,190,819

UYU

36,164,883

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,023,999,674)

...........

961,144,761

U.S.

Government

and

Agency

Securities

17.8%

United

States

17.8%

U.S.

Treasury

Bonds,

3.375%,

8/15/42

................

27,930,000

23,954,339

3.125%,

2/15/43

................

16,230,000

13,326,669

3.625%,

8/15/43

................

56,190,000

49,412,081

3.75%,

11/15/43

................

14,300,000

12,771,687

U.S.

Treasury

Notes

,

3.5%,

2/15/33

.................

117,400,000

112,470,117

4.25%,

11/15/34

................

36,941,100

37,056,541

248,991,434

Total

U.S.

Government

and

Agency

Securities

(Cost

$260,087,598)

................

248,991,434

Total

Long

Term

Investments

(Cost

$1,284,087,272)

.............................

1,210,136,195

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

a

a  

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.3%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

159.00

JPY,

Expires

4/14/25

......

1

129,100,000

$

1,761

1,761

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

September

Strike

Price

128.00

JPY,

Expires

9/11/25

......................

1

129,100,000

274,346

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

138.85

JPY,

Expires

4/24/25

......

1

81,847,000

25,735

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

June

Strike

Price

144.30

JPY,

Expires

6/11/25

..

1

258,200,000

2,119,673

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

145.60

JPY,

Expires

4/24/25

......

1

409,236,000

1,287,892

3,707,646

Total

Options

Purchased

(Cost

$10,716,873)

....................................

3,709,407

Short

Term

Investments

11.6%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

11.6%

United

States

11.6%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

.........

162,037,170

162,037,170

Total

Money

Market

Funds

(Cost

$162,037,170)

.................................

162,037,170

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$162,037,170

)

...............................

162,037,170

a

a

a

Total

Investments

(Cost

$1,456,841,315)

98.3%

..................................

$1,375,882,772

Options

Written

(0.1)%

.......................................................

(1,686,718)

Other

Assets,

less

Liabilities

1.8%

.............................................

26,392,350

Net

Assets

100.0%

...........................................................

$1,400,588,404

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.1)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

150.00

JPY,

Expires

4/14/25

......

1

96,825,000

(745,576)

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

159.30

JPY,

Expires

4/14/25

......

1

64,588,000

$

(692)

(746,268)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

June

Strike

Price

135.30

JPY,

Expires

6/11/25

..

1

387,300,000

(551,340)

Foreign

Exchange

USD/JPY,

Counterparty

MSCO,

April

Strike

Price

141.55

JPY,

Expires

4/24/25

......

1

491,083,000

(389,110)

(940,450)

Total

Options

Written

(Premiums

received

$9,363,016)

...........................

$

(1,686,718)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

aggregate

value

of

these

securities

was

$148,473,711,

representing

10.6%

of

net

assets.

b

Income

may

be

received

in

additional

securities

and/or

cash.

c

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

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)

Templeton

Global

Bond

VIP

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

At

March

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

South

Korean

Won

..

JPHQ

Buy

5,342,000,000

3,681,929

4/14/25

$

—

$

(

55,587

)

Indian

Rupee

......

JPHQ

Buy

1,431,342,200

16,505,330

4/15/25

223,661

—

Indian

Rupee

......

JPHQ

Sell

1,431,342,200

16,632,877

4/15/25

—

(

96,114

)

Japanese

Yen

......

MSCO

Buy

4,278,392,000

27,713,921

4/16/25

855,170

—

New

Zealand

Dollar

.

BOFA

Buy

10,600,000

5,943,155

4/16/25

77,003

—

New

Zealand

Dollar

.

BOFA

Sell

10,600,000

5,998,794

4/16/25

—

(

21,364

)

New

Zealand

Dollar

.

CITI

Buy

12,470,000

6,992,989

4/16/25

89,216

—

New

Zealand

Dollar

.

CITI

Sell

12,470,000

7,055,526

4/16/25

—

(

26,679

)

New

Zealand

Dollar

.

JPHQ

Buy

47,380,000

26,546,066

4/16/25

362,906

—

New

Zealand

Dollar

.

JPHQ

Sell

47,380,000

26,799,960

4/16/25

—

(

109,012

)

Indian

Rupee

......

HSBK

Buy

241,380,400

2,764,795

4/17/25

55,868

—

Indian

Rupee

......

HSBK

Sell

241,380,400

2,804,775

4/17/25

—

(

15,888

)

Serbian

Dinar

......

DBAB

Buy

337,808,788

2,966,610

4/22/25

150,253

—

Indian

Rupee

......

HSBK

Buy

242,055,750

2,781,690

4/29/25

43,848

—

Indian

Rupee

......

HSBK

Sell

242,055,750

2,811,496

4/29/25

—

(

14,042

)

Serbian

Dinar

......

DBAB

Buy

793,386,000

7,068,153

4/30/25

252,024

—

Serbian

Dinar

......

DBAB

Buy

1,188,227,000

10,405,227

5/05/25

557,980

—

Chinese

Yuan

......

DBAB

Sell

250,714,186

34,882,119

5/20/25

256,348

—

Chinese

Yuan

......

CITI

Sell

137,671,876

19,169,484

5/22/25

153,412

—

Mexican

Peso

......

BNDP

Buy

393,038,660

19,035,193

5/27/25

26,617

—

Mexican

Peso

......

HSBK

Buy

823,179,263

39,897,214

5/27/25

25,796

—

Mexican

Peso

......

BNDP

Buy

142,834,437

6,934,586

6/10/25

—

(

19,897

)

Mexican

Peso

......

HSBK

Buy

145,436,000

7,061,714

6/10/25

—

(

21,082

)

Japanese

Yen

......

MSCO

Buy

5,056,470,000

32,959,639

6/13/25

1,028,395

—

Chinese

Yuan

......

HSBK

Sell

232,298,171

32,248,563

6/18/25

106,457

—

Indian

Rupee

......

CITI

Buy

590,870,000

6,717,103

6/18/25

156,454

—

Indian

Rupee

......

CITI

Sell

590,870,000

6,830,393

6/18/25

—

(

43,164

)

Indian

Rupee

......

JPHQ

Buy

266,347,200

3,028,221

6/18/25

70,181

—

Indian

Rupee

......

JPHQ

Sell

266,347,200

3,083,614

6/18/25

—

(

14,788

)

Australian

Dollar

....

HSBK

Buy

71,050,000

44,759,276

6/25/25

—

(

332,308

)

Chinese

Yuan

......

HSBK

Sell

478,930,000

66,088,207

6/27/25

—

(

217,876

)

Chinese

Yuan

......

MSCO

Sell

517,170,000

71,371,398

6/27/25

—

(

228,871

)

Euro

.............

JPHQ

Buy

32,436,076

34,691,852

6/27/25

638,772

(

85,351

)

Euro

.............

JPHQ

Sell

62,070,000

65,153,638

6/27/25

—

(

2,292,076

)

Euro

.............

BNDP

Sell

19,655,000

20,246,419

7/15/25

—

(

1,132,882

)

Euro

.............

BOFA

Sell

17,697,861

18,245,167

7/15/25

—

(

1,005,298

)

Euro

.............

BZWS

Sell

20,698,139

21,419,676

7/16/25

—

(

1,095,559

)

Euro

.............

JPHQ

Sell

20,699,000

21,399,454

7/16/25

—

(

1,116,718

)

Japanese

Yen

......

BNDP

Buy

14,877,674,660

96,403,701

7/16/25

3,953,282

—

Japanese

Yen

......

BNDP

Sell

4,887,700,000

33,485,654

7/16/25

515,796

—

Japanese

Yen

......

DBAB

Buy

2,720,492,240

17,753,587

7/17/25

599,332

—

Japanese

Yen

......

JPHQ

Buy

2,202,609,690

14,740,915

8/13/25

159,968

—

Japanese

Yen

......

MSCO

Buy

2,196,400,000

14,699,603

8/13/25

159,271

—

South

Korean

Won

..

MSCO

Buy

102,473,100,000

71,461,617

8/18/25

—

(

1,430,885

)

Chinese

Yuan

......

CITI

Sell

138,358,144

19,181,509

8/21/25

—

(

47,493

)

Chinese

Yuan

......

DBAB

Sell

138,253,191

19,165,630

8/21/25

—

(

48,785

)

Chinese

Yuan

......

JPHQ

Sell

109,990,533

15,249,353

8/21/25

—

(

37,121

)

Serbian

Dinar

......

DBAB

Buy

578,763,000

5,341,113

9/10/25

—

(

8,526

)

Indian

Rupee

......

HSBK

Buy

875,000,000

9,895,056

9/17/25

228,933

—

Indian

Rupee

......

HSBK

Sell

875,000,000

10,072,174

9/17/25

—

(

51,815

)

Serbian

Dinar

......

DBAB

Buy

1,486,651,427

13,761,468

9/17/25

—

(

65,111

)

Total

Forward

Exchange

Contracts

...................................................

$10,746,943

$(9,634,292)

Net

unrealized

appreciation

(depreciation)

............................................

$1,112,651

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

135

At

March

31,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

Abbreviations

on

page

160.

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Fixed

3.285%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

5/03/33

92,910,000

$

(

4,299,656

)

$

—

$

(

4,299,656

)

Total

Interest

Rate

Swap

Contracts

....................................

$(4,299,656)

$

—

$(4,299,656)

*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited),

March

31,

2025

Templeton

Growth

VIP

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.2%

Aerospace

&

Defense

9.7%

Airbus

SE

.........................................

France

48,327

$

8,509,693

BAE

Systems

plc

...................................

United

Kingdom

444,361

8,972,757

a

Rolls-Royce

Holdings

plc

.............................

United

Kingdom

1,045,437

10,160,986

Safran

SA

.........................................

France

21,354

5,622,155

33,265,591

Banks

12.6%

Bank

of

America

Corp.

...............................

United

States

87,641

3,657,259

HDFC

Bank

Ltd.

....................................

India

186,658

3,978,842

KeyCorp

..........................................

United

States

343,481

5,492,261

Mizuho

Financial

Group,

Inc.

...........................

Japan

207,687

5,699,707

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

40,244

7,073,688

Royal

Bank

of

Canada

...............................

Canada

30,815

3,471,117

Sumitomo

Mitsui

Financial

Group,

Inc.

....................

Japan

220,833

5,678,635

Wells

Fargo

&

Co.

...................................

United

States

114,398

8,212,632

43,264,141

Broadline

Retail

2.3%

a

Amazon.com,

Inc.

...................................

United

States

34,979

6,655,104

Ryohin

Keikaku

Co.

Ltd.

..............................

Japan

46,374

1,266,868

7,921,972

Capital

Markets

3.4%

Charles

Schwab

Corp.

(The)

...........................

United

States

71,853

5,624,653

Intercontinental

Exchange,

Inc.

.........................

United

States

34,928

6,025,080

11,649,733

Construction

Materials

2.0%

CRH

plc

..........................................

United

States

76,144

6,698,388

Containers

&

Packaging

1.1%

Crown

Holdings,

Inc.

.................................

United

States

42,195

3,766,326

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

.........................................

United

States

161,908

4,578,758

Electrical

Equipment

0.7%

Mitsubishi

Electric

Corp.

..............................

Japan

138,200

2,548,724

Electronic

Equipment,

Instruments

&

Components

1.0%

Amphenol

Corp.

,

A

..................................

United

States

52,052

3,414,091

Financial

Services

3.2%

Fidelity

National

Information

Services,

Inc.

.................

United

States

49,812

3,719,960

b

Visa,

Inc.

,

A

........................................

United

States

20,936

7,337,231

11,057,191

Food

Products

1.2%

Danone

SA

........................................

France

53,257

4,073,376

Ground

Transportation

2.0%

Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

47,261

3,316,694

Union

Pacific

Corp.

..................................

United

States

14,976

3,537,930

6,854,624

Health

Care

Equipment

&

Supplies

1.0%

Medtronic

plc

......................................

United

States

39,720

3,569,239

Health

Care

Providers

&

Services

4.9%

HCA

Healthcare,

Inc.

.................................

United

States

17,137

5,921,690

Franklin

Templeton

Variable

Insurance

Products

Trust

Schedule

of

Investments

(unaudited)

Templeton

Growth

VIP

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

UnitedHealth

Group,

Inc.

..............................

United

States

20,512

$

10,743,160

16,664,850

Hotels,

Restaurants

&

Leisure

3.7%

b

Aramark

..........................................

United

States

157,992

5,453,884

Booking

Holdings,

Inc.

...............................

United

States

1,595

7,348,021

12,801,905

Independent

Power

and

Renewable

Electricity

Producers

0.9%

a,b,c

Orsted

A/S

,

144A

,

Reg

S

..............................

Denmark

68,191

2,977,977

Industrial

Conglomerates

3.1%

Honeywell

International,

Inc.

...........................

United

States

18,105

3,833,734

Siemens

AG

.......................................

Germany

28,970

6,690,514

10,524,248

Insurance

1.9%

Swiss

Re

AG

.......................................

United

States

37,952

6,458,629

Interactive

Media

&

Services

4.3%

Alphabet,

Inc.

,

A

....................................

United

States

32,374

5,006,315

Meta

Platforms,

Inc.

,

A

...............................

United

States

5,400

3,112,344

a

Pinterest,

Inc.

,

A

....................................

United

States

110,837

3,435,947

Tencent

Holdings

Ltd.

................................

China

50,900

3,252,304

14,806,910

Life

Sciences

Tools

&

Services

1.4%

a

ICON

plc

..........................................

United

States

28,082

4,914,069

Machinery

3.2%

b

CNH

Industrial

NV

...................................

United

States

682,927

8,386,344

Ebara

Corp.

.......................................

Japan

47,200

718,411

IHI

Corp.

..........................................

Japan

24,300

1,695,869

10,800,624

Metals

&

Mining

2.1%

Freeport-McMoRan,

Inc.

..............................

United

States

187,570

7,101,400

Oil,

Gas

&

Consumable

Fuels

4.1%

BP

plc

............................................

United

States

1,248,352

7,005,071

Reliance

Industries

Ltd.

...............................

India

231,845

3,446,916

Shell

plc

..........................................

United

States

100,966

3,675,196

14,127,183

Personal

Care

Products

4.2%

Kenvue,

Inc.

.......................................

United

States

325,570

7,807,169

Unilever

plc

........................................

United

Kingdom

110,357

6,575,283

14,382,452

Pharmaceuticals

3.3%

AstraZeneca

plc

....................................

United

Kingdom

50,921

7,477,486

Eli

Lilly

&

Co.

......................................

United

States

4,640

3,832,223

11,309,709

Semiconductors

&

Semiconductor

Equipment

7.2%

Infineon

Technologies

AG

.............................

Germany

186,218

6,207,559

NVIDIA

Corp.

......................................

United

States

95,755

10,377,927

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

49,284

8,181,144

24,766,630

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.

138

See

Abbreviations

on

page

160

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

7.5%

a

Autodesk,

Inc.

......................................

United

States

13,237

$

3,465,447

Microsoft

Corp.

.....................................

United

States

39,467

14,815,517

SAP

SE

..........................................

Germany

27,160

7,277,513

25,558,477

Technology

Hardware,

Storage

&

Peripherals

1.6%

Apple,

Inc.

........................................

United

States

24,964

5,545,253

Textiles,

Apparel

&

Luxury

Goods

1.3%

NIKE,

Inc.

,

B

.......................................

United

States

70,843

4,497,114

Total

Common

Stocks

(Cost

$

281,321,762

)

...................................

329,899,584

Short

Term

Investments

3.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

3.9%

National

Bank

of

Canada

,

4.33

%

,

4/01/25

.................

Canada

13,300,000

13,300,000

Total

Time

Deposits

(Cost

$

13,300,000

)

......................................

13,300,000

Total

Short

Term

Investments

(Cost

$

13,300,000

)

..............................

13,300,000

a

Total

Investments

(Cost

$

294,621,762

)

100.1

%

................................

$343,199,584

Other

Assets,

less

Liabilities

(

0.1

)

%

.........................................

(219,901)

Net

Assets

100.0%

.........................................................

$342,979,683

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

value

of

this

security

was

$2,977,977,

representing

0.9%

of

net

assets.

Franklin

Templeton

Variable

Insurance

Products

Trust

139

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Templeton

Variable

Insurance

Products

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of eighteen separate

funds

(Funds).

The

Funds

follow the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Shares

of

the

Funds

are

generally

sold

only

to

insurance

company

separate

accounts

to

fund

the

benefits

of

variable

life

insurance

policies

or

variable

annuity

contracts.

The

accounting

policies

of

the

Underlying

Funds

are

outlined

in

their

respective

shareholder

reports.

A

copy

of

the

Underlying

Funds’

shareholder

reports

is

available

on

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

at

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

by

this

report.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in repurchase

agreements

and

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

140

Quarterly

Schedules

of

Investments

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

March

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Restricted

Securities

At

March

31,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Shares

VIP

Fund

643,835

Windstream

Holdings,

Inc.

.....................

9/21/20

-

6/09/23

$

5,263,806

$

11,584,253

Total

Restricted

Securities

(Value

is

0.6%

of

Net

Assets)

...............

$5,263,806

$11,584,253

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Small-Mid

Cap

Growth

VIP

Fund

45,571

Anduril

Industries,

Inc.,

F

......................

7/17/24

$

990,558

$

1,863,034

35,200

Benchling,

Inc.,

F

............................

10/20/21

1,150,910

472,516

25,878

Databricks,

Inc.,

G

...........................

2/01/21

1,529,975

2,316,514

94,539

Fanatics

Holdings,

Inc.

........................

8/13/20

-

3/22/21

1,669,739

5,420,707

48,915

Newsela,

Inc.,

D

.............................

1/21/21

1,034,807

882,231

82,367

OneTrust

LLC,

C

............................

4/01/21

1,615,242

1,055,111

Total

Restricted

Securities

(Value

is

3.1%

of

Net

Assets)

...............

$7,991,231

$12,010,113

2. Financial

Instrument

Valuation

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

141

Quarterly

Schedules

of

Investments

4.

Unfunded

Loan

Commitments

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

March

31,

2025,

unfunded

commitments

were

as

follows:

5.

Investments

in

FT

Underlying

Funds

Certain

or

all

Funds

invest

in

FT

Underlying

Funds

which

are

managed

by

Franklin

Advisers,

Inc.

(Advisers),

an

affiliate

of

FT

Services

or

an

affiliate

of

Advisers.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

Underlying

Fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

Underlying

Fund.

The

Funds

do

not

invest

in

Underlying

Funds

for

the

purpose

of

exercising

a

controlling

influence

over

the

management

or

policies.

Investments

in

FT

Underlying

Funds

for

the period ended March

31,

2025,

were

as

follows:

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Strategic

Income

VIP

Fund

14,792,309

a

K2016470219

South

Africa

Ltd.,

A

...............

2/08/13

-

2/01/17

$

114,767

$

—

1,472,041

a

K2016470219

South

Africa

Ltd.,

B

...............

2/01/17

1,093

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

...............

$115,860

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$1,047

as

of

March

31,

2025.

Borrower

Unfunded

Commitment

Franklin

Income

VIP

Fund

Clydesdale

Acquisition

Holdings,

Inc.

$

68,729

$

68,729

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Dividend

Income

a

a

a

a

a

a

a

a

a

Franklin

VolSmart

Allocation

VIP

Fund

Non-Controlled

Affiliates

Franklin

Income

VIP

Fund,

Class

1

$

10,986,407

$

—

$

—

$

—

$

254,314

$

11,240,721

726,614

$

—

Franklin

U.S.

Core

Bond

ETF

...

22,876,850

—

—

—

439,314

23,316,164

1,084,725

161,091

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

......

4,998,049

3,984,152

(5,315,738)

—

—

3,666,463

3,666,463

33,674

Putnam

Core

Bond

Fund,

Class

R6

11,185,947

129,085

—

—

181,344

11,496,376

1,398,586

129,085

Total

Affiliated

Securities

....

$50,047,253

$4,113,237

$(5,315,738)

$—

$874,972

$49,719,724

$323,850

3.

Restricted

Securities

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

142

Quarterly

Schedules

of

Investments

6.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

March

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Allocation

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$11,584,327

$17,951,395

$(16,413,507)

$—

$—

$13,122,215

13,122,215

$120,622

Total

Affiliated

Securities

...

$11,584,327

$17,951,395

$(16,413,507)

$—

$—

$13,122,215

$120,622

Franklin

DynaTech

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$114,911

$5,762,361

$(5,876,204)

$—

$—

$1,068

1,068

$3,373

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$436,190

$1,891,975

$(1,856,775)

$—

$—

$471,390

471,390

$2,763

Total

Affiliated

Securities

...

$551,101

$7,654,336

$(7,732,979)

$—

$—

$472,458

$6,136

Franklin

Growth

and

Income

VIP

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$626,000

$(626,000)

$—

$—

$—

—

$69

Total

Affiliated

Securities

...

$—

$626,000

$(626,000)

$—

$—

$—

$69

Franklin

Income

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$71,500,603

$166,959,355

$(215,315,530)

$—

$—

$23,144,428

23,144,428

$431,098

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

143

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Income

VIP

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$2,784,000

$32,173,000

$(26,824,000)

$—

$—

$8,133,000

8,133,000

$54,817

Total

Affiliated

Securities

...

$74,284,603

$199,132,355

$(242,139,530)

$—

$—

$31,277,428

$485,915

Franklin

Mutual

Global

Discovery

VIP

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$7,231,000

$(7,231,000)

$—

$—

$—

—

$788

Total

Affiliated

Securities

...

$—

$7,231,000

$(7,231,000)

$—

$—

$—

$788

Franklin

Rising

Dividends

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$23,716,508

$86,105,008

$(90,026,017)

$—

$—

$19,795,499

19,795,499

$309,344

Total

Affiliated

Securities

...

$23,716,508

$86,105,008

$(90,026,017)

$—

$—

$19,795,499

$309,344

Franklin

Small

Cap

Value

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$17,941,521

$78,001,635

$(74,549,154)

$—

$—

$21,394,002

21,394,002

$205,383

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$2,000

$(2,000)

$—

$—

$—

—

$44

Total

Affiliated

Securities

...

$17,941,521

$78,003,635

$(74,551,154)

$—

$—

$21,394,002

$205,427

Franklin

Small-Mid

Cap

Growth

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$5,387,512

$19,205,235

$(19,031,852)

$—

$—

$5,560,895

5,560,895

$47,686

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

144

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Small-Mid

Cap

Growth

VIP

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$339,200

$3,742,055

$(3,104,255)

$—

$—

$977,000

977,000

$2,771

Total

Affiliated

Securities

...

$5,726,712

$22,947,290

$(22,136,107)

$—

$—

$6,537,895

$50,457

Franklin

Strategic

Income

VIP

Fund

Non-Controlled

Affiliates

Dividends

Franklin

BSP

Real

Estate

Debt

BDC

..................

$1,823,176

$498,575

$—

$—

$116,367

$2,438,118

86,519

$125,742

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

3,347,828

25,750,214

(13,263,372)

—

—

15,834,670

15,834,670

125,719

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$1,851,000

$(1,851,000)

$—

$—

$—

—

$269

Total

Affiliated

Securities

...

$5,171,004

$28,099,789

$(15,114,372)

$—

$116,367

$18,272,788

$251,730

Templeton

Developing

Markets

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$3,050,480

$13,722,489

$(10,975,753)

$—

$—

$5,797,216

5,797,216

$41,912

Total

Affiliated

Securities

...

$3,050,480

$13,722,489

$(10,975,753)

$—

$—

$5,797,216

$41,912

Templeton

Foreign

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$45,660,015

$32,548,786

$(49,718,228)

$—

$—

$28,490,573

28,490,573

$369,780

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$4,090,730

$(4,090,730)

$—

$—

$—

—

$3,019

Total

Affiliated

Securities

...

$45,660,015

$36,639,516

$(53,808,958)

$—

$—

$28,490,573

$372,799

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

145

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

March

31,

2025,

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

Global

Bond

VIP

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$147,171,635

$100,105,233

$(85,239,698)

$—

$—

$162,037,170

162,037,170

$1,662,635

Total

Affiliated

Securities

...

$147,171,635

$100,105,233

$(85,239,698)

$—

$—

$162,037,170

$1,662,635

Level

1

Level

2

Level

3

Total

Franklin

Allocation

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

6,762,864

$

2,715,176

$

—

$

9,478,040

Air

Freight

&

Logistics

...................

—

971,369

—

971,369

Automobile

Components

.................

—

943,359

—

943,359

Automobiles

..........................

2,047,517

1,440,688

—

3,488,205

Banks

...............................

8,437,994

9,013,422

—

17,451,416

Beverages

...........................

3,358,359

386,716

—

3,745,075

Biotechnology

.........................

4,869,612

322,019

—

5,191,631

Broadline

Retail

.......................

7,797,439

2,277,658

—

10,075,097

Building

Products

......................

724,648

470,988

—

1,195,636

Capital

Markets

........................

5,698,795

3,097,765

—

8,796,560

Chemicals

...........................

7,122,392

1,838,837

—

8,961,229

Commercial

Services

&

Supplies

...........

1,400,409

806,955

—

2,207,364

Communications

Equipment

..............

2,468,712

125,947

—

2,594,659

Construction

&

Engineering

...............

226,213

346,021

—

572,234

Construction

Materials

..................

1,766,778

775,102

—

2,541,880

Consumer

Finance

.....................

2,943,937

—

—

2,943,937

Consumer

Staples

Distribution

&

Retail

......

2,775,776

1,861,293

—

4,637,069

Containers

&

Packaging

.................

—

1,324,286

—

1,324,286

6.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

146

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Allocation

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Diversified

Consumer

Services

............

$

113,060

$

59,987

$

—

$

173,047

Diversified

REITs

......................

—

47,015

—

47,015

Diversified

Telecommunication

Services

.....

1,192,819

1,107,128

—

2,299,947

Electric

Utilities

........................

2,568,319

788,269

—

3,356,588

Electrical

Equipment

....................

1,297,355

779,323

—

2,076,678

Electronic

Equipment,

Instruments

&

Components

........................

1,460,247

626,677

—

2,086,924

Energy

Equipment

&

Services

.............

—

277,186

—

277,186

Entertainment

.........................

4,236,745

784,159

—

5,020,904

Financial

Services

......................

13,026,264

703,423

—

13,729,687

Food

Products

........................

456,858

1,775,046

—

2,231,904

Gas

Utilities

..........................

—

276,752

—

276,752

Ground

Transportation

..................

4,108,761

137,348

—

4,246,109

Health

Care

Equipment

&

Supplies

.........

6,452,927

2,430,325

—

8,883,252

Health

Care

Providers

&

Services

..........

7,432,728

83,248

—

7,515,976

Health

Care

Technology

.................

181,135

72,021

—

253,156

Hotels,

Restaurants

&

Leisure

.............

3,108,366

1,348,738

—

4,457,104

Household

Durables

....................

—

2,110,905

—

2,110,905

Household

Products

....................

1,413,046

—

—

1,413,046

Independent

Power

and

Renewable

Electricity

Producers

..........................

506,485

720,617

—

1,227,102

Industrial

Conglomerates

................

441,755

829,094

—

1,270,849

Industrial

REITs

.......................

375,799

—

—

375,799

Insurance

............................

5,789,927

4,108,130

—

9,898,057

Interactive

Media

&

Services

..............

10,805,620

826,214

—

11,631,834

IT

Services

...........................

1,771,596

287,560

—

2,059,156

Leisure

Products

.......................

—

83,869

—

83,869

Life

Sciences

Tools

&

Services

............

4,339,301

511,483

—

4,850,784

Machinery

............................

7,158,764

3,044,854

—

10,203,618

Marine

Transportation

...................

—

97,464

—

97,464

Media

...............................

1,899,719

109,350

—

2,009,069

Metals

&

Mining

.......................

960,709

904,852

—

1,865,561

Multi-Utilities

..........................

3,816,652

652,894

—

4,469,546

Oil,

Gas

&

Consumable

Fuels

.............

6,121,140

4,835,936

—

10,957,076

Passenger

Airlines

.....................

325,778

128,646

—

454,424

Personal

Care

Products

.................

87,193

1,068,079

—

1,155,272

Pharmaceuticals

.......................

7,858,019

6,348,873

—

14,206,892

Professional

Services

...................

707,949

2,215,592

—

2,923,541

Real

Estate

Management

&

Development

....

—

528,990

—

528,990

Residential

REITs

......................

146,882

—

—

146,882

Retail

REITs

..........................

673,122

158,188

—

831,310

Semiconductors

&

Semiconductor

Equipment

.

20,405,050

4,661,405

—

25,066,455

Software

.............................

23,401,047

2,466,342

—

25,867,389

Specialized

REITs

......................

1,713,786

—

—

1,713,786

Specialty

Retail

........................

4,103,910

1,381,334

—

5,485,244

Technology

Hardware,

Storage

&

Peripherals

.

8,607,910

1,060,192

—

9,668,102

Textiles,

Apparel

&

Luxury

Goods

..........

217,985

2,024,305

—

2,242,290

Tobacco

.............................

940,813

319,888

—

1,260,701

Trading

Companies

&

Distributors

..........

1,612,855

809,613

—

2,422,468

Transportation

Infrastructure

..............

—

119,413

—

119,413

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

147

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Allocation

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Wireless

Telecommunication

Services

.......

$

—

$

239,567

$

—

$

239,567

Preferred

Stocks

.........................

—

568,872

—

568,872

Limited

Partnerships

......................

2,090,187

—

—

2,090,187

Corporate

Bonds

........................

—

71,039,936

—

71,039,936

Foreign

Government

and

Agency

Securities

....

—

6,506,114

—

6,506,114

U.S.

Government

and

Agency

Securities

.......

—

107,832,159

—

107,832,159

Asset-Backed

Securities

...................

—

1,023,148

—

1,023,148

Commercial

Mortgage-Backed

Securities

......

—

1,688,504

—

1,688,504

Mortgage-Backed

Securities

................

—

27,510,214

—

27,510,214

Municipal

Bonds

.........................

—

1,024,090

—

1,024,090

Short

Term

Investments

...................

16,053,336

527,734

—

16,581,070

Total

Investments

in

Securities

...........

$238,383,364

$300,388,666

a

$—

$538,772,030

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$167,401

$—

$167,401

Futures

Contracts

.......................

42,772

—

—

42,772

Total

Other

Financial

Instruments

.........

$42,772

$167,401

$—

$210,173

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$59,024

$—

$59,024

Futures

Contracts

........................

348,849

—

—

348,849

Swap

Contracts

.........................

—

815

—

815

Total

Other

Financial

Instruments

.........

$348,849

$59,839

$—

$408,688

Franklin

DynaTech

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

3,336,405

—

—

3,336,405

Automobiles

..........................

3,222,655

—

—

3,222,655

Biotechnology

.........................

2,376,504

741,751

—

3,118,255

Broadline

Retail

.......................

14,255,108

—

—

14,255,108

Capital

Markets

........................

2,637,463

—

—

2,637,463

Commercial

Services

&

Supplies

...........

45,678

—

—

45,678

Communications

Equipment

..............

683,451

—

—

683,451

Construction

&

Engineering

...............

162,929

—

—

162,929

Diversified

Consumer

Services

............

391,280

—

—

391,280

Electrical

Equipment

....................

480,816

—

—

480,816

Electronic

Equipment,

Instruments

&

Components

........................

1,247,615

246,936

—

1,494,551

Energy

Equipment

&

Services

.............

672,256

—

—

672,256

Entertainment

.........................

3,593,831

—

—

3,593,831

Financial

Services

......................

8,568,069

—

—

8,568,069

Ground

Transportation

..................

454,501

—

—

454,501

Health

Care

Equipment

&

Supplies

.........

4,047,467

54,285

—

4,101,752

Health

Care

Providers

&

Services

..........

688,616

—

—

688,616

Health

Care

Technology

.................

695,408

397,827

—

1,093,235

Hotels,

Restaurants

&

Leisure

.............

3,148,215

—

—

3,148,215

Household

Durables

....................

69,916

—

—

69,916

Insurance

............................

107,953

—

—

107,953

Interactive

Media

&

Services

..............

14,793,982

—

—

14,793,982

IT

Services

...........................

5,759,379

—

—

5,759,379

Life

Sciences

Tools

&

Services

............

477,380

—

—

477,380

Pharmaceuticals

.......................

3,258,985

—

—

3,258,985

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

148

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

DynaTech

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Professional

Services

...................

$

247,917

$

—

$

—

$

247,917

Semiconductors

&

Semiconductor

Equipment

.

24,658,955

572,807

—

25,231,762

Software

.............................

33,864,711

—

—

33,864,711

Technology

Hardware,

Storage

&

Peripherals

.

3,452,789

—

—

3,452,789

Warrants

...............................

—

—

—

b

—

Short

Term

Investments

...................

472,458

—

—

472,458

Total

Investments

in

Securities

...........

$137,872,692

$2,013,606

c

$—

$139,886,298

Franklin

Global

Real

Estate

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Diversified

REITs

......................

591,186

4,212,153

—

4,803,339

Diversified

Telecommunication

Services

.....

—

788,863

—

788,863

Health

Care

Providers

&

Services

..........

1,220,909

—

—

1,220,909

Health

Care

REITs

.....................

12,277,990

—

—

12,277,990

Hotel

&

Resort

REITs

...................

1,702,578

1,046,688

—

2,749,266

Industrial

REITs

.......................

8,116,062

4,925,016

—

13,041,078

Office

REITs

..........................

3,435,499

1,165,789

—

4,601,288

Real

Estate

Management

&

Development

....

2,937,667

7,891,448

—

10,829,115

Residential

REITs

......................

14,659,093

2,120,341

—

16,779,434

Retail

REITs

..........................

14,001,072

4,322,950

—

18,324,022

Specialized

REITs

......................

15,023,432

484,151

—

15,507,583

Short

Term

Investments

...................

—

394,786

—

394,786

Total

Investments

in

Securities

...........

$73,965,488

$27,352,185

d

$—

$101,317,673

Franklin

Growth

and

Income

VIP

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

.........................

41,825,840

—

—

41,825,840

Equity-Linked

Securities

...................

—

5,041,802

—

5,041,802

Convertible

Preferred

Stocks

................

2,821,003

—

—

2,821,003

Short

Term

Investments

...................

—

1,550,662

—

1,550,662

Total

Investments

in

Securities

...........

$44,646,843

$6,592,464

$—

$51,239,307

Franklin

Income

VIP

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

.........................

1,011,582,032

—

—

1,011,582,032

Equity-Linked

Securities

...................

—

482,559,575

—

482,559,575

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

...................

14,359,200

—

—

14,359,200

Capital

Markets

........................

2,410,500

—

—

2,410,500

Chemicals

...........................

8,199,500

—

—

8,199,500

Electric

Utilities

........................

2,277,500

—

—

2,277,500

Financial

Services

......................

—

17,218,750

—

17,218,750

Corporate

Bonds

........................

—

1,173,861,285

—

1,173,861,285

Senior

Floating

Rate

Interests

...............

—

18,927,413

—

18,927,413

U.S.

Government

and

Agency

Securities

.......

—

159,593,604

—

159,593,604

Asset-Backed

Securities

...................

—

10,466,685

—

10,466,685

Mortgage-Backed

Securities

................

—

174,893,483

—

174,893,483

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

31,277,428

24,958,801

—

56,236,229

Total

Investments

in

Securities

...........

$1,070,106,160

$2,062,479,596

$—

$3,132,585,756

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

149

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Income

VIP

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

...............

$—

$301

$—

$301

Total

Other

Financial

Instruments

.........

$—

$301

$—

$301

Franklin

Large

Cap

Growth

VIP

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

.........................

$

83,165,189

$

—

$

—

$

83,165,189

Short

Term

Investments

...................

—

1,364,480

—

1,364,480

Total

Investments

in

Securities

...........

$83,165,189

$1,364,480

$—

$84,529,669

Franklin

Mutual

Global

Discovery

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

6,867,166

—

6,867,166

Automobile

Components

.................

5,937,029

6,231,042

—

12,168,071

Automobiles

..........................

—

4,995,535

—

4,995,535

Banks

...............................

18,629,874

18,868,028

—

37,497,902

Beverages

...........................

—

5,916,490

—

5,916,490

Building

Products

......................

5,810,779

—

—

5,810,779

Capital

Markets

........................

4,588,535

8,907,616

—

13,496,151

Chemicals

...........................

2,001,832

—

—

2,001,832

Consumer

Finance

.....................

8,253,179

—

—

8,253,179

Consumer

Staples

Distribution

&

Retail

......

—

6,614,184

—

6,614,184

Containers

&

Packaging

.................

6,426,381

—

—

6,426,381

Diversified

Telecommunication

Services

.....

—

6,987,809

—

6,987,809

Electrical

Equipment

....................

—

7,310,872

—

7,310,872

Energy

Equipment

&

Services

.............

8,779,714

—

—

8,779,714

Entertainment

.........................

5,363,654

—

—

5,363,654

Financial

Services

......................

20,881,375

—

—

20,881,375

Food

Products

........................

9,272,075

7,061,579

—

16,333,654

Health

Care

Equipment

&

Supplies

.........

15,431,125

—

—

15,431,125

Health

Care

Providers

&

Services

..........

18,600,649

7,236,876

—

25,837,525

Household

Durables

....................

2,084,042

—

—

2,084,042

Household

Products

....................

—

7,099,074

—

7,099,074

Industrial

Conglomerates

................

—

4,040,867

—

4,040,867

Insurance

............................

6,817,888

17,729,368

—

24,547,256

Interactive

Media

&

Services

..............

—

7,288,995

—

7,288,995

Media

...............................

10,344,637

—

—

10,344,637

Metals

&

Mining

.......................

—

6,873,509

—

6,873,509

Oil,

Gas

&

Consumable

Fuels

.............

2,437,320

17,840,436

—

20,277,756

Personal

Care

Products

.................

5,144,213

—

—

5,144,213

Pharmaceuticals

.......................

14,842,617

25,179,946

—

40,022,563

Semiconductors

&

Semiconductor

Equipment

.

—

6,922,497

—

6,922,497

Specialized

REITs

......................

8,537,536

—

—

8,537,536

Technology

Hardware,

Storage

&

Peripherals

.

—

7,424,566

—

7,424,566

Textiles,

Apparel

&

Luxury

Goods

..........

—

12,702,893

—

12,702,893

Tobacco

.............................

—

7,718,777

—

7,718,777

Trading

Companies

&

Distributors

..........

15,135,734

—

—

15,135,734

Corporate

Bonds

........................

—

803,230

—

803,230

Senior

Floating

Rate

Interests

...............

—

9,767,534

—

9,767,534

Companies

in

Liquidation

..................

—

—

—

b

—

Short

Term

Investments

...................

—

2,193,212

—

2,193,212

Total

Investments

in

Securities

...........

$195,320,188

$220,582,101

f

$—

$415,902,289

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

150

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Global

Discovery

VIP

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$399,423

$—

$399,423

Futures

Contracts

.......................

24,450

—

—

24,450

Total

Other

Financial

Instruments

.........

$24,450

$399,423

$—

$423,873

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$753,302

$—

$753,302

Total

Other

Financial

Instruments

.........

$—

$753,302

$—

$753,302

Franklin

Mutual

Shares

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

$

31,566,442

$

—

$

—

$

31,566,442

Banks

...............................

156,831,312

37,804,868

—

194,636,180

Building

Products

......................

33,306,614

—

—

33,306,614

Capital

Markets

........................

33,921,843

—

—

33,921,843

Communications

Equipment

..............

29,812,780

—

—

29,812,780

Construction

&

Engineering

...............

23,013,007

—

—

23,013,007

Consumer

Finance

.....................

29,621,077

—

—

29,621,077

Consumer

Staples

Distribution

&

Retail

......

64,007,645

—

—

64,007,645

Containers

&

Packaging

.................

36,208,858

—

—

36,208,858

Diversified

Telecommunication

Services

.....

—

—

11,584,253

11,584,253

Electric

Utilities

........................

72,413,424

—

—

72,413,424

Electronic

Equipment,

Instruments

&

Components

........................

23,375,552

—

—

23,375,552

Energy

Equipment

&

Services

.............

38,787,808

—

—

38,787,808

Entertainment

.........................

33,806,132

—

—

33,806,132

Financial

Services

......................

144,186,789

—

—

144,186,789

Food

Products

........................

21,380,253

—

—

21,380,253

Health

Care

Equipment

&

Supplies

.........

105,230,916

—

—

105,230,916

Health

Care

Providers

&

Services

..........

86,202,630

—

—

86,202,630

Household

Durables

....................

23,029,218

—

—

23,029,218

Insurance

............................

70,139,190

—

—

70,139,190

Machinery

............................

34,386,725

—

—

34,386,725

Media

...............................

77,550,061

—

—

77,550,061

Metals

&

Mining

.......................

36,315,510

—

—

36,315,510

Oil,

Gas

&

Consumable

Fuels

.............

108,773,245

—

—

108,773,245

Personal

Care

Products

.................

37,046,966

—

—

37,046,966

Pharmaceuticals

.......................

86,574,126

38,539,858

—

125,113,984

Professional

Services

...................

61,353,943

—

—

61,353,943

Real

Estate

Management

&

Development

....

19,532,385

—

—

19,532,385

Retail

REITs

..........................

34,973,280

—

—

34,973,280

Semiconductors

&

Semiconductor

Equipment

.

31,474,316

—

—

31,474,316

Software

.............................

55,763,097

—

—

55,763,097

Specialized

REITs

......................

40,094,541

—

—

40,094,541

Specialty

Retail

........................

22,754,437

—

—

22,754,437

Tobacco

.............................

—

32,501,112

—

32,501,112

Trading

Companies

&

Distributors

..........

78,555,191

—

—

78,555,191

Corporate

Bonds

........................

—

4,016,148

—

4,016,148

Senior

Floating

Rate

Interests

...............

—

45,676,308

—

45,676,308

Companies

in

Liquidation

..................

—

—

—

b

—

Short

Term

Investments

...................

—

5,583,584

—

5,583,584

Total

Investments

in

Securities

...........

$1,781,989,313

$164,121,878

g

$11,584,253

$1,957,695,444

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

151

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Shares

VIP

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$25,669

$—

$25,669

Total

Other

Financial

Instruments

.........

$—

$25,669

$—

$25,669

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$1,405,719

$—

$1,405,719

Futures

Contracts

........................

31,230

—

—

31,230

Total

Other

Financial

Instruments

.........

$31,230

$1,405,719

$—

$1,436,949

Franklin

Rising

Dividends

VIP

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

.........................

$

1,392,442,844

$

—

$

—

$

1,392,442,844

Short

Term

Investments

...................

19,795,499

—

—

19,795,499

Total

Investments

in

Securities

...........

$1,412,238,343

$—

$—

$1,412,238,343

Franklin

Small

Cap

Value

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

12,394,027

60,849,963

—

73,243,990

Banks

...............................

203,253,689

—

—

203,253,689

Building

Products

......................

30,235,041

—

—

30,235,041

Capital

Markets

........................

23,039,841

—

—

23,039,841

Chemicals

...........................

26,361,614

17,114,777

—

43,476,391

Commercial

Services

&

Supplies

...........

5,327,455

—

—

5,327,455

Construction

&

Engineering

...............

48,830,031

—

—

48,830,031

Consumer

Finance

.....................

11,893,048

—

—

11,893,048

Diversified

REITs

......................

5,367,042

—

—

5,367,042

Electric

Utilities

........................

6,026,239

—

—

6,026,239

Electrical

Equipment

....................

15,863,517

—

—

15,863,517

Electronic

Equipment,

Instruments

&

Components

........................

59,235,968

—

—

59,235,968

Energy

Equipment

&

Services

.............

21,091,879

9,313,114

—

30,404,993

Ground

Transportation

..................

23,777,356

—

—

23,777,356

Health

Care

Equipment

&

Supplies

.........

20,893,472

—

—

20,893,472

Hotels,

Restaurants

&

Leisure

.............

36,202,522

—

—

36,202,522

Household

Durables

....................

26,862,168

—

—

26,862,168

Industrial

REITs

.......................

3,996,606

—

—

3,996,606

Insurance

............................

92,942,008

—

—

92,942,008

Leisure

Products

.......................

32,992,641

—

—

32,992,641

Machinery

............................

74,578,372

—

—

74,578,372

Media

...............................

11,197,422

—

—

11,197,422

Metals

&

Mining

.......................

33,635,274

—

—

33,635,274

Multi-Utilities

..........................

6,009,263

—

—

6,009,263

Oil,

Gas

&

Consumable

Fuels

.............

7,303,253

—

—

7,303,253

Paper

&

Forest

Products

.................

5,329,965

—

—

5,329,965

Retail

REITs

..........................

9,914,093

—

—

9,914,093

Software

.............................

36,732,294

—

—

36,732,294

Specialty

Retail

........................

10,832,687

—

—

10,832,687

Textiles,

Apparel

&

Luxury

Goods

..........

7,941,713

—

—

7,941,713

Trading

Companies

&

Distributors

..........

20,833,471

—

—

20,833,471

Short

Term

Investments

...................

21,394,002

—

—

21,394,002

Total

Investments

in

Securities

...........

$952,287,973

$87,277,854

h

$—

$1,039,565,827

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

152

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Small-Mid

Cap

Growth

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

15,056,992

$

—

$

—

$

15,056,992

Banks

...............................

2,998,800

—

—

2,998,800

Biotechnology

.........................

11,181,308

—

—

11,181,308

Capital

Markets

........................

38,528,073

—

—

38,528,073

Commercial

Services

&

Supplies

...........

2,184,374

—

—

2,184,374

Electrical

Equipment

....................

8,890,860

—

—

8,890,860

Energy

Equipment

&

Services

.............

3,209,305

—

—

3,209,305

Entertainment

.........................

8,492,853

—

—

8,492,853

Financial

Services

......................

6,734,694

—

—

6,734,694

Food

Products

........................

2,678,074

—

—

2,678,074

Ground

Transportation

..................

7,064,715

—

—

7,064,715

Health

Care

Equipment

&

Supplies

.........

16,763,589

—

—

16,763,589

Health

Care

Providers

&

Services

..........

2,191,576

—

—

2,191,576

Health

Care

Technology

.................

6,578,292

—

—

6,578,292

Hotels,

Restaurants

&

Leisure

.............

22,988,682

—

—

22,988,682

Household

Durables

....................

4,216,235

—

—

4,216,235

Independent

Power

and

Renewable

Electricity

Producers

..........................

3,182,624

—

—

3,182,624

Industrial

REITs

.......................

3,758,429

—

—

3,758,429

Insurance

............................

7,111,944

—

—

7,111,944

Interactive

Media

&

Services

..............

5,812,500

—

—

5,812,500

IT

Services

...........................

19,381,687

—

—

19,381,687

Leisure

Products

.......................

—

—

5,420,707

5,420,707

Life

Sciences

Tools

&

Services

............

4,542,468

—

—

4,542,468

Machinery

............................

4,575,318

—

—

4,575,318

Media

...............................

9,042,650

—

—

b

9,042,650

Oil,

Gas

&

Consumable

Fuels

.............

10,602,707

—

—

10,602,707

Personal

Care

Products

.................

4,013,394

—

—

4,013,394

Professional

Services

...................

20,487,561

—

—

20,487,561

Residential

REITs

......................

2,921,460

—

—

2,921,460

Semiconductors

&

Semiconductor

Equipment

.

16,812,790

2,870,868

—

b

19,683,658

Software

.............................

56,912,803

688,829

—

57,601,632

Specialty

Retail

........................

23,820,942

—

—

23,820,942

Trading

Companies

&

Distributors

..........

9,984,945

—

—

9,984,945

Convertible

Preferred

Stocks

................

—

—

6,589,406

6,589,406

Short

Term

Investments

...................

6,537,895

—

—

6,537,895

Total

Investments

in

Securities

...........

$369,260,539

$3,559,697

i

$12,010,113

$384,830,349

Franklin

Strategic

Income

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.......................

—

—

—

b

—

Hotels,

Restaurants

&

Leisure

.............

—

202

—

202

Machinery

............................

—

64,423

—

64,423

Oil,

Gas

&

Consumable

Fuels

.............

1,612

27,351

—

28,963

Management

Investment

Companies

.........

—

—

2,438,118

2,438,118

Preferred

Stocks

.........................

—

1,152

—

1,152

Warrants

...............................

—

—

—

b

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

3,116,838

—

3,116,838

Air

Freight

&

Logistics

...................

—

480,817

—

480,817

Automobile

Components

.................

—

2,336,975

—

2,336,975

Automobiles

..........................

—

932,383

—

932,383

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

153

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Strategic

Income

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Banks

...............................

$

—

$

17,313,887

$

—

$

17,313,887

Beverages

...........................

—

957,900

—

957,900

Biotechnology

.........................

—

1,274,636

—

1,274,636

Broadline

Retail

.......................

—

384,042

—

b

384,042

Building

Products

......................

—

2,455,851

—

2,455,851

Capital

Markets

........................

—

7,136,055

—

7,136,055

Chemicals

...........................

—

3,460,307

—

3,460,307

Commercial

Services

&

Supplies

...........

—

3,801,367

—

3,801,367

Construction

&

Engineering

...............

—

753,158

—

753,158

Construction

Materials

..................

—

521,004

—

521,004

Consumer

Finance

.....................

—

2,795,935

—

2,795,935

Consumer

Staples

Distribution

&

Retail

......

—

608,911

—

608,911

Containers

&

Packaging

.................

—

3,648,952

—

3,648,952

Distributors

...........................

—

416,593

—

416,593

Diversified

Consumer

Services

............

—

758,287

—

758,287

Diversified

REITs

......................

—

824,603

—

824,603

Diversified

Telecommunication

Services

.....

—

3,259,789

—

3,259,789

Electric

Utilities

........................

—

5,468,379

—

5,468,379

Electrical

Equipment

....................

—

191,073

—

191,073

Electronic

Equipment,

Instruments

&

Components

........................

—

2,678,259

—

2,678,259

Energy

Equipment

&

Services

.............

—

2,124,971

—

2,124,971

Entertainment

.........................

—

655,010

—

655,010

Financial

Services

......................

—

3,047,521

—

3,047,521

Food

Products

........................

—

3,335,249

—

3,335,249

Gas

Utilities

..........................

—

202,128

—

202,128

Ground

Transportation

..................

—

2,476,541

—

2,476,541

Health

Care

Equipment

&

Supplies

.........

—

1,922,720

—

1,922,720

Health

Care

Providers

&

Services

..........

—

7,788,889

—

7,788,889

Health

Care

REITs

.....................

—

908,280

—

908,280

Hotel

&

Resort

REITs

...................

—

1,395,095

—

1,395,095

Hotels,

Restaurants

&

Leisure

.............

—

6,646,379

—

6,646,379

Household

Durables

....................

—

1,710,994

—

1,710,994

Household

Products

....................

—

638,066

—

638,066

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

3,744,755

—

3,744,755

Insurance

............................

—

6,589,431

—

6,589,431

Interactive

Media

&

Services

..............

—

1,010,843

—

1,010,843

IT

Services

...........................

—

2,222,373

—

2,222,373

Life

Sciences

Tools

&

Services

............

—

364,229

—

364,229

Machinery

............................

—

2,057,444

—

2,057,444

Media

...............................

—

6,122,020

—

6,122,020

Metals

&

Mining

.......................

—

3,080,859

—

3,080,859

Multi-Utilities

..........................

—

1,700,381

—

1,700,381

Oil,

Gas

&

Consumable

Fuels

.............

—

18,879,952

—

18,879,952

Paper

&

Forest

Products

.................

—

973,209

—

973,209

Passenger

Airlines

.....................

—

1,499,763

—

1,499,763

Personal

Care

Products

.................

—

1,489,897

—

1,489,897

Pharmaceuticals

.......................

—

3,595,600

—

3,595,600

Real

Estate

Management

&

Development

....

—

783,966

—

783,966

Residential

REITs

......................

—

743,832

—

743,832

Software

.............................

—

858,434

—

858,434

Specialized

REITs

......................

—

921,167

—

921,167

Specialty

Retail

........................

—

196,426

—

196,426

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

154

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Strategic

Income

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Technology

Hardware,

Storage

&

Peripherals

.

$

—

$

1,402,527

$

—

$

1,402,527

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,041,614

—

1,041,614

Tobacco

.............................

—

816,184

—

816,184

Trading

Companies

&

Distributors

..........

—

2,234,752

—

2,234,752

Transportation

Infrastructure

..............

—

113,892

—

113,892

Wireless

Telecommunication

Services

.......

—

2,673,828

2,221

2,676,049

Senior

Floating

Rate

Interests

...............

—

7,107,282

—

7,107,282

Marketplace

Loans

.......................

—

—

1,089,505

1,089,505

Foreign

Government

and

Agency

Securities

....

—

5,838,123

—

5,838,123

U.S.

Government

and

Agency

Securities

.......

—

41,818,042

—

41,818,042

Asset-Backed

Securities

...................

—

5,634,105

—

5,634,105

Commercial

Mortgage-Backed

Securities

......

—

8,463,717

—

8,463,717

Mortgage-Backed

Securities

................

—

34,043,456

—

34,043,456

Residential

Mortgage-Backed

Securities

.......

—

3,587,982

—

3,587,982

Escrows

and

Litigation

Trusts

...............

—

6,075

1,047

7,122

Short

Term

Investments

...................

15,834,670

—

—

15,834,670

Total

Investments

in

Securities

...........

$15,836,282

$270,137,132

$3,530,891

$289,504,305

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$5,324

$—

$5,324

Futures

Contracts

.......................

69,199

—

—

69,199

Swap

Contracts

.........................

—

528,286

—

528,286

Total

Other

Financial

Instruments

.........

$69,199

$533,610

$—

$602,809

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$59,809

$—

$59,809

Futures

Contracts

........................

18,536

—

—

18,536

Swap

Contracts

.........................

—

19,427

—

19,427

Total

Other

Financial

Instruments

.........

$18,536

$79,236

$—

$97,772

Franklin

U.S.

Government

Securities

VIP

Fund

Assets:

Investments

in

Securities:

e

Corporate

Bonds

........................

—

2,636,175

—

2,636,175

Foreign

Government

and

Agency

Securities

....

—

164,156

—

164,156

U.S.

Government

and

Agency

Securities

.......

—

74,914,223

—

74,914,223

Mortgage-Backed

Securities

................

—

403,136,560

—

403,136,560

Short

Term

Investments

...................

—

37,432,484

—

37,432,484

Total

Investments

in

Securities

...........

$—

$518,283,598

$—

$518,283,598

Franklin

VolSmart

Allocation

VIP

Fund

Assets:

Investments

in

Securities:

e

Common

Stocks

.........................

84,343,960

—

—

84,343,960

Investments

in

Underlying

Funds

and

Exchange

Traded

Funds

...........................

46,053,261

—

—

46,053,261

Short

Term

Investments

...................

3,666,463

—

—

3,666,463

Total

Investments

in

Securities

...........

$134,063,684

$—

$—

$134,063,684

Liabilities:

Other

Financial

Instruments:

Swap

Contracts

.........................

$—

$54,126

$—

$54,126

Total

Other

Financial

Instruments

.........

$—

$54,126

$—

$54,126

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

155

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Developing

Markets

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

................................

$

7,468,541

$

—

$

—

$

7,468,541

Cambodia

............................

—

477,538

—

477,538

Chile

................................

2,584,129

—

—

2,584,129

China

...............................

2,802,127

65,182,022

—

67,984,149

Hong

Kong

...........................

—

4,804,628

—

4,804,628

Hungary

.............................

3,119,056

—

—

3,119,056

India

................................

1,631,088

32,636,684

—

34,267,772

Indonesia

............................

—

1,509,393

—

1,509,393

Italy

.................................

—

275,325

—

275,325

Mexico

..............................

5,698,547

—

—

5,698,547

Peru

................................

1,305,753

—

—

1,305,753

Philippines

............................

1,217,174

—

—

1,217,174

Russia

...............................

—

—

—

j

—

South

Africa

...........................

6,025,052

—

—

6,025,052

South

Korea

..........................

—

44,245,677

—

44,245,677

Taiwan

...............................

—

45,512,520

—

45,512,520

Thailand

.............................

877,086

7,537,301

—

8,414,387

United

Arab

Emirates

....................

1,978,145

—

—

1,978,145

United

States

..........................

9,449,954

—

—

9,449,954

Preferred

Stocks

........................

15,070,105

—

—

15,070,105

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

5,797,216

—

—

5,797,216

Total

Investments

in

Securities

...........

$65,023,973

$202,181,088

k

$—

$267,205,061

Level

1

Level

2

Level

3

Total

Templeton

Foreign

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

18,969,794

$

—

$

18,969,794

Automobile

Components

.................

—

24,351,910

—

24,351,910

Banks

...............................

—

136,385,181

—

136,385,181

Broadline

Retail

.......................

—

61,025,575

—

61,025,575

Chemicals

...........................

7,295,410

10,091,881

—

17,387,291

Commercial

Services

&

Supplies

...........

—

21,474,674

—

21,474,674

Construction

Materials

..................

—

18,386,380

—

18,386,380

Consumer

Staples

Distribution

&

Retail

......

—

16,538,383

—

16,538,383

Containers

&

Packaging

.................

—

21,753,386

—

21,753,386

Energy

Equipment

&

Services

.............

—

9,078,598

—

9,078,598

Household

Durables

....................

—

37,280,885

—

37,280,885

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

22,448,308

—

22,448,308

Insurance

............................

—

61,225,286

—

61,225,286

Machinery

............................

31,603,587

—

—

31,603,587

Media

...............................

—

10,727,077

—

10,727,077

Metals

&

Mining

.......................

—

19,348,529

—

19,348,529

Oil,

Gas

&

Consumable

Fuels

.............

—

85,760,381

—

85,760,381

Pharmaceuticals

.......................

—

29,016,247

—

29,016,247

Professional

Services

...................

—

20,392,164

—

20,392,164

Semiconductors

&

Semiconductor

Equipment

.

12,066,339

65,296,509

—

77,362,848

Specialty

Retail

........................

—

11,969,987

—

11,969,987

Technology

Hardware,

Storage

&

Peripherals

.

—

32,733,563

—

32,733,563

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

156

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Foreign

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Textiles,

Apparel

&

Luxury

Goods

..........

$

—

$

13,714,015

$

—

$

13,714,015

Convertible

Preferred

Stocks

................

3,565,000

—

—

3,565,000

Short

Term

Investments

...................

28,490,573

—

—

28,490,573

Total

Investments

in

Securities

...........

$83,020,909

$747,968,713

l

$—

$830,989,622

Level

1

Level

2

Level

3

Total

Templeton

Global

Bond

VIP

Fund

Assets:

Investments

in

Securities:

e

Foreign

Government

and

Agency

Securities

....

$

—

$

961,144,761

$

—

$

961,144,761

U.S.

Government

and

Agency

Securities

.......

—

248,991,434

—

248,991,434

Options

Purchased

.......................

—

3,709,407

—

3,709,407

Short

Term

Investments

...................

162,037,170

—

—

162,037,170

Total

Investments

in

Securities

...........

$162,037,170

$1,213,845,602

$—

$1,375,882,772

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$10,746,943

$—

$10,746,943

Total

Other

Financial

Instruments

.........

$—

$10,746,943

$—

$10,746,943

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$1,686,718

$—

$1,686,718

Forward

Exchange

Contracts

...............

—

9,634,292

—

9,634,292

Swap

Contracts

.........................

—

4,299,656

—

4,299,656

Total

Other

Financial

Instruments

.........

$—

$15,620,666

$—

$15,620,666

Level

1

Level

2

Level

3

Total

Templeton

Growth

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

33,265,591

$

—

$

33,265,591

Banks

...............................

27,906,957

15,357,184

—

43,264,141

Broadline

Retail

.......................

6,655,104

1,266,868

—

7,921,972

Capital

Markets

........................

11,649,733

—

—

11,649,733

Construction

Materials

..................

6,698,388

—

—

6,698,388

Containers

&

Packaging

.................

3,766,326

—

—

3,766,326

Diversified

Telecommunication

Services

.....

4,578,758

—

—

4,578,758

Electrical

Equipment

....................

—

2,548,724

—

2,548,724

Electronic

Equipment,

Instruments

&

Components

........................

3,414,091

—

—

3,414,091

Financial

Services

......................

11,057,191

—

—

11,057,191

Food

Products

........................

—

4,073,376

—

4,073,376

Ground

Transportation

..................

6,854,624

—

—

6,854,624

Health

Care

Equipment

&

Supplies

.........

3,569,239

—

—

3,569,239

Health

Care

Providers

&

Services

..........

16,664,850

—

—

16,664,850

Hotels,

Restaurants

&

Leisure

.............

12,801,905

—

—

12,801,905

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

2,977,977

—

2,977,977

Industrial

Conglomerates

................

3,833,734

6,690,514

—

10,524,248

Insurance

............................

—

6,458,629

—

6,458,629

Interactive

Media

&

Services

..............

11,554,606

3,252,304

—

14,806,910

7. Fair

Value

Measurements

(continued)

Franklin

Templeton

Variable

Insurance

Products

Trust

Notes

to

Schedules

of

Investments

(unaudited)

157

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Growth

VIP

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Life

Sciences

Tools

&

Services

............

$

4,914,069

$

—

$

—

$

4,914,069

Machinery

............................

8,386,344

2,414,280

—

10,800,624

Metals

&

Mining

.......................

7,101,400

—

—

7,101,400

Oil,

Gas

&

Consumable

Fuels

.............

—

14,127,183

—

14,127,183

Personal

Care

Products

.................

7,807,169

6,575,283

—

14,382,452

Pharmaceuticals

.......................

3,832,223

7,477,486

—

11,309,709

Semiconductors

&

Semiconductor

Equipment

.

18,559,071

6,207,559

—

24,766,630

Software

.............................

18,280,964

7,277,513

—

25,558,477

Technology

Hardware,

Storage

&

Peripherals

.

5,545,253

—

—

5,545,253

Textiles,

Apparel

&

Luxury

Goods

..........

4,497,114

—

—

4,497,114

Short

Term

Investments

...................

—

13,300,000

—

13,300,000

Total

Investments

in

Securities

...........

$209,929,113

$133,270,471

m

$—

$343,199,584

a

Includes

foreign

securities

valued

at

$83,236,767,

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

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$2,013,606,

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

$26,957,399,

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

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

f

Includes

foreign

securities

valued

at

$207,818,125,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

g

Includes

foreign

securities

valued

at

$108,845,838,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

h

Includes

foreign

securities

valued

at

$87,277,854,

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

$2,870,868,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

j

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at

March

31,

2025.

k

Includes

foreign

securities

valued

at

$202,181,088,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

l

Includes

foreign

securities

valued

at

$747,968,713,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

m

Includes

foreign

securities

valued

at

$119,970,471,

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)

158

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At March

31,

2025,

the

reconciliations

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

....

$

6,108,687

$

—

$

—

$

—

$

—

$

—

$

—

$

(687,980)

$

5,420,707

$

(687,980)

Media

...........

—

—

c

—

—

—

—

—

—

—

c

—

Semiconductors

&

Semiconductor

Equipment

.......

—

—

c

—

—

—

—

—

—

—

c

—

Convertible

Preferred

Stocks

:

Diversified

Consumer

Services

........

892,289

—

—

—

—

—

—

(10,058)

882,231

(10,058)

Software

..........

6,288,594

—

(2,553,999)

—

—

—

—

109,546

3,844,141

(207,173)

Trading

Companies

&

Distributors

......

990,559

—

—

—

—

—

—

872,475

1,863,034

872,475

Warrants

:

Software

..........

52,261

c

—

(7)

c

—

—

—

—

(52,254)

—

—

Convertible

Bonds

:

Software

..........

436,363

—

(195,400)

—

—

—

—

(240,963)

—

—

Corporate

Bonds

:

Software

..........

187,279

—

(64,369)

—

—

—

—

(122,910)

—

—

Total

Investments

in

Securities

............

$14,956,032

$—

$(2,813,775)

$—

$—

$—

$—

$(132,144)

$12,010,113

$(32,736)

Franklin

Strategic

Income

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Management

Investment

Companies

:

Capital

Markets

.....

1,823,176

498,575

—

—

—

—

—

116,367

2,438,118

116,367

Warrants

:

Machinery

.........

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Wireless

Telecommunication

Services

........

1,440

—

(1,347)

—

—

277

983

868

2,221

982

Marketplace

Loans

:

Financial

Services

...

1,392,974

4,696

(374,640)

—

—

—

26,656

39,819

1,089,505

(18,378)

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

1,047

1,047

1,047

Total

Investments

in

Securities

............

$3,217,590

$503,271

$(375,987)

$—

$—

$277

$27,639

$158,101

$3,530,891

$100,018

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)

159

Quarterly

Schedules

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

March

31,

2025,

are

as

follows:

Abbreviations

List

EV

-

Enterprise

value

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount/

Range

(Weighted

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Small-Mid

Cap

Growth

VIP

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Leisure

Products

...............

$5,420,707

Market

comparables

Discount

for

lack

of

marketability

12.8%

Decrease

EV

/

revenue

multiple

3.4x

Increase

Trade

Price

$60.0

Increase

Convertible

Preferred

Stocks:

Software

2,316,514

Market

comparables

Discount

for

lack

of

marketability

12.2%

Decrease

EV

/

revenue

multiple

18.1x

Increase

Revenue

$3.9

bil

Increase

Trade

Price

$92.5

Increase

Volatility

63.1%

Increase

All

Other

Investments

.............

4,272,892

b,c

Total

..........................

$12,010,113

Franklin

Strategic

Income

VIP

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies:

Capital

Markets

................

$2,438,118

Dividend

Accrual

Dividend

Yield

10.0%

Increase

Net

Asset

Value

$26.5

Increase

All

other

investments

.............

1,092,773

b,c

Total

..........................

$3,530,891

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

b

Includes

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

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)

160

Quarterly

Schedules

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

UBSW

UBS

AG

WFLA

Wells

Fargo

Bank

NA

Cu

r

rency

AUD

Australian

Dollar

BRL

Brazilian

Real

CNY

Chinese

Yuan

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

GHS

Ghanaian

Cedi

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

RSD

Serbian

Dinar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

BDC

Business

Development

Company

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

COFI

Cost

of

Funds

Index

ETF

Exchange-Traded

Fund

FFCB

Federal

Farm

Credit

Banks

Funding

Corp.

FHLB

Federal

Home

Loan

Banks

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

IBOR

Interbank

Offered

Rate

MBS

Mortgage-Backed

Security

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

T-Note

Treasury

Note

VIX

Market

Volatility

Index

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

4.41%

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.