NPORT-EX 2 FTVIPT.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
VIP-Q1PH
1
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Schedules
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
2
Franklin
DynaTech
VIP
Fund
34
Franklin
Global
Real
Estate
VIP
Fund
38
Franklin
Growth
and
Income
VIP
Fund
41
Franklin
Income
VIP
Fund
46
Franklin
Large
Cap
Growth
VIP
Fund
59
Franklin
Mutual
Global
Discovery
VIP
Fund
62
Franklin
Mutual
Shares
VIP
Fund
67
Franklin
Rising
Dividends
VIP
Fund
71
Franklin
Small
Cap
Value
VIP
Fund
74
Franklin
Small-Mid
Cap
Growth
VIP
Fund
78
Franklin
Strategic
Income
VIP
Fund
82
Franklin
U.S.
Government
Securities
VIP
Fund
114
Templeton
Developing
Markets
VIP
Fund
117
Templeton
Foreign
VIP
Fund
121
Templeton
Global
Bond
VIP
Fund
124
Templeton
Growth
VIP
Fund
129
Notes
to
Schedules
of
Investments
132
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
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
54.9%
Aerospace
&
Defense
2.0%
Airbus
SE
,
ADR
....................................
France
8,415
$
397,609
BAE
Systems
plc
...................................
United
Kingdom
11,956
350,532
a
Boeing
Co.
(The)
...................................
United
States
3,020
601,071
BWX
Technologies,
Inc.
..............................
United
States
1,975
403,868
Curtiss-Wright
Corp.
.................................
United
States
567
386,195
Dassault
Aviation
SA
.................................
France
1,304
485,352
Exosens
SAS
......................................
France
9,100
655,277
General
Dynamics
Corp.
..............................
United
States
2,473
848,783
General
Electric
Co.
.................................
United
States
3,416
969,358
Howmet
Aerospace,
Inc.
..............................
United
States
27
6,222
L3Harris
Technologies,
Inc.
............................
United
States
248
85,597
Leonardo
SpA
......................................
Italy
1,527
103,866
Lockheed
Martin
Corp.
...............................
United
States
609
368,073
MTU
Aero
Engines
AG
...............................
Germany
1,800
656,674
Northrop
Grumman
Corp.
.............................
United
States
1,076
734,090
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
6,832
103,795
RTX
Corp.
........................................
United
States
13,581
2,619,775
Safran
SA
.........................................
France
1,971
644,969
Singapore
Technologies
Engineering
Ltd.
.................
Singapore
6,300
53,470
10,474,576
Air
Freight
&
Logistics
0.2%
Deutsche
Post
AG
...................................
Germany
5,489
289,308
DSV
A/S
..........................................
Denmark
3,390
818,713
1,108,021
Automobile
Components
0.0%
†
Aisin
Corp.
........................................
Japan
5,400
76,076
BorgWarner,
Inc.
....................................
United
States
341
18,503
Continental
AG
.....................................
Germany
1,236
86,281
180,860
Automobiles
0.9%
Ford
Motor
Co.
.....................................
United
States
58,952
680,306
General
Motors
Co.
..................................
United
States
10,818
805,941
Mercedes-Benz
Group
AG
............................
Germany
6,730
413,645
Subaru
Corp.
......................................
Japan
7,400
119,225
Suzuki
Motor
Corp.
..................................
Japan
29,000
353,473
a
Tesla,
Inc.
.........................................
United
States
4,151
1,543,134
Toyota
Motor
Corp.
..................................
Japan
39,158
813,991
4,729,715
Banks
3.2%
AIB
Group
plc
......................................
Ireland
44,232
472,181
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
2,990
64,583
Banco
BPM
SpA
....................................
Italy
2,687
37,377
Banco
Santander
SA
.................................
Spain
15,351
172,096
Bank
of
America
Corp.
...............................
United
States
34,060
1,660,425
Barclays
plc
.......................................
United
Kingdom
55,260
289,202
BNP
Paribas
SA
....................................
France
6,323
602,352
Citigroup,
Inc.
......................................
United
States
3,435
389,563
Commerzbank
AG
...................................
Germany
1,525
55,631
Commonwealth
Bank
of
Australia
.......................
Australia
554
64,877
DBS
Group
Holdings
Ltd.
.............................
Singapore
14,800
658,602
Erste
Group
Bank
AG
................................
Austria
334
36,080
FinecoBank
Banca
Fineco
SpA
.........................
Italy
33,200
738,658
HDFC
Bank
Ltd.
....................................
India
73,398
574,930
HSBC
Holdings
plc
..................................
United
Kingdom
62,040
1,018,858
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)
ING
Groep
NV
.....................................
Netherlands
45,958
$
1,192,917
Intesa
Sanpaolo
SpA
.................................
Italy
43,761
264,661
JPMorgan
Chase
&
Co.
...............................
United
States
12,018
3,535,215
NatWest
Group
plc
..................................
United
Kingdom
63,792
472,568
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
4,320
898,949
Societe
Generale
SA
.................................
France
6,612
482,788
Standard
Chartered
plc
...............................
United
Kingdom
50,933
1,061,436
Sumitomo
Mitsui
Financial
Group,
Inc.
,
ADR
...............
Japan
31,205
616,299
UniCredit
SpA
......................................
Italy
8,022
575,529
Wells
Fargo
&
Co.
...................................
United
States
11,557
920,053
16,855,830
Beverages
0.6%
Anheuser-Busch
InBev
SA/NV
.........................
Belgium
981
67,871
Coca-Cola
HBC
AG
.................................
Italy
1,101
62,018
Diageo
plc
,
ADR
....................................
United
Kingdom
3,237
240,995
Heineken
Holding
NV
................................
Netherlands
874
62,199
Heineken
NV
......................................
Netherlands
6,343
487,893
Kirin
Holdings
Co.
Ltd.
...............................
Japan
9,500
151,109
a
Monster
Beverage
Corp.
..............................
United
States
13,530
980,384
PepsiCo,
Inc.
......................................
United
States
8,524
1,323,692
3,376,161
Biotechnology
1.1%
AbbVie,
Inc.
.......................................
United
States
6,498
1,413,250
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
587
194,221
Amgen,
Inc.
.......................................
United
States
2,676
941,551
a
Argenx
SE
,
ADR
....................................
Netherlands
990
722,947
a
Biogen,
Inc.
.......................................
United
States
40
7,333
a
BioNTech
SE
,
ADR
..................................
Germany
2,820
250,642
a
Exelixis,
Inc.
.......................................
United
States
2,561
109,841
a
Genmab
A/S
.......................................
Denmark
778
209,532
Gilead
Sciences,
Inc.
................................
United
States
6,779
944,789
a
Halozyme
Therapeutics,
Inc.
...........................
United
States
1,450
93,714
a
Incyte
Corp.
.......................................
United
States
275
25,883
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
138
106,624
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
1,430
638,552
5,658,879
Broadline
Retail
2.0%
Alibaba
Group
Holding
Ltd.
............................
China
19,996
313,427
a
Amazon.com,
Inc.
...................................
United
States
35,958
7,488,973
a
Etsy,
Inc.
..........................................
United
States
163
8,147
JD.com,
Inc.
,
ADR
...................................
China
16,723
494,499
Macy's,
Inc.
........................................
United
States
34,642
626,674
a
MercadoLibre,
Inc.
..................................
Brazil
399
689,879
Next
plc
..........................................
United
Kingdom
2,384
402,774
Prosus
NV
........................................
China
10,155
470,131
Ryohin
Keikaku
Co.
Ltd.
..............................
Japan
4,100
87,492
Wesfarmers
Ltd.
....................................
Australia
1,392
71,070
10,653,066
Building
Products
0.5%
Allegion
plc
........................................
United
States
26
3,778
Belimo
Holding
AG
..................................
Switzerland
771
626,167
Cie
de
Saint-Gobain
SA
..............................
France
6,774
560,849
Geberit
AG
........................................
Switzerland
143
96,529
Johnson
Controls
International
plc
.......................
United
States
3,728
488,182
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)
Building
Products
(continued)
Trane
Technologies
plc
...............................
United
States
1,527
$
636,362
2,411,867
Capital
Markets
1.7%
3i
Group
plc
.......................................
United
Kingdom
8,521
277,708
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
2,304
273,324
BlackRock,
Inc.
.....................................
United
States
387
372,182
Blackstone,
Inc.
....................................
United
States
580
66,694
Charles
Schwab
Corp.
(The)
...........................
United
States
23,949
2,250,727
Daiwa
Securities
Group,
Inc.
...........................
Japan
45,600
432,078
Deutsche
Bank
AG
..................................
Germany
15,500
461,281
b
Euronext
NV
,
144A
,
Reg
S
............................
Netherlands
3,027
486,081
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
113
95,597
ICG
plc
...........................................
United
Kingdom
30,600
627,584
Intercontinental
Exchange,
Inc.
.........................
United
States
3,075
483,636
Morgan
Stanley
.....................................
United
States
1,813
298,365
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
83
5,752
S&P
Global,
Inc.
....................................
United
States
1,669
709,893
SEI
Investments
Co.
.................................
United
States
1
79
Singapore
Exchange
Ltd.
.............................
Singapore
17,500
266,965
State
Street
Corp.
...................................
United
States
1,265
160,098
Swissquote
Group
Holding
SA
..........................
Switzerland
1,360
675,565
T
Rowe
Price
Group,
Inc.
.............................
United
States
2,722
245,361
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
2,059
242,262
UBS
Group
AG
.....................................
Switzerland
18,008
702,193
XP,
Inc.
,
A
.........................................
Brazil
6
114
9,133,539
Chemicals
1.6%
Air
Products
and
Chemicals,
Inc.
........................
United
States
5,829
1,693,266
Akzo
Nobel
NV
.....................................
Netherlands
3,888
223,503
Asahi
Kasei
Corp.
...................................
Japan
10,400
101,759
CF
Industries
Holdings,
Inc.
...........................
United
States
5,291
686,983
Corteva,
Inc.
.......................................
United
States
3,059
256,069
Ecolab,
Inc.
........................................
United
States
1,283
341,304
Linde
plc
..........................................
United
States
4,993
2,475,330
Mitsubishi
Chemical
Group
Corp.
.......................
Japan
13,600
79,507
Nitto
Denko
Corp.
...................................
Japan
13,700
274,058
Sherwin-Williams
Co.
(The)
............................
United
States
5,027
1,611,405
Sika
AG
..........................................
Switzerland
3,030
501,520
Solstice
Advanced
Materials,
Inc.
.......................
United
States
86
6,550
Yara
International
ASA
...............................
Brazil
3,075
179,747
8,431,001
Commercial
Services
&
Supplies
0.4%
Brambles
Ltd.
......................................
Australia
8,106
127,218
Cintas
Corp.
.......................................
United
States
832
140,725
Republic
Services,
Inc.
,
A
.............................
United
States
1,529
334,882
Securitas
AB
,
B
.....................................
Sweden
23,809
398,751
Veralto
Corp.
.......................................
United
States
6,470
572,077
a
Verisure
plc
........................................
United
Kingdom
26,739
277,565
1,851,218
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
.................................
United
States
3,918
481,052
Cisco
Systems,
Inc.
.................................
United
States
5,227
405,563
Motorola
Solutions,
Inc.
...............................
United
States
3,371
1,462,913
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
14,867
169,487
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)
Communications
Equipment
(continued)
Ubiquiti,
Inc.
.......................................
United
States
52
$
41,095
2,560,110
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
2,850
347,573
Eiffage
SA
.........................................
France
1,279
196,157
543,730
Construction
Materials
0.4%
Holcim
AG
........................................
United
States
5,375
444,308
Martin
Marietta
Materials,
Inc.
..........................
United
States
3,208
1,888,486
2,332,794
Consumer
Finance
0.4%
American
Express
Co.
...............................
United
States
3,290
995,159
Capital
One
Financial
Corp.
...........................
United
States
4,880
890,259
Synchrony
Financial
.................................
United
States
1,554
105,703
1,991,121
Consumer
Staples
Distribution
&
Retail
0.6%
Albertsons
Cos.,
Inc.
,
A
...............................
United
States
1,593
27,145
Carrefour
SA
.......................................
France
51,763
958,436
Costco
Wholesale
Corp.
..............................
United
States
523
521,133
Dollar
General
Corp.
.................................
United
States
3,417
405,700
a
Dollar
Tree,
Inc.
....................................
United
States
2,405
263,372
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
10,891
507,185
Kroger
Co.
(The)
....................................
United
States
7,538
545,450
Tesco
plc
.........................................
United
Kingdom
6,408
40,274
3,268,695
Containers
&
Packaging
0.2%
Crown
Holdings,
Inc.
.................................
United
States
1,308
131,127
Smurfit
Westrock
plc
,
(
GBP
Traded)
.....................
United
States
12,962
519,232
Smurfit
Westrock
plc
,
(
USD
Traded)
.....................
United
States
4,008
159,719
810,078
Diversified
Consumer
Services
0.0%
†
ADT,
Inc.
..........................................
United
States
620
4,073
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
.........................................
United
States
24,355
706,051
Comcast
Corp.
,
A
...................................
United
States
18,584
533,547
Deutsche
Telekom
AG
................................
Germany
17,860
666,593
Singapore
Telecommunications
Ltd.
.....................
Singapore
18,500
71,082
Telia
Co.
AB
.......................................
Sweden
34,158
175,001
2,152,274
Electric
Utilities
0.7%
Acciona
SA
........................................
Spain
508
133,585
American
Electric
Power
Co.,
Inc.
.......................
United
States
1,386
181,677
Duke
Energy
Corp.
..................................
United
States
635
83,147
Edison
International
.................................
United
States
865
63,301
Endesa
SA
........................................
Spain
2,259
94,207
Enel
SpA
.........................................
Italy
9,735
106,431
Entergy
Corp.
......................................
United
States
511
57,416
Iberdrola
SA
.......................................
Spain
32,461
743,168
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
4,200
69,829
NextEra
Energy,
Inc.
.................................
United
States
5,929
550,685
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
NRG
Energy,
Inc.
...................................
United
States
4,884
$
713,748
Southern
Co.
(The)
..................................
United
States
1,276
123,160
SSE
plc
..........................................
United
Kingdom
21,003
726,044
3,646,398
Electrical
Equipment
0.5%
ABB
Ltd.
..........................................
Switzerland
4,568
371,415
AMETEK,
Inc.
......................................
United
States
1,734
371,700
Eaton
Corp.
plc
.....................................
United
States
2,131
762,195
Fujikura
Ltd.
.......................................
Japan
13,800
379,528
Mitsubishi
Electric
Corp.
..............................
Japan
9,300
304,176
nVent
Electric
plc
...................................
United
States
1,463
173,043
Vestas
Wind
Systems
A/S
.............................
Denmark
4,082
123,158
2,485,215
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
A
..................................
United
States
8,491
1,072,838
Halma
plc
.........................................
United
Kingdom
786
40,110
Inficon
Holding
AG
..................................
Switzerland
2,740
346,778
Murata
Manufacturing
Co.
Ltd.
.........................
Japan
6,200
139,111
TE
Connectivity
plc
..................................
Switzerland
790
165,126
Yokogawa
Electric
Corp.
..............................
Japan
4,700
145,248
1,909,211
Entertainment
0.8%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
9,100
532,993
Electronic
Arts,
Inc.
..................................
United
States
1,094
223,034
a
Netflix,
Inc.
........................................
United
States
29,842
2,869,308
Nexon
Co.
Ltd.
.....................................
Japan
7,300
137,508
a
Spotify
Technology
SA
................................
United
States
397
192,509
Toho
Co.
Ltd.
......................................
Japan
10,600
111,340
Walt
Disney
Co.
(The)
................................
United
States
2
193
4,066,885
Financial
Services
1.7%
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
5,165
2,475,068
Industrivarden
AB
,
A
.................................
Sweden
2,026
100,907
Investor
AB
,
B
......................................
Sweden
2,357
89,271
Mastercard,
Inc.
,
A
..................................
United
States
3,700
1,848,742
MGIC
Investment
Corp.
...............................
United
States
9,683
254,179
ORIX
Corp.
........................................
Japan
16,900
501,446
PayPal
Holdings,
Inc.
................................
United
States
10,688
483,418
Visa,
Inc.
,
A
........................................
United
States
10,963
3,313,457
Western
Union
Co.
(The)
..............................
United
States
3,867
33,759
9,100,247
Food
Products
0.4%
Archer-Daniels-Midland
Co.
...........................
United
States
5,922
430,470
Barry
Callebaut
AG
..................................
Switzerland
257
451,959
Ingredion,
Inc.
......................................
United
States
141
15,885
Nestle
SA
.........................................
United
States
8,546
838,286
b
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
170,500
224,112
1,960,712
Gas
Utilities
0.1%
Tokyo
Gas
Co.
Ltd.
..................................
Japan
5,900
277,867
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)
Gas
Utilities
(continued)
UGI
Corp.
.........................................
United
States
899
$
32,741
310,608
Ground
Transportation
0.9%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
3,001
236,059
Central
Japan
Railway
Co.
............................
Japan
4,600
119,605
a
Lyft,
Inc.
,
A
........................................
United
States
32,866
437,118
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
1,309
255,779
Seibu
Holdings,
Inc.
.................................
Japan
2,300
64,259
a
Uber
Technologies,
Inc.
...............................
United
States
16,678
1,199,649
Union
Pacific
Corp.
..................................
United
States
1,928
467,771
a
XPO,
Inc.
.........................................
United
States
10,530
2,048,611
4,828,851
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
..................................
United
States
4,186
429,776
Alcon
AG
.........................................
United
States
9,960
752,879
Becton
Dickinson
&
Co.
...............................
United
States
6,938
1,090,862
a
Boston
Scientific
Corp.
...............................
United
States
1
63
Cochlear
Ltd.
......................................
Australia
3,914
460,563
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
....................
New
Zealand
4,189
90,832
Hoya
Corp.
........................................
Japan
2,800
485,409
a
IDEXX
Laboratories,
Inc.
..............................
United
States
407
228,689
a
Intuitive
Surgical,
Inc.
................................
United
States
2,891
1,332,722
Medtronic
plc
......................................
United
States
1,434
124,256
Stryker
Corp.
......................................
United
States
2,481
815,232
5,811,283
Health
Care
Providers
&
Services
1.1%
Cardinal
Health,
Inc.
.................................
United
States
2,942
621,674
CVS
Health
Corp.
...................................
United
States
18,170
1,304,969
Fresenius
Medical
Care
AG
............................
Germany
1,274
57,735
HCA
Healthcare,
Inc.
.................................
United
States
1,504
711,753
McKesson
Corp.
....................................
United
States
1,954
1,690,913
UnitedHealth
Group,
Inc.
..............................
United
States
4,827
1,306,138
5,693,182
Health
Care
Technology
0.0%
†
Pro
Medicus
Ltd.
....................................
Australia
400
32,967
Hotels,
Restaurants
&
Leisure
0.8%
a
Airbnb,
Inc.
,
A
......................................
United
States
4,279
540,352
Amadeus
IT
Group
SA
...............................
Spain
9,530
544,933
Booking
Holdings,
Inc.
...............................
United
States
400
1,684,128
Boyd
Gaming
Corp.
.................................
United
States
676
55,554
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
14,080
450,701
Compass
Group
plc
.................................
United
Kingdom
3,548
98,992
b
Evolution
AB
,
144A
,
Reg
S
............................
Sweden
2,287
143,734
Expedia
Group,
Inc.
.................................
United
States
1,344
310,316
InterContinental
Hotels
Group
plc
.......................
United
States
2,111
278,388
4,107,098
Household
Durables
0.3%
Barratt
Redrow
plc
..................................
United
Kingdom
82,480
286,872
DR
Horton,
Inc.
.....................................
United
States
744
102,092
Persimmon
plc
.....................................
United
Kingdom
24,181
345,194
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)
Household
Durables
(continued)
Sony
Group
Corp.
...................................
Japan
49,300
$
1,027,547
1,761,705
Household
Products
0.3%
Colgate-Palmolive
Co.
...............................
United
States
2,921
248,957
Procter
&
Gamble
Co.
(The)
...........................
United
States
9,047
1,306,749
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
481
32,342
1,588,048
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
..........................................
Germany
4,212
283,379
Vistra
Corp.
........................................
United
States
592
88,995
372,374
Industrial
Conglomerates
0.3%
Hitachi
Ltd.
........................................
Japan
12,600
369,627
Honeywell
International,
Inc.
...........................
United
States
4,700
1,062,341
Jardine
Matheson
Holdings
Ltd.
........................
Indonesia
900
64,695
Siemens
AG
.......................................
Germany
1,029
250,700
1,747,363
Industrial
REITs
0.0%
†
Prologis,
Inc.
.......................................
United
States
1,730
228,671
Insurance
1.6%
Aegon
Ltd.
........................................
United
States
12,669
92,651
AIA
Group
Ltd.
.....................................
Hong
Kong
57,909
643,446
Allianz
SE
.........................................
Germany
159
67,149
Allstate
Corp.
(The)
..................................
United
States
346
71,740
American
International
Group,
Inc.
......................
United
States
9,219
693,730
Assured
Guaranty
Ltd.
...............................
United
States
176
14,340
AXA
SA
...........................................
France
13,314
611,799
Axis
Capital
Holdings
Ltd.
.............................
United
States
1
101
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
199
26,911
Japan
Post
Holdings
Co.
Ltd.
..........................
Japan
22,800
263,259
Japan
Post
Insurance
Co.
Ltd.
.........................
Japan
11,300
113,967
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
9,993
1,733,286
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
385
243,143
Old
Republic
International
Corp.
........................
United
States
3
120
Progressive
Corp.
(The)
..............................
United
States
2,678
530,887
Prudential
plc
......................................
Hong
Kong
40,065
557,028
QBE
Insurance
Group
Ltd.
............................
Australia
12,047
177,775
RenaissanceRe
Holdings
Ltd.
..........................
United
States
427
126,917
Sompo
Holdings,
Inc.
................................
Japan
13,200
513,853
Suncorp
Group
Ltd.
..................................
Australia
6,313
70,849
Travelers
Cos.,
Inc.
(The)
.............................
United
States
5,737
1,673,368
Unum
Group
.......................................
United
States
2
146
8,226,465
Interactive
Media
&
Services
3.0%
Alphabet,
Inc.
,
A
....................................
United
States
25,985
7,472,247
Alphabet,
Inc.
,
C
....................................
United
States
6,457
1,852,255
LY
Corp.
..........................................
Japan
35,000
84,390
Meta
Platforms,
Inc.
,
A
...............................
United
States
9,681
5,538,790
b
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
6,800
524,677
Tencent
Holdings
Ltd.
................................
China
4,240
267,427
15,739,786
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)
IT
Services
0.2%
Accenture
plc
,
A
....................................
United
States
3
$
595
Cognizant
Technology
Solutions
Corp.
,
A
..................
United
States
1
61
NEC
Corp.
........................................
Japan
7,900
196,576
a
Shopify,
Inc.
,
A
.....................................
Canada
5,726
679,218
a
Snowflake,
Inc.
,
A
...................................
United
States
1,136
171,332
1,047,782
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
..........................
Japan
2,900
71,544
Life
Sciences
Tools
&
Services
1.0%
Agilent
Technologies,
Inc.
.............................
United
States
2,115
241,068
Danaher
Corp.
.....................................
United
States
2,644
501,302
Eurofins
Scientific
SE
................................
Luxembourg
1,456
106,243
Lonza
Group
AG
....................................
Switzerland
1,380
885,296
a
Medpace
Holdings,
Inc.
...............................
United
States
860
412,963
a
Mettler-Toledo
International,
Inc.
........................
United
States
295
372,054
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
5,028
2,471,413
a
Waters
Corp.
......................................
United
States
938
279,336
5,269,675
Machinery
1.9%
Allison
Transmission
Holdings,
Inc.
......................
United
States
187
21,890
Atlas
Copco
AB
,
A
...................................
Sweden
13,935
245,909
Caterpillar,
Inc.
.....................................
United
States
1,601
1,134,245
CNH
Industrial
NV
...................................
United
States
65,017
715,187
Deere
&
Co.
.......................................
United
States
3,054
1,720,318
GEA
Group
AG
.....................................
Germany
2,505
179,653
Illinois
Tool
Works,
Inc.
...............................
United
States
2,584
672,589
Ingersoll
Rand,
Inc.
..................................
United
States
4,970
398,196
Interroll
Holding
AG
..................................
Switzerland
275
508,836
Komatsu
Ltd.
......................................
Japan
7,500
298,654
Kone
OYJ
,
B
.......................................
Finland
2,001
127,745
Oshkosh
Corp.
.....................................
United
States
2
294
Parker-Hannifin
Corp.
................................
United
States
2,881
2,579,187
Sandvik
AB
........................................
Sweden
1,346
51,743
Schindler
Holding
AG
................................
Switzerland
467
147,083
Toro
Co.
(The)
.....................................
United
States
1
93
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
950
592,650
Wartsila
OYJ
Abp
...................................
Finland
9,658
359,741
Xylem,
Inc.
........................................
United
States
2,768
330,776
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
48,200
143,173
10,227,962
Marine
Transportation
0.0%
†
SITC
International
Holdings
Co.
Ltd.
.....................
China
27,000
118,220
Media
0.0%
†
Fox
Corp.
,
A
.......................................
United
States
480
28,032
a
Versant
Media
Group,
Inc.
.............................
United
States
613
22,693
50,725
Metals
&
Mining
0.4%
BHP
Group
Ltd.
....................................
Australia
23,787
860,674
a
Boliden
AB
........................................
Sweden
743
38,949
Fortescue
Ltd.
......................................
Australia
31,733
453,452
Fresnillo
plc
.......................................
Mexico
853
37,810
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)
Metals
&
Mining
(continued)
Newmont
Corp.
.....................................
United
States
6,982
$
755,802
2,146,687
Multi-Utilities
0.7%
Centrica
plc
.......................................
United
Kingdom
100,148
283,563
CMS
Energy
Corp.
..................................
United
States
1
78
Consolidated
Edison,
Inc.
.............................
United
States
715
80,924
Sempra,
Inc.
.......................................
United
States
13,654
1,326,759
WEC
Energy
Group,
Inc.
..............................
United
States
15,321
1,773,712
3,465,036
Oil,
Gas
&
Consumable
Fuels
2.2%
APA
Corp.
.........................................
United
States
21,638
918,317
BP
plc
............................................
United
States
105,218
823,521
Chevron
Corp.
.....................................
United
States
14,273
2,953,084
ConocoPhillips
.....................................
United
States
13,403
1,769,196
ENEOS
Holdings,
Inc.
................................
Japan
23,600
212,639
EOG
Resources,
Inc.
................................
United
States
1
145
Equinor
ASA
.......................................
Norway
13,912
592,712
Exxon
Mobil
Corp.
...................................
United
States
8,636
1,465,184
Galp
Energia
SGPS
SA
,
B
............................
Portugal
9,328
223,663
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
7,200
70,686
Inpex
Corp.
........................................
Japan
11,200
331,290
Repsol
SA
.........................................
Spain
3,071
86,444
Secure
Waste
Infrastructure
Corp.
.......................
Canada
42,697
670,028
Shell
plc
..........................................
United
States
23,970
1,110,171
TotalEnergies
SE
...................................
France
1,581
145,095
11,372,175
Passenger
Airlines
0.0%
†
a
United
Airlines
Holdings,
Inc.
...........................
United
States
1
92
Personal
Care
Products
0.2%
L'Oreal
SA
........................................
France
1,114
454,836
Unilever
plc
........................................
United
Kingdom
13,902
763,211
1,218,047
Pharmaceuticals
3.0%
Astellas
Pharma,
Inc.
................................
Japan
33,200
541,220
AstraZeneca
plc
,
(
GBP
Traded)
.........................
United
Kingdom
10,423
2,038,113
AstraZeneca
plc
,
(
USD
Traded)
.........................
United
Kingdom
6,745
1,330,249
Bristol-Myers
Squibb
Co.
..............................
United
States
14,660
889,129
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
2,900
159,931
Eli
Lilly
&
Co.
......................................
United
States
1,337
1,229,732
GSK
plc
..........................................
United
States
25,161
693,072
Haleon
plc
,
ADR
....................................
United
States
99,960
1,000,600
Ipsen
SA
..........................................
France
776
145,022
Johnson
&
Johnson
.................................
United
States
12,907
3,154,987
Novartis
AG
.......................................
United
States
6,822
1,047,139
Novo
Nordisk
A/S
,
B
.................................
Denmark
8,848
323,788
Pfizer,
Inc.
.........................................
United
States
3
84
Roche
Holding
AG
..................................
United
States
2,048
817,338
Roche
Holding
AG
..................................
United
States
455
188,535
Roche
Holding
AG
,
ADR
..............................
United
States
23,532
1,169,776
Royalty
Pharma
plc
,
A
................................
United
States
3
144
Sanofi
SA
.........................................
United
States
7,965
769,179
Shionogi
&
Co.
Ltd.
..................................
Japan
13,100
289,784
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)
Pharmaceuticals
(continued)
a
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
.................
Israel
6,800
$
204,816
15,992,638
Professional
Services
0.3%
Experian
plc
.......................................
United
States
16,000
553,512
Genpact
Ltd.
.......................................
United
States
2
75
ManpowerGroup,
Inc.
................................
United
States
7,722
227,490
Recruit
Holdings
Co.
Ltd.
.............................
Japan
7,900
344,203
RELX
plc
.........................................
United
Kingdom
3,942
129,149
Robert
Half,
Inc.
....................................
United
States
1,185
30,099
Verisk
Analytics,
Inc.
,
A
...............................
United
States
440
83,490
Wolters
Kluwer
NV
..................................
Netherlands
884
66,024
1,434,042
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
240
32,510
CK
Asset
Holdings
Ltd.
...............................
Hong
Kong
37,000
211,706
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
159
48,387
Sun
Hung
Kai
Properties
Ltd.
..........................
Hong
Kong
9,500
158,183
Vonovia
SE
........................................
Germany
2,287
57,204
507,990
Residential
REITs
0.0%
†
Sun
Communities,
Inc.
...............................
United
States
1,476
185,917
Retail
REITs
0.0%
†
Klepierre
SA
.......................................
France
3,989
149,756
Semiconductors
&
Semiconductor
Equipment
6.6%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
90
18,309
Advantest
Corp.
....................................
Japan
4,100
565,827
Applied
Materials,
Inc.
................................
United
States
158
54,003
a
ARM
Holdings
plc
,
ADR
..............................
United
States
1,377
208,313
ASML
Holding
NV
...................................
Netherlands
1,271
1,690,121
ASML
Holding
NV
,
ADR
..............................
Netherlands
1,114
1,471,404
Broadcom,
Inc.
.....................................
United
States
14,991
4,639,864
Disco
Corp.
........................................
Japan
1,190
485,024
a
Intel
Corp.
.........................................
United
States
25,625
1,130,831
a
Kioxia
Holdings
Corp.
................................
Japan
1,600
208,960
KLA
Corp.
.........................................
United
States
534
786,267
Lam
Research
Corp.
.................................
United
States
1,321
282,245
Lasertec
Corp.
.....................................
Japan
500
111,287
Microchip
Technology,
Inc.
............................
United
States
21,860
1,412,375
Micron
Technology,
Inc.
...............................
United
States
2,813
950,344
Monolithic
Power
Systems,
Inc.
.........................
United
States
560
612,276
a
Nova
Ltd.
.........................................
Israel
1,400
607,992
NVIDIA
Corp.
......................................
United
States
78,852
13,751,789
QUALCOMM,
Inc.
...................................
United
States
5,582
718,850
Skyworks
Solutions,
Inc.
..............................
United
States
2
107
STMicroelectronics
NV
...............................
Singapore
16,843
573,144
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
19,871
1,149,230
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
6,674
2,255,478
Texas
Instruments,
Inc.
...............................
United
States
3,477
675,025
Tokyo
Electron
Ltd.
..................................
Japan
1,500
372,676
34,731,741
Software
3.3%
a
Adobe,
Inc.
........................................
United
States
3,068
745,769
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
1,969
$
471,379
a
Cadence
Design
Systems,
Inc.
.........................
United
States
97
26,953
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
1,843
263,273
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
306
119,465
a
Datadog,
Inc.
,
A
....................................
United
States
1,740
205,407
a
DocuSign,
Inc.
,
A
...................................
United
States
1
47
a
Dropbox,
Inc.
,
A
....................................
United
States
28,071
637,773
a
Fair
Isaac
Corp.
....................................
United
States
200
213,508
Intuit,
Inc.
.........................................
United
States
2,989
1,292,384
a
Kinaxis,
Inc.
.......................................
Canada
5,830
588,406
Microsoft
Corp.
.....................................
United
States
23,865
8,834,107
Oracle
Corp.
.......................................
United
States
4,678
688,181
a
Palo
Alto
Networks,
Inc.
..............................
United
States
5,410
867,331
Pegasystems,
Inc.
...................................
United
States
1
43
RingCentral,
Inc.
,
A
..................................
United
States
959
35,665
Sage
Group
plc
(The)
................................
United
Kingdom
13,724
153,783
Salesforce,
Inc.
.....................................
United
States
285
53,201
SAP
SE
..........................................
Germany
5,083
866,563
a
ServiceNow,
Inc.
....................................
United
States
2,552
266,812
a
Synopsys,
Inc.
.....................................
United
States
2,408
954,724
a
Teradata
Corp.
.....................................
United
States
1,141
29,244
a
Zoom
Communications,
Inc.
,
A
.........................
United
States
2,514
202,101
17,516,119
Specialized
REITs
0.3%
American
Tower
Corp.
................................
United
States
4,026
694,807
VICI
Properties,
Inc.
,
A
...............................
United
States
24,041
656,800
1,351,607
Specialty
Retail
0.9%
Bath
&
Body
Works,
Inc.
..............................
United
States
4
75
Best
Buy
Co.,
Inc.
...................................
United
States
2,432
156,134
a
Carvana
Co.
,
A
.....................................
United
States
327
102,802
Fast
Retailing
Co.
Ltd.
................................
Japan
1,700
671,681
H
&
M
Hennes
&
Mauritz
AB
,
B
.........................
Sweden
2,981
55,771
Home
Depot,
Inc.
(The)
...............................
United
States
3,113
1,023,835
Industria
de
Diseno
Textil
SA
...........................
Spain
5,670
330,044
JD
Sports
Fashion
plc
................................
United
Kingdom
459,297
435,625
Lowe's
Cos.,
Inc.
....................................
United
States
1,855
438,299
a
O'Reilly
Automotive,
Inc.
..............................
United
States
11,207
1,034,518
TJX
Cos.,
Inc.
(The)
.................................
United
States
547
87,356
a
Ulta
Beauty,
Inc.
....................................
United
States
355
185,562
4,521,702
Technology
Hardware,
Storage
&
Peripherals
1.7%
Apple,
Inc.
........................................
United
States
30,151
7,652,022
Canon,
Inc.
........................................
Japan
2,300
63,819
Logitech
International
SA
.............................
Switzerland
720
66,862
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
4,947
578,608
Western
Digital
Corp.
................................
United
States
3,191
863,134
9,224,445
Textiles,
Apparel
&
Luxury
Goods
0.3%
adidas
AG
.........................................
Germany
1,811
293,122
Asics
Corp.
........................................
Japan
14,000
376,392
a
Crocs,
Inc.
........................................
United
States
1,041
86,424
Kering
SA
.........................................
France
966
293,339
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
519
283,711
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)
Pandora
A/S
.......................................
Denmark
1,580
$
112,929
Tapestry,
Inc.
......................................
United
States
209
29,492
1,475,409
Tobacco
0.2%
Altria
Group,
Inc.
....................................
United
States
11,741
774,789
Imperial
Brands
plc
..................................
United
Kingdom
6,618
268,345
1,043,134
Trading
Companies
&
Distributors
0.5%
AerCap
Holdings
NV
.................................
Ireland
2,842
389,865
Fastenal
Co.
.......................................
United
States
12,182
565,245
RS
Group
plc
......................................
United
Kingdom
58,600
438,794
Toyota
Tsusho
Corp.
.................................
Japan
11,800
457,330
WW
Grainger,
Inc.
...................................
United
States
716
781,020
2,632,254
Transportation
Infrastructure
0.0%
†
b
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
6,022
177,633
Wireless
Telecommunication
Services
0.2%
Millicom
International
Cellular
SA
.......................
Guatemala
475
35,597
T-Mobile
US,
Inc.
...................................
United
States
3,420
718,303
Vodafone
Group
plc
.................................
United
Kingdom
259,874
391,981
1,145,881
Total
Common
Stocks
(Cost
$
185,224,678
)
...................................
289,222,890
Management
Investment
Companies
2.4%
Capital
Markets
2.4%
c
Franklin
FTSE
Japan
ETF
.............................
United
States
353,525
12,790,534
Total
Management
Investment
Companies
(Cost
$
13,676,115
)
..................
12,790,534
Preferred
Stocks
0.1%
Household
Products
0.0%
†
d
Henkel
AG
&
Co.
KGaA
,
3
.05
%
.........................
Germany
1,476
114,020
Life
Sciences
Tools
&
Services
0.1%
d
Sartorius
AG
,
0
.34
%
.................................
Germany
1,144
286,248
Total
Preferred
Stocks
(Cost
$
480,994
)
.......................................
400,268
Units
Limited
Partnerships
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Enterprise
Products
Partners
LP
........................
United
States
40,124
1,518,292
1,518,292
Total
Limited
Partnerships
(Cost
$
1,043,477
)
.................................
1,518,292
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
13.3%
Aerospace
&
Defense
0.5%
b
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.3
%
,
3/26/34
.........
United
Kingdom
200,000
$
204,916
Boeing
Co.
(The)
,
Senior
Bond
,
3.6
%
,
5/01/34
..........................
United
States
200,000
179,113
Senior
Bond
,
3.5
%
,
3/01/39
..........................
United
States
200,000
161,393
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
100,000
109,936
Senior
Bond
,
5.705
%
,
5/01/40
........................
United
States
350,000
350,715
Senior
Note
,
6.528
%
,
5/01/34
........................
United
States
195,000
212,503
b
Honeywell
Aerospace,
Inc.
,
Senior
Bond
,
144A,
4.95
%
,
3/16/36
....................
United
States
65,000
64,518
Senior
Bond
,
144A,
5.732
%
,
3/16/56
...................
United
States
385,000
380,823
Senior
Bond
,
144A,
5.852
%
,
3/16/66
...................
United
States
25,000
24,817
Senior
Note
,
144A,
4.6
%
,
3/16/33
.....................
United
States
35,000
34,609
Howmet
Aerospace,
Inc.
,
Senior
Bond
,
4.75
%
,
4/15/36
.........................
United
States
85,000
82,673
Senior
Bond
,
5.95
%
,
2/01/37
.........................
United
States
260,000
277,381
Senior
Note
,
4.85
%
,
10/15/31
........................
United
States
50,000
50,590
Lockheed
Martin
Corp.
,
Senior
Bond
,
4.07
%
,
12/15/42
.......
United
States
130,000
110,086
Northrop
Grumman
Corp.
,
Senior
Bond
,
4.95
%
,
3/15/53
......
United
States
220,000
195,033
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
235,000
235,231
2,674,337
Automobiles
0.1%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
510,000
519,449
Senior
Note
,
144A,
4.5
%
,
9/18/30
.....................
United
States
55,000
54,105
Senior
Note
,
144A,
5.4
%
,
1/08/31
.....................
United
States
200,000
204,172
777,726
Banks
2.8%
Bank
of
America
Corp.
,
Senior
Bond
,
3.974%
to
2/06/29,
FRN
thereafter
,
2/07/30
...
United
States
200,000
197,293
Senior
Bond
,
1.922%
to
10/23/30,
FRN
thereafter
,
10/24/31
.
United
States
200,000
177,306
Senior
Bond
,
2.687%
to
4/21/31,
FRN
thereafter
,
4/22/32
...
United
States
200,000
181,309
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
540,000
530,792
Senior
Bond
,
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
225,000
229,752
Senior
Note
,
6.204%
to
11/09/27,
FRN
thereafter
,
11/10/28
..
United
States
1,280,000
1,315,317
Sub.
Bond
,
5.744%
to
2/11/35,
FRN
thereafter
,
2/12/36
.....
United
States
150,000
152,645
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
58,000
53,752
Barclays
plc
,
Senior
Note
,
5.086%
to
2/24/28,
FRN
thereafter
,
2/25/29
.........................................
United
Kingdom
230,000
231,943
b
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
250,000
246,538
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.885%
to
7/02/30,
FRN
thereafter
,
7/03/31
......................
Spain
200,000
200,308
Citibank
NA
,
Senior
Note
,
4.914
%
,
5/29/30
................
United
States
500,000
507,907
Citigroup,
Inc.
,
e
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
125,000
125,179
Senior
Bond
,
3.668%
to
7/23/27,
FRN
thereafter
,
7/24/28
...
United
States
465,000
460,152
Senior
Bond
,
2.572%
to
6/02/30,
FRN
thereafter
,
6/03/31
...
United
States
400,000
366,769
Senior
Bond
,
3.057%
to
1/24/32,
FRN
thereafter
,
1/25/33
...
United
States
285,000
257,803
Senior
Note
,
5.174%
to
2/12/29,
FRN
thereafter
,
2/13/30
....
United
States
360,000
365,598
Cooperatieve
Rabobank
UA
,
Senior
Bond
,
5.25
%
,
5/24/41
....
Netherlands
105,000
101,791
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)
b
Danske
Bank
A/S
,
Senior
Non-Preferred
Note
,
144A,
5.705%
to
2/28/29,
FRN
thereafter
,
3/01/30
.................................
Denmark
200,000
$
205,745
Senior
Preferred
Note
,
144A,
5.427%
to
2/28/27,
FRN
thereafter
,
3/01/28
.................................
Denmark
400,000
403,851
Fifth
Third
Bancorp
,
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
.................................
United
States
200,000
206,218
Huntington
Bancshares,
Inc.
,
Senior
Bond
,
2.55
%
,
2/04/30
....
United
States
200,000
185,264
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
3.54%
to
4/30/27,
FRN
thereafter
,
5/01/28
....
United
States
1,030,000
1,020,663
Senior
Bond
,
1.953%
to
2/03/31,
FRN
thereafter
,
2/04/32
...
United
States
150,000
132,115
Senior
Bond
,
5.35%
to
5/31/33,
FRN
thereafter
,
6/01/34
....
United
States
535,000
546,112
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
100,000
101,567
Senior
Note
,
5.14%
to
1/23/30,
FRN
thereafter
,
1/24/31
.....
United
States
400,000
407,409
Sub.
Bond
,
2.956%
to
5/12/30,
FRN
thereafter
,
5/13/31
.....
United
States
200,000
186,402
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
United
States
190,000
192,484
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.159%
to
4/23/30,
FRN
thereafter
,
4/24/31
......................
Japan
200,000
202,917
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
....
Japan
200,000
205,545
Senior
Note
,
5.098%
to
5/12/30,
FRN
thereafter
,
5/13/31
....
Japan
200,000
202,871
NatWest
Group
plc
,
Senior
Note
,
5.808%
to
9/12/28,
FRN
thereafter
,
9/13/29
....
United
Kingdom
200,000
205,828
Senior
Note
,
4.964%
to
8/14/29,
FRN
thereafter
,
8/15/30
....
United
Kingdom
200,000
201,822
PNC
Financial
Services
Group,
Inc.
(The)
,
e
T
,
Junior
Sub.
Bond
,
3.4%
to
9/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
230,000
226,560
Senior
Bond
,
5.676%
to
1/21/34,
FRN
thereafter
,
1/22/35
...
United
States
50,000
51,452
Senior
Bond
,
5.373%
to
7/20/35,
FRN
thereafter
,
7/21/36
...
United
States
70,000
70,337
Senior
Note
,
5.222%
to
1/28/30,
FRN
thereafter
,
1/29/31
....
United
States
210,000
214,283
Royal
Bank
of
Canada
,
Senior
Note
,
4.97%
to
5/01/30,
FRN
thereafter
,
5/02/31
.................................
Canada
260,000
262,878
b
Societe
Generale
SA
,
Senior
Non-Preferred
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.....................
France
200,000
198,957
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.568
%
,
12/17/26
..
Canada
200,000
200,546
Truist
Financial
Corp.
,
Senior
Note
,
7.161%
to
10/29/28,
FRN
thereafter
,
10/30/29
..
United
States
365,000
388,077
Senior
Note
,
5.153%
to
8/04/31,
FRN
thereafter
,
8/05/32
....
United
States
200,000
202,704
I
,
Senior
Note
,
4.597%
to
1/26/31,
FRN
thereafter
,
1/27/32
..
United
States
225,000
222,651
b
UniCredit
SpA
,
Senior
Preferred
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
.............................
Italy
300,000
298,622
US
Bancorp
,
Senior
Note
,
5.1%
to
7/22/29,
FRN
thereafter
,
7/23/30
.........................................
United
States
275,000
279,896
Wells
Fargo
&
Co.
,
Senior
Bond
,
2.879%
to
10/29/29,
FRN
thereafter
,
10/30/30
.
United
States
350,000
330,273
Senior
Bond
,
3.35%
to
3/01/32,
FRN
thereafter
,
3/02/33
....
United
States
200,000
183,692
Senior
Bond
,
5.389%
to
4/23/33,
FRN
thereafter
,
4/24/34
...
United
States
430,000
436,581
Senior
Note
,
4.808%
to
7/24/27,
FRN
thereafter
,
7/25/28
....
United
States
550,000
552,420
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
....
United
States
100,000
101,581
14,530,477
Beverages
0.1%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
..........................
Belgium
350,000
338,325
Senior
Bond
,
5.8
%
,
1/23/59
..........................
Belgium
150,000
150,471
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)
Beverages
(continued)
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
45,000
$
44,634
533,430
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond
,
4.75
%
,
3/15/36
.........................
United
States
15,000
14,723
Senior
Bond
,
4.85
%
,
6/15/44
.........................
United
States
430,000
391,155
Senior
Note
,
4.4
%
,
3/15/33
..........................
United
States
50,000
49,098
Amgen,
Inc.
,
Senior
Bond
,
2.45
%
,
2/21/30
.........................
United
States
200,000
185,780
Senior
Bond
,
5.25
%
,
3/02/33
.........................
United
States
100,000
102,657
Senior
Bond
,
5.6
%
,
3/02/43
..........................
United
States
290,000
286,290
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
45,000
41,133
b
CSL
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
4/27/32
....................
Australia
300,000
290,406
Senior
Bond
,
144A,
5.106
%
,
4/03/34
...................
Australia
255,000
257,623
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
.........................
United
States
200,000
177,328
Senior
Bond
,
2.8
%
,
9/15/50
..........................
United
States
400,000
242,336
2,038,529
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
4.875
%
,
3/13/36
........................
United
States
62,000
61,459
Senior
Bond
,
2.875
%
,
5/12/41
........................
United
States
60,000
44,243
Senior
Bond
,
5.8
%
,
3/13/56
..........................
United
States
240,000
239,976
Senior
Bond
,
6.05
%
,
3/13/76
.........................
United
States
52,000
51,736
Senior
Note
,
4.55
%
,
3/13/33
.........................
United
States
40,000
39,627
437,041
Building
Products
0.0%
†
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
25,000
25,011
Owens
Corning
,
Senior
Bond
,
5.7
%
,
6/15/34
...............
United
States
150,000
155,119
180,130
Capital
Markets
1.0%
BlackRock
Funding,
Inc.
,
Senior
Bond
,
5.25
%
,
3/14/54
.......
United
States
150,000
139,635
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.615%
to
4/21/31,
FRN
thereafter
,
4/22/32
...
United
States
100,000
89,857
Senior
Bond
,
5.851%
to
4/24/34,
FRN
thereafter
,
4/25/35
...
United
States
450,000
467,109
Senior
Bond
,
5.536%
to
1/27/35,
FRN
thereafter
,
1/28/36
...
United
States
100,000
101,692
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
150,000
146,707
Senior
Note
,
5.727%
to
4/24/29,
FRN
thereafter
,
4/25/30
....
United
States
540,000
557,212
Senior
Note
,
5.218%
to
4/22/30,
FRN
thereafter
,
4/23/31
....
United
States
100,000
101,710
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
........................
United
States
785,000
775,941
Senior
Bond
,
3.622%
to
3/31/30,
FRN
thereafter
,
4/01/31
...
United
States
500,000
479,592
Senior
Bond
,
1.794%
to
2/12/31,
FRN
thereafter
,
2/13/32
...
United
States
200,000
173,238
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
....
United
States
735,000
737,558
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
...
United
States
50,000
50,842
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
50,000
49,005
Senior
Bond
,
5.9%
to
3/12/46,
FRN
thereafter
,
3/13/47
.....
United
States
115,000
114,533
Senior
Note
,
4.654%
to
10/17/29,
FRN
thereafter
,
10/18/30
..
United
States
260,000
259,939
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
50,000
49,174
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)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Note
,
4.708%
to
3/11/31,
FRN
thereafter
,
3/12/32
....
United
States
75,000
$
74,511
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
22,000
22,548
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/15/29
..............
United
States
200,000
194,345
b
UBS
Group
AG
,
Senior
Bond
,
144A,
2.095%
to
2/10/31,
FRN
thereafter
,
2/11/32
Switzerland
425,000
374,564
Senior
Note
,
144A,
6.246%
to
9/21/28,
FRN
thereafter
,
9/22/29
Switzerland
200,000
207,890
5,167,602
Commercial
Services
&
Supplies
0.0%
†
Waste
Connections,
Inc.
,
Senior
Bond
,
5
%
,
3/01/34
...........................
United
States
45,000
45,314
Senior
Bond
,
4.8
%
,
7/15/36
..........................
United
States
65,000
63,709
109,023
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.05
%
,
2/26/34
...........
United
States
330,000
334,879
Motorola
Solutions,
Inc.
,
Senior
Bond
,
4.6
%
,
5/23/29
..........................
United
States
130,000
130,210
Senior
Bond
,
5.4
%
,
4/15/34
..........................
United
States
150,000
151,925
Senior
Note
,
4.85
%
,
8/15/30
.........................
United
States
70,000
70,522
687,536
Construction
Materials
0.0%
†
Martin
Marietta
Materials,
Inc.
,
Senior
Bond
,
5.15
%
,
12/01/34
..
United
States
30,000
30,062
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.........................
Ireland
150,000
132,791
Senior
Note
,
3
%
,
10/29/28
..........................
Ireland
450,000
433,277
American
Express
Co.
,
Senior
Bond
,
4.804%
to
10/23/35,
FRN
thereafter
,
10/24/36
.
United
States
125,000
120,910
Senior
Note
,
5.016%
to
4/24/30,
FRN
thereafter
,
4/25/31
....
United
States
225,000
228,798
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
....................
Ireland
100,000
99,354
Senior
Note
,
144A,
4.95
%
,
10/15/32
...................
Ireland
200,000
194,874
Capital
One
Financial
Corp.
,
Senior
Note
,
5.463%
to
7/25/29,
FRN
thereafter
,
7/26/30
....
United
States
200,000
204,185
Sub.
Bond
,
6.183%
to
1/29/35,
FRN
thereafter
,
1/30/36
.....
United
States
200,000
203,526
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
35,000
34,514
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
.........................
United
States
360,000
357,244
Senior
Note
,
5.4
%
,
4/06/26
..........................
United
States
210,000
210,021
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
30,000
29,698
Toyota
Motor
Credit
Corp.
,
Senior
Note
,
4.45
%
,
5/18/26
......
United
States
190,000
190,083
2,439,275
Consumer
Staples
Distribution
&
Retail
0.0%
†
b
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.....................
United
States
44,000
38,104
Senior
Note
,
144A,
1.3
%
,
2/10/28
.....................
United
States
126,000
118,904
157,008
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)
Containers
&
Packaging
0.0%
†
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
55,000
$
54,537
Diversified
REITs
0.1%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
45,000
44,070
Simon
Property
Group
LP
,
Senior
Bond
,
2.2
%
,
2/01/31
..........................
United
States
100,000
89,683
Senior
Note
,
3.375
%
,
12/01/27
.......................
United
States
190,000
187,399
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
200,000
199,757
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/30
...................................
United
States
225,000
215,546
736,455
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
,
Senior
Bond
,
2.55
%
,
12/01/33
........................
United
States
500,000
423,327
Senior
Bond
,
4.5
%
,
5/15/35
..........................
United
States
100,000
94,834
Senior
Bond
,
5.125
%
,
4/30/36
........................
United
States
45,000
44,477
Senior
Bond
,
3.5
%
,
6/01/41
..........................
United
States
740,000
574,414
Comcast
Corp.
,
Senior
Bond
,
4.049
%
,
11/01/52
............
United
States
400,000
286,846
Orange
SA
,
Senior
Bond
,
9
%
,
3/01/31
....................
France
100,000
118,231
Verizon
Communications,
Inc.
,
Senior
Bond
,
2.55
%
,
3/21/31
.........................
United
States
100,000
90,810
Senior
Bond
,
3.4
%
,
3/22/41
..........................
United
States
320,000
245,861
Senior
Bond
,
2.85
%
,
9/03/41
.........................
United
States
200,000
140,804
Senior
Note
,
4.75
%
,
1/15/33
.........................
United
States
175,000
172,899
2,192,503
Electric
Utilities
1.2%
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
100,000
98,850
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
35,000
34,703
Baltimore
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
6/01/52
..
United
States
200,000
167,100
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.......
United
States
225,000
175,256
DTE
Electric
Co.
,
Senior
Bond
,
5.25
%
,
5/15/35
.........................
United
States
25,000
25,366
A
,
Senior
Bond
,
4.85
%
,
3/01/36
.......................
United
States
50,000
49,084
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.......
United
States
200,000
217,796
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
5.4
%
,
4/01/53
..........................
United
States
350,000
325,206
DDDD
,
Senior
Bond
,
4.95
%
,
3/15/36
...................
United
States
40,000
39,394
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
230,000
235,140
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.5
%
,
7/12/31
Italy
200,000
177,712
Entergy
Mississippi
LLC
,
Senior
Bond
,
5.05
%
,
4/15/36
.......
United
States
55,000
54,218
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
................
United
States
325,000
318,392
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
............
United
States
400,000
345,430
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
2.44
%
,
1/15/32
.........................
United
States
300,000
264,519
Senior
Bond
,
5.9
%
,
3/15/55
..........................
United
States
205,000
201,380
Senior
Note
,
5.3
%
,
3/15/32
..........................
United
States
95,000
97,337
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
5.2
%
,
5/01/36
..........................
United
States
10,000
9,750
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)
Electric
Utilities
(continued)
Pacific
Gas
and
Electric
Co.,
(continued)
Senior
Note
,
3.3
%
,
12/01/27
.........................
United
States
350,000
$
342,851
Senior
Secured
Bond
,
3.25
%
,
6/01/31
..................
United
States
300,000
276,834
PECO
Energy
Co.
,
Senior
Bond
,
4.875
%
,
9/15/35
...........
United
States
240,000
237,912
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.45
%
,
3/01/54
United
States
135,000
129,016
b
RWE
Finance
US
LLC
,
Senior
Bond
,
144A,
5.125
%
,
9/18/35
...
Germany
300,000
291,807
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
2.4
%
,
3/30/32
..........................
United
States
725,000
640,319
Senior
Bond
,
5
%
,
4/01/33
...........................
United
States
200,000
201,281
Senior
Bond
,
4.95
%
,
3/15/36
.........................
United
States
95,000
92,646
C
,
Senior
Bond
,
4.9
%
,
9/15/35
.......................
United
States
250,000
244,719
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
300,000
294,977
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
............
United
States
105,000
102,046
Senior
Secured
Note
,
144A,
5.05
%
,
12/30/26
............
United
States
75,000
75,266
Xcel
Energy,
Inc.
,
Senior
Bond
,
4.6
%
,
6/01/32
..........................
United
States
200,000
196,577
Senior
Bond
,
5.45
%
,
8/15/33
.........................
United
States
150,000
153,239
6,116,123
Electrical
Equipment
0.1%
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
50,000
49,273
Vertiv
Holdings
Co.
,
Senior
Bond
,
4.85
%
,
3/15/36
.........................
United
States
86,000
83,660
Senior
Bond
,
5.8
%
,
3/15/56
..........................
United
States
20,000
19,240
Senior
Bond
,
5.95
%
,
3/15/66
.........................
United
States
140,000
134,107
286,280
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
100,000
97,630
Tyco
Electronics
Group
SA
,
Senior
Bond
,
4.875
%
,
2/09/36
....
Switzerland
155,000
153,048
250,678
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
224,377
Financial
Services
0.1%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
150,000
157,089
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
........
Portugal
200,000
189,870
Global
Payments,
Inc.
,
Senior
Note
,
5.4
%
,
8/15/32
..........
United
States
135,000
133,967
480,926
Food
Products
0.4%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
5.5
%
,
1/15/36
..........................
United
States
120,000
120,130
Senior
Note
,
3.625
%
,
1/15/32
........................
United
States
400,000
370,992
Senior
Note
,
5.75
%
,
4/01/33
.........................
United
States
200,000
206,573
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
...................
United
States
30,000
25,499
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........................
United
States
235,000
206,826
Senior
Bond
,
4.375
%
,
6/01/46
........................
United
States
100,000
78,262
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)
Food
Products
(continued)
b
Mars,
Inc.
,
Senior
Bond
,
144A,
3.2
%
,
4/01/30
.....................
United
States
100,000
$
95,441
Senior
Bond
,
144A,
4.75
%
,
4/20/33
....................
United
States
210,000
208,968
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
90,000
87,818
Senior
Note
,
144A,
5.2
%
,
3/01/35
.....................
United
States
190,000
191,878
McCormick
&
Co.,
Inc.
,
Senior
Bond
,
1.85
%
,
2/15/31
.........
United
States
300,000
261,517
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
140,000
127,220
1,981,124
Gas
Utilities
0.0%
†
Southern
California
Gas
Co.
,
Senior
Bond
,
5.75
%
,
6/01/53
....
United
States
200,000
194,721
Ground
Transportation
0.2%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
200,000
203,981
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.75
%
,
5/01/40
.........................
United
States
300,000
311,751
Senior
Bond
,
5.55
%
,
3/15/56
.........................
United
States
45,000
43,665
CSX
Corp.
,
Senior
Bond
,
4.75
%
,
11/15/48
.................
United
States
215,000
186,950
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.1
%
,
4/01/30
.........................................
Ireland
200,000
201,827
948,174
Health
Care
Equipment
&
Supplies
0.1%
Abbott
Laboratories
,
Senior
Bond
,
5.5
%
,
3/15/56
............
United
States
180,000
176,623
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
230,000
222,622
399,245
Health
Care
Providers
&
Services
0.6%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
...........
United
States
170,000
135,396
Cigna
Group
(The)
,
Senior
Bond
,
2.375
%
,
3/15/31
........................
United
States
200,000
179,748
Senior
Bond
,
3.2
%
,
3/15/40
..........................
United
States
250,000
193,832
CVS
Health
Corp.
,
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
35,000
30,568
Senior
Bond
,
5.3
%
,
12/05/43
.........................
United
States
435,000
397,078
Senior
Bond
,
5.125
%
,
7/20/45
........................
United
States
100,000
87,861
Elevance
Health,
Inc.
,
Senior
Bond
,
5.1
%
,
1/15/44
..........
United
States
100,000
91,144
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
..........................
United
States
365,000
346,731
Senior
Note
,
3.625
%
,
3/15/32
........................
United
States
200,000
185,921
Senior
Note
,
4.6
%
,
11/15/32
.........................
United
States
300,000
291,908
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
200,000
202,875
Kaiser
Foundation
Hospitals
,
Senior
Bond
,
4.15
%
,
5/01/47
....
United
States
225,000
183,448
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
3.05
%
,
5/15/41
.........................
United
States
585,000
434,042
Senior
Note
,
5.15
%
,
7/15/34
.........................
United
States
100,000
100,891
Senior
Note
,
5.3
%
,
6/15/35
..........................
United
States
95,000
96,959
2,958,402
Health
Care
Technology
0.0%
†
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
...........
United
States
100,000
103,991
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)
Hotels,
Restaurants
&
Leisure
0.2%
Airbnb,
Inc.
,
Senior
Bond
,
5.25
%
,
3/16/36
.........................
United
States
20,000
$
20,028
Senior
Note
,
4.65
%
,
3/16/31
.........................
United
States
40,000
39,927
b
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
120,000
121,017
Senior
Secured
Note
,
144A,
4
%
,
8/01/28
................
United
States
210,000
205,146
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
55,000
53,164
McDonald's
Corp.
,
Senior
Bond
,
3.625
%
,
9/01/49
...........
United
States
65,000
46,815
Royal
Caribbean
Cruises
Ltd.
,
Senior
Bond
,
5.375
%
,
1/15/36
........................
United
States
100,000
98,286
b
Senior
Note
,
144A,
5.5
%
,
4/01/28
.....................
United
States
200,000
202,329
786,712
Independent
Power
and
Renewable
Electricity
Producers
0.2%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
5.8
%
,
3/01/33
..........................
United
States
300,000
314,369
Senior
Bond
,
6.125
%
,
1/15/34
........................
United
States
350,000
373,637
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
35,000
34,558
Southern
Power
Co.
,
B
,
Senior
Bond
,
4.9
%
,
10/01/35
........
United
States
105,000
101,601
824,165
Industrial
Conglomerates
0.0%
†
b
Siemens
Funding
BV
,
Senior
Bond
,
144A,
5.8
%
,
5/28/55
......
Germany
200,000
204,050
Insurance
0.5%
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
...........
United
States
200,000
158,807
Aon
North
America,
Inc.
,
Senior
Bond
,
5.75
%
,
3/01/54
........
United
States
70,000
67,500
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.......
United
States
155,000
110,999
Arthur
J
Gallagher
&
Co.
,
Senior
Bond
,
6.5
%
,
2/15/34
..........................
United
States
150,000
162,283
Senior
Bond
,
5.45
%
,
7/15/34
.........................
United
States
200,000
203,253
Senior
Bond
,
5.15
%
,
2/15/35
.........................
United
States
260,000
258,014
b
Athene
Global
Funding
,
Secured
Bond
,
144A,
2.673
%
,
6/07/31
.................
United
States
200,000
174,547
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
............
United
States
150,000
147,353
Athene
Holding
Ltd.
,
Senior
Bond
,
6.25
%
,
4/01/54
...........
United
States
115,000
105,637
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
3.85
%
,
3/15/52
United
States
125,000
94,436
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
.........
United
States
315,000
277,412
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
....
United
States
200,000
176,613
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
.............
United
States
200,000
204,280
b
Nippon
Life
Insurance
Co.
,
Sub.
Bond
,
144A,
6.5%
to
4/29/35,
FRN
thereafter
,
4/30/55
.............................
Japan
200,000
206,787
Progressive
Corp.
(The)
,
Senior
Bond
,
4.125
%
,
4/15/47
......
United
States
175,000
139,793
2,487,714
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond
,
5.45
%
,
11/15/55
........................
United
States
200,000
193,779
Senior
Note
,
4.4
%
,
2/15/33
..........................
United
States
220,000
217,324
411,103
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)
IT
Services
0.0%
†
b
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
197,000
$
202,699
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
4.4
%
,
9/15/32
..........................
United
States
200,000
188,494
Senior
Note
,
5.85
%
,
3/18/29
.........................
United
States
200,000
204,699
393,193
Life
Sciences
Tools
&
Services
0.0%
†
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
85,000
84,429
Machinery
0.1%
Caterpillar,
Inc.
,
Senior
Bond
,
5.2
%
,
5/15/35
...............
United
States
200,000
204,965
Ingersoll
Rand,
Inc.
,
Senior
Note
,
5.176
%
,
6/15/29
..........
United
States
140,000
143,358
Westinghouse
Air
Brake
Technologies
Corp.
,
Senior
Bond
,
4.7
%
,
9/15/28
.........................................
United
States
150,000
150,464
498,787
Media
0.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
4.4
%
,
4/01/33
...................
United
States
100,000
93,544
Senior
Secured
Bond
,
6.55
%
,
6/01/34
..................
United
States
400,000
415,499
Senior
Secured
Bond
,
5.85
%
,
12/01/35
.................
United
States
50,000
49,207
Senior
Secured
Bond
,
5.375
%
,
4/01/38
.................
United
States
385,000
345,323
Senior
Secured
Bond
,
3.5
%
,
6/01/41
...................
United
States
45,000
31,588
Senior
Secured
Bond
,
3.5
%
,
3/01/42
...................
United
States
100,000
68,523
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
..................
United
States
85,000
91,250
1,094,934
Metals
&
Mining
0.1%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
200,000
197,015
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.......
United
States
90,000
85,220
b
,f
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
5.508
%
,
4/01/36
...
Australia
200,000
200,525
Newmont
Corp.
/
Newcrest
Finance
Pty.
Ltd.
,
Senior
Note
,
5.35
%
,
3/15/34
.........................................
United
States
40,000
41,155
523,915
Multi-Utilities
0.1%
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
1.65
%
,
5/15/31
.........................
United
States
300,000
260,337
Senior
Bond
,
5.15
%
,
11/15/43
........................
United
States
200,000
186,504
Public
Service
Enterprise
Group,
Inc.
,
Senior
Bond
,
5.4
%
,
3/15/35
United
States
50,000
50,630
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
260,000
256,443
753,914
Oil,
Gas
&
Consumable
Fuels
0.8%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
150,000
137,211
Cheniere
Energy,
Inc.
,
b
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....................
United
States
15,000
14,853
Senior
Note
,
5.65
%
,
4/15/34
.........................
United
States
50,000
51,492
b
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
12/15/34
......
United
States
100,000
102,737
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
290,000
300,891
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Energy
Transfer
LP
,
Senior
Bond
,
5.55
%
,
5/15/34
.........................
United
States
300,000
$
305,584
Senior
Bond
,
5.15
%
,
3/15/45
.........................
United
States
525,000
457,436
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.567
%
,
3/06/45
...........
United
States
190,000
147,280
Hess
Corp.
,
Senior
Bond
,
7.125
%
,
3/15/33
........................
United
States
150,000
170,962
Senior
Bond
,
5.6
%
,
2/15/41
..........................
United
States
250,000
254,113
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
..........................
United
States
200,000
199,898
Senior
Bond
,
5.5
%
,
2/15/49
..........................
United
States
145,000
131,153
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.6
%
,
3/15/46
......
United
States
160,000
165,842
Targa
Resources
Corp.
,
Senior
Bond
,
6.5
%
,
2/15/53
..........................
United
States
215,000
220,774
Senior
Bond
,
6.05
%
,
5/15/56
.........................
United
States
70,000
67,735
Senior
Note
,
4.35
%
,
4/15/31
.........................
United
States
40,000
39,170
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4
%
,
1/15/32
................
United
States
300,000
284,444
TotalEnergies
Capital
SA
,
Senior
Bond
,
5.275
%
,
9/10/54
......
France
220,000
205,358
b
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
144A,
5.1
%
,
3/15/36
....................................
United
States
85,000
84,282
b
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
..........
Norway
200,000
227,974
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
..........................
United
States
168,000
169,412
Senior
Note
,
4.9
%
,
8/01/30
..........................
United
States
75,000
75,091
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
2.6
%
,
3/15/31
..........................
United
States
200,000
181,103
Senior
Bond
,
5.1
%
,
9/15/45
..........................
United
States
100,000
90,537
4,085,332
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.......
United
States
800,000
752,059
Pharmaceuticals
0.4%
b
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
400,000
396,059
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.25
%
,
10/26/49
......
United
States
150,000
120,576
Eli
Lilly
&
Co.
,
Senior
Bond
,
4.95
%
,
2/27/63
.........................
United
States
110,000
96,641
Senior
Bond
,
5.65
%
,
10/15/65
........................
United
States
90,000
88,467
Merck
&
Co.,
Inc.
,
Senior
Bond
,
4.75
%
,
12/04/35
............
United
States
40,000
39,268
Novartis
Capital
Corp.
,
Senior
Bond
,
4.9
%
,
3/18/36
..........................
United
States
60,000
59,880
Senior
Bond
,
3.7
%
,
9/21/42
..........................
United
States
195,000
158,923
Senior
Bond
,
5.7
%
,
3/18/56
..........................
United
States
130,000
131,021
Senior
Note
,
4.1
%
,
11/05/30
.........................
United
States
200,000
197,834
Senior
Note
,
4.6
%
,
3/18/33
..........................
United
States
50,000
49,802
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................
United
States
290,000
288,981
Senior
Bond
,
5.3
%
,
5/19/53
..........................
United
States
70,000
65,103
Royalty
Pharma
plc
,
Senior
Bond
,
2.15
%
,
9/02/31
.........................
United
States
300,000
261,553
Senior
Bond
,
5.2
%
,
9/25/35
..........................
United
States
65,000
64,174
Senior
Bond
,
3.35
%
,
9/02/51
.........................
United
States
185,000
120,066
2,138,348
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Residential
REITs
0.1%
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
............
United
States
400,000
$
352,335
Semiconductors
&
Semiconductor
Equipment
0.3%
Analog
Devices,
Inc.
,
Senior
Bond
,
2.8
%
,
10/01/41
..........
United
States
185,000
132,776
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
.........................
United
States
40,000
39,465
Senior
Bond
,
5.7
%
,
1/15/56
..........................
United
States
5,000
4,978
Senior
Note
,
4.6
%
,
7/15/30
..........................
United
States
285,000
286,513
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.25
%
,
1/25/35
.............
United
States
200,000
209,685
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/33
..............
United
States
400,000
411,582
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
.........................
United
States
15,000
14,308
Senior
Bond
,
3.734
%
,
12/08/47
.......................
United
States
260,000
181,845
Marvell
Technology,
Inc.
,
Senior
Note
,
4.75
%
,
7/15/30
.........................
United
States
200,000
200,756
Senior
Note
,
5.95
%
,
9/15/33
.........................
United
States
265,000
280,558
1,762,466
Software
0.3%
Oracle
Corp.
,
Senior
Bond
,
2.875
%
,
3/25/31
........................
United
States
300,000
266,520
Senior
Bond
,
5.7
%
,
2/04/36
..........................
United
States
285,000
274,148
Senior
Bond
,
3.95
%
,
3/25/51
.........................
United
States
200,000
126,814
Senior
Bond
,
6.7
%
,
2/04/56
..........................
United
States
30,000
27,865
Senior
Note
,
2.3
%
,
3/25/28
..........................
United
States
325,000
309,705
Senior
Note
,
4.45
%
,
9/26/30
.........................
United
States
135,000
130,131
Senior
Note
,
4.8
%
,
9/26/32
..........................
United
States
35,000
33,343
Salesforce,
Inc.
,
Senior
Note
,
5.2
%
,
3/15/33
...............
United
States
285,000
284,595
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
.........................
United
States
134,000
134,304
Senior
Bond
,
5.7
%
,
4/01/55
..........................
United
States
80,000
76,539
Senior
Note
,
5
%
,
4/01/32
...........................
United
States
100,000
100,902
1,764,866
Specialized
REITs
0.1%
American
Tower
Corp.
,
Senior
Bond
,
5.35
%
,
3/15/35
.........................
United
States
200,000
201,389
Senior
Note
,
4.7
%
,
12/15/32
.........................
United
States
120,000
117,964
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
45,000
45,264
364,617
Specialty
Retail
0.2%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
3.15
%
,
1/15/32
.........................
United
States
200,000
181,859
Senior
Bond
,
4.1
%
,
1/15/52
..........................
United
States
225,000
159,511
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
3.625
%
,
4/15/52
.......
United
States
410,000
292,978
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5.75
%
,
7/01/53
.............
United
States
210,000
203,143
837,491
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
2.8
%
,
2/08/61
...................
United
States
500,000
285,711
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
125,000
$
125,274
Tobacco
0.2%
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
193,000
175,457
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
380,000
372,064
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
515,000
529,574
1,077,095
Water
Utilities
0.0%
†
Essential
Utilities,
Inc.
,
Senior
Bond
,
5.125
%
,
3/15/36
........
United
States
60,000
59,186
Wireless
Telecommunication
Services
0.3%
Rogers
Communications,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/32
.....
Canada
45,000
42,024
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.3
%
,
5/15/35
..........................
United
States
325,000
327,827
Senior
Bond
,
5
%
,
2/15/36
...........................
United
States
125,000
123,162
Senior
Bond
,
3.3
%
,
2/15/51
..........................
United
States
100,000
65,507
Senior
Note
,
3.375
%
,
4/15/29
........................
United
States
530,000
513,754
Senior
Note
,
2.55
%
,
2/15/31
.........................
United
States
300,000
272,693
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.........................
United
Kingdom
36,000
38,630
Senior
Bond
,
5.75
%
,
6/28/54
.........................
United
Kingdom
80,000
75,647
1,459,244
Total
Corporate
Bonds
(Cost
$
71,223,837
)
....................................
70,019,351
Foreign
Government
and
Agency
Securities
1.2%
b
Australia
Government
Bond
,
Senior
Bond
,
Reg
S,
4.25
%
,
10/21/36
........................................
Australia
440,000
AUD
285,212
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/35
............
Brazil
4,400,000
BRL
692,607
Colombia
Titulos
de
Tesoreria
,
B
,
13.25
%
,
2/09/33
................................
Colombia
140,000,000
COP
37,771
B
,
11.75
%
,
1/24/35
.................................
Colombia
180,000,000
COP
45,485
B
,
11.5
%
,
7/25/46
.................................
Colombia
1,770,000,000
COP
432,781
B
,
12
%
,
3/13/58
...................................
Colombia
180,000,000
COP
44,846
b
Corp.
Andina
de
Fomento
,
Senior
Bond
,
144A,
7.25
%
,
3/06/36
.
Supranational
g
11,500,000
INR
111,730
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
200,000
204,814
Hungary
Government
Bond
,
7
%
,
10/24/35
.................
Hungary
74,000,000
HUF
220,275
Inter-American
Development
Bank
,
Senior
Bond
,
6.85
%
,
2/18/36
Supranational
g
27,000,000
INR
263,644
b
Italy
Buoni
Poliennali
del
Tesoro
,
Senior
Bond
,
Reg
S,
3.45
%
,
2/01/36
.........................................
Italy
630,000
EUR
703,058
Japan
Government
Bond
,
3.4
%
,
12/20/55
...................................
Japan
29,000,000
JPY
174,075
3.1
%
,
3/20/65
....................................
Japan
29,000,000
JPY
158,523
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8
%
,
11/07/47
...................................
Mexico
4,330,000
h
MXN
202,285
M
,
8
%
,
7/31/53
...................................
Mexico
8,130,000
h
MXN
376,092
M
,
8
%
,
4/29/55
...................................
Mexico
2,800,000
h
MXN
128,850
b
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
Reg
S,
4.25
%
,
2/20/36
.........................................
Australia
570,000
AUD
354,180
b
Queensland
Treasury
Corp.
,
Senior
Bond
,
144A,
Reg
S,
5.25
%
,
7/21/36
.........................................
Australia
630,000
AUD
421,159
South
Africa
Government
Bond
,
8.875
%
,
2/28/35
...........
South
Africa
3,700,000
ZAR
215,022
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
Foreign
Government
and
Agency
Securities
(continued)
Treasury
Corp.
of
Victoria
,
Senior
Bond
,
4.75
%
,
9/15/36
......
Australia
500,000
AUD
$
319,668
b
United
Kingdom
Gilt
,
Reg
S,
1.25
%
,
7/31/51
..............................
United
Kingdom
120,000
GBP
66,541
Reg
S,
4.375
%
,
7/31/54
.............................
United
Kingdom
570,000
GBP
628,458
Total
Foreign
Government
and
Agency
Securities
(Cost
$
6,092,901
)
.............
6,087,076
U.S.
Government
and
Agency
Securities
18.8%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
150,000
121,340
U.S.
Treasury
Bonds
,
1.125
%,
5/15/40
..................................
United
States
500,000
315,137
4.375
%,
5/15/40
..................................
United
States
500,000
485,859
1.125
%,
8/15/40
..................................
United
States
332,000
207,085
1.375
%,
11/15/40
.................................
United
States
1,771,000
1,141,361
2.75
%,
8/15/42
...................................
United
States
80,000
61,206
3.875
%,
5/15/43
..................................
United
States
2,000,000
1,773,203
4.75
%,
11/15/43
..................................
United
States
460,000
454,609
3.125
%,
8/15/44
..................................
United
States
725,000
568,587
2.5
%,
5/15/46
....................................
United
States
945,000
649,540
2.25
%,
8/15/46
...................................
United
States
1,188,000
774,660
2.75
%,
11/15/47
..................................
United
States
90,000
63,510
3.375
%,
11/15/48
.................................
United
States
2,690,000
2,108,813
3
%,
2/15/49
.....................................
United
States
6,861,000
5,013,086
2.25
%,
8/15/49
...................................
United
States
525,000
326,669
1.25
%,
5/15/50
...................................
United
States
1,285,000
610,224
i
1.375
%,
8/15/50
..................................
United
States
1,505,000
736,245
2.375
%,
5/15/51
..................................
United
States
950,000
594,548
2
%,
8/15/51
.....................................
United
States
1,350,000
769,131
1.875
%,
11/15/51
.................................
United
States
1,810,000
994,864
2.25
%,
2/15/52
...................................
United
States
710,000
428,122
3.625
%,
2/15/53
..................................
United
States
605,000
485,702
3.625
%,
5/15/53
..................................
United
States
1,755,000
1,407,633
4.125
%,
8/15/53
..................................
United
States
20,000
17,545
4.25
%,
2/15/54
...................................
United
States
175,000
156,792
4.75
%,
8/15/55
...................................
United
States
2,265,000
2,207,667
4.625
%,
11/15/55
.................................
United
States
280,000
267,575
U.S.
Treasury
Notes
,
0.75
%,
5/31/26
...................................
United
States
320,000
318,397
0.875
%,
6/30/26
..................................
United
States
575,000
570,961
1.25
%,
12/31/26
..................................
United
States
9,075,000
8,908,830
0.5
%,
6/30/27
....................................
United
States
7,935,000
7,618,220
3.25
%,
6/30/27
...................................
United
States
4,230,000
4,201,084
2.25
%,
8/15/27
...................................
United
States
730,000
714,716
0.375
%,
9/30/27
..................................
United
States
670,000
636,552
1.125
%,
2/29/28
..................................
United
States
8,360,000
7,948,858
3.5
%,
4/30/28
....................................
United
States
223,000
221,615
3.125
%,
11/15/28
.................................
United
States
820,000
805,874
1.375
%,
12/31/28
.................................
United
States
150,000
140,517
3.75
%,
12/31/28
..................................
United
States
500,000
499,072
2.625
%,
2/15/29
..................................
United
States
4,000,000
3,870,547
j
Index
Linked,
2.125
%,
4/15/29
.......................
United
States
1,000,000
1,079,866
3.25
%,
6/30/29
...................................
United
States
1,500,000
1,473,018
3.125
%,
8/31/29
..................................
United
States
735,000
717,831
4
%,
10/31/29
....................................
United
States
1,725,000
1,732,109
j
Index
Linked,
1.625
%,
4/15/30
.......................
United
States
750,000
774,233
3.75
%,
6/30/30
...................................
United
States
600,000
596,238
0.625
%,
8/15/30
..................................
United
States
4,400,000
3,821,726
4.125
%,
8/31/30
..................................
United
States
3,105,000
3,129,379
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
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
3.75
%,
1/31/31
...................................
United
States
5,000,000
$
4,957,812
1.375
%,
11/15/31
.................................
United
States
7,180,000
6,227,949
4.125
%,
11/15/32
.................................
United
States
4,500,000
4,502,461
3.5
%,
2/15/33
....................................
United
States
500,000
481,172
3.375
%,
5/15/33
..................................
United
States
1,750,000
1,667,353
3.875
%,
8/15/33
..................................
United
States
1,500,000
1,472,783
4.375
%,
5/15/34
..................................
United
States
1,000,000
1,010,684
3.875
%,
8/15/34
..................................
United
States
445,000
433,745
4.25
%,
5/15/35
...................................
United
States
2,500,000
2,493,799
j
Index
Linked,
1.875
%,
7/15/35
.......................
United
States
445,000
448,695
4.25
%,
8/15/35
...................................
United
States
425,000
423,473
k
FRN,
3.812
%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.159
%
),
7/31/27
.........................................
United
States
890,000
890,938
k
FRN,
3.843
%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.19
%
),
10/31/27
........................................
United
States
1,190,000
1,191,593
k
FRN,
3.752
%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.099
%
),
1/31/28
.........................................
United
States
610,000
610,020
Total
U.S.
Government
and
Agency
Securities
(Cost
$
104,722,865
)
..............
99,332,833
Asset-Backed
Securities
0.2%
Financial
Services
0.1%
b
Compass
Datacenters
Issuer
II
LLC
,
2024-1A
,
A1
,
144A,
5.25
%
,
2/25/49
....................
United
States
145,000
144,915
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
..................
United
States
192,000
189,241
b
Compass
Datacenters
Issuer
III
LLC
,
2026-1A
,
A21
,
144A,
4.897
%
,
2/25/56
.
..................................
United
States
97,000
96,316
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
490,000
412,262
842,734
a
a
a
a
a
a
Passenger
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
........................................
United
States
315,238
300,426
United
Airlines
Pass-Through
Trust
,
2016-1
,
A
,
3.45
%
,
7/07/28
...........................
United
States
55,149
53,625
2019-2
,
A
,
2.9
%
,
5/01/28
............................
United
States
72,528
69,557
423,608
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
1,321,914
)
..............................
1,266,342
Commercial
Mortgage-Backed
Securities
0.9%
Financial
Services
0.9%
b
,l
1301
Trust
,
2025-1301
,
A
,
144A,
FRN
,
5.059
%
,
8/11/42
.......
United
States
130,000
130,456
BANK
,
2019-BN18
,
A2
,
3.474
%
,
5/15/62
..................
United
States
67,000
65,153
BANK5
Trust
,
b,l,m
2025-5YR13
,
XA
,
IO,
144A,
FRN
,
1.062
%
,
1/15/58
.........
United
States
2,798,144
102,281
l,m
2025-5YR15
,
XA
,
IO,
FRN
,
1.221
%
,
7/15/58
.............
United
States
625,409
29,074
l
2025-5YR17
,
AS
,
FRN
,
5.626
%
,
11/15/58
...............
United
States
80,000
81,719
2026-5YR20
,
AS
,
5.336
%
,
2/15/59
.....................
United
States
126,000
127,977
Barclays
Commercial
Mortgage
Trust
,
2019-C3
,
A2
,
3.438
%
,
5/15/52
.........................................
United
States
31,279
30,746
l
BBCMS
Mortgage
Trust
,
2023-C21
,
A3
,
FRN
,
6.296
%
,
9/15/56
...................
United
States
60,000
62,758
2025-5C37
,
AS
,
FRN
,
5.382
%
,
9/15/58
.................
United
States
127,000
128,745
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Benchmark
Mortgage
Trust
,
2019-B13
,
A2
,
2.889
%
,
8/15/57
.......................
United
States
193,585
$
186,148
2019-B14
,
A2
,
2.915
%
,
12/15/62
......................
United
States
49,390
48,033
2020-B17
,
A2
,
2.211
%
,
3/15/53
.......................
United
States
47,549
45,173
l
2025-V16
,
B
,
FRN
,
6.13
%
,
8/15/58
.....................
United
States
125,000
129,556
b,l,m
2025-V18
,
XA
,
IO,
144A,
FRN
,
1.257
%
,
10/15/58
..........
United
States
999,695
50,698
2026-V21
,
AS
,
5.506
%
,
3/15/31
.......................
United
States
160,000
162,015
l,m
2026-V21
,
XA
,
IO,
FRN
,
1.648
%
,
11/15/30
...............
United
States
1,000,000
63,060
BMO
Mortgage
Trust
,
l
2024-5C8
,
AS
,
FRN
,
5.94
%
,
12/15/57
..................
United
States
82,000
84,427
2025-5C11
,
AS
,
5.938
%
,
7/15/58
......................
United
States
103,000
105,995
l,m
2025-5C11
,
XA
,
IO,
FRN
,
1.11
%
,
7/15/58
................
United
States
1,847,091
79,346
b
,l
BRCK
Trust
,
2025-830B
,
A
,
144A,
FRN
,
4.476
%
,
12/10/42
....
United
States
130,000
128,869
b
,n
BX
Commercial
Mortgage
Trust
,
2022-LP2
,
A
,
144A,
FRN
,
4.685
%
,
(
1-month
SOFR
+
1.013
%
),
2/15/39
.........................................
United
States
15,649
15,651
2026-CSMO
,
A
,
144A,
FRN
,
5.073
%
,
(
1-month
SOFR
+
1.4
%
),
2/15/43
.........................................
United
States
125,000
125,187
b
,n
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
4.477
%
,
(
1-month
SOFR
+
0.804
%
),
10/15/36
..........................
United
States
230,000
229,508
b
BX
Trust
,
n
2022-IND
,
A
,
144A,
FRN
,
5.164
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
.........................................
United
States
164,921
165,039
l
2025-ARIA
,
B
,
144A,
FRN
,
5.177
%
,
12/13/42
.............
United
States
100,000
100,209
n
2025-VOLT
,
A
,
144A,
FRN
,
5.373
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
100,000
99,870
CD
Mortgage
Trust
,
2016-CD1
,
A4
,
2.724
%
,
8/10/49
.........
United
States
137,000
135,049
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
70,000
69,590
Citigroup
Commercial
Mortgage
Trust
,
2020-GC46
,
A2
,
2.708
%
,
2/15/53
.........................................
United
States
54,834
51,840
CSAIL
Commercial
Mortgage
Trust
,
2017-CX10
,
A3
,
3.398
%
,
11/15/50
........................................
United
States
41,643
41,558
b
,l
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
140,000
137,796
b
,l
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
A
,
144A,
FRN
,
3.475
%
,
9/10/37
...................................
United
States
140,000
136,284
GS
Mortgage
Securities
Trust
,
2016-GS2
,
A4
,
3.05
%
,
5/10/49
........................
United
States
15,930
15,907
2019-GC42
,
A2
,
2.933
%
,
9/10/52
......................
United
States
96,828
92,973
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-
JP3
,
AS
,
3.144
%
,
8/15/49
...........................
United
States
91,000
88,363
JPMCC
Commercial
Mortgage
Securities
Trust
,
2019-COR5
,
A2
,
3.15
%
,
6/13/52
...................................
United
States
22,168
21,992
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
61,584
61,047
b
,l
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
A
,
144A,
FRN
,
4.437
%
,
10/15/42
............
United
States
100,000
99,646
2025-11MD
,
C
,
144A,
FRN
,
5.255
%
,
10/15/42
............
United
States
125,000
125,962
l
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2016-C32
,
AS
,
FRN
,
3.994
%
,
12/15/49
.................
United
States
75,000
73,553
m
2025-5C2
,
XA
,
IO,
FRN
,
1.25
%
,
11/15/58
................
United
States
1,993,000
101,613
Morgan
Stanley
Capital
I
Trust
,
2016-BNK2
,
A4
,
3.049
%
,
11/15/49
.....................
United
States
84,000
82,744
l,m
2019-H7
,
XA
,
IO,
FRN
,
1.215
%
,
7/15/52
.................
United
States
2,867,737
94,989
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
100,000
92,475
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
,n
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.873
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
130,000
$
129,840
Wells
Fargo
Commercial
Mortgage
Trust
,
2016-LC24
,
AS
,
3.367
%
,
10/15/49
.....................
United
States
120,000
118,119
2026-5C8
,
AS
,
5.25
%
,
3/15/59
........................
United
States
127,000
127,477
l,m
2026-5C8
,
XA
,
IO,
FRN
,
1.585
%
,
3/15/59
................
United
States
1,750,000
102,432
4,578,942
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
4,603,279
)
...............
4,578,942
Mortgage-Backed
Securities
4.5%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.5%
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
1/01/49
................
United
States
255,941
252,638
FHLMC
Pool,
15
Year
,
1.5
%,
12/01/36
....................
United
States
372,698
335,650
FHLMC
Pool,
15
Year
,
2
%,
4/01/37
......................
United
States
152,397
140,454
FHLMC
Pool,
15
Year
,
3
%,
8/01/34
......................
United
States
24,694
23,817
FHLMC
Pool,
15
Year
,
4.5
%,
10/01/40
....................
United
States
92,075
91,479
FHLMC
Pool,
30
Year
,
2
%,
10/01/51
-
8/01/52
..............
United
States
2,121,579
1,719,187
FHLMC
Pool,
30
Year
,
2.5
%,
4/01/52
.....................
United
States
418,633
356,372
FHLMC
Pool,
30
Year
,
3
%,
3/01/50
-
5/01/52
...............
United
States
550,418
489,726
FHLMC
Pool,
30
Year
,
3.5
%,
4/01/50
.....................
United
States
965,780
896,337
FHLMC
Pool,
30
Year
,
4
%,
5/01/47
-
1/01/54
...............
United
States
960,253
913,745
FHLMC
Pool,
30
Year
,
4.5
%,
10/01/48
....................
United
States
267,091
262,878
FHLMC
Pool,
30
Year
,
5
%,
10/01/52
-
2/01/53
..............
United
States
1,140,428
1,130,961
FHLMC
Pool,
30
Year
,
5.5
%,
3/01/55
.....................
United
States
988,427
1,005,737
7,618,981
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.8%
FNMA,
15
Year
,
2
%,
8/01/36
-
12/01/36
...................
United
States
367,016
338,005
FNMA,
15
Year
,
2.5
%,
7/01/37
.........................
United
States
177,754
168,203
FNMA,
15
Year
,
5
%,
8/01/39
...........................
United
States
184,913
186,534
FNMA,
30
Year
,
2
%,
7/01/51
-
10/01/51
...................
United
States
1,602,283
1,300,898
FNMA,
30
Year
,
2.5
%,
10/01/51
-
3/01/52
.................
United
States
2,165,564
1,836,549
FNMA,
30
Year
,
3
%,
9/01/50
-
9/01/51
....................
United
States
993,088
880,284
FNMA,
30
Year
,
3.5
%,
6/01/49
.........................
United
States
107,968
100,841
FNMA,
30
Year
,
4
%,
2/01/49
...........................
United
States
43,866
42,244
FNMA,
30
Year
,
4.5
%,
2/01/50
-
11/01/52
.................
United
States
251,759
245,753
FNMA,
30
Year
,
6
%,
8/01/53
-
6/01/54
....................
United
States
1,204,636
1,243,159
FNMA,
30
Year
,
6.5
%,
8/01/55
.........................
United
States
365,967
381,182
o
Uniform
Mortgage-Backed
Securities
,
4.5
%
,
TBA,
4/25/56
.....
United
States
3,000,000
2,895,720
9,619,372
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.2%
GNMA
II,
Single-family,
30
Year
,
2
%,
10/20/50
-
8/20/51
......
United
States
794,843
657,607
GNMA
II,
Single-family,
30
Year
,
2.5
%,
4/20/50
-
6/20/52
......
United
States
852,125
734,241
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/47
-
11/20/51
.......
United
States
601,242
538,703
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/52
-
6/20/55
......
United
States
598,971
551,800
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/52
..............
United
States
388,050
366,935
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/53
.............
United
States
427,974
416,076
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/53
-
10/20/54
......
United
States
632,570
628,670
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/53
-
11/20/54
.....
United
States
636,821
643,436
GNMA
II,
Single-family,
30
Year
,
6
%,
8/20/53
-
7/20/55
.......
United
States
1,964,878
2,003,192
6,540,660
Total
Mortgage-Backed
Securities
(Cost
$
24,763,050
)
..........................
23,779,013
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
0.0%
Financial
Services
0.0%
†
l
,m
GNMA
,
2020-103
,
IO,
FRN
,
0.854
%
,
1/16/63
...............
United
States
1,262,587
$
80,106
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
80,794
)
..........
80,106
Municipal
Bonds
0.2%
California
0.2%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.19
%
,
6/01/37
......
United
States
70,000
65,615
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
30,000
25,741
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
20,000
17,261
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
4.64
%,
8/15/32
.........................................
United
States
40,000
29,961
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
70,000
66,834
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
...........................
United
States
310,000
283,422
San
Bernardino
Community
College
District
,
GO
,
2021
,
Refunding
,
2.856
%
,
8/01/49
..........................
United
States
285,000
188,079
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
90,000
89,792
766,705
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
60,000
62,918
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
15,000
15,037
Illinois
0.0%
†
p
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
60,000
60,945
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2010
B
,
6.561
%
,
12/15/40
.............
United
States
15,000
16,607
New
York
0.0%
†
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2026
F-2
,
4.66
%
,
2/01/36
....................
United
States
50,000
49,547
Ohio
0.0%
†
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
.........................................
United
States
160,000
121,485
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
40,000
33,830
155,315
Pennsylvania
0.0%
†
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
45,000
45,308
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
70,000
69,251
114,559
Total
Municipal
Bonds
(Cost
$
1,399,537
)
.....................................
1,241,633
Total
Long
Term
Investments
(Cost
$
414,633,441
)
.............................
510,317,280
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
Short
Term
Investments
2.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.1%
q
Egypt
Treasury
Bills
,
b
Reg
S,
17
.42
%
,
4/21/26
.............................
Egypt
10,200,000
EGP
$
185,171
22
.8
%
,
8/18/26
...................................
Egypt
8,200,000
EGP
138,129
23
.51
%
,
10/20/26
..................................
Egypt
11,200,000
EGP
181,351
504,651
Total
Foreign
Government
and
Agency
Securities
(Cost
$
582,251
)
..............
504,651
Shares
Money
Market
Funds
2.8%
c,r
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
11,977,366
11,977,367
r
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
,
Class
Institutional
,
3.511
%
...........................
United
States
2,720,266
2,720,266
Total
Money
Market
Funds
(Cost
$
14,697,633
)
................................
14,697,633
Total
Short
Term
Investments
(Cost
$
15,279,884
)
..............................
15,202,284
a
Total
Investments
(Cost
$
429,913,325
)
99.7
%
.................................
$525,519,564
Other
Assets,
less
Liabilities
0.3
%
...........................................
1,406,230
Net
Assets
100.0%
.........................................................
$526,925,794
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,
2026,
the
aggregate
value
of
these
securities
was
$18,728,606,
representing
3.6%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Perpetual
security
with
no
stated
maturity
date.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
i
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
At
March
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
k
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
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.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
p
Security
purchased
on
a
when-issued
basis.
q
The
rate
shown
represents
the
yield
at
period
end.
r
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
40
$
13,141,500
6/18/26
$
(
304,489
)
Interest
rate
contracts
Long
Gilt
...................................
Long
4
464,795
6/26/26
(
5,849
)
U.S.
Treasury
10
Year
Notes
....................
Short
177
19,655,297
6/18/26
—
U.S.
Treasury
10
Year
Notes
....................
Long
27
2,998,266
6/18/26
—
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
17
1,929,766
6/18/26
(
37,863
)
U.S.
Treasury
2
Year
Notes
.....................
Long
24
4,978,687
6/30/26
(
38,047
)
U.S.
Treasury
5
Year
Notes
.....................
Long
19
2,055,414
6/30/26
(
25,126
)
U.S.
Treasury
Long
Bonds
.....................
Short
1
113,875
6/18/26
(
1,220
)
U.S.
Treasury
Ultra
Bonds
......................
Short
1
116,562
6/18/26
(
845
)
Total
Futures
Contracts
......................................................................
$(413,439)
*
As
of
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
33
At
March
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
155
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
HSBK
Buy
690,000
932,150
4/17/26
$
—
$
(
18,887
)
British
Pound
......
HSBK
Sell
1,740,000
2,335,082
4/17/26
32,075
—
British
Pound
......
WFLA
Buy
550,000
734,032
4/17/26
—
(
6,070
)
Canadian
Dollar
....
CITI
Buy
1,120,000
813,232
4/21/26
—
(
7,439
)
Canadian
Dollar
....
CITI
Sell
1,120,000
820,040
4/21/26
14,246
—
Japanese
Yen
......
JPHQ
Buy
280,000,000
1,812,802
4/24/26
—
(
44,723
)
Chilean
Peso
......
HSBK
Buy
330,000,000
374,018
4/27/26
—
(
17,569
)
South
Korean
Won
..
CITI
Buy
1,060,000,000
728,198
4/28/26
—
(
23,042
)
Brazilian
Real
......
HSBK
Buy
1,260,000
231,299
5/04/26
10,419
—
Brazilian
Real
......
HSBK
Sell
1,260,000
235,836
5/04/26
—
(
5,882
)
South
Korean
Won
..
CITI
Buy
1,290,000,000
893,618
5/06/26
—
(
35,271
)
Euro
.............
HSBK
Sell
580,000
667,202
5/08/26
—
(
4,388
)
Euro
.............
JPHQ
Buy
80,000
95,034
5/08/26
—
(
2,401
)
Euro
.............
UBSW
Sell
80,000
95,291
5/08/26
2,658
—
Mexican
Peso
......
GSCO
Buy
4,900,000
274,097
5/13/26
—
(
1,677
)
Mexican
Peso
......
GSCO
Sell
13,500,000
775,452
5/13/26
24,908
—
New
Zealand
Dollar
.
GSCO
Buy
550,000
328,345
5/26/26
—
(
11,670
)
New
Zealand
Dollar
.
GSCO
Sell
550,000
323,455
5/26/26
6,780
—
Chilean
Peso
......
HSBK
Buy
200,000,000
232,437
5/29/26
—
(
16,365
)
Egyptian
Pound
....
MSCO
Buy
12,100,000
223,515
6/02/26
—
(
12,247
)
Yuan
Renminbi
.....
JPHQ
Buy
2,780,000
406,772
6/08/26
—
(
2,365
)
South
African
Rand
..
CITI
Sell
3,800,000
225,484
6/11/26
2,114
—
South
African
Rand
..
MSCO
Buy
3,800,000
228,613
6/11/26
—
(
5,242
)
South
African
Rand
..
MSCO
Sell
2,100,000
122,738
6/11/26
—
(
703
)
Columbian
Peso
....
BZWS
Buy
470,000,000
124,731
6/12/26
1,072
—
Columbian
Peso
....
BZWS
Sell
470,000,000
124,644
6/12/26
—
(
1,160
)
Australian
Dollar
....
HSBK
Sell
200,000
138,956
6/17/26
1,121
—
Chilean
Peso
......
HSBK
Buy
330,000,000
379,812
6/17/26
—
(
23,301
)
Hungarian
Forint
....
JPHQ
Sell
37,600,000
110,859
6/17/26
—
(
1,616
)
Indian
Rupee
......
HSBK
Buy
1,000,000
10,561
6/17/26
—
(
24
)
Indian
Rupee
......
HSBK
Sell
36,000,000
388,481
6/17/26
9,166
—
Total
Forward
Exchange
Contracts
...................................................
$104,559
$(242,042)
Net
unrealized
appreciation
(depreciation)
............................................
$(137,483)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
DynaTech
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
100.0%
Aerospace
&
Defense
3.0%
a
Axon
Enterprise,
Inc.
.................................
United
States
3,950
$
1,677,526
Elbit
Systems
Ltd.
...................................
Israel
737
625,779
a
Karman
Holdings,
Inc.
................................
United
States
8,042
643,762
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
16,951
1,195,215
a
Rocket
Lab
Corp.
...................................
United
States
9,247
593,842
4,736,124
Air
Freight
&
Logistics
0.0%
†
CH
Robinson
Worldwide,
Inc.
..........................
United
States
201
33,380
Automobiles
2.7%
a
Tesla,
Inc.
.........................................
United
States
11,560
4,297,430
Biotechnology
4.7%
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
2,683
63,211
a
Argenx
SE
........................................
Netherlands
1,350
979,748
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
7,184
1,643,196
a
BeOne
Medicines
Ltd.
,
ADR
...........................
United
States
1,014
301,128
a
Bridgebio
Pharma,
Inc.
...............................
United
States
4,129
306,620
a
Insmed,
Inc.
.......................................
United
States
4,554
744,670
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
5,309
398,653
a
Krystal
Biotech,
Inc.
.................................
United
States
1,036
267,619
a
Natera,
Inc.
........................................
United
States
9,542
1,908,305
a
Revolution
Medicines,
Inc.
.............................
United
States
1,677
163,088
a
Samsung
Episholdings
Co.
Ltd.
.........................
South
Korea
128
43,464
a
United
Therapeutics
Corp.
.............................
United
States
1,038
615,513
7,435,215
Broadline
Retail
9.2%
a
Amazon.com,
Inc.
...................................
United
States
60,564
12,613,664
eBay,
Inc.
.........................................
United
States
759
69,084
a
MercadoLibre,
Inc.
..................................
Brazil
1,053
1,820,658
14,503,406
Capital
Markets
0.4%
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
9,662
669,577
Communications
Equipment
1.3%
a
Arista
Networks,
Inc.
.................................
United
States
13,195
1,620,082
a
Lumentum
Holdings,
Inc.
..............................
United
States
663
465,930
2,086,012
Construction
&
Engineering
1.0%
a
Legence
Corp.
,
A
...................................
United
States
9,887
558,220
Quanta
Services,
Inc.
................................
United
States
1,894
1,039,844
1,598,064
Electrical
Equipment
2.5%
a
Bloom
Energy
Corp.
,
A
...............................
United
States
11,110
1,505,294
a,b
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
8,073
236,297
GE
Vernova,
Inc.
....................................
United
States
1,796
1,567,728
a
Nextpower,
Inc.
,
A
...................................
United
States
2,021
243,631
Vertiv
Holdings
Co.
,
A
................................
United
States
1,365
342,042
3,894,992
Electronic
Equipment,
Instruments
&
Components
4.2%
Advanced
Energy
Industries,
Inc.
.......................
United
States
337
108,753
Amphenol
Corp.
,
A
..................................
United
States
15,578
1,968,281
a
Celestica,
Inc.
......................................
Canada
13,046
3,674,797
a
Coherent
Corp.
.....................................
United
States
991
236,066
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
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
a
Fabrinet
..........................................
Thailand
1,011
$
527,257
a
TTM
Technologies,
Inc.
...............................
United
States
764
74,429
6,589,583
Energy
Equipment
&
Services
0.8%
Baker
Hughes
Co.
,
A
.................................
United
States
2,190
133,699
a
Oceaneering
International,
Inc.
.........................
United
States
3,815
135,318
TechnipFMC
plc
....................................
United
Kingdom
13,390
925,651
1,194,668
Entertainment
1.6%
a
Netflix,
Inc.
........................................
United
States
26,481
2,546,148
Financial
Services
2.8%
Mastercard,
Inc.
,
A
..................................
United
States
4,843
2,419,854
Visa,
Inc.
,
A
........................................
United
States
6,609
1,997,504
4,417,358
Ground
Transportation
0.2%
a
Uber
Technologies,
Inc.
...............................
United
States
3,298
237,225
Health
Care
Equipment
&
Supplies
1.3%
a
IDEXX
Laboratories,
Inc.
..............................
United
States
670
376,466
a
Intuitive
Surgical,
Inc.
................................
United
States
3,322
1,531,409
a
Kestra
Medical
Technologies
Ltd.
.......................
United
States
2,683
53,472
a
Medline,
Inc.
,
A
.....................................
United
States
1,912
85,084
2,046,431
Health
Care
Providers
&
Services
0.8%
a
Guardant
Health,
Inc.
................................
United
States
11,908
1,099,942
a
Hinge
Health,
Inc.
,
A
.................................
United
States
4,835
186,438
1,286,380
Health
Care
Technology
0.1%
a
HeartFlow,
Inc.
.....................................
United
States
4,980
121,163
Hotels,
Restaurants
&
Leisure
0.9%
Booking
Holdings,
Inc.
...............................
United
States
163
686,282
a
DoorDash,
Inc.
,
A
...................................
United
States
5,140
771,771
1,458,053
Interactive
Media
&
Services
11.7%
Alphabet,
Inc.
,
A
....................................
United
States
38,582
11,094,640
Meta
Platforms,
Inc.
,
A
...............................
United
States
12,861
7,358,164
18,452,804
IT
Services
3.9%
a
Akamai
Technologies,
Inc.
.............................
United
States
616
70,748
a
Cloudflare,
Inc.
,
A
...................................
United
States
13,228
2,729,465
a
Shopify,
Inc.
,
A
.....................................
Canada
28,961
3,436,347
6,236,560
Life
Sciences
Tools
&
Services
0.3%
a,c
Samsung
Biologics
Co.
Ltd.
,
144A
,
Reg
S
.................
South
Korea
106
108,636
a,b
Tempus
AI,
Inc.
,
A
...................................
United
States
6,637
300,125
408,761
Machinery
0.1%
a
Symbotic,
Inc.
,
A
....................................
United
States
3,425
182,210
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.
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
2.1%
AstraZeneca
plc
....................................
United
Kingdom
361
$
71,196
a
Axsome
Therapeutics,
Inc.
............................
United
States
869
146,878
Eli
Lilly
&
Co.
......................................
United
States
1,974
1,815,626
a
Jazz
Pharmaceuticals
plc
.............................
United
States
2,558
483,590
a
Ligand
Pharmaceuticals,
Inc.
...........................
United
States
3,550
708,758
a
Tarsus
Pharmaceuticals,
Inc.
...........................
United
States
570
39,986
3,266,034
Semiconductors
&
Semiconductor
Equipment
28.3%
Advantest
Corp.
....................................
Japan
1,627
224,537
Analog
Devices,
Inc.
.................................
United
States
1,680
534,475
a
ARM
Holdings
plc
,
ADR
..............................
United
States
698
105,593
ASML
Holding
NV
,
ADR
..............................
Netherlands
793
1,047,418
Broadcom,
Inc.
.....................................
United
States
30,540
9,452,435
KLA
Corp.
.........................................
United
States
1,679
2,472,176
Lam
Research
Corp.
.................................
United
States
13,539
2,892,743
Micron
Technology,
Inc.
...............................
United
States
826
279,056
Monolithic
Power
Systems,
Inc.
.........................
United
States
1,652
1,806,214
NVIDIA
Corp.
......................................
United
States
114,761
20,014,318
a
SiTime
Corp.
.......................................
United
States
659
227,586
SK
Hynix,
Inc.
......................................
South
Korea
2,034
1,154,021
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
12,845
4,340,968
Teradyne,
Inc.
......................................
United
States
176
52,177
a
Tower
Semiconductor
Ltd.
.............................
Israel
612
107,394
44,711,111
Software
10.8%
a
AppLovin
Corp.
,
A
...................................
United
States
5,309
2,112,982
a
Cadence
Design
Systems,
Inc.
.........................
United
States
3,392
942,535
a
Circle
Internet
Group,
Inc.
,
A
...........................
United
States
948
90,449
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
1,402
547,355
Intuit,
Inc.
.........................................
United
States
339
146,577
Microsoft
Corp.
.....................................
United
States
27,264
10,092,315
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
11,598
1,696,555
a
Palo
Alto
Networks,
Inc.
..............................
United
States
4,984
799,035
a
Synopsys,
Inc.
.....................................
United
States
1,690
670,051
17,097,854
Specialty
Retail
0.3%
a
Carvana
Co.
,
A
.....................................
United
States
1,616
508,038
Technology
Hardware,
Storage
&
Peripherals
5.0%
Apple,
Inc.
........................................
United
States
27,025
6,858,675
a
Sandisk
Corp.
......................................
United
States
1,703
1,081,984
7,940,659
Total
Common
Stocks
(Cost
$
68,837,923
)
....................................
157,955,240
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
$
68,837,923
)
..............................
157,955,240
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
37
See
Abbreviations
on
page
155
.
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.0%
†
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
3,831
$
3,831
Total
Money
Market
Funds
(Cost
$
3,831
)
.....................................
3,831
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
453,600
453,600
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
453,600
)
...........................................................
453,600
Total
Short
Term
Investments
(Cost
$
457,431
)
................................
457,431
a
Total
Investments
(Cost
$
69,295,354
)
100.3
%
.................................
$158,412,671
Other
Assets,
less
Liabilities
(
0.3
)
%
.........................................
(494,105)
Net
Assets
100.0%
.........................................................
$157,918,566
a
a
a
†
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,
2026.
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,
2026,
the
value
of
this
security
was
$108,636,
representing
0.1%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
5
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,
2026
Franklin
Global
Real
Estate
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.3%
Diversified
REITs
7.6%
British
Land
Co.
plc
(The)
.............................
United
Kingdom
216,210
$
1,022,752
CapitaLand
Integrated
Commercial
Trust
..................
Singapore
899,628
1,613,264
Essential
Properties
Realty
Trust,
Inc.
....................
United
States
47,601
1,445,166
KDX
Realty
Investment
Corp.
..........................
Japan
895
910,877
Shaftesbury
Capital
plc
...............................
United
Kingdom
482,917
814,966
Star
Asia
Investment
Corp.
............................
Japan
2,270
792,057
Stockland
.........................................
Australia
355,167
1,066,151
7,665,233
Health
Care
Providers
&
Services
1.4%
Chartwell
Retirement
Residences
.......................
Canada
99,035
1,432,380
Health
Care
REITs
14.7%
Aedifica
SA
........................................
Belgium
12,063
976,711
American
Healthcare
REIT,
Inc.
.........................
United
States
13,829
652,176
a
Janus
Living,
Inc.
,
1
.................................
United
States
24,727
582,815
Sabra
Health
Care
REIT,
Inc.
..........................
United
States
57,402
1,103,840
Ventas,
Inc.
........................................
United
States
35,568
2,908,751
Welltower,
Inc.
.....................................
United
States
43,846
8,668,793
14,893,086
Hotel
&
Resort
REITs
2.0%
Japan
Hotel
REIT
Investment
Corp.
......................
Japan
1,544
732,795
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
8,235
759,843
Sunstone
Hotel
Investors,
Inc.
..........................
United
States
60,096
541,465
2,034,103
Industrial
REITs
13.7%
EastGroup
Properties,
Inc.
............................
United
States
7,962
1,473,687
First
Industrial
Realty
Trust,
Inc.
........................
United
States
22,977
1,329,219
GLP
J-Reit
........................................
Japan
1,021
833,115
Goodman
Group
....................................
Australia
147,149
2,641,840
Mapletree
Logistics
Trust
.............................
Singapore
941,085
846,536
Prologis,
Inc.
.......................................
United
States
39,348
5,201,019
STAG
Industrial,
Inc.
.................................
United
States
17,785
641,327
Warehouses
De
Pauw
CVA
............................
Belgium
36,049
939,064
13,905,807
Office
REITs
3.3%
Cousins
Properties,
Inc.
..............................
United
States
44,912
1,013,664
Daiwa
Office
Investment
Corp.
.........................
Japan
406
842,167
Gecina
SA
........................................
France
11,772
928,826
SL
Green
Realty
Corp.
...............................
United
States
13,993
516,901
3,301,558
Real
Estate
Management
&
Development
12.2%
City
Developments
Ltd.
...............................
Singapore
106,530
684,292
b
CTP
NV
,
144A
,
Reg
S
................................
Netherlands
57,321
959,352
a
Fastighets
AB
Balder
,
B
...............................
Sweden
141,253
827,265
Hang
Lung
Properties
Ltd.
.............................
Hong
Kong
437,960
490,074
Henderson
Land
Development
Co.
Ltd.
...................
Hong
Kong
200,797
746,002
Mitsui
Fudosan
Co.
Ltd.
..............................
Japan
248,285
2,646,827
Sumitomo
Realty
&
Development
Co.
Ltd.
.................
Japan
74,926
2,126,086
Sun
Hung
Kai
Properties
Ltd.
..........................
Hong
Kong
116,575
1,941,071
Swire
Properties
Ltd.
.................................
Hong
Kong
274,847
805,098
TAG
Immobilien
AG
..................................
Germany
73,397
1,152,239
12,378,306
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
39
See
Abbreviations
on
page
155
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
10.7%
American
Homes
4
Rent
,
A
............................
United
States
72,302
$
2,018,672
AvalonBay
Communities,
Inc.
..........................
United
States
17,799
2,907,466
Boardwalk
Real
Estate
Investment
Trust
..................
Canada
21,719
982,827
Camden
Property
Trust
...............................
United
States
23,901
2,334,172
Equity
LifeStyle
Properties,
Inc.
.........................
United
States
25,721
1,605,505
Irish
Residential
Properties
REIT
plc
.....................
Ireland
488,410
571,303
UNITE
Group
plc
(The)
...............................
United
Kingdom
79,702
482,900
10,902,845
Retail
REITs
17.3%
Brixmor
Property
Group,
Inc.
...........................
United
States
56,072
1,614,874
Carmila
SA
........................................
France
33,928
659,299
First
Capital
Real
Estate
Investment
Trust
.................
Canada
65,256
967,277
InvenTrust
Properties
Corp.
............................
United
States
19,515
594,427
Macerich
Co.
(The)
..................................
United
States
42,931
811,396
NETSTREIT
Corp.
..................................
United
States
91,964
1,731,682
Realty
Income
Corp.
.................................
United
States
74,934
4,584,462
Regency
Centers
Corp.
...............................
United
States
22,232
1,682,073
Simon
Property
Group,
Inc.
............................
United
States
12,061
2,249,738
Unibail-Rodamco-Westfield
............................
France
12,958
1,429,599
Vicinity
Ltd.
........................................
Australia
721,785
1,177,513
17,502,340
Specialized
REITs
16.4%
CubeSmart
........................................
United
States
26,148
958,324
Digital
Core
REIT
Management
Pte.
Ltd.
..................
Singapore
1,090,911
532,281
Digital
Realty
Trust,
Inc.
..............................
United
States
21,987
3,962,277
Equinix,
Inc.
.......................................
United
States
6,511
6,382,343
Extra
Space
Storage,
Inc.
.............................
United
States
13,475
1,766,977
Iron
Mountain,
Inc.
..................................
United
States
20,035
2,046,375
a
Shurgard
Self
Storage
Ltd.
............................
Belgium
18,792
543,656
Smartstop
Self
Storage
REIT,
Inc.
.......................
United
States
14,261
431,823
16,624,056
Total
Common
Stocks
(Cost
$
72,131,456
)
....................................
100,639,714
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
372,423
372,423
Total
Money
Market
Funds
(Cost
$
372,423
)
...................................
372,423
Total
Short
Term
Investments
(Cost
$
372,423
)
................................
372,423
a
Total
Investments
(Cost
$
72,503,879
)
99.7
%
..................................
$101,012,137
Other
Assets,
less
Liabilities
0.3
%
...........................................
385,113
Net
Assets
100.0%
.........................................................
$101,397,250
a
a
a
a
Non-income
producing.
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.
40
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,
2026,
the
value
of
this
security
was
$959,352,
representing
0.9%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
Growth
and
Income
VIP
Fund
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
81.1%
Aerospace
&
Defense
1.6%
RTX
Corp.
........................................
United
States
4,830
$
931,707
Banks
7.1%
Bank
of
America
Corp.
...............................
United
States
34,330
1,673,588
JPMorgan
Chase
&
Co.
...............................
United
States
8,128
2,390,932
4,064,520
Beverages
1.3%
Coca-Cola
Co.
(The)
.................................
United
States
9,560
727,038
Broadline
Retail
2.0%
a
Amazon.com,
Inc.
...................................
United
States
5,518
1,149,234
Building
Products
1.0%
Carrier
Global
Corp.
.................................
United
States
9,979
561,917
Capital
Markets
7.5%
BlackRock,
Inc.
.....................................
United
States
631
606,839
Blackstone,
Inc.
....................................
United
States
3,574
410,974
Charles
Schwab
Corp.
(The)
...........................
United
States
9,482
891,119
Intercontinental
Exchange,
Inc.
.........................
United
States
3,590
564,635
Morgan
Stanley
.....................................
United
States
11,061
1,820,309
4,293,876
Chemicals
2.4%
Corteva,
Inc.
.......................................
United
States
6,622
554,328
Linde
plc
..........................................
United
States
1,671
828,415
1,382,743
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
.................................
United
States
15,423
1,196,671
Consumer
Finance
1.4%
American
Express
Co.
...............................
United
States
2,621
792,800
Consumer
Staples
Distribution
&
Retail
2.7%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
3,623
356,576
Casey's
General
Stores,
Inc.
...........................
United
States
604
439,627
Walmart,
Inc.
......................................
United
States
6,207
771,406
1,567,609
Electric
Utilities
4.5%
Duke
Energy
Corp.
..................................
United
States
7,396
968,432
Evergy,
Inc.
........................................
United
States
8,059
660,193
NextEra
Energy,
Inc.
.................................
United
States
4,922
457,155
PPL
Corp.
.........................................
United
States
12,512
477,959
2,563,739
Electrical
Equipment
2.8%
Eaton
Corp.
plc
.....................................
United
States
2,366
846,247
Hubbell,
Inc.
,
B
.....................................
United
States
1,521
746,416
1,592,663
Electronic
Equipment,
Instruments
&
Components
0.9%
TE
Connectivity
plc
..................................
Switzerland
2,559
534,882
Energy
Equipment
&
Services
0.5%
SLB
Ltd.
..........................................
United
States
5,398
277,403
Health
Care
Equipment
&
Supplies
2.3%
a
Boston
Scientific
Corp.
...............................
United
States
2,720
170,680
GE
HealthCare
Technologies,
Inc.
.......................
United
States
4,789
340,881
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
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
plc
......................................
United
States
9,531
$
825,861
1,337,422
Health
Care
Providers
&
Services
2.2%
HCA
Healthcare,
Inc.
.................................
United
States
1,368
647,392
UnitedHealth
Group,
Inc.
..............................
United
States
2,346
634,804
1,282,196
Health
Care
REITs
1.5%
Ventas,
Inc.
........................................
United
States
10,394
850,021
Hotels,
Restaurants
&
Leisure
0.7%
McDonald's
Corp.
...................................
United
States
1,240
385,380
Household
Durables
0.4%
Lennar
Corp.
,
A
.....................................
United
States
2,727
236,813
Household
Products
2.1%
Procter
&
Gamble
Co.
(The)
...........................
United
States
8,291
1,197,552
Industrial
REITs
1.2%
Prologis,
Inc.
.......................................
United
States
5,274
697,117
Interactive
Media
&
Services
2.7%
Alphabet,
Inc.
,
A
....................................
United
States
5,321
1,530,107
Life
Sciences
Tools
&
Services
1.7%
Danaher
Corp.
.....................................
United
States
1,506
285,538
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
1,452
713,701
999,239
Machinery
3.2%
Caterpillar,
Inc.
.....................................
United
States
626
443,496
Ingersoll
Rand,
Inc.
..................................
United
States
7,704
617,244
Parker-Hannifin
Corp.
................................
United
States
895
801,240
1,861,980
Multi-Utilities
1.1%
CenterPoint
Energy,
Inc.
..............................
United
States
14,856
641,185
Oil,
Gas
&
Consumable
Fuels
6.0%
Canadian
Natural
Resources
Ltd.
.......................
Canada
9,700
472,681
Chevron
Corp.
.....................................
United
States
7,824
1,618,786
Shell
plc
,
ADR
......................................
United
States
7,945
738,885
Suncor
Energy,
Inc.
..................................
Canada
8,867
586,197
3,416,549
Pharmaceuticals
4.5%
AstraZeneca
plc
....................................
United
Kingdom
4,020
792,824
Johnson
&
Johnson
.................................
United
States
7,225
1,766,079
2,558,903
Real
Estate
Management
&
Development
0.7%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
3,142
425,615
Residential
REITs
0.6%
Mid-America
Apartment
Communities,
Inc.
................
United
States
2,821
344,500
Semiconductors
&
Semiconductor
Equipment
3.2%
Broadcom,
Inc.
.....................................
United
States
2,330
721,158
KLA
Corp.
.........................................
United
States
310
456,447
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
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.
...............................
United
States
3,333
$
647,069
1,824,674
Software
1.6%
Microsoft
Corp.
.....................................
United
States
1,822
674,450
Oracle
Corp.
.......................................
United
States
1,627
239,348
913,798
Specialty
Retail
2.7%
Lowe's
Cos.,
Inc.
....................................
United
States
3,435
811,622
Tractor
Supply
Co.
..................................
United
States
16,290
737,937
1,549,559
Technology
Hardware,
Storage
&
Peripherals
0.8%
Dell
Technologies,
Inc.
,
C
.............................
United
States
2,666
437,571
Tobacco
1.9%
Philip
Morris
International,
Inc.
.........................
United
States
6,528
1,079,340
Trading
Companies
&
Distributors
0.8%
United
Rentals,
Inc.
..................................
United
States
651
474,293
Wireless
Telecommunication
Services
1.4%
T-Mobile
US,
Inc.
...................................
United
States
3,958
831,299
Total
Common
Stocks
(Cost
$
30,334,031
)
....................................
46,511,915
Equity-Linked
Securities
9.4%
Broadline
Retail
0.5%
b
Mizuho
Markets
Cayman
LP
into
Amazon.com,
Inc.
,
144A,
5
%
,
8/21/26
.........................................
United
States
1,260
264,605
Building
Products
0.4%
b
Barclays
Bank
plc
into
Carrier
Global
Corp.
,
144A,
6.5
%
,
6/25/26
United
States
3,710
208,080
Capital
Markets
0.6%
b
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
6.5
%
,
1/08/27
....................................
United
States
3,500
333,067
Consumer
Finance
0.4%
b
UBS
AG
into
American
Express
Co.
,
144A,
7
%
,
9/18/26
......
United
States
760
230,319
Consumer
Staples
Distribution
&
Retail
0.4%
b
Toronto-Dominion
Bank
(The)
into
BJ's
Wholesale
Club
Holdings,
Inc.
,
144A,
6
%
,
12/29/26
............................
United
States
2,500
238,221
Electrical
Equipment
1.1%
b
Merrill
Lynch
BV
into
Eaton
Corp.
plc
,
144A,
7
%
,
5/08/26
......
United
States
740
253,322
b
National
Bank
of
Canada
into
Hubbell,
Inc.
,
144A,
7
%
,
7/31/26
.
United
States
770
355,331
608,653
Energy
Equipment
&
Services
0.5%
b
Royal
Bank
of
Canada
into
Schlumberger
NV
,
144A,
8.5
%
,
10/30/26
........................................
United
States
7,000
281,723
Health
Care
Providers
&
Services
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
HCA
Healthcare,
Inc.
,
144A,
6.5
%
,
4/16/26
...............................
United
States
750
313,368
Household
Durables
0.4%
b
Royal
Bank
of
Canada
into
Lennar
Corp.
,
144A,
7
%
,
9/30/26
...
United
States
2,450
220,868
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.
44
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Industrial
REITs
0.5%
b
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
6.5
%
,
1/28/27
.....
United
States
2,100
$
272,680
Interactive
Media
&
Services
0.6%
b
Wells
Fargo
Bank
NA
into
Alphabet,
Inc.
,
144A,
6
%
,
4/30/26
...
United
States
1,890
359,420
Life
Sciences
Tools
&
Services
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
6
%
,
11/06/26
.....................
United
States
600
303,533
Machinery
1.1%
b
Barclays
Bank
plc
into
Parker-Hannifin
Corp.
,
144A,
7
%
,
11/30/26
United
States
420
358,941
b
Wells
Fargo
Bank
NA
into
Ingersoll
Rand,
Inc.
,
144A,
5
%
,
8/14/26
United
States
3,270
253,899
612,840
Oil,
Gas
&
Consumable
Fuels
0.4%
b
Royal
Bank
of
Canada
into
Canadian
Natural
Resources
Ltd.
,
144A,
9.5
%
,
3/10/27
...............................
Canada
5,600
253,306
Real
Estate
Management
&
Development
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
CBRE
Group,
Inc.
,
144A,
7
%
,
2/26/27
.................................
United
States
1,700
235,629
Software
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.
,
144A,
6
%
,
7/16/26
.................................
United
States
680
254,553
Technology
Hardware,
Storage
&
Peripherals
0.3%
b
Wells
Fargo
Bank
NA
into
Dell
Technologies,
Inc.
,
144A,
9
%
,
12/18/26
........................................
United
States
1,250
191,674
Trading
Companies
&
Distributors
0.4%
b
Toronto-Dominion
Bank
(The)
into
United
Rentals,
Inc.
,
144A,
7.5
%
,
6/12/26
....................................
United
States
320
236,914
Total
Equity-Linked
Securities
(Cost
$
5,455,222
)
..............................
5,419,453
Convertible
Preferred
Stocks
7.6%
Aerospace
&
Defense
1.8%
Boeing
Co.
(The)
,
6
%
................................
United
States
16,005
1,038,404
Capital
Markets
1.2%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
19,639
710,539
Electric
Utilities
2.2%
NextEra
Energy,
Inc.
,
7.375
%
..........................
United
States
6,236
313,234
PPL
Corp.
,
7
%
.....................................
United
States
5,971
306,253
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
12,061
619,935
1,239,422
Financial
Services
1.6%
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
15,265
892,392
Software
0.8%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
10,349
465,809
Total
Convertible
Preferred
Stocks
(Cost
$
4,465,135
)
..........................
4,346,566
Total
Long
Term
Investments
(Cost
$
40,254,388
)
..............................
56,277,934
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
45
See
Abbreviations
on
page
155
.
Short
Term
Investments
2.0%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.0%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
1,157,918
$
1,157,918
Total
Money
Market
Funds
(Cost
$
1,157,918
)
.................................
1,157,918
Total
Short
Term
Investments
(Cost
$
1,157,918
)
...............................
1,157,918
a
Total
Investments
(Cost
$
41,412,306
)
100.1
%
.................................
$57,435,852
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(61,670)
Net
Assets
100.0%
.........................................................
$57,374,182
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2026,
the
aggregate
value
of
these
securities
was
$5,419,453,
representing
9.4%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
34.4%
Aerospace
&
Defense
1.1%
Lockheed
Martin
Corp.
...............................
United
States
30,000
$
18,131,700
RTX
Corp.
........................................
United
States
90,000
17,361,000
35,492,700
Air
Freight
&
Logistics
0.4%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
139,000
13,674,820
Banks
1.5%
Bank
of
America
Corp.
...............................
United
States
200,000
9,750,000
Citigroup,
Inc.
......................................
United
States
50,000
5,670,500
Fifth
Third
Bancorp
..................................
United
States
200,000
9,292,000
JPMorgan
Chase
&
Co.
...............................
United
States
80,000
23,532,800
48,245,300
Beverages
2.2%
Coca-Cola
Co.
(The)
.................................
United
States
250,000
19,012,500
PepsiCo,
Inc.
......................................
United
States
350,000
54,351,500
73,364,000
Biotechnology
1.0%
AbbVie,
Inc.
.......................................
United
States
100,000
21,749,000
Amgen,
Inc.
.......................................
United
States
35,000
12,314,750
34,063,750
Broadline
Retail
0.3%
a
Amazon.com,
Inc.
...................................
United
States
49,827
10,377,469
Capital
Markets
0.4%
BlackRock,
Inc.
.....................................
United
States
15,000
14,425,650
Chemicals
1.3%
Air
Products
and
Chemicals,
Inc.
........................
United
States
115,000
33,406,350
LyondellBasell
Industries
NV
,
A
.........................
United
States
110,000
8,861,600
42,267,950
Communications
Equipment
1.2%
Cisco
Systems,
Inc.
.................................
United
States
500,000
38,795,000
Consumer
Finance
0.4%
Capital
One
Financial
Corp.
...........................
United
States
65,000
11,857,950
Consumer
Staples
Distribution
&
Retail
0.3%
Target
Corp.
.......................................
United
States
75,000
9,090,000
Containers
&
Packaging
0.1%
International
Paper
Co.
...............................
United
States
125,000
4,462,500
Diversified
Telecommunication
Services
0.7%
Comcast
Corp.
,
A
...................................
United
States
400,000
11,484,000
Verizon
Communications,
Inc.
..........................
United
States
250,000
12,550,000
24,034,000
Electric
Utilities
2.6%
Duke
Energy
Corp.
..................................
United
States
200,000
26,188,000
NextEra
Energy,
Inc.
.................................
United
States
50,000
4,644,000
Southern
Co.
(The)
..................................
United
States
450,000
43,434,000
Xcel
Energy,
Inc.
....................................
United
States
130,000
10,327,200
84,593,200
Energy
Equipment
&
Services
0.7%
SLB
Ltd.
..........................................
United
States
481,415
24,739,917
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
Common
Stocks
(continued)
Food
Products
0.6%
Nestle
SA
,
ADR
....................................
United
States
190,000
$
18,829,000
Ground
Transportation
1.0%
Union
Pacific
Corp.
..................................
United
States
129,993
31,538,902
Health
Care
Equipment
&
Supplies
1.3%
Abbott
Laboratories
..................................
United
States
300,000
30,801,000
Medtronic
plc
......................................
United
States
120,000
10,398,000
41,199,000
Health
Care
Providers
&
Services
0.1%
UnitedHealth
Group,
Inc.
..............................
United
States
14,994
4,057,226
Hotels,
Restaurants
&
Leisure
0.4%
McDonald's
Corp.
...................................
United
States
30,000
9,323,700
Starbucks
Corp.
....................................
United
States
50,000
4,479,500
13,803,200
Household
Products
1.9%
Procter
&
Gamble
Co.
(The)
...........................
United
States
425,000
61,387,000
Industrial
Conglomerates
0.6%
Honeywell
International,
Inc.
...........................
United
States
85,000
19,212,550
IT
Services
0.5%
International
Business
Machines
Corp.
...................
United
States
65,000
15,755,350
Metals
&
Mining
0.2%
Freeport-McMoRan,
Inc.
..............................
United
States
100,000
5,878,000
Multi-Utilities
1.0%
Dominion
Energy,
Inc.
................................
United
States
250,000
15,455,000
Sempra,
Inc.
.......................................
United
States
180,000
17,490,600
32,945,600
Oil,
Gas
&
Consumable
Fuels
6.5%
Chevron
Corp.
.....................................
United
States
350,000
72,415,000
ConocoPhillips
.....................................
United
States
150,000
19,800,000
Exxon
Mobil
Corp.
...................................
United
States
450,000
76,347,000
Shell
plc
,
ADR
......................................
United
States
220,000
20,460,000
TotalEnergies
SE
...................................
France
250,000
22,745,000
211,767,000
Pharmaceuticals
3.2%
Bristol-Myers
Squibb
Co.
..............................
United
States
179,919
10,912,088
Johnson
&
Johnson
.................................
United
States
150,000
36,666,000
a
Keenova
Therapeutics
plc
.............................
United
States
48,391
4,258,408
Merck
&
Co.,
Inc.
...................................
United
States
200,000
24,058,000
Pfizer,
Inc.
.........................................
United
States
1,059,816
29,759,633
105,654,129
Semiconductors
&
Semiconductor
Equipment
0.7%
Texas
Instruments,
Inc.
...............................
United
States
120,000
23,296,800
Software
0.4%
Microsoft
Corp.
.....................................
United
States
32,655
12,087,901
Specialty
Retail
1.0%
Home
Depot,
Inc.
(The)
...............................
United
States
100,000
32,889,000
Textiles,
Apparel
&
Luxury
Goods
0.2%
NIKE,
Inc.
,
B
.......................................
United
States
100,000
5,282,000
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
Common
Stocks
(continued)
Tobacco
0.6%
Philip
Morris
International,
Inc.
.........................
United
States
130,000
$
21,494,200
Total
Common
Stocks
(Cost
$
837,972,917
)
...................................
1,126,561,064
Equity-Linked
Securities
15.1%
Banks
0.5%
b
Morgan
Stanley
Finance
LLC
into
JPMorgan
Chase
&
Co.
,
144A,
8
%
,
3/30/27
......................................
United
States
37,000
10,654,701
b
UBS
AG
into
Bank
of
America
Corp.
,
144A,
8
%
,
3/03/27
......
United
States
125,000
6,233,727
16,888,428
Biotechnology
0.6%
b
Mizuho
Markets
Cayman
LP
into
Amgen,
Inc.
,
144A,
10
%
,
6/15/26
.........................................
United
States
60,000
18,466,334
Broadline
Retail
0.7%
b
J.P.
Morgan
Structured
Products
BV
into
Amazon.com,
Inc.
,
144A,
9
%
,
1/11/27
......................................
United
States
36,000
7,652,737
b
Wells
Fargo
Bank
NA
into
Amazon.com,
Inc.
,
144A,
9
%
,
2/26/27
United
States
75,000
15,183,704
22,836,441
Capital
Markets
0.4%
b
Merrill
Lynch
BV
into
Charles
Schwab
Corp.
(The)
,
144A,
8
%
,
3/03/27
.........................................
United
States
135,000
12,692,144
Chemicals
0.8%
b
BofA
Finance
LLC
into
Albemarle
Corp.
,
144A,
12.5
%
,
8/28/26
.
United
States
255,000
26,565,722
Consumer
Staples
Distribution
&
Retail
0.4%
b
BNP
Paribas
Issuance
BV
into
Target
Corp.
,
144A,
11
%
,
10/07/26
United
States
40,000
4,146,739
b
Toronto-Dominion
Bank
(The)
into
Target
Corp.
,
144A,
12
%
,
6/30/26
.........................................
United
States
80,000
8,866,144
13,012,883
Diversified
Telecommunication
Services
0.2%
b
Merrill
Lynch
BV
into
Comcast
Corp.
,
144A,
8.5
%
,
6/22/26
.....
United
States
255,000
7,384,701
Electric
Utilities
1.1%
b
BNP
Paribas
Issuance
BV
into
NextEra
Energy,
Inc.
,
144A,
8
%
,
2/10/27
.........................................
United
States
300,000
26,687,971
b
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.
,
144A,
9.5
%
,
10/22/26
........................................
United
States
100,000
8,787,918
35,475,889
Energy
Equipment
&
Services
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Halliburton
Co.
,
144A,
10
%
,
1/26/27
................................
United
States
222,000
7,468,191
b
Merrill
Lynch
BV
into
Halliburton
Co.
,
144A,
8.5
%
,
9/21/26
.....
United
States
325,000
8,928,992
16,397,183
Health
Care
Providers
&
Services
0.7%
b
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.
,
144A,
9
%
,
9/25/26
United
States
25,000
6,936,065
b
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.
,
144A,
10
%
,
7/01/26
.........................................
United
States
25,000
6,883,923
b
Wells
Fargo
Bank
NA
into
CVS
Health
Corp.
,
144A,
10
%
,
4/09/26
United
States
150,000
10,786,704
24,606,692
Hotels,
Restaurants
&
Leisure
0.5%
b
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.
,
144A,
9
%
,
1/27/27
.........................................
United
States
200,000
17,970,140
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
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Interactive
Media
&
Services
0.5%
b
Mizuho
Markets
Cayman
LP
into
Meta
Platforms,
Inc.
,
144A,
10
%
,
12/07/26
....................................
United
States
26,000
$
14,985,955
IT
Services
0.9%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
International
Business
Machines
Corp.
,
144A,
8.5
%
,
8/21/26
...........
United
States
35,000
8,325,251
b
J.P.
Morgan
Structured
Products
BV
into
Accenture
plc
,
144A,
10
%
,
4/05/27
.....................................
United
States
22,000
4,332,626
b
Morgan
Stanley
Finance
LLC
into
International
Business
Machines
Corp.
,
144A,
8
%
,
4/08/27
....................
United
States
40,000
9,882,020
b
UBS
AG
into
Accenture
plc
,
144A,
8
%
,
7/13/26
.............
United
States
31,000
6,285,307
28,825,204
Metals
&
Mining
1.0%
b
Barclays
Bank
plc
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
1/27/27
.........................................
United
States
250,000
13,424,722
b
BNP
Paribas
Issuance
BV
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
8/28/26
.....................................
United
States
400,000
18,494,840
31,919,562
Oil,
Gas
&
Consumable
Fuels
0.6%
b
Mizuho
Markets
Cayman
LP
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
4/07/26
.........................................
United
States
159,000
20,069,190
Semiconductors
&
Semiconductor
Equipment
3.3%
b
Bank
of
America
NA
into
Microchip
Technology,
Inc.
,
144A,
11
%
,
9/03/26
.........................................
United
States
200,000
12,634,846
b
Barclays
Bank
plc
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
10/05/26
........................................
United
States
200,000
12,573,061
b
Barclays
Bank
plc
into
Micron
Technology,
Inc.
,
144A,
10
%
,
9/08/26
.........................................
United
States
90,000
13,395,748
b
BNP
Paribas
SA
into
Texas
Instruments,
Inc.
,
144A,
9
%
,
7/01/26
United
States
113,500
22,032,568
b
Mizuho
Markets
Cayman
LP
into
Analog
Devices,
Inc.
,
144A,
8.5
%
,
5/18/26
....................................
United
States
80,000
18,617,418
b
Toronto-Dominion
Bank
(The)
into
QUALCOMM,
Inc.
,
144A,
10
%
,
11/25/26
........................................
United
States
85,000
11,656,025
b
UBS
AG
into
Marvell
Technology,
Inc.
,
144A,
12
%
,
5/14/26
....
United
States
110,000
8,736,708
b
UBS
AG
into
Texas
Instruments,
Inc.
,
144A,
10
%
,
2/24/27
.....
United
States
50,000
10,073,914
109,720,288
Software
1.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Workday,
Inc.
,
144A,
10
%
,
2/24/27
.....................................
United
States
55,000
7,293,705
b
Mizuho
Markets
Cayman
LP
into
Microsoft
Corp.
,
144A,
7.25
%
,
1/11/27
.........................................
United
States
47,000
18,380,651
b
Royal
Bank
of
Canada
into
Microsoft
Corp.
,
144A,
8
%
,
4/05/27
.
United
States
18,925
7,142,946
b
UBS
AG
into
Oracle
Corp.
,
144A,
12
%
,
1/11/27
.............
United
States
33,000
5,176,012
b
Wells
Fargo
Bank
NA
into
Salesforce,
Inc.
,
144A,
9
%
,
6/15/26
..
United
States
35,000
6,671,887
44,665,201
Specialty
Retail
0.5%
b
J.P.
Morgan
Structured
Products
BV
into
Home
Depot,
Inc.
(The)
,
144A,
8
%
,
10/20/26
................................
United
States
52,700
17,852,345
Technology
Hardware,
Storage
&
Peripherals
0.5%
b
Mizuho
Markets
Cayman
LP
into
Dell
Technologies,
Inc.
,
144A,
12
%
,
11/09/26
....................................
United
States
100,000
15,627,937
Total
Equity-Linked
Securities
(Cost
$
496,729,290
)
............................
495,962,239
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
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
2.7%
Aerospace
&
Defense
0.5%
Boeing
Co.
(The)
,
6
%
................................
United
States
240,000
$
15,571,200
Capital
Markets
0.2%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
200,000
7,236,000
KKR
&
Co.,
Inc.
,
D
,
6.25
%
.............................
United
States
25,000
1,005,500
8,241,500
Chemicals
0.3%
Albemarle
Corp.
,
7.25
%
..............................
United
States
135,000
9,699,750
Electric
Utilities
0.4%
NextEra
Energy,
Inc.
,
7.234
%
..........................
United
States
50,000
2,627,000
PPL
Corp.
,
7
%
.....................................
United
States
70,000
3,590,300
Southern
Co.
(The)
,
A
,
7.125
%
.........................
United
States
135,000
6,939,000
13,156,300
Financial
Services
0.6%
FNMA
,
5.375
%
.....................................
United
States
475
19,000,000
Software
0.5%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
350,000
15,753,500
Trading
Companies
&
Distributors
0.2%
a,c,d
QXO,
Inc.
,
C
.......................................
United
States
725
7,250,000
Total
Convertible
Preferred
Stocks
(Cost
$
103,413,161
)
........................
88,672,250
Principal
Amount
*
Corporate
Bonds
33.8%
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
,
Senior
Note
,
5.15
%
,
5/01/30
.............
United
States
15,000,000
15,256,494
b
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/01/31
.........
Canada
4,250,000
4,458,960
b
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
.............
United
States
5,000,000
5,066,950
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
............
United
States
15,000,000
15,316,800
Senior
Sub.
Note
,
144A,
6.75
%
,
1/31/34
................
United
States
5,750,000
5,829,666
45,928,870
Automobile
Components
0.3%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
11,945,000
10,675,580
Automobiles
0.9%
Ford
Motor
Co.
,
Senior
Bond
,
3.25
%
,
2/12/32
.........................
United
States
3,000,000
2,606,749
Senior
Bond
,
6.1
%
,
8/19/32
..........................
United
States
7,000,000
7,061,681
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
.........................
United
States
5,000,000
5,121,275
Senior
Bond
,
5.15
%
,
4/01/38
.........................
United
States
13,500,000
12,671,506
b
Rivian
Holdings
LLC
/
Rivian
LLC
/
Rivian
Automotive
LLC
,
Senior
Secured
Note
,
144A,
10
%
,
1/15/31
.....................
United
States
3,000,000
2,917,426
30,378,637
Banks
3.1%
Barclays
plc
,
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
15,000,000
15,426,760
Senior
Bond
,
7.437%
to
11/01/32,
FRN
thereafter
,
11/02/33
..
United
Kingdom
10,000,000
11,186,096
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
........................................
United
States
24,500,000
26,197,412
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)
Banks
(continued)
JPMorgan
Chase
&
Co.
,
e
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
5,000,000
$
5,190,625
e
OO
,
Junior
Sub.
Bond
,
6.5%
to
3/31/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
3,000,000
3,080,145
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
3,000,000
3,226,616
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
8,000,000
8,465,221
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
.................................
United
States
4,000,000
3,924,607
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
........................................
United
States
10,000,000
10,521,337
Wells
Fargo
&
Co.
,
e
GG
,
Junior
Sub.
Bond
,
6.125%
to
6/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
3,000,000
3,012,086
Senior
Bond
,
5.557%
to
7/24/33,
FRN
thereafter
,
7/25/34
...
United
States
10,000,000
10,251,838
100,482,743
Biotechnology
0.2%
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note
,
144A,
7.25
%
,
12/15/33
...................
Denmark
2,000,000
2,095,292
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
............
Denmark
4,000,000
4,103,828
6,199,120
Building
Products
0.5%
b
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
11,000,000
11,201,399
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
6,500,000
6,595,895
17,797,294
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
18,489,369
Sub.
Bond
,
5.387%
to
2/01/36,
FRN
thereafter
,
2/02/41
.....
United
States
2,500,000
2,416,292
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
8,650,000
9,259,024
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
....
United
States
5,700,000
5,719,835
Senior
Bond
,
6.627%
to
10/31/33,
FRN
thereafter
,
11/01/34
..
United
States
6,000,000
6,531,131
42,415,651
Chemicals
1.6%
b
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
4,000,000
3,854,680
Celanese
US
Holdings
LLC
,
Senior
Note
,
7.165
%
,
7/15/27
....
United
States
12,000,000
12,255,588
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
7,300,000
7,519,723
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
...................
United
States
5,500,000
5,477,120
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
............
United
States
4,388,000
4,340,536
b
Tronox,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
3/15/29
...................
United
States
10,000,000
8,018,401
Senior
Secured
Note
,
144A,
9.125
%
,
9/30/30
............
United
States
11,000,000
10,996,802
52,462,850
Commercial
Services
&
Supplies
0.3%
c
,d
BX
Frontier
Member
II
LLC
,
6.1
%
,
12/31/60
................
United
States
4,231,308
4,231,308
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)
Commercial
Services
&
Supplies
(continued)
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
4,500,000
$
4,558,563
8,789,871
Consumer
Finance
1.3%
Capital
One
Financial
Corp.
,
Senior
Note
,
3.273%
to
2/28/29,
FRN
thereafter
,
3/01/30
....
United
States
7,000,000
6,741,897
Senior
Note
,
5.247%
to
7/25/29,
FRN
thereafter
,
7/26/30
....
United
States
6,070,000
6,154,388
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
4.95
%
,
5/28/27
.........................
United
States
15,000,000
14,999,658
Senior
Note
,
7.35
%
,
3/06/30
.........................
United
States
1,500,000
1,583,047
Senior
Note
,
6.532
%
,
3/19/32
........................
United
States
7,654,000
7,858,471
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
6.4
%
,
1/09/33
.
United
States
5,000,000
5,300,741
42,638,202
Containers
&
Packaging
1.3%
b
Ardagh
Group
SA
,
f
Secured
Note
,
144A,
PIK,
12
%
,
12/01/30
...............
United
States
11,000,000
9,007,045
Senior
Secured
Note
,
144A,
9.5
%
,
12/01/30
.............
United
States
8,402,000
8,816,336
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
6,000,000
5,684,001
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................
United
States
12,032,000
11,189,493
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/30
............
United
States
7,000,000
7,005,005
41,701,880
Diversified
Telecommunication
Services
1.1%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
3/01/30
....................
United
States
2,500,000
2,373,760
Senior
Note
,
144A,
6.375
%
,
9/01/29
...................
United
States
17,500,000
17,564,908
Senior
Note
,
144A,
7
%
,
2/01/33
......................
United
States
8,000,000
8,029,994
b
Connect
Holding
II
LLC
,
Senior
Secured
Note
,
144A,
10.5
%
,
4/03/31
.........................................
United
States
6,750,000
6,715,158
34,683,820
Electric
Utilities
1.8%
b
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
6
%
,
1/15/36
......................
United
States
7,500,000
7,436,266
Senior
Note
,
144A,
5.75
%
,
7/15/29
....................
United
States
20,000,000
19,979,800
Southern
Co.
(The)
,
Junior
Sub.
Bond
,
6%
to
3/31/33,
FRN
thereafter
,
4/01/58
...
United
States
1,500,000
1,508,035
2025
,
Junior
Sub.
Bond
,
6.375%
to
3/14/35,
FRN
thereafter
,
3/15/55
.........................................
United
States
1,000,000
1,028,935
Senior
Bond
,
5.7
%
,
10/15/32
.........................
United
States
10,000,000
10,470,463
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
10,505,000
10,261,579
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
4,700,000
4,925,420
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
2,800,000
2,899,505
58,510,003
Electrical
Equipment
0.2%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
5,000,000
5,287,274
Energy
Equipment
&
Services
0.3%
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
...................
United
States
5,316,000
5,421,113
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)
Energy
Equipment
&
Services
(continued)
b
Weatherford
International
Ltd.,
(continued)
Senior
Note
,
144A,
6.75
%
,
10/15/33
...................
United
States
3,500,000
$
3,578,467
8,999,580
Food
Products
0.4%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
5.75
%
,
4/01/33
...............
United
States
8,000,000
8,262,922
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
..........
United
States
4,000,000
4,193,720
12,456,642
Ground
Transportation
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
....
United
Kingdom
4,500,000
4,412,197
Health
Care
Equipment
&
Supplies
0.5%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905
%
,
11/22/32
United
States
4,000,000
4,221,136
b
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
...................
United
States
4,000,000
3,967,193
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
............
United
States
10,000,000
9,679,218
17,867,547
Health
Care
Providers
&
Services
5.5%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
.............
United
States
10,000,000
9,499,374
b
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75
%
,
6/15/33
.............................
United
States
20,000,000
21,331,300
Secured
Note
,
144A,
6.875
%
,
4/15/29
..................
United
States
23,820,000
22,930,747
Secured
Note
,
144A,
6.125
%
,
4/01/30
..................
United
States
19,930,000
17,350,552
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
24,798,000
26,635,805
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
.............
United
States
12,000,000
12,469,417
CVS
Health
Corp.
,
Senior
Bond
,
5.25
%
,
2/21/33
............
United
States
5,000,000
5,059,337
b
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
8,500,000
8,177,852
HCA,
Inc.
,
Senior
Bond
,
5.5
%
,
6/01/33
...................
United
States
10,000,000
10,203,591
Tenet
Healthcare
Corp.
,
Senior
Note
,
6.125
%
,
10/01/28
.......................
United
States
13,580,000
13,619,374
b
Senior
Note
,
144A,
6
%
,
11/15/33
......................
United
States
10,000,000
10,126,360
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
12,500,000
12,596,900
Senior
Secured
Note
,
6.75
%
,
5/15/31
..................
United
States
10,000,000
10,227,280
180,227,889
Hotels,
Restaurants
&
Leisure
1.8%
b
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
6
%
,
10/15/32
.....................
United
States
12,500,000
11,515,360
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
6,250,000
6,330,219
b
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
8/01/32
..........
United
States
11,750,000
11,760,866
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
....................
United
States
4,100,000
3,832,751
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/29
............
United
States
3,500,000
3,347,093
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
2/01/32
..........
United
States
2,000,000
1,986,286
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.25
%
,
5/15/27
..........................
United
States
6,000,000
5,981,655
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
..........................
United
States
15,000,000
14,859,216
59,613,446
Household
Durables
0.1%
b
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
2,500,000
2,581,875
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
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
0.2%
b
,e
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
7,800,000
$
7,815,459
Insurance
0.2%
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
4,500,000
4,672,296
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/34
............
United
States
2,500,000
2,428,931
7,101,227
IT
Services
0.1%
b
CoreWeave,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/01/31
...........
United
States
2,500,000
2,381,922
Media
0.3%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
.........................................
United
States
2,800,000
2,815,204
b
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.....
United
States
5,000,000
4,764,537
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
...................................
United
States
3,000,000
3,094,081
10,673,822
Metals
&
Mining
1.5%
b
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
United
States
8,500,000
8,269,859
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
..............
Luxembourg
12,000,000
13,252,571
b
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
5,000,000
4,844,012
Senior
Note
,
144A,
7.375
%
,
5/01/33
...................
United
States
4,000,000
3,916,360
Senior
Note
,
144A,
7.625
%
,
1/15/34
...................
United
States
5,000,000
4,889,588
b
Fortescue
Treasury
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...................
Australia
6,000,000
5,674,467
Senior
Bond
,
144A,
6.125
%
,
4/15/32
...................
Australia
3,442,000
3,520,228
Senior
Note
,
144A,
5.875
%
,
4/15/30
...................
Australia
5,000,000
5,064,493
49,431,578
Oil,
Gas
&
Consumable
Fuels
2.8%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
9.75
%
,
2/15/31
....................
United
States
7,000,000
7,440,727
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
5,500,000
5,603,125
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
7.25
%
,
2/15/35
...................................
United
States
4,000,000
3,990,898
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.25
%
,
4/15/33
...
United
States
3,500,000
3,505,512
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625
%
,
9/01/30
........................
United
States
6,000,000
6,454,958
Senior
Bond
,
5.55
%
,
10/01/34
........................
United
States
3,000,000
3,052,893
b
Venture
Global
LNG,
Inc.
,
e
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
12,250,000
12,211,182
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
............
United
States
9,000,000
9,208,944
Senior
Secured
Note
,
144A,
7
%
,
1/15/30
................
United
States
5,161,000
5,272,261
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
10,000,000
10,404,953
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
4,000,000
4,297,912
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
8,500,000
9,531,925
Senior
Secured
Note
,
144A,
6.125
%
,
12/15/30
...........
United
States
2,000,000
2,057,952
Senior
Secured
Note
,
144A,
6.5
%
,
6/15/34
..............
United
States
1,800,000
1,874,848
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.65
%
,
3/15/33
.......
United
States
5,000,000
5,165,507
90,073,597
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
0.8%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
..............
United
States
1,250,000
$
1,251,725
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
.............
United
States
4,460,000
4,438,460
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
4,583,333
4,578,356
b
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
Senior
Secured
Note
,
144A,
9.875
%
,
9/20/31
..............................
United
States
7,000,000
6,624,928
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
8,750,000
8,590,565
25,484,034
Personal
Care
Products
0.1%
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
2,750,000
2,754,315
Pharmaceuticals
0.7%
b
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
4,000,000
4,191,396
b
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond
,
144A,
5.125
%
,
4/30/31
...................
United
States
4,000,000
3,263,940
Senior
Note
,
144A,
7.875
%
,
5/15/34
...................
United
States
3,000,000
2,473,658
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
............
United
States
3,000,000
2,912,800
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
...................................
Israel
10,000,000
10,254,250
23,096,044
Semiconductors
&
Semiconductor
Equipment
0.5%
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
4.15
%
,
4/15/32
.........
United
States
10,000,000
9,679,910
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
.......
United
States
4,000,000
4,279,649
b
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
1,650,000
1,670,438
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
2,000,000
2,004,882
17,634,879
Software
1.1%
b
Cloud
Software
Group,
Inc.
,
Secured
Note
,
144A,
9
%
,
9/30/29
.....................
United
States
5,000,000
4,828,143
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/29
..............
United
States
5,000,000
4,882,777
b
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
5,000,000
4,136,431
Oracle
Corp.
,
Senior
Bond
,
6.25
%
,
11/09/32
........................
United
States
6,750,000
6,929,626
Senior
Bond
,
5.2
%
,
9/26/35
..........................
United
States
2,500,000
2,346,248
Senior
Bond
,
5.7
%
,
2/04/36
..........................
United
States
5,000,000
4,809,609
Salesforce,
Inc.
,
Senior
Bond
,
5.55
%
,
3/15/36
..............
United
States
8,500,000
8,476,766
36,409,600
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Bond
,
5.65
%
,
3/15/33
.........
United
States
5,000,000
5,169,460
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
4,000,000
4,001,456
9,170,916
Textiles,
Apparel
&
Luxury
Goods
0.3%
b
,f
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
10,540,486
10,994,231
Tobacco
0.2%
BAT
Capital
Corp.
,
Senior
Bond
,
6.421
%
,
8/02/33
...........
United
Kingdom
6,000,000
6,509,732
Trading
Companies
&
Distributors
0.7%
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/30
.........
United
States
2,500,000
2,565,210
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
........................
United
States
12,800,000
$
12,752,938
b
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
...............
United
States
8,000,000
8,138,848
23,456,996
Total
Corporate
Bonds
(Cost
$
1,074,733,017
)
.................................
1,107,099,323
Senior
Floating
Rate
Interests
0.7%
Containers
&
Packaging
0.1%
g
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B
,
6.918
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
3,958,773
3,707,886
g
Health
Care
Equipment
&
Supplies
0.4%
h
Hologic,
Inc.,
First
Lien,
CME
Term
Loan
,
5
%
,
(
3-month
SOFR
+
5
%
),
1/14/33
.....................................
United
States
9,000,000
8,898,237
h
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.755
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
............................
United
States
4,000,000
3,957,260
12,855,497
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.0%
†
g
MPH
Acquisition
Holdings
LLC,
First
Lien,
Exchange
First
Out
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
12/31/30
United
States
1,576,573
1,576,179
Personal
Care
Products
0.2%
g
OPAL
US
LLC,
First
Lien,
CME
Term
Loan,
B4
,
6.7
%
,
(
3-month
SOFR
+
3
%
),
4/28/32
...............................
United
States
5,721,250
5,724,825
Total
Senior
Floating
Rate
Interests
(Cost
$
24,100,310
)
........................
23,864,387
U.S.
Government
and
Agency
Securities
5.5%
U.S.
Treasury
Bonds
,
3.625
%,
5/15/53
..................................
United
States
42,500,000
34,087,988
4.125
%,
8/15/53
..................................
United
States
21,000,000
18,422,578
i
5
.08
%
,
11/15/54
..................................
United
States
115,000,000
27,856,550
4.5
%,
11/15/54
...................................
United
States
10,000,000
9,344,531
U.S.
Treasury
Notes
,
4
%,
5/31/30
.....................................
United
States
16,000,000
16,056,250
4.125
%,
8/31/30
..................................
United
States
30,000,000
30,235,547
2.875
%,
5/15/32
..................................
United
States
30,000,000
28,063,477
4.125
%,
5/31/32
..................................
United
States
16,000,000
16,044,062
Total
U.S.
Government
and
Agency
Securities
(Cost
$
188,509,680
)
..............
180,110,983
Asset-Backed
Securities
0.3%
Passenger
Airlines
0.3%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.........................
United
States
3,256,063
3,312,629
2023-1
,
A
,
5.8
%
,
1/15/36
............................
United
States
5,736,956
5,924,959
9,237,588
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
8,993,019
)
..............................
9,237,588
Mortgage-Backed
Securities
5.6%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
2.5%
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
......................
United
States
14,526,619
14,403,686
FHLMC
Pool,
30
Year
,
5
%,
11/01/54
.....................
United
States
24,835,977
24,527,657
FHLMC
Pool,
30
Year
,
5.5
%,
7/01/53
-
2/01/55
.............
United
States
40,099,434
40,361,629
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
See
Abbreviations
on
page
155
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year
,
6
%,
9/01/55
......................
United
States
4,248,258
$
4,333,836
83,626,808
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.3%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
1,172,920
1,126,117
FNMA,
30
Year
,
5
%,
5/01/53
-
11/01/53
...................
United
States
26,693,298
26,447,604
FNMA,
30
Year
,
5.5
%,
11/01/54
.........................
United
States
5,750,368
5,782,813
FNMA,
30
Year
,
6
%,
8/01/55
...........................
United
States
7,835,704
7,991,745
41,348,279
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.8%
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/55
-
12/20/55
.....
United
States
35,657,264
35,932,489
GNMA
II,
Single-family,
30
Year
,
6
%,
8/20/55
-
1/20/56
.......
United
States
23,170,973
23,602,878
59,535,367
Total
Mortgage-Backed
Securities
(Cost
$
182,802,028
)
.........................
184,510,454
Total
Long
Term
Investments
(Cost
$
2,917,253,422
)
...........................
3,216,018,288
a
Short
Term
Investments
1.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.1%
i
U.S.
Treasury
Bills
,
3
.52
%
,
5/05/26
......................
United
States
35,000,000
34,880,497
Total
U.S.
Government
and
Agency
Securities
(Cost
$
34,880,151
)
...............
34,880,497
Shares
Money
Market
Funds
0.5%
j,k
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
16,018,653
16,018,653
Total
Money
Market
Funds
(Cost
$
16,018,653
)
................................
16,018,653
Total
Short
Term
Investments
(Cost
$
50,898,804
)
..............................
50,899,150
a
Total
Investments
(Cost
$
2,968,152,226
)
99.7
%
................................
$3,266,917,438
Other
Assets,
less
Liabilities
0.3
%
...........................................
12,039,972
Net
Assets
100.0%
.........................................................
$3,278,957,410
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,
2026,
the
aggregate
value
of
these
securities
was
$1,172,687,817,
representing
35.8%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
Perpetual
security
with
no
stated
maturity
date.
f
Income
may
be
received
in
additional
securities
and/or
cash.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
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
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
k
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,
2026
Franklin
Large
Cap
Growth
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
95.0%
Aerospace
&
Defense
3.9%
a
Axon
Enterprise,
Inc.
.................................
United
States
1,124
$
477,351
BWX
Technologies,
Inc.
..............................
United
States
3,189
652,119
Curtiss-Wright
Corp.
.................................
United
States
1,514
1,031,216
Howmet
Aerospace,
Inc.
..............................
United
States
3,416
787,251
2,947,937
Automobiles
2.9%
a
Tesla,
Inc.
.........................................
United
States
5,742
2,134,589
Beverages
0.9%
Coca-Cola
Co.
(The)
.................................
United
States
9,282
705,896
Biotechnology
2.1%
a
Insmed,
Inc.
.......................................
United
States
4,983
814,820
a
Natera,
Inc.
........................................
United
States
3,670
733,963
1,548,783
Broadline
Retail
4.9%
a
Amazon.com,
Inc.
...................................
United
States
17,786
3,704,290
Building
Products
1.2%
Trane
Technologies
plc
...............................
United
States
2,127
886,406
Capital
Markets
1.2%
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
2,399
166,251
S&P
Global,
Inc.
....................................
United
States
1,653
703,087
869,338
Chemicals
1.4%
Linde
plc
..........................................
United
States
2,068
1,025,232
Commercial
Services
&
Supplies
1.2%
Republic
Services,
Inc.
,
A
.............................
United
States
4,263
933,682
Communications
Equipment
0.9%
a
Arista
Networks,
Inc.
.................................
United
States
5,712
701,319
Construction
Materials
0.9%
Martin
Marietta
Materials,
Inc.
..........................
United
States
1,181
695,231
Consumer
Staples
Distribution
&
Retail
2.1%
Casey's
General
Stores,
Inc.
...........................
United
States
2,142
1,559,076
Electrical
Equipment
1.7%
a
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
6,267
183,435
GE
Vernova,
Inc.
....................................
United
States
1,216
1,061,447
1,244,882
Electronic
Equipment,
Instruments
&
Components
3.3%
Amphenol
Corp.
,
A
..................................
United
States
14,505
1,832,707
a
Celestica,
Inc.
......................................
Canada
1,315
370,409
a
Coherent
Corp.
.....................................
United
States
1,126
268,224
2,471,340
Entertainment
2.6%
a
Netflix,
Inc.
........................................
United
States
16,667
1,602,532
a
ROBLOX
Corp.
,
A
...................................
United
States
6,452
364,925
1,967,457
Financial
Services
2.8%
Mastercard,
Inc.
,
A
..................................
United
States
4,167
2,082,083
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.
60
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Ground
Transportation
1.3%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
3,223
$
629,774
a
Uber
Technologies,
Inc.
...............................
United
States
5,130
369,001
998,775
Health
Care
Equipment
&
Supplies
1.2%
a
Dexcom,
Inc.
.......................................
United
States
6,681
419,567
a
Intuitive
Surgical,
Inc.
................................
United
States
1,024
472,054
891,621
Health
Care
Providers
&
Services
2.0%
McKesson
Corp.
....................................
United
States
1,736
1,502,265
Hotels,
Restaurants
&
Leisure
1.0%
a
DoorDash,
Inc.
,
A
...................................
United
States
4,728
709,909
Interactive
Media
&
Services
10.8%
Alphabet,
Inc.
,
A
....................................
United
States
17,762
5,107,641
Meta
Platforms,
Inc.
,
A
...............................
United
States
5,203
2,976,792
8,084,433
IT
Services
1.3%
a
Cloudflare,
Inc.
,
A
...................................
United
States
1,765
364,190
a
Shopify,
Inc.
,
A
.....................................
Canada
4,888
579,815
944,005
Life
Sciences
Tools
&
Services
0.6%
a
Repligen
Corp.
.....................................
United
States
3,976
468,452
Machinery
1.1%
Parker-Hannifin
Corp.
................................
United
States
906
811,087
Pharmaceuticals
4.1%
Eli
Lilly
&
Co.
......................................
United
States
2,540
2,336,216
a
Jazz
Pharmaceuticals
plc
.............................
United
States
3,799
718,201
3,054,417
Semiconductors
&
Semiconductor
Equipment
22.5%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
1,978
402,385
Analog
Devices,
Inc.
.................................
United
States
2,060
655,368
Broadcom,
Inc.
.....................................
United
States
10,321
3,194,453
KLA
Corp.
.........................................
United
States
403
593,381
Lam
Research
Corp.
.................................
United
States
3,588
766,612
a
Lattice
Semiconductor
Corp.
...........................
United
States
8,551
793,191
a
MACOM
Technology
Solutions
Holdings,
Inc.
..............
United
States
796
176,768
Micron
Technology,
Inc.
...............................
United
States
1,342
453,381
Monolithic
Power
Systems,
Inc.
.........................
United
States
761
832,039
NVIDIA
Corp.
......................................
United
States
42,387
7,392,293
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
2,996
1,012,498
Teradyne,
Inc.
......................................
United
States
1,864
552,602
16,824,971
Software
7.5%
a
AppLovin
Corp.
,
A
...................................
United
States
690
274,620
a
Autodesk,
Inc.
......................................
United
States
765
183,141
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
1,078
420,862
Microsoft
Corp.
.....................................
United
States
11,593
4,291,381
a
Synopsys,
Inc.
.....................................
United
States
1,185
469,829
5,639,833
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
61
See
Abbreviations
on
page
155
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
1.0%
a
AutoZone,
Inc.
.....................................
United
States
157
$
530,312
a
Carvana
Co.
,
A
.....................................
United
States
779
244,902
775,214
Technology
Hardware,
Storage
&
Peripherals
6.1%
Apple,
Inc.
........................................
United
States
17,222
4,370,771
a
Everpure,
Inc.
,
A
....................................
United
States
3,087
182,257
4,553,028
Trading
Companies
&
Distributors
0.5%
a
QXO,
Inc.
.........................................
United
States
19,529
379,253
Total
Common
Stocks
(Cost
$
31,579,633
)
....................................
71,114,804
Short
Term
Investments
5.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.2%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
3,873,146
3,873,146
Total
Money
Market
Funds
(Cost
$
3,873,146
)
.................................
3,873,146
Total
Short
Term
Investments
(Cost
$
3,873,146
)
...............................
3,873,146
a
Total
Investments
(Cost
$
35,452,779
)
100.2
%
.................................
$74,987,950
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(93,230)
Net
Assets
100.0%
.........................................................
$74,894,720
a
a
a
a
Non-income
producing.
b
See
Note
5
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,
2026
Franklin
Mutual
Global
Discovery
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.1%
Aerospace
&
Defense
2.6%
Airbus
SE
.........................................
France
40,082
$
7,578,423
Babcock
International
Group
plc
........................
United
Kingdom
210,960
3,275,072
10,853,495
Automobiles
3.1%
Stellantis
NV
.......................................
United
States
752,561
5,439,197
Toyota
Motor
Corp.
..................................
Japan
350,595
7,287,940
12,727,137
Banks
10.7%
Bank
of
America
Corp.
...............................
United
States
162,168
7,905,690
BNP
Paribas
SA
....................................
France
107,261
10,218,071
DBS
Group
Holdings
Ltd.
.............................
Singapore
159,310
7,089,315
HSBC
Holdings
plc
..................................
United
Kingdom
413,350
6,788,279
JPMorgan
Chase
&
Co.
...............................
United
States
18,241
5,365,773
Wells
Fargo
&
Co.
...................................
United
States
89,892
7,156,302
44,523,430
Beverages
1.7%
Heineken
NV
......................................
Netherlands
91,879
7,067,178
Broadline
Retail
2.0%
Pan
Pacific
International
Holdings
Corp.
..................
Japan
1,334,289
8,139,501
Building
Products
1.5%
Cie
de
Saint-Gobain
SA
..............................
France
72,818
6,028,925
Capital
Markets
3.0%
BlackRock,
Inc.
.....................................
United
States
6,454
6,206,876
Deutsche
Bank
AG
..................................
Germany
203,377
6,052,517
12,259,393
Chemicals
5.0%
BASF
SE
.........................................
Germany
150,493
9,268,926
International
Flavors
&
Fragrances,
Inc.
...................
United
States
60,054
4,356,918
PPG
Industries,
Inc.
.................................
United
States
65,763
7,028,749
20,654,593
Consumer
Finance
1.4%
Capital
One
Financial
Corp.
...........................
United
States
31,818
5,804,558
Containers
&
Packaging
1.3%
International
Paper
Co.
...............................
United
States
155,468
5,550,208
Diversified
Telecommunication
Services
2.4%
Deutsche
Telekom
AG
................................
Germany
263,510
9,835,054
Energy
Equipment
&
Services
1.6%
SLB
Ltd.
..........................................
United
States
128,702
6,613,996
Entertainment
2.1%
Walt
Disney
Co.
(The)
................................
United
States
68,148
6,568,104
a
Warner
Bros
Discovery,
Inc.
...........................
United
States
82,250
2,258,585
8,826,689
Financial
Services
1.7%
a
Fiserv,
Inc.
........................................
United
States
125,271
6,990,122
Food
Products
3.6%
Danone
SA
........................................
France
90,546
7,235,271
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
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Mondelez
International,
Inc.
,
A
..........................
United
States
133,556
$
7,698,168
14,933,439
Ground
Transportation
1.6%
Union
Pacific
Corp.
..................................
United
States
27,788
6,741,925
Health
Care
Equipment
&
Supplies
4.8%
Abbott
Laboratories
..................................
United
States
56,976
5,849,726
Medtronic
plc
......................................
United
States
85,936
7,446,355
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
73,946
6,686,197
19,982,278
Health
Care
Providers
&
Services
3.0%
CVS
Health
Corp.
...................................
United
States
82,706
5,939,945
Elevance
Health,
Inc.
................................
United
States
21,797
6,381,072
12,321,017
Household
Products
1.6%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
96,380
6,480,624
Industrial
Conglomerates
1.0%
Siemens
AG
.......................................
Germany
17,497
4,262,866
Insurance
3.7%
Arthur
J
Gallagher
&
Co.
..............................
United
States
36,040
7,805,543
Prudential
plc
......................................
Hong
Kong
528,414
7,346,601
15,152,144
Interactive
Media
&
Services
5.5%
Alphabet,
Inc.
,
A
....................................
United
States
37,569
10,803,341
Meta
Platforms,
Inc.
,
A
...............................
United
States
10,376
5,936,421
Tencent
Holdings
Ltd.
................................
China
99,745
6,291,155
23,030,917
IT
Services
1.3%
Capgemini
SE
......................................
France
46,508
5,487,873
Media
1.4%
a
Charter
Communications,
Inc.
,
A
........................
United
States
26,695
5,762,917
Multi-Utilities
1.4%
National
Grid
plc
....................................
United
Kingdom
350,985
5,924,660
Oil,
Gas
&
Consumable
Fuels
7.0%
BP
plc
............................................
United
States
1,283,985
10,049,498
EOG
Resources,
Inc.
................................
United
States
71,509
10,338,056
Shell
plc
..........................................
United
States
191,570
8,872,573
29,260,127
Pharmaceuticals
8.8%
Haleon
plc
........................................
United
States
1,790,608
8,861,710
Merck
&
Co.,
Inc.
...................................
United
States
81,163
9,763,097
Novartis
AG
,
ADR
...................................
United
States
55,375
8,458,531
Roche
Holding
AG
..................................
United
States
23,925
9,548,249
36,631,587
Semiconductors
&
Semiconductor
Equipment
1.3%
Renesas
Electronics
Corp.
............................
Japan
390,784
5,587,129
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.
64
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
2.9%
a
Adobe,
Inc.
........................................
United
States
26,779
$
6,509,439
Salesforce,
Inc.
.....................................
United
States
29,480
5,503,032
12,012,471
Technology
Hardware,
Storage
&
Peripherals
1.2%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
42,779
5,003,491
Textiles,
Apparel
&
Luxury
Goods
1.3%
Cie
Financiere
Richemont
SA
..........................
Switzerland
29,368
5,185,394
Tobacco
2.1%
British
American
Tobacco
plc
...........................
United
Kingdom
152,113
8,831,503
Trading
Companies
&
Distributors
3.5%
AerCap
Holdings
NV
.................................
Ireland
63,039
8,647,690
Ferguson
Enterprises,
Inc.
............................
United
States
25,230
5,885,150
14,532,840
Total
Common
Stocks
(Cost
$
319,871,816
)
...................................
402,999,481
Principal
Amount
*
Corporate
Bonds
0.5%
Commercial
Services
&
Supplies
0.5%
b
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
10.375
%
,
5/15/31
...........
United
States
962,000
971,536
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
..............
United
States
900,000
874,340
1,845,876
Total
Corporate
Bonds
(Cost
$
1,850,336
)
.....................................
1,845,876
Senior
Floating
Rate
Interests
1.3%
Commercial
Services
&
Supplies
0.9%
c
Neptune
Bidco
US,
Inc.,
First
Lien,
2026
Dollar
CME
Term
Loan,
B
,
8.76
%
,
(
3-month
SOFR
+
5
%
),
2/03/33
...............
United
States
3,834,735
3,666,007
Professional
Services
0.4%
c
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.282
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
1,937,017
1,857,125
Total
Senior
Floating
Rate
Interests
(Cost
$
5,652,959
)
.........................
5,523,132
Shares
a
Companies
in
Liquidation
0.0%
a,d,e
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
966,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
....................................
—
Total
Long
Term
Investments
(Cost
$
327,375,111
)
.............................
410,368,489
a
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
65
Short
Term
Investments
1.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
f
U.S.
Treasury
Bills
,
3
.6
%
,
7/23/26
.......................
United
States
2,500,000
$
2,471,855
Total
U.S.
Government
and
Agency
Securities
(Cost
$
2,472,378
)
................
2,471,855
Shares
Money
Market
Funds
0.4%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
1,578,281
1,578,281
Total
Money
Market
Funds
(Cost
$
1,578,281
)
.................................
1,578,281
Total
Short
Term
Investments
(Cost
$
4,050,659
)
...............................
4,050,136
a
Total
Investments
(Cost
$
331,425,770
)
99.9
%
.................................
$414,418,625
Other
Assets,
less
Liabilities
0.1
%
...........................................
665,133
Net
Assets
100.0%
.........................................................
$415,083,758
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,
2026,
the
aggregate
value
of
these
securities
was
$1,845,876,
representing
0.4%
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
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
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.
f
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
5
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)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
At
March
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
155
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Japanese
Yen
......
BOFA
Buy
129,598,420
833,636
4/23/26
$
1,000
$
(
16,363
)
Japanese
Yen
......
BOFA
Sell
890,337,777
5,664,082
4/23/26
42,565
—
Japanese
Yen
......
HSBK
Buy
228,867,805
1,446,474
4/23/26
501
(
1,923
)
Japanese
Yen
......
HSBK
Sell
290,349,585
1,848,963
4/23/26
15,720
—
Japanese
Yen
......
UBSW
Buy
130,500,978
857,937
4/23/26
—
(
33,965
)
Japanese
Yen
......
UBSW
Sell
140,147,822
893,254
4/23/26
8,372
—
Total
Forward
Exchange
Contracts
...................................................
$68,158
$(52,251)
Net
unrealized
appreciation
(depreciation)
............................................
$15,907
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
Mutual
Shares
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.0%
Automobiles
1.8%
General
Motors
Co.
..................................
United
States
441,354
$
32,880,873
Banks
7.4%
Bank
of
America
Corp.
...............................
United
States
689,611
33,618,536
JPMorgan
Chase
&
Co.
...............................
United
States
198,572
58,411,939
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
205,428
42,747,513
134,777,988
Broadline
Retail
3.3%
a
Amazon.com,
Inc.
...................................
United
States
290,435
60,488,897
Building
Products
2.7%
Johnson
Controls
International
plc
.......................
United
States
370,832
48,560,450
Capital
Markets
1.8%
BlackRock,
Inc.
.....................................
United
States
34,002
32,700,063
Chemicals
1.9%
PPG
Industries,
Inc.
.................................
United
States
330,196
35,291,349
Communications
Equipment
1.8%
Cisco
Systems,
Inc.
.................................
United
States
422,211
32,759,352
Consumer
Finance
1.3%
Capital
One
Financial
Corp.
...........................
United
States
131,878
24,058,504
Consumer
Staples
Distribution
&
Retail
2.9%
Dollar
General
Corp.
.................................
United
States
281,650
33,440,305
a
US
Foods
Holding
Corp.
..............................
United
States
222,176
20,486,849
53,927,154
Containers
&
Packaging
1.0%
International
Paper
Co.
...............................
United
States
526,330
18,789,981
Diversified
Telecommunication
Services
0.3%
a
Uniti
Group,
Inc.
....................................
United
States
643,835
6,039,172
Electric
Utilities
3.9%
Entergy
Corp.
......................................
United
States
302,696
34,010,923
PPL
Corp.
.........................................
United
States
979,075
37,400,665
71,411,588
Electronic
Equipment,
Instruments
&
Components
1.1%
a
Flex
Ltd.
..........................................
United
States
295,992
19,375,636
Energy
Equipment
&
Services
2.1%
SLB
Ltd.
..........................................
United
States
738,469
37,949,922
Entertainment
2.0%
Walt
Disney
Co.
(The)
................................
United
States
383,220
36,934,744
Financial
Services
2.5%
Apollo
Global
Management,
Inc.
........................
United
States
207,701
23,142,045
a
Fiserv,
Inc.
........................................
United
States
419,910
23,430,978
46,573,023
Food
Products
2.0%
Nestle
SA
.........................................
United
States
372,226
36,512,040
Ground
Transportation
1.8%
Union
Pacific
Corp.
..................................
United
States
136,205
33,046,057
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
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
5.7%
Abbott
Laboratories
..................................
United
States
376,730
$
38,678,869
a
Cooper
Cos.,
Inc.
(The)
...............................
United
States
510,696
36,514,764
Medtronic
plc
......................................
United
States
333,767
28,920,911
104,114,544
Health
Care
Providers
&
Services
0.5%
Elevance
Health,
Inc.
................................
United
States
31,764
9,298,911
Household
Products
2.4%
Colgate-Palmolive
Co.
...............................
United
States
518,713
44,209,909
Insurance
6.6%
Arthur
J
Gallagher
&
Co.
..............................
United
States
153,632
33,273,619
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
336,874
45,555,471
Progressive
Corp.
(The)
..............................
United
States
211,501
41,927,958
120,757,048
Interactive
Media
&
Services
4.2%
Alphabet,
Inc.
,
A
....................................
United
States
203,869
58,624,570
Meta
Platforms,
Inc.
,
A
...............................
United
States
30,374
17,377,876
76,002,446
Life
Sciences
Tools
&
Services
2.3%
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
85,155
41,856,237
Machinery
2.7%
Dover
Corp.
.......................................
United
States
233,317
48,634,929
Metals
&
Mining
2.1%
Reliance,
Inc.
......................................
United
States
125,755
38,219,460
Oil,
Gas
&
Consumable
Fuels
5.2%
Chevron
Corp.
.....................................
United
States
254,428
52,641,153
EOG
Resources,
Inc.
................................
United
States
287,613
41,580,212
94,221,365
Personal
Care
Products
1.6%
Estee
Lauder
Cos.,
Inc.
(The)
,
A
........................
United
States
416,760
29,910,865
Pharmaceuticals
8.7%
Haleon
plc
........................................
United
States
9,817,465
48,586,587
Merck
&
Co.,
Inc.
...................................
United
States
290,221
34,910,684
Novartis
AG
,
ADR
...................................
United
States
229,673
35,082,551
Roche
Holding
AG
..................................
United
States
99,835
39,843,234
158,423,056
Retail
REITs
1.9%
Brixmor
Property
Group,
Inc.
...........................
United
States
1,236,038
35,597,894
Semiconductors
&
Semiconductor
Equipment
1.5%
NXP
Semiconductors
NV
.............................
Netherlands
136,519
26,875,130
Software
3.0%
a
Adobe,
Inc.
........................................
United
States
120,285
29,238,878
Microsoft
Corp.
.....................................
United
States
71,674
26,531,564
55,770,442
Specialty
Retail
1.8%
a
Ulta
Beauty,
Inc.
....................................
United
States
63,653
33,272,060
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
69
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Tobacco
1.4%
British
American
Tobacco
plc
...........................
United
Kingdom
431,002
$
25,023,471
Trading
Companies
&
Distributors
3.8%
AerCap
Holdings
NV
.................................
Ireland
173,475
23,797,301
Ferguson
Enterprises,
Inc.
............................
United
States
194,528
45,375,601
69,172,902
Total
Common
Stocks
(Cost
$
1,398,957,848
)
..................................
1,773,437,462
Preferred
Stocks
0.2%
Diversified
Telecommunication
Services
0.2%
a,b,c
Uniti
Group,
Inc.
....................................
United
States
4,107
4,415,818
Total
Preferred
Stocks
(Cost
$
3,575,413
)
.....................................
4,415,818
Warrants
Warrants
0.1%
Diversified
Telecommunication
Services
0.1%
a,b,c
Uniti
Group,
Inc.
,
8/01/35
.............................
United
States
125,422
913,592
Total
Warrants
(Cost
$
602,026
)
..............................................
913,592
Principal
Amount
*
Corporate
Bonds
0.5%
Commercial
Services
&
Supplies
0.5%
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
10.375
%
,
5/15/31
...........
United
States
4,833,000
4,880,910
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
..............
United
States
4,000,000
3,885,956
8,766,866
Total
Corporate
Bonds
(Cost
$
8,781,477
)
.....................................
8,766,866
Senior
Floating
Rate
Interests
1.3%
Commercial
Services
&
Supplies
0.9%
e
Neptune
Bidco
US,
Inc.,
First
Lien,
2026
Dollar
CME
Term
Loan,
B
,
8.76
%
,
(
3-month
SOFR
+
5
%
),
2/03/33
...............
United
States
17,101,692
16,349,217
Professional
Services
0.4%
e
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.282
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
8,748,244
8,387,423
Total
Senior
Floating
Rate
Interests
(Cost
$
25,314,537
)
........................
24,736,640
Shares
a
Companies
in
Liquidation
0.0%
a,b,f
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
..............................
Netherlands
347,093
—
a,b,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
....................................
—
Total
Long
Term
Investments
(Cost
$
1,437,231,301
)
...........................
1,812,270,378
a
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.
70
See
Abbreviations
on
page
155
.
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
g,h
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
13,086,859
$
13,086,859
Total
Money
Market
Funds
(Cost
$
13,086,859
)
................................
13,086,859
Total
Short
Term
Investments
(Cost
$
13,086,859
)
..............................
13,086,859
a
Total
Investments
(Cost
$
1,450,318,160
)
99.8
%
................................
$1,825,357,237
Other
Assets,
less
Liabilities
0.2
%
...........................................
3,454,895
Net
Assets
100.0%
.........................................................
$1,828,812,132
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2026,
the
aggregate
value
of
these
securities
was
$8,766,866,
representing
0.5%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
See
Note
5
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,
2026
Franklin
Rising
Dividends
VIP
Fund
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
99.7%
Aerospace
&
Defense
3.3%
General
Dynamics
Corp.
..............................
United
States
63,734
$
21,874,783
RTX
Corp.
........................................
United
States
143,514
27,683,851
49,558,634
Banks
3.7%
JPMorgan
Chase
&
Co.
...............................
United
States
190,856
56,142,201
Beverages
1.0%
PepsiCo,
Inc.
......................................
United
States
94,020
14,600,366
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
123,839
26,933,744
Building
Products
2.6%
Carlisle
Cos.,
Inc.
...................................
United
States
39,155
13,062,891
Johnson
Controls
International
plc
.......................
United
States
197,181
25,820,852
38,883,743
Capital
Markets
9.1%
Ares
Management
Corp.
,
A
............................
United
States
191,318
20,872,794
Charles
Schwab
Corp.
(The)
...........................
United
States
303,334
28,507,329
KKR
&
Co.,
Inc.
.....................................
United
States
63,512
5,874,860
Morgan
Stanley
.....................................
United
States
238,018
39,170,622
Nasdaq,
Inc.
.......................................
United
States
342,295
29,057,423
S&P
Global,
Inc.
....................................
United
States
28,953
12,314,869
135,797,897
Chemicals
5.4%
Ecolab,
Inc.
........................................
United
States
72,379
19,254,262
Linde
plc
..........................................
United
States
99,792
49,472,882
Sherwin-Williams
Co.
(The)
............................
United
States
36,910
11,831,500
80,558,644
Commercial
Services
&
Supplies
1.2%
Cintas
Corp.
.......................................
United
States
106,205
17,963,514
Communications
Equipment
1.0%
Motorola
Solutions,
Inc.
...............................
United
States
33,916
14,718,526
Consumer
Staples
Distribution
&
Retail
4.7%
Casey's
General
Stores,
Inc.
...........................
United
States
24,306
17,691,365
Walmart,
Inc.
......................................
United
States
431,463
53,622,222
71,313,587
Electric
Utilities
1.5%
NextEra
Energy,
Inc.
.................................
United
States
235,965
21,916,429
Electrical
Equipment
1.5%
nVent
Electric
plc
...................................
United
States
190,534
22,536,361
Financial
Services
3.1%
Visa,
Inc.
,
A
........................................
United
States
154,199
46,605,106
Ground
Transportation
1.1%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
87,633
17,123,488
Health
Care
Equipment
&
Supplies
4.9%
Abbott
Laboratories
..................................
United
States
272,303
27,957,349
STERIS
plc
........................................
United
States
61,473
13,593,525
Stryker
Corp.
......................................
United
States
97,734
32,114,415
73,665,289
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.
72
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
2.0%
McDonald's
Corp.
...................................
United
States
96,798
$
30,083,850
Household
Durables
0.9%
DR
Horton,
Inc.
.....................................
United
States
94,708
12,995,832
Household
Products
2.0%
Procter
&
Gamble
Co.
(The)
...........................
United
States
210,858
30,456,330
Industrial
Conglomerates
0.9%
Honeywell
International,
Inc.
...........................
United
States
62,783
14,190,841
Insurance
1.0%
Erie
Indemnity
Co.
,
A
.................................
United
States
8,785
2,207,758
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
70,506
12,229,266
14,437,024
IT
Services
0.8%
Accenture
plc
,
A
....................................
United
States
57,186
11,339,412
Life
Sciences
Tools
&
Services
1.5%
Danaher
Corp.
.....................................
United
States
121,019
22,945,202
Machinery
1.7%
Parker-Hannifin
Corp.
................................
United
States
28,728
25,718,455
Multi-Utilities
2.4%
Ameren
Corp.
......................................
United
States
163,286
17,948,397
WEC
Energy
Group,
Inc.
..............................
United
States
159,492
18,464,389
36,412,786
Oil,
Gas
&
Consumable
Fuels
4.4%
Chevron
Corp.
.....................................
United
States
128,783
26,645,203
EOG
Resources,
Inc.
................................
United
States
129,129
18,668,179
Exxon
Mobil
Corp.
...................................
United
States
123,203
20,902,621
66,216,003
Pharmaceuticals
6.7%
Eli
Lilly
&
Co.
......................................
United
States
48,859
44,939,042
Johnson
&
Johnson
.................................
United
States
164,372
40,179,092
Merck
&
Co.,
Inc.
...................................
United
States
126,499
15,216,565
100,334,699
Semiconductors
&
Semiconductor
Equipment
10.6%
Analog
Devices,
Inc.
.................................
United
States
114,474
36,418,758
Applied
Materials,
Inc.
................................
United
States
73,398
25,086,703
Broadcom,
Inc.
.....................................
United
States
229,531
71,042,140
Texas
Instruments,
Inc.
...............................
United
States
133,123
25,844,499
158,392,100
Software
9.3%
Intuit,
Inc.
.........................................
United
States
10,121
4,376,118
Microsoft
Corp.
.....................................
United
States
247,132
91,480,853
Oracle
Corp.
.......................................
United
States
254,349
37,417,281
Roper
Technologies,
Inc.
..............................
United
States
18,116
6,410,528
139,684,780
Specialty
Retail
4.0%
Lowe's
Cos.,
Inc.
....................................
United
States
101,933
24,084,729
Ross
Stores,
Inc.
...................................
United
States
98,284
21,291,263
Tractor
Supply
Co.
..................................
United
States
337,836
15,303,971
60,679,963
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
73
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
3.9%
Apple,
Inc.
........................................
United
States
228,304
$
57,941,272
Trading
Companies
&
Distributors
1.7%
WW
Grainger,
Inc.
...................................
United
States
22,866
24,942,461
Total
Common
Stocks
(Cost
$
780,460,134
)
...................................
1,495,088,539
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
a,b
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
6,712,782
6,712,782
Total
Money
Market
Funds
(Cost
$
6,712,782
)
.................................
6,712,782
Total
Short
Term
Investments
(Cost
$
6,712,782
)
...............................
6,712,782
a
Total
Investments
(Cost
$
787,172,916
)
100.1
%
................................
$1,501,801,321
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(2,223,835)
Net
Assets
100.0%
.........................................................
$1,499,577,486
a
a
a
a
See
Note
5
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,
2026
Franklin
Small
Cap
Value
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.6%
Aerospace
&
Defense
5.0%
Babcock
International
Group
plc
........................
United
Kingdom
820,892
$
12,744,029
Melrose
Industries
plc
................................
United
Kingdom
382,843
2,594,220
QinetiQ
Group
plc
...................................
United
Kingdom
3,756,653
22,754,996
Senior
plc
.........................................
United
Kingdom
4,933,065
19,098,639
57,191,884
Banks
18.4%
Atlantic
Union
Bankshares
Corp.
........................
United
States
555,592
19,856,858
Camden
National
Corp.
...............................
United
States
270,631
12,841,441
Central
BanCo,
Inc.
,
A
................................
United
States
174,383
4,176,473
Columbia
Banking
System,
Inc.
.........................
United
States
1,071,236
29,384,003
First
Bancorp
......................................
United
States
319,639
18,011,658
First
Commonwealth
Financial
Corp.
.....................
United
States
736,709
12,951,344
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
328,288
10,964,819
German
American
Bancorp,
Inc.
........................
United
States
312,707
13,068,025
Peoples
Bancorp,
Inc.
................................
United
States
85,680
2,816,302
Seacoast
Banking
Corp.
of
Florida
......................
United
States
409,278
12,397,031
SouthState
Bank
Corp.
...............................
United
States
316,406
29,273,883
TriCo
Bancshares
...................................
United
States
297,707
14,152,991
Washington
Trust
Bancorp,
Inc.
.........................
United
States
95,032
3,179,771
WSFS
Financial
Corp.
................................
United
States
439,933
28,798,014
211,872,613
Building
Products
2.5%
a
American
Woodmark
Corp.
............................
United
States
98,246
3,913,138
Fortune
Brands
Innovations,
Inc.
........................
United
States
40,690
1,585,689
a
Resideo
Technologies,
Inc.
............................
United
States
170,652
5,752,679
UFP
Industries,
Inc.
..................................
United
States
187,454
17,268,263
28,519,769
Capital
Markets
0.8%
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
136,870
8,962,248
Chemicals
6.1%
Ashland,
Inc.
.......................................
United
States
338,327
18,814,365
Avient
Corp.
.......................................
United
States
857,717
31,135,127
Elementis
plc
......................................
United
Kingdom
10,185,228
20,167,827
70,117,319
Commercial
Services
&
Supplies
3.4%
Brady
Corp.
,
A
.....................................
United
States
286,002
23,234,803
MSA
Safety,
Inc.
....................................
United
States
94,634
15,515,244
38,750,047
Construction
&
Engineering
2.2%
Valmont
Industries,
Inc.
...............................
United
States
62,815
25,098,990
Consumer
Finance
1.1%
Bread
Financial
Holdings,
Inc.
..........................
United
States
167,686
12,558,005
Electric
Utilities
0.9%
IDACORP,
Inc.
.....................................
United
States
70,366
10,060,227
Electrical
Equipment
7.2%
EnerSys
..........................................
United
States
92,077
15,995,617
Regal
Rexnord
Corp.
................................
United
States
176,386
33,030,042
a
Rosebank
Industries
plc
..............................
Jersey
7,821,756
32,611,560
Sensata
Technologies
Holding
plc
.......................
United
States
35,123
1,237,032
82,874,251
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
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
5.3%
Benchmark
Electronics,
Inc.
...........................
United
States
515,044
$
28,873,367
Oxford
Instruments
plc
...............................
United
Kingdom
248,137
7,882,419
Vontier
Corp.
.......................................
United
States
699,397
24,807,611
61,563,397
Energy
Equipment
&
Services
5.7%
Hunting
plc
........................................
United
Kingdom
2,479,029
16,274,964
Liberty
Energy,
Inc.
,
A
................................
United
States
419,989
12,095,683
Select
Water
Solutions,
Inc.
,
A
..........................
United
States
1,942,508
29,720,373
TechnipFMC
plc
....................................
United
Kingdom
103,898
7,182,469
65,273,489
Ground
Transportation
0.9%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
191,011
10,998,413
Health
Care
Equipment
&
Supplies
2.4%
a
Envista
Holdings
Corp.
...............................
United
States
1,107,716
28,102,755
Hotels,
Restaurants
&
Leisure
2.1%
Boyd
Gaming
Corp.
.................................
United
States
84,566
6,949,634
a
Hilton
Grand
Vacations,
Inc.
...........................
United
States
314,565
12,305,783
Wyndham
Hotels
&
Resorts,
Inc.
........................
United
States
59,340
4,820,188
24,075,605
Household
Durables
1.9%
Century
Communities,
Inc.
............................
United
States
63,808
3,661,303
La-Z-Boy,
Inc.
......................................
United
States
307,876
9,895,135
a
M/I
Homes,
Inc.
.....................................
United
States
21,649
2,650,920
Meritage
Homes
Corp.
...............................
United
States
65,785
4,068,144
a
Taylor
Morrison
Home
Corp.
,
A
.........................
United
States
27,412
1,596,475
21,871,977
Industrial
REITs
0.3%
STAG
Industrial,
Inc.
.................................
United
States
110,648
3,989,967
Insurance
5.3%
CNO
Financial
Group,
Inc.
............................
United
States
652,954
26,810,291
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
28,723
4,979,132
Horace
Mann
Educators
Corp.
.........................
United
States
510,774
21,799,834
Selective
Insurance
Group,
Inc.
.........................
United
States
93,483
7,047,683
a
TWFG,
Inc.
,
A
......................................
United
States
1,819
33,452
60,670,392
Leisure
Products
1.4%
BRP,
Inc.
..........................................
United
States
28,664
2,060,528
Brunswick
Corp.
....................................
United
States
191,556
13,937,614
15,998,142
Life
Sciences
Tools
&
Services
1.6%
Bruker
Corp.
.......................................
United
States
522,123
18,859,083
Machinery
4.9%
a
ATS
Corp.
.........................................
Canada
41,302
1,164,152
a
Gates
Industrial
Corp.
plc
.............................
United
States
1,244,151
28,130,254
a
Middleby
Corp.
(The)
................................
United
States
20,455
2,711,924
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
610,298
16,777,092
Oshkosh
Corp.
.....................................
United
States
51,573
7,592,061
56,375,483
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.
76
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
2.9%
Commercial
Metals
Co.
...............................
United
States
358,332
$
22,012,335
Ryerson
Holding
Corp.
...............................
United
States
494,170
11,108,941
33,121,276
Multi-Utilities
0.9%
Black
Hills
Corp.
....................................
United
States
149,644
10,386,790
Oil,
Gas
&
Consumable
Fuels
2.9%
Whitecap
Resources,
Inc.
.............................
Canada
3,007,835
33,946,524
Paper
&
Forest
Products
0.6%
Louisiana-Pacific
Corp.
...............................
United
States
92,394
6,721,663
Residential
REITs
0.8%
Independence
Realty
Trust,
Inc.
........................
United
States
634,129
9,442,181
Retail
REITs
0.8%
Kite
Realty
Group
Trust
...............................
United
States
376,405
9,240,743
Semiconductors
&
Semiconductor
Equipment
3.1%
a
Cohu,
Inc.
.........................................
United
States
152,452
4,668,080
Melexis
NV
........................................
Belgium
81,798
5,056,534
MKS,
Inc.
.........................................
United
States
80,045
18,395,142
a
Onto
Innovation,
Inc.
.................................
United
States
37,385
7,666,542
35,786,298
Software
3.3%
a
ACI
Worldwide,
Inc.
..................................
United
States
917,534
37,628,069
Specialty
Retail
2.0%
Academy
Sports
&
Outdoors,
Inc.
.......................
United
States
41,163
2,323,651
Gap,
Inc.
(The)
.....................................
United
States
556,728
13,472,818
Group
1
Automotive,
Inc.
..............................
United
States
13,014
4,302,819
Signet
Jewelers
Ltd.
.................................
United
States
41,121
3,480,481
23,579,769
Textiles,
Apparel
&
Luxury
Goods
0.9%
a
Crocs,
Inc.
........................................
United
States
57,416
4,766,676
Dr.
Martens
plc
.....................................
United
Kingdom
7,325,664
6,103,789
10,870,465
Total
Common
Stocks
(Cost
$
901,377,652
)
...................................
1,124,507,834
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
17,054,895
17,054,895
Total
Money
Market
Funds
(Cost
$
17,054,895
)
................................
17,054,895
Total
Short
Term
Investments
(Cost
$
17,054,895
)
..............................
17,054,895
a
Total
Investments
(Cost
$
918,432,547
)
99.1
%
.................................
$1,141,562,729
Other
Assets,
less
Liabilities
0.9
%
...........................................
11,032,440
Net
Assets
100.0%
.........................................................
$1,152,595,169
a
a
a
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
77
See
Abbreviations
on
page
155
.
a
Non-income
producing.
b
See
Note
5
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,
2026
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.9%
Aerospace
&
Defense
7.4%
a
Axon
Enterprise,
Inc.
.................................
United
States
18,310
$
7,776,074
BWX
Technologies,
Inc.
..............................
United
States
28,165
5,759,461
Howmet
Aerospace,
Inc.
..............................
United
States
62,058
14,301,886
27,837,421
Banks
1.2%
Fifth
Third
Bancorp
..................................
United
States
94,694
4,399,483
Biotechnology
6.2%
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
18,911
6,257,082
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
8,215
1,879,017
a
CG
oncology,
Inc.
...................................
United
States
35,144
2,378,546
a
Insmed,
Inc.
.......................................
United
States
25,665
4,196,741
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
16,040
1,204,444
a
Natera,
Inc.
........................................
United
States
37,010
7,401,630
23,317,460
Building
Products
1.5%
AAON,
Inc.
........................................
United
States
65,904
5,453,556
Capital
Markets
6.9%
Ares
Management
Corp.
,
A
............................
United
States
46,349
5,056,676
LPL
Financial
Holdings,
Inc.
...........................
United
States
15,576
4,685,728
MSCI,
Inc.
,
A
.......................................
United
States
12,397
6,682,107
Nasdaq,
Inc.
.......................................
United
States
50,281
4,268,354
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
18,497
1,281,842
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
34,545
4,064,565
26,039,272
Construction
&
Engineering
2.6%
Comfort
Systems
USA,
Inc.
............................
United
States
6,968
9,608,802
Consumer
Staples
Distribution
&
Retail
1.6%
Casey's
General
Stores,
Inc.
...........................
United
States
6,782
4,936,347
a
Performance
Food
Group
Co.
..........................
United
States
12,990
1,112,723
6,049,070
Electrical
Equipment
5.7%
AMETEK,
Inc.
......................................
United
States
29,527
6,329,408
Vertiv
Holdings
Co.
,
A
................................
United
States
60,397
15,134,280
21,463,688
Entertainment
2.3%
a
ROBLOX
Corp.
,
A
...................................
United
States
151,191
8,551,363
Financial
Services
0.7%
a
Paymentus
Holdings,
Inc.
,
A
...........................
United
States
107,351
2,726,715
Ground
Transportation
1.4%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
27,566
5,386,396
Health
Care
Equipment
&
Supplies
3.7%
a
Dexcom,
Inc.
.......................................
United
States
116,636
7,324,741
a
IDEXX
Laboratories,
Inc.
..............................
United
States
9,694
5,446,962
a
Penumbra,
Inc.
.....................................
United
States
2,998
984,453
13,756,156
Health
Care
Providers
&
Services
2.1%
Cencora,
Inc.
......................................
United
States
24,999
7,853,186
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
79
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Technology
1.0%
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
21,869
$
3,841,509
Hotels,
Restaurants
&
Leisure
11.9%
a
Cava
Group,
Inc.
....................................
United
States
57,858
4,680,712
a
DoorDash,
Inc.
,
A
...................................
United
States
29,971
4,500,146
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
29,712
9,034,825
Marriott
International,
Inc.
,
A
...........................
United
States
16,909
5,530,427
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
46,463
12,785,688
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
31,552
5,210,497
Wingstop,
Inc.
......................................
United
States
18,409
2,852,843
44,595,138
Household
Durables
0.9%
a
NVR,
Inc.
.........................................
United
States
533
3,512,379
Independent
Power
and
Renewable
Electricity
Producers
2.0%
Vistra
Corp.
........................................
United
States
49,968
7,511,689
Interactive
Media
&
Services
0.5%
a
Pinterest,
Inc.
,
A
....................................
United
States
105,009
1,925,865
IT
Services
2.0%
a
Cloudflare,
Inc.
,
A
...................................
United
States
35,448
7,314,340
Leisure
Products
1.4%
a,b,c
Fanatics
Holdings,
Inc.
...............................
United
States
94,539
5,383,171
Life
Sciences
Tools
&
Services
1.1%
a
Repligen
Corp.
.....................................
United
States
36,228
4,268,383
Machinery
1.3%
Xylem,
Inc.
........................................
United
States
39,641
4,737,100
Media
1.8%
New
York
Times
Co.
(The)
,
A
...........................
United
States
81,075
6,788,410
Oil,
Gas
&
Consumable
Fuels
3.4%
Cheniere
Energy,
Inc.
................................
United
States
9,685
2,748,216
Targa
Resources
Corp.
...............................
United
States
40,581
10,174,874
12,923,090
Professional
Services
2.6%
Paychex,
Inc.
......................................
United
States
38,139
3,513,365
Verisk
Analytics,
Inc.
,
A
...............................
United
States
32,700
6,204,825
9,718,190
Real
Estate
Management
&
Development
0.6%
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
7,017
2,135,413
Residential
REITs
0.6%
Equity
LifeStyle
Properties,
Inc.
.........................
United
States
35,559
2,219,593
Semiconductors
&
Semiconductor
Equipment
4.4%
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
15,159
1,422,976
a
Lattice
Semiconductor
Corp.
...........................
United
States
49,028
4,547,837
Monolithic
Power
Systems,
Inc.
.........................
United
States
8,398
9,181,953
a
Onto
Innovation,
Inc.
.................................
United
States
6,955
1,426,262
16,579,028
Software
7.7%
a
Alkami
Technology,
Inc.
...............................
United
States
111,803
1,751,953
a
Arteris,
Inc.
........................................
United
States
161,800
2,659,992
a
Datadog,
Inc.
,
A
....................................
United
States
58,132
6,862,483
a
Fair
Isaac
Corp.
....................................
United
States
3,831
4,089,746
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.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Guidewire
Software,
Inc.
..............................
United
States
26,699
$
3,993,102
a
Manhattan
Associates,
Inc.
............................
United
States
11,502
1,531,146
a,b,c
Plaid,
Inc.
,
A
.......................................
Japan
3,377
848,008
a
Procore
Technologies,
Inc.
............................
United
States
62,087
3,538,959
a
Tyler
Technologies,
Inc.
...............................
United
States
11,119
3,806,923
29,082,312
Specialty
Retail
7.0%
a
AutoZone,
Inc.
.....................................
United
States
1,761
5,948,271
a
Burlington
Stores,
Inc.
................................
United
States
20,099
6,539,813
a
Carvana
Co.
,
A
.....................................
United
States
22,042
6,929,564
Tractor
Supply
Co.
..................................
United
States
155,585
7,048,000
26,465,648
Technology
Hardware,
Storage
&
Peripherals
0.7%
a
Everpure,
Inc.
,
A
....................................
United
States
46,932
2,770,865
Trading
Companies
&
Distributors
1.7%
Fastenal
Co.
.......................................
United
States
46,676
2,165,766
United
Rentals,
Inc.
..................................
United
States
6,016
4,383,017
6,548,783
Total
Common
Stocks
(Cost
$
264,240,223
)
...................................
360,763,474
Convertible
Preferred
Stocks
2.7%
Aerospace
&
Defense
0.9%
a,b,c
Anduril
Industries,
Inc.
,
F
..............................
United
States
45,571
3,142,120
Diversified
Consumer
Services
0.2%
a,b,c
Newsela,
Inc.
,
D
....................................
United
States
48,915
883,143
Software
1.6%
a,b,c
Benchling,
Inc.
,
F
...................................
United
States
35,200
170,191
a,b,c
Databricks,
Inc.
,
G
..................................
United
States
25,878
4,916,820
a,b,c
OneTrust
LLC
,
C
....................................
United
States
82,367
891,767
5,978,778
Total
Convertible
Preferred
Stocks
(Cost
$
6,321,492
)
..........................
10,004,041
Escrows
and
Litigation
Trusts
0.0%
a,b
Blaize
Events
&
Media,
Inc.,
Escrow
Account
...............
United
States
30,660
—
a,b
Blaize
Holdings,
Inc.,
Escrow
Account
....................
United
States
10,198
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
270,561,715
)
.............................
370,767,515
a
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
81
See
Abbreviations
on
page
155
.
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.6%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
6,113,249
$
6,113,249
Total
Money
Market
Funds
(Cost
$
6,113,249
)
.................................
6,113,249
Total
Short
Term
Investments
(Cost
$
6,113,249
)
...............................
6,113,249
a
Total
Investments
(Cost
$
276,674,964
)
100.2
%
................................
$376,880,764
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(865,200)
Net
Assets
100.0%
.........................................................
$376,015,564
a
a
a
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
5
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,
2026
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Machinery
0.0%
†
a
UTEX
Industries,
Inc.
................................
United
States
1,757
$
70,719
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Amplify
Energy
Corp.
................................
United
States
431
2,690
Birch
Permian
Holdings,
Inc.
...........................
United
States
4,478
25,972
28,662
Total
Common
Stocks
(Cost
$990,642)
.......................................
99,381
Principal
Amount
*
Corporate
Bonds
52.9%
Aerospace
&
Defense
1.6%
c
Axon
Enterprise,
Inc.
,
Senior
Note,
144A,
6.125%,
3/15/30
...................
United
States
200,000
203,809
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
450,000
459,716
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
........................
United
States
700,000
666,022
Senior
Bond,
6.875%,
3/15/39
........................
United
States
300,000
329,808
Senior
Note,
5.15%,
5/01/30
.........................
United
States
700,000
711,970
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
6/15/33
.........
Canada
250,000
258,489
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
600,000
597,784
c
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
200,000
198,518
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
115,000
113,752
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
80,000
79,415
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
100,000
98,882
Howmet
Aerospace,
Inc.
,
Senior
Bond,
4.75%,
4/15/36
.........................
United
States
210,000
204,251
Senior
Note,
4.85%,
10/15/31
........................
United
States
250,000
252,947
4,175,363
Automobile
Components
0.4%
c
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
145,000
146,251
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
600,000
536,237
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
400,000
390,782
1,073,270
Automobiles
0.3%
c
Hyundai
Capital
America
,
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
150,000
152,779
Senior
Note,
144A,
4.75%,
9/26/31
....................
United
States
500,000
495,501
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
200,000
194,662
842,942
Banks
4.7%
c
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
250,000
252,150
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
300,000
268,838
Bank
of
America
Corp.
,
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
...
United
States
800,000
786,358
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
114,000
105,651
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)
Banks
(continued)
c
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
215,000
$
212,123
c
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
800,000
788,922
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
800,000
791,096
Fifth
Third
Bancorp
,
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
.................................
United
States
800,000
824,873
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
...
United
Kingdom
800,000
739,528
Senior
Bond,
2.357%
to
8/17/30,
FRN
thereafter,
8/18/31
...
United
Kingdom
300,000
270,679
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.....
United
Kingdom
550,000
554,575
Huntington
Bancshares,
Inc.
,
Senior
Bond
,
5.709%
to
2/01/34,
FRN
thereafter
,
2/02/35
.............................
United
States
800,000
816,588
JPMorgan
Chase
&
Co.
,
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
300,000
304,701
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
185,000
187,418
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
500,000
513,862
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
800,000
795,109
c
Societe
Generale
SA
,
Senior
Non-Preferred
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
.................................
France
800,000
718,800
Senior
Non-Preferred
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.................................
France
700,000
696,350
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
1,000,000
1,005,630
c
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
500,000
459,653
Wells
Fargo
&
Co.
,
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
..
United
States
800,000
833,307
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
450,000
457,115
12,383,326
Beverages
0.1%
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
130,000
128,941
Biotechnology
0.7%
AbbVie,
Inc.
,
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
50,000
49,075
Senior
Note,
4.4%,
3/15/33
..........................
United
States
150,000
147,295
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
..........................
United
States
400,000
386,227
Senior
Bond,
5.25%,
3/02/33
.........................
United
States
700,000
718,601
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
510,000
523,238
1,824,436
Broadline
Retail
0.3%
Amazon.com,
Inc.
,
Senior
Bond,
4.875%,
3/13/36
........................
United
States
182,000
180,412
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
25,000
24,998
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
165,000
164,161
Senior
Note,
4.55%,
3/13/33
.........................
United
States
125,000
123,833
a,c,d
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
1,036,360
—
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)
Broadline
Retail
(continued)
a,c,d
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
564,697
$
—
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
400,000
408,579
901,983
Building
Products
0.7%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
75,000
75,033
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
50,000
49,619
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
285,000
273,138
Owens
Corning
,
Senior
Bond
,
5.7
%
,
6/15/34
...............
United
States
800,000
827,300
c
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
150,000
152,213
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/01/33
.........................................
United
States
330,000
326,606
1,703,909
Capital
Markets
1.9%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.383%
to
7/20/31,
FRN
thereafter,
7/21/32
...
United
States
370,000
326,751
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
110,000
107,585
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
1,000,000
986,436
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
750,000
742,316
Morgan
Stanley
,
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
...
United
States
200,000
203,370
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
165,000
161,716
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
160,000
159,350
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
160,000
157,356
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
230,000
228,501
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
44,000
45,096
c
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
.............
United
States
1,200,000
1,045,945
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
150,000
151,699
c
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
300,000
311,779
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
..............
Switzerland
400,000
400,000
5,027,900
Chemicals
0.7%
c,e
Advancion
Sciences,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
........................................
United
States
277,883
215,514
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
200,000
201,565
c
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
100,000
99,553
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
800,000
779,426
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
150,000
96,714
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
465,000
478,996
1,871,768
Commercial
Services
&
Supplies
0.7%
c,d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
200,000
30,750
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
60,000
60,216
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
310,000
301,161
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)
Commercial
Services
&
Supplies
(continued)
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
400,000
$
405,206
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
150,000
156,075
Waste
Connections,
Inc.
,
Senior
Bond
,
4.8
%
,
7/15/36
........
United
States
190,000
186,227
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
100,000
101,375
c
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
500,000
515,188
1,756,198
Communications
Equipment
0.4%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.4
%
,
4/15/34
.........
United
States
800,000
810,268
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
100,000
98,946
909,214
Construction
&
Engineering
0.3%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...........
United
States
800,000
772,460
Consumer
Finance
1.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.4%,
10/29/33
.........................
Ireland
800,000
708,220
Senior
Note,
4.125%,
2/28/29
........................
Ireland
150,000
148,041
c
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
Ireland
800,000
794,833
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
.............................
United
States
900,000
898,671
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
600,000
612,281
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
140,000
138,928
Senior
Note,
4.2%,
10/27/28
.........................
United
States
90,000
89,095
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
200,000
193,012
Senior
Note,
6.75%,
9/15/33
.........................
United
States
600,000
576,061
4,159,142
Consumer
Staples
Distribution
&
Retail
0.2%
c
US
Foods,
Inc.
,
Senior
Note,
144A,
6.875%,
9/15/28
...................
United
States
300,000
306,992
Senior
Note,
144A,
5.75%,
4/15/33
....................
United
States
300,000
298,958
605,950
Containers
&
Packaging
0.4%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
170,000
168,570
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
650,000
615,767
c
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
425,000
375,838
1,160,175
Diversified
Consumer
Services
0.1%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
300,000
296,517
Diversified
REITs
0.3%
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
400,000
387,869
VICI
Properties
LP
,
Senior
Note
,
5.625
%
,
4/01/35
...........
United
States
450,000
448,108
835,977
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)
Diversified
Telecommunication
Services
1.7%
c
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
325,000
$
322,835
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
545,000
562,005
AT&T,
Inc.
,
Senior
Bond
,
5.125
%
,
4/30/36
.................
United
States
135,000
133,432
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
185,000
188,524
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
650,000
581,221
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
205,000
212,642
c
IHS
Holding
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
11/29/31
........
Nigeria
200,000
205,352
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
585,000
578,616
Verizon
Communications,
Inc.
,
Senior
Note,
2.355%,
3/15/32
........................
United
States
1,000,000
873,215
Senior
Note,
4.75%,
1/15/33
.........................
United
States
230,000
227,238
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
400,000
355,051
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
300,000
317,195
4,557,326
Electric
Utilities
2.4%
American
Electric
Power
Co.,
Inc.
,
C,
Junior
Sub.
Bond,
5.8%
to
3/14/31,
FRN
thereafter,
3/15/56
United
States
335,000
331,149
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
110,000
109,066
c
Buffalo
Energy
Mexico
Holdings
/
Buffalo
Energy
Infrastructure
/
Buffalo
Energy
,
Senior
Secured
Bond
,
144A,
7.875
%
,
2/15/39
Mexico
396,536
415,386
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
600,000
586,605
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
80,000
81,173
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
155,000
152,160
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
...........
United
States
600,000
553,044
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
100,000
102,235
c
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
305,000
299,678
c
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
6
%
,
1/15/36
..........
United
States
665,000
659,349
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
5.2
%
,
5/01/36
.....
United
States
80,000
78,000
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
............
United
States
400,000
329,580
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
300,000
292,567
Senior
Bond,
6.35%,
11/30/37
........................
United
States
85,000
91,870
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
1,100,000
1,074,511
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
500,000
491,628
Senior
Secured
Bond,
144A,
5.25%,
10/15/35
............
United
States
105,000
102,046
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
.............
United
States
500,000
510,796
6,260,843
Electrical
Equipment
0.2%
Eaton
Corp.
,
Senior
Bond
,
4.8
%
,
3/06/36
.................
United
States
200,000
197,536
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)
Electrical
Equipment
(continued)
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
267,000
$
259,734
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
60,000
57,719
514,989
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
310,000
302,652
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
800,000
768,967
1,071,619
Energy
Equipment
&
Services
0.9%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
240,000
237,794
c
Kodiak
Gas
Services
LLC
,
Senior
Note,
144A,
7.25%,
2/15/29
....................
United
States
600,000
621,966
Senior
Note,
144A,
5.875%,
4/01/31
...................
United
States
245,000
246,365
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
125,000
130,301
Transocean
International
Ltd.
,
Senior
Bond,
6.8%,
3/15/38
..........................
United
States
100,000
96,139
c
Senior
Note,
144A,
8.25%,
5/15/29
....................
United
States
100,000
103,388
c
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
420,000
438,108
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
560,000
572,555
2,446,616
Entertainment
0.4%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note,
144A,
7%,
5/01/29
................
France
300,000
EUR
356,359
Senior
Secured
Note,
144A,
8.125%,
5/01/29
............
France
32,323
33,330
Discovery
Global
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
.
United
States
300,000
290,437
c,f
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note,
144A,
8.75%,
7/01/34
....................
United
States
120,000
125,706
Senior
Secured
Note,
144A,
7.25%,
7/01/33
.............
United
States
145,000
150,328
956,160
Financial
Services
1.2%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
500,000
523,630
c
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note,
144A,
6.5%,
10/01/30
....................
United
States
200,000
190,878
Senior
Note,
144A,
6.75%,
12/01/32
...................
United
States
165,000
155,420
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note,
144A,
8.375%,
4/01/32
...................
United
States
450,000
443,128
Senior
Note,
144A,
7.875%,
4/01/33
...................
United
States
150,000
140,791
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
United
States
700,000
700,924
c
Osaic
Holdings,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/33
........
United
States
350,000
345,806
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
..........
United
States
400,000
369,642
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
150,000
151,799
3,022,018
Food
Products
1.0%
c,e
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
109,144
116,391
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
100,000
102,311
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
430,000
419,668
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)
Food
Products
(continued)
c
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
220,000
$
222,476
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note,
3%,
2/02/29
...........................
United
States
200,000
191,970
Senior
Note,
3.625%,
1/15/32
........................
United
States
400,000
370,992
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........
United
States
335,000
294,836
c
Mars,
Inc.
,
Senior
Note
,
144A,
5.2
%
,
3/01/35
...............
United
States
945,000
954,340
2,672,984
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
..
United
States
300,000
203,510
Ground
Transportation
1.1%
c
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
200,000
203,981
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
145,000
140,698
c
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond
,
144A,
5.7
%
,
7/25/33
.........................................
Ireland
800,000
817,649
c
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
450,000
466,097
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
565,000
580,817
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
600,000
619,267
2,828,509
Health
Care
Equipment
&
Supplies
0.8%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
800,000
827,000
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
......
United
States
500,000
466,015
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
685,000
663,027
1,956,042
Health
Care
Providers
&
Services
2.7%
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
6%,
1/15/29
................
United
States
200,000
197,921
Senior
Secured
Note,
144A,
9.75%,
1/15/34
.............
United
States
500,000
519,559
Cigna
Group
(The)
,
Senior
Bond
,
5.25
%
,
2/15/34
...........
United
States
800,000
810,127
c
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
200,000
207,023
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
.........................
United
States
400,000
352,942
Senior
Bond,
1.875%,
2/28/31
........................
United
States
105,000
91,705
Senior
Bond,
5.3%,
6/01/33
..........................
United
States
500,000
504,149
Senior
Bond,
2.7%,
8/21/40
..........................
United
States
600,000
423,058
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
800,000
769,680
HCA,
Inc.
,
Senior
Bond,
3.5%,
9/01/30
..........................
United
States
1,300,000
1,234,934
Senior
Note,
4.6%,
11/15/32
.........................
United
States
150,000
145,954
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
200,000
202,875
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
700,000
678,780
c,e
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note,
144A,
PIK,
11.5%,
12/31/30
.........
United
States
72,380
64,886
Senior
Secured
Note,
144A,
PIK,
6.75%,
3/31/31
.........
United
States
322,496
215,978
Tenet
Healthcare
Corp.
,
c
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
115,000
116,453
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)
Health
Care
Providers
&
Services
(continued)
Tenet
Healthcare
Corp.,
(continued)
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
500,000
$
503,876
7,039,900
Health
Care
REITs
0.7%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond,
1.875%,
2/01/33
........................
United
States
1,000,000
810,682
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
250,000
244,432
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
..........................
United
States
400,000
372,680
Senior
Bond,
3.5%,
3/15/31
..........................
United
States
300,000
196,350
c
Senior
Secured
Note,
144A,
8.5%,
2/15/32
..............
United
States
100,000
101,460
1,725,604
Health
Care
Technology
0.3%
c
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
650,000
660,882
Hotel
&
Resort
REITs
0.4%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
700,000
713,189
c
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.......
United
States
400,000
387,744
1,100,933
Hotels,
Restaurants
&
Leisure
2.0%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
700,000
658,315
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
60,000
60,084
Senior
Note,
4.65%,
3/16/31
.........................
United
States
120,000
119,780
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
6
%
,
10/15/32
.
United
States
50,000
46,061
c
Carnival
Corp.
,
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
1,000,000
1,008,477
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
70,000
70,065
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
500,000
467,409
c
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
500,000
488,113
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
165,000
159,493
c
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
300,000
297,943
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
190,000
184,496
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
150,000
149,709
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
100,000
101,011
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
600,000
606,142
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
465,000
459,433
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
300,000
314,639
5,191,170
Household
Durables
0.4%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
165,000
159,425
c
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note,
144A,
8%,
4/01/31
......................
United
States
70,000
69,306
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)
Household
Durables
(continued)
c
K.
Hovnanian
Enterprises,
Inc.,
(continued)
Senior
Note,
144A,
8.375%,
10/01/33
..................
United
States
105,000
$
103,956
c
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
130,000
134,257
c
Taylor
Morrison
Communities,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
11/15/32
........................................
United
States
55,000
55,114
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
500,000
484,637
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
165,000
158,235
1,164,930
Household
Products
0.1%
c
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
United
States
400,000
373,047
Independent
Power
and
Renewable
Electricity
Producers
1.4%
c
AES
Andes
SA
,
Senior
Note,
144A,
6.3%,
3/15/29
.....................
Chile
400,000
409,516
Senior
Note,
144A,
6.25%,
3/14/32
....................
Chile
200,000
205,388
c
Atlantica
Sustainable
Infrastructure
Ltd.
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...................................
Spain
306,000
297,414
c
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
.........................................
United
States
500,000
463,250
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
200,000
213,507
Senior
Note,
4.4%,
1/15/31
..........................
United
States
115,000
113,548
c
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
1,000,000
939,512
c
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
120,000
120,898
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
120,000
118,748
Senior
Secured
Note,
144A,
8.625%,
6/01/30
............
United
States
800,000
839,629
3,721,410
Insurance
1.6%
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
..............
United
States
600,000
603,618
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
5
%
,
2/15/32
..........
United
States
250,000
250,950
c
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
290,000
301,103
Senior
Secured
Note,
144A,
8.375%,
2/01/34
............
United
States
370,000
359,482
c
Athene
Global
Funding
,
Secured
Note,
144A,
5.033%,
7/17/30
..................
United
States
450,000
445,535
Senior
Secured
Bond,
144A,
5.543%,
8/22/35
............
United
States
150,000
147,353
Brown
&
Brown,
Inc.
,
Senior
Bond
,
5.65
%
,
6/11/34
..........
United
States
800,000
808,213
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
200,000
200,953
c
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
700,000
720,018
c
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
.........................................
United
States
400,000
424,134
4,261,359
IT
Services
0.3%
c
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
63,000
64,823
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
500,000
436,520
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)
IT
Services
(continued)
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
300,000
$
298,529
799,872
Leisure
Products
0.2%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
450,000
390,386
Life
Sciences
Tools
&
Services
0.1%
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
140,000
139,060
Machinery
0.7%
c
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
...........
Canada
400,000
385,765
c
ESAB
Corp.
,
Senior
Note,
144A,
6.25%,
4/15/29
....................
United
States
300,000
304,845
Senior
Note,
144A,
5.625%,
4/01/31
...................
United
States
250,000
252,377
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
300,000
278,186
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
700,000
705,210
1,926,383
Media
2.6%
c
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
405,000
370,944
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
...............................
United
States
1,300,000
1,167,466
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
7.875%,
4/01/30
............
United
States
100,000
104,721
Senior
Secured
Note,
144A,
7.5%,
3/15/33
..............
United
States
500,000
529,871
c
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.....
United
States
200,000
117,711
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
500,000
499,513
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
287,000
286,874
c
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
350,000
340,110
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
..................
United
States
500,000
536,765
c
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%
,
7/15/32
......
United
States
185,000
185,160
c
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
400,000
408,603
c
Nexstar
Media,
Inc.
,
f
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
380,000
381,534
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
235,000
236,933
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
.........................
United
States
380,000
366,862
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
500,000
508,750
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
...................................
United
States
125,000
128,920
c
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
740,000
698,189
6,868,926
Metals
&
Mining
0.6%
c
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
215,000
211,792
c
Commercial
Metals
Co.
,
Senior
Bond,
144A,
6%,
12/15/35
.....................
United
States
240,000
236,850
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
120,000
118,851
c,f
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
5.508
%
,
4/01/36
...
Australia
210,000
210,551
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)
Metals
&
Mining
(continued)
c
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
135,000
$
138,080
c
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
300,000
284,029
Senior
Note,
144A,
6.375%,
8/15/33
...................
United
States
250,000
245,424
1,445,577
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.......
United
States
1,150,000
1,113,471
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
600,000
605,512
1,718,983
Oil,
Gas
&
Consumable
Fuels
5.2%
c
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
............
Norway
900,000
822,491
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
..............
United
States
400,000
407,500
c
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....
United
States
45,000
44,558
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
350,000
316,570
c
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
420,000
420,208
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
460,000
481,284
c
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.....
United
States
700,000
674,978
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
1,200,000
1,245,064
c
Energy
Transfer
LP
,
Senior
Note
,
144A,
6
%
,
2/01/29
.........
United
States
400,000
403,198
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
......
United
Kingdom
200,000
199,352
c
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
300,000
302,102
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
500,000
511,027
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.25
%
,
4/15/32
...................................
United
States
260,000
251,820
c
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
600,000
607,366
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
800,000
803,411
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
....................
United
States
500,000
499,745
c
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
530,000
531,762
c
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
350,000
194,250
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
.........................................
United
States
1,600,000
1,588,915
c
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
65,000
64,525
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
140,000
137,955
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
135,000
132,200
c
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
144A,
5.1
%
,
3/15/36
....................................
United
States
165,000
163,607
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
............
United
States
300,000
278,430
Senior
Secured
Note,
144A,
3.875%,
8/15/29
............
United
States
300,000
285,298
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
700,000
728,347
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
200,000
224,281
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
60,000
63,588
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
200,000
219,958
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
340,000
354,647
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
204,000
205,715
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Western
Midstream
Operating
LP
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
.........................................
United
States
400,000
$
421,417
13,585,569
Passenger
Airlines
0.4%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
900,000
895,653
c
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
200,000
206,595
1,102,248
Personal
Care
Products
0.2%
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
625,000
625,981
Pharmaceuticals
1.2%
c
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
889,000
880,241
Merck
&
Co.,
Inc.
,
Senior
Bond,
4.75%,
12/04/35
........................
United
States
130,000
127,619
Senior
Note,
4.45%,
12/04/32
........................
United
States
80,000
79,480
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
175,000
174,649
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
95,000
95,746
Senior
Note,
4.1%,
11/05/30
.........................
United
States
580,000
573,719
Senior
Note,
4.6%,
3/18/33
..........................
United
States
145,000
144,426
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
345,000
343,789
Royalty
Pharma
plc
,
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
125,000
123,412
Senior
Bond,
3.3%,
9/02/40
..........................
United
States
500,000
379,440
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
285,000
211,611
3,134,132
Residential
REITs
0.1%
Essex
Portfolio
LP
,
Senior
Bond
,
5.375
%
,
4/01/35
...........
United
States
300,000
302,630
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond,
4.95%,
1/15/36
.........................
United
States
125,000
123,329
Senior
Bond,
5.7%,
1/15/56
..........................
United
States
20,000
19,910
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.25
%
,
1/25/35
.........................................
United
States
800,000
838,741
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
..................
United
States
835,000
796,489
c
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
565,000
571,998
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
115,000
115,281
2,465,748
Software
1.1%
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
450,000
437,807
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
300,000
248,186
Oracle
Corp.
,
Senior
Bond,
4.3%,
7/08/34
..........................
United
States
900,000
798,601
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
295,000
283,767
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
95,000
88,239
Senior
Note,
4.8%,
9/26/32
..........................
United
States
115,000
109,554
Salesforce,
Inc.
,
Senior
Note
,
5.2
%
,
3/15/33
...............
United
States
350,000
349,503
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
...............
United
States
478,000
$
479,085
2,794,742
Specialized
REITs
0.7%
American
Tower
Corp.
,
Senior
Note
,
4.7
%
,
12/15/32
.........
United
States
100,000
98,303
c
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
.........
United
States
900,000
917,893
c
Millrose
Properties,
Inc.
,
Senior
Note,
144A,
6.375%,
8/01/30
...................
United
States
525,000
525,191
Senior
Note,
144A,
6.25%,
9/15/32
....................
United
States
175,000
172,013
1,713,400
Technology
Hardware,
Storage
&
Peripherals
0.5%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.4
%
,
4/15/34
United
States
900,000
908,405
c
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
300,000
305,133
1,213,538
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
200,000
200,439
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
189,000
171,820
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
555,000
543,410
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
800,000
822,638
1,537,868
Trading
Companies
&
Distributors
0.5%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
8.625
%
,
5/15/32
United
States
400,000
418,004
c
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
450,000
459,390
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.
United
States
500,000
509,579
1,386,973
Transportation
Infrastructure
0.0%
†
c,g
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
2.58%
,
9/30/36
.........................................
United
States
146,667
112,200
Wireless
Telecommunication
Services
1.0%
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
500,000
525,895
a,g
Digicel
Group
Holdings
Ltd.
,
29.251%,
11/17/33
................................
Bermuda
29,663
939
31.65%,
11/17/33
.................................
Bermuda
10,459
1,282
c
Iliad
Holding
SAS
,
Senior
Secured
Note,
144A,
7%,
10/15/28
...............
France
600,000
604,328
Senior
Secured
Note,
144A,
7%,
4/15/32
................
France
525,000
526,285
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5
%
,
2/15/36
..............
United
States
260,000
256,176
c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
600,000
630,353
2,545,258
Total
Corporate
Bonds
(Cost
$140,826,842)
...................................
138,169,235
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
1.9%
h
Aerospace
&
Defense
0.0%
†
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.923%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
69,650
$
69,729
f
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.474%,
(12-month
SOFR
+
2%),
3/17/33
...............................
United
States
13,724
13,727
83,456
a
a
a
a
a
a
Air
Freight
&
Logistics
0.0%
†
h
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.7%,
(3-month
SOFR
+
3%),
3/18/30
...............................
United
States
49,995
49,997
h
Automobile
Components
0.1%
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.912%,
(3-month
SOFR
+
3.25%),
2/03/33
............
United
States
32,754
32,672
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.423%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
79,600
79,500
e
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan,
PIK,
7%,
(1-month
SOFR
+
7%),
3/30/27
....................
United
States
7,918
23
e
First
Brands
Group
LLC,
First
Lien,
Debtor-In-Possession
Roll
Up
CME
Term
Loan,
PIK,
10.671%,
(1-month
SOFR
+
7%),
6/29/26
United
States
72,800
277
e
First
Brands
Group
LLC,
First
Lien,
USD
Debtor-In-Possession
New
Money
CME
Term
Loan,
PIK,
13.671%,
(1-month
SOFR
+
10%),
6/29/26
....................................
United
States
29,771
7,257
e
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan,
PIK,
14.282%,
(1-month
SOFR
+
10.5%),
3/30/28
.........
United
States
117,098
131
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan,
7.173%,
(3-month
SOFR
+
3.5%),
2/19/30
......
United
States
45,147
45,147
165,007
a
a
a
a
a
a
Beverages
0.0%
†
f,h
Primo
Brands
Corp.,
First
Lien,
CME
Term
Loan,
B,
6.224%,
(12-month
SOFR
+
2.75%),
3/19/31
....................
United
States
33,107
33,200
h
Biotechnology
0.0%
†
f
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.174%,
(12-month
SOFR
+
1.75%),
1/28/33
.............
United
States
31,458
31,419
Genmab
A/S,
First
Lien,
Initial
CME
Term
Loan,
B,
6.733%,
(3-month
SOFR
+
3%),
12/13/32
......................
Denmark
14,500
14,572
45,991
a
a
a
a
a
a
Broadline
Retail
0.0%
†
h
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.2%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
50,598
50,558
h
Building
Products
0.1%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan,
6.418%,
(1-month
SOFR
+
2.75%),
9/08/32
.
United
States
10,157
10,077
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
34,972
34,954
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.918%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
41,880
41,892
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.923%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
27,310
27,293
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.668%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
7,810
7,816
122,032
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.
96
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
h
Capital
Markets
0.1%
Citadel
Securities
Global
Holdings
LLC,
First
Lien,
2024
CME
Term
Loan,
5.672%,
(3-month
SOFR
+
2%),
10/31/31
......
United
States
42,101
$
42,198
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan,
6.673%,
(1-month
SOFR
+
3%),
4/07/28
...
United
States
25,537
25,542
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.673%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
71,435
70,218
Osmosis
Buyer
Ltd.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B,
6.412%,
(1-month
SOFR
+
2.75%;
3-month
SOFR
+
2.75%),
7/31/28
...................................
United
Kingdom
59,624
59,559
197,517
a
a
a
a
a
a
h
Chemicals
0.1%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.417%,
(3-month
SOFR
+
2.75%),
9/09/31
.....................
United
States
25,277
25,341
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(3-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
59,129
57,047
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
E,
6.173%,
(1-month
SOFR
+
2.5%),
11/22/29
.....................
United
States
80,547
80,642
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan,
6.918%,
(1-month
SOFR
+
3.25%),
2/18/30
..............
Luxembourg
83,285
73,030
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1,
8.018%,
(1-month
SOFR
+
4.25%),
4/02/29
..............
United
States
41,447
32,640
Paint
Intermediate
III
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.666%,
(3-month
SOFR
+
3%),
10/09/31
................
United
States
69,649
69,475
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.417%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
25,210
25,373
363,548
a
a
a
a
a
a
h
Commercial
Services
&
Supplies
0.1%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan,
6.918%,
(1-month
SOFR
+
3.25%),
8/20/32
...................................
United
States
34,344
34,387
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.422%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
82,664
82,251
OPENLANE,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.14%,
(3-month
SOFR
+
2.5%),
10/08/32
...............
United
States
27,930
27,965
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.933%,
(3-month
SOFR
+
4%),
9/04/30
.......................
United
States
14,380
11,360
f
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.668%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
96,736
96,253
252,216
a
a
a
a
a
a
Communications
Equipment
0.0%
†
h
Viavi
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
6.171%,
(3-month
SOFR
+
2.5%),
10/18/32
.....................
United
States
18,166
18,234
Construction
&
Engineering
0.0%
†
h
Radar
Bidco
SARL,
First
Lien,
CME
Term
Loan,
B,
6.414%,
(3-month
SOFR
+
2.75%),
4/04/31
.....................
Luxembourg
41,562
41,458
Consumer
Finance
0.0%
†
h
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.173%,
(1-month
SOFR
+
2.5%),
11/17/31
......
United
States
71,779
70,433
h
Containers
&
Packaging
0.1%
BradyPlus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.19%,
(3-month
SOFR
+
3.5%),
12/29/32
...............
United
States
100,000
98,625
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)
h
Containers
&
Packaging
(continued)
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.171%,
(1-month
SOFR
+
2.5%),
11/29/30
..............
United
States
41,452
$
41,256
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.918%,
(1-month
SOFR
+
2.25%),
1/26/33
..............
United
States
12,878
12,768
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.668%,
(1-month
SOFR
+
3%),
9/30/32
.........
United
States
34,533
34,245
186,894
a
a
a
a
a
a
Distributors
0.0%
†
h
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
71,955
70,105
h
Electric
Utilities
0.0%
†
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.418%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
63,575
63,492
Astoria
Energy
LLC,
First
Lien,
Advance
CME
Term
Loan,
B,
5.918%,
(1-month
SOFR
+
2.25%),
6/23/32
..............
United
States
19,135
19,193
82,685
a
a
a
a
a
a
Electrical
Equipment
0.0%
†
h
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.161%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
20,405
20,453
h
Entertainment
0.1%
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.537%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
43,124
40,684
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B5,
5.664%,
(3-month
SOFR
+
2%),
11/21/31
................
United
States
84,497
84,550
125,234
a
a
a
a
a
a
h
Financial
Services
0.0%
†
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
56,331
55,626
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B,
6.288%,
(6-month
SOFR
+
2.5%),
10/07/32
..............
Luxembourg
20,417
20,136
75,762
a
a
a
a
a
a
h
Food
Products
0.1%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.918%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
38,074
38,132
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4,
5.877%,
(6-month
SOFR
+
2.25%),
9/30/31
..............
United
Kingdom
115,620
113,507
151,639
a
a
a
a
a
a
h
Ground
Transportation
0.1%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.664%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
13,971
14,001
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.95%,
(3-month
SOFR
+
2.25%),
8/15/30
...............
United
States
24,094
24,047
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
C,
5.95%,
(3-month
SOFR
+
2.25%),
8/15/30
...............
United
States
4,409
4,400
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.923%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
49,621
49,113
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)
h
Ground
Transportation
(continued)
WWEX
Uni
Topco
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.7%,
(3-month
SOFR
+
4%),
7/26/28
..............
United
States
59,075
$
59,194
150,755
a
a
a
a
a
a
h
Health
Care
Equipment
&
Supplies
0.1%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.418%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
71,364
71,609
f
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.755%,
(12-month
SOFR
+
2.25%),
1/14/33
............................
United
States
100,000
98,932
170,541
a
a
a
a
a
a
h
Health
Care
Providers
&
Services
0.1%
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
7.267%,
(3-month
SOFR
+
3.5%),
11/01/28
..............
United
States
66,656
14,387
Pacific
Dental
Services,
Inc.,
First
Lien,
CME
Term
Loan,
6.175%,
(1-month
SOFR
+
2.5%),
3/17/31
......................
United
States
41,944
42,023
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.172%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
34,825
28,905
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.168%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
49,251
49,328
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.173%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
6,017
6,026
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.782%,
(1-month
SOFR
+
4%),
10/02/28
................
United
States
66,682
66,795
207,464
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
h
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.418%,
(1-month
SOFR
+
2.75%),
5/01/31
.....................
United
States
34,736
32,087
h
Hotels,
Restaurants
&
Leisure
0.1%
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.918%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
42,744
41,622
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan,
7.423%,
(1-month
SOFR
+
3.75%),
1/28/32
..............
United
States
63,903
62,910
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
12/04/31
.....................
United
States
33,475
33,562
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B,
6.173%,
(1-month
SOFR
+
2.5%),
8/03/28
........
United
States
77,439
77,404
215,498
a
a
a
a
a
a
Household
Durables
0.0%
†
h
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.7%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
68,477
68,270
Household
Products
0.0%
†
h
Lavender
Dutch
BorrowerCo
BV,
First
Lien,
USD
CME
Term
Loan,
B,
6.935%,
(3-month
SOFR
+
3.25%),
12/30/32
......
Netherlands
23,770
23,473
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
h
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.418%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
50,000
50,078
h
Insurance
0.1%
Acrisure
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B,
6.918%,
(1-month
SOFR
+
3.25%),
6/21/32
..............
United
States
28,978
28,127
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
Senior
Floating
Rate
Interests
(continued)
h
Insurance
(continued)
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.668%,
(1-month
SOFR
+
3%),
11/06/30
..............................
United
States
29,263
$
28,407
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.768%,
(1-month
SOFR
+
4%),
8/21/28
.......................
United
States
24,571
24,589
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.023%,
(1-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
1,069
1,070
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B,
6.168%,
(1-month
SOFR
+
2.5%),
6/16/31
........
United
States
121,139
118,361
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan,
6.168%,
(1-month
SOFR
+
2.5%),
7/31/31
..
United
States
68,476
67,327
267,881
a
a
a
a
a
a
h
IT
Services
0.0%
†
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.918%,
(1-month
SOFR
+
3.25%),
3/22/32
............................
United
States
79,200
74,192
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.923%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
10,612
7,123
81,315
a
a
a
a
a
a
h
Machinery
0.0%
†
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
2/03/33
.................
United
States
12,787
12,755
Tiger
Acquisition
LLC,
First
Lien,
Refinancing
Initial
CME
Term
Loan,
6.181%,
(1-month
SOFR
+
2.5%),
8/23/32
..........
United
States
11,608
11,633
24,388
a
a
a
a
a
a
h
Media
0.1%
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
8.163%,
(3-month
SOFR
+
4.25%),
10/28/27
..........
United
States
27,611
20,967
Cengage
Learning,
Inc.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.672%,
(1-month
SOFR
+
3%;
3-month
SOFR
+
3%),
3/24/31
.........................................
United
States
51,942
50,989
f
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B7,
6.224%,
(12-month
SOFR
+
2.75%),
3/18/33
....................
United
States
35,000
34,650
106,606
a
a
a
a
a
a
h
Oil,
Gas
&
Consumable
Fuels
0.1%
f
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.423%,
(1-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
100,000
99,641
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.268%,
(1-month
SOFR
+
3.5%),
11/19/29
.....................
United
States
49,615
49,739
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.168%,
(1-month
SOFR
+
2.5%),
2/22/30
...............
United
States
82,796
83,074
232,454
a
a
a
a
a
a
h
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.918%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
30,542
30,313
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.907%,
(3-month
SOFR
+
2.25%),
6/04/29
.....................
United
States
63,353
61,643
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
5.418%,
(3-month
SOFR
+
1.75%),
10/15/31
.............
United
States
67,618
67,477
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.431%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
43,861
43,847
203,280
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.
100
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Pharmaceuticals
0.0%
†
h
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.181%,
(1-month
SOFR
+
2.5%),
12/04/31
.....
United
States
29,850
$
29,631
Semiconductors
&
Semiconductor
Equipment
0.0%
†
h
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.608%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
49,613
49,396
h
Software
0.1%
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.173%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
85,252
85,251
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.922%,
(3-month
SOFR
+
3.25%),
7/06/29
.........
United
States
59,100
42,336
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.676%,
(1-month
SOFR
+
4%),
12/09/31
......................
United
States
23,575
22,632
KnowBe4,
Inc.,
First
Lien,
CME
Term
Loan,
7.417%,
(3-month
SOFR
+
3.75%),
7/23/32
............................
United
States
31,172
27,951
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.668%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
66,070
59,215
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan,
6.422%,
(1-month
SOFR
+
2.75%),
11/15/32
.............
United
States
16,588
16,401
f
Tuple
US
Bidco
LLC,
First
Lien,
USD
CME
Term
Loan,
B1,
7.385%,
(6-month
SOFR
+
3.75%),
1/14/33
..............
United
States
49,304
47,948
301,734
a
a
a
a
a
a
h
Specialty
Retail
0.2%
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan,
6.686%,
(3-month
SOFR
+
3%),
9/17/32
.......................
United
States
42,639
42,746
e
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan,
PIK,
9.768%,
(1-month
SOFR
+
6%),
10/07/26
......................
United
States
349,110
272,306
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.918%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
45,997
45,980
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.918%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
79,308
76,463
437,495
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
h
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.918%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
24,875
25,046
Water
Utilities
0.0%
†
h
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.421%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
13,922
13,992
Total
Senior
Floating
Rate
Interests
(Cost
$5,282,004)
.........................
4,897,803
i
Marketplace
Loans
0.1%
a
Financial
Services
0.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$395,902)
.....................................
352,327
Foreign
Government
and
Agency
Securities
8.4%
c
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
550,000
534,775
c
Argentina
Provincia
de
Cordoba
,
Senior
Note
,
144A,
8.6
%
,
2/03/35
.........................................
Argentina
140,000
133,875
c
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
600,000
534,289
c
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
600,000
EUR
611,638
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,100,000
1,050,940
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Brazil
Government
Bond,
(continued)
Senior
Bond,
6%,
10/20/33
...........................
Brazil
230,000
$
231,219
c
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
160,000
154,728
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
190,000
EUR
220,051
c
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
240,000
EUR
239,933
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
520,000
526,890
Colombia
Government
Bond
,
Senior
Bond,
8%,
11/14/35
...........................
Colombia
600,000
629,424
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
200,000
207,826
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
200,000
EUR
223,951
c
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
380,000
389,299
c
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
520,000
524,836
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
560,000
517,384
c
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
600,000
603,900
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
250,000
222,339
c
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
370,000
379,677
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
370,000
383,026
c
El
Salvador
Government
Bond
,
Senior
Bond,
144A,
7.65%,
6/15/35
....................
El
Salvador
260,000
254,886
Senior
Bond,
Reg
S,
8.625%,
2/28/29
..................
El
Salvador
250,000
260,997
c
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
200,000
204,814
c
Gabon
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
2/06/31
Gabon
470,000
393,689
c
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
270,000
230,965
c
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
760,000
799,900
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
240,000
257,790
c
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
600,000
602,159
c
Indonesia
Government
Bond
,
Senior
Bond
,
Reg
S,
4.35
%
,
1/08/27
.........................................
Indonesia
480,000
480,650
c
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
485,000
472,441
c
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
440,000
471,081
c
Ivory
Coast
Government
Bond
,
Senior
Bond,
144A,
6.125%,
6/15/33
...................
Ivory
Coast
200,000
188,908
Senior
Bond,
Reg
S,
4.875%,
1/30/32
..................
Ivory
Coast
690,000
EUR
745,285
c
Jordan
Government
Bond
,
Senior
Note
,
144A,
7.5
%
,
1/13/29
..
Jordan
200,000
205,645
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
300,000
265,545
c
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
220,000
EUR
252,733
c
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
510,000
531,742
c
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
100,000
EUR
109,864
c
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
870,000
807,578
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
640,000
584,704
Petroleos
Mexicanos
,
Senior
Note
,
10
%
,
2/07/33
............
Mexico
305,000
347,683
c
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
600,000
580,204
c
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
670,000
EUR
746,034
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
680,000
667,316
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
Foreign
Government
and
Agency
Securities
(continued)
c
Serbia
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
9/26/33
....................
Serbia
210,000
$
219,385
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
420,000
428,921
South
Africa
Government
Bond
,
Senior
Bond
,
5.875
%
,
4/20/32
.
South
Africa
600,000
598,247
c
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
500,000
515,928
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
840,000
917,579
c
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
400,000
418,116
Total
Foreign
Government
and
Agency
Securities
(Cost
$21,696,773)
............
21,880,789
U.S.
Government
and
Agency
Securities
10.3%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
805,000
651,192
U.S.
Treasury
Bonds
,
4.625
%,
11/15/55
..................
United
States
950,000
907,844
U.S.
Treasury
Notes
,
3.625%,
5/15/26
..................................
United
States
400,000
399,926
2.25%,
2/15/27
...................................
United
States
1,400,000
1,381,947
2.75%,
7/31/27
...................................
United
States
3,850,000
3,796,536
3.875%,
11/30/27
.................................
United
States
4,000,000
4,002,812
2.875%,
5/15/28
..................................
United
States
2,500,000
2,452,930
3.125%,
11/15/28
.................................
United
States
2,900,000
2,850,043
2.625%,
2/15/29
..................................
United
States
1,000,000
967,637
3.5%,
1/31/30
....................................
United
States
1,750,000
1,725,937
4.125%,
8/31/30
..................................
United
States
2,600,000
2,620,414
2.875%,
5/15/32
..................................
United
States
1,300,000
1,216,084
2.75%,
8/15/32
...................................
United
States
500,000
462,559
4.125%,
11/15/32
.................................
United
States
3,500,000
3,501,914
Total
U.S.
Government
and
Agency
Securities
(Cost
$26,728,103)
...............
26,937,775
Asset-Backed
Securities
3.6%
Financial
Services
3.6%
c,h
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
5.012
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
293,745
294,092
c
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
.
........................................
United
States
667,000
657,415
c,h
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR3
,
144A,
FRN
,
4.712
%
,
(
3-month
SOFR
+
1.04
%
),
4/14/34
.
....................
United
States
1,400,000
1,400,517
c
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
216,257
216,214
j
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
526,292
527,111
j
2025-HE5,
A,
144A,
FRN,
5.285%,
8/25/55
..............
United
States
157,552
157,242
c
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2,
A1,
144A,
5.18%,
9/25/55
..................
United
States
237,842
237,227
h
2025-HE1,
A1,
144A,
FRN,
5.212%,
(30-day
SOFR
Average
+
1.55%),
10/25/55
..................................
United
States
262,974
263,486
c
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
....................
United
States
1,218,368
1,198,101
2021-3,
B,
144A,
2.649%,
1/17/41
.....................
United
States
430,868
403,992
c,j
J.P.
Morgan
Mortgage
Trust
,
2025-CES2
,
A1
,
144A,
FRN
,
5.592
%
,
6/25/55
.
..................................
United
States
210,268
211,145
c,h
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
5.534
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
.................................
United
States
157,520
157,912
c
Lendbuzz
Securitization
Trust
,
2026-1A,
C,
144A,
5.74%,
9/15/31
.....................
United
States
131,862
132,348
2026-1A,
D,
144A,
6.86%,
2/15/33
.....................
United
States
200,067
201,784
c,h
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
4.904
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
.............
United
States
38,895
38,938
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
235,871
$
235,052
c
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
1,031,290
1,023,608
c
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
511,000
507,947
c
Towd
Point
Mortgage
Trust
,
2024-CES6,
A1,
144A,
5.725%,
11/25/64
................
United
States
442,692
444,598
h
2025-HE1,
A1A,
144A,
FRN,
5.012%,
(30-day
SOFR
Average
+
1.35%),
7/25/65
...................................
United
States
185,381
185,479
c
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
154,682
153,933
c,h
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
5.78
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
...........................
United
States
780,000
783,634
9,431,775
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$9,492,827)
..............................
9,431,775
Commercial
Mortgage-Backed
Securities
7.0%
Financial
Services
7.0%
j
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.192
%
,
9/15/48
..............................
United
States
283,222
280,478
j,k
BANK
,
2020-BN26
,
XA
,
IO,
FRN
,
1.19
%
,
3/15/63
...........
United
States
2,906,442
99,107
j,k
BANK5
Trust
,
c
2025-5YR13,
XA,
IO,
144A,
FRN,
1.062%,
1/15/58
.........
United
States
5,493,355
200,800
2025-5YR14,
XA,
IO,
FRN,
0.983%,
4/15/58
.............
United
States
4,481,778
158,594
j
BBCMS
Mortgage
Trust
,
k
2024-5C25,
XA,
IO,
FRN,
1.193%,
3/15/57
...............
United
States
4,998,817
152,615
k
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
4,212,853
145,292
k
2025-5C33,
XA,
IO,
FRN,
0.817%,
3/15/58
...............
United
States
6,005,359
172,798
2026-5C40,
C,
FRN,
5.813%,
2/15/59
..................
United
States
398,000
397,216
Benchmark
Mortgage
Trust
,
j,k
2020-B17,
XA,
IO,
FRN,
1.393%,
3/15/53
................
United
States
6,857,362
267,653
j,k
2020-B20,
XA,
IO,
FRN,
1.521%,
10/15/53
...............
United
States
4,005,629
184,069
j,k
2020-B22,
XA,
IO,
FRN,
1.489%,
1/15/54
................
United
States
2,886,004
163,222
j,k
2024-V12,
XA,
IO,
FRN,
0.847%,
12/15/57
...............
United
States
5,599,495
163,032
j,k
2025-V13,
XA,
IO,
FRN,
0.914%,
2/15/58
................
United
States
5,224,000
151,454
j,k
2025-V14,
XA,
IO,
FRN,
0.768%,
4/15/57
................
United
States
6,943,764
190,910
2026-V21,
AS,
5.506%,
3/15/31
.......................
United
States
482,000
488,069
j,k
2026-V21,
XA,
IO,
FRN,
1.648%,
11/15/30
...............
United
States
2,405,000
151,660
c,j
BFLD
Commercial
Mortgage
Trust
,
2025-5MW
,
A
,
144A,
FRN
,
4.674
%
,
10/10/42
..................................
United
States
411,000
408,180
j,k
BMO
Mortgage
Trust
,
2024-5C8,
XA,
IO,
FRN,
1.02%,
12/15/57
................
United
States
5,157,105
176,755
2025-5C9,
XA,
IO,
FRN,
0.707%,
4/15/58
................
United
States
6,416,919
163,551
c,h
BX
Commercial
Mortgage
Trust
,
2022-LP2,
A,
144A,
FRN,
4.685%,
(1-month
SOFR
+
1.013%),
2/15/39
.........................................
United
States
64,639
64,643
2026-CSMO,
C,
144A,
FRN,
5.673%,
(
1-month
SOFR
+
2%),
2/15/43
.........................................
United
States
406,000
407,231
c
BX
Trust
,
j
2025-ARIA,
C,
144A,
FRN,
5.517%,
12/13/42
.............
United
States
536,000
534,968
h
2025-VOLT,
A,
144A,
FRN,
5.373%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
175,000
174,772
CFCRE
Commercial
Mortgage
Trust
,
2016-C6,
B,
3.804%,
11/10/49
........................
United
States
437,000
416,801
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
280,000
278,360
j
Citigroup
Commercial
Mortgage
Trust
,
2014-GC21,
C,
FRN,
4.78%,
5/10/47
...................
United
States
38,789
38,347
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
Citigroup
Commercial
Mortgage
Trust,
(continued)
2015-GC33,
C,
FRN,
4.336%,
9/10/58
..................
United
States
127,000
$
110,712
COMM
Mortgage
Trust
,
c
2012-CR3,
B,
144A,
3.922%,
10/15/45
..................
United
States
353,687
345,226
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
416,000
403,906
j
2014-CR14,
C,
FRN,
3.133%,
2/10/47
..................
United
States
414,000
405,965
2014-CR17,
B,
4.377%,
5/10/47
.......................
United
States
413,612
409,806
j
2014-CR17,
C,
FRN,
4.471%,
5/10/47
..................
United
States
383,000
362,019
2014-UBS3,
B,
4.313%,
6/10/47
.......................
United
States
375,225
364,730
c,j
2014-UBS6,
D,
144A,
FRN,
3.731%,
12/10/47
............
United
States
279,689
270,942
j
2015-CR26,
B,
FRN,
4.613%,
10/10/48
.................
United
States
90,298
88,586
j
CSAIL
Commercial
Mortgage
Trust
,
2015-C1,
B,
FRN,
3.742%,
4/15/50
....................
United
States
336,264
324,318
k
2019-C17,
XA,
IO,
FRN,
1.309%,
9/15/52
................
United
States
11,602,127
388,431
k
2021-C20,
XA,
IO,
FRN,
0.987%,
3/15/54
................
United
States
4,309,699
153,580
GS
Mortgage
Securities
Trust
,
c,j
2013-GC13,
AS,
144A,
FRN,
3.856%,
7/10/46
............
United
States
102,429
101,684
c,j
2013-GC13,
B,
144A,
FRN,
3.856%,
7/10/46
.............
United
States
350,000
343,432
j
2014-GC24,
B,
FRN,
4.297%,
9/10/47
..................
United
States
172,012
166,571
2016-GS2,
A4,
3.05%,
5/10/49
........................
United
States
69,028
68,932
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-JP2,
AS,
3.056%,
8/15/49
.......................
United
States
420,000
411,219
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
429,000
416,570
j
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C18
,
C
,
FRN
,
4.474
%
,
2/15/47
..............................
United
States
350,000
342,119
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
247,465
245,309
c,j
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
5.935
%
,
10/15/42
..................................
United
States
479,000
487,203
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
j
2013-C10,
B,
FRN,
3.951%,
7/15/46
...................
United
States
357,954
340,302
j
2013-C10,
C,
FRN,
3.951%,
7/15/46
...................
United
States
777,000
719,394
j
2013-C9,
B,
FRN,
3.708%,
5/15/46
....................
United
States
638,619
610,023
j
2013-C9,
C,
FRN,
3.704%,
5/15/46
....................
United
States
459,000
424,088
j
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
479,424
469,820
j
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
440,000
409,135
j
2015-C22,
C,
FRN,
3.97%,
4/15/48
....................
United
States
678,000
592,651
c
2015-C26,
D,
144A,
3.06%,
10/15/48
...................
United
States
248,862
239,172
j
2016-C32,
AS,
FRN,
3.994%,
12/15/49
.................
United
States
231,000
226,542
j,k
2025-5C1,
XA,
IO,
FRN,
1.156%,
3/15/58
................
United
States
4,396,399
174,335
j,k
Morgan
Stanley
Capital
I
Trust
,
2021-L5
,
XA
,
IO,
FRN
,
1.26
%
,
5/15/54
.........................................
United
States
3,263,730
136,133
c,j
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
269,000
268,142
c,j
VRTX
Trust
,
2025-HQ
,
D
,
144A,
FRN
,
6.596
%
,
8/05/42
.......
United
States
406,000
408,609
j,k
Wells
Fargo
Commercial
Mortgage
Trust
,
2019-C49,
XA,
IO,
FRN,
1.227%,
3/15/52
................
United
States
7,245,395
211,376
2025-5C3,
XA,
IO,
FRN,
0.814%,
1/15/58
................
United
States
4,618,546
129,502
j
WFRBS
Commercial
Mortgage
Trust
,
2014-C21,
B,
FRN,
4.213%,
8/15/47
...................
United
States
361,761
356,842
2014-C23,
B,
FRN,
4.315%,
10/15/57
...................
United
States
215,000
208,611
18,166,514
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$18,144,902)
..............
18,166,514
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
16.0%
l
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
5.848%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
United
States
3,310
$
3,374
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
2.7%
FHLMC
Gold
Pool,
30
Year,
5%,
4/01/34
-
8/01/35
...........
United
States
49,241
49,256
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
1/01/35
.........
United
States
26,373
26,672
FHLMC
Gold
Pool,
30
Year,
6%,
4/01/33
-
2/01/36
...........
United
States
29,202
29,965
FHLMC
Gold
Pool,
30
Year,
6.5%,
11/01/27
-
7/01/32
........
United
States
2,078
2,155
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/30
..................
United
States
329
346
FHLMC
Gold
Pool,
30
Year,
7.5%,
8/01/30
................
United
States
59
61
FHLMC
Pool,
30
Year,
2%,
3/01/52
......................
United
States
1,575,156
1,277,048
FHLMC
Pool,
30
Year,
4%,
6/01/52
......................
United
States
2,158,488
2,042,850
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.....................
United
States
1,393,573
1,349,771
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
....................
United
States
2,274,140
2,297,959
7,076,083
l
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
6.05%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
.
United
States
14,142
14,523
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
11.6%
FNMA,
20
Year,
5%,
4/01/30
...........................
United
States
5,937
5,993
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
....................
United
States
1,442,401
1,288,279
FNMA,
30
Year,
4%,
2/01/49
...........................
United
States
440,411
424,132
FNMA,
30
Year,
4.5%,
5/01/48
.........................
United
States
901,106
886,890
FNMA,
30
Year,
6%,
8/01/53
...........................
United
States
1,842,619
1,888,111
FNMA,
30
Year,
6.5%,
5/01/31
-
10/01/37
.................
United
States
24,607
25,754
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
4/25/56
.....
United
States
1,660,000
1,395,956
m
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
4/25/56
.....
United
States
19,000,000
18,339,561
m
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
4/25/56
......
United
States
4,000,000
3,945,444
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
4/25/56
......
United
States
2,000,000
2,038,969
30,239,089
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.7%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.......
United
States
46,282
46,412
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
2/15/29
.......
United
States
4,505
4,611
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
..............
United
States
339
350
GNMA
II,
30
Year,
6.5%,
2/20/34
........................
United
States
356
353
m
GNMA
II,
Single-family,
30
Year,
3.5%,
4/15/56
.............
United
States
1,330,000
1,220,099
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.......
United
States
12,284
12,428
m
GNMA
II,
Single-family,
30
Year,
5.5%,
4/15/56
.............
United
States
1,550,000
1,560,114
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
..............
United
States
20,001
21,003
m
GNMA
II,
Single-family,
30
Year,
6%,
4/15/56
...............
United
States
1,520,000
1,545,783
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
......
United
States
6,730
6,999
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
......
United
States
1,597
1,632
4,419,784
Total
Mortgage-Backed
Securities
(Cost
$41,972,847)
..........................
41,752,853
Residential
Mortgage-Backed
Securities
3.1%
Financial
Services
3.1%
c
A&D
Mortgage
Trust
,
2023-NQM2
,
A1
,
144A,
6.132
%
,
5/25/68
.
United
States
149,142
148,905
c,h
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.512
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
430,000
442,376
c
BRAVO
Residential
Funding
Trust
,
j
2019-2,
A3,
144A,
FRN,
3.5%
,
10/25/44
.................
United
States
165,720
159,279
2024-NQM1,
A1,
144A,
5.943%,
12/01/63
...............
United
States
265,728
266,814
2024-NQM5,
A1,
144A,
5.803%,
6/25/64
................
United
States
1,013,687
1,019,622
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c,h
Chase
Home
Lending
Mortgage
Trust
,
2025-7
,
A11
,
144A,
FRN
,
5.062
%
,
(
30-day
SOFR
Average
+
1.4
%
),
5/25/56
.........
United
States
179,799
$
180,324
c,j
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
................
United
States
34,597
33,117
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
................
United
States
121,573
115,364
c
COLT
Mortgage
Loan
Trust
,
2024-2,
A1,
144A,
6.125%,
4/25/69
....................
United
States
238,724
240,236
2024-3,
A1,
144A,
6.393%,
6/25/69
....................
United
States
466,634
471,352
c
Cross
Mortgage
Trust
,
2024-H1,
A1,
144A,
6.085%,
12/25/68
..................
United
States
185,736
186,644
2024-H5,
A1,
144A,
5.854%,
8/26/69
...................
United
States
369,786
372,807
c,h
FHLMC
STACR
REMIC
Trust
,
2025-DNA3
,
M1
,
144A,
FRN
,
4.762
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
.........
United
States
157,179
157,180
c,h
FHLMC
STACR
Trust
,
2019-DNA3
,
B1
,
144A,
FRN
,
7.026
%
,
(
30-
day
SOFR
Average
+
3.364
%
),
7/25/49
.................
United
States
327,000
340,165
c,h
FNMA
Connecticut
Avenue
Securities
Trust
,
2026-R01
,
2M2
,
144A,
FRN
,
5.012
%
,
(
30-day
SOFR
Average
+
1.35
%
),
1/25/46
United
States
127,000
127,199
c,h
Home
Re
Ltd.
,
2026-1
,
M1C
,
144A,
FRN
,
6.262
%
,
(
30-day
SOFR
Average
+
2.6
%
),
1/25/36
............................
United
States
150,000
150,446
c,j
J.P.
Morgan
Mortgage
Trust
,
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
.........................................
United
States
317,659
284,654
c,j
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
284,476
279,759
c
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1
,
A1
,
144A,
6.152
%
,
12/25/68
..........................
United
States
233,205
234,557
c
OBX
Trust
,
j
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
................
United
States
90,030
80,982
h
2025-J2,
AF,
144A,
FRN,
4.962%,
(
30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
167,995
168,427
h
2025-NQM14,
A1F,
144A,
FRN,
4.862%,
(30-day
SOFR
Average
+
1.2%),
7/25/65
............................
United
States
282,282
282,447
c,j
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
142,138
139,457
c
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
182,240
180,900
c,j
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
162,909
145,697
c,j
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
118,300
103,123
c
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
394,155
390,295
c,j
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
820,851
744,007
c,h
Sequoia
Mortgage
Trust
,
2025-8
,
A26F
,
144A,
FRN
,
5.062
%
,
(
30-
day
SOFR
Average
+
1.4
%
),
9/25/55
...................
United
States
156,545
157,096
c,j
TVC
Mortgage
Trust
,
2026-RRTL1
,
M1
,
144A,
FRN
,
6.34
%
,
2/25/41
.........................................
United
States
407,000
404,432
8,007,663
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$8,211,387)
................
8,007,663
Agency
Commercial
Mortgage-Backed
Securities
4.9%
Financial
Services
4.9%
k
FHLMC
,
5083,
IC,
IO,
3.5%,
10/25/50
.........................
United
States
4,169,182
763,769
5418,
EI,
IO,
3%,
12/25/51
...........................
United
States
4,101,595
663,651
k
FNMA
,
2020-95,
IO,
4%,
12/25/47
...........................
United
States
2,807,253
627,492
2021-56,
QI,
IO,
4.5%,
9/25/51
........................
United
States
2,085,261
555,617
2021-84,
KI,
IO,
3%,
12/25/51
........................
United
States
7,635,152
1,206,932
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA,
(continued)
2023-20,
IA,
IO,
2.5%,
10/25/51
.......................
United
States
3,983,283
$
625,925
2023-59,
IK,
IO,
3.5%,
4/25/51
........................
United
States
3,775,043
819,012
k
GNMA
,
2016-42,
IO,
5%,
2/20/46
............................
United
States
1,194,665
230,432
2020-134,
ID,
IO,
3%,
9/20/50
........................
United
States
4,598,874
776,819
2020-146,
KI,
IO,
2.5%,
10/20/50
......................
United
States
7,228,968
1,057,782
2021-161,
PI,
IO,
2.5%,
9/20/51
.......................
United
States
3,809,627
507,517
2021-213,
PI,
IO,
4.5%,
4/20/50
.......................
United
States
3,070,937
671,338
2022-78,
IO,
3%,
8/20/51
............................
United
States
2,611,148
438,325
2022-81,
BI,
IO,
2.5%,
11/20/50
.......................
United
States
3,943,403
571,893
2022-88,
IO,
2.5%
,
1/20/52
..........................
United
States
4,836,906
707,085
2023-168,
IE,
IO,
3%,
11/20/51
.......................
United
States
3,409,646
556,320
2023-185,
BI,
IO,
2.5%,
1/20/51
.......................
United
States
7,503,520
1,027,450
2025-173,
DI,
IO,
3%,
8/20/51
........................
United
States
2,530,240
437,574
2025-5,
IO,
3.5%,
4/20/51
...........................
United
States
3,180,428
601,012
12,845,945
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$12,809,963)
.......
12,845,945
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
All
Day
Electric,
Inc.,
Escrow
Account
....................
United
States
30
—
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
72,822
1,135
b
Mesquite
Energy,
Inc.,
Escrow
Account
...................
United
States
243,000
1,227
Total
Escrows
and
Litigation
Trusts
(Cost
$243,000)
...........................
2,362
Total
Long
Term
Investments
(Cost
$286,795,192)
.............................
282,544,422
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.1%
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
0.1%
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
2.765%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
49,682,000
EUR
214,811
Total
Options
Purchased
(Cost
$207,788)
....................................
214,811
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
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
n,o
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
.........................................
United
States
5,087,977
$
5,087,977
Total
Money
Market
Funds
(Cost
$5,087,977)
.................................
5,087,977
Total
Short
Term
Investments
(Cost
$5,087,977
)
...............................
5,087,977
a
Total
Investments
(Cost
$292,090,957)
110.2%
................................
$287,847,210
TBA
Sale
Commitments
(4.2)%
..............................................
(10,983,513)
Options
Written
(0.1)%
.....................................................
(231,808)
Other
Assets,
less
Liabilities
(5.9)%
.........................................
(15,587,294)
Net
Assets
100.0%
.........................................................
$261,044,595
a
a
a
Principal
Amount
*
p
TBA
Sale
Commitments
(4.2)%
Mortgage-Backed
Securities
(4.2)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(4.2)%
Uniform
Mortgage-Backed
Securities
,
2%,
TBA,
4/25/56
..................................
United
States
(2,500,000)
(2,014,258)
5%,
TBA,
4/25/56
..................................
United
States
(4,000,000)
(3,945,444)
5.5%,
TBA,
4/25/56
................................
United
States
(5,000,000)
(5,023,811)
(10,983,513)
Total
TBA
Sale
Commitments
(Proceeds
$(10,964,727))
........................
$(10,983,513)
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
(0.1)%
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.165%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(49,682,000)
EUR
(138,813)
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.565%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(49,682,000)
EUR
(92,995)
(231,808)
Total
Options
Written
(Premiums
received
$213,544)
..........................
$
(231,808)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
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,
2026,
the
aggregate
value
of
these
securities
was
$121,983,523,
representing
46.7%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
The
rate
shown
represents
the
yield
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
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
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.
l
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).
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
n
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
p
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
At
March
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.1%
Freedom
Financial
Asset
Management
LLC
APP-14159522.FP.FTS.B
,
10
.34
%
,
6/15/26
$
1,245
$
1,248
APP-14167786.FP.FTS.B
,
10
.34
%
,
6/17/26
1,833
1,838
APP-14974854.FP.FTS.B
,
16
.49
%
,
8/10/26
1,680
1,694
APP-11605924.FP.FTS.B
,
11
.74
%
,
12/20/26
6,329
6,370
APP-11803939.FP.FTS.B
,
10
.99
%
,
2/10/27
7,414
7,482
APP-11798689.FP.FTS.B
,
16
.99
%
,
2/12/27
4,764
4,831
APP-12106231.FP.FTS.B
,
11
.74
%
,
3/22/27
10,322
10,443
APP-13685540.FP.FTS.B
,
13
.59
%
,
5/20/27
10,398
10,540
APP-14058204.FP.FTS.B
,
11
.59
%
,
6/05/27
3,868
3,906
APP-14057383.FP.FTS.B
,
11
.34
%
,
6/15/27
10,525
10,649
APP-14975701.FP.FTS.B
,
11
.74
%
,
7/15/27
6,208
6,283
APP-11806622.FP.FTS.B
,
18
.99
%
,
9/11/27
3,565
3,670
APP-11819292.FP.FTS.B
,
18
.99
%
,
3/31/36
160
161
69,115
LendingClub
Corp.
-
LCX
PM
170715926.LC.FTS.B
,
16
.08
%
,
10/25/35
..
2,503
–
Prosper
Funding
LLC
1605968.PS.FTS.B
,
14
.29
%
,
8/17/26
....
851
860
1644821.PS.FTS.B
,
16
.18
%
,
10/26/26
...
2,273
2,307
1646507.PS.FTS.B
,
16
%
,
11/02/26
......
2,942
2,989
1654273.PS.FTS.B
,
11
.4
%
,
11/05/26
.....
2,522
2,519
1661382.PS.FTS.B
,
16
.7
%
,
11/05/26
....
927
939
1660956.PS.FTS.B
,
18
.25
%
,
11/05/26
....
1,334
1,351
1686756.PS.FTS.B
,
20
.08
%
,
12/16/26
...
1,651
1,677
1695804.PS.FTS.B
,
10
.8
%
,
1/04/27
.....
1,030
1,028
1701348.PS.FTS.B
,
11
.1
%
,
1/13/27
.....
1,035
1,036
1702140.PS.FTS.B
,
11
.55
%
,
1/14/27
....
3,131
3,132
1701774.PS.FTS.B
,
19
.3
%
,
1/16/27
.....
1,937
1,965
1692578.PS.FTS.B
,
13
.1
%
,
1/20/27
.....
842
843
1702129.PS.FTS.B
,
12
.7
%
,
1/25/27
.....
1,492
1,496
1709019.PS.FTS.B
,
19
%
,
1/25/27
.......
2,854
2,919
1691666.PS.FTS.B
,
11
.88
%
,
2/08/27
....
1,907
1,908
1714696.PS.FTS.B
,
12
.6
%
,
2/15/27
.....
1,257
1,255
1711397.PS.FTS.B
,
18
.15
%
,
2/22/27
....
4,595
4,661
1750201.PS.FTS.B
,
19
.9
%
,
4/06/27
.....
3,079
3,115
1750603.PS.FTS.B
,
14
.29
%
,
4/07/27
....
1,406
1,410
a
1753401.PS.FTS.B
,
16
.9
%
,
4/15/27
.....
6,798
913
1645643.PS.FTS.B
,
18
.5
%
,
5/24/27
.....
3,853
3,938
42,261
Upgrade,
Inc.
-
Card
992293228.UG.FTS.B
,
28
.98
%
,
5/03/29
..
113
112
992330039.UG.FTS.B
,
22
.97
%
,
6/03/29
..
546
328
440
Upstart
Network,
Inc.
L1739715.UP.FTS.B
,
9
.65
%
,
9/20/26
....
3,074
3,027
L1736636.UP.FTS.B
,
14
.78
%
,
9/20/26
....
1,899
1,874
FW1739526.UP.FTS.B
,
17
.22
%
,
9/20/26
..
1,137
1,125
L1738904.UP.FTS.B
,
24
.36
%
,
9/20/26
....
1,267
1,073
L1915447.UP.FTS.B
,
20
.32
%
,
10/25/26
...
655
648
L1915468.UP.FTS.B
,
23
.09
%
,
10/25/26
...
664
656
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1897015.UP.FTS.B
,
23
.49
%
,
10/25/26
...
$
2,214
$
2,190
L1915081.UP.FTS.B
,
25
.35
%
,
10/25/26
...
533
527
FW1915312.UP.FTS.B
,
31
.22
%
,
10/25/26
.
863
860
L2024110.UP.FTS.B
,
7
.78
%
,
11/16/26
....
2,796
2,748
L2052804.UP.FTS.B
,
9
.15
%
,
11/16/26
....
6,293
6,185
L2052126.UP.FTS.B
,
12
.52
%
,
11/16/26
...
2,462
2,426
L2055412.UP.FTS.B
,
14
.29
%
,
11/16/26
...
542
534
FW2056157.UP.FTS.B
,
15
.18
%
,
11/16/26
.
1,623
1,604
L2052051.UP.FTS.B
,
15
.75
%
,
11/16/26
...
819
809
FW2055175.UP.FTS.B
,
19
.05
%
,
11/16/26
.
3,425
3,377
L2056364.UP.FTS.B
,
25
.24
%
,
11/16/26
...
300
295
L2052082.UP.FTS.B
,
25
.42
%
,
11/16/26
...
322
318
a
FW2054089.UP.FTS.B
,
26
.17
%
,
11/16/26
.
656
47
FW2046105.UP.FTS.B
,
29
.67
%
,
11/16/26
.
1,036
1,021
FW2057500.UP.FTS.B
,
30
.64
%
,
11/16/26
.
571
562
FW2054534.UP.FTS.B
,
31
.22
%
,
11/16/26
.
281
277
FW2057162.UP.FTS.B
,
32
.15
%
,
11/16/26
.
2,238
2,207
L2242685.UP.FTS.B
,
9
%
,
12/13/26
......
2,698
2,649
L2242651.UP.FTS.B
,
11
.78
%
,
12/13/26
...
2,844
2,798
L2242098.UP.FTS.B
,
12
.31
%
,
12/13/26
...
1,341
1,320
L2242668.UP.FTS.B
,
12
.46
%
,
12/13/26
...
4,226
4,158
L2242202.UP.FTS.B
,
14
.09
%
,
12/13/26
...
3,283
3,231
L2239758.UP.FTS.B
,
14
.15
%
,
12/13/26
...
2,277
2,241
L2241045.UP.FTS.B
,
17
.22
%
,
12/13/26
...
1,778
1,757
L2242791.UP.FTS.B
,
17
.38
%
,
12/13/26
...
3,177
3,126
L2241989.UP.FTS.B
,
17
.5
%
,
12/13/26
....
547
540
FW2241711.UP.FTS.B
,
21
.36
%
,
12/13/26
.
2,921
2,871
L2230478.UP.FTS.B
,
21
.97
%
,
12/13/26
...
1,770
1,743
L2242489.UP.FTS.B
,
22
.19
%
,
12/13/26
...
4,935
4,853
L2232043.UP.FTS.B
,
23
.76
%
,
12/13/26
...
1,286
1,265
L2242200.UP.FTS.B
,
24
.08
%
,
12/13/26
...
1,363
1,340
L2241600.UP.FTS.B
,
24
.51
%
,
12/13/26
...
805
793
FW2241764.UP.FTS.B
,
27
.11
%
,
12/13/26
.
1,158
1,139
FW2465936.UP.FTS.B
,
5
.53
%
,
1/19/27
...
8,375
8,184
L2465582.UP.FTS.B
,
5
.92
%
,
1/19/27
....
363
357
L2465889.UP.FTS.B
,
6
.5
%
,
1/19/27
.....
1,140
1,115
a
FW2466269.UP.FTS.B
,
6
.87
%
,
1/19/27
...
1,415
102
FW2465536.UP.FTS.B
,
7
.64
%
,
1/19/27
...
3,878
3,804
L2465717.UP.FTS.B
,
8
.6
%
,
1/19/27
.....
946
305
FW2464781.UP.FTS.B
,
9
.13
%
,
1/19/27
...
1,894
1,858
FW2465681.UP.FTS.B
,
9
.16
%
,
1/19/27
...
2,101
2,061
L2466129.UP.FTS.B
,
9
.84
%
,
1/19/27
....
4,043
3,978
L2465666.UP.FTS.B
,
10
.14
%
,
1/19/27
....
508
499
L2465986.UP.FTS.B
,
15
.77
%
,
1/19/27
....
247
244
FW2466368.UP.FTS.B
,
16
.6
%
,
1/19/27
...
798
786
a
L2465805.UP.FTS.B
,
18
.87
%
,
1/19/27
....
6,413
1,206
L2465928.UP.FTS.B
,
20
.32
%
,
1/19/27
....
727
717
a
FW2466202.UP.FTS.B
,
23
.59
%
,
1/19/27
..
1,046
36
a
L2458881.UP.FTS.B
,
24
.14
%
,
1/19/27
....
1,713
124
L2466086.UP.FTS.B
,
25
.1
%
,
1/19/27
....
1,024
359
FW2465882.UP.FTS.B
,
28
.77
%
,
1/19/27
..
342
337
a
FW2465848.UP.FTS.B
,
30
.66
%
,
1/19/27
..
801
49
FW2464665.UP.FTS.B
,
30
.79
%
,
1/19/27
..
400
395
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2465741.UP.FTS.B
,
30
.94
%
,
1/19/27
..
$
512
$
505
FW2466141.UP.FTS.B
,
32
%
,
1/19/27
....
1,789
1,767
a
L2241756.UP.FTS.B
,
12
.69
%
,
2/13/27
....
1,629
273
FW1738592.UP.FTS.B
,
28
.44
%
,
2/20/27
..
1,552
1,531
L2675715.UP.FTS.B
,
6
.52
%
,
2/22/27
....
2,266
1,652
FW2676020.UP.FTS.B
,
6
.82
%
,
2/22/27
...
1,591
1,553
FW2676337.UP.FTS.B
,
8
.57
%
,
2/22/27
...
1,017
1,003
FW2675837.UP.FTS.B
,
9
.42
%
,
2/22/27
...
1,526
1,496
FW2675651.UP.FTS.B
,
9
.54
%
,
2/22/27
...
1,497
1,468
FW2675769.UP.FTS.B
,
11
.04
%
,
2/22/27
..
7,685
7,561
FW2675417.UP.FTS.B
,
12
.04
%
,
2/22/27
..
1,963
1,932
L2675483.UP.FTS.B
,
14
.22
%
,
2/22/27
....
1,098
1,081
L2675701.UP.FTS.B
,
15
.05
%
,
2/22/27
....
1,638
1,612
FW2676119.UP.FTS.B
,
15
.87
%
,
2/22/27
..
1,105
1,094
FW2674729.UP.FTS.B
,
15
.98
%
,
2/22/27
..
1,181
1,163
L2675286.UP.FTS.B
,
16
.53
%
,
2/22/27
....
3,744
3,706
FW2676275.UP.FTS.B
,
16
.64
%
,
2/22/27
..
5,495
5,439
FW2673151.UP.FTS.B
,
16
.69
%
,
2/22/27
..
1,247
1,235
L2675889.UP.FTS.B
,
18
.95
%
,
2/22/27
....
14,500
10,958
FW2675506.UP.FTS.B
,
19
.13
%
,
2/22/27
..
2,787
2,750
L2676048.UP.FTS.B
,
19
.28
%
,
2/22/27
....
9,341
9,217
FW2675725.UP.FTS.B
,
19
.97
%
,
2/22/27
..
1,722
1,315
FW2675530.UP.FTS.B
,
23
.25
%
,
2/22/27
..
828
817
FW2675911.UP.FTS.B
,
24
.61
%
,
2/22/27
..
845
835
L2676213.UP.FTS.B
,
25
.44
%
,
2/22/27
....
739
729
L2676015.UP.FTS.B
,
26
.95
%
,
2/22/27
....
241
238
FW2675330.UP.FTS.B
,
27
.13
%
,
2/22/27
..
964
952
FW2675561.UP.FTS.B
,
27
.52
%
,
2/22/27
..
2,112
2,086
FW2676065.UP.FTS.B
,
31
.64
%
,
2/22/27
..
3,013
2,978
a
FW2675468.UP.FTS.B
,
31
.91
%
,
2/22/27
..
3,132
27
FW2675534.UP.FTS.B
,
32
.24
%
,
2/22/27
..
2,785
2,753
FW1908593.UP.FTS.B
,
28
.41
%
,
3/25/27
..
8,192
8,108
FW2053732.UP.FTS.B
,
16
.83
%
,
4/16/27
..
286
283
L2057372.UP.FTS.B
,
23
.63
%
,
4/16/27
....
2,504
2,465
FW2056081.UP.FTS.B
,
30
.81
%
,
4/16/27
..
643
635
L2981847.UP.FTS.B
,
12
.88
%
,
4/20/27
....
2,862
2,073
FW2981800.UP.FTS.B
,
15
.54
%
,
4/20/27
..
5,180
5,108
L2982362.UP.FTS.B
,
19
.25
%
,
4/20/27
....
612
607
FW2980976.UP.FTS.B
,
25
.24
%
,
4/20/27
..
4,736
4,683
FW2981812.UP.FTS.B
,
25
.87
%
,
4/20/27
..
1,076
1,064
L2981438.UP.FTS.B
,
25
.94
%
,
4/20/27
....
698
50
FW2982476.UP.FTS.B
,
28
.13
%
,
4/20/27
..
10,528
10,417
FW2982596.UP.FTS.B
,
28
.27
%
,
4/20/27
..
522
517
FW2982248.UP.FTS.B
,
30
.44
%
,
4/20/27
..
1,789
1,770
FW2981459.UP.FTS.B
,
31
.69
%
,
4/20/27
..
3,248
3,215
L2981618.UP.FTS.B
,
6
.67
%
,
4/22/27
....
3,449
2,438
FW2982593.UP.FTS.B
,
14
.46
%
,
4/25/27
..
2,234
2,202
L2241857.UP.FTS.B
,
11
.98
%
,
5/13/27
....
3,091
3,034
L2241610.UP.FTS.B
,
15
.37
%
,
5/13/27
....
2,280
683
L2241971.UP.FTS.B
,
20
.32
%
,
5/13/27
....
1,306
761
FW2242379.UP.FTS.B
,
28
.85
%
,
5/13/27
..
1,706
1,674
FW2451492.UP.FTS.B
,
6
.07
%
,
6/19/27
...
13,162
12,779
FW2464664.UP.FTS.B
,
10
.42
%
,
6/19/27
..
2,415
1,679
FW2464742.UP.FTS.B
,
26
.31
%
,
6/19/27
..
512
504
FW2674944.UP.FTS.B
,
22
.84
%
,
8/22/27
..
2,070
150
FW2982412.UP.FTS.B
,
19
.87
%
,
9/20/27
..
5,048
4,980
FW2676248.UP.FTS.B
,
25
.38
%
,
1/05/28
..
610
44
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
a
L2982002.UP.FTS.B
,
25
.37
%
,
2/20/28
....
$
3,828
$
132
240,511
Total
Marketplace
Loans
(Cost
$
395,902
)
$352,327
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
At
March
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
March
31,
2026,
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
Euro-Bobl
..................................
Short
11
$
1,467,617
6/08/26
$
21,342
Euro-Bund
.................................
Short
9
1,304,388
6/08/26
26,190
U.S.
Treasury
10
Year
Notes
....................
Long
73
8,106,422
6/18/26
(
159,766
)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
31
3,518,984
6/18/26
(
13,003
)
U.S.
Treasury
2
Year
Notes
.....................
Short
19
3,941,461
6/30/26
28,780
U.S.
Treasury
5
Year
Notes
.....................
Long
104
11,250,688
6/30/26
(
143,090
)
U.S.
Treasury
Long
Bonds
.....................
Short
35
3,985,625
6/18/26
(
31,117
)
U.S.
Treasury
Ultra
Bonds
......................
Short
4
466,250
6/18/26
(
3,006
)
Total
Futures
Contracts
......................................................................
$(273,670)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Buy
8,000
9,531
4/13/26
$
—
$
(
279
)
Euro
.............
JPHQ
Sell
299,000
351,048
4/13/26
5,264
—
Euro
.............
JPHQ
Sell
768,000
891,702
5/04/26
2,579
—
Euro
.............
JPHQ
Sell
1,149,000
1,334,321
5/26/26
2,834
—
Euro
.............
JPHQ
Sell
814,000
966,083
6/22/26
21,710
—
Total
Forward
Exchange
Contracts
...................................................
$32,387
$(279)
Net
unrealized
appreciation
(depreciation)
............................................
$32,108
*
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
Buy
Protection
c
Traded
Index
iTraxx
Europe
Main
45
....
(1.00)%
Quarterly
6/20/31
10,290,000
EUR
$
(
167,154
)
$
(
148,282
)
$
(
18,872
)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
At
March
31,
2026,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
155
.
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
Centrally
Cleared
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.44
.
5.00%
Quarterly
6/20/30
7,400,000
$
439,208
$
393,919
$
45,289
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
11,850,000
208,492
184,452
24,040
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$480,546
$430,089
$50,457
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
6/20/26
5,525,000
$
(
57,669
)
Total
Return
Swap
Contracts
....................................................................
$(57,669)
*
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,
2026
Franklin
U.S.
Government
Securities
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
1.8%
Financial
Services
1.8%
Private
Export
Funding
Corp.
,
TT
,
Senior
Note
,
3.65
%
,
3/15/30
.
United
States
9,075,000
$
8,885,034
Total
Corporate
Bonds
(Cost
$
9,025,697
)
.....................................
8,885,034
U.S.
Government
and
Agency
Securities
13.5%
U.S.
International
Development
Finance
Corp.
(The)
,
4.01
%,
5/15/30
.........................................
United
States
860,000
852,598
U.S.
Treasury
Notes
,
2.25
%,
8/15/27
...................................
United
States
34,040,000
33,327,288
4
%,
7/31/29
.....................................
United
States
24,000,000
24,110,625
0.625
%,
8/15/30
..................................
United
States
8,500,000
7,382,881
Total
U.S.
Government
and
Agency
Securities
(Cost
$
67,923,415
)
...............
65,673,392
Mortgage-Backed
Securities
76.1%
a
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.6%
FHLMC
,
6.435
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
United
States
40,097
41,197
FHLMC
,
6.131
%
-
6.535
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
3/01/36
-
4/01/40
........
United
States
2,627,167
2,710,607
2,751,804
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
10.6%
FHLMC
Gold
Pool,
20
Year
,
3.5
%,
3/01/32
................
United
States
553,484
543,706
FHLMC
Gold
Pool,
30
Year
,
3
%,
5/01/43
..................
United
States
110,485
101,427
FHLMC
Gold
Pool,
30
Year
,
3.5
%,
5/01/43
................
United
States
18,102
17,064
FHLMC
Gold
Pool,
30
Year
,
4
%,
9/01/40
-
12/01/41
..........
United
States
1,688,871
1,633,988
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
5/01/40
-
7/01/41
.........
United
States
489,570
485,081
FHLMC
Gold
Pool,
30
Year
,
5
%,
9/01/33
-
4/01/40
...........
United
States
1,495,530
1,513,819
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
7/01/33
-
5/01/38
.........
United
States
269,927
276,996
FHLMC
Gold
Pool,
30
Year
,
6
%,
7/01/28
-
8/01/35
...........
United
States
257,557
266,611
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
5/01/29
-
5/01/35
.........
United
States
56,597
58,842
FHLMC
Gold
Pool,
30
Year
,
7
%,
2/01/31
-
9/01/31
...........
United
States
19,825
20,850
FHLMC
Gold
Pool,
30
Year
,
8.5
%,
7/01/31
................
United
States
19,059
20,058
FHLMC
Pool,
30
Year
,
2
%,
1/01/51
......................
United
States
3,762,798
3,080,611
FHLMC
Pool,
30
Year
,
4
%,
11/01/45
.....................
United
States
6,045,499
5,816,997
FHLMC
Pool,
30
Year
,
4.5
%,
1/01/49
.....................
United
States
1,813,297
1,787,659
FHLMC
Pool,
30
Year
,
4.5
%,
10/01/52
....................
United
States
12,193,129
11,824,936
FHLMC
Pool,
30
Year
,
5
%,
12/01/52
.....................
United
States
11,705,269
11,608,019
FHLMC
Pool,
30
Year
,
5.5
%,
1/01/53
.....................
United
States
10,478,030
10,575,031
FHLMC
Pool,
30
Year
,
6
%,
10/01/55
.....................
United
States
1,974,297
2,013,151
51,644,846
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
1.5%
FNMA
,
4.002
%
-
5.498
%,
(
COFI
11th
District
+/-
MBS
Margin),
6/01/26
-
11/01/36
.................................
United
States
7,838
7,771
FNMA
,
4.85
%
-
6.345
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
......................
United
States
65,907
66,210
FNMA
,
5.293
%
-
6.678
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
1/01/32
-
4/01/41
........
United
States
5,599,647
5,758,611
FNMA
,
5.22
%
-
6.75
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/27
-
3/01/37
........
United
States
131,372
134,738
FNMA
,
5.511
%
-
7.258
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
9/01/26
-
12/01/40
.................................
United
States
1,464,417
1,505,962
7,473,292
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
18.8%
FNMA
,
3.28
%,
7/01/27
...............................
United
States
4,000,000
3,962,339
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
115
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
,
5.5
%,
4/01/34
................................
United
States
210,349
$
214,856
FNMA,
15
Year
,
2
%,
9/01/35
...........................
United
States
1,404,044
1,298,482
FNMA,
15
Year
,
3
%,
9/01/37
...........................
United
States
8,296,974
7,931,726
FNMA,
30
Year
,
2.5
%,
8/01/51
.........................
United
States
7,501,730
6,367,050
FNMA,
30
Year
,
2.5
%,
9/01/51
.........................
United
States
16,555,687
14,048,959
FNMA,
30
Year
,
2.5
%,
11/01/51
.........................
United
States
3,846,410
3,262,229
FNMA,
30
Year
,
2.5
%,
12/01/51
.........................
United
States
5,256,952
4,456,891
FNMA,
30
Year
,
2.5
%,
2/01/52
.........................
United
States
6,924,049
5,865,947
FNMA,
30
Year
,
3
%,
12/01/42
..........................
United
States
38,625
35,556
FNMA,
30
Year
,
3
%,
7/01/51
...........................
United
States
3,169,049
2,804,312
FNMA,
30
Year
,
3
%,
9/01/51
...........................
United
States
2,655,081
2,344,560
FNMA,
30
Year
,
3.5
%,
7/01/45
.........................
United
States
7,172,196
6,762,241
FNMA,
30
Year
,
4
%,
1/01/41
-
8/01/41
....................
United
States
1,466,238
1,417,175
FNMA,
30
Year
,
4
%,
9/01/52
...........................
United
States
12,465,106
11,820,952
FNMA,
30
Year
,
4.5
%,
8/01/40
-
6/01/41
..................
United
States
1,539,754
1,517,195
FNMA,
30
Year
,
5
%,
3/01/34
-
7/01/41
....................
United
States
982,848
992,675
FNMA,
30
Year
,
5.5
%,
12/01/32
-
8/01/35
.................
United
States
581,297
588,599
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................
United
States
2,892,933
2,911,244
FNMA,
30
Year
,
6
%,
6/01/29
-
8/01/38
....................
United
States
456,169
469,912
FNMA,
30
Year
,
6
%,
8/01/53
...........................
United
States
7,564,765
7,751,531
FNMA,
30
Year
,
6.5
%,
12/01/29
-
9/01/36
.................
United
States
59,318
62,139
FNMA,
30
Year
,
6.5
%,
10/01/55
.........................
United
States
4,060,410
4,200,023
91,086,593
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
44.6%
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................
United
States
5,131,927
5,190,155
GNMA
I,
30
Year
,
5.5
%,
3/15/32
-
2/15/38
.................
United
States
146,308
152,066
GNMA
I,
30
Year
,
6
%,
7/15/29
-
11/15/38
..................
United
States
116,588
122,509
GNMA
I,
30
Year
,
6.5
%,
12/15/28
-
1/15/33
................
United
States
41,686
42,951
GNMA
I,
30
Year
,
7
%,
12/15/28
.........................
United
States
1,178
1,198
GNMA
I,
30
Year
,
7.5
%,
12/15/31
-
8/15/33
................
United
States
26,030
27,173
GNMA
I,
Single-family,
30
Year
,
3
%,
7/15/42
...............
United
States
160,136
146,909
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......
United
States
2,439,024
2,331,969
GNMA
I,
Single-family,
30
Year
,
4.5
%,
1/15/39
-
6/15/41
......
United
States
3,767,299
3,747,529
GNMA
I,
Single-family,
30
Year
,
5.5
%,
1/15/29
-
10/15/39
......
United
States
1,077,087
1,102,178
GNMA
I,
Single-family,
30
Year
,
6
%,
3/15/29
-
9/15/38
........
United
States
464,834
477,523
GNMA
I,
Single-family,
30
Year
,
6.5
%,
6/15/28
-
5/15/37
......
United
States
184,230
189,639
GNMA
I,
Single-family,
30
Year
,
7
%,
4/15/28
-
9/15/31
........
United
States
11,843
12,127
GNMA
I,
Single-family,
30
Year
,
7.5
%,
2/15/27
..............
United
States
189
190
GNMA
II,
Single-family,
30
Year
,
2
%,
10/20/50
..............
United
States
5,616,273
4,648,853
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............
United
States
3,965,705
3,280,725
GNMA
II,
Single-family,
30
Year
,
2
%,
12/20/51
..............
United
States
8,879,301
7,345,617
GNMA
II,
Single-family,
30
Year
,
2
%,
3/20/52
...............
United
States
5,667,723
4,688,761
GNMA
II,
Single-family,
30
Year
,
2.5
%,
6/20/51
.............
United
States
8,720,960
7,513,358
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............
United
States
3,678,428
3,168,866
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............
United
States
24,674,959
21,256,809
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............
United
States
8,134,621
7,008,139
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/42
-
9/20/45
......
United
States
2,349,558
2,134,440
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............
United
States
4,441,111
4,019,599
GNMA
II,
Single-family,
30
Year
,
3
%,
7/20/51
...............
United
States
12,082,184
10,807,226
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............
United
States
4,711,821
4,212,479
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/51
..............
United
States
12,604,754
11,274,563
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............
United
States
4,787,555
4,540,369
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/42
............
United
States
2,912,445
2,761,988
GNMA
II,
Single-family,
30
Year
,
3.5
%,
1/20/43
.............
United
States
3,896,521
3,695,227
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/47
.............
United
States
7,148,464
6,725,260
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............
United
States
11,986,056
11,255,396
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.
116
See
Abbreviations
on
page
155
.
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
,
3.5
%,
7/20/42
-
10/20/47
.....
United
States
11,309,424
$
10,707,151
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
............
United
States
3,210,117
3,018,392
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/39
-
2/20/44
.......
United
States
5,122,047
4,918,212
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/39
-
10/20/44
....
United
States
6,959,146
6,894,342
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
6/20/44
.......
United
States
2,664,419
2,713,493
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/54
...............
United
States
5,109,285
5,070,103
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/34
-
6/20/38
......
United
States
1,054,687
1,089,293
GNMA
II,
Single-family,
30
Year
,
5.5
%,
3/20/54
.............
United
States
3,946,830
4,005,784
GNMA
II,
Single-family,
30
Year
,
5.5
%,
8/20/54
.............
United
States
8,369,661
8,446,765
GNMA
II,
Single-family,
30
Year
,
5.5
%,
10/20/55
............
United
States
9,745,355
9,817,247
GNMA
II,
Single-family,
30
Year
,
6
%,
4/20/28
-
7/20/39
.......
United
States
689,005
720,086
GNMA
II,
Single-family,
30
Year
,
6
%,
9/20/55
...............
United
States
10,663,781
10,852,875
GNMA
II,
Single-family,
30
Year
,
6
%,
10/20/55
..............
United
States
4,760,265
4,895,241
GNMA
II,
Single-family,
30
Year
,
6.5
%,
12/20/27
-
6/20/54
.....
United
States
4,309,659
4,494,214
GNMA
II,
Single-family,
30
Year
,
6.5
%,
8/20/55
.............
United
States
4,749,457
4,938,345
GNMA
II,
Single-family,
30
Year
,
7
%,
5/20/32
...............
United
States
1,946
2,050
GNMA
II,
Single-family,
30
Year
,
7.5
%,
11/20/26
............
United
States
185
185
GNMA
II,
Single-family,
30
Year
,
8
%,
8/20/26
...............
United
States
39
39
216,465,608
Total
Mortgage-Backed
Securities
(Cost
$
404,466,163
)
.........................
369,422,143
Total
Long
Term
Investments
(Cost
$
481,415,275
)
.............................
443,980,569
a
Short
Term
Investments
8.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
8.4%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
40,700,897
40,700,897
Total
Money
Market
Funds
(Cost
$
40,700,897
)
................................
40,700,897
Total
Short
Term
Investments
(Cost
$
40,700,897
)
..............................
40,700,897
a
Total
Investments
(Cost
$
522,116,172
)
99.8
%
.................................
$484,681,466
Other
Assets,
less
Liabilities
0.2
%
...........................................
1,072,907
Net
Assets
100.0%
.........................................................
$485,754,373
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
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
See
Note
5
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,
2026
Templeton
Developing
Markets
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.8%
Brazil
3.2%
a
Hypera
SA
.....................
Pharmaceuticals
356,546
$
1,602,438
a
Hypera
SA
.....................
Pharmaceuticals
39,761
185,685
TOTVS
SA
.....................
Software
313,296
2,113,297
Vale
SA
........................
Metals
&
Mining
365,753
5,823,973
XP,
Inc.
,
A
......................
Capital
Markets
59,832
1,139,202
10,864,595
Chile
1.1%
Banco
Santander
Chile
,
ADR
.......
Banks
113,339
3,785,523
China
22.1%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
500,052
7,838,060
a
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
238,993
3,340,690
b,c
Budweiser
Brewing
Co.
APAC
Ltd.
,
144A
,
Reg
S
..................
Beverages
3,285,161
3,036,700
BYD
Co.
Ltd.
,
H
.................
Automobiles
509,438
6,964,699
China
Merchants
Bank
Co.
Ltd.
,
A
....
Banks
1,205,735
6,890,144
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,513,998
1,002,404
a
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
25,440
541,109
c
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
745,170
409,481
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
836,125
1,769,424
JD.com,
Inc.
,
A
..................
Broadline
Retail
56,122
827,267
c
Kuaishou
Technology
,
144A
,
Reg
S
...
Interactive
Media
&
Services
192,410
1,133,358
NARI
Technology
Co.
Ltd.
,
A
........
Electrical
Equipment
1,065,357
4,039,838
NetEase,
Inc.
...................
Entertainment
132,414
2,958,766
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
481,997
3,706,178
Prosus
NV
.....................
Broadline
Retail
245,343
11,358,294
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
119,900
7,562,378
a
Trip.com
Group
Ltd.
..............
Hotels,
Restaurants
&
Leisure
47,432
2,344,029
b
Uni-President
China
Holdings
Ltd.
....
Food
Products
1,658,111
1,664,201
Weichai
Power
Co.
Ltd.
,
H
.........
Machinery
597,218
2,117,869
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
200,661
371,592
a,c
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
1,332,684
5,731,199
75,607,680
Hong
Kong
1.7%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
445,313
5,913,862
Hungary
1.0%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
94,845
3,376,636
India
8.1%
ACC
Ltd.
.......................
Construction
Materials
60,356
803,121
Asahi
India
Glass
Ltd.
.............
Automobile
Components
658
5,487
a
Ather
Energy
Ltd.
................
Automobiles
103,510
822,853
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
20,735
1,936,708
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
107,431
742,369
b
Dr.
Reddy's
Laboratories
Ltd.
,
ADR
...
Pharmaceuticals
69,726
965,705
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
910,929
2,241,093
Federal
Bank
Ltd.
................
Banks
161,410
445,889
HDB
Financial
Services
Ltd.
........
Consumer
Finance
33,790
201,548
HDFC
Bank
Ltd.
.................
Banks
626,997
4,911,296
a
Hemisphere
Properties
India
Ltd.
....
Real
Estate
Management
&
Development
82,304
98,247
ICICI
Bank
Ltd.
..................
Banks
685,022
8,793,801
Infosys
Ltd.
.....................
IT
Services
100,703
1,358,266
a
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
25,348
945,227
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.
118
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
1,200,348
$
895,664
a,c
Pine
Labs
Ltd.
,
144A
,
Reg
S
........
Financial
Services
707,778
1,180,964
a,b
ReNew
Energy
Global
plc
,
A
........
Independent
Power
and
Renewable
Electricity
Producers
319,111
1,461,528
27,809,766
Indonesia
0.4%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
3,311,657
1,222,543
Italy
0.0%
†
a,c
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
14,268
162,515
Mexico
2.5%
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
776,726
8,614,495
Peru
0.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
30,652
1,538,730
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
648,424
1,219,919
Russia
0.0%
a,d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
a,d
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
—
South
Africa
2.9%
b
Discovery
Ltd.
...................
Insurance
312,799
4,589,968
Harmony
Gold
Mining
Co.
Ltd.
......
Metals
&
Mining
151,621
2,316,292
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,954,282
2,884,228
9,790,488
South
Korea
22.6%
a,b,c
Delivery
Hero
SE
,
144A
,
Reg
S
......
Hotels,
Restaurants
&
Leisure
104,755
1,946,469
Doosan
Bobcat,
Inc.
..............
Machinery
77,541
3,028,966
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
3,455
1,233,573
Hyundai
Motor
Co.
...............
Automobiles
22,932
7,064,441
KakaoBank
Corp.
................
Banks
75,733
1,234,006
KT
Skylife
Co.
Ltd.
...............
Media
92,351
284,614
LG
Corp.
.......................
Industrial
Conglomerates
89,771
5,075,957
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
49,892
1,379,513
NAVER
Corp.
...................
Interactive
Media
&
Services
26,583
3,619,235
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
201,515
23,569,475
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
16,470
2,374,774
a
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
4,194
1,162,096
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
45,052
25,560,934
77,534,053
Taiwan
23.2%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,039,792
6,356,008
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
959,711
4,391,862
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
176,342
8,458,275
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
985,489
56,995,288
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
499,335
3,336,985
79,538,418
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
119
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
1.2%
Kasikornbank
PCL
...............
Banks
197,437
$
1,151,913
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
2,463,103
1,641,792
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,332,420
709,604
Thai
Beverage
PCL
...............
Beverages
2,310,605
774,951
4,278,260
Turkiye
0.2%
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
51,092
787,530
United
Arab
Emirates
0.7%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
280,976
1,063,604
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,239,473
920,706
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
1,589,254
518,941
2,503,251
United
States
2.0%
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
53,012
3,252,286
b
Genpact
Ltd.
....................
Professional
Services
93,609
3,486,935
6,739,221
Total
Common
Stocks
(Cost
$
183,345,829
)
.....................................
321,287,485
a
Preferred
Stocks
6.0%
Brazil
6.0%
Banco
Bradesco
SA
,
ADR
..........
Banks
1,550,155
5,658,066
Itau
Unibanco
Holding
SA
,
ADR
.....
Banks
911,043
7,634,540
Petroleo
Brasileiro
SA
-
Petrobras
....
Oil,
Gas
&
Consumable
Fuels
774,949
7,281,440
20,574,046
Total
Preferred
Stocks
(Cost
$
13,951,624
)
......................................
20,574,046
Total
Long
Term
Investments
(Cost
$
197,297,453
)
...............................
341,861,531
Short
Term
Investments
1.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
United
States
0.4%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
1,314,521
1,314,521
Total
Money
Market
Funds
(Cost
$
1,314,521
)
...................................
1,314,521
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.
120
See
A
bbreviations
on
page
155
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.7%
Money
Market
Funds
0.7%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
2,615,557
$
2,615,557
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
2,615,557
)
.................................................................
2,615,557
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
3,930,078
)
.................................
3,930,078
a
a
a
Total
Investments
(Cost
$
201,227,531
)
100.9
%
..................................
$345,791,609
Other
Assets,
less
Liabilities
(
0.9
)
%
...........................................
(3,129,616)
Net
Assets
100.0%
...........................................................
$342,661,993
a
a
a
†
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,
2026.
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,
2026,
the
aggregate
value
of
these
securities
was
$13,600,686,
representing
4.0%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
5
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,
2026
Templeton
Foreign
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.7%
Automobiles
3.8%
BYD
Co.
Ltd.
,
H
....................................
China
1,005,300
$
13,743,796
a
Toyota
Motor
Corp.
,
ADR
.............................
Japan
96,700
19,928,903
33,672,699
Banks
12.3%
HDFC
Bank
Ltd.
....................................
India
2,451,359
19,201,608
ING
Groep
NV
.....................................
Netherlands
850,259
22,069,902
a
Japan
Post
Bank
Co.
Ltd.
.............................
Japan
814,000
13,276,523
Lloyds
Banking
Group
plc
.............................
United
Kingdom
7,320,409
9,073,173
Royal
Bank
of
Canada
...............................
Canada
113,200
18,299,487
Standard
Chartered
plc
...............................
United
Kingdom
799,831
16,668,359
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
271,200
8,917,144
107,506,196
Beverages
3.0%
a
Diageo
plc
,
ADR
....................................
United
Kingdom
108,400
8,070,380
Heineken
NV
......................................
Netherlands
236,905
18,222,333
26,292,713
Broadline
Retail
3.1%
Alibaba
Group
Holding
Ltd.
............................
China
838,900
13,149,329
a
JD.com,
Inc.
,
ADR
...................................
China
465,760
13,772,523
26,921,852
Building
Products
1.5%
Cie
de
Saint-Gobain
SA
..............................
France
156,436
12,952,031
Capital
Markets
5.8%
a
Daiwa
Securities
Group,
Inc.
...........................
Japan
1,205,300
11,420,688
b
Euronext
NV
,
144A
,
Reg
S
............................
Netherlands
129,901
20,859,750
UBS
Group
AG
.....................................
Switzerland
470,495
18,382,240
50,662,678
Chemicals
1.6%
a
Akzo
Nobel
NV
.....................................
Netherlands
240,441
13,821,833
Commercial
Services
&
Supplies
1.5%
Securitas
AB
,
B
.....................................
Sweden
785,389
13,153,637
Construction
&
Engineering
1.8%
Vinci
SA
..........................................
France
107,886
16,193,609
Construction
Materials
1.5%
CRH
plc
..........................................
United
States
129,555
13,554,111
Consumer
Staples
Distribution
&
Retail
1.8%
Carrefour
SA
.......................................
France
861,398
15,949,521
Containers
&
Packaging
2.3%
Smurfit
Westrock
plc
.................................
United
States
503,996
20,189,089
Diversified
Telecommunication
Services
1.8%
Deutsche
Telekom
AG
................................
Germany
412,259
15,386,853
Electric
Utilities
3.6%
SSE
plc
..........................................
United
Kingdom
907,833
31,382,519
Electrical
Equipment
3.6%
Mitsubishi
Electric
Corp.
..............................
Japan
647,100
21,164,760
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.
122
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
(continued)
Siemens
Energy
AG
.................................
Germany
62,353
$
10,752,748
31,917,508
Household
Durables
1.0%
Barratt
Redrow
plc
..................................
United
Kingdom
2,439,469
8,484,680
Insurance
3.6%
AIA
Group
Ltd.
.....................................
Hong
Kong
1,560,800
17,342,560
Manulife
Financial
Corp.
..............................
Canada
400,900
13,810,027
31,152,587
Interactive
Media
&
Services
1.3%
Tencent
Holdings
Ltd.
................................
China
178,900
11,283,649
Machinery
4.9%
CNH
Industrial
NV
...................................
United
States
1,271,699
13,988,689
Daimler
Truck
Holding
AG
.............................
Germany
286,252
14,096,712
Ebara
Corp.
.......................................
Japan
528,700
14,966,511
43,051,912
Metals
&
Mining
2.1%
Norsk
Hydro
ASA
...................................
Norway
1,700,772
18,127,502
Multi-Utilities
2.0%
Veolia
Environnement
SA
.............................
France
459,557
17,502,692
Oil,
Gas
&
Consumable
Fuels
8.1%
BP
plc
............................................
United
States
4,531,390
35,466,298
Galp
Energia
SGPS
SA
,
B
............................
Portugal
396,345
9,503,401
Shell
plc
..........................................
United
States
561,449
26,003,534
70,973,233
Personal
Care
Products
2.1%
Unilever
plc
........................................
United
Kingdom
342,695
18,813,747
Pharmaceuticals
8.1%
AstraZeneca
plc
....................................
United
Kingdom
209,003
40,868,446
Novo
Nordisk
A/S
,
B
.................................
Denmark
228,933
8,377,688
Sanofi
SA
.........................................
United
States
224,988
21,727,052
70,973,186
Semiconductors
&
Semiconductor
Equipment
7.7%
Infineon
Technologies
AG
.............................
Germany
323,200
14,662,335
a
STMicroelectronics
NV
...............................
Singapore
341,938
11,635,675
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
716,000
41,409,520
67,707,530
Specialty
Retail
1.2%
JD
Sports
Fashion
plc
................................
United
Kingdom
10,979,994
10,414,076
Technology
Hardware,
Storage
&
Peripherals
4.1%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
308,830
36,121,186
Textiles,
Apparel
&
Luxury
Goods
2.5%
adidas
AG
.........................................
Germany
83,143
13,457,255
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
123
See
Abbreviations
on
page
155
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
15,360
$
8,396,538
21,853,793
Total
Common
Stocks
(Cost
$
635,595,537
)
...................................
856,016,622
Short
Term
Investments
5.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.6%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
23,002,580
23,002,580
Total
Money
Market
Funds
(Cost
$
23,002,580
)
................................
23,002,580
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.1%
Money
Market
Funds
3.1%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
27,340,732
27,340,732
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
27,340,732
)
.........................................................
27,340,732
Total
Short
Term
Investments
(Cost
$
50,343,312
)
..............................
50,343,312
a
Total
Investments
(Cost
$
685,938,849
)
103.4
%
................................
$906,359,934
Other
Assets,
less
Liabilities
(
3.4
)
%
.........................................
(30,385,744)
Net
Assets
100.0%
.........................................................
$875,974,190
a
a
a
a
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2026.
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,
2026,
the
value
of
this
security
was
$20,859,750,
representing
2.4%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Templeton
Global
Bond
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
73.3%
Australia
7.7%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2
%
,
3/08/33
........
7,096,000
AUD
$
3,973,990
a
Senior
Bond
,
Reg
S,
1.75
%
,
3/20/34
43,382,000
AUD
22,898,427
Queensland
Treasury
Corp.
,
Senior
Bond
,
2
%
,
8/22/33
........
23,430,000
AUD
12,873,581
a
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
7/20/34
......................
52,103,000
AUD
27,076,743
Treasury
Corp.
of
Victoria
,
Senior
Bond
,
2.25
%
,
11/20/34
.....
37,794,000
AUD
20,201,576
Senior
Bond
,
2
%
,
11/20/37
........
41,521,000
AUD
19,391,434
106,415,751
Brazil
9.4%
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/27
..................
7,695,000
BRL
1,447,832
10
%
,
1/01/31
..................
435,778,000
BRL
73,600,125
10
%
,
1/01/33
..................
130,494,000
BRL
21,179,382
F
,
10
%
,
1/01/29
................
182,536,000
BRL
32,543,679
128,771,018
Colombia
3.4%
Colombia
Titulos
de
Tesoreria
,
B
,
13.25
%
,
2/09/33
.............
45,240,000,000
COP
12,205,430
B
,
7.25
%
,
10/18/34
.............
53,738,000,000
COP
10,339,573
B
,
6.25
%
,
7/09/36
..............
10,374,000,000
COP
1,804,068
B
,
9.25
%
,
5/28/42
..............
105,895,500,000
COP
21,816,643
46,165,714
Egypt
2.4%
a
Egypt
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
1/31/47
..
16,780,000
14,508,524
Senior
Bond
,
144A,
8.7
%
,
3/01/49
..
5,020,000
4,409,385
Senior
Bond
,
144A,
8.875
%
,
5/29/50
11,120,000
9,824,091
Senior
Bond
,
144A,
8.75
%
,
9/30/51
.
4,820,000
4,238,664
32,980,664
Ghana
1.0%
Ghana
Government
Bond
,
8.35
%
,
2/16/27
................
19,833,635
GHS
1,797,392
8.5
%
,
2/15/28
.................
18,645,729
GHS
1,646,969
8.65
%
,
2/13/29
................
23,825,673
GHS
2,078,379
9.1
%
,
2/10/32
.................
15,719,022
GHS
1,246,216
9.25
%
,
2/08/33
................
4,441,261
GHS
345,098
9.55
%
,
2/06/35
................
4,252,324
GHS
336,299
9.85
%
,
2/03/37
................
3,482,209
GHS
269,473
a
Senior
Bond
,
144A,
5
%
,
7/03/35
....
2,250,000
1,924,711
a
Senior
Bond
,
144A,
1.5
%
,
1/03/37
..
7,130,000
3,742,881
13,387,418
Greece
1.5%
a
Greece
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
4.25
%
,
6/15/33
......................
8,044,000
EUR
9,753,429
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
125
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Greece
(continued)
a
Greece
Government
Bond,
(continued)
Senior
Bond
,
144A,
Reg
S,
3.375
%
,
6/15/34
......................
9,091,000
EUR
$
10,319,479
20,072,908
India
7.0%
India
Government
Bond
,
Senior
Bond
,
5.77
%
,
8/03/30
......
526,000,000
INR
5,328,814
Senior
Bond
,
7.26
%
,
8/22/32
......
1,877,900,000
INR
20,121,236
Senior
Bond
,
7.18
%
,
8/14/33
......
3,641,200,000
INR
38,740,230
Senior
Bond
,
7.1
%
,
4/08/34
.......
552,840,000
INR
5,843,756
Senior
Bond
,
6.79
%
,
10/07/34
.....
1,290,600,000
INR
13,398,074
Senior
Note
,
7.1
%
,
4/18/29
.......
1,222,620,000
INR
13,166,160
96,598,270
Malaysia
9.6%
Malaysia
Government
Bond
,
3.9
%
,
11/30/26
.................
68,750,000
MYR
17,075,400
3.892
%
,
3/15/27
................
5,820,000
MYR
1,448,899
3.502
%
,
5/31/27
................
56,390,000
MYR
13,992,043
3.899
%
,
11/16/27
...............
209,830,000
MYR
52,475,272
3.733
%
,
6/15/28
................
15,880,000
MYR
3,963,681
3.885
%
,
8/15/29
................
41,250,000
MYR
10,366,249
4.498
%
,
4/15/30
................
47,374,000
MYR
12,184,389
3.582
%
,
7/15/32
................
82,656,000
MYR
20,463,940
131,969,873
Mexico
4.5%
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8.5
%
,
3/01/29
...............
217,080,000
MXN
12,139,952
M
,
8.5
%
,
2/28/30
...............
238,510,000
MXN
13,223,443
M
,
7.75
%
,
5/29/31
..............
169,690,000
MXN
9,029,345
M
,
Senior
Bond
,
8.5
%
,
5/31/29
.....
488,850,000
MXN
27,256,181
61,648,921
Norway
5.7%
a
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
2/17/27
.
775,683,000
NOK
78,347,299
Panama
4.6%
Panama
Government
Bond
,
Senior
Bond
,
3.16
%
,
1/23/30
......
1,922,000
1,798,800
Senior
Bond
,
2.252
%
,
9/29/32
.....
7,860,000
6,474,282
Senior
Bond
,
3.298
%
,
1/19/33
.....
800,000
699,720
Senior
Bond
,
6.4
%
,
2/14/35
.......
23,270,000
24,208,246
Senior
Bond
,
6.7
%
,
1/26/36
.......
880,000
930,301
Senior
Bond
,
8
%
,
3/01/38
........
25,610,000
29,383,634
63,494,983
Serbia
0.4%
Serbia
Treasury
Bonds
,
4.5
%
,
8/20/32
.
624,310,000
RSD
5,926,790
South
Africa
7.5%
South
Africa
Government
Bond
,
8.875
%
,
2/28/35
................
332,190,000
ZAR
19,304,952
8.5
%
,
1/31/37
.................
580,718,000
ZAR
32,095,595
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.
126
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
(continued)
South
Africa
Government
Bond,
(continued)
9
%
,
1/31/40
...................
612,520,000
ZAR
$
34,031,276
8.75
%
,
1/31/44
................
324,968,600
ZAR
17,415,003
102,846,826
Spain
4.5%
a
Spain
Bonos
Y
Obligaciones
del
Estado
,
Senior
Bond
,
144A,
Reg
S,
3.55
%
,
10/31/33
.....................
23,831,000
EUR
28,054,852
Senior
Bond
,
144A,
Reg
S,
3.15
%
,
4/30/35
......................
29,290,000
EUR
33,157,132
61,211,984
Supranational
1.2%
a
,b
European
Investment
Bank
,
Senior
Bond
,
144A,
6.5
%
,
7/11/35
..
249,500,000
INR
2,383,184
Senior
Note
,
144A,
6.25
%
,
7/11/30
..
843,400,000
INR
8,390,469
b
Inter-American
Development
Bank
,
Senior
Bond
,
7
%
,
8/08/33
........
178,000,000
INR
1,783,126
b
International
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6.89
%
,
2/06/30
......................
361,000,000
INR
3,812,149
16,368,928
Uruguay
2.9%
c
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.875
%
,
7/02/40
1,469,114,617
UYU
39,657,721
Total
Foreign
Government
and
Agency
Securities
(Cost
$
983,833,102
)
............
1,005,865,068
U.S.
Government
and
Agency
Securities
9.2%
United
States
9.2%
U.S.
Treasury
Notes
,
3.5
%,
2/15/33
.................
117,400,000
112,979,156
4.25
%,
11/15/34
................
13,001,100
12,999,830
125,978,986
Total
U.S.
Government
and
Agency
Securities
(Cost
$
129,998,992
)
................
125,978,986
Total
Long
Term
Investments
(Cost
$
1,113,832,094
)
.............................
1,131,844,054
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
127
At
March
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Short
Term
Investments
15.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
15.9%
United
States
15.9%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
218,168,311
$
218,168,311
Total
Money
Market
Funds
(Cost
$
218,168,311
)
.................................
218,168,311
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
218,168,311
)
...............................
218,168,311
a
a
a
Total
Investments
(Cost
$
1,332,000,405
)
98.4
%
..................................
$1,350,012,365
Other
Assets,
less
Liabilities
1.6
%
.............................................
21,719,503
Net
Assets
100.0%
...........................................................
$1,371,731,868
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,
2026,
the
aggregate
value
of
these
securities
was
$259,029,270,
representing
18.9%
of
net
assets.
b
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
c
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Dinar
............
DBAB
Sell
793,386,000
7,758,517
4/01/26
$
—
$
(
46,175
)
Serbian
Dinar
......
DBAB
Buy
793,386,000
7,919,289
4/01/26
—
(
114,596
)
Chinese
Yuan
......
HSBK
Sell
232,298,171
33,481,525
4/15/26
—
(
280,144
)
Japanese
Yen
......
BNDP
Buy
8,616,174,660
57,702,750
4/16/26
—
(
3,340,504
)
Japanese
Yen
......
DBAB
Buy
2,720,492,240
18,236,665
4/16/26
—
(
1,072,195
)
Japanese
Yen
......
MSCO
Buy
13,842,695,000
91,742,132
5/07/26
—
(
4,227,645
)
South
Korean
Won
..
MSCO
Buy
102,473,100,000
71,307,957
5/12/26
—
(
3,113,032
)
Chinese
Yuan
......
JPHQ
Sell
109,990,533
15,632,093
5/21/26
—
(
394,452
)
Australian
Dollar
....
HSBK
Buy
55,580,000
39,285,500
5/26/26
—
(
966,658
)
Mexican
Peso
......
BNDP
Buy
142,834,437
7,671,270
6/10/26
249,534
—
Mexican
Peso
......
HSBK
Buy
145,436,000
7,812,084
6/10/26
252,988
—
South
Korean
Won
..
DBAB
Buy
42,726,848,000
28,999,795
6/17/26
—
(
534,143
)
South
Korean
Won
..
JPHQ
Buy
5,342,000,000
3,618,996
6/17/26
—
(
60,027
)
Thai
Baht
.........
HSBK
Sell
578,868,000
17,687,186
7/02/26
819
—
Euro
.............
BNDP
Sell
3,325,000
3,911,191
7/14/26
50,300
—
Euro
.............
BOFA
Sell
17,697,861
20,816,843
7/14/26
266,615
—
Euro
.............
BZWS
Sell
20,698,139
24,318,243
7/16/26
282,395
—
Euro
.............
JPHQ
Sell
20,699,000
24,322,153
7/16/26
285,305
—
Serbian
Dinar
......
DBAB
Buy
337,808,788
3,332,368
7/20/26
—
(
16,725
)
Chinese
Yuan
......
MSCO
Sell
517,170,000
75,036,345
7/27/26
—
(
664,595
)
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
14,524,776
7/27/26
—
(
510,278
)
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.
128
See
Abbreviations
on
page
155
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Japanese
Yen
......
MSCO
Buy
2,196,400,000
14,489,646
7/27/26
$
—
$
(
514,658
)
Thai
Baht
.........
HSBK
Sell
415,302,000
12,633,721
8/03/26
—
(
90,924
)
Serbian
Dinar
......
DBAB
Buy
1,188,227,000
11,920,415
8/05/26
—
(
262,833
)
Japanese
Yen
......
MSCO
Buy
12,574,788,000
81,311,796
8/10/26
—
(
1,210,611
)
Mexican
Peso
......
BNDP
Buy
393,038,660
22,544,118
8/31/26
—
(
904,058
)
Mexican
Peso
......
HSBK
Buy
765,869,263
43,917,040
8/31/26
—
(
1,749,543
)
Serbian
Dinar
......
DBAB
Buy
578,763,000
5,685,853
9/10/26
—
(
13,188
)
Serbian
Dinar
......
DBAB
Buy
1,486,651,427
14,558,328
9/16/26
10,516
—
Japanese
Yen
......
MSCO
Buy
13,842,695,000
88,322,599
9/17/26
129,578
—
Chinese
Yuan
......
HSBK
Sell
144,940,000
21,246,592
9/30/26
—
(
68,043
)
Serbian
Dinar
......
DBAB
Buy
793,386,000
7,725,278
10/01/26
46,462
—
Thai
Baht
.........
CITI
Sell
659,894,000
20,213,935
10/02/26
—
(
111,170
)
Thai
Baht
.........
HSBK
Sell
575,923,000
17,687,184
10/02/26
—
(
51,567
)
Total
Forward
Exchange
Contracts
...................................................
$1,574,512
$(20,317,764)
Net
unrealized
appreciation
(depreciation)
............................................
$(18,743,252)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2026
Templeton
Growth
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.3%
Aerospace
&
Defense
5.9%
Airbus
SE
.........................................
France
25,483
$
4,818,146
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
531,637
8,076,855
Safran
SA
.........................................
France
21,354
6,987,655
19,882,656
Automobiles
1.8%
BYD
Co.
Ltd.
,
H
....................................
China
448,900
6,137,063
Banks
10.0%
HDFC
Bank
Ltd.
....................................
India
409,427
3,207,061
HSBC
Holdings
plc
..................................
United
Kingdom
420,092
6,899,000
ING
Groep
NV
.....................................
Netherlands
285,964
7,422,676
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
20,036
4,169,291
Royal
Bank
of
Canada
...............................
Canada
30,815
4,981,437
a
SBI
Shinsei
Bank
Ltd.
................................
Japan
315,075
3,441,767
Wells
Fargo
&
Co.
...................................
United
States
43,477
3,461,204
33,582,436
Broadline
Retail
4.5%
b
Amazon.com,
Inc.
...................................
United
States
55,641
11,588,351
a
JD.com,
Inc.
,
ADR
...................................
China
114,732
3,392,625
14,980,976
Capital
Markets
1.5%
Charles
Schwab
Corp.
(The)
...........................
United
States
40,185
3,776,586
Daiwa
Securities
Group,
Inc.
...........................
Japan
25,432
240,978
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
20,218
1,019,958
5,037,522
Chemicals
3.2%
a
Akzo
Nobel
NV
.....................................
Netherlands
57,562
3,308,971
Linde
plc
..........................................
United
States
14,692
7,283,706
10,592,677
Construction
&
Engineering
1.9%
Vinci
SA
..........................................
France
42,699
6,409,088
Construction
Materials
1.2%
CRH
plc
..........................................
United
States
39,287
4,129,850
Containers
&
Packaging
2.2%
Crown
Holdings,
Inc.
.................................
United
States
36,845
3,693,711
Smurfit
Westrock
plc
.................................
United
States
90,700
3,614,395
7,308,106
Electric
Utilities
2.5%
SSE
plc
..........................................
United
Kingdom
244,329
8,446,112
Electrical
Equipment
5.2%
Mitsubishi
Electric
Corp.
..............................
Japan
138,200
4,520,120
Schneider
Electric
SE
................................
United
States
22,864
6,227,733
Siemens
Energy
AG
.................................
Germany
39,387
6,792,272
17,540,125
Electronic
Equipment,
Instruments
&
Components
1.5%
Keyence
Corp.
.....................................
Japan
13,900
4,947,112
Entertainment
2.1%
b
Netflix,
Inc.
........................................
United
States
73,797
7,095,582
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.
130
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
1.0%
Visa,
Inc.
,
A
........................................
United
States
11,422
$
3,452,185
Health
Care
Equipment
&
Supplies
3.2%
Alcon
AG
.........................................
United
States
46,412
3,508,294
Medtronic
plc
......................................
United
States
39,720
3,441,738
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
40,604
3,671,413
10,621,445
Health
Care
Providers
&
Services
1.1%
HCA
Healthcare,
Inc.
.................................
United
States
8,055
3,811,948
Industrial
Conglomerates
1.8%
Honeywell
International,
Inc.
...........................
United
States
26,803
6,058,282
Insurance
1.3%
AIA
Group
Ltd.
.....................................
Hong
Kong
398,200
4,424,531
Interactive
Media
&
Services
5.4%
Alphabet,
Inc.
,
A
....................................
United
States
39,296
11,299,958
Meta
Platforms,
Inc.
,
A
...............................
United
States
6,263
3,583,250
Tencent
Holdings
Ltd.
................................
China
49,839
3,143,464
18,026,672
Life
Sciences
Tools
&
Services
2.1%
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
14,325
7,041,167
Machinery
2.4%
a
CNH
Industrial
NV
...................................
United
States
337,085
3,707,935
Ebara
Corp.
.......................................
Japan
158,143
4,476,733
8,184,668
Metals
&
Mining
0.3%
Rio
Tinto
Ltd.
......................................
Australia
10,397
1,181,241
Oil,
Gas
&
Consumable
Fuels
3.1%
BP
plc
............................................
United
States
766,588
5,999,934
ConocoPhillips
.....................................
United
States
32,897
4,342,404
10,342,338
Personal
Care
Products
2.2%
Unilever
plc
........................................
United
Kingdom
132,040
7,454,927
Pharmaceuticals
3.8%
AstraZeneca
plc
....................................
United
Kingdom
40,369
7,893,754
Eli
Lilly
&
Co.
......................................
United
States
5,259
4,837,071
12,730,825
Real
Estate
Management
&
Development
1.0%
Sun
Hung
Kai
Properties
Ltd.
..........................
Hong
Kong
193,757
3,226,216
Semiconductors
&
Semiconductor
Equipment
11.2%
Broadcom,
Inc.
.....................................
United
States
22,658
7,012,878
Infineon
Technologies
AG
.............................
Germany
69,348
3,146,051
NVIDIA
Corp.
......................................
United
States
95,418
16,640,899
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
32,249
10,898,549
37,698,377
Software
3.2%
Microsoft
Corp.
.....................................
United
States
28,644
10,603,150
Technology
Hardware,
Storage
&
Peripherals
5.4%
Apple,
Inc.
........................................
United
States
52,850
13,412,802
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
131
See
Abbreviations
on
page
155
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
40,009
$
4,679,508
18,092,310
Textiles,
Apparel
&
Luxury
Goods
1.6%
NIKE,
Inc.
,
B
.......................................
United
States
101,634
5,368,308
Trading
Companies
&
Distributors
1.7%
Ferguson
Enterprises,
Inc.
............................
United
States
24,152
5,633,696
Total
Common
Stocks
(Cost
$
261,717,087
)
...................................
320,041,591
Short
Term
Investments
5.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.9%
National
Bank
of
Canada
,
3.58
%
,
4/01/26
.................
Canada
9,000,000
9,000,000
Royal
Bank
of
Canada
,
3.58
%
,
4/01/26
...................
Canada
7,500,000
7,500,000
Total
Time
Deposits
(Cost
$
16,500,000
)
......................................
16,500,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
.........................................
United
States
1,289,345
1,289,345
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
1,289,345
)
..........................................................
1,289,345
Total
Short
Term
Investments
(Cost
$
17,789,345
)
..............................
17,789,345
a
Total
Investments
(Cost
$
279,506,432
)
100.6
%
................................
$337,830,936
Other
Assets,
less
Liabilities
(
0.6
)
%
.........................................
(1,920,185)
Net
Assets
100.0%
.........................................................
$335,910,751
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2026.
b
Non-income
producing.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
132
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of seventeen 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.
Effective
May
1,
2026,
Templeton
Developing
Markets
VIP
Fund
was
renamed
Templeton
Emerging
Markets
VIP
Fund.
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.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
133
Quarterly
Schedules
of
Investments
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. 
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,
2026,
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,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Income
VIP
Fund
4,231,308
BX
Frontier
Member
II
LLC
.....................
3/17/26
$
4,231,308
$
4,231,308
725
QXO,
Inc.,
C
...............................
3/23/26
7,250,000
7,250,000
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
...............
$11,481,308
$11,481,308
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
4,107
a
Uniti
Group,
Inc.
.............................
8/04/25
$
3,575,413
$
4,415,818
125,422
a
Uniti
Group,
Inc.,
8/01/35
......................
8/04/25
602,026
913,592
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
...............
$4,177,439
$5,329,410
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
134
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,
2026,
unfunded
commitments
were
as
follows:
5.
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,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
45,571
Anduril
Industries,
Inc.,
F
......................
7/17/24
$
990,559
$
3,142,120
35,200
Benchling,
Inc.,
F
............................
10/20/21
1,150,910
170,191
25,878
Databricks,
Inc.,
G
...........................
2/01/21
1,529,975
4,916,820
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
5,383,171
48,915
Newsela,
Inc.,
D
.............................
1/21/21
1,034,807
883,143
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,241
891,767
3,377
Plaid,
Inc.,
A
................................
3/31/25
688,829
848,008
Total
Restricted
Securities
(Value
is
4.3%
of
Net
Assets)
...............
$8,680,060
$16,235,220
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$6,039,172
as
of
March
31,
2026.
Borrower
Unfunded
Commitment
Franklin
Strategic
Income
VIP
Fund
First
Eagle
Holdings,
Inc.
$
9,641
Pinnacle
Buyer
LLC
3,934
$
13,575
    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
Franklin
FTSE
Japan
ETF
....
$—
$13,676,115
$—
$—
$(885,580)
$12,790,534
353,525
$—
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
10,913,142
22,012,546
(20,948,322)
—
—
11,977,367
11,977,366
106,571
Total
Affiliated
Securities
...
$10,913,142
$35,688,661
$(20,948,322)
$—
$(885,580)
$24,767,901
$106,571
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
135
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
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$3,510,309
$6,906,248
$(10,412,726)
$—
$—
$3,831
3,831
$17,402
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$114,025
$2,806,709
$(2,467,134)
$—
$—
$453,600
453,600
$3,818
Total
Affiliated
Securities
...
$3,624,334
$9,712,957
$(12,879,860)
$—
$—
$457,431
$21,220
Franklin
Global
Real
Estate
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$871,183
$2,972,567
$(3,471,327)
$—
$—
$372,423
372,423
$4,585
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$—
$539,000
$(539,000)
$—
$—
$—
—
$103
Total
Affiliated
Securities
...
$871,183
$3,511,567
$(4,010,327)
$—
$—
$372,423
$4,688
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$819,330
$4,798,823
$(4,460,235)
$—
$—
$1,157,918
1,157,918
$10,032
Total
Affiliated
Securities
...
$819,330
$4,798,823
$(4,460,235)
$—
$—
$1,157,918
$10,032
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
136
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$6,044,868
$253,513,767
$(243,539,982)
$—
$—
$16,018,653
16,018,653
$307,117
Total
Affiliated
Securities
...
$6,044,868
$253,513,767
$(243,539,982)
$—
$—
$16,018,653
$307,117
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$1,150,104
$7,644,998
$(4,921,956)
$—
$—
$3,873,146
3,873,146
$16,854
Total
Affiliated
Securities
...
$1,150,104
$7,644,998
$(4,921,956)
$—
$—
$3,873,146
$16,854
Franklin
Mutual
Global
Discovery
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$8,550,178
$24,684,287
$(31,656,184)
$—
$—
$1,578,281
1,578,281
$63,976
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$—
$1,000
$(1,000)
$—
$—
$—
—
$9
Total
Affiliated
Securities
...
$8,550,178
$24,685,287
$(31,657,184)
$—
$—
$1,578,281
$63,985
Franklin
Mutual
Shares
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$254,301
$144,632,564
$(131,800,006)
$—
$—
$13,086,859
13,086,859
$113,460
Total
Affiliated
Securities
...
$254,301
$144,632,564
$(131,800,006)
$—
$—
$13,086,859
$113,460
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
137
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$32,190,480
$69,964,641
$(95,442,339)
$—
$—
$6,712,782
6,712,782
$270,164
Total
Affiliated
Securities
...
$32,190,480
$69,964,641
$(95,442,339)
$—
$—
$6,712,782
$270,164
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$26,189,662
$83,086,892
$(92,221,659)
$—
$—
$17,054,895
17,054,895
$287,940
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$108,921
$106,000
$(214,921)
$—
$—
$—
—
$434
Total
Affiliated
Securities
...
$26,298,583
$83,192,892
$(92,436,580)
$—
$—
$17,054,895
$288,374
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$11,467,886
$13,620,207
$(18,974,844)
$—
$—
$6,113,249
6,113,249
$81,708
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$1,343,000
$19,821,950
$(21,164,950)
$—
$—
$—
—
$17,266
Total
Affiliated
Securities
...
$12,810,886
$33,442,157
$(40,139,794)
$—
$—
$6,113,249
$98,974
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
138
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$11,926,602
$18,265,451
$(25,104,076)
$—
$—
$5,087,977
5,087,977
$84,039
Total
Affiliated
Securities
...
$11,926,602
$18,265,451
$(25,104,076)
$—
$—
$5,087,977
$84,039
Franklin
U.S.
Government
Securities
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$37,292,940
$19,010,665
$(15,602,708)
$—
$—
$40,700,897
40,700,897
$318,842
Total
Affiliated
Securities
...
$37,292,940
$19,010,665
$(15,602,708)
$—
$—
$40,700,897
$318,842
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$725
$20,254,354
$(18,940,558)
$—
$—
$1,314,521
1,314,521
$49,687
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$4,301,504
$4,474,666
$(6,160,613)
$—
$—
$2,615,557
2,615,557
$2,878
Total
Affiliated
Securities
...
$4,302,229
$24,729,020
$(25,101,171)
$—
$—
$3,930,078
$52,565
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$19,280,919
$84,566,591
$(80,844,930)
$—
$—
$23,002,580
23,002,580
$189,142
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
139
Quarterly
Schedules
of
Investments
6. 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)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Templeton
Foreign
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$49,944,756
$47,695,765
$(70,299,789)
$—
$—
$27,340,732
27,340,732
$241,431
Total
Affiliated
Securities
...
$69,225,675
$132,262,356
$(151,144,719)
$—
$—
$50,343,312
$430,573
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$171,798,349
$138,354,249
$(91,984,287)
$—
$—
$218,168,311
218,168,311
$1,851,874
Total
Affiliated
Securities
...
$171,798,349
$138,354,249
$(91,984,287)
$—
$—
$218,168,311
$1,851,874
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$7,700,939
$4,612,804
$(11,024,398)
$—
$—
$1,289,345
1,289,345
$5,755
Total
Affiliated
Securities
...
$7,700,939
$4,612,804
$(11,024,398)
$—
$—
$1,289,345
$5,755
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
140
Quarterly
Schedules
of
Investments
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,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
7,420,641
$
3,053,935
$
—
$
10,474,576
Air
Freight
&
Logistics
...................
—
1,108,021
—
1,108,021
Automobile
Components
.................
18,503
162,357
—
180,860
Automobiles
..........................
3,029,381
1,700,334
—
4,729,715
Banks
...............................
8,020,504
8,835,326
—
16,855,830
Beverages
...........................
2,545,071
831,090
—
3,376,161
Biotechnology
.........................
5,449,347
209,532
—
5,658,879
Broadline
Retail
.......................
9,308,172
1,344,894
—
10,653,066
Building
Products
......................
1,128,322
1,283,545
—
2,411,867
Capital
Markets
........................
5,204,084
3,929,455
—
9,133,539
Chemicals
...........................
7,070,907
1,360,094
—
8,431,001
Commercial
Services
&
Supplies
...........
1,047,684
803,534
—
1,851,218
Communications
Equipment
..............
2,390,623
169,487
—
2,560,110
Construction
&
Engineering
...............
—
543,730
—
543,730
Construction
Materials
..................
1,888,486
444,308
—
2,332,794
Consumer
Finance
.....................
1,991,121
—
—
1,991,121
Consumer
Staples
Distribution
&
Retail
......
2,269,985
998,710
—
3,268,695
Containers
&
Packaging
.................
290,846
519,232
—
810,078
Diversified
Consumer
Services
............
4,073
—
—
4,073
Diversified
Telecommunication
Services
.....
1,310,680
841,594
—
2,152,274
Electric
Utilities
........................
1,867,341
1,779,057
—
3,646,398
Electrical
Equipment
....................
1,306,938
1,178,277
—
2,485,215
Electronic
Equipment,
Instruments
&
Components
........................
1,237,964
671,247
—
1,909,211
Entertainment
.........................
3,396,384
670,501
—
4,066,885
Financial
Services
......................
8,408,623
691,624
—
9,100,247
Food
Products
........................
446,355
1,514,357
—
1,960,712
Gas
Utilities
..........................
32,741
277,867
—
310,608
Ground
Transportation
..................
4,644,987
183,864
—
4,828,851
Health
Care
Equipment
&
Supplies
.........
4,021,600
1,789,683
—
5,811,283
Health
Care
Providers
&
Services
..........
5,635,447
57,735
—
5,693,182
Health
Care
Technology
.................
—
32,967
—
32,967
Hotels,
Restaurants
&
Leisure
.............
3,041,051
1,066,047
—
4,107,098
Household
Durables
....................
102,092
1,659,613
—
1,761,705
Household
Products
....................
1,555,706
32,342
—
1,588,048
Independent
Power
and
Renewable
Electricity
Producers
..........................
88,995
283,379
—
372,374
Industrial
Conglomerates
................
1,062,341
685,022
—
1,747,363
Industrial
REITs
.......................
228,671
—
—
228,671
Insurance
............................
4,871,546
3,354,919
—
8,226,465
Interactive
Media
&
Services
..............
14,863,292
876,494
—
15,739,786
IT
Services
...........................
851,206
196,576
—
1,047,782
Leisure
Products
.......................
—
71,544
—
71,544
Life
Sciences
Tools
&
Services
............
4,278,136
991,539
—
5,269,675
Machinery
............................
7,572,775
2,655,187
—
10,227,962
Marine
Transportation
...................
—
118,220
—
118,220
Media
...............................
50,725
—
—
50,725
Metals
&
Mining
.......................
755,802
1,390,885
—
2,146,687
Multi-Utilities
..........................
3,181,473
283,563
—
3,465,036
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
141
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Oil,
Gas
&
Consumable
Fuels
.............
$
7,775,954
$
3,596,221
$
—
$
11,372,175
Passenger
Airlines
.....................
92
—
—
92
Personal
Care
Products
.................
—
1,218,047
—
1,218,047
Pharmaceuticals
.......................
8,979,517
7,013,121
—
15,992,638
Professional
Services
...................
341,154
1,092,888
—
1,434,042
Real
Estate
Management
&
Development
....
80,897
427,093
—
507,990
Residential
REITs
......................
185,917
—
—
185,917
Retail
REITs
..........................
—
149,756
—
149,756
Semiconductors
&
Semiconductor
Equipment
.
29,575,472
5,156,269
—
34,731,741
Software
.............................
16,495,773
1,020,346
—
17,516,119
Specialized
REITs
......................
1,351,607
—
—
1,351,607
Specialty
Retail
........................
3,028,581
1,493,121
—
4,521,702
Technology
Hardware,
Storage
&
Peripherals
.
8,515,156
709,289
—
9,224,445
Textiles,
Apparel
&
Luxury
Goods
..........
115,916
1,359,493
—
1,475,409
Tobacco
.............................
774,789
268,345
—
1,043,134
Trading
Companies
&
Distributors
..........
1,736,130
896,124
—
2,632,254
Transportation
Infrastructure
..............
177,633
—
—
177,633
Wireless
Telecommunication
Services
.......
753,900
391,981
—
1,145,881
Management
Investment
Companies
.........
12,790,534
—
—
12,790,534
Preferred
Stocks
.........................
—
400,268
—
400,268
Limited
Partnerships
......................
1,518,292
—
—
1,518,292
Corporate
Bonds
........................
—
70,019,351
—
70,019,351
Foreign
Government
and
Agency
Securities
....
—
6,087,076
—
6,087,076
U.S.
Government
and
Agency
Securities
.......
—
99,332,833
—
99,332,833
Asset-Backed
Securities
...................
—
1,266,342
—
1,266,342
Commercial
Mortgage-Backed
Securities
......
—
4,578,942
—
4,578,942
Mortgage-Backed
Securities
................
—
23,779,013
—
23,779,013
Agency
Commercial
Mortgage-Backed
Securities
—
80,106
—
80,106
Municipal
Bonds
.........................
—
1,241,633
—
1,241,633
Short
Term
Investments
...................
14,697,633
504,651
—
15,202,284
Total
Investments
in
Securities
...........
$242,785,568
$282,733,996
b
$—
$525,519,564
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$104,559
$—
$104,559
Total
Other
Financial
Instruments
.........
$—
$104,559
$—
$104,559
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$242,042
$—
$242,042
Futures
Contracts
........................
413,439
—
—
413,439
Total
Other
Financial
Instruments
.........
$413,439
$242,042
$—
$655,481
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
4,736,124
—
—
4,736,124
Air
Freight
&
Logistics
...................
33,380
—
—
33,380
Automobiles
..........................
4,297,430
—
—
4,297,430
Biotechnology
.........................
6,412,003
1,023,212
—
7,435,215
Broadline
Retail
.......................
14,503,406
—
—
14,503,406
Capital
Markets
........................
669,577
—
—
669,577
Communications
Equipment
..............
2,086,012
—
—
2,086,012
Construction
&
Engineering
...............
1,598,064
—
—
1,598,064
Electrical
Equipment
....................
3,894,992
—
—
3,894,992
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
142
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Electronic
Equipment,
Instruments
&
Components
........................
$
6,589,583
$
—
$
—
$
6,589,583
Energy
Equipment
&
Services
.............
1,194,668
—
—
1,194,668
Entertainment
.........................
2,546,148
—
—
2,546,148
Financial
Services
......................
4,417,358
—
—
4,417,358
Ground
Transportation
..................
237,225
—
—
237,225
Health
Care
Equipment
&
Supplies
.........
2,046,431
—
—
2,046,431
Health
Care
Providers
&
Services
..........
1,286,380
—
—
1,286,380
Health
Care
Technology
.................
121,163
—
—
121,163
Hotels,
Restaurants
&
Leisure
.............
1,458,053
—
—
1,458,053
Interactive
Media
&
Services
..............
18,452,804
—
—
18,452,804
IT
Services
...........................
6,236,560
—
—
6,236,560
Life
Sciences
Tools
&
Services
............
300,125
108,636
—
408,761
Machinery
............................
182,210
—
—
182,210
Pharmaceuticals
.......................
3,266,034
—
—
3,266,034
Semiconductors
&
Semiconductor
Equipment
.
43,332,553
1,378,558
—
44,711,111
Software
.............................
17,097,854
—
—
17,097,854
Specialty
Retail
........................
508,038
—
—
508,038
Technology
Hardware,
Storage
&
Peripherals
.
7,940,659
—
—
7,940,659
Warrants
...............................
—
—
—
c
—
Short
Term
Investments
...................
457,431
—
—
457,431
Total
Investments
in
Securities
...........
$155,902,265
$2,510,406
d
$—
$158,412,671
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Diversified
REITs
......................
2,260,132
5,405,101
—
7,665,233
Health
Care
Providers
&
Services
..........
1,432,380
—
—
1,432,380
Health
Care
REITs
.....................
13,916,375
976,711
—
14,893,086
Hotel
&
Resort
REITs
...................
1,301,308
732,795
—
2,034,103
Industrial
REITs
.......................
9,478,367
4,427,440
—
13,905,807
Office
REITs
..........................
1,530,565
1,770,993
—
3,301,558
Real
Estate
Management
&
Development
....
—
12,378,306
—
12,378,306
Residential
REITs
......................
10,419,945
482,900
—
10,902,845
Retail
REITs
..........................
14,235,929
3,266,411
—
17,502,340
Specialized
REITs
......................
15,548,119
1,075,937
—
16,624,056
Short
Term
Investments
...................
372,423
—
—
372,423
Total
Investments
in
Securities
...........
$70,495,543
$30,516,594
e
$—
$101,012,137
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
46,511,915
—
—
46,511,915
Equity-Linked
Securities
...................
—
5,419,453
—
5,419,453
Convertible
Preferred
Stocks
................
4,346,566
—
—
4,346,566
Short
Term
Investments
...................
1,157,918
—
—
1,157,918
Total
Investments
in
Securities
...........
$52,016,399
$5,419,453
$—
$57,435,852
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
35,492,700
—
—
35,492,700
Air
Freight
&
Logistics
...................
13,674,820
—
—
13,674,820
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
143
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Banks
...............................
$
48,245,300
$
—
$
—
$
48,245,300
Beverages
...........................
73,364,000
—
—
73,364,000
Biotechnology
.........................
34,063,750
—
—
34,063,750
Broadline
Retail
.......................
10,377,469
—
—
10,377,469
Capital
Markets
........................
14,425,650
—
—
14,425,650
Chemicals
...........................
42,267,950
—
—
42,267,950
Communications
Equipment
..............
38,795,000
—
—
38,795,000
Consumer
Finance
.....................
11,857,950
—
—
11,857,950
Consumer
Staples
Distribution
&
Retail
......
9,090,000
—
—
9,090,000
Containers
&
Packaging
.................
4,462,500
—
—
4,462,500
Diversified
Telecommunication
Services
.....
24,034,000
—
—
24,034,000
Electric
Utilities
........................
84,593,200
—
—
84,593,200
Energy
Equipment
&
Services
.............
24,739,917
—
—
24,739,917
Food
Products
........................
18,829,000
—
—
18,829,000
Ground
Transportation
..................
31,538,902
—
—
31,538,902
Health
Care
Equipment
&
Supplies
.........
41,199,000
—
—
41,199,000
Health
Care
Providers
&
Services
..........
4,057,226
—
—
4,057,226
Hotels,
Restaurants
&
Leisure
.............
13,803,200
—
—
13,803,200
Household
Products
....................
61,387,000
—
—
61,387,000
Industrial
Conglomerates
................
19,212,550
—
—
19,212,550
IT
Services
...........................
15,755,350
—
—
15,755,350
Metals
&
Mining
.......................
5,878,000
—
—
5,878,000
Multi-Utilities
..........................
32,945,600
—
—
32,945,600
Oil,
Gas
&
Consumable
Fuels
.............
211,767,000
—
—
211,767,000
Pharmaceuticals
.......................
101,395,721
4,258,408
—
105,654,129
Semiconductors
&
Semiconductor
Equipment
.
23,296,800
—
—
23,296,800
Software
.............................
12,087,901
—
—
12,087,901
Specialty
Retail
........................
32,889,000
—
—
32,889,000
Textiles,
Apparel
&
Luxury
Goods
..........
5,282,000
—
—
5,282,000
Tobacco
.............................
21,494,200
—
—
21,494,200
Equity-Linked
Securities
...................
—
495,962,239
—
495,962,239
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
...................
15,571,200
—
—
15,571,200
Capital
Markets
........................
8,241,500
—
—
8,241,500
Chemicals
...........................
9,699,750
—
—
9,699,750
Electric
Utilities
........................
13,156,300
—
—
13,156,300
Financial
Services
......................
—
19,000,000
—
19,000,000
Software
.............................
15,753,500
—
—
15,753,500
Trading
Companies
&
Distributors
..........
—
—
7,250,000
7,250,000
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
45,928,870
—
45,928,870
Automobile
Components
.................
—
10,675,580
—
10,675,580
Automobiles
..........................
—
30,378,637
—
30,378,637
Banks
...............................
—
100,482,743
—
100,482,743
Biotechnology
.........................
—
6,199,120
—
6,199,120
Building
Products
......................
—
17,797,294
—
17,797,294
Capital
Markets
........................
—
42,415,651
—
42,415,651
Chemicals
...........................
—
52,462,850
—
52,462,850
Commercial
Services
&
Supplies
...........
—
4,558,563
4,231,308
8,789,871
Consumer
Finance
.....................
—
42,638,202
—
42,638,202
Containers
&
Packaging
.................
—
41,701,880
—
41,701,880
Diversified
Telecommunication
Services
.....
—
34,683,820
—
34,683,820
Electric
Utilities
........................
—
58,510,003
—
58,510,003
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
144
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Electrical
Equipment
....................
$
—
$
5,287,274
$
—
$
5,287,274
Energy
Equipment
&
Services
.............
—
8,999,580
—
8,999,580
Food
Products
........................
—
12,456,642
—
12,456,642
Ground
Transportation
..................
—
4,412,197
—
4,412,197
Health
Care
Equipment
&
Supplies
.........
—
17,867,547
—
17,867,547
Health
Care
Providers
&
Services
..........
—
180,227,889
—
180,227,889
Hotels,
Restaurants
&
Leisure
.............
—
59,613,446
—
59,613,446
Household
Durables
....................
—
2,581,875
—
2,581,875
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
7,815,459
—
7,815,459
Insurance
............................
—
7,101,227
—
7,101,227
IT
Services
...........................
—
2,381,922
—
2,381,922
Media
...............................
—
10,673,822
—
10,673,822
Metals
&
Mining
.......................
—
49,431,578
—
49,431,578
Oil,
Gas
&
Consumable
Fuels
.............
—
90,073,597
—
90,073,597
Passenger
Airlines
.....................
—
25,484,034
—
25,484,034
Personal
Care
Products
.................
—
2,754,315
—
2,754,315
Pharmaceuticals
.......................
—
23,096,044
—
23,096,044
Semiconductors
&
Semiconductor
Equipment
.
—
17,634,879
—
17,634,879
Software
.............................
—
36,409,600
—
36,409,600
Specialized
REITs
......................
—
9,170,916
—
9,170,916
Textiles,
Apparel
&
Luxury
Goods
..........
—
10,994,231
—
10,994,231
Tobacco
.............................
—
6,509,732
—
6,509,732
Trading
Companies
&
Distributors
..........
—
23,456,996
—
23,456,996
Senior
Floating
Rate
Interests
...............
—
23,864,387
—
23,864,387
U.S.
Government
and
Agency
Securities
.......
—
180,110,983
—
180,110,983
Asset-Backed
Securities
...................
—
9,237,588
—
9,237,588
Mortgage-Backed
Securities
................
—
184,510,454
—
184,510,454
Short
Term
Investments
...................
16,018,653
34,880,497
—
50,899,150
Total
Investments
in
Securities
...........
$1,200,743,559
$2,054,692,571
$11,481,308
$3,266,917,438
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
71,114,804
—
—
71,114,804
Short
Term
Investments
...................
3,873,146
—
—
3,873,146
Total
Investments
in
Securities
...........
$74,987,950
$—
$—
$74,987,950
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
—
10,853,495
—
10,853,495
Automobiles
..........................
—
12,727,137
—
12,727,137
Banks
...............................
20,427,765
24,095,665
—
44,523,430
Beverages
...........................
—
7,067,178
—
7,067,178
Broadline
Retail
.......................
—
8,139,501
—
8,139,501
Building
Products
......................
—
6,028,925
—
6,028,925
Capital
Markets
........................
6,206,876
6,052,517
—
12,259,393
Chemicals
...........................
11,385,667
9,268,926
—
20,654,593
Consumer
Finance
.....................
5,804,558
—
—
5,804,558
Containers
&
Packaging
.................
5,550,208
—
—
5,550,208
Diversified
Telecommunication
Services
.....
—
9,835,054
—
9,835,054
Energy
Equipment
&
Services
.............
6,613,996
—
—
6,613,996
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
145
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Entertainment
.........................
$
8,826,689
$
—
$
—
$
8,826,689
Financial
Services
......................
6,990,122
—
—
6,990,122
Food
Products
........................
7,698,168
7,235,271
—
14,933,439
Ground
Transportation
..................
6,741,925
—
—
6,741,925
Health
Care
Equipment
&
Supplies
.........
19,982,278
—
—
19,982,278
Health
Care
Providers
&
Services
..........
12,321,017
—
—
12,321,017
Household
Products
....................
—
6,480,624
—
6,480,624
Industrial
Conglomerates
................
—
4,262,866
—
4,262,866
Insurance
............................
7,805,543
7,346,601
—
15,152,144
Interactive
Media
&
Services
..............
16,739,762
6,291,155
—
23,030,917
IT
Services
...........................
—
5,487,873
—
5,487,873
Media
...............................
5,762,917
—
—
5,762,917
Multi-Utilities
..........................
—
5,924,660
—
5,924,660
Oil,
Gas
&
Consumable
Fuels
.............
10,338,056
18,922,071
—
29,260,127
Pharmaceuticals
.......................
18,221,628
18,409,959
—
36,631,587
Semiconductors
&
Semiconductor
Equipment
.
—
5,587,129
—
5,587,129
Software
.............................
12,012,471
—
—
12,012,471
Technology
Hardware,
Storage
&
Peripherals
.
—
5,003,491
—
5,003,491
Textiles,
Apparel
&
Luxury
Goods
..........
—
5,185,394
—
5,185,394
Tobacco
.............................
—
8,831,503
—
8,831,503
Trading
Companies
&
Distributors
..........
14,532,840
—
—
14,532,840
Corporate
Bonds
........................
—
1,845,876
—
1,845,876
Senior
Floating
Rate
Interests
...............
—
5,523,132
—
5,523,132
Companies
in
Liquidation
..................
—
—
—
c
—
Short
Term
Investments
...................
1,578,281
2,471,855
—
4,050,136
Total
Investments
in
Securities
...........
$205,540,767
$208,877,858
f
$—
$414,418,625
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$68,158
$—
$68,158
Total
Other
Financial
Instruments
.........
$—
$68,158
$—
$68,158
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$52,251
$—
$52,251
Total
Other
Financial
Instruments
.........
$—
$52,251
$—
$52,251
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Automobiles
..........................
32,880,873
—
—
32,880,873
Banks
...............................
134,777,988
—
—
134,777,988
Broadline
Retail
.......................
60,488,897
—
—
60,488,897
Building
Products
......................
48,560,450
—
—
48,560,450
Capital
Markets
........................
32,700,063
—
—
32,700,063
Chemicals
...........................
35,291,349
—
—
35,291,349
Communications
Equipment
..............
32,759,352
—
—
32,759,352
Consumer
Finance
.....................
24,058,504
—
—
24,058,504
Consumer
Staples
Distribution
&
Retail
......
53,927,154
—
—
53,927,154
Containers
&
Packaging
.................
18,789,981
—
—
18,789,981
Diversified
Telecommunication
Services
.....
6,039,172
—
—
6,039,172
Electric
Utilities
........................
71,411,588
—
—
71,411,588
Electronic
Equipment,
Instruments
&
Components
........................
19,375,636
—
—
19,375,636
Energy
Equipment
&
Services
.............
37,949,922
—
—
37,949,922
6. Fair
Value
Measurements
(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
Mutual
Shares
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Entertainment
.........................
$
36,934,744
$
—
$
—
$
36,934,744
Financial
Services
......................
46,573,023
—
—
46,573,023
Food
Products
........................
—
36,512,040
—
36,512,040
Ground
Transportation
..................
33,046,057
—
—
33,046,057
Health
Care
Equipment
&
Supplies
.........
104,114,544
—
—
104,114,544
Health
Care
Providers
&
Services
..........
9,298,911
—
—
9,298,911
Household
Products
....................
44,209,909
—
—
44,209,909
Insurance
............................
120,757,048
—
—
120,757,048
Interactive
Media
&
Services
..............
76,002,446
—
—
76,002,446
Life
Sciences
Tools
&
Services
............
41,856,237
—
—
41,856,237
Machinery
............................
48,634,929
—
—
48,634,929
Metals
&
Mining
.......................
38,219,460
—
—
38,219,460
Oil,
Gas
&
Consumable
Fuels
.............
94,221,365
—
—
94,221,365
Personal
Care
Products
.................
29,910,865
—
—
29,910,865
Pharmaceuticals
.......................
69,993,235
88,429,821
—
158,423,056
Retail
REITs
..........................
35,597,894
—
—
35,597,894
Semiconductors
&
Semiconductor
Equipment
.
26,875,130
—
—
26,875,130
Software
.............................
55,770,442
—
—
55,770,442
Specialty
Retail
........................
33,272,060
—
—
33,272,060
Tobacco
.............................
—
25,023,471
—
25,023,471
Trading
Companies
&
Distributors
..........
69,172,902
—
—
69,172,902
Preferred
Stocks
.........................
—
—
4,415,818
4,415,818
Warrants
...............................
—
—
913,592
913,592
Corporate
Bonds
........................
—
8,766,866
—
8,766,866
Senior
Floating
Rate
Interests
...............
—
24,736,640
—
24,736,640
Companies
in
Liquidation
..................
—
—
—
c
—
Short
Term
Investments
...................
13,086,859
—
—
13,086,859
Total
Investments
in
Securities
...........
$1,636,558,989
$183,468,838
g
$5,329,410
$1,825,357,237
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
1,495,088,539
—
—
1,495,088,539
Short
Term
Investments
...................
6,712,782
—
—
6,712,782
Total
Investments
in
Securities
...........
$1,501,801,321
$—
$—
$1,501,801,321
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
—
57,191,884
—
57,191,884
Banks
...............................
211,872,613
—
—
211,872,613
Building
Products
......................
28,519,769
—
—
28,519,769
Capital
Markets
........................
8,962,248
—
—
8,962,248
Chemicals
...........................
70,117,319
—
—
70,117,319
Commercial
Services
&
Supplies
...........
38,750,047
—
—
38,750,047
Construction
&
Engineering
...............
25,098,990
—
—
25,098,990
Consumer
Finance
.....................
12,558,005
—
—
12,558,005
Electric
Utilities
........................
10,060,227
—
—
10,060,227
Electrical
Equipment
....................
82,874,251
—
—
82,874,251
Electronic
Equipment,
Instruments
&
Components
........................
61,563,397
—
—
61,563,397
Energy
Equipment
&
Services
.............
65,273,489
—
—
65,273,489
Ground
Transportation
..................
10,998,413
—
—
10,998,413
6. 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
Small
Cap
Value
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Health
Care
Equipment
&
Supplies
.........
$
28,102,755
$
—
$
—
$
28,102,755
Hotels,
Restaurants
&
Leisure
.............
24,075,605
—
—
24,075,605
Household
Durables
....................
21,871,977
—
—
21,871,977
Industrial
REITs
.......................
3,989,967
—
—
3,989,967
Insurance
............................
60,670,392
—
—
60,670,392
Leisure
Products
.......................
15,998,142
—
—
15,998,142
Life
Sciences
Tools
&
Services
............
18,859,083
—
—
18,859,083
Machinery
............................
56,375,483
—
—
56,375,483
Metals
&
Mining
.......................
33,121,276
—
—
33,121,276
Multi-Utilities
..........................
10,386,790
—
—
10,386,790
Oil,
Gas
&
Consumable
Fuels
.............
33,946,524
—
—
33,946,524
Paper
&
Forest
Products
.................
6,721,663
—
—
6,721,663
Residential
REITs
......................
9,442,181
—
—
9,442,181
Retail
REITs
..........................
9,240,743
—
—
9,240,743
Semiconductors
&
Semiconductor
Equipment
.
30,729,764
5,056,534
—
35,786,298
Software
.............................
37,628,069
—
—
37,628,069
Specialty
Retail
........................
23,579,769
—
—
23,579,769
Textiles,
Apparel
&
Luxury
Goods
..........
10,870,465
—
—
10,870,465
Short
Term
Investments
...................
17,054,895
—
—
17,054,895
Total
Investments
in
Securities
...........
$1,079,314,311
$62,248,418
h
$—
$1,141,562,729
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
27,837,421
—
—
27,837,421
Banks
...............................
4,399,483
—
—
4,399,483
Biotechnology
.........................
23,317,460
—
—
23,317,460
Building
Products
......................
5,453,556
—
—
5,453,556
Capital
Markets
........................
26,039,272
—
—
26,039,272
Construction
&
Engineering
...............
9,608,802
—
—
9,608,802
Consumer
Staples
Distribution
&
Retail
......
6,049,070
—
—
6,049,070
Electrical
Equipment
....................
21,463,688
—
—
21,463,688
Entertainment
.........................
8,551,363
—
—
8,551,363
Financial
Services
......................
2,726,715
—
—
2,726,715
Ground
Transportation
..................
5,386,396
—
—
5,386,396
Health
Care
Equipment
&
Supplies
.........
13,756,156
—
—
13,756,156
Health
Care
Providers
&
Services
..........
7,853,186
—
—
7,853,186
Health
Care
Technology
.................
3,841,509
—
—
3,841,509
Hotels,
Restaurants
&
Leisure
.............
44,595,138
—
—
44,595,138
Household
Durables
....................
3,512,379
—
—
3,512,379
Independent
Power
and
Renewable
Electricity
Producers
..........................
7,511,689
—
—
7,511,689
Interactive
Media
&
Services
..............
1,925,865
—
—
1,925,865
IT
Services
...........................
7,314,340
—
—
7,314,340
Leisure
Products
.......................
—
—
5,383,171
5,383,171
Life
Sciences
Tools
&
Services
............
4,268,383
—
—
4,268,383
Machinery
............................
4,737,100
—
—
4,737,100
Media
...............................
6,788,410
—
—
6,788,410
Oil,
Gas
&
Consumable
Fuels
.............
12,923,090
—
—
12,923,090
Professional
Services
...................
9,718,190
—
—
9,718,190
Real
Estate
Management
&
Development
....
2,135,413
—
—
2,135,413
Residential
REITs
......................
2,219,593
—
—
2,219,593
Semiconductors
&
Semiconductor
Equipment
.
16,579,028
—
—
16,579,028
6. 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
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Software
.............................
$
28,234,304
$
—
$
848,008
$
29,082,312
Specialty
Retail
........................
26,465,648
—
—
26,465,648
Technology
Hardware,
Storage
&
Peripherals
.
2,770,865
—
—
2,770,865
Trading
Companies
&
Distributors
..........
6,548,783
—
—
6,548,783
Convertible
Preferred
Stocks
................
—
—
10,004,041
10,004,041
Escrows
and
Litigation
Trusts
...............
—
—
—
c
—
Short
Term
Investments
...................
6,113,249
—
—
6,113,249
Total
Investments
in
Securities
...........
$360,645,544
$—
$16,235,220
$376,880,764
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Machinery
............................
—
—
70,719
70,719
Oil,
Gas
&
Consumable
Fuels
.............
2,690
25,972
—
28,662
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
4,175,363
—
4,175,363
Automobile
Components
.................
—
1,073,270
—
1,073,270
Automobiles
..........................
—
842,942
—
842,942
Banks
...............................
—
12,383,326
—
12,383,326
Beverages
...........................
—
128,941
—
128,941
Biotechnology
.........................
—
1,824,436
—
1,824,436
Broadline
Retail
.......................
—
901,983
—
c
901,983
Building
Products
......................
—
1,703,909
—
1,703,909
Capital
Markets
........................
—
5,027,900
—
5,027,900
Chemicals
...........................
—
1,871,768
—
1,871,768
Commercial
Services
&
Supplies
...........
—
1,756,198
—
1,756,198
Communications
Equipment
..............
—
909,214
—
909,214
Construction
&
Engineering
...............
—
772,460
—
772,460
Consumer
Finance
.....................
—
4,159,142
—
4,159,142
Consumer
Staples
Distribution
&
Retail
......
—
605,950
—
605,950
Containers
&
Packaging
.................
—
1,160,175
—
1,160,175
Diversified
Consumer
Services
............
—
296,517
—
296,517
Diversified
REITs
......................
—
835,977
—
835,977
Diversified
Telecommunication
Services
.....
—
4,557,326
—
4,557,326
Electric
Utilities
........................
—
6,260,843
—
6,260,843
Electrical
Equipment
....................
—
514,989
—
514,989
Electronic
Equipment,
Instruments
&
Components
........................
—
1,071,619
—
1,071,619
Energy
Equipment
&
Services
.............
—
2,446,616
—
2,446,616
Entertainment
.........................
—
956,160
—
956,160
Financial
Services
......................
—
3,022,018
—
3,022,018
Food
Products
........................
—
2,672,984
—
2,672,984
Gas
Utilities
..........................
—
203,510
—
203,510
Ground
Transportation
..................
—
2,828,509
—
2,828,509
Health
Care
Equipment
&
Supplies
.........
—
1,956,042
—
1,956,042
Health
Care
Providers
&
Services
..........
—
7,039,900
—
7,039,900
Health
Care
REITs
.....................
—
1,725,604
—
1,725,604
Health
Care
Technology
.................
—
660,882
—
660,882
Hotel
&
Resort
REITs
...................
—
1,100,933
—
1,100,933
Hotels,
Restaurants
&
Leisure
.............
—
5,191,170
—
5,191,170
Household
Durables
....................
—
1,164,930
—
1,164,930
Household
Products
....................
—
373,047
—
373,047
6. 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
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Independent
Power
and
Renewable
Electricity
Producers
..........................
$
—
$
3,721,410
$
—
$
3,721,410
Insurance
............................
—
4,261,359
—
4,261,359
IT
Services
...........................
—
799,872
—
799,872
Leisure
Products
.......................
—
390,386
—
390,386
Life
Sciences
Tools
&
Services
............
—
139,060
—
139,060
Machinery
............................
—
1,926,383
—
1,926,383
Media
...............................
—
6,868,926
—
6,868,926
Metals
&
Mining
.......................
—
1,445,577
—
1,445,577
Multi-Utilities
..........................
—
1,718,983
—
1,718,983
Oil,
Gas
&
Consumable
Fuels
.............
—
13,585,569
—
13,585,569
Passenger
Airlines
.....................
—
1,102,248
—
1,102,248
Personal
Care
Products
.................
—
625,981
—
625,981
Pharmaceuticals
.......................
—
3,134,132
—
3,134,132
Residential
REITs
......................
—
302,630
—
302,630
Semiconductors
&
Semiconductor
Equipment
.
—
2,465,748
—
2,465,748
Software
.............................
—
2,794,742
—
2,794,742
Specialized
REITs
......................
—
1,713,400
—
1,713,400
Technology
Hardware,
Storage
&
Peripherals
.
—
1,213,538
—
1,213,538
Textiles,
Apparel
&
Luxury
Goods
..........
—
200,439
—
200,439
Tobacco
.............................
—
1,537,868
—
1,537,868
Trading
Companies
&
Distributors
..........
—
1,386,973
—
1,386,973
Transportation
Infrastructure
..............
—
112,200
—
112,200
Wireless
Telecommunication
Services
.......
—
2,543,037
2,221
2,545,258
Senior
Floating
Rate
Interests
...............
—
4,897,803
—
4,897,803
Marketplace
Loans
.......................
—
—
352,327
c
352,327
Foreign
Government
and
Agency
Securities
....
—
21,880,789
—
21,880,789
U.S.
Government
and
Agency
Securities
.......
—
26,937,775
—
26,937,775
Asset-Backed
Securities
...................
—
9,431,775
—
9,431,775
Commercial
Mortgage-Backed
Securities
......
—
18,166,514
—
18,166,514
Mortgage-Backed
Securities
................
—
41,752,853
—
41,752,853
Residential
Mortgage-Backed
Securities
.......
—
8,007,663
—
8,007,663
Agency
Commercial
Mortgage-Backed
Securities
—
12,845,945
—
12,845,945
Escrows
and
Litigation
Trusts
...............
—
1,227
1,135
c
2,362
Options
Purchased
.......................
—
214,811
—
214,811
Short
Term
Investments
...................
5,087,977
—
—
5,087,977
Total
Investments
in
Securities
...........
$5,090,667
$282,330,141
$426,402
$287,847,210
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$32,387
$—
$32,387
Futures
Contracts
.......................
76,312
—
—
76,312
Swap
Contracts
.........................
—
69,329
—
69,329
Unfunded
Loan
Commitments
..............
—
9
—
9
Total
Other
Financial
Instruments
.........
$76,312
$101,725
$—
$178,037
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
10,983,513
$
—
$
10,983,513
Options
Written
..........................
—
231,808
—
231,808
Forward
Exchange
Contracts
...............
—
279
—
279
Futures
Contracts
........................
349,982
—
—
349,982
Swap
Contracts
.........................
—
76,541
—
76,541
Unfunded
Loan
Commitments
...............
—
120
—
120
Total
Other
Financial
Instruments
.........
$349,982
$11,292,261
$—
$11,642,243
6. 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
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
8,885,034
$
—
$
8,885,034
U.S.
Government
and
Agency
Securities
.......
—
65,673,392
—
65,673,392
Mortgage-Backed
Securities
................
—
369,422,143
—
369,422,143
Short
Term
Investments
...................
40,700,897
—
—
40,700,897
Total
Investments
in
Securities
...........
$40,700,897
$443,980,569
$—
$484,681,466
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
10,864,595
$
—
$
—
$
10,864,595
Chile
................................
3,785,523
—
—
3,785,523
China
...............................
2,205,310
73,402,370
—
75,607,680
Hong
Kong
...........................
—
5,913,862
—
5,913,862
Hungary
.............................
3,376,636
—
—
3,376,636
India
................................
4,195,313
23,614,453
—
27,809,766
Indonesia
............................
—
1,222,543
—
1,222,543
Italy
.................................
—
162,515
—
162,515
Mexico
..............................
8,614,495
—
—
8,614,495
Peru
................................
1,538,730
—
—
1,538,730
Philippines
............................
—
1,219,919
—
1,219,919
Russia
...............................
—
—
—
i
—
South
Africa
...........................
7,474,196
2,316,292
—
9,790,488
South
Korea
..........................
—
77,534,053
—
77,534,053
Taiwan
...............................
—
79,538,418
—
79,538,418
Thailand
.............................
—
4,278,260
—
4,278,260
Turkiye
..............................
—
787,530
—
787,530
United
Arab
Emirates
....................
—
2,503,251
—
2,503,251
United
States
..........................
6,739,221
—
—
6,739,221
Preferred
Stocks
........................
20,574,046
—
—
20,574,046
Short
Term
Investments
...................
3,930,078
—
—
3,930,078
Total
Investments
in
Securities
...........
$73,298,143
$272,493,466
j
$—
$345,791,609
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Automobiles
..........................
$
19,928,903
$
13,743,796
$
—
$
33,672,699
Banks
...............................
18,299,487
89,206,709
—
107,506,196
Beverages
...........................
8,070,380
18,222,333
—
26,292,713
Broadline
Retail
.......................
13,772,523
13,149,329
—
26,921,852
Building
Products
......................
—
12,952,031
—
12,952,031
Capital
Markets
........................
18,382,240
32,280,438
—
50,662,678
Chemicals
...........................
—
13,821,833
—
13,821,833
Commercial
Services
&
Supplies
...........
—
13,153,637
—
13,153,637
Construction
&
Engineering
...............
—
16,193,609
—
16,193,609
Construction
Materials
..................
—
13,554,111
—
13,554,111
Consumer
Staples
Distribution
&
Retail
......
—
15,949,521
—
15,949,521
Containers
&
Packaging
.................
—
20,189,089
—
20,189,089
Diversified
Telecommunication
Services
.....
—
15,386,853
—
15,386,853
6. 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
Templeton
Foreign
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Electric
Utilities
........................
$
—
$
31,382,519
$
—
$
31,382,519
Electrical
Equipment
....................
—
31,917,508
—
31,917,508
Household
Durables
....................
—
8,484,680
—
8,484,680
Insurance
............................
13,810,027
17,342,560
—
31,152,587
Interactive
Media
&
Services
..............
—
11,283,649
—
11,283,649
Machinery
............................
13,988,689
29,063,223
—
43,051,912
Metals
&
Mining
.......................
—
18,127,502
—
18,127,502
Multi-Utilities
..........................
—
17,502,692
—
17,502,692
Oil,
Gas
&
Consumable
Fuels
.............
—
70,973,233
—
70,973,233
Personal
Care
Products
.................
—
18,813,747
—
18,813,747
Pharmaceuticals
.......................
—
70,973,186
—
70,973,186
Semiconductors
&
Semiconductor
Equipment
.
—
67,707,530
—
67,707,530
Specialty
Retail
........................
—
10,414,076
—
10,414,076
Technology
Hardware,
Storage
&
Peripherals
.
—
36,121,186
—
36,121,186
Textiles,
Apparel
&
Luxury
Goods
..........
—
21,853,793
—
21,853,793
Short
Term
Investments
...................
50,343,312
—
—
50,343,312
Total
Investments
in
Securities
...........
$156,595,561
$749,764,373
k
$—
$906,359,934
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
a
Foreign
Government
and
Agency
Securities
....
$
—
$
1,005,865,068
$
—
$
1,005,865,068
U.S.
Government
and
Agency
Securities
.......
—
125,978,986
—
125,978,986
Short
Term
Investments
...................
218,168,311
—
—
218,168,311
Total
Investments
in
Securities
...........
$218,168,311
$1,131,844,054
$—
$1,350,012,365
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,574,512
$—
$1,574,512
Total
Other
Financial
Instruments
.........
$—
$1,574,512
$—
$1,574,512
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
—
20,317,764
—
20,317,764
Total
Other
Financial
Instruments
.........
$—
$20,317,764
$—
$20,317,764
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
19,882,656
$
—
$
19,882,656
Automobiles
..........................
—
6,137,063
—
6,137,063
Banks
...............................
12,611,932
20,970,504
—
33,582,436
Broadline
Retail
.......................
14,980,976
—
—
14,980,976
Capital
Markets
........................
3,776,586
1,260,936
—
5,037,522
Chemicals
...........................
7,283,706
3,308,971
—
10,592,677
Construction
&
Engineering
...............
—
6,409,088
—
6,409,088
Construction
Materials
..................
4,129,850
—
—
4,129,850
Containers
&
Packaging
.................
7,308,106
—
—
7,308,106
Electric
Utilities
........................
—
8,446,112
—
8,446,112
Electrical
Equipment
....................
—
17,540,125
—
17,540,125
6. 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
Templeton
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Electronic
Equipment,
Instruments
&
Components
........................
$
—
$
4,947,112
$
—
$
4,947,112
Entertainment
.........................
7,095,582
—
—
7,095,582
Financial
Services
......................
3,452,185
—
—
3,452,185
Health
Care
Equipment
&
Supplies
.........
7,113,151
3,508,294
—
10,621,445
Health
Care
Providers
&
Services
..........
3,811,948
—
—
3,811,948
Industrial
Conglomerates
................
6,058,282
—
—
6,058,282
Insurance
............................
—
4,424,531
—
4,424,531
Interactive
Media
&
Services
..............
14,883,208
3,143,464
—
18,026,672
Life
Sciences
Tools
&
Services
............
7,041,167
—
—
7,041,167
Machinery
............................
3,707,935
4,476,733
—
8,184,668
Metals
&
Mining
.......................
—
1,181,241
—
1,181,241
Oil,
Gas
&
Consumable
Fuels
.............
4,342,404
5,999,934
—
10,342,338
Personal
Care
Products
.................
—
7,454,927
—
7,454,927
Pharmaceuticals
.......................
4,837,071
7,893,754
—
12,730,825
Real
Estate
Management
&
Development
....
—
3,226,216
—
3,226,216
Semiconductors
&
Semiconductor
Equipment
.
34,552,326
3,146,051
—
37,698,377
Software
.............................
10,603,150
—
—
10,603,150
Technology
Hardware,
Storage
&
Peripherals
.
13,412,802
4,679,508
—
18,092,310
Textiles,
Apparel
&
Luxury
Goods
..........
5,368,308
—
—
5,368,308
Trading
Companies
&
Distributors
..........
5,633,696
—
—
5,633,696
Short
Term
Investments
...................
1,289,345
16,500,000
—
17,789,345
Total
Investments
in
Securities
...........
$183,293,716
$154,537,220
l
$—
$337,830,936
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$75,844,049,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
foreign
securities
valued
at
$2,510,406,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$30,516,594,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
f
Includes
foreign
securities
valued
at
$199,036,995,
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
$149,965,332,
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
$62,248,418,
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
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,
2026.
j
Includes
foreign
securities
valued
at
$272,493,466,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
k
Includes
foreign
securities
valued
at
$749,764,373,
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
$138,037,220,
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.
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
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,
2026,
the
reconciliations
are
as
follows:
a
Includes
financial
instruments
determined
to
have
no
value.
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2026,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
Sales
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
....
$
6,790,472
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,407,301)
$
5,383,171
$
(1,407,301)
Media
...........
—
a
—
—
—
—
—
—
—
—
a
—
Semiconductors
&
Semiconductor
Equipment
.......
—
a
—
—
—
—
—
—
—
—
a
—
Software
..........
619,339
—
—
—
—
—
—
228,669
848,008
228,669
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
2,825,402
—
—
—
—
—
—
316,718
3,142,120
316,718
Diversified
Consumer
Services
........
938,130
—
—
—
—
—
—
(54,987)
883,143
(54,987)
Software
..........
6,407,461
—
—
—
—
—
—
(428,683)
5,978,778
(428,683)
Total
Investments
in
Securities
............
$17,580,804
$—
$—
$—
$—
$—
$—
$(1,345,584)
$16,235,220
$(1,345,584)
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
...............
$5,383,171
Market
comparables
Discount
for
lack
of
marketability
11.0%
Decrease
EV
/
revenue
multiple
2.8x
Increase
Revenue
$9.3
bil
Increase
Trade
Price
$60.9
Increase
All
Other
Investments
.............
10,852,049
b,c,d
Total
..........................
$16,235,220
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
Abbreviations
List
EV
-
Enterprise
value
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
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
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
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
UBSW
UBS
AG
WFLA
Wells
Fargo
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HUF
Hungarian
Forint
INR
Indian
Rupee
JPY
Japanese
Yen
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
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
ETM
Escrowed
to
Maturity
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
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
IO
Interest
Only
MBS
Mortgage-Backed
Security
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
3.68%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.