NPORT-EX 2 FTVIPT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
VIP-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
2
Franklin
DynaTech
VIP
Fund
43
Franklin
Global
Real
Estate
VIP
Fund
47
Franklin
Growth
and
Income
VIP
Fund
50
Franklin
Income
VIP
Fund
54
Franklin
Large
Cap
Growth
VIP
Fund
66
Franklin
Mutual
Global
Discovery
VIP
Fund
70
Franklin
Mutual
Shares
VIP
Fund
75
Franklin
Rising
Dividends
VIP
Fund
80
Franklin
Small
Cap
Value
VIP
Fund
83
Franklin
Small-Mid
Cap
Growth
VIP
Fund
87
Franklin
Strategic
Income
VIP
Fund
92
Franklin
U.S.
Government
Securities
VIP
Fund
121
Franklin
VolSmart
Allocation
VIP
Fund
125
Templeton
Developing
Markets
VIP
Fund
134
Templeton
Foreign
VIP
Fund
138
Templeton
Global
Bond
VIP
Fund
141
Templeton
Growth
VIP
Fund
147
Notes
to
Schedules
of
Investments
150
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
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
57.5%
Aerospace
&
Defense
2.0%
BAE
Systems
plc
.....................................
United
Kingdom
48,033
$
581,061
BWX
Technologies,
Inc.
................................
United
States
3,401
214,399
Dassault
Aviation
SA
...................................
France
3,666
725,279
General
Dynamics
Corp.
................................
United
States
1,162
265,180
Lockheed
Martin
Corp.
.................................
United
States
3,771
1,782,665
MTU
Aero
Engines
AG
.................................
Germany
4,700
1,176,182
Northrop
Grumman
Corp.
...............................
United
States
4,821
2,225,952
Raytheon
Technologies
Corp.
............................
United
States
36,908
3,614,401
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
403,760
743,731
Textron,
Inc.
.........................................
United
States
1,034
73,031
11,401,881
Air
Freight
&
Logistics
0.7%
Deutsche
Post
AG
.....................................
Germany
935
43,793
DSV
A/S
............................................
Denmark
6,228
1,207,621
Expeditors
International
of
Washington,
Inc.
.................
United
States
4,052
446,206
Nippon
Express
Holdings,
Inc.
............................
Japan
2,200
132,769
United
Parcel
Service,
Inc.,
B
............................
United
States
11,980
2,324,000
4,154,389
Automobile
Components
0.5%
a
Aptiv
plc
............................................
United
States
4,880
547,487
BorgWarner,
Inc.
......................................
United
States
2,245
110,252
Bridgestone
Corp.
.....................................
Japan
2,300
93,447
Continental
AG
.......................................
Germany
10,301
771,884
a
Faurecia
SE
.........................................
France
36,705
797,766
Valeo
..............................................
France
27,617
566,721
2,887,557
Automobiles
0.9%
Bayerische
Motoren
Werke
AG
...........................
Germany
13,802
1,512,751
General
Motors
Co.
....................................
United
States
30,647
1,124,132
Honda
Motor
Co.
Ltd.
..................................
Japan
24,000
634,924
Mazda
Motor
Corp.
....................................
Japan
14,900
137,458
Stellantis
NV
.........................................
United
States
28,439
517,223
a
Tesla,
Inc.
...........................................
United
States
4,515
936,682
Thor
Industries,
Inc.
...................................
United
States
1,271
101,222
4,964,392
Banks
2.9%
Banco
Bilbao
Vizcaya
Argentaria
SA
.......................
Spain
45,701
326,748
Bank
of
America
Corp.
.................................
United
States
93,533
2,675,044
Bank
OZK
...........................................
United
States
2,790
95,418
Citigroup,
Inc.
........................................
United
States
19,102
895,693
a
Danske
Bank
A/S
.....................................
Denmark
19,479
391,903
DBS
Group
Holdings
Ltd.
...............................
Singapore
20,100
499,721
FinecoBank
Banca
Fineco
SpA
...........................
Italy
72,000
1,103,171
First
Horizon
Corp.
....................................
United
States
13,451
239,159
FNB
Corp.
..........................................
United
States
8,857
102,741
ING
Groep
NV
.......................................
Netherlands
49,829
591,764
JPMorgan
Chase
&
Co.
.................................
United
States
18,994
2,475,108
Kasikornbank
PCL
....................................
Thailand
106,592
413,487
KB
Financial
Group,
Inc.
................................
South
Korea
16,867
613,823
Lloyds
Banking
Group
plc
...............................
United
Kingdom
1,192,910
701,426
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
15,000
96,144
NatWest
Group
plc
....................................
United
Kingdom
131,100
427,818
Oversea-Chinese
Banking
Corp.
Ltd.
.......................
Singapore
24,900
232,112
Resona
Holdings,
Inc.
..................................
Japan
10,800
52,109
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
20,652
$
559,017
Standard
Chartered
plc
.................................
United
Kingdom
162,113
1,228,765
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
12,900
516,304
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
.................
Japan
82,100
656,800
Swedbank
AB,
A
......................................
Sweden
22,776
374,537
UniCredit
SpA
........................................
Italy
17,413
328,213
US
Bancorp
.........................................
United
States
22,340
805,357
Webster
Financial
Corp.
................................
United
States
4,378
172,581
16,574,963
Beverages
1.0%
Brown-Forman
Corp.,
B
................................
United
States
5,393
346,608
b
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..............
China
47,100
143,340
Carlsberg
A/S,
B
......................................
Denmark
479
74,327
a
Coca-Cola
HBC
AG
...................................
Italy
3,142
86,020
Constellation
Brands,
Inc.,
A
.............................
United
States
1,404
317,150
Kirin
Holdings
Co.
Ltd.
.................................
Japan
5,200
82,280
a
Monster
Beverage
Corp.
................................
United
States
31,894
1,722,595
PepsiCo,
Inc.
........................................
United
States
14,166
2,582,462
Pernod
Ricard
SA
.....................................
France
1,682
380,874
5,735,656
Biotechnology
1.1%
AbbVie,
Inc.
.........................................
United
States
959
152,836
Amgen,
Inc.
.........................................
United
States
4,883
1,180,465
CSL
Ltd.
............................................
United
States
6,887
1,333,908
a
Genmab
A/S
.........................................
Denmark
2,900
1,096,239
Gilead
Sciences,
Inc.
..................................
United
States
10,150
842,146
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
1,353
1,111,720
a
Swedish
Orphan
Biovitrum
AB
............................
Sweden
4,731
110,233
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
1,153
363,276
6,190,823
Broadline
Retail
1.6%
a
Alibaba
Group
Holding
Ltd.
..............................
China
69,193
876,358
a
Amazon.com,
Inc.
.....................................
United
States
49,608
5,124,010
eBay,
Inc.
...........................................
United
States
7,763
344,444
a
Etsy,
Inc.
............................................
United
States
744
82,830
Macy's,
Inc.
..........................................
United
States
6,818
119,247
a
MercadoLibre,
Inc.
....................................
Brazil
1,070
1,410,324
Next
plc
............................................
United
Kingdom
608
49,422
Prosus
NV
..........................................
China
10,440
817,532
Seria
Co.
Ltd.
........................................
Japan
12,248
242,919
Wesfarmers
Ltd.
......................................
Australia
2,208
74,633
9,141,719
Building
Products
0.3%
Allegion
plc
..........................................
United
States
1,357
144,832
a
Builders
FirstSource,
Inc.
...............................
United
States
3,629
322,183
Cie
de
Saint-Gobain
...................................
France
8,117
461,421
Owens
Corning
.......................................
United
States
1,118
107,104
Trane
Technologies
plc
.................................
United
States
2,656
488,651
1,524,191
Capital
Markets
1.9%
3i
Group
plc
.........................................
United
Kingdom
24,021
500,722
Affiliated
Managers
Group,
Inc.
...........................
United
States
938
133,590
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Bank
of
New
York
Mellon
Corp.
(The)
......................
United
States
17,280
$
785,203
BlackRock,
Inc.
.......................................
United
States
365
244,229
Blackstone,
Inc.
......................................
United
States
1,000
87,840
Charles
Schwab
Corp.
(The)
.............................
United
States
18,360
961,697
Deutsche
Bank
AG
....................................
Germany
35,237
358,348
Deutsche
Boerse
AG
...................................
Germany
7,486
1,457,668
Evercore,
Inc.,
A
......................................
United
States
910
104,996
FactSet
Research
Systems,
Inc.
..........................
United
States
962
399,316
Intercontinental
Exchange,
Inc.
...........................
United
States
3,555
370,751
Intermediate
Capital
Group
plc
...........................
United
Kingdom
60,000
905,712
Jefferies
Financial
Group,
Inc.
............................
United
States
5,075
161,080
Lazard
Ltd.,
A
........................................
United
States
2,055
68,041
LPL
Financial
Holdings,
Inc.
.............................
United
States
2,017
408,241
Macquarie
Group
Ltd.
..................................
Australia
7,600
899,905
MarketAxess
Holdings,
Inc.
..............................
United
States
892
349,031
MSCI,
Inc.
...........................................
United
States
233
130,408
Raymond
James
Financial,
Inc.
...........................
United
States
785
73,217
S&P
Global,
Inc.
......................................
United
States
3,723
1,283,579
SEI
Investments
Co.
...................................
United
States
2,582
148,594
State
Street
Corp.
.....................................
United
States
4,856
367,551
Tradeweb
Markets,
Inc.,
A
...............................
United
States
3,100
244,962
UBS
Group
AG
.......................................
Switzerland
12,842
271,762
10,716,443
Chemicals
1.6%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
6,775
1,945,848
Albemarle
Corp.
......................................
United
States
1,672
369,579
BASF
SE
...........................................
Germany
1,624
85,262
CF
Industries
Holdings,
Inc.
.............................
United
States
4,957
359,333
b
Covestro
AG,
144A,
Reg
S
..............................
Germany
10,255
424,713
Ecolab,
Inc.
..........................................
United
States
1,621
268,324
ICL
Group
Ltd.
.......................................
Israel
17,760
120,256
Koninklijke
DSM
NV
...................................
Netherlands
6,900
816,614
Linde
plc
............................................
United
States
2,885
1,025,444
LyondellBasell
Industries
NV,
A
...........................
United
States
1,800
169,002
Mosaic
Co.
(The)
.....................................
United
States
3,731
171,178
Nitto
Denko
Corp.
.....................................
Japan
3,700
239,505
OCI
NV
.............................................
Netherlands
3,079
104,383
PPG
Industries,
Inc.
...................................
United
States
7,783
1,039,653
Sherwin-Williams
Co.
(The)
..............................
United
States
2,340
525,962
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
11,500
373,358
Sika
AG
............................................
Switzerland
3,400
953,737
Solvay
SA
...........................................
Belgium
2,071
236,863
Tosoh
Corp.
.........................................
Japan
5,500
74,753
9,303,767
Commercial
Services
&
Supplies
0.1%
Brambles
Ltd.
........................................
Australia
4,965
44,769
Cintas
Corp.
.........................................
United
States
267
123,535
a
Clean
Harbors,
Inc.
....................................
United
States
650
92,664
Republic
Services,
Inc.
.................................
United
States
1,600
216,352
Rollins,
Inc.
..........................................
United
States
2,566
96,302
Securitas
AB,
B
.......................................
Sweden
4,366
38,838
612,460
Communications
Equipment
0.8%
a
Arista
Networks,
Inc.
...................................
United
States
1,009
169,371
Cisco
Systems,
Inc.
...................................
United
States
43,386
2,268,003
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)
a
F5,
Inc.
.............................................
United
States
542
$
78,964
Motorola
Solutions,
Inc.
.................................
United
States
6,664
1,906,770
Telefonaktiebolaget
LM
Ericsson,
B
........................
Sweden
15,817
92,715
4,515,823
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
..............
Spain
5,975
190,311
Eiffage
SA
...........................................
France
760
82,248
Quanta
Services,
Inc.
..................................
United
States
467
77,821
350,380
Construction
Materials
0.4%
CRH
plc
............................................
Ireland
14,947
755,161
Eagle
Materials,
Inc.
...................................
United
States
578
84,822
James
Hardie
Industries
plc,
CDI
.........................
United
States
4,282
92,172
Martin
Marietta
Materials,
Inc.
............................
United
States
3,168
1,124,830
2,056,985
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
12,490
2,060,226
OneMain
Holdings,
Inc.
.................................
United
States
2,693
99,856
Synchrony
Financial
...................................
United
States
11,188
325,347
2,485,429
Consumer
Staples
Distribution
&
Retail
0.5%
Albertsons
Cos.,
Inc.,
A
.................................
United
States
4,243
88,169
Carrefour
SA
.........................................
France
4,064
82,168
Costco
Wholesale
Corp.
................................
United
States
200
99,374
Jeronimo
Martins
SGPS
SA
.............................
Portugal
3,430
80,516
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
15,930
544,276
Kroger
Co.
(The)
......................................
United
States
13,959
689,156
a
Performance
Food
Group
Co.
............................
United
States
1,258
75,908
Sundrug
Co.
Ltd.
......................................
Japan
15,193
416,884
Target
Corp.
.........................................
United
States
1,632
270,308
Walmart,
Inc.
........................................
United
States
3,960
583,902
2,930,661
Containers
&
Packaging
0.2%
Graphic
Packaging
Holding
Co.
...........................
United
States
7,364
187,708
a
SIG
Group
AG
.......................................
Switzerland
26,000
669,880
Smurfit
Kappa
Group
plc
................................
Ireland
985
35,728
893,316
Distributors
0.0%
†
Genuine
Parts
Co.
....................................
United
States
850
142,214
Diversified
Consumer
Services
0.0%
†
IDP
Education
Ltd.
....................................
Australia
2,104
38,776
Diversified
REITs
0.0%
†
Stockland
...........................................
Australia
49,964
133,803
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
...........................................
United
States
28,493
548,490
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
..............
Israel
59,023
80,304
Deutsche
Telekom
AG
..................................
Germany
7,399
179,303
Spark
New
Zealand
Ltd.
................................
New
Zealand
23,446
74,294
Swisscom
AG
........................................
Switzerland
659
420,578
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)
Diversified
Telecommunication
Services
(continued)
Telenor
ASA
.........................................
Norway
19,633
$
230,294
1,533,263
Electric
Utilities
0.7%
Acciona
SA
..........................................
Spain
676
135,639
American
Electric
Power
Co.,
Inc.
.........................
United
States
10,938
995,249
Edison
International
...................................
United
States
17,738
1,252,125
Elia
Group
SA/NV
.....................................
Belgium
905
119,516
Endesa
SA
..........................................
Spain
8,489
184,388
NextEra
Energy,
Inc.
...................................
United
States
10,382
800,245
NRG
Energy,
Inc.
.....................................
United
States
5,804
199,019
OGE
Energy
Corp.
....................................
United
States
5,077
191,200
Origin
Energy
Ltd.
.....................................
Australia
37,951
211,368
4,088,749
Electrical
Equipment
0.6%
Acuity
Brands,
Inc.
....................................
United
States
801
146,367
AMETEK,
Inc.
........................................
United
States
1,618
235,144
Eaton
Corp.
plc
.......................................
United
States
6,505
1,114,567
Fuji
Electric
Co.
Ltd.
...................................
Japan
3,300
130,338
Hubbell,
Inc.
.........................................
United
States
1,331
323,845
Mitsubishi
Electric
Corp.
................................
Japan
11,900
142,228
Prysmian
SpA
........................................
Italy
6,927
290,883
Schneider
Electric
SE
..................................
United
States
1,667
278,608
Vertiv
Holdings
Co.
....................................
United
States
64,922
929,034
3,591,014
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
A
....................................
United
States
8,650
706,878
a
Arrow
Electronics,
Inc.
.................................
United
States
634
79,167
Ibiden
Co.
Ltd.
.......................................
Japan
2,100
84,230
Jabil,
Inc.
...........................................
United
States
3,261
287,490
Keyence
Corp.
.......................................
Japan
400
196,073
a
Keysight
Technologies,
Inc.
..............................
United
States
889
143,556
TDK
Corp.
..........................................
Japan
3,800
136,426
TE
Connectivity
Ltd.
...................................
United
States
20,118
2,638,476
Vontier
Corp.
.........................................
United
States
2,769
75,704
Yokogawa
Electric
Corp.
................................
Japan
6,600
107,487
4,455,487
Energy
Equipment
&
Services
0.2%
SBM
Offshore
NV
.....................................
Netherlands
47,220
701,127
Schlumberger
NV
.....................................
United
States
4,735
232,489
a
Tecnicas
Reunidas
SA
.................................
Spain
16,850
184,723
1,118,339
Entertainment
0.7%
Activision
Blizzard,
Inc.
.................................
United
States
2,751
235,458
a
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
18,000
1,125,338
a
Netflix,
Inc.
..........................................
United
States
5,067
1,750,547
Nintendo
Co.
Ltd.
.....................................
Japan
6,500
252,508
a
ROBLOX
Corp.,
A
.....................................
United
States
3,300
148,434
a
Sea
Ltd.,
ADR
........................................
Singapore
4,022
348,104
Square
Enix
Holdings
Co.
Ltd.
............................
Japan
1,600
76,901
Universal
Music
Group
NV
..............................
Netherlands
2,389
60,504
a
Walt
Disney
Co.
(The)
..................................
United
States
912
91,319
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)
Entertainment
(continued)
World
Wrestling
Entertainment,
Inc.,
A
......................
United
States
1,066
$
97,283
4,186,396
Financial
Services
2.0%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
897
1,429,371
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
5,001
1,544,159
Edenred
............................................
France
4,705
278,477
a
Euronet
Worldwide,
Inc.
................................
United
States
680
76,092
a
EXOR
NV
...........................................
Netherlands
8,017
661,109
Housing
Development
Finance
Corp.
Ltd.
...................
India
20,916
670,879
Jack
Henry
&
Associates,
Inc.
............................
United
States
1,837
276,873
Mastercard,
Inc.,
A
....................................
United
States
3,589
1,304,278
MGIC
Investment
Corp.
.................................
United
States
7,496
100,596
ORIX
Corp.
..........................................
Japan
3,500
57,717
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
2,600
23,036
a
PayPal
Holdings,
Inc.
..................................
United
States
8,765
665,614
Visa,
Inc.,
A
..........................................
United
States
18,860
4,252,176
Western
Union
Co.
(The)
................................
United
States
9,789
109,147
11,449,524
Food
Products
0.4%
Archer-Daniels-Midland
Co.
.............................
United
States
989
78,784
Danone
SA
..........................................
France
1,113
69,258
Hershey
Co.
(The)
....................................
United
States
2,457
625,085
Lamb
Weston
Holdings,
Inc.
.............................
United
States
1,232
128,769
MEIJI
Holdings
Co.
Ltd.
.................................
Japan
6,200
147,478
Nestle
SA
...........................................
United
States
7,965
971,230
b
WH
Group
Ltd.,
144A,
Reg
S
............................
Hong
Kong
165,500
98,662
Yakult
Honsha
Co.
Ltd.
.................................
Japan
3,400
247,083
2,366,349
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
..................................
United
States
1,296
74,831
Tokyo
Gas
Co.
Ltd.
....................................
Japan
9,000
169,164
243,995
Ground
Transportation
0.5%
Aurizon
Holdings
Ltd.
..................................
Australia
49,916
112,437
a
Avis
Budget
Group,
Inc.
................................
United
States
633
123,308
Canadian
Pacific
Railway
Ltd.
............................
Canada
5,360
412,398
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
1,150
201,779
Kintetsu
Group
Holdings
Co.
Ltd.
.........................
Japan
2,900
93,435
Norfolk
Southern
Corp.
.................................
United
States
1,154
244,648
Ryder
System,
Inc.
....................................
United
States
1,229
109,676
a
Uber
Technologies,
Inc.
.................................
United
States
20,262
642,305
Union
Pacific
Corp.
....................................
United
States
4,648
935,457
2,875,443
Health
Care
Equipment
&
Supplies
2.1%
Abbott
Laboratories
....................................
United
States
2,252
228,038
Alcon,
Inc.,
(CHF
Traded)
...............................
Switzerland
14,500
1,029,375
Alcon,
Inc.,
(USD
Traded)
...............................
Switzerland
10,702
754,919
a
Align
Technology,
Inc.
..................................
United
States
269
89,884
Asahi
Intecc
Co.
Ltd.
...................................
Japan
40,000
706,837
Becton
Dickinson
&
Co.
.................................
United
States
5,688
1,408,008
BioMerieux
..........................................
France
1,048
110,481
Cochlear
Ltd.
........................................
Australia
6,400
1,018,959
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)
Health
Care
Equipment
&
Supplies
(continued)
a
Dexcom,
Inc.
.........................................
United
States
6,286
$
730,307
a
Edwards
Lifesciences
Corp.
.............................
United
States
4,707
389,410
EssilorLuxottica
SA
....................................
France
937
168,970
a
Haemonetics
Corp.
....................................
United
States
2,524
208,861
a
Hologic,
Inc.
.........................................
United
States
6,163
497,354
Hoya
Corp.
..........................................
Japan
1,400
154,741
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,575
787,626
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,643
1,441,617
Olympus
Corp.
.......................................
Japan
23,500
412,787
Stryker
Corp.
........................................
United
States
3,752
1,071,083
Teleflex,
Inc.
.........................................
United
States
1,267
320,944
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
1,065
137,598
11,667,799
Health
Care
Providers
&
Services
1.6%
a
Centene
Corp.
.......................................
United
States
9,457
597,777
Cigna
Group
(The)
....................................
United
States
400
102,212
CVS
Health
Corp.
.....................................
United
States
6,365
472,983
Elevance
Health,
Inc.
..................................
United
States
3,408
1,567,033
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
10,471
444,454
HCA
Healthcare,
Inc.
...................................
United
States
440
116,019
Humana,
Inc.
........................................
United
States
524
254,381
Laboratory
Corp.
of
America
Holdings
......................
United
States
1,010
231,714
McKesson
Corp.
......................................
United
States
3,864
1,375,777
Sonic
Healthcare
Ltd.
..................................
Australia
6,416
150,422
UnitedHealth
Group,
Inc.
................................
United
States
7,914
3,740,077
9,052,849
Health
Care
REITs
0.0%
†
Medical
Properties
Trust,
Inc.
............................
United
States
15,173
124,722
Health
Care
Technology
0.0%
†
M3,
Inc.
............................................
Japan
1,500
37,759
a
Veeva
Systems,
Inc.,
A
.................................
United
States
700
128,653
166,412
Hotels,
Restaurants
&
Leisure
0.7%
a
Airbnb,
Inc.,
A
........................................
United
States
1,000
124,400
a
Amadeus
IT
Group
SA
.................................
Spain
18,700
1,254,520
a
Booking
Holdings,
Inc.
.................................
United
States
168
445,605
Boyd
Gaming
Corp.
...................................
United
States
1,592
102,079
Compass
Group
plc
...................................
United
Kingdom
7,546
189,658
Genting
Singapore
Ltd.
.................................
Singapore
53,200
44,901
b
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
.................
France
2,906
121,121
a
Las
Vegas
Sands
Corp.
.................................
United
States
6,338
364,118
Lottery
Corp.
Ltd.
(The)
.................................
Australia
60,095
206,704
McDonald's
Corp.
.....................................
United
States
2,066
577,674
Yum!
Brands,
Inc.
.....................................
United
States
1,660
219,253
3,650,033
Household
Durables
0.4%
Barratt
Developments
plc
...............................
United
Kingdom
84,064
483,809
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...................
China
41,900
223,758
a
NVR,
Inc.
...........................................
United
States
42
234,032
Persimmon
plc
.......................................
United
Kingdom
29,729
461,661
Sekisui
House
Ltd.
....................................
Japan
16,400
334,303
Sony
Group
Corp.
.....................................
Japan
3,748
341,432
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)
Household
Durables
(continued)
Taylor
Wimpey
plc
.....................................
United
Kingdom
40,737
$
59,936
2,138,931
Household
Products
0.3%
Colgate-Palmolive
Co.
.................................
United
States
14,890
1,118,983
Kimberly-Clark
Corp.
...................................
United
States
598
80,264
Procter
&
Gamble
Co.
(The)
.............................
United
States
542
80,590
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
2,305
175,373
Unicharm
Corp.
.......................................
Japan
1,900
78,113
1,533,323
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Corp.
ACCIONA
Energias
Renovables
SA
...................
Spain
1,067
41,382
RWE
AG
............................................
Germany
2,275
97,894
139,276
Industrial
Conglomerates
0.4%
3M
Co.
.............................................
United
States
4,663
490,128
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
149,000
921,805
Hitachi
Ltd.
..........................................
Japan
15,806
868,839
2,280,772
Industrial
REITs
0.1%
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
3,247
172,740
Goodman
Group
......................................
Australia
9,902
125,664
Prologis,
Inc.
.........................................
United
States
398
49,659
348,063
Insurance
1.6%
AIA
Group
Ltd.
.......................................
Hong
Kong
63,946
670,620
Aon
plc,
A
...........................................
United
States
1,348
425,011
a
Arch
Capital
Group
Ltd.
.................................
United
States
8,960
608,115
Assured
Guaranty
Ltd.
.................................
United
States
1,452
72,992
Erie
Indemnity
Co.,
A
...................................
United
States
596
138,069
Everest
Re
Group
Ltd.
.................................
United
States
199
71,246
Globe
Life,
Inc.
.......................................
United
States
1,629
179,223
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,754
122,236
Japan
Post
Holdings
Co.
Ltd.
............................
Japan
53,000
430,212
Legal
&
General
Group
plc
..............................
United
Kingdom
146,010
431,876
Marsh
&
McLennan
Cos.,
Inc.
............................
United
States
10,377
1,728,289
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
572
200,001
b
Poste
Italiane
SpA,
144A,
Reg
S
..........................
Italy
4,262
43,464
Progressive
Corp.
(The)
................................
United
States
8,584
1,228,027
Prudential
plc,
(GBP
Traded)
.............................
Hong
Kong
29,899
409,399
Prudential
plc,
(HKD
Traded)
.............................
Hong
Kong
6,500
87,826
Sampo
OYJ,
A
.......................................
Finland
3,670
173,178
Tokio
Marine
Holdings,
Inc.
..............................
Japan
7,400
142,434
Travelers
Cos.,
Inc.
(The)
...............................
United
States
5,502
943,098
Unum
Group
.........................................
United
States
5,002
197,879
Zurich
Insurance
Group
AG
..............................
Switzerland
1,041
498,873
8,802,068
Interactive
Media
&
Services
1.8%
a
Alphabet,
Inc.,
A
......................................
United
States
39,087
4,054,494
a
Alphabet,
Inc.,
C
......................................
United
States
12,109
1,259,336
b
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
15,649
119,376
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)
Interactive
Media
&
Services
(continued)
a
Meta
Platforms,
Inc.,
A
.................................
United
States
22,350
$
4,736,859
10,170,065
IT
Services
0.7%
Amdocs
Ltd.
.........................................
United
States
3,066
294,428
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
2,223
135,447
a
DXC
Technology
Co.
...................................
United
States
30,575
781,497
a
Gartner,
Inc.
.........................................
United
States
331
107,830
Keywords
Studios
plc
..................................
Ireland
34,000
1,156,865
Otsuka
Corp.
........................................
Japan
2,500
88,800
a
Shopify,
Inc.,
A
.......................................
Canada
19,200
920,448
a
Snowflake,
Inc.,
A
.....................................
United
States
1,500
231,435
TIS,
Inc.
............................................
Japan
6,600
174,568
a
VeriSign,
Inc.
........................................
United
States
425
89,815
3,981,133
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
............................
Japan
4,200
90,562
Life
Sciences
Tools
&
Services
1.2%
Agilent
Technologies,
Inc.
...............................
United
States
3,814
527,629
Danaher
Corp.
.......................................
United
States
2,987
752,843
Eurofins
Scientific
SE
..................................
Luxembourg
697
46,673
a
Evotec
SE
...........................................
Germany
52,000
1,098,399
a
Illumina,
Inc.
.........................................
United
States
1,446
336,267
a
Mettler-Toledo
International,
Inc.
..........................
United
States
1,316
2,013,756
a
QIAGEN
NV
.........................................
United
States
810
36,894
Sartorius
Stedim
Biotech
................................
France
258
79,157
Thermo
Fisher
Scientific,
Inc.
............................
United
States
2,553
1,471,473
a
Waters
Corp.
........................................
United
States
1,195
370,008
6,733,099
Machinery
1.5%
AGCO
Corp.
.........................................
United
States
1,573
212,670
Allison
Transmission
Holdings,
Inc.
........................
United
States
2,340
105,862
Atlas
Copco
AB,
B
.....................................
Sweden
9,664
111,161
Deere
&
Co.
.........................................
United
States
6,535
2,698,171
Dover
Corp.
.........................................
United
States
1,100
167,134
Illinois
Tool
Works,
Inc.
.................................
United
States
7,041
1,714,131
Ingersoll
Rand,
Inc.
....................................
United
States
4,826
280,777
Komatsu
Ltd.
........................................
Japan
14,900
369,950
Lincoln
Electric
Holdings,
Inc.
............................
United
States
1,401
236,909
Mitsubishi
Heavy
Industries
Ltd.
..........................
Japan
8,900
327,934
NGK
Insulators
Ltd.
....................................
Japan
5,000
66,312
Otis
Worldwide
Corp.
..................................
United
States
9,449
797,496
PACCAR,
Inc.
........................................
United
States
6,807
498,272
a
Proterra,
Inc.
.........................................
United
States
8,839
13,435
SKF
AB,
B
..........................................
Sweden
10,396
204,766
Snap-on,
Inc.
........................................
United
States
1,322
326,389
Timken
Co.
(The)
.....................................
United
States
1,528
124,868
Volvo
AB,
A
..........................................
Sweden
2,081
44,762
Xylem,
Inc.
..........................................
United
States
2,400
251,280
8,552,279
Marine
Transportation
0.0%
†
AP
Moller
-
Maersk
A/S,
A
...............................
Denmark
47
83,382
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)
Marine
Transportation
(continued)
SITC
International
Holdings
Co.
Ltd.
.......................
China
35,000
$
75,220
158,602
Media
1.1%
a
Ascential
plc
.........................................
United
Kingdom
275,000
817,635
Cable
One,
Inc.
.......................................
United
States
104
73,008
a
Charter
Communications,
Inc.,
A
..........................
United
States
3,507
1,254,138
Comcast
Corp.,
A
.....................................
United
States
39,853
1,510,827
CyberAgent,
Inc.
......................................
Japan
74,000
627,083
a
DISH
Network
Corp.,
A
.................................
United
States
45,605
425,495
Hakuhodo
DY
Holdings,
Inc.
.............................
Japan
6,600
74,838
Nexstar
Media
Group,
Inc.,
A
.............................
United
States
416
71,827
Omnicom
Group,
Inc.
..................................
United
States
841
79,340
Publicis
Groupe
SA
....................................
France
671
52,381
a
S4
Capital
plc
........................................
United
Kingdom
121,762
244,245
a
Viaplay
Group
AB,
B
...................................
Sweden
40,000
1,022,541
6,253,358
Metals
&
Mining
0.5%
BHP
Group
Ltd.
......................................
Australia
25,960
820,759
Fortescue
Metals
Group
Ltd.
.............................
Australia
21,618
324,977
Freeport-McMoRan,
Inc.
................................
United
States
4,428
181,150
Glencore
plc
.........................................
Australia
64,345
370,285
Nucor
Corp.
.........................................
United
States
2,519
389,110
Pilbara
Minerals
Ltd.
...................................
Australia
39,001
103,766
Rio
Tinto
Ltd.
........................................
Australia
2,839
228,130
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
14,365
549,744
2,967,921
Multi-Utilities
0.8%
Consolidated
Edison,
Inc.
...............................
United
States
8,155
780,189
E.ON
SE
............................................
Germany
62,988
785,794
Engie
SA
...........................................
France
10,593
167,639
Sempra
Energy
.......................................
United
States
17,787
2,688,683
4,422,305
Office
REITs
0.0%
†
Japan
Real
Estate
Investment
Corp.
.......................
Japan
14
55,802
Oil,
Gas
&
Consumable
Fuels
2.4%
APA
Corp.
...........................................
United
States
7,998
288,408
BP
plc
..............................................
United
Kingdom
291,558
1,842,949
Chevron
Corp.
.......................................
United
States
14,206
2,317,851
ConocoPhillips
.......................................
United
States
27,073
2,685,912
Devon
Energy
Corp.
...................................
United
States
1,305
66,046
Equinor
ASA
.........................................
Norway
15,606
443,834
Exxon
Mobil
Corp.
.....................................
United
States
7,727
847,343
Galp
Energia
SGPS
SA,
B
..............................
Portugal
38,430
434,866
Idemitsu
Kosan
Co.
Ltd.
................................
Japan
3,900
85,395
Inpex
Corp.
..........................................
Japan
5,900
62,446
Marathon
Petroleum
Corp.
..............................
United
States
4,929
664,577
OMV
AG
............................................
Austria
1,721
79,037
Ovintiv,
Inc.
..........................................
United
States
4,336
156,443
PDC
Energy,
Inc.
.....................................
United
States
2,225
142,801
Repsol
SA
...........................................
Spain
8,933
137,377
Santos
Ltd.
..........................................
Australia
25,810
118,797
Shell
plc
............................................
Netherlands
57,705
1,644,645
TotalEnergies
SE
.....................................
France
9,270
546,619
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
...................................
United
States
8,655
$
1,208,238
13,773,584
Paper
&
Forest
Products
0.0%
†
Mondi
plc
...........................................
Austria
6,200
98,446
a
UPM-Kymmene
OYJ
...................................
Finland
1,130
37,956
136,402
Passenger
Airlines
0.0%
†
a
Delta
Air
Lines,
Inc.
....................................
United
States
3,675
128,331
a
Qantas
Airways
Ltd.
...................................
Australia
11,176
49,887
178,218
Personal
Care
Products
0.5%
Beiersdorf
AG
........................................
Germany
2,342
304,679
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
3,590
884,791
Haleon
plc,
ADR
......................................
United
States
124,280
1,011,639
L'Oreal
SA
..........................................
France
1,693
756,540
2,957,649
Pharmaceuticals
2.4%
AstraZeneca
plc
......................................
United
Kingdom
4,912
680,634
AstraZeneca
plc,
ADR
..................................
United
Kingdom
5,614
389,668
Bayer
AG
...........................................
Germany
22,030
1,407,377
Bristol-Myers
Squibb
Co.
................................
United
States
9,124
632,385
a
Catalent,
Inc.
........................................
United
States
6,689
439,534
Eli
Lilly
&
Co.
........................................
United
States
3,665
1,258,634
GSK
plc
............................................
United
States
33,341
589,161
Ipsen
SA
............................................
France
1,002
110,337
Johnson
&
Johnson
...................................
United
States
8,827
1,368,185
Merck
&
Co.,
Inc.
.....................................
United
States
22,047
2,345,580
Novartis
AG
.........................................
Switzerland
5,691
522,568
Novo
Nordisk
A/S,
B
...................................
Denmark
5,252
834,148
Orion
OYJ,
B
........................................
Finland
2,744
122,657
Pfizer,
Inc.
...........................................
United
States
24,166
985,973
Roche
Holding
AG
....................................
United
States
1,025
292,902
Sanofi
SA
...........................................
United
States
2,367
256,781
Shionogi
&
Co.
Ltd.
....................................
Japan
7,300
329,320
Zoetis,
Inc.
..........................................
United
States
5,301
882,298
13,448,142
Professional
Services
0.8%
Adecco
Group
AG
.....................................
Switzerland
17,531
638,602
Automatic
Data
Processing,
Inc.
..........................
United
States
1,159
258,028
a
CACI
International,
Inc.,
A
...............................
United
States
258
76,440
a
Clarivate
plc
.........................................
United
States
32,000
300,480
a
CoStar
Group,
Inc.
....................................
United
States
4,000
275,400
Equifax,
Inc.
.........................................
United
States
1,090
221,096
Experian
plc
.........................................
United
States
27,000
889,121
Genpact
Ltd.
.........................................
United
States
4,642
214,553
Paychex,
Inc.
........................................
United
States
6,046
692,811
Persol
Holdings
Co.
Ltd.
................................
Japan
2,200
44,304
Randstad
NV
........................................
Netherlands
2,970
176,321
RELX
plc
...........................................
United
Kingdom
3,544
114,789
Science
Applications
International
Corp.
....................
United
States
1,360
146,146
Verisk
Analytics,
Inc.
...................................
United
States
661
126,819
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)
Professional
Services
(continued)
Wolters
Kluwer
NV
....................................
Netherlands
3,815
$
481,615
4,656,525
Real
Estate
Management
&
Development
0.1%
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
27,500
166,723
Daito
Trust
Construction
Co.
Ltd.
..........................
Japan
600
59,787
a
Fastighets
AB
Balder,
B
.................................
Sweden
15,137
62,191
Hulic
Co.
Ltd.
........................................
Japan
10,200
83,910
a
Jones
Lang
LaSalle,
Inc.
................................
United
States
438
63,725
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
3,300
73,085
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
14,000
107,589
Swiss
Prime
Site
AG
...................................
Switzerland
946
78,671
695,681
Residential
REITs
0.0%
†
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
3,250
218,173
Retail
REITs
0.1%
Japan
Metropolitan
Fund
Investment
Corp.
..................
Japan
78
56,968
Klepierre
SA
.........................................
France
4,905
111,212
Simon
Property
Group,
Inc.
..............................
United
States
2,433
272,423
a
Unibail-Rodamco-Westfield
..............................
France
1,782
95,887
536,490
Semiconductors
&
Semiconductor
Equipment
3.2%
Advantest
Corp.
......................................
Japan
4,500
417,241
ASML
Holding
NV
.....................................
Netherlands
2,138
1,457,003
ASML
Holding
NV,
ADR
................................
Netherlands
1,022
695,686
ASML
Holding
NV,
NYRS
...............................
Netherlands
1,140
776,009
Broadcom,
Inc.
.......................................
United
States
349
223,897
a
Cirrus
Logic,
Inc.
......................................
United
States
1,344
147,007
Disco
Corp.
..........................................
Japan
900
104,714
a
Enphase
Energy,
Inc.
..................................
United
States
348
73,177
Infineon
Technologies
AG
...............................
Germany
21,812
895,756
Intel
Corp.
...........................................
United
States
46,642
1,523,794
KLA
Corp.
...........................................
United
States
1,355
540,875
a
Lattice
Semiconductor
Corp.
.............................
United
States
745
71,148
Microchip
Technology,
Inc.
..............................
United
States
7,383
618,548
Monolithic
Power
Systems,
Inc.
...........................
United
States
1,200
600,648
NVIDIA
Corp.
........................................
United
States
14,332
3,981,000
NXP
Semiconductors
NV
...............................
China
4,496
838,392
a
ON
Semiconductor
Corp.
...............................
United
States
8,526
701,860
QUALCOMM,
Inc.
.....................................
United
States
7,916
1,009,923
STMicroelectronics
NV
.................................
Singapore
10,611
565,419
SUMCO
Corp.
.......................................
Japan
9,300
139,930
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
47,586
831,728
Texas
Instruments,
Inc.
.................................
United
States
11,547
2,147,858
18,361,613
Software
5.0%
a
Adobe,
Inc.
..........................................
United
States
2,096
807,736
a
ANSYS,
Inc.
.........................................
United
States
381
126,797
a
Atlassian
Corp.,
A
.....................................
United
States
3,437
588,311
a
Autodesk,
Inc.
........................................
United
States
1,942
404,247
a
BILL
Holdings,
Inc.
....................................
United
States
2,700
219,078
a
Cadence
Design
Systems,
Inc.
...........................
United
States
6,368
1,337,853
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,759
228,670
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
300
41,178
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
CyberArk
Software
Ltd.
.................................
United
States
7,642
$
1,130,863
Dolby
Laboratories,
Inc.,
A
...............................
United
States
1,546
132,059
a
Fair
Isaac
Corp.
......................................
United
States
600
421,614
a
Gitlab,
Inc.,
A
........................................
United
States
300
10,287
Intuit,
Inc.
...........................................
United
States
2,185
974,139
a
Manhattan
Associates,
Inc.
..............................
United
States
1,586
245,592
Microsoft
Corp.
.......................................
United
States
38,454
11,086,288
a
Nice
Ltd.,
ADR
.......................................
Israel
4,600
1,052,894
Oracle
Corp.
.........................................
United
States
9,966
926,041
a
Palo
Alto
Networks,
Inc.
................................
United
States
4,797
958,153
a
Paycom
Software,
Inc.
.................................
United
States
400
121,604
a
Procore
Technologies,
Inc.
..............................
United
States
200
12,526
a
PTC,
Inc.
...........................................
United
States
3,021
387,383
Sage
Group
plc
(The)
..................................
United
Kingdom
28,046
269,164
a
Salesforce,
Inc.
.......................................
United
States
6,116
1,221,854
a
ServiceNow,
Inc.
......................................
United
States
1,944
903,416
SimCorp
A/S
.........................................
Denmark
14,500
1,096,778
a
Splunk,
Inc.
..........................................
United
States
5,217
500,206
a
Synopsys,
Inc.
.......................................
United
States
1,692
653,535
a
Teradata
Corp.
.......................................
United
States
2,546
102,553
a
Tyler
Technologies,
Inc.
.................................
United
States
496
175,901
a
Unity
Software,
Inc.
....................................
United
States
3,734
121,131
a
VMware,
Inc.,
A
.......................................
United
States
5,359
669,071
WiseTech
Global
Ltd.
..................................
Australia
3,885
171,161
a
Workday,
Inc.,
A
......................................
United
States
4,879
1,007,709
28,105,792
Specialized
REITs
0.6%
American
Tower
Corp.
..................................
United
States
5,016
1,024,969
Crown
Castle,
Inc.
.....................................
United
States
2,261
302,612
Equinix,
Inc.
.........................................
United
States
892
643,168
Gaming
and
Leisure
Properties,
Inc.
.......................
United
States
1,462
76,112
Public
Storage
.......................................
United
States
3,442
1,039,966
3,086,827
Specialty
Retail
0.7%
a
AutoZone,
Inc.
.......................................
United
States
92
226,150
Best
Buy
Co.,
Inc.
.....................................
United
States
871
68,173
Home
Depot,
Inc.
(The)
.................................
United
States
4,841
1,428,676
Industria
de
Diseno
Textil
SA
.............................
Spain
7,776
261,248
JD
Sports
Fashion
plc
..................................
United
Kingdom
29,130
64,156
Lowe's
Cos.,
Inc.
......................................
United
States
2,078
415,537
Penske
Automotive
Group,
Inc.
...........................
United
States
646
91,609
TJX
Cos.,
Inc.
(The)
...................................
United
States
2,991
234,375
a
Ulta
Beauty,
Inc.
......................................
United
States
888
484,555
Williams-Sonoma,
Inc.
.................................
United
States
1,412
171,784
a,b
Zalando
SE,
144A,
Reg
S
...............................
Germany
2,757
115,553
ZOZO,
Inc.
..........................................
Japan
3,500
80,064
3,641,880
Technology
Hardware,
Storage
&
Peripherals
1.9%
Apple,
Inc.
..........................................
United
States
50,217
8,280,783
Hewlett
Packard
Enterprise
Co.
...........................
United
States
32,518
518,012
Logitech
International
SA
...............................
Switzerland
621
36,248
a
Pure
Storage,
Inc.,
A
...................................
United
States
3,101
79,106
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
30,423
1,499,080
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
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Seiko
Epson
Corp.
....................................
Japan
8,000
$
114,322
10,527,551
Textiles,
Apparel
&
Luxury
Goods
0.6%
Burberry
Group
plc
....................................
United
Kingdom
10,374
332,201
Cie
Financiere
Richemont
SA
............................
Switzerland
1,660
266,206
a
Deckers
Outdoor
Corp.
.................................
United
States
670
301,198
Hermes
International
...................................
France
97
196,459
a
Lululemon
Athletica,
Inc.
................................
United
States
225
81,943
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
746
684,791
NIKE,
Inc.,
B
.........................................
United
States
12,031
1,475,482
Swatch
Group
AG
(The)
................................
Switzerland
466
160,495
Swatch
Group
AG
(The)
................................
Switzerland
1,370
86,872
3,585,647
Tobacco
0.3%
Altria
Group,
Inc.
......................................
United
States
6,252
278,964
Imperial
Brands
plc
....................................
United
Kingdom
51,800
1,191,273
Philip
Morris
International,
Inc.
...........................
United
States
1,389
135,080
1,605,317
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
.........................................
United
States
7,200
388,368
Marubeni
Corp.
.......................................
Japan
13,300
180,903
Mitsubishi
Corp.
......................................
Japan
12,300
442,085
RS
Group
plc
........................................
United
Kingdom
67,000
757,585
WW
Grainger,
Inc.
.....................................
United
States
1,966
1,354,200
3,123,141
Transportation
Infrastructure
0.0%
†
a,b
Aena
SME
SA,
144A,
Reg
S
.............................
Spain
313
50,617
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
..........................
United
States
1,619
237,167
Essential
Utilities,
Inc.
..................................
United
States
1,813
79,138
316,305
Wireless
Telecommunication
Services
0.1%
KDDI
Corp.
..........................................
Japan
15,800
487,310
a
T-Mobile
US,
Inc.
.....................................
United
States
1,068
154,689
641,999
Total
Common
Stocks
(Cost
$272,488,158)
.....................................
325,601,114
Management
Investment
Companies
2.0%
Capital
Markets
2.0%
Schwab
U.S.
TIPS
ETF
.................................
United
States
207,048
11,099,844
Total
Management
Investment
Companies
(Cost
$12,735,004)
....................
11,099,844
Preferred
Stocks
0.0%
†
Life
Sciences
Tools
&
Services
0.0%
†
c
Sartorius
AG,
0.37%
...................................
Germany
502
211,581
Total
Preferred
Stocks
(Cost
$205,628)
.........................................
211,581
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
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
Tobacco
0.0%
a,d
Swedish
Match
AB,
2/23/28
..............................
Sweden
17,324
$
—
Total
Rights
(Cost
$182,401)
..................................................
—
Units
Limited
Partnerships
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Enterprise
Products
Partners
LP
..........................
United
States
61,784
1,600,206
Enterprise
Products
Partners
LP
..........................
United
States
9,090
235,431
1,835,637
Total
Limited
Partnerships
(Cost
$1,817,598)
...................................
1,835,637
Principal
Amount
*
Corporate
Bonds
10.6%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
20,000
18,288
Senior
Bond,
3.25%,
2/01/35
...........................
United
States
30,000
24,527
Senior
Bond,
3.5%,
3/01/39
............................
United
States
200,000
157,406
Senior
Bond,
5.705%,
5/01/40
..........................
United
States
30,000
30,379
Senior
Bond,
5.805%,
5/01/50
..........................
United
States
60,000
60,483
Senior
Bond,
5.93%,
5/01/60
...........................
United
States
20,000
20,016
Senior
Note,
4.875%,
5/01/25
..........................
United
States
70,000
69,892
Senior
Note,
2.196%,
2/04/26
..........................
United
States
350,000
324,890
Senior
Note,
5.15%,
5/01/30
...........................
United
States
50,000
50,339
General
Dynamics
Corp.
,
Senior
Bond
,
4.25
%
,
4/01/50
.........
United
States
10,000
9,367
Lockheed
Martin
Corp.
,
Senior
Bond,
3.9%,
6/15/32
............................
United
States
10,000
9,733
Senior
Bond,
4.15%,
6/15/53
...........................
United
States
50,000
45,518
Northrop
Grumman
Corp.
,
Senior
Bond,
3.25%,
1/15/28
...........................
United
States
10,000
9,506
Senior
Bond,
5.25%,
5/01/50
...........................
United
States
190,000
197,057
Senior
Note,
2.93%,
1/15/25
...........................
United
States
20,000
19,375
Raytheon
Technologies
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.........................
United
States
20,000
19,732
Senior
Bond,
4.5%,
6/01/42
............................
United
States
300,000
284,621
Senior
Bond,
4.15%,
5/15/45
...........................
United
States
20,000
17,508
Senior
Bond,
3.125%,
7/01/50
..........................
United
States
30,000
22,413
1,391,050
Air
Freight
&
Logistics
0.0%
†
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.......
United
States
100,000
85,635
Automobiles
0.0%
†
General
Motors
Co.
,
Senior
Bond
,
6.6
%
,
4/01/36
..............
United
States
20,000
20,614
Banks
2.4%
b
Banco
de
Chile
,
Senior
Bond
,
144A,
2.99
%
,
12/09/31
..........
Chile
200,000
164,206
Bancolombia
SA
,
Senior
Note
,
3
%
,
1/29/25
..................
Colombia
250,000
235,416
Bank
of
America
Corp.
,
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
80,000
74,393
Senior
Bond,
3.974%
to
2/06/29,
FRN
thereafter,
2/07/30
.....
United
States
30,000
28,068
Senior
Bond,
2.572%
to
10/19/31,
FRN
thereafter,
10/20/32
...
United
States
90,000
73,621
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
70,000
66,685
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Bond,
5%,
1/21/44
.............................
United
States
20,000
$
19,240
Senior
Bond,
4.083%
to
3/19/50,
FRN
thereafter,
3/20/51
.....
United
States
100,000
82,330
Senior
Note,
3.864%
to
7/22/23,
FRN
thereafter,
7/23/24
......
United
States
200,000
198,893
Senior
Note,
1.319%
to
6/18/25,
FRN
thereafter,
6/19/26
......
United
States
150,000
137,228
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
....
United
States
1,030,000
1,077,666
Sub.
Bond,
4%,
1/22/25
..............................
United
States
20,000
19,555
Sub.
Bond,
4.25%,
10/22/26
...........................
United
States
100,000
96,965
Sub.
Bond,
2.482%
to
9/20/31,
FRN
thereafter,
9/21/36
.......
United
States
10,000
7,601
L,
Sub.
Bond,
4.183%,
11/25/27
........................
United
States
200,000
193,446
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
...............
Canada
30,000
28,109
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
3.45%,
4/11/25
...........................
Canada
50,000
48,521
Sub.
Bond,
4.588%
to
5/03/32,
FRN
thereafter,
5/04/37
.......
Canada
10,000
8,823
b
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
200,000
190,174
Senior
Note,
144A,
1.675%
to
6/29/26,
FRN
thereafter,
6/30/27
.
France
200,000
176,179
b
BPCE
SA
,
Senior
Note,
144A,
2.045%
to
10/18/26,
FRN
thereafter,
10/19/27
France
250,000
219,267
Sub.
Bond,
144A,
5.15%,
7/21/24
.......................
France
600,000
588,785
Canadian
Imperial
Bank
of
Commerce
,
Senior
Note
,
0.95
%
,
6/23/23
Canada
20,000
19,799
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
.....
United
States
540,000
455,918
Senior
Bond,
4.91%
to
5/23/32,
FRN
thereafter,
5/24/33
......
United
States
80,000
78,566
Senior
Bond,
2.904%
to
11/02/41,
FRN
thereafter,
11/03/42
....
United
States
30,000
21,512
Senior
Note,
4.044%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
400,000
398,674
Senior
Note,
3.352%
to
4/23/24,
FRN
thereafter,
4/24/25
......
United
States
750,000
731,281
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.......
United
States
40,000
38,362
Senior
Note,
4.658%
to
5/23/27,
FRN
thereafter,
5/24/28
......
United
States
120,000
118,628
Sub.
Bond,
5.5%,
9/13/25
.............................
United
States
20,000
19,983
Sub.
Bond,
4.45%,
9/29/27
............................
United
States
60,000
58,227
Sub.
Bond,
5.3%,
5/06/44
.............................
United
States
20,000
19,067
b,e
Commonwealth
Bank
of
Australia
,
Senior
Note
,
144A,
FRN
,
5.56
%
,
(
SOFR
+
0.74
%
),
3/14/25
..............................
Australia
250,000
249,606
b
Cooperatieve
Rabobank
UA
,
Senior
Note
,
144A,
3.649%
to
4/05/27,
FRN
thereafter
,
4/06/28
...............................
Netherlands
250,000
234,861
HSBC
Holdings
plc
,
Senior
Note,
0.976%
to
5/23/24,
FRN
thereafter,
5/24/25
......
United
Kingdom
200,000
188,317
Senior
Note,
1.645%
to
8/17/25,
FRN
thereafter,
4/18/26
......
United
Kingdom
525,000
479,840
Senior
Note,
1.589%
to
5/23/26,
FRN
thereafter,
5/24/27
......
United
Kingdom
200,000
176,480
Senior
Note,
4.755%
to
6/08/27,
FRN
thereafter,
6/09/28
......
United
Kingdom
200,000
194,007
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
......
United
States
1,200,000
1,135,761
Senior
Bond,
4.452%
to
12/04/28,
FRN
thereafter,
12/05/29
...
United
States
60,000
58,321
Senior
Bond,
2.545%
to
11/07/31,
FRN
thereafter,
11/08/32
....
United
States
30,000
24,894
Senior
Bond,
3.109%
to
4/21/50,
FRN
thereafter,
4/22/51
.....
United
States
20,000
14,200
Senior
Note,
1.514%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
50,000
49,687
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
......
United
States
80,000
74,900
Senior
Note,
4.565%
to
6/13/29,
FRN
thereafter,
6/14/30
......
United
States
60,000
58,456
Sub.
Bond,
3.625%,
12/01/27
..........................
United
States
60,000
57,402
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.......
United
States
200,000
173,004
Sub.
Bond,
4.95%,
6/01/45
............................
United
States
20,000
19,036
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
250,000
236,590
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
200,000
198,743
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)
Banks
(continued)
b
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
200,000
$
199,207
f
PNC
Financial
Services
Group,
Inc.
(The)
,
T
,
Junior
Sub.
Bond
,
3.4%
to
9/14/26,
FRN
thereafter
,
Perpetual
.....................
United
States
230,000
182,970
Royal
Bank
of
Canada
,
Senior
Bond,
3.875%,
5/04/32
..........................
Canada
50,000
46,257
Senior
Note,
1.6%,
4/17/23
............................
Canada
30,000
29,949
Senior
Note,
1.15%,
6/10/25
...........................
Canada
20,000
18,411
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
200,000
174,291
b
Societe
Generale
SA
,
Senior
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
...................................
France
200,000
173,604
b
Standard
Chartered
plc
,
Senior
Bond
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
470,000
448,466
Toronto-Dominion
Bank
(The)
,
Senior
Bond,
4.456%,
6/08/32
..........................
Canada
10,000
9,744
Senior
Note,
0.75%,
6/12/23
...........................
Canada
30,000
29,739
Senior
Note,
1.15%,
6/12/25
...........................
Canada
20,000
18,418
Senior
Note,
4.693%,
9/15/27
..........................
Canada
200,000
198,105
Truist
Financial
Corp.
,
Senior
Note,
5.9%
to
10/27/25,
FRN
thereafter,
10/28/26
......
United
States
150,000
149,688
Sub.
Bond,
3.875%,
3/19/29
...........................
United
States
500,000
450,079
b
UniCredit
SpA
,
Senior
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
...................................
Italy
300,000
262,127
US
Bancorp
,
Senior
Note,
1.45%,
5/12/25
...........................
United
States
40,000
36,865
Senior
Note,
5.727%
to
10/20/25,
FRN
thereafter,
10/21/26
....
United
States
100,000
100,526
Wells
Fargo
&
Co.
,
Senior
Bond,
2.879%
to
10/29/29,
FRN
thereafter,
10/30/30
...
United
States
190,000
165,240
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
......
United
States
30,000
26,028
Senior
Bond,
5.013%
to
4/03/50,
FRN
thereafter,
4/04/51
.....
United
States
240,000
226,311
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
40,000
39,745
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
......
United
States
60,000
56,272
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
100,000
98,249
Senior
Note,
4.808%
to
7/24/27,
FRN
thereafter,
7/25/28
......
United
States
850,000
840,034
Sub.
Bond,
4.3%,
7/22/27
.............................
United
States
60,000
58,195
Sub.
Bond,
4.9%,
11/17/45
............................
United
States
90,000
80,325
13,438,138
Beverages
0.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
100,000
97,854
Senior
Note,
3.65%,
2/01/26
...........................
Belgium
30,000
29,464
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.75%,
1/23/29
...........................
Belgium
60,000
61,307
Senior
Bond,
3.5%,
6/01/30
............................
Belgium
420,000
396,248
Senior
Bond,
4.35%,
6/01/40
...........................
Belgium
30,000
27,890
Senior
Bond,
5.8%,
1/23/59
............................
Belgium
150,000
164,922
Coca-Cola
Co.
(The)
,
Senior
Bond,
2.5%,
6/01/40
............................
United
States
10,000
7,683
Senior
Note,
1.45%,
6/01/27
...........................
United
States
20,000
18,168
Constellation
Brands,
Inc.
,
Senior
Note,
3.6%,
5/09/24
............................
United
States
10,000
9,874
Senior
Note,
4.35%,
5/09/27
...........................
United
States
10,000
9,870
PepsiCo,
Inc.
,
Senior
Bond
,
1.625
%
,
5/01/30
.................
United
States
10,000
8,468
831,748
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)
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
4.85%,
6/15/44
...........................
United
States
400,000
$
383,414
Senior
Bond,
4.75%,
3/15/45
...........................
United
States
100,000
94,446
Senior
Bond,
4.25%,
11/21/49
..........................
United
States
40,000
35,335
Senior
Note,
2.6%,
11/21/24
...........................
United
States
100,000
96,548
Senior
Note,
2.95%,
11/21/26
..........................
United
States
40,000
38,085
Senior
Note,
3.2%,
11/21/29
...........................
United
States
90,000
83,557
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
...........................
United
States
200,000
174,448
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
100,000
102,795
Senior
Bond,
5.6%,
3/02/43
............................
United
States
420,000
433,039
Gilead
Sciences,
Inc.
,
Senior
Bond,
3.65%,
3/01/26
...........................
United
States
10,000
9,794
Senior
Bond,
4.75%,
3/01/46
...........................
United
States
10,000
9,624
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
...
United
States
255,000
170,387
1,631,472
Broadline
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
4.2
%
,
12/06/47
.......
China
280,000
221,653
Amazon.com,
Inc.
,
Senior
Bond,
1.5%,
6/03/30
............................
United
States
30,000
24,954
Senior
Bond,
3.6%,
4/13/32
............................
United
States
70,000
66,538
Senior
Bond,
3.875%,
8/22/37
..........................
United
States
30,000
27,944
Senior
Bond,
4.05%,
8/22/47
...........................
United
States
300,000
272,558
Senior
Bond,
2.5%,
6/03/50
............................
United
States
110,000
74,652
Senior
Bond,
4.25%,
8/22/57
...........................
United
States
10,000
9,123
Senior
Note,
1.2%,
6/03/27
............................
United
States
60,000
53,289
b
Prosus
NV
,
Senior
Bond
,
144A,
3.68
%
,
1/21/30
...............
China
200,000
170,160
920,871
Capital
Markets
0.7%
Credit
Suisse
AG
,
Senior
Note
,
1.25
%
,
8/07/26
...............
Switzerland
250,000
211,562
b,e
Credit
Suisse
Group
AG
,
Senior
Note
,
144A,
FRN
,
1.305
%
,
(
SOFR
+
0.98
%
),
2/02/27
.....................................
Switzerland
250,000
211,726
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
150,000
147,150
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.5%,
1/23/25
............................
United
States
425,000
413,167
Senior
Bond,
3.691%
to
6/04/27,
FRN
thereafter,
6/05/28
.....
United
States
140,000
132,752
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
70,000
57,886
Senior
Bond,
2.908%
to
7/20/41,
FRN
thereafter,
7/21/42
.....
United
States
40,000
28,689
Senior
Note,
3.625%,
2/20/24
..........................
United
States
40,000
39,419
Senior
Note,
5.7%,
11/01/24
...........................
United
States
230,000
231,763
Senior
Note,
3.5%,
4/01/25
............................
United
States
40,000
38,862
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
200,000
178,871
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.......
United
States
200,000
182,619
Sub.
Bond,
4.25%,
10/21/25
...........................
United
States
200,000
194,238
Sub.
Bond,
5.15%,
5/22/45
............................
United
States
50,000
47,448
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
4.6
%
,
3/15/33
.....
United
States
20,000
19,827
b
Macquarie
Group
Ltd.
,
Senior
Note
,
144A,
6.207
%
,
11/22/24
.....
Australia
240,000
244,028
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/21/27,
FRN
thereafter,
7/22/28
.....
United
States
860,000
812,983
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
.....
United
States
40,000
37,916
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
.....
United
States
320,000
292,848
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
....
United
States
100,000
81,991
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)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
......
United
States
50,000
$
46,939
b
UBS
Group
AG
,
Senior
Note
,
144A,
4.488%
to
5/11/25,
FRN
thereafter
,
5/12/26
...................................
Switzerland
200,000
193,050
3,845,734
Chemicals
0.0%
†
Albemarle
Corp.
,
Senior
Bond
,
5.05
%
,
6/01/32
...............
United
States
175,000
171,067
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
No.
2
,
Senior
Bond,
3.7%,
4/01/27
............................
United
States
10,000
9,707
Senior
Bond,
4%,
5/01/32
.............................
United
States
10,000
9,621
RELX
Capital,
Inc.
,
Senior
Bond
,
3
%
,
5/22/30
................
United
Kingdom
300,000
268,225
Republic
Services,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/24
............
United
States
10,000
9,691
297,244
Communications
Equipment
0.0%
†
Motorola
Solutions,
Inc.
,
Senior
Bond
,
4.6
%
,
5/23/29
...........
United
States
280,000
272,572
Consumer
Finance
0.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
2.45
%
,
10/29/26
................................
Ireland
150,000
134,813
American
Express
Co.
,
Senior
Note,
2.5%,
7/30/24
............................
United
States
70,000
67,629
Senior
Note,
4.05%,
5/03/29
...........................
United
States
30,000
29,276
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.75
%
,
3/09/27
.......
United
States
435,000
396,238
John
Deere
Capital
Corp.
,
Senior
Bond,
3.9%,
6/07/32
............................
United
States
75,000
72,368
Senior
Bond,
4.35%,
9/15/32
...........................
United
States
200,000
199,776
900,100
Consumer
Staples
Distribution
&
Retail
0.1%
Costco
Wholesale
Corp.
,
Senior
Bond
,
1.75
%
,
4/20/32
.........
United
States
20,000
16,457
Dollar
Tree,
Inc.
,
Senior
Note
,
4
%
,
5/15/25
..................
United
States
350,000
343,673
Target
Corp.
,
Senior
Note
,
2.25
%
,
4/15/25
...................
United
States
20,000
19,224
Walmart,
Inc.
,
Senior
Note
,
1.5
%
,
9/22/28
...................
United
States
10,000
8,759
388,113
Containers
&
Packaging
0.0%
†
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
135,000
110,810
Diversified
REITs
0.1%
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
395,000
369,000
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
40,000
32,196
Senior
Bond,
3.5%,
9/15/53
............................
United
States
40,000
29,092
Senior
Bond,
3.55%,
9/15/55
...........................
United
States
30,000
21,572
Senior
Bond,
3.65%,
9/15/59
...........................
United
States
10,000
7,159
Senior
Note,
1.65%,
2/01/28
...........................
United
States
100,000
87,889
Orange
SA
,
Senior
Bond
,
9
%
,
3/01/31
......................
France
100,000
125,608
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)
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.
,
Senior
Bond,
2.625%,
8/15/26
..........................
United
States
40,000
$
37,835
Senior
Bond,
2.55%,
3/21/31
...........................
United
States
200,000
170,464
Senior
Bond,
4.5%,
8/10/33
............................
United
States
100,000
96,676
Senior
Bond,
2.85%,
9/03/41
...........................
United
States
200,000
146,653
Senior
Bond,
3.85%,
11/01/42
..........................
United
States
100,000
83,738
Senior
Bond,
2.875%,
11/20/50
.........................
United
States
70,000
46,630
Senior
Note,
2.1%,
3/22/28
............................
United
States
40,000
35,648
Senior
Note,
2.355%,
3/15/32
..........................
United
States
850,000
697,748
1,618,908
Electric
Utilities
0.6%
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...........................................
United
States
20,000
16,856
b
Cleveland
Electric
Illuminating
Co.
(The)
,
Senior
Bond
,
144A,
3.5
%
,
4/01/28
...........................................
United
States
10,000
9,400
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
170,446
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.............
United
States
10,000
9,405
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
227,573
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
5.4
%
,
4/01/53
.........
United
States
250,000
254,984
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
230,000
236,821
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.25
%
,
7/12/31
Italy
200,000
156,752
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
650,000
620,900
Senior
Bond,
5.625%,
6/15/35
..........................
United
States
10,000
10,438
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
420,000
371,095
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.65
%
,
4/15/29
.........
United
States
20,000
19,093
b
Mid-Atlantic
Interstate
Transmission
LLC
,
Senior
Bond
,
144A,
4.1
%
,
5/15/28
...........................................
United
States
10,000
9,671
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
50,000
50,891
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
2.5%,
2/01/31
............................
United
States
10,000
8,110
Senior
Bond,
3.3%,
8/01/40
............................
United
States
10,000
7,109
Senior
Bond,
3.5%,
8/01/50
............................
United
States
10,000
6,615
Senior
Note,
2.1%,
8/01/27
............................
United
States
10,000
8,728
PacifiCorp
,
Senior
Bond
,
5.35
%
,
12/01/53
...................
United
States
375,000
384,605
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
............
United
States
300,000
280,993
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
2.4
%
,
3/30/32
.....
United
States
520,000
433,147
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
227,011
3,520,643
Electrical
Equipment
0.0%
†
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
11/02/42
..................
United
States
10,000
8,868
Emerson
Electric
Co.
,
Senior
Bond
,
2.8
%
,
12/21/51
............
United
States
60,000
40,859
49,727
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond
,
4.08
%
,
12/15/47
................................
United
States
485,000
394,785
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond
,
5.75
%
,
3/01/24
...................
United
States
400,000
402,388
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)
Entertainment
(continued)
Walt
Disney
Co.
(The)
,
Senior
Bond
,
2.65
%
,
1/13/31
...........
United
States
200,000
$
176,802
Warnermedia
Holdings,
Inc.
,
b
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
70,000
62,546
b
Senior
Bond,
144A,
5.05%,
3/15/42
......................
United
States
210,000
175,841
b
Senior
Bond,
144A,
5.141%,
3/15/52
.....................
United
States
50,000
40,567
Senior
Note,
6.412%,
3/15/26
..........................
United
States
10,000
10,054
b
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
10,000
9,426
b
Senior
Note,
144A,
4.054%,
3/15/29
.....................
United
States
10,000
9,309
886,933
Financial
Services
0.3%
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
400,000
340,800
Fidelity
National
Information
Services,
Inc.
,
Senior
Bond
,
2.25
%
,
3/01/31
...........................................
United
States
325,000
260,205
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
............................
United
States
470,000
436,431
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
200,000
172,766
Mastercard,
Inc.
,
Senior
Bond,
3.35%,
3/26/30
...........................
United
States
10,000
9,525
Senior
Bond,
3.85%,
3/26/50
...........................
United
States
40,000
35,579
b
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.......
Japan
500,000
418,508
PayPal
Holdings,
Inc.
,
Senior
Bond,
2.3%,
6/01/30
............................
United
States
10,000
8,567
Senior
Bond,
4.4%,
6/01/32
............................
United
States
10,000
9,788
Senior
Note,
1.65%,
6/01/25
...........................
United
States
10,000
9,392
Shell
International
Finance
BV
,
Senior
Bond,
2.875%,
5/10/26
..........................
Netherlands
20,000
19,146
Senior
Bond,
2.75%,
4/06/30
...........................
Netherlands
50,000
45,629
Senior
Bond,
4%,
5/10/46
.............................
Netherlands
20,000
17,505
Senior
Bond,
3.25%,
4/06/50
...........................
Netherlands
40,000
30,560
Visa,
Inc.
,
Senior
Bond,
3.15%,
12/14/25
..........................
United
States
20,000
19,443
Senior
Bond,
4.3%,
12/14/45
...........................
United
States
10,000
9,641
1,843,485
Food
Products
0.1%
b
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
156,920
b
Cargill,
Inc.
,
Senior
Note
,
144A,
1.375
%
,
7/23/23
..............
United
States
20,000
19,760
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
225,000
225,717
b
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
1/15/32
......................
United
States
200,000
165,944
Kraft
Heinz
Foods
Co.
,
Senior
Note,
3%,
6/01/26
.............................
United
States
10,000
9,559
Senior
Note,
3.75%,
4/01/30
...........................
United
States
100,000
94,674
b
Mars,
Inc.
,
Senior
Bond,
144A,
3.2%,
4/01/30
.......................
United
States
30,000
27,650
Senior
Bond,
144A,
2.375%,
7/16/40
.....................
United
States
10,000
7,227
Mondelez
International,
Inc.
,
Senior
Note
,
1.5
%
,
5/04/25
........
United
States
20,000
18,729
726,180
Gas
Utilities
0.1%
Southern
California
Gas
Co.
,
Senior
Bond
,
6.35
%
,
11/15/52
.....
United
States
350,000
403,879
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)
Ground
Transportation
0.2%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
4.9%,
4/01/44
............................
United
States
200,000
$
196,724
Senior
Bond,
2.875%,
6/15/52
..........................
United
States
10,000
7,017
Canadian
Pacific
Railway
Co.
,
Senior
Bond,
2.45%,
12/02/31
..........................
Canada
70,000
60,642
Senior
Bond,
3%,
12/02/41
............................
Canada
20,000
16,011
CSX
Corp.
,
Senior
Bond,
3.8%,
11/01/46
...........................
United
States
100,000
82,276
Senior
Bond,
4.75%,
11/15/48
..........................
United
States
525,000
492,331
Union
Pacific
Corp.
,
Senior
Bond,
2.4%,
2/05/30
............................
United
States
10,000
8,804
Senior
Bond,
2.891%,
4/06/36
..........................
United
States
10,000
8,271
Senior
Bond,
3.839%,
3/20/60
..........................
United
States
10,000
8,139
Senior
Bond,
3.75%,
2/05/70
...........................
United
States
10,000
7,711
Senior
Note,
3.75%,
7/15/25
...........................
United
States
10,000
9,865
Senior
Note,
2.15%,
2/05/27
...........................
United
States
10,000
9,269
907,060
Health
Care
Equipment
&
Supplies
0.1%
Abbott
Laboratories
,
Senior
Bond,
3.75%,
11/30/26
..........................
United
States
30,000
29,806
Senior
Bond,
4.9%,
11/30/46
...........................
United
States
10,000
10,297
b
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
144A,
5.6
%
,
11/15/25
..........................................
United
States
100,000
101,265
Medtronic
Global
Holdings
SCA
,
Senior
Note
,
4.25
%
,
3/30/28
....
United
States
200,000
199,755
STERIS
Irish
FinCo.
UnLtd.
Co.
,
Senior
Bond
,
3.75
%
,
3/15/51
....
United
States
250,000
184,283
525,406
Health
Care
Providers
&
Services
0.5%
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
..................
United
States
250,000
210,745
Cigna
Group
(The)
,
Senior
Bond,
2.375%,
3/15/31
..........................
United
States
100,000
84,416
Senior
Bond,
4.8%,
8/15/38
............................
United
States
20,000
19,396
Senior
Bond,
4.9%,
12/15/48
...........................
United
States
20,000
18,837
Senior
Note,
3.75%,
7/15/23
...........................
United
States
10,000
9,952
Senior
Note,
4.125%,
11/15/25
.........................
United
States
10,000
9,843
Senior
Note,
3.05%,
10/15/27
..........................
United
States
550,000
513,752
Senior
Note,
4.375%,
10/15/28
.........................
United
States
60,000
59,159
CVS
Health
Corp.
,
Senior
Bond,
3.875%,
7/20/25
..........................
United
States
10,000
9,825
Senior
Bond,
4.3%,
3/25/28
............................
United
States
30,000
29,479
Senior
Bond,
3.75%,
4/01/30
...........................
United
States
30,000
28,089
Senior
Bond,
2.125%,
9/15/31
..........................
United
States
50,000
40,905
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
40,000
38,160
Senior
Bond,
5.3%,
12/05/43
...........................
United
States
500,000
492,627
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
100,000
94,952
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000
37,459
Senior
Bond,
4.25%,
4/01/50
...........................
United
States
20,000
16,735
Elevance
Health,
Inc.
,
Senior
Bond,
3.65%,
12/01/27
..........................
United
States
20,000
19,337
Senior
Bond,
4.1%,
5/15/32
............................
United
States
10,000
9,571
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
391,826
Senior
Bond,
4.55%,
5/15/52
...........................
United
States
10,000
9,042
HCA,
Inc.
,
Senior
Secured
Bond
,
4.5
%
,
2/15/27
..............
United
States
408,000
398,745
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.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
,
Senior
Bond
,
3.125
%
,
8/15/29
.................
United
States
90,000
$
81,556
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
300,000
262,497
UnitedHealth
Group,
Inc.
,
Senior
Bond,
2.75%,
5/15/40
...........................
United
States
30,000
22,717
Senior
Bond,
3.25%,
5/15/51
...........................
United
States
10,000
7,527
Senior
Bond,
3.875%,
8/15/59
..........................
United
States
30,000
24,591
Senior
Note,
3.75%,
7/15/25
...........................
United
States
10,000
9,884
Senior
Note,
4%,
5/15/29
.............................
United
States
20,000
19,578
Senior
Note,
4.2%,
5/15/32
............................
United
States
30,000
29,423
3,000,625
Hotels,
Restaurants
&
Leisure
0.1%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
250,000
225,908
McDonald's
Corp.
,
Senior
Bond,
4.875%,
12/09/45
.........................
United
States
10,000
9,699
Senior
Bond,
4.2%,
4/01/50
............................
United
States
30,000
26,492
Senior
Note,
1.45%,
9/01/25
...........................
United
States
40,000
37,269
Senior
Note,
2.125%,
3/01/30
..........................
United
States
30,000
25,964
325,332
Household
Durables
0.0%
†
MDC
Holdings,
Inc.
,
Senior
Bond
,
2.5
%
,
1/15/31
..............
United
States
156,000
121,473
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
416,107
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3
%
,
3/25/30
.........
United
States
10,000
9,384
425,491
Industrial
Conglomerates
0.0%
†
3M
Co.
,
Senior
Bond,
3.05%,
4/15/30
...........................
United
States
40,000
36,605
Senior
Bond,
3.7%,
4/15/50
............................
United
States
10,000
8,212
Honeywell
International,
Inc.
,
Senior
Note
,
1.35
%
,
6/01/25
.......
United
States
10,000
9,389
54,206
Insurance
0.8%
Aflac,
Inc.
,
Senior
Bond
,
4.75
%
,
1/15/49
....................
United
States
500,000
468,512
b,g
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
200,000
201,439
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
500,000
422,240
American
International
Group,
Inc.
,
Senior
Note
,
2.5
%
,
6/30/25
...
United
States
6,000
5,680
Aon
Corp.
,
Senior
Bond
,
2.8
%
,
5/15/30
.....................
United
States
500,000
442,235
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
300,000
224,610
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.25%,
1/15/49
...........................
United
States
20,000
18,477
Senior
Bond,
3.85%,
3/15/52
...........................
United
States
200,000
167,844
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
...........
United
States
230,000
184,026
b
Guardian
Life
Global
Funding
,
Secured
Note
,
144A,
1.1
%
,
6/23/25
United
States
10,000
9,189
b,e
Jackson
National
Life
Global
Funding
,
Secured
Note
,
144A,
FRN
,
5.962
%
,
(
SOFR
+
1.15
%
),
6/28/24
.......................
United
States
230,000
228,410
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
......
United
States
250,000
238,934
b
MassMutual
Global
Funding
II
,
Senior
Secured
Note
,
144A,
5.05
%
,
12/07/27
..........................................
United
States
200,000
202,622
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)
Insurance
(continued)
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
270,000
$
261,604
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
0.9%,
6/08/23
......................
United
States
150,000
148,691
Secured
Note,
144A,
3.6%,
1/11/24
......................
United
States
940,000
925,487
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
200,000
202,625
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
150,000
145,979
b
New
York
Life
Global
Funding
,
Secured
Note,
144A,
4.85%,
1/09/28
.....................
United
States
200,000
203,139
Senior
Secured
Note,
144A,
0.95%,
6/24/25
...............
United
States
10,000
9,212
b
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
4.9
%
,
9/15/44
.................................
United
States
10,000
9,258
4,720,213
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond,
1.1%,
8/15/30
............................
United
States
10,000
8,191
Senior
Bond,
1.9%,
8/15/40
............................
United
States
10,000
7,018
Senior
Bond,
2.05%,
8/15/50
...........................
United
States
10,000
6,366
Meta
Platforms,
Inc.
,
Senior
Bond
,
4.45
%
,
8/15/52
............
United
States
250,000
220,221
b
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
3.595
%
,
1/19/28
.....
China
300,000
283,446
525,242
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
5.8
%
,
12/12/25
..................
United
States
150,000
151,499
Thermo
Fisher
Scientific,
Inc.
,
Senior
Note
,
0.797
%
,
10/18/23
....
United
States
200,000
195,449
346,948
Machinery
0.0%
†
Deere
&
Co.
,
Senior
Bond,
3.1%,
4/15/30
............................
United
States
10,000
9,224
Senior
Bond,
3.75%,
4/15/50
...........................
United
States
30,000
26,686
Otis
Worldwide
Corp.
,
Senior
Note
,
2.056
%
,
4/05/25
...........
United
States
10,000
9,444
45,354
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond,
5.05%,
3/30/29
....................
United
States
80,000
77,236
Senior
Secured
Bond,
2.8%,
4/01/31
.....................
United
States
350,000
281,910
Senior
Secured
Bond,
4.4%,
4/01/33
.....................
United
States
30,000
26,647
Senior
Secured
Bond,
5.375%,
4/01/38
...................
United
States
10,000
8,728
Senior
Secured
Bond,
3.5%,
3/01/42
.....................
United
States
130,000
87,944
Senior
Secured
Bond,
3.9%,
6/01/52
.....................
United
States
70,000
46,356
Senior
Secured
Bond,
5.5%,
4/01/63
.....................
United
States
40,000
32,509
Senior
Secured
Note,
4.908%,
7/23/25
...................
United
States
60,000
59,426
Comcast
Corp.
,
Senior
Bond,
4.15%,
10/15/28
..........................
United
States
70,000
69,280
Senior
Bond,
3.4%,
4/01/30
............................
United
States
10,000
9,355
Senior
Bond,
4.25%,
10/15/30
..........................
United
States
60,000
58,822
Senior
Bond,
4.25%,
1/15/33
...........................
United
States
300,000
292,358
Senior
Bond,
3.75%,
4/01/40
...........................
United
States
30,000
25,793
Senior
Bond,
3.969%,
11/01/47
.........................
United
States
30,000
25,268
Senior
Bond,
2.887%,
11/01/51
.........................
United
States
40,000
27,343
Senior
Bond,
4.049%,
11/01/52
.........................
United
States
500,000
421,494
Senior
Bond,
2.937%,
11/01/56
.........................
United
States
20,000
13,336
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Comcast
Corp.,
(continued)
Senior
Note,
3.95%,
10/15/25
..........................
United
States
30,000
$
29,675
Fox
Corp.
,
Senior
Bond,
5.476%,
1/25/39
..........................
United
States
40,000
38,347
Senior
Note,
4.709%,
1/25/29
..........................
United
States
300,000
297,545
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
..
United
States
10,000
9,867
1,939,239
Metals
&
Mining
0.1%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
3.625
%
,
9/11/24
..
South
Africa
200,000
195,296
Barrick
North
America
Finance
LLC
,
Senior
Bond
,
5.7
%
,
5/30/41
..
Canada
20,000
21,025
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5
%
,
9/30/43
.......
Australia
20,000
20,279
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.........
United
States
20,000
18,731
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
........................
Australia
20,000
19,285
Senior
Note,
144A,
4.125%,
3/12/24
.....................
Australia
30,000
29,687
Southern
Copper
Corp.
,
Senior
Bond
,
5.25
%
,
11/08/42
.........
Mexico
100,000
95,810
Vale
Overseas
Ltd.
,
Senior
Bond
,
6.25
%
,
8/10/26
.............
Brazil
130,000
133,471
533,584
Multi-Utilities
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A,
Senior
Bond,
3.35%,
4/01/30
.......................
United
States
10,000
9,221
20B,
Senior
Bond,
3.95%,
4/01/50
.......................
United
States
10,000
8,304
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
300,000
292,025
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
625,000
608,224
917,774
Office
REITs
0.0%
†
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
2.95
%
,
3/15/34
United
States
325,000
260,417
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.75
%
,
1/15/30
.............
Norway
300,000
271,137
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
1.749%,
8/10/30
..........................
United
States
40,000
33,119
Senior
Bond,
2.939%,
6/04/51
..........................
United
States
40,000
27,793
Senior
Note,
3.119%,
5/04/26
..........................
United
States
40,000
38,514
b
Cameron
LNG
LLC
,
Senior
Secured
Bond,
144A,
2.902%,
7/15/31
..............
United
States
20,000
17,801
Senior
Secured
Bond,
144A,
3.302%,
1/15/35
..............
United
States
40,000
34,462
Chevron
Corp.
,
Senior
Bond,
3.078%,
5/11/50
..........................
United
States
20,000
15,168
Senior
Note,
1.554%,
5/11/25
..........................
United
States
20,000
18,869
Senior
Note,
1.995%,
5/11/27
..........................
United
States
30,000
27,493
Continental
Resources,
Inc.
,
Senior
Bond,
4.9%,
6/01/44
............................
United
States
110,000
85,298
Senior
Note,
4.5%,
4/15/23
............................
United
States
10,000
9,987
Senior
Note,
3.8%,
6/01/24
............................
United
States
10,000
9,804
Senior
Note,
4.375%,
1/15/28
..........................
United
States
40,000
37,732
b
Senior
Note,
144A,
2.268%,
11/15/26
....................
United
States
40,000
35,561
Coterra
Energy,
Inc.
,
Senior
Note,
3.9%,
5/15/27
............................
United
States
30,000
28,653
Senior
Note,
4.375%,
3/15/29
..........................
United
States
60,000
57,108
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Devon
Energy
Corp.
,
Senior
Bond,
5.85%,
12/15/25
..........................
United
States
10,000
$
10,166
Senior
Bond,
4.75%,
5/15/42
...........................
United
States
30,000
26,156
Senior
Bond,
5%,
6/15/45
.............................
United
States
120,000
106,830
Diamondback
Energy,
Inc.
,
Senior
Bond,
3.125%,
3/24/31
..........................
United
States
10,000
8,678
Senior
Bond,
4.4%,
3/24/51
............................
United
States
60,000
48,388
Senior
Note,
3.5%,
12/01/29
...........................
United
States
60,000
54,896
Energy
Transfer
LP
,
Senior
Bond,
4.95%,
6/15/28
...........................
United
States
40,000
39,757
Senior
Bond,
3.75%,
5/15/30
...........................
United
States
50,000
46,185
Senior
Bond,
6.05%,
6/01/41
...........................
United
States
350,000
354,040
Senior
Bond,
6.25%,
4/15/49
...........................
United
States
50,000
49,630
Senior
Note,
2.9%,
5/15/25
............................
United
States
20,000
19,070
Enterprise
Products
Operating
LLC
,
Senior
Bond,
4.15%,
10/16/28
..........................
United
States
30,000
29,184
Senior
Bond,
3.125%,
7/31/29
..........................
United
States
400,000
366,749
Senior
Bond,
2.8%,
1/31/30
............................
United
States
60,000
53,251
Senior
Bond,
5.35%,
1/31/33
...........................
United
States
140,000
145,166
Senior
Bond,
6.125%,
10/15/39
.........................
United
States
375,000
407,535
Senior
Bond,
4.45%,
2/15/43
...........................
United
States
20,000
17,824
Senior
Bond,
3.7%,
1/31/51
............................
United
States
50,000
38,771
Senior
Bond,
5.375%
to
2/14/28,
FRN
thereafter,
2/15/78
.....
United
States
10,000
8,052
EOG
Resources,
Inc.
,
Senior
Bond,
4.375%,
4/15/30
..........................
United
States
30,000
29,919
Senior
Bond,
3.9%,
4/01/35
............................
United
States
20,000
18,368
Senior
Bond,
4.95%,
4/15/50
...........................
United
States
40,000
40,366
EQT
Corp.
,
Senior
Bond
,
7
%
,
2/01/30
......................
United
States
10,000
10,476
Exxon
Mobil
Corp.
,
Senior
Bond,
3.482%,
3/19/30
..........................
United
States
50,000
47,828
Senior
Bond,
4.227%,
3/19/40
..........................
United
States
10,000
9,376
Senior
Bond,
3.452%,
4/15/51
..........................
United
States
20,000
15,953
Senior
Note,
2.992%,
3/19/25
..........................
United
States
40,000
38,964
Kinder
Morgan,
Inc.
,
Senior
Bond,
4.3%,
3/01/28
............................
United
States
40,000
39,331
Senior
Bond,
5.55%,
6/01/45
...........................
United
States
340,000
322,167
MPLX
LP
,
Senior
Bond,
4%,
3/15/28
.............................
United
States
20,000
19,154
Senior
Bond,
4.5%,
4/15/38
............................
United
States
10,000
8,898
Senior
Bond,
5.5%,
2/15/49
............................
United
States
385,000
358,790
Senior
Note,
2.65%,
8/15/30
...........................
United
States
300,000
254,586
Phillips
66
,
Senior
Bond
,
3.3
%
,
3/15/52
.....................
United
States
200,000
141,749
Pioneer
Natural
Resources
Co.
,
Senior
Note
,
2.15
%
,
1/15/31
....
United
States
60,000
49,313
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Bond
,
4.2
%
,
3/15/28
United
States
250,000
240,343
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
..........
United
States
10,000
8,311
b
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
United
States
30,000
26,020
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note,
7.85%,
2/01/26
...........................
United
States
300,000
321,536
Senior
Note,
3.25%,
5/15/30
...........................
United
States
50,000
45,312
b
Var
Energi
ASA
,
Senior
Note
,
144A,
7.5
%
,
1/15/28
............
Norway
200,000
207,450
Western
Midstream
Operating
LP
,
Senior
Note
,
3.35
%
,
2/01/25
...
United
States
10,000
9,559
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.75%,
6/15/27
...........................
United
States
60,000
57,613
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The),
(continued)
Senior
Bond,
5.1%,
9/15/45
............................
United
States
30,000
$
27,496
4,927,705
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
225,000
195,980
Senior
Note,
6%,
1/15/29
.............................
Brazil
200,000
201,664
397,644
Passenger
Airlines
0.0%
†
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
233,001
229,235
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
30,000
28,976
258,211
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
250,000
227,188
b
Kenvue,
Inc.
,
Senior
Bond,
144A,
4.9%,
3/22/33
.......................
United
States
30,000
31,008
Senior
Note,
144A,
5.05%,
3/22/28
......................
United
States
200,000
206,806
465,002
Pharmaceuticals
0.1%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
.............................
United
Kingdom
200,000
182,461
Senior
Bond,
4.375%,
11/16/45
.........................
United
Kingdom
450,000
432,940
Bristol-Myers
Squibb
Co.
,
Senior
Bond,
4.55%,
2/20/48
...........................
United
States
10,000
9,460
Senior
Note,
2.9%,
7/26/24
............................
United
States
30,000
29,419
Senior
Note,
3.2%,
6/15/26
............................
United
States
10,000
9,670
Senior
Note,
3.4%,
7/26/29
............................
United
States
10,000
9,518
Johnson
&
Johnson
,
Senior
Bond,
2.1%,
9/01/40
............................
United
States
30,000
21,788
Senior
Bond,
3.7%,
3/01/46
............................
United
States
10,000
8,975
Merck
&
Co.,
Inc.
,
Senior
Bond,
1.45%,
6/24/30
...........................
United
States
10,000
8,271
Senior
Bond,
2.75%,
12/10/51
..........................
United
States
30,000
21,265
Senior
Note,
0.75%,
2/24/26
...........................
United
States
20,000
18,324
Pfizer,
Inc.
,
Senior
Bond,
1.7%,
5/28/30
............................
United
States
30,000
25,272
Senior
Bond,
2.55%,
5/28/40
...........................
United
States
30,000
22,568
Senior
Bond,
2.7%,
5/28/50
............................
United
States
30,000
21,469
821,400
Residential
REITs
0.0%
†
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
..............
United
States
360,000
294,058
Semiconductors
&
Semiconductor
Equipment
0.1%
Applied
Materials,
Inc.
,
Senior
Bond
,
1.75
%
,
6/01/30
...........
United
States
20,000
16,810
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
3.137
%
,
11/15/35
.........
United
States
80,000
61,587
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
............................
United
States
10,000
10,191
Senior
Bond,
3.05%,
8/12/51
...........................
United
States
30,000
20,519
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
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Intel
Corp.,
(continued)
Senior
Note,
1.6%,
8/12/28
............................
United
States
10,000
$
8,743
Senior
Note,
5.125%,
2/10/30
..........................
United
States
10,000
10,188
KLA
Corp.
,
Senior
Bond
,
4.65
%
,
7/15/32
....................
United
States
10,000
10,101
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
.........
United
States
20,000
20,233
NVIDIA
Corp.
,
Senior
Bond,
2.85%,
4/01/30
...........................
United
States
10,000
9,109
Senior
Bond,
3.5%,
4/01/40
............................
United
States
20,000
17,192
Senior
Bond,
3.5%,
4/01/50
............................
United
States
30,000
24,593
Senior
Bond,
3.7%,
4/01/60
............................
United
States
20,000
16,158
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
2.7
%
,
5/01/25
...........................................
China
10,000
9,496
Texas
Instruments,
Inc.
,
Senior
Bond,
1.75%,
5/04/30
...........................
United
States
10,000
8,477
Senior
Bond,
3.875%,
3/15/39
..........................
United
States
10,000
9,135
Senior
Bond,
4.15%,
5/15/48
...........................
United
States
20,000
18,623
TSMC
Arizona
Corp.
,
Senior
Bond
,
2.5
%
,
10/25/31
............
Taiwan
200,000
171,583
442,738
Software
0.2%
Adobe,
Inc.
,
Senior
Bond
,
2.3
%
,
2/01/30
....................
United
States
20,000
17,772
Microsoft
Corp.
,
Senior
Bond,
3.3%,
2/06/27
............................
United
States
80,000
78,532
Senior
Bond,
2.921%,
3/17/52
..........................
United
States
270,000
205,530
Oracle
Corp.
,
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
50,000
42,811
Senior
Bond,
3.95%,
3/25/51
...........................
United
States
200,000
150,793
Senior
Note,
1.65%,
3/25/26
...........................
United
States
40,000
36,765
Senior
Note,
4.65%,
5/06/30
...........................
United
States
10,000
9,740
Salesforce,
Inc.
,
Senior
Bond,
3.7%,
4/11/28
............................
United
States
20,000
19,664
Senior
Bond,
1.95%,
7/15/31
...........................
United
States
250,000
209,478
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
................
United
States
150,000
120,905
Workday,
Inc.
,
Senior
Note
,
3.7
%
,
4/01/29
...................
United
States
20,000
18,766
910,756
Specialty
Retail
0.1%
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
50,000
51,050
Senior
Note,
5.95%,
3/09/28
...........................
United
States
50,000
51,576
Home
Depot,
Inc.
(The)
,
Senior
Bond,
2.7%,
4/15/30
............................
United
States
10,000
9,033
Senior
Bond,
3.3%,
4/15/40
............................
United
States
20,000
16,647
Senior
Bond,
3.35%,
4/15/50
...........................
United
States
30,000
23,254
Senior
Note,
2.5%,
4/15/27
............................
United
States
10,000
9,392
Senior
Note,
4.5%,
9/15/32
............................
United
States
400,000
403,139
Lowe's
Cos.,
Inc.
,
Senior
Bond,
4.5%,
4/15/30
............................
United
States
10,000
9,887
Senior
Note,
1.7%,
9/15/28
............................
United
States
20,000
17,311
591,289
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
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond,
2.45%,
8/04/26
...........................
United
States
40,000
$
38,095
Senior
Bond,
3.85%,
8/04/46
...........................
United
States
10,000
8,943
Senior
Bond,
2.65%,
5/11/50
...........................
United
States
100,000
70,587
Senior
Bond,
2.8%,
2/08/61
............................
United
States
500,000
340,843
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
5.9
%
,
10/01/24
....
United
States
150,000
151,937
610,405
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
NIKE,
Inc.
,
Senior
Bond,
2.85%,
3/27/30
...........................
United
States
10,000
9,197
Senior
Bond,
3.25%,
3/27/40
...........................
United
States
10,000
8,444
Senior
Note,
2.75%,
3/27/27
...........................
United
States
10,000
9,490
27,131
Tobacco
0.1%
Altria
Group,
Inc.
,
Senior
Bond,
4.8%,
2/14/29
............................
United
States
30,000
29,780
Senior
Bond,
5.8%,
2/14/39
............................
United
States
20,000
19,556
Senior
Bond,
5.95%,
2/14/49
...........................
United
States
50,000
47,379
BAT
Capital
Corp.
,
Senior
Bond,
4.54%,
8/15/47
...........................
United
Kingdom
20,000
14,921
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
50,000
46,514
b
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
285,000
276,134
Philip
Morris
International,
Inc.
,
Senior
Bond,
2.1%,
5/01/30
............................
United
States
20,000
16,634
Senior
Bond,
5.375%,
2/15/33
..........................
United
States
225,000
230,021
Senior
Bond,
4.5%,
3/20/42
............................
United
States
10,000
8,708
689,647
Trading
Companies
&
Distributors
0.0%
†
Air
Lease
Corp.
,
Senior
Note,
3.375%,
7/01/25
..........................
United
States
20,000
19,070
Senior
Note,
5.3%,
2/01/28
............................
United
States
20,000
19,755
38,825
Transportation
Infrastructure
0.0%
†
b
DP
World
Ltd.
,
Senior
Bond
,
144A,
5.625
%
,
9/25/48
...........
United
Arab
Emirates
200,000
194,033
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.25%,
11/15/31
..........................
United
States
50,000
40,968
Senior
Bond,
3%,
2/15/41
.............................
United
States
20,000
14,844
Senior
Bond,
3.3%,
2/15/51
............................
United
States
100,000
71,218
Senior
Note,
3.5%,
4/15/25
............................
United
States
20,000
19,452
Senior
Note,
3.75%,
4/15/27
...........................
United
States
325,000
312,621
Senior
Note,
3.875%,
4/15/30
..........................
United
States
80,000
75,128
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
100,000
107,056
641,287
Total
Corporate
Bonds
(Cost
$64,715,215)
......................................
60,077,203
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.6%
b
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
h
500,000
$
422,275
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
.......................................
Brazil
1,680,000
BRL
312,048
10%,
1/01/29
.......................................
Brazil
480,000
BRL
85,660
10%,
1/01/31
.......................................
Brazil
510,000
BRL
88,371
10%,
1/01/33
.......................................
Brazil
1,030,000
BRL
173,597
b
Bundesrepublik
Deutschland
,
Reg
S,
1.7
%
,
8/15/32
...........
Germany
610,000
EUR
630,059
Colombia
Government
Bond
,
Senior
Bond
,
3.25
%
,
4/22/32
......
Colombia
200,000
149,325
Colombia
Titulos
de
Tesoreria
,
B,
6%,
4/28/28
......................................
Colombia
1,220,000,000
COP
210,181
B,
7%,
3/26/31
......................................
Colombia
850,000,000
COP
140,529
B,
9.25%,
5/28/42
...................................
Colombia
2,110,000,000
COP
358,278
B,
7.25%,
10/26/50
..................................
Colombia
390,000,000
COP
51,947
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
300,000
238,209
b
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.7
%
,
1/30/50
...........................................
Chile
200,000
151,327
Ecopetrol
SA
,
Senior
Bond
,
5.875
%
,
5/28/45
.................
Colombia
150,000
104,250
b
Electricite
de
France
SA
,
Senior
Bond
,
144A,
4.5
%
,
9/21/28
.....
France
400,000
389,586
Israel
Government
Bond
,
Senior
Bond
,
2.75
%
,
7/03/30
.........
Israel
200,000
181,187
b
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
200,000
202,968
Korea
Treasury
Bonds
,
Senior
Bond,
2%,
6/10/31
.............................
South
Korea
900,000,000
KRW
625,292
Senior
Bond,
1.875%,
3/10/51
..........................
South
Korea
360,000,000
KRW
202,908
Malaysia
Government
Bond
,
3.899
%
,
11/16/27
...............
Malaysia
260,000
MYR
59,828
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
8%,
11/07/47
.....................................
Mexico
4,700,000
i
MXN
232,260
M,
8%,
7/31/53
.....................................
Mexico
5,100,000
i
MXN
250,851
M,
Senior
Bond,
7.75%,
11/13/42
........................
Mexico
6,700,000
i
MXN
324,382
M
20,
Senior
Bond,
8.5%,
5/31/29
.......................
Mexico
6,400,000
i
MXN
349,726
M
30,
Senior
Bond,
8.5%,
11/18/38
......................
Mexico
6,800,000
i
MXN
360,477
Mexico
Government
Bond
,
Senior
Bond
,
4.75
%
,
3/08/44
........
Mexico
300,000
255,685
New
Zealand
Government
Bond
,
2.75
%
,
5/15/51
..............
New
Zealand
210,000
NZD
97,475
Panama
Government
Bond
,
Senior
Bond
,
2.252
%
,
9/29/32
......
Panama
200,000
153,776
b
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.......
Indonesia
200,000
166,050
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
200,000
171,204
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.25
%
,
10/24/42
....................
Indonesia
200,000
175,808
b
Petroleos
del
Peru
SA
,
Senior
Bond
,
144A,
4.75
%
,
6/19/32
......
Peru
200,000
148,882
Petroleos
Mexicanos
,
Senior
Bond
,
6.75
%
,
9/21/47
............
Mexico
100,000
65,081
Poland
Government
Bond
,
1.75
%
,
4/25/32
..................
Poland
3,140,000
PLN
516,463
b
Romania
Government
Bond
,
Senior
Bond
,
144A,
5.125
%
,
6/15/48
.
Romania
100,000
83,853
South
Africa
Government
Bond
,
Senior
Bond,
6.5%,
2/28/41
............................
South
Africa
6,300,000
ZAR
222,808
Senior
Bond,
8.75%,
2/28/48
...........................
South
Africa
5,200,000
ZAR
224,814
Uruguay
Government
Bond
,
Senior
Bond,
4.375%,
1/23/31
..........................
Uruguay
40,000
39,822
Senior
Bond,
5.75%,
10/28/34
..........................
Uruguay
150,000
164,469
Total
Foreign
Government
and
Agency
Securities
(Cost
$8,875,463)
...............
8,781,711
U.S.
Government
and
Agency
Securities
18.0%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
150,000
113,080
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Bonds
,
6%,
2/15/26
........................................
United
States
2,805,000
$
2,972,862
1.125%,
8/15/40
.....................................
United
States
332,000
219,730
1.375%,
11/15/40
....................................
United
States
1,771,000
1,221,367
1.875%,
2/15/41
.....................................
United
States
310,000
232,119
2.25%,
5/15/41
.....................................
United
States
450,000
357,759
1.75%,
8/15/41
.....................................
United
States
710,000
514,639
2%,
11/15/41
.......................................
United
States
1,460,000
1,103,070
2.75%,
8/15/42
.....................................
United
States
2,265,000
1,929,054
4%,
11/15/42
.......................................
United
States
640,000
657,600
2.875%,
5/15/43
.....................................
United
States
2,760,000
2,386,915
3.125%,
8/15/44
.....................................
United
States
725,000
647,431
2.5%,
5/15/46
......................................
United
States
945,000
751,127
2.25%,
8/15/46
.....................................
United
States
3,305,000
2,496,824
3.375%,
11/15/48
....................................
United
States
3,300,000
3,088,723
3%,
2/15/49
........................................
United
States
1,713,000
1,500,749
2.25%,
8/15/49
.....................................
United
States
150,000
112,887
1.25%,
5/15/50
.....................................
United
States
1,710,000
995,140
1.375%,
8/15/50
.....................................
United
States
1,425,000
856,614
2%,
8/15/51
........................................
United
States
1,350,000
950,194
1.875%,
11/15/51
....................................
United
States
2,075,000
1,413,877
2.25%,
2/15/52
.....................................
United
States
1,540,000
1,149,165
2.875%,
5/15/52
.....................................
United
States
1,020,000
872,996
3%,
8/15/52
........................................
United
States
650,000
571,187
U.S.
Treasury
Notes
,
2.125%,
3/31/24
.....................................
United
States
1,350,000
1,317,579
2%,
4/30/24
........................................
United
States
1,345,000
1,308,133
2%,
5/31/24
........................................
United
States
1,705,000
1,657,780
2.5%,
5/31/24
......................................
United
States
20,000
19,558
2%,
6/30/24
........................................
United
States
2,255,000
2,188,892
2.375%,
8/15/24
.....................................
United
States
1,640,000
1,596,886
1.25%,
8/31/24
.....................................
United
States
700,000
670,482
1.5%,
10/31/24
.....................................
United
States
1,000,000
958,242
1.5%,
11/30/24
......................................
United
States
510,000
487,917
2.125%,
11/30/24
....................................
United
States
4,500,000
4,350,586
0.25%,
9/30/25
.....................................
United
States
310,000
283,771
0.375%,
11/30/25
....................................
United
States
5,143,000
4,692,887
0.375%,
1/31/26
.....................................
United
States
10,930,000
9,924,952
0.875%,
6/30/26
.....................................
United
States
975,000
889,326
1.875%,
7/31/26
.....................................
United
States
389,000
366,085
1.25%,
12/31/26
.....................................
United
States
3,800,000
3,472,102
2.375%,
5/15/27
.....................................
United
States
3,140,000
2,983,552
0.5%,
6/30/27
......................................
United
States
6,535,000
5,725,783
3.25%,
6/30/27
.....................................
United
States
1,520,000
1,494,172
2.25%,
11/15/27
.....................................
United
States
3,500,000
3,293,350
j
Index
Linked,
0.5%,
1/15/28
............................
United
States
1,300,000
1,522,290
0.75%,
1/31/28
.....................................
United
States
310,000
270,856
1.25%,
4/30/28
.....................................
United
States
2,575,000
2,293,510
3.125%,
11/15/28
....................................
United
States
320,000
312,050
1.625%,
8/15/29
.....................................
United
States
2,565,000
2,288,661
4%,
10/31/29
.......................................
United
States
1,800,000
1,843,875
0.625%,
8/15/30
.....................................
United
States
1,550,000
1,263,583
1.125%,
2/15/31
.....................................
United
States
800,000
673,922
1.25%,
8/15/31
.....................................
United
States
645,000
541,221
1.375%,
11/15/31
....................................
United
States
4,350,000
3,672,861
1.875%,
2/15/32
.....................................
United
States
320,000
280,938
2.875%,
5/15/32
.....................................
United
States
130,000
123,744
2.75%,
8/15/32
.....................................
United
States
1,645,000
1,548,485
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
4.125%,
11/15/32
....................................
United
States
1,795,000
$
1,886,433
j
Index
Linked,
1.125%,
1/15/33
..........................
United
States
430,000
431,134
3.5%,
2/15/33
......................................
United
States
720,000
721,181
e
FRN,
4.716%,
(3-month
U.S.
Treasury
Bill
Rate
+
(0.015)%),
1/31/24
...........................................
United
States
750,000
749,709
e
FRN,
4.656%,
(3-month
U.S.
Treasury
Bill
Rate
+
(0.075)%),
4/30/24
...........................................
United
States
140,000
139,781
e
FRN,
4.768%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.037%),
7/31/24
...........................................
United
States
4,410,000
4,406,365
e
FRN,
4.931%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.2%),
1/31/25
United
States
2,250,000
2,251,530
Total
U.S.
Government
and
Agency
Securities
(Cost
$110,735,682)
................
102,019,273
Asset-Backed
Securities
0.7%
Consumer
Finance
0.0%
†
k
Northstar
Education
Finance,
Inc.
,
2007-1
,
A4
,
FRN
,
6.209
%
,
1/29/46
.
...........................................
United
States
125,000
124,918
Financial
Services
0.6%
l
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
,
2006-HE3
,
A5
,
FRN
,
2.928
%
,
(
1-month
USD
LIBOR
+
0.54
%
),
3/25/36
.
....
United
States
85,549
81,547
b,l
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-4A
,
A1RR
,
144A,
FRN
,
5.792
%
,
(
3-month
USD
LIBOR
+
1
%
),
1/15/31
.
.........
United
States
246,369
244,428
l
Centex
Home
Equity
Loan
Trust
,
2004-B
,
M1
,
FRN
,
5.49
%
,
(
1-month
USD
LIBOR
+
0.645
%
),
3/25/34
.
........................
United
States
148,127
141,754
b
Dividend
Solar
Loans
LLC
,
2018-1
,
B
,
144A,
4.29
%
,
7/20/38
.
....
United
States
106,781
98,894
l
First
Frankin
Mortgage
Loan
Trust
,
2006-FF4
,
A3
,
FRN
,
4.83
%
,
(
1-month
USD
LIBOR
+
0.56
%
),
3/25/36
.
..................
United
States
56,512
55,929
b
Ford
Credit
Auto
Owner
Trust
,
2023-1
,
A
,
144A,
4.85
%
,
8/15/35
.
..
United
States
120,000
120,475
b
Jimmy
Johns
Funding
LLC
,
2017-1A
,
A2II
,
144A,
4.846
%
,
7/30/47
.
United
States
121,000
113,684
b,l
MF1
Ltd.
,
2021-FL7
,
A
,
144A,
FRN
,
5.841
%
,
(
1-month
USD
LIBOR
+
1.08
%
),
10/16/36
.
...................................
United
States
100,000
96,925
b
Mosaic
Solar
Loan
Trust
,
2021-3A
,
B
,
144A,
1.92
%
,
6/20/52
.
.....
United
States
156,130
122,465
b
MVW
LLC
,
2021-1WA
,
A
,
144A,
1.14
%
,
1/22/41
.
..............
United
States
75,917
69,187
b,l
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
,
2021-40A
,
A
,
144A,
FRN
,
5.852
%
,
(
3-month
USD
LIBOR
+
1.06
%
),
4/16/33
.
.......
United
States
500,000
493,047
b,l
New
Century
Home
Equity
Loan
Trust
,
2003-A
,
A
,
144A,
FRN
,
3.876
%
,
(
1-month
USD
LIBOR
+
0.72
%
),
10/25/33
.
..........
United
States
156,534
147,516
b
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
490,000
423,419
b,l
Octagon
Investment
Partners
XXI
Ltd.
,
2014-1A
,
AAR3
,
144A,
FRN
,
5.869
%
,
(
3-month
USD
LIBOR
+
1
%
),
2/14/31
.
..............
United
States
250,000
245,198
b,l
Palmer
Square
CLO
Ltd.
,
2014-1A
,
A1R2
,
144A,
FRN
,
5.922
%
,
(
3-month
USD
LIBOR
+
1.13
%
),
1/17/31
.
..................
United
States
250,000
248,567
b,l
Reese
Park
CLO
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.922
%
,
(
3-month
USD
LIBOR
+
1.13
%
),
10/15/34
.
........................
United
States
180,000
175,563
b,l
Symphony
CLO
XV
Ltd.
,
2014-15A
,
AR3
,
144A,
FRN
,
5.872
%
,
(
3-month
USD
LIBOR
+
1.08
%
),
1/17/32
.
..................
United
States
250,000
245,447
3,124,045
a
a
a
a
a
a
Ground
Transportation
0.0%
†
b
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
2022-3A
,
A
,
144A,
4.62
%
,
2/20/27
.
.....................................
United
States
110,000
108,198
Passenger
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
United
States
396,775
344,079
United
Airlines
Pass-Through
Trust
,
2016-1,
A,
3.45%,
7/07/28
.............................
United
States
70,979
61,698
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Passenger
Airlines
(continued)
United
Airlines
Pass-Through
Trust,
(continued)
2019-2,
A,
2.9%,
5/01/28
..............................
United
States
87,888
$
75,105
2020-1,
B,
4.875%,
7/15/27
............................
United
States
217,050
210,052
690,934
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$4,122,722)
................................
4,048,095
Commercial
Mortgage-Backed
Securities
0.6%
Financial
Services
0.6%
BANK
,
2017-BNK7,
A4,
3.175%,
9/15/60
........................
United
States
130,000
119,845
2021-BN33,
A5,
2.556%,
5/15/64
........................
United
States
210,000
174,462
b,l
BPR
Trust
,
2022-OANA
,
A
,
144A,
FRN
,
6.725
%
,
(
1-month
SOFR
+
1.898
%
),
4/15/37
....................................
United
States
150,000
144,491
b,l
BX
Commercial
Mortgage
Trust
,
2021-21M,
A,
144A,
FRN,
5.414%,
(1-month
USD
LIBOR
+
0.73%),
10/15/36
....................................
United
States
119,202
114,752
2021-VINO,
A,
144A,
FRN,
5.336%,
(1-month
USD
LIBOR
+
0.652%),
5/15/38
....................................
United
States
150,000
144,281
2021-VOLT,
B,
144A,
FRN,
5.634%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
250,000
237,621
2022-LP2,
A,
144A,
FRN,
5.84%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
213,530
205,931
b,l
BX
Mortgage
Trust
,
2021-PAC,
A,
144A,
FRN,
5.374%,
(1-month
USD
LIBOR
+
0.689%),
10/15/36
...................................
United
States
230,000
220,789
2022-MVRK,
A,
144A,
FRN,
6.127%,
(1-month
SOFR
+
1.467%),
3/15/39
...........................................
United
States
120,000
116,622
b
BX
Trust
,
2022-CLS,
A,
144A,
5.76%,
10/13/27
.....................
United
States
100,000
97,906
l
2022-IND,
A,
144A,
FRN,
6.318%,
(1-month
SOFR
+
1.491%),
4/15/37
...........................................
United
States
373,435
365,574
Citigroup
Commercial
Mortgage
Trust
,
2016-P6
,
A4
,
3.458
%
,
12/10/49
..........................................
United
States
266,043
250,331
FNMA
,
2014-6,
Z,
2.5%,
2/25/44
..............................
United
States
125,725
109,404
2022-29,
KZ,
1.5%,
6/25/42
............................
United
States
101,257
72,964
m
427,
C73,
IO,
3%,
12/25/48
............................
United
States
578,390
93,375
GNMA
,
2021-21
,
AH
,
1.4
%
,
6/16/63
.......................
United
States
88,129
70,105
b,l
ILPT
Commercial
Mortgage
Trust
,
2022-LPF2
,
A
,
144A,
FRN
,
7.072
%
,
(
1-month
SOFR
+
2.245
%
),
10/15/39
..............
United
States
100,000
99,969
b,l
INTOWN
Mortgage
Trust
,
2022-STAY
,
A
,
144A,
FRN
,
7.316
%
,
(
1-month
SOFR
+
2.489
%
),
8/15/39
......................
United
States
130,000
129,256
b,l
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2022-
ACB
,
A
,
144A,
FRN
,
5.958
%
,
(
30-day
SOFR
Average
+
1.4
%
),
3/15/39
...........................................
United
States
150,000
145,411
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C33
,
A4
,
3.77
%
,
12/15/48
.....................................
United
States
122,000
116,967
b,l
MTN
Commercial
Mortgage
Trust
,
2022-LPFL
,
A
,
144A,
FRN
,
6.224
%
,
(
1-month
SOFR
+
1.397
%
),
3/15/39
...............
United
States
100,000
98,671
b,l
SREIT
Trust
,
2021-MFP,
A,
144A,
FRN,
5.415%,
(1-month
USD
LIBOR
+
0.731%),
11/15/38
...................................
United
States
140,000
134,298
2021-MFP2,
A,
144A,
FRN,
5.506%,
(1-month
USD
LIBOR
+
0.822%),
11/15/36
...................................
United
States
100,000
96,148
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
WFRBS
Commercial
Mortgage
Trust
,
2014-C23
,
A5
,
3.917
%
,
10/15/57
..........................................
United
States
106,000
$
102,752
3,461,925
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,536,206)
.................
3,461,925
Mortgage-Backed
Securities
4.9%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.5%
FHLMC
Gold
Pool,
30
Year,
4.5%,
1/01/49
..................
United
States
355,052
355,879
FHLMC
Pool,
15
Year,
3%,
8/01/34
........................
United
States
42,246
40,165
FHLMC
Pool,
15
Year,
4%,
11/01/37
.......................
United
States
189,048
186,293
FHLMC
Pool,
20
Year,
3%,
5/01/42
........................
United
States
188,888
173,015
FHLMC
Pool,
30
Year,
2%,
2/01/52
-
8/01/52
.................
United
States
724,166
600,007
FHLMC
Pool,
30
Year,
2.5%,
12/01/50
-
4/01/52
..............
United
States
2,007,468
1,749,098
FHLMC
Pool,
30
Year,
3%,
3/01/50
-
7/01/52
.................
United
States
1,069,228
964,968
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
-
8/01/52
...............
United
States
1,984,462
1,872,380
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
6/01/52
.................
United
States
780,668
756,059
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
-
10/01/52
.............
United
States
859,684
850,828
FHLMC
Pool,
30
Year,
5%,
8/01/52
-
11/01/52
................
United
States
553,204
554,002
FHLMC
Pool,
30
Year,
5.5%,
12/01/52
......................
United
States
311,496
314,920
8,417,614
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.7%
FNMA,
2.5%,
9/01/61
-
6/01/62
...........................
United
States
284,746
241,027
FNMA,
3.66%,
10/01/32
................................
United
States
200,000
191,460
FNMA,
3.75%,
9/01/32
.................................
United
States
100,000
96,441
FNMA,
3.89%,
7/01/32
.................................
United
States
100,000
95,706
FNMA,
15
Year,
2%,
8/01/36
-
12/01/36
.....................
United
States
535,783
484,008
FNMA,
20
Year,
2%,
3/01/42
.............................
United
States
92,999
80,051
FNMA,
20
Year,
2.5%,
5/01/42
...........................
United
States
93,163
82,293
FNMA,
20
Year,
3.5%,
8/01/42
...........................
United
States
97,386
92,062
FNMA,
30
Year,
1.5%,
3/01/51
-
9/01/51
....................
United
States
279,551
220,273
FNMA,
30
Year,
2%,
5/01/51
-
3/01/52
......................
United
States
3,409,383
2,828,020
FNMA,
30
Year,
2.5%,
5/01/51
-
3/01/52
....................
United
States
3,560,110
3,080,860
FNMA,
30
Year,
3%,
9/01/50
-
11/01/51
.....................
United
States
2,026,043
1,829,406
FNMA,
30
Year,
3.5%,
6/01/49
-
9/01/52
....................
United
States
469,365
439,189
FNMA,
30
Year,
4%,
2/01/49
-
6/01/52
......................
United
States
421,416
407,721
FNMA,
30
Year,
4.5%,
2/01/50
-
9/01/52
....................
United
States
634,593
624,923
FNMA,
30
Year,
5%,
10/01/52
-
12/01/52
....................
United
States
292,895
292,388
FNMA,
30
Year,
5.5%,
12/01/52
...........................
United
States
214,318
216,674
n
FNMA,
Single-family,
30
Year,
2%,
4/25/53
..................
United
States
1,200,000
992,170
n
FNMA,
Single-family,
30
Year,
3%,
4/25/53
..................
United
States
600,000
538,403
n
FNMA,
Single-family,
30
Year,
3.5%,
4/25/53
.................
United
States
300,000
278,777
n
FNMA,
Single-family,
30
Year,
4%,
4/25/53
..................
United
States
400,000
382,595
n
FNMA,
Single-family,
30
Year,
4.5%,
4/25/53
.................
United
States
400,000
391,950
n
FNMA,
Single-family,
30
Year,
5%,
4/25/53
..................
United
States
100,000
99,742
n
FNMA,
Single-family,
30
Year,
5.5%,
4/25/53
.................
United
States
850,000
858,650
n
FNMA,
Single-family,
30
Year,
6%,
4/25/53
..................
United
States
100,000
102,074
n
FNMA,
Single-family,
30
Year,
6.5%,
4/25/53
.................
United
States
100,000
103,117
15,049,980
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.7%
GNMA
II,
Single-family,
30
Year,
2%,
1/20/51
-
4/15/53
.........
United
States
741,883
631,202
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/50
-
4/15/53
........
United
States
1,387,808
1,224,936
GNMA
II,
Single-family,
30
Year,
3%,
2/20/51
-
10/20/51
........
United
States
754,492
691,969
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/52
-
4/15/53
........
United
States
495,992
465,082
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
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,
4%,
8/20/46
-
8/20/48
.........
United
States
367,965
$
359,003
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/48
-
4/15/53
........
United
States
394,543
391,314
n
GNMA
II,
Single-family,
30
Year,
5%,
4/15/53
.................
United
States
200,000
200,266
n
GNMA
II,
Single-family,
30
Year,
5.5%,
4/15/53
...............
United
States
300,000
303,416
4,267,188
Total
Mortgage-Backed
Securities
(Cost
$29,311,967)
............................
27,734,782
Municipal
Bonds
0.3%
Arizona
0.0%
†
Maricopa
County
Union
High
School
District
No.
210-Phoenix
,
GO
,
2020
C
,
5
%
,
7/01/31
.................................
United
States
200,000
229,090
California
0.2%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue,
Senior
Lien
,
2019
,
2.934
%
,
6/01/32
...........................................
United
States
65,000
56,261
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
540,000
488,632
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
485,000
359,063
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
285,000
192,800
1,096,756
Ohio
0.0%
†
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
160,000
124,363
Texas
0.1%
City
of
Austin
,
Electric
Utility
,
Revenue
,
2008
,
Refunding
,
AGMC
Insured
,
6.262
%
,
11/15/32
.............................
United
States
315,000
341,833
Total
Municipal
Bonds
(Cost
$2,130,404)
.......................................
1,792,042
Residential
Mortgage-Backed
Securities
0.3%
Financial
Services
0.3%
b
Angel
Oak
Mortgage
Trust
,
2023-1
,
A1
,
144A,
4.75
%
,
9/26/67
....
United
States
148,049
142,940
b,k
Angel
Oak
Mortgage
Trust
I
LLC
,
2019-2
,
B1
,
144A,
FRN
,
5.016
%
,
3/25/49
...........................................
United
States
130,000
126,372
b,k
BRAVO
Residential
Funding
Trust
,
2022-NQM3
,
A1
,
144A,
FRN
,
5.108
%
,
7/25/62
.....................................
United
States
92,887
90,659
b,l
Connecticut
Avenue
Securities
Trust
,
2022-R04
,
1M2
,
144A,
FRN
,
7.66
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
............
United
States
120,000
119,039
b
Ellington
Financial
Mortgage
Trust
,
2023-1
,
A3
,
144A,
6.544
%
,
2/25/68
...........................................
United
States
147,707
145,208
b,l
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
6.21%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.....................................
United
States
117,462
115,332
2022-DNA3,
M1A,
144A,
FRN,
6.56%,
(30-day
SOFR
Average
+
2%),
4/25/42
.......................................
United
States
87,679
87,718
b
Legacy
Mortgage
Asset
Trust
,
2021-GS3
,
A1
,
144A,
1.75
%
,
7/25/61
United
States
113,029
104,571
b,k
New
Residential
Mortgage
Loan
Trust
,
2016-4A,
A1,
144A,
FRN,
3.75%,
11/25/56
.................
United
States
105,614
97,681
2017-1A,
A1,
144A,
FRN,
4%,
2/25/57
....................
United
States
99,524
94,514
2018-3A,
A1,
144A,
FRN,
4.5%,
5/25/58
...................
United
States
90,136
84,567
b,k
PRKCM
Trust
,
2021-AFC2
,
A1
,
144A,
FRN
,
2.071
%
,
11/25/56
....
United
States
87,003
72,609
b
SG
Residential
Mortgage
Trust
,
2022-2
,
A1
,
144A,
5.353
%
,
8/25/62
United
States
125,246
123,357
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Verus
Securitization
Trust
,
2022-6
,
A3
,
144A,
4.91
%
,
6/25/67
....
United
States
92,316
$
87,938
1,492,505
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$1,513,512)
..................
1,492,505
Total
Long
Term
Investments
(Cost
$512,369,960)
...............................
548,155,712
a
Number
of
Contracts
Notional
Amount
#
a
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.75,
Expires
4/07/23
.....................................
2
200,000
1,344
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$109.50,
Expires
4/07/23
.....................................
1
100,000
461
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$109.50,
Expires
4/21/23
.....................................
1
100,000
711
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$110.25,
Expires
4/21/23
.....................................
1
100,000
453
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$111.00,
Expires
4/21/23
.....................................
1
100,000
289
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$112.50,
Expires
4/21/23
.....................................
1
100,000
117
3,375
Puts
-
Exchange-Traded
3-month
SOFR
1-year
Mid-Curve
Futures,
December
Strike
Price
$95.88,
Expires
12/15/23
..............................
6
1,500,000
2,587
3-month
SOFR
1-year
Mid-Curve
Futures,
December
Strike
Price
$96.00,
Expires
12/15/23
..............................
14
3,500,000
7,175
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.25,
Expires
4/07/23
.....................................
1
100,000
297
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.50,
Expires
4/07/23
.....................................
1
100,000
375
10,434
Total
Options
Purchased
(Cost
$23,008)
........................................
13,809
Short
Term
Investments
3.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.5%
o
FHLB,
3/01/24
.......................................
United
States
130,000
124,735
o
U.S.
Treasury
Bills
,
4/04/23
...........................................
United
States
140,000
139,982
5/02/23
...........................................
United
States
140,000
139,483
5/23/23
...........................................
United
States
1,060,000
1,053,252
7/18/23
...........................................
United
States
660,000
650,959
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
o
U.S.
Treasury
Bills,
(continued)
9/07/23
...........................................
United
States
360,000
$
352,660
2,336,336
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,459,465)
..................
2,461,071
Shares
a
a
a
Money
Market
Funds
3.0%
p
BNY
Mellon
Institutional
Cash
Reserve
Fund
(The)
............
United
States
102,671
102,671
p,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
10,380,260
10,380,260
p
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund,
4.43%
............................................
United
States
3,440,266
3,440,267
p,q
Western
Asset
Premier
Institutional
Government
Reserves,
4.62%
United
States
2,403,676
2,403,676
p,q
Western
Asset
Premier
Institutional
U.S.
Treasury
Reserves,
4.47%
United
States
860,067
860,067
Total
Money
Market
Funds
(Cost
$17,186,941)
..................................
17,186,941
Total
Short
Term
Investments
(Cost
$19,646,406
)
................................
19,648,012
a
Total
Investments
(Cost
$532,039,374)
100.3%
..................................
$567,817,533
Options
Written
(0.0)%
†
......................................................
(50,016)
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(1,310,706)
Net
Assets
100.0%
...........................................................
$566,456,811
Number
of
Contracts
Notional
Amount
#
a
a
a
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.00,
Expires
4/21/23
.....................................
3
300,000
(4,313)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$115.00,
Expires
4/07/23
.....................................
1
100,000
(547)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$115.00,
Expires
4/21/23
.....................................
2
200,000
(1,812)
U.S.
Treasury
10
Year
Notes
Futures,
May
Strike
Price
$115.00,
Expires
5/26/23
.....................................
1
100,000
(1,438)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$115.50,
Expires
4/21/23
.....................................
1
100,000
(703)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$115.75,
Expires
4/07/23
.....................................
1
100,000
(281)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$116.00,
Expires
4/21/23
.....................................
3
300,000
(1,641)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$117.00,
Expires
4/21/23
.....................................
1
100,000
(328)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$107.50,
Expires
4/21/23
.....................................
2
200,000
(4,156)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$109.00,
Expires
4/21/23
.....................................
2
200,000
(1,922)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$109.75,
Expires
4/21/23
.....................................
1
100,000
(617)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Options
on
Interest
Rate
Futures
(continued)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$110.00,
Expires
4/21/23
.....................................
10
1,000,000
$
(5,313)
(23,071)
Puts
-
Exchange-Traded
Options
on
Interest
Rate
Futures
3-month
SOFR
1-year
Mid-Curve
Futures,
December
Strike
Price
$95.25,
Expires
12/15/23
..............................
12
3,000,000
(2,175)
3-month
SOFR
1-year
Mid-Curve
Futures,
December
Strike
Price
$95.38,
Expires
12/15/23
..............................
28
7,000,000
(5,950)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$112.50,
Expires
4/21/23
.....................................
2
200,000
(313)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$113.00,
Expires
4/21/23
.....................................
2
200,000
(500)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$113.50,
Expires
4/07/23
.....................................
1
100,000
(109)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.00,
Expires
4/07/23
.....................................
1
100,000
(219)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$114.00,
Expires
4/21/23
.....................................
10
1,000,000
(5,156)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$115.00,
Expires
4/21/23
.....................................
1
100,000
(984)
U.S.
Treasury
10
Year
Notes
Futures,
April
Strike
Price
$117.00,
Expires
4/21/23
.....................................
1
100,000
(2,406)
U.S.
Treasury
30
Year
Bonds
Futures,
April
Strike
Price
$130.00,
Expires
4/21/23
.....................................
1
100,000
(1,156)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$107.75,
Expires
4/21/23
.....................................
3
300,000
(328)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$108.00,
Expires
4/21/23
.....................................
1
100,000
(148)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$108.50,
Expires
4/21/23
.....................................
12
1,200,000
(3,188)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$109.00,
Expires
4/21/23
.....................................
5
500,000
(2,266)
U.S.
Treasury
5
Year
Notes
Futures,
April
Strike
Price
$110.00,
Expires
4/21/23
.....................................
2
200,000
(2,047)
(26,945)
Total
Options
Written
(Premiums
received
$68,107)
.............................
$
(50,016)
#
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
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,
2023,
the
aggregate
value
of
these
securities
was
$22,483,453,
representing
4.0%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Perpetual
security
with
no
stated
maturity
date.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
i
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
j
Principal
amount
of
security
is
adjusted
for
inflation.
k
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.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
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
Security
purchased
on
a
to-be-announced
(TBA)
basis.
o
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
101
$
20,895,638
6/16/23
$
(688,121)
S&P
500
E-Mini
Index
.........................
Long
15
3,103,312
6/16/23
68,319
Interest
rate
contracts
30-day
Federal
Funds
.........................
Long
7
2,776,451
4/28/23
(159)
3-month
SOFR
..............................
Long
2
476,975
12/19/23
688
3-month
SOFR
..............................
Short
52
12,463,519
6/20/23
(30,049)
U.S.
Treasury
10
Year
Notes
....................
Short
30
3,447,656
6/21/23
(25,025)
U.S.
Treasury
10
Year
Notes
....................
Long
199
22,869,453
6/21/23
303,993
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
13
1,574,828
6/21/23
(766)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
10
1,211,406
6/21/23
10,335
U.S.
Treasury
2
Year
Notes
.....................
Short
19
3,922,609
6/30/23
4,541
U.S.
Treasury
5
Year
Notes
.....................
Long
90
9,855,703
6/30/23
12,506
U.S.
Treasury
Long
Bonds
.....................
Long
5
655,781
6/21/23
6,913
U.S.
Treasury
Ultra
Bonds
......................
Short
8
1,129,000
6/21/23
(55,263)
U.S.
Treasury
Ultra
Bonds
......................
Long
23
3,245,875
6/21/23
13,070
Total
Futures
Contracts
......................................................................
$(379,018)
*
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
Swedish
Krona
.....
HSBK
Buy
6,200,000
600,586
4/14/23
$
—
$
(2,888)
Swedish
Krona
.....
HSBK
Sell
6,200,000
593,557
4/14/23
—
(4,141)
Brazilian
Real
......
HSBK
Sell
1,340,000
258,612
4/19/23
—
(5,129)
Polish
Zloty
........
HSBK
Buy
250,000
57,145
4/20/23
734
—
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
41
At
March
31,
2023,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Malaysian
Ringgit
...
GSCO
Buy
900,000
202,514
4/21/23
$
1,924
$
(57)
Malaysian
Ringgit
...
GSCO
Sell
1,100,000
245,481
4/21/23
—
(4,317)
Canadian
Dollar
....
CITI
Buy
480,000
356,517
4/25/23
—
(1,258)
Canadian
Dollar
....
JPHQ
Buy
820,000
606,273
4/25/23
627
—
Columbian
Peso
....
JPHQ
Buy
600,000,000
130,325
4/27/23
—
(2,019)
Columbian
Peso
....
JPHQ
Sell
1,660,000,000
352,199
4/27/23
—
(2,784)
Mexican
Peso
......
CITI
Sell
20,900,000
1,089,098
4/28/23
—
(66,691)
Euro
.............
CITI
Buy
330,000
360,390
5/05/23
—
(1,882)
Euro
.............
JPHQ
Buy
2,080,000
2,262,238
5/05/23
7,641
(10,196)
Thai
Baht
.........
HSBK
Buy
4,500,000
134,872
5/12/23
—
(2,735)
South
African
Rand
..
HSBK
Sell
8,000,000
447,232
5/15/23
—
(347)
South
African
Rand
..
UBSW
Buy
500,000
27,328
5/15/23
646
—
British
Pound
......
JPHQ
Buy
410,000
494,832
6/02/23
11,589
—
South
Korean
Won
..
JPHQ
Sell
540,000,000
415,417
6/09/23
418
—
Japanese
Yen
......
CITI
Sell
44,000,000
340,354
6/16/23
5,297
—
Japanese
Yen
......
JPHQ
Buy
342,000,000
2,545,306
6/16/23
59,006
—
Japanese
Yen
......
JPHQ
Sell
79,000,000
601,579
6/16/23
—
(2)
Norwegian
Krone
...
MSCO
Buy
5,800,000
553,240
6/23/23
3,022
—
New
Zealand
Dollar
.
BZWS
Buy
260,000
162,106
6/26/23
477
—
Total
Forward
Exchange
Contracts
...................................................
$91,381
$(104,446)
Net
unrealized
appreciation
(depreciation)
............................................
$(13,065)
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.IG.39
..
1.00%
Quarterly
12/20/27
560,000
$
6,793
$
2,508
$
4,285
Investment
Grade
CDX.NA.IG.40
..
1.00%
Quarterly
6/20/28
6,028,000
70,953
48,498
22,455
Investment
Grade
CDX.NA.IG.40
..
1.00%
Quarterly
6/20/33
2,710,000
(22,145)
(39,443)
17,298
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$55,601
$11,563
$44,038
Total
Credit
Default
Swap
Contracts
....................................
$55,601
$
11,563
$44,038
(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.
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.
42
At
March
31,
2023,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
A
bbreviations
on
page
173
.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.27%
....
Annual
4/30/29
2,318,000
$
11,430
$
(61,725)
$
73,155
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.85%
....
Annual
6/30/29
686,000
(20,882)
827
(21,709)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.25%
....
Annual
9/30/29
341,000
219
150
69
Receive
Fixed
3.25%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
12/31/29
1,037,000
4,482
(4,833)
9,315
Receive
Fixed
3.4%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
12/31/29
342,000
4,434
(72)
4,506
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2%
......
Annual
3/18/32
246,000
22,970
21,795
1,175
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.15%
....
Annual
5/15/48
1,583,000
(29,993)
3,452
(33,445)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.5%
.....
Annual
4/21/52
12,000
1,123
992
131
Total
Interest
Rate
Swap
Contracts
...............................
$(6,217)
$
(39,414)
$33,197
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
DynaTech
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.8%
Aerospace
&
Defense
1.2%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,301
$
967,080
HEICO
Corp.
........................................
United
States
3,059
523,211
1,490,291
Automobile
Components
0.1%
a,b
Mobileye
Global,
Inc.,
A
.................................
Israel
1,734
75,030
Automobiles
2.6%
a
Tesla,
Inc.
...........................................
United
States
15,415
3,197,996
Biotechnology
1.1%
a
Argenx
SE
..........................................
Netherlands
1,840
683,326
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
1,498
160,616
a
Genmab
A/S,
ADR
....................................
Denmark
2,957
111,656
a
Halozyme
Therapeutics,
Inc.
.............................
United
States
2,944
112,431
a
Moderna,
Inc.
........................................
United
States
1,511
232,059
1,300,088
Broadline
Retail
6.7%
a
Amazon.com,
Inc.
.....................................
United
States
61,715
6,374,542
a
Etsy,
Inc.
............................................
United
States
1,808
201,285
a
MercadoLibre,
Inc.
....................................
Brazil
1,231
1,622,532
8,198,359
Capital
Markets
2.5%
FactSet
Research
Systems,
Inc.
..........................
United
States
605
251,129
Moody's
Corp.
........................................
United
States
600
183,612
MSCI,
Inc.
...........................................
United
States
2,461
1,377,397
Tradeweb
Markets,
Inc.,
A
...............................
United
States
15,374
1,214,854
3,026,992
Chemicals
0.9%
Corteva,
Inc.
.........................................
United
States
17,841
1,075,991
FMC
Corp.
..........................................
United
States
654
79,873
1,155,864
Construction
&
Engineering
0.9%
Quanta
Services,
Inc.
..................................
United
States
6,763
1,126,986
Electric
Utilities
1.6%
NextEra
Energy,
Inc.
...................................
United
States
24,640
1,899,251
Electrical
Equipment
0.2%
a
Array
Technologies,
Inc.
................................
United
States
3,448
75,442
a
NEXTracker,
Inc.,
A
....................................
United
States
1,082
39,234
a
Shoals
Technologies
Group,
Inc.,
A
........................
United
States
3,476
79,218
193,894
Electronic
Equipment,
Instruments
&
Components
1.3%
Amphenol
Corp.,
A
....................................
United
States
3,026
247,285
Keyence
Corp.
.......................................
Japan
1,225
600,474
a
Keysight
Technologies,
Inc.
..............................
United
States
2,130
343,952
Samsung
SDI
Co.
Ltd.
.................................
South
Korea
581
328,853
1,520,564
Energy
Equipment
&
Services
1.1%
Baker
Hughes
Co.
.....................................
United
States
8,774
253,218
a
Oceaneering
International,
Inc.
...........................
United
States
6,488
114,383
Schlumberger
NV
.....................................
United
States
18,420
904,422
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
a
TechnipFMC
plc
......................................
United
Kingdom
3,928
$
53,617
1,325,640
Financial
Services
5.9%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,233
1,964,788
Mastercard,
Inc.,
A
....................................
United
States
10,486
3,810,717
a
Toast,
Inc.,
A
.........................................
United
States
3,094
54,919
Visa,
Inc.,
A
..........................................
United
States
6,154
1,387,481
7,217,905
Ground
Transportation
0.2%
a
Uber
Technologies,
Inc.
.................................
United
States
7,563
239,747
Health
Care
Equipment
&
Supplies
5.2%
a
Dexcom,
Inc.
.........................................
United
States
1,811
210,402
a
Edwards
Lifesciences
Corp.
.............................
United
States
3,029
250,589
a
Haemonetics
Corp.
....................................
United
States
554
45,844
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,468
2,234,357
a
Inmode
Ltd.
.........................................
United
States
454
14,510
a
Inspire
Medical
Systems,
Inc.
............................
United
States
4,920
1,151,624
a
Insulet
Corp.
.........................................
United
States
2,146
684,488
a
Intuitive
Surgical,
Inc.
..................................
United
States
6,157
1,572,929
Stryker
Corp.
........................................
United
States
599
170,997
6,335,740
Health
Care
Providers
&
Services
1.2%
UnitedHealth
Group,
Inc.
................................
United
States
3,077
1,454,159
Health
Care
Technology
0.4%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
2,751
505,606
Hotels,
Restaurants
&
Leisure
0.6%
a
Airbnb,
Inc.,
A
........................................
United
States
3,047
379,047
a
Booking
Holdings,
Inc.
.................................
United
States
153
405,819
784,866
Interactive
Media
&
Services
3.2%
a
Alphabet,
Inc.,
A
......................................
United
States
37,013
3,839,358
IT
Services
2.1%
a
Cloudflare,
Inc.,
A
.....................................
United
States
2,458
151,560
a
MongoDB,
Inc.
.......................................
United
States
4,609
1,074,450
a
Shopify,
Inc.,
A
.......................................
Canada
19,965
957,186
a
Snowflake,
Inc.,
A
.....................................
United
States
2,744
423,372
2,606,568
Life
Sciences
Tools
&
Services
6.9%
Danaher
Corp.
.......................................
United
States
12,334
3,108,661
Lonza
Group
AG
......................................
Switzerland
1,226
738,092
a
Repligen
Corp.
.......................................
United
States
5,837
982,717
Thermo
Fisher
Scientific,
Inc.
............................
United
States
6,167
3,554,474
8,383,944
Pharmaceuticals
1.6%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
14,443
1,002,489
Eli
Lilly
&
Co.
........................................
United
States
1,993
684,436
a
Jazz
Pharmaceuticals
plc
...............................
United
States
1,354
198,131
1,885,056
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
45
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
0.3%
a
CoStar
Group,
Inc.
....................................
United
States
4,868
$
335,162
Semiconductors
&
Semiconductor
Equipment
16.3%
Analog
Devices,
Inc.
...................................
United
States
12,328
2,431,328
ASM
International
NV
..................................
Netherlands
1,377
558,951
ASML
Holding
NV,
ADR
................................
Netherlands
4,780
3,253,794
a
Enphase
Energy,
Inc.
..................................
United
States
3,064
644,298
Entegris,
Inc.
.........................................
United
States
6,116
501,573
a
First
Solar,
Inc.
.......................................
United
States
132
28,710
Intel
Corp.
...........................................
United
States
2,922
95,462
KLA
Corp.
...........................................
United
States
3,384
1,350,792
Lam
Research
Corp.
...................................
United
States
3,294
1,746,215
a
Lattice
Semiconductor
Corp.
.............................
United
States
4,578
437,199
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,232
1,617,745
NVIDIA
Corp.
........................................
United
States
24,687
6,857,308
a
SolarEdge
Technologies,
Inc.
............................
United
States
909
276,291
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
411
38,231
19,837,897
Software
27.0%
a
Adobe,
Inc.
..........................................
United
States
605
233,149
a
ANSYS,
Inc.
.........................................
United
States
3,691
1,228,365
a
Aspen
Technology,
Inc.
.................................
United
States
3,065
701,487
a
Atlassian
Corp.,
A
.....................................
United
States
4,186
716,518
a
Cadence
Design
Systems,
Inc.
...........................
United
States
14,183
2,979,706
Constellation
Software,
Inc.
..............................
Canada
183
344,027
a
Datadog,
Inc.,
A
......................................
United
States
8,264
600,462
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
3,026
243,926
a
Gitlab,
Inc.,
A
........................................
United
States
7,733
265,165
a
HubSpot,
Inc.
........................................
United
States
3,694
1,583,802
Intuit,
Inc.
...........................................
United
States
6,165
2,748,542
a,c
Lumine
Group,
Inc.,
Reg
S
..............................
Canada
531
5,779
Microsoft
Corp.
.......................................
United
States
25,923
7,473,601
a
Monday.com
Ltd.
......................................
United
States
4,596
656,079
a
Palo
Alto
Networks,
Inc.
................................
United
States
6,151
1,228,601
a
Paycom
Software,
Inc.
.................................
United
States
1,526
463,919
a
Paylocity
Holding
Corp.
.................................
United
States
1,517
301,549
a
Procore
Technologies,
Inc.
..............................
United
States
6,095
381,730
Roper
Technologies,
Inc.
................................
United
States
3,076
1,355,562
a
Salesforce,
Inc.
.......................................
United
States
6,150
1,228,647
a
ServiceNow,
Inc.
......................................
United
States
7,091
3,295,329
a
Synopsys,
Inc.
.......................................
United
States
7,707
2,976,829
a
Tyler
Technologies,
Inc.
.................................
United
States
1,528
541,890
a
Workday,
Inc.,
A
......................................
United
States
6,150
1,270,221
a
Xero
Ltd.
............................................
New
Zealand
285
17,287
32,842,172
Specialized
REITs
0.5%
Crown
Castle,
Inc.
.....................................
United
States
579
77,494
SBA
Communications
Corp.
.............................
United
States
1,833
478,541
556,035
Technology
Hardware,
Storage
&
Peripherals
2.1%
Apple,
Inc.
..........................................
United
States
15,411
2,541,274
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.........................................
United
States
1,759
94,880
Total
Common
Stocks
(Cost
$79,993,855)
......................................
113,971,324
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.
46
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.2%
Life
Sciences
Tools
&
Services
0.2%
d
Sartorius
AG,
0.37%
...................................
Germany
571
$
240,663
Total
Preferred
Stocks
(Cost
$237,386)
.........................................
240,663
Total
Long
Term
Investments
(Cost
$80,231,241)
................................
114,211,987
a
Short
Term
Investments
6.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
6.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
7,363,695
7,363,695
Total
Money
Market
Funds
(Cost
$7,363,695)
...................................
7,363,695
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
Money
Market
Funds
0.0%
†
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
63,718
63,718
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$63,718)
...............................................................
63,718
Total
Short
Term
Investments
(Cost
$7,427,413
)
.................................
7,427,413
a
Total
Investments
(Cost
$87,658,654)
100.1%
...................................
$121,639,400
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(165,059)
Net
Assets
100.0%
...........................................................
$121,474,341
†
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,
2023.
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,
2023,
the
aggregate
value
of
these
securities
was
$1,970,567,
representing
1.6%
of
net
assets.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
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,
2023
Franklin
Global
Real
Estate
VIP
Fund
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
99.2%
Diversified
REITs
2.3%
H&R
Real
Estate
Investment
Trust
........................
Canada
82,998
$
773,731
Merlin
Properties
Socimi
SA
.............................
Spain
91,043
796,614
NTT
UD
REIT
Investment
Corp.
..........................
Japan
959
975,924
2,546,269
Diversified
Telecommunication
Services
0.8%
a
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
22,351
869,218
Health
Care
REITs
6.3%
Aedifica
SA
..........................................
Belgium
14,035
1,130,769
Healthcare
Realty
Trust,
Inc.
.............................
United
States
39,027
754,392
Healthpeak
Properties,
Inc.
..............................
United
States
61,848
1,358,800
Welltower,
Inc.
.......................................
United
States
51,075
3,661,567
6,905,528
Hotel
&
Resort
REITs
3.7%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
97,347
1,605,252
Japan
Hotel
REIT
Investment
Corp.
........................
Japan
1,874
1,063,006
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
15,391
1,381,034
4,049,292
Industrial
REITs
17.7%
Americold
Realty
Trust,
Inc.
..............................
United
States
29,364
835,406
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
25,808
1,372,985
GLP
J-Reit
..........................................
Japan
956
1,033,523
Goodman
Group
......................................
Australia
124,195
1,576,133
Mapletree
Logistics
Trust
...............................
Singapore
1,125,053
1,451,279
Prologis,
Inc.
.........................................
United
States
69,755
8,703,331
Rexford
Industrial
Realty,
Inc.
............................
United
States
42,516
2,536,079
Segro
plc
...........................................
United
Kingdom
185,673
1,768,827
19,277,563
Office
REITs
8.2%
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
18,208
2,286,743
Cousins
Properties,
Inc.
................................
United
States
52,791
1,128,672
Derwent
London
plc
...................................
United
Kingdom
38,904
1,132,403
Gecina
SA
..........................................
France
9,911
1,028,815
Kenedix
Office
Investment
Corp.
..........................
Japan
506
1,170,616
Kilroy
Realty
Corp.
....................................
United
States
14,710
476,604
Nippon
Building
Fund,
Inc.
..............................
Japan
168
699,412
Orix
JREIT,
Inc.
.......................................
Japan
841
1,066,489
8,989,754
Real
Estate
Management
&
Development
13.3%
Capitaland
Investment
Ltd.
..............................
Singapore
659,256
1,829,118
b
Castellum
AB
........................................
Sweden
59,825
695,981
Catena
AB
..........................................
Sweden
14,629
544,433
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
97,879
593,404
a
CTP
NV,
144A,
Reg
S
..................................
Netherlands
52,123
672,635
c
Fastighets
AB
Balder,
B
.................................
Sweden
187,286
769,469
Grainger
plc
.........................................
United
Kingdom
263,099
756,284
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
150,562
2,828,649
b
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
56,889
1,259,918
Shurgard
Self
Storage
Ltd.
..............................
Belgium
18,121
866,703
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
156,541
2,193,064
Vonovia
SE
..........................................
Germany
81,431
1,533,808
14,543,466
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.
48
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
15.8%
American
Homes
4
Rent,
A
..............................
United
States
83,866
$
2,637,586
AvalonBay
Communities,
Inc.
............................
United
States
17,637
2,964,074
Boardwalk
Real
Estate
Investment
Trust
....................
Canada
24,138
984,736
Camden
Property
Trust
.................................
United
States
23,646
2,479,047
Canadian
Apartment
Properties
REIT
......................
Canada
46,219
1,621,221
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
33,290
2,234,758
UDR,
Inc.
...........................................
United
States
68,871
2,827,843
UNITE
Group
plc
(The)
.................................
United
Kingdom
122,802
1,454,984
17,204,249
Retail
REITs
15.7%
CapitaLand
Integrated
Commercial
Trust
....................
Singapore
935,217
1,394,811
Link
REIT
...........................................
Hong
Kong
277,603
1,785,041
NETSTREIT
Corp.
....................................
United
States
55,543
1,015,326
Realty
Income
Corp.
...................................
United
States
56,833
3,598,666
Regency
Centers
Corp.
.................................
United
States
41,073
2,512,846
Region
RE
Ltd.
.......................................
Australia
393,631
621,721
RPT
Realty
..........................................
United
States
49,192
467,816
Scentre
Group
.......................................
Australia
834,572
1,544,978
Shaftesbury
Capital
plc
.................................
United
Kingdom
498,539
705,460
Simon
Property
Group,
Inc.
..............................
United
States
15,608
1,747,628
Spirit
Realty
Capital,
Inc.
................................
United
States
45,029
1,793,955
17,188,248
Specialized
REITs
15.4%
CubeSmart
..........................................
United
States
33,468
1,546,891
Equinix,
Inc.
.........................................
United
States
7,751
5,588,781
Life
Storage,
Inc.
......................................
United
States
5,658
741,707
National
Storage
REIT
.................................
Australia
570,077
965,615
Public
Storage
.......................................
United
States
13,789
4,166,208
SBA
Communications
Corp.
.............................
United
States
3,194
833,858
VICI
Properties,
Inc.
...................................
United
States
90,355
2,947,380
16,790,440
Total
Common
Stocks
(Cost
$88,500,453)
......................................
108,364,027
Short
Term
Investments
2.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.5%
d
Joint
Repurchase
Agreement,
4.741%,
4/03/23
(Maturity
Value
$594,152)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$237,726)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$130,583)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$225,843)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.63%
-
7%,
12/21/33
-
12/20/52;
U.S.
Government
and
Agency
Strips,
7/15/26
-
9/15/26;
U.S.
Treasury
Bonds,
6%
-
7.63%,
2/15/25
-
2/15/27;
and
U.S.
Treasury
Notes,
0.25%,
5/15/24
(valued
at
$605,802)
.........................................
593,917
593,917
Total
Repurchase
Agreements
(Cost
$593,917)
..................................
593,917
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
49
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.7%
Money
Market
Funds
1.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
1,849,000
$
1,849,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,849,000)
............................................................
1,849,000
Total
Short
Term
Investments
(Cost
$2,442,917
)
.................................
2,442,917
a
Total
Investments
(Cost
$90,943,370)
101.4%
...................................
$110,806,944
Other
Assets,
less
Liabilities
(1.4)%
...........................................
(1,525,160)
Net
Assets
100.0%
...........................................................
$109,281,784
*
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,
2023,
the
aggregate
value
of
these
securities
was
$1,541,853,
representing
1.4%
of
net
assets.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
c
Non-income
producing.
d
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
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,
2023
Franklin
Growth
and
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
81.1%
Aerospace
&
Defense
3.5%
L3Harris
Technologies,
Inc.
..............................
United
States
970
$
190,353
Lockheed
Martin
Corp.
.................................
United
States
185
87,455
Raytheon
Technologies
Corp.
............................
United
States
12,490
1,223,145
1,500,953
Air
Freight
&
Logistics
2.7%
United
Parcel
Service,
Inc.,
B
............................
United
States
5,800
1,125,142
Banks
6.9%
Bank
of
America
Corp.
.................................
United
States
29,510
843,986
JPMorgan
Chase
&
Co.
.................................
United
States
12,761
1,662,886
Truist
Financial
Corp.
..................................
United
States
11,530
393,173
2,900,045
Beverages
3.7%
Coca-Cola
Co.
(The)
...................................
United
States
10,515
652,245
PepsiCo,
Inc.
........................................
United
States
5,085
926,996
1,579,241
Capital
Markets
6.2%
Ares
Management
Corp.
................................
United
States
7,660
639,150
BlackRock,
Inc.
.......................................
United
States
880
588,826
Morgan
Stanley
.......................................
United
States
16,031
1,407,522
2,635,498
Chemicals
1.3%
BASF
SE
...........................................
Germany
5,245
275,368
Huntsman
Corp.
......................................
United
States
10,403
284,626
559,994
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
.................................
United
States
610
82,484
Communications
Equipment
2.2%
Cisco
Systems,
Inc.
...................................
United
States
18,200
951,405
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
1,140
188,043
Consumer
Staples
Distribution
&
Retail
2.8%
Target
Corp.
.........................................
United
States
3,870
640,988
Walmart,
Inc.
........................................
United
States
3,730
549,989
1,190,977
Diversified
Telecommunication
Services
0.2%
TELUS
Corp.
........................................
Canada
5,300
105,208
Electric
Utilities
5.3%
Duke
Energy
Corp.
....................................
United
States
10,915
1,052,970
Entergy
Corp.
........................................
United
States
1,765
190,161
Evergy,
Inc.
..........................................
United
States
5,405
330,354
NextEra
Energy,
Inc.
...................................
United
States
8,940
689,095
2,262,580
Electrical
Equipment
2.0%
Eaton
Corp.
plc
.......................................
United
States
3,730
639,098
Emerson
Electric
Co.
..................................
United
States
2,360
205,651
844,749
Financial
Services
1.9%
Apollo
Global
Management,
Inc.
..........................
United
States
12,535
791,711
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
1.0%
Mondelez
International,
Inc.,
A
............................
United
States
5,840
$
407,165
Ground
Transportation
1.1%
Norfolk
Southern
Corp.
.................................
United
States
2,278
482,936
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
10,960
883,595
Health
Care
Providers
&
Services
3.6%
HCA
Healthcare,
Inc.
...................................
United
States
3,110
820,045
UnitedHealth
Group,
Inc.
................................
United
States
1,510
713,611
1,533,656
Health
Care
REITs
0.9%
Healthpeak
Properties,
Inc.
..............................
United
States
16,493
362,351
Hotels,
Restaurants
&
Leisure
1.2%
McDonald's
Corp.
.....................................
United
States
1,785
499,104
Household
Products
2.9%
Procter
&
Gamble
Co.
(The)
.............................
United
States
8,185
1,217,028
Industrial
REITs
0.1%
Prologis,
Inc.
.........................................
United
States
340
42,422
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
................................
United
States
465
88,959
Life
Sciences
Tools
&
Services
1.3%
Thermo
Fisher
Scientific,
Inc.
............................
United
States
946
545,246
Machinery
1.0%
Caterpillar,
Inc.
.......................................
United
States
770
176,207
Illinois
Tool
Works,
Inc.
.................................
United
States
950
231,277
407,484
Media
0.9%
Comcast
Corp.,
A
.....................................
United
States
10,085
382,322
Oil,
Gas
&
Consumable
Fuels
9.3%
Canadian
Natural
Resources
Ltd.
.........................
Canada
4,680
259,038
Chevron
Corp.
.......................................
United
States
9,173
1,496,667
EOG
Resources,
Inc.
..................................
United
States
7,050
808,141
Shell
plc,
ADR
........................................
Netherlands
14,060
809,012
Suncor
Energy,
Inc.
....................................
Canada
18,370
570,389
3,943,247
Pharmaceuticals
6.4%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
7,170
497,670
Bristol-Myers
Squibb
Co.
................................
United
States
4,850
336,153
Johnson
&
Johnson
...................................
United
States
9,565
1,482,575
Pfizer,
Inc.
...........................................
United
States
9,530
388,824
2,705,222
Residential
REITs
1.2%
Mid-America
Apartment
Communities,
Inc.
..................
United
States
3,250
490,880
Semiconductors
&
Semiconductor
Equipment
3.4%
Broadcom,
Inc.
.......................................
United
States
1,670
1,071,372
Texas
Instruments,
Inc.
.................................
United
States
2,045
380,390
1,451,762
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
2.6%
Oracle
Corp.
.........................................
United
States
11,655
$
1,082,983
Specialized
REITs
0.2%
Public
Storage
.......................................
United
States
300
90,642
Specialty
Retail
1.6%
Lowe's
Cos.,
Inc.
......................................
United
States
1,680
335,949
Tractor
Supply
Co.
....................................
United
States
1,390
326,706
662,655
Water
Utilities
0.8%
Essential
Utilities,
Inc.
..................................
United
States
7,439
324,712
Total
Common
Stocks
(Cost
$23,709,374)
......................................
34,322,401
Equity-Linked
Securities
8.6%
Banks
0.5%
a
UBS
AG
into
Bank
of
America
Corp.,
144A,
7%,
11/22/23
.......
United
States
7,700
228,971
Broadline
Retail
0.7%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
144A,
6.25%,
5/12/23
.....................................
United
States
140
291,560
Chemicals
1.2%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.,
144A,
8.75%,
4/21/23
.....................................
United
States
7,200
198,189
a
Royal
Bank
of
Canada
into
Linde
plc,
144A,
6.5%,
11/29/23
......
United
States
900
318,508
516,697
Consumer
Finance
0.7%
a
BofA
Finance
LLC
into
American
Express
Co.,
144A,
7.25%,
2/12/24
United
States
1,800
287,204
Electrical
Equipment
0.7%
a
Royal
Bank
of
Canada
into
Eaton
Corp.
plc,
144A,
6.25%,
9/15/23
United
States
1,900
305,868
Health
Care
Providers
&
Services
0.7%
a
Royal
Bank
of
Canada
into
HCA
Healthcare,
Inc.,
144A,
7.25%,
8/09/23
...........................................
United
States
1,300
308,590
Industrial
REITs
0.6%
a
Barclays
Bank
plc
into
Prologis,
Inc.,
144A,
7.5%,
12/29/23
......
United
States
2,200
268,855
Interactive
Media
&
Services
0.8%
a
Goldman
Sachs
International
Bank
into
Alphabet,
Inc.,
144A,
6.25%,
3/28/24
...........................................
United
States
3,200
325,153
Life
Sciences
Tools
&
Services
0.7%
a
Goldman
Sachs
International
Bank
into
Thermo
Fisher
Scientific,
Inc.,
144A,
6.25%,
9/25/23
.............................
United
States
500
285,504
Machinery
0.7%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.,
144A,
8.5%,
10/17/23
.....................................
United
States
1,400
285,885
Oil,
Gas
&
Consumable
Fuels
0.7%
a
BNP
Paribas
Issuance
BV
into
Canadian
Natural
Resources
Ltd.,
144A,
9.5%,
1/12/24
.................................
Canada
5,300
297,431
Specialty
Retail
0.6%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Tractor
Supply
Co.,
144A,
7.25%,
6/09/23
.................................
United
States
1,100
237,387
Total
Equity-Linked
Securities
(Cost
$3,640,354)
................................
3,639,105
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
53
s
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
6.2%
Capital
Markets
1.1%
KKR
Group
Co.,
Inc.,
6%,
C
.............................
United
States
7,305
$
463,502
Electric
Utilities
0.9%
NextEra
Energy,
Inc.,
6.926%
............................
United
States
7,700
356,895
Health
Care
Equipment
&
Supplies
2.7%
Becton
Dickinson
&
Co.,
6%,
B
...........................
United
States
6,920
344,062
Boston
Scientific
Corp.,
5.5%,
A
..........................
United
States
6,585
797,049
1,141,111
Life
Sciences
Tools
&
Services
1.5%
Danaher
Corp.,
5%,
B
..................................
United
States
505
643,547
Total
Convertible
Preferred
Stocks
(Cost
$2,784,544)
............................
2,605,055
Total
Long
Term
Investments
(Cost
$30,134,272)
................................
40,566,561
a
Short
Term
Investments
4.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
4.3%
b
Joint
Repurchase
Agreement,
4.741%,
4/03/23
(Maturity
Value
$1,838,668)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$735,670)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$404,102)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$698,896)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.63%
-
7%,
12/21/33
-
12/20/52;
U.S.
Government
and
Agency
Strips,
7/15/26
-
9/15/26;
U.S.
Treasury
Bonds,
6%
-
7.63%,
2/15/25
-
2/15/27;
and
U.S.
Treasury
Notes,
0.25%,
5/15/24
(valued
at
$1,874,723)
........................................
1,837,942
1,837,942
Total
Repurchase
Agreements
(Cost
$1,837,942)
................................
1,837,942
Total
Short
Term
Investments
(Cost
$1,837,942
)
.................................
1,837,942
a
Total
Investments
(Cost
$31,972,214)
100.2%
...................................
$42,404,503
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(104,021)
Net
Assets
100.0%
...........................................................
$42,300,482
*
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,
2023,
the
aggregate
value
of
these
securities
was
$3,639,105,
representing
8.6%
of
net
assets.
b
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
23.5%
Aerospace
&
Defense
2.2%
Lockheed
Martin
Corp.
.................................
United
States
65,000
$
30,727,450
Northrop
Grumman
Corp.
...............................
United
States
35,000
16,160,200
Raytheon
Technologies
Corp.
............................
United
States
225,000
22,034,250
68,921,900
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
85,000
16,489,150
Banks
3.4%
Bank
of
America
Corp.
.................................
United
States
875,000
25,025,000
Citigroup,
Inc.
........................................
United
States
250,000
11,722,500
Fifth
Third
Bancorp
....................................
United
States
300,000
7,992,000
JPMorgan
Chase
&
Co.
.................................
United
States
240,000
31,274,400
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
25,000
3,177,500
Truist
Financial
Corp.
..................................
United
States
495,000
16,879,500
US
Bancorp
.........................................
United
States
325,000
11,716,250
107,787,150
Biotechnology
0.9%
AbbVie,
Inc.
.........................................
United
States
70,000
11,155,900
Amgen,
Inc.
.........................................
United
States
70,000
16,922,500
28,078,400
Capital
Markets
1.1%
Goldman
Sachs
Group,
Inc.
(The)
.........................
United
States
26,054
8,522,524
Morgan
Stanley
.......................................
United
States
310,000
27,218,000
35,740,524
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
...................................
United
States
350,000
18,296,250
Consumer
Staples
Distribution
&
Retail
0.3%
Target
Corp.
.........................................
United
States
50,000
8,281,500
Diversified
Telecommunication
Services
0.5%
Verizon
Communications,
Inc.
............................
United
States
400,000
15,556,000
Electric
Utilities
2.2%
American
Electric
Power
Co.,
Inc.
.........................
United
States
100,000
9,099,000
Duke
Energy
Corp.
....................................
United
States
150,000
14,470,500
Edison
International
...................................
United
States
250,000
17,647,500
Southern
Co.
(The)
....................................
United
States
400,000
27,832,000
69,049,000
Ground
Transportation
0.6%
Union
Pacific
Corp.
....................................
United
States
100,000
20,126,000
Household
Products
0.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
120,000
17,842,800
Metals
&
Mining
0.8%
Rio
Tinto
plc,
ADR
.....................................
Australia
365,529
25,075,289
Multi-Utilities
1.5%
Dominion
Energy,
Inc.
..................................
United
States
400,000
22,364,000
DTE
Energy
Co.
......................................
United
States
100,000
10,954,000
Sempra
Energy
.......................................
United
States
90,000
13,604,400
46,922,400
Oil,
Gas
&
Consumable
Fuels
3.5%
BP
plc,
ADR
.........................................
United
Kingdom
300,000
11,382,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Chevron
Corp.
.......................................
United
States
250,000
$
40,790,000
Exxon
Mobil
Corp.
.....................................
United
States
250,000
27,415,000
Shell
plc,
ADR
........................................
Netherlands
200,000
11,508,000
TotalEnergies
SE,
ADR
.................................
France
300,000
17,715,000
108,810,000
Pharmaceuticals
1.0%
a
Bausch
Health
Cos.,
Inc.
................................
United
States
750,000
6,075,000
Johnson
&
Johnson
...................................
United
States
100,000
15,500,000
Pfizer,
Inc.
...........................................
United
States
275,000
11,220,000
32,795,000
Semiconductors
&
Semiconductor
Equipment
2.9%
Broadcom,
Inc.
.......................................
United
States
30,000
19,246,200
QUALCOMM,
Inc.
.....................................
United
States
45,000
5,741,100
b
Texas
Instruments,
Inc.
.................................
United
States
363,966
67,701,316
92,688,616
Specialty
Retail
0.3%
Home
Depot,
Inc.
(The)
.................................
United
States
32,000
9,443,840
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
19,450,000
Total
Common
Stocks
(Cost
$544,303,950)
.....................................
741,353,819
Equity-Linked
Securities
13.8%
Automobiles
0.2%
c
Barclays
Bank
plc
into
Ford
Motor
Co.,
144A,
12%,
2/09/24
......
United
States
590,500
7,400,941
Banks
1.7%
c
Barclays
Bank
plc
into
JPMorgan
Chase
&
Co.,
144A,
8%,
9/08/23
United
States
187,500
23,933,173
c
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
9.5%,
5/12/23
.................................
United
States
250,000
7,230,355
c
JPMorgan
Chase
Bank
NA
into
Bank
of
America
Corp.,
144A,
9%,
2/02/24
...........................................
United
States
328,400
9,801,847
c
Royal
Bank
of
Canada
into
Bank
of
America
Corp.,
144A,
8.5%,
8/14/23
...........................................
United
States
450,000
13,194,410
54,159,785
Biotechnology
0.6%
c
BNP
Paribas
Issuance
BV
into
AbbVie,
Inc.,
144A,
8%,
3/12/24
...
United
States
128,500
20,370,028
Broadline
Retail
0.6%
c
Royal
Bank
of
Canada
into
Amazon.com,
Inc.,
144A,
10%,
4/05/24
United
States
176,390
17,660,881
Capital
Markets
0.3%
c
BNP
Paribas
Issuance
BV
into
Morgan
Stanley,
144A,
8%,
5/22/23
United
States
125,000
10,973,485
Chemicals
0.3%
c
JPMorgan
Chase
Bank
NA
into
LyondellBasell
Industries
NV,
144A,
11%,
1/22/24
.......................................
United
States
110,000
10,215,198
Containers
&
Packaging
0.5%
c
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10.5%,
12/15/23
.....................................
United
States
400,000
14,585,349
Electric
Utilities
0.7%
c
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
8%,
3/19/24
...........................................
United
States
200,000
14,744,093
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Electric
Utilities
(continued)
c
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
102,000
$
7,798,671
22,542,764
Entertainment
0.4%
c
Royal
Bank
of
Canada
into
Walt
Disney
Co.
(The),
144A,
10%,
5/26/23
...........................................
United
States
139,700
14,141,283
Financial
Services
0.2%
c
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
10%,
10/19/23
..........................................
United
States
100,000
5,712,338
Ground
Transportation
0.5%
c
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
Reg
S,
9%,
11/01/23
.................................
United
States
50,750
10,257,120
c
UBS
AG
into
Union
Pacific
Corp.,
144A,
8%,
3/13/24
...........
United
States
20,000
3,949,455
14,206,575
Industrial
Conglomerates
0.3%
c
Goldman
Sachs
International
Bank
into
Honeywell
International,
Inc.,
144A,
8.5%,
4/04/23
.................................
United
States
45,400
8,567,655
Insurance
0.8%
c
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
9%,
9/22/23
.....
United
States
420,000
24,838,384
Interactive
Media
&
Services
0.3%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.,
144A,
9%,
6/22/23
........................................
United
States
4,800
10,009,886
Machinery
0.5%
c
National
Bank
of
Canada
into
Cummins,
Inc.,
144A,
8.5%,
2/13/24
United
States
69,700
16,853,527
Media
0.9%
c
BNP
Paribas
Issuance
BV
into
Comcast
Corp.,
144A,
8.5%,
8/10/23
United
States
700,000
26,915,773
Metals
&
Mining
0.5%
c
Goldman
Sachs
International
Bank
into
Newmont
Corp.,
144A,
10%,
7/05/23
...........................................
United
States
100,000
4,974,422
c
Royal
Bank
of
Canada
into
Barrick
Gold
Corp.,
144A,
11%,
3/07/24
Canada
574,000
10,698,127
15,672,549
Oil,
Gas
&
Consumable
Fuels
0.7%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9.5%,
2/22/24
.................................
United
States
123,425
13,661,918
c
Merrill
Lynch
International
&
Co.
CV
into
Chevron
Corp.,
144A,
10%,
12/04/23
..........................................
United
States
47,600
7,751,539
21,413,457
Pharmaceuticals
0.9%
c
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
12/04/23
.....................................
United
States
240,000
17,238,325
c
Societe
Generale
SA
into
Pfizer,
Inc.,
144A,
8.5%,
6/09/23
......
United
States
260,000
10,702,598
27,940,923
Semiconductors
&
Semiconductor
Equipment
2.9%
c
Goldman
Sachs
International
Bank
into
Intel
Corp.,
144A,
10%,
8/09/23
...........................................
United
States
650,000
21,490,729
c
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
10%,
12/05/23
..........................................
United
States
35,000
19,126,759
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
6/26/23
.......................................
United
States
100,000
7,896,645
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/03/23
......................................
United
States
144,400
$
10,650,796
c
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
10%,
5/19/23
United
States
178,000
31,145,830
90,310,759
Total
Equity-Linked
Securities
(Cost
$450,502,737)
..............................
434,491,540
Convertible
Preferred
Stocks
0.4%
Electric
Utilities
0.3%
NextEra
Energy,
Inc.,
6.219%
............................
United
States
230,200
11,242,968
Financial
Services
0.1%
FNMA,
5.375%
.......................................
United
States
475
3,027,887
a
Total
Convertible
Preferred
Stocks
(Cost
$48,949,828)
...........................
14,270,855
Principal
Amount
*
Corporate
Bonds
47.7%
Aerospace
&
Defense
2.2%
Boeing
Co.
(The)
,
Senior
Note,
5.04%,
5/01/27
...........................
United
States
11,500,000
11,591,056
Senior
Note,
5.15%,
5/01/30
...........................
United
States
25,000,000
25,169,283
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
......
United
States
7,500,000
7,416,436
TransDigm,
Inc.
,
Senior
Note,
6.375%,
6/15/26
..........................
United
States
10,000,000
9,785,550
c
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
11,000,000
11,021,175
c
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
5,000,000
5,056,250
70,039,750
Automobile
Components
0.7%
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
11,945,000
8,073,402
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
15,000,000
13,420,200
21,493,602
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
3,000,000
2,362,100
Senior
Bond,
6.1%,
8/19/32
............................
United
States
3,000,000
2,911,383
d
Senior
Note,
4.346%,
12/08/26
.........................
United
States
7,000,000
6,808,917
General
Motors
Co.
,
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
5,000,000
4,900,548
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
7,500,000
6,772,029
23,754,977
Banks
3.3%
Bank
of
America
Corp.
,
e
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
8,000,000
7,862,640
e
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
6,000,000
5,872,500
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
5,000,000
4,649,532
Barclays
plc
,
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
15,000,000
14,710,302
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
10,000,000
11,062,883
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
2,300,000
2,269,928
Citigroup,
Inc.
,
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
12,000,000
12,988,311
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Citigroup,
Inc.,
(continued)
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
12,500,000
$
11,813,346
d,e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
7/31/23,
FRN
thereafter
,
Perpetual
.................................
United
States
3,200,000
3,140,000
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
8,000,000
8,424,897
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
...................................
United
States
4,000,000
3,731,358
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..........................................
United
States
10,000,000
10,453,559
Wells
Fargo
&
Co.
,
Senior
Note
,
3.196%
to
6/16/26,
FRN
thereafter
,
6/17/27
...........................................
United
States
8,000,000
7,528,616
104,507,872
Biotechnology
0.7%
AbbVie,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/25
....................
United
States
10,500,000
10,333,729
Amgen,
Inc.
,
Senior
Note
,
5.25
%
,
3/02/30
...................
United
States
10,000,000
10,231,312
20,565,041
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
4,000,000
3,802,171
Building
Products
0.3%
c
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
8,000,000
7,416,000
Carrier
Global
Corp.
,
Senior
Note
,
2.722
%
,
2/15/30
............
United
States
2,500,000
2,188,855
9,604,855
Capital
Markets
0.6%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.272%
to
9/28/24,
FRN
thereafter
,
9/29/25
...............................
United
States
9,000,000
8,736,754
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
..........................................
United
States
8,650,000
9,455,028
18,191,782
Chemicals
1.4%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
12,000,000
12,085,492
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
10,000,000
9,424,133
c
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
10,000,000
8,032,318
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
10,000,000
8,287,700
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
7,900,000
7,052,488
44,882,131
Commercial
Services
&
Supplies
0.4%
c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,000,000
13,443,900
Communications
Equipment
1.2%
c
CommScope
Technologies
LLC
,
Senior
Note,
144A,
6%,
6/15/25
........................
United
States
15,602,868
14,709,384
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
2,500,000
1,831,000
c
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
18,000,000
14,760,000
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
2,141,000
1,581,706
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
5,000,000
4,831,025
37,713,115
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
4,287,000
$
3,700,552
Consumer
Finance
2.5%
Capital
One
Financial
Corp.
,
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
10,398,356
9,999,619
Senior
Note,
3.273%
to
2/28/29,
FRN
thereafter,
3/01/30
......
United
States
7,000,000
5,969,614
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
6,070,000
5,735,992
Sub.
Note,
4.2%,
10/29/25
............................
United
States
8,000,000
7,465,357
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
20,000,000
19,604,904
Senior
Note,
4.95%,
5/28/27
...........................
United
States
15,000,000
14,329,500
Senior
Note,
7.35%,
3/06/30
...........................
United
States
1,500,000
1,542,750
General
Motors
Financial
Co.,
Inc.
,
d
Senior
Bond,
6.4%,
1/09/33
............................
United
States
5,000,000
5,160,539
Senior
Note,
2.4%,
4/10/28
............................
United
States
6,000,000
5,242,971
Senior
Note,
4.3%,
4/06/29
............................
United
States
5,000,000
4,651,992
79,703,238
Consumer
Staples
Distribution
&
Retail
0.1%
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
4,000,000
4,010,727
Containers
&
Packaging
1.3%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
....................
United
States
5,000,000
4,669,275
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
20,432,000
18,899,600
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
14,300,000
14,312,942
c
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
5,000,000
4,496,075
42,377,892
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
.............
United
States
10,000,000
9,430,400
Diversified
Telecommunication
Services
0.4%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
...
France
11,500,000
8,803,893
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
...................................
United
States
5,153,000
4,759,903
13,563,796
Electric
Utilities
0.7%
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
......
United
States
5,000,000
4,688,096
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
10,000,000
10,526,361
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
8,255,000
7,320,413
22,534,870
Electrical
Equipment
0.2%
c
Regal
Rexnord
Corp.
,
Senior
Note
,
144A,
6.05
%
,
4/15/28
.......
United
States
5,000,000
5,005,880
Energy
Equipment
&
Services
0.5%
c
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
1,055,000
1,083,551
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
14,500,000
14,847,420
15,930,971
Entertainment
1.1%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
21,909,800
c
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
6,500,000
5,807,873
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
(continued)
c
Warnermedia
Holdings,
Inc.,
(continued)
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
6,500,000
$
6,126,734
33,844,407
Financial
Services
0.2%
c
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
4,685,000
4,526,845
Food
Products
0.2%
c
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
4/01/33
......................
United
States
8,000,000
7,660,000
Ground
Transportation
0.4%
c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
4,132,351
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
8,000,000
8,025,474
12,157,825
Health
Care
Equipment
&
Supplies
0.9%
c
GE
HealthCare
Technologies,
Inc.
,
Senior
Bond
,
144A,
5.905
%
,
11/22/32
..........................................
United
States
7,500,000
7,993,019
c
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
4,000,000
3,474,270
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
20,000,000
17,373,200
28,840,489
Health
Care
Providers
&
Services
7.1%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
...............
United
States
10,000,000
9,411,400
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
52,000,000
32,255,600
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
20,000,000
12,423,400
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
40,000,000
38,700,000
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
10,000,000
9,698,000
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
10,000,000
7,853,500
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
8,000,000
7,861,019
Senior
Bond,
5.25%,
2/21/33
...........................
United
States
5,000,000
5,105,009
c
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
2,500,000
1,974,300
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
20,000,000
17,090,000
HCA,
Inc.
,
Senior
Note
,
5
%
,
3/15/24
.......................
United
States
10,400,000
10,341,665
c
MPH
Acquisition
Holdings
LLC
,
d
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
7,750,000
5,583,207
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
8,890,000
7,075,997
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
29,000,000
28,550,500
Senior
Note,
6.125%,
10/01/28
.........................
United
States
9,000,000
8,634,105
c
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
12,500,000
12,342,500
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
10,000,000
10,637,338
225,537,540
Health
Care
REITs
0.3%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
7,750,000
6,382,939
Senior
Bond,
3.5%,
3/15/31
............................
United
States
5,000,000
3,370,500
9,753,439
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
3.1%
c
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
3,130,000
$
2,845,483
c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
20,000,000
20,019,635
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
6,250,000
6,365,094
c
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
...........
United
States
10,000,000
9,134,800
Expedia
Group,
Inc.
,
Senior
Note
,
5
%
,
2/15/26
...............
United
States
7,000,000
6,973,904
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
4,100,000
3,376,883
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
7,000,000
6,151,950
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
8,000,000
8,101,308
c
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
8,000,000
6,678,840
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
22,408,000
22,014,292
d
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
6,000,000
5,677,080
97,339,269
Independent
Power
and
Renewable
Electricity
Producers
0.6%
c
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
5,000,000
4,584,551
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
5,000,000
4,644,093
c,e
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
12,500,000
11,012,938
20,241,582
Media
1.8%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
2,800,000
2,102,520
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
7,500,000
5,337,000
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
5,000,000
4,492,700
c
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
5.5
%
,
4/15/27
.........
United
States
10,000,000
8,431,300
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
12,359,000
11,034,115
c
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
6,500,000
5,198,505
c
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
5,000,000
4,389,986
c
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
7,140,000
7,021,226
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
8,500,000
8,067,350
56,074,702
Metals
&
Mining
1.6%
c
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
8,500,000
7,574,943
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
................
Luxembourg
12,000,000
12,597,938
c
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
5,000,000
5,095,000
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
6,000,000
5,271,090
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
5,000,000
4,798,946
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
........
United
States
8,000,000
7,565,825
c
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
10,000,000
8,382,502
51,286,244
Oil,
Gas
&
Consumable
Fuels
1.6%
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
15,000,000
15,513,352
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
8,820,000
8,404,942
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
5,185,000
5,215,721
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
..
United
States
9,500,000
$
9,054,212
Occidental
Petroleum
Corp.
,
Senior
Note
,
6.625
%
,
9/01/30
......
United
States
6,000,000
6,324,510
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.65
%
,
3/15/33
.........
United
States
5,000,000
5,166,735
49,679,472
Passenger
Airlines
0.7%
c
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
15,000,000
14,780,127
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
8,775,000
8,475,316
23,255,443
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
8,500,000
7,724,384
Pharmaceuticals
2.6%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,374,000
6,326,195
c
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
18,750,000
15,437,024
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
23,409,673
15,174,618
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
10,000,000
6,238,400
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
13,865,000
10,271,747
c
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
11,000,000
10,769,496
c,f
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
4,500,000
3,361,751
c,f
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
8,429,000
6,278,375
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
10,000,000
9,531,926
83,389,532
Semiconductors
&
Semiconductor
Equipment
1.0%
c
Broadcom,
Inc.
,
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
5,000,000
4,095,893
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
10,000,000
9,116,770
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
5,000,000
4,681,623
Micron
Technology,
Inc.
,
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
4,000,000
4,046,683
Senior
Note,
6.75%,
11/01/29
..........................
United
States
8,000,000
8,502,589
30,443,558
Software
1.1%
Oracle
Corp.
,
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
5,000,000
4,701,559
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
15,000,000
12,843,176
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
6,750,000
7,263,670
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
10,000,000
9,177,319
33,985,724
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond,
2.9%,
1/15/30
............................
United
States
8,000,000
6,962,196
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
5,000,000
5,149,797
Crown
Castle,
Inc.
,
Senior
Bond
,
3.3
%
,
7/01/30
...............
United
States
5,000,000
4,511,686
16,623,679
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
0.5%
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
.................
United
States
13,000,000
$
13,011,497
c
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,000,000
3,337,880
16,349,377
Technology
Hardware,
Storage
&
Peripherals
0.7%
d
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
8,000,000
7,548,879
HP,
Inc.
,
Senior
Bond,
5.5%,
1/15/33
............................
United
States
10,000,000
9,915,780
Senior
Note,
4%,
4/15/29
.............................
United
States
5,000,000
4,748,070
22,212,729
Tobacco
1.2%
BAT
Capital
Corp.
,
Senior
Note
,
3.557
%
,
8/15/27
.............
United
Kingdom
30,000,000
27,908,452
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
....
United
States
9,000,000
9,118,707
37,027,159
Trading
Companies
&
Distributors
1.1%
United
Rentals
North
America,
Inc.
,
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
11,300,000
10,817,490
c
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
8,000,000
8,117,840
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
14,000,000
14,243,880
33,179,210
Wireless
Telecommunication
Services
1.3%
Sprint
LLC
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
12,500,000
12,603,675
Senior
Note,
7.125%,
6/15/24
..........................
United
States
8,200,000
8,343,263
Senior
Note,
7.625%,
3/01/26
..........................
United
States
7,500,000
7,937,851
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
7,500,000
7,654,174
Senior
Note,
3.375%,
4/15/29
..........................
United
States
4,500,000
4,106,643
40,645,606
Total
Corporate
Bonds
(Cost
$1,569,488,751)
...................................
1,506,035,737
U.S.
Government
and
Agency
Securities
10.4%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
15,000,000
14,090,625
3%,
8/15/52
........................................
United
States
40,000,000
35,150,000
U.S.
Treasury
Notes
,
4.375%,
10/31/24
....................................
United
States
60,000,000
60,080,860
4.5%,
11/30/24
......................................
United
States
25,000,000
25,102,539
2.875%,
5/15/32
.....................................
United
States
130,000,000
123,743,750
2.75%,
8/15/32
.....................................
United
States
75,000,000
70,599,609
Total
U.S.
Government
and
Agency
Securities
(Cost
$329,956,544)
................
328,767,383
Asset-Backed
Securities
0.2%
Passenger
Airlines
0.2%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
.
United
States
7,545,333
7,532,637
Total
Asset-Backed
Securities
(Cost
$7,545,333)
................................
7,532,637
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.
64
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,556,391
$
1,514,259
Total
Mortgage-Backed
Securities
(Cost
$1,648,802)
.............................
1,514,259
Total
Long
Term
Investments
(Cost
$2,952,395,945)
.............................
3,033,966,230
a
Short
Term
Investments
2.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.5%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
79,867,923
79,867,923
Total
Money
Market
Funds
(Cost
$79,867,923)
..................................
79,867,923
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
7,500,000
7,500,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$7,500,000)
............................................................
7,500,000
Total
Short
Term
Investments
(Cost
$87,367,923
)
................................
87,367,923
a
Total
Investments
(Cost
$3,039,763,868)
98.7%
..................................
$3,121,334,153
Options
Written
(0.0)%
†
......................................................
(660,000)
Other
Assets,
less
Liabilities
1.3%
.............................................
38,436,099
Net
Assets
100.0%
...........................................................
$3,159,110,252
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Equity
Options
Texas
Instruments,
Inc.,
May
Strike
Price
$195.00,
Expires
5/19/23
2,000
37,202,000
(660,000)
(660,000)
Total
Options
Written
(Premiums
received
$375,959)
............................
$
(660,000)
#
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
Non-income
producing.
b
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
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,
2023,
the
aggregate
value
of
these
securities
was
$1,193,865,638,
representing
37.8%
of
net
assets.
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
65
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
173
.
d
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
e
Perpetual
security
with
no
stated
maturity
date.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
1,250
$
143,652,344
6/21/23
$
3,954,309
U.S.
Treasury
Ultra
Bonds
......................
Long
155
21,874,375
6/21/23
1,120,723
Total
Futures
Contracts
......................................................................
$5,075,032
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Large
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.4%
Aerospace
&
Defense
0.9%
a
Axon
Enterprise,
Inc.
...................................
United
States
3,513
$
789,898
Automobiles
0.9%
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
11,963
185,187
a
Tesla,
Inc.
...........................................
United
States
3,040
630,679
815,866
Beverages
2.8%
Constellation
Brands,
Inc.,
A
.............................
United
States
2,577
582,119
a
Monster
Beverage
Corp.
................................
United
States
34,226
1,848,546
2,430,665
Biotechnology
0.1%
a
Heron
Therapeutics,
Inc.
................................
United
States
45,652
68,934
Broadline
Retail
5.2%
a
Amazon.com,
Inc.
.....................................
United
States
43,008
4,442,296
Capital
Markets
6.0%
Ares
Management
Corp.
................................
United
States
5,715
476,860
Intercontinental
Exchange,
Inc.
...........................
United
States
6,144
640,758
MSCI,
Inc.
...........................................
United
States
4,231
2,368,048
S&P
Global,
Inc.
......................................
United
States
4,789
1,651,103
5,136,769
Chemicals
1.8%
Linde
plc
............................................
United
States
4,447
1,580,642
Commercial
Services
&
Supplies
1.3%
Republic
Services,
Inc.
.................................
United
States
7,985
1,079,732
Consumer
Staples
Distribution
&
Retail
0.2%
Costco
Wholesale
Corp.
................................
United
States
407
202,226
Electric
Utilities
1.1%
NextEra
Energy,
Inc.
...................................
United
States
12,495
963,115
Financial
Services
8.6%
Mastercard,
Inc.,
A
....................................
United
States
14,122
5,132,076
Visa,
Inc.,
A
..........................................
United
States
10,171
2,293,154
7,425,230
Food
Products
1.0%
a
Freshpet,
Inc.
........................................
United
States
3,595
237,953
Lamb
Weston
Holdings,
Inc.
.............................
United
States
6,002
627,329
865,282
Ground
Transportation
2.1%
a
Uber
Technologies,
Inc.
.................................
United
States
30,561
968,784
Union
Pacific
Corp.
....................................
United
States
4,032
811,480
1,780,264
Health
Care
Equipment
&
Supplies
2.6%
a
Figs,
Inc.,
A
..........................................
United
States
24,686
152,806
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,821
910,646
a
Intuitive
Surgical,
Inc.
..................................
United
States
4,705
1,201,986
2,265,438
Health
Care
Providers
&
Services
3.1%
a
Guardant
Health,
Inc.
..................................
United
States
6,088
142,703
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................................
United
States
5,400
$
2,551,986
2,694,689
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
2,536
466,091
Hotels,
Restaurants
&
Leisure
2.4%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
1,023
1,747,581
a,b
Dutch
Bros,
Inc.,
A
....................................
United
States
9,145
289,256
2,036,837
Industrial
Conglomerates
0.9%
Honeywell
International,
Inc.
.............................
United
States
4,251
812,451
Interactive
Media
&
Services
6.7%
a
Alphabet,
Inc.,
A
......................................
United
States
30,443
3,157,852
a
Meta
Platforms,
Inc.,
A
.................................
United
States
12,358
2,619,155
5,777,007
IT
Services
0.3%
a
Snowflake,
Inc.,
A
.....................................
United
States
1,645
253,807
Life
Sciences
Tools
&
Services
4.9%
Danaher
Corp.
.......................................
United
States
7,518
1,894,837
Thermo
Fisher
Scientific,
Inc.
............................
United
States
2,038
1,174,642
West
Pharmaceutical
Services,
Inc.
........................
United
States
3,341
1,157,556
4,227,035
Machinery
0.1%
a
Proterra,
Inc.
.........................................
United
States
47,147
71,663
Pharmaceuticals
4.0%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
22,344
1,550,897
a
Catalent,
Inc.
........................................
United
States
4,678
307,391
Eli
Lilly
&
Co.
........................................
United
States
4,602
1,580,419
3,438,707
Professional
Services
2.4%
a
CoStar
Group,
Inc.
....................................
United
States
24,826
1,709,270
TransUnion
..........................................
United
States
6,376
396,205
2,105,475
Semiconductors
&
Semiconductor
Equipment
7.5%
Analog
Devices,
Inc.
...................................
United
States
6,231
1,228,878
ASML
Holding
NV,
ADR
................................
Netherlands
346
235,526
a,b
GLOBALFOUNDRIES,
Inc.
..............................
United
States
5,921
427,378
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,610
1,806,949
NVIDIA
Corp.
........................................
United
States
9,826
2,729,368
6,428,099
Software
18.8%
a
Adobe,
Inc.
..........................................
United
States
2,130
820,838
a
Atlassian
Corp.,
A
.....................................
United
States
1,898
324,881
a
BILL
Holdings,
Inc.
....................................
United
States
3,942
319,854
a
Confluent,
Inc.,
A
......................................
United
States
7,269
174,965
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
3,361
461,331
Intuit,
Inc.
...........................................
United
States
3,368
1,501,555
Microsoft
Corp.
.......................................
United
States
19,597
5,649,815
a
Monday.com
Ltd.
......................................
United
States
811
115,770
a
Paycom
Software,
Inc.
.................................
United
States
1,059
321,947
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.
68
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
Roper
Technologies,
Inc.
................................
United
States
2,774
$
1,222,474
a
Salesforce,
Inc.
.......................................
United
States
1,998
399,160
a
ServiceNow,
Inc.
......................................
United
States
6,179
2,871,505
a
Synopsys,
Inc.
.......................................
United
States
3,297
1,273,466
a
Workday,
Inc.,
A
......................................
United
States
3,535
730,119
16,187,680
Specialized
REITs
2.6%
SBA
Communications
Corp.
.............................
United
States
8,480
2,213,874
Specialty
Retail
1.7%
a
AutoZone,
Inc.
.......................................
United
States
250
614,537
a
Burlington
Stores,
Inc.
..................................
United
States
4,389
887,017
1,501,554
Technology
Hardware,
Storage
&
Peripherals
6.6%
Apple,
Inc.
..........................................
United
States
34,440
5,679,156
Textiles,
Apparel
&
Luxury
Goods
1.3%
NIKE,
Inc.,
B
.........................................
United
States
8,953
1,097,996
Total
Common
Stocks
(Cost
$38,330,946)
......................................
84,838,478
Short
Term
Investments
2.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
1.8%
c
Joint
Repurchase
Agreement,
4.741%,
4/03/23
(Maturity
Value
$1,583,961)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$633,759)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$348,123)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$602,079)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.63%
-
7%,
12/21/33
-
12/20/52;
U.S.
Government
and
Agency
Strips,
7/15/26
-
9/15/26;
U.S.
Treasury
Bonds,
6%
-
7.63%,
2/15/25
-
2/15/27;
and
U.S.
Treasury
Notes,
0.25%,
5/15/24
(valued
at
$1,615,021)
........................................
1,583,336
1,583,336
Total
Repurchase
Agreements
(Cost
$1,583,336)
................................
1,583,336
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.8%
Money
Market
Funds
0.8%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
646,000
646,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$646,000)
.............................................................
646,000
Total
Short
Term
Investments
(Cost
$2,229,336
)
.................................
2,229,336
a
Total
Investments
(Cost
$40,560,282)
101.0%
...................................
$87,067,814
Other
Assets,
less
Liabilities
(1.0)%
...........................................
(844,243)
Net
Assets
100.0%
...........................................................
$86,223,571
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
69
See
Abbreviations
on
page
173
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
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,
2023
Franklin
Mutual
Global
Discovery
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.8%
Aerospace
&
Defense
1.5%
Airbus
SE
...........................................
France
49,312
$
6,586,786
Automobile
Components
1.9%
Denso
Corp.
.........................................
Japan
142,872
8,065,975
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
424,073
13,111
8,079,086
Automobiles
1.6%
General
Motors
Co.
....................................
United
States
182,709
6,701,766
Banks
5.8%
BNP
Paribas
SA
......................................
France
19,845
1,185,150
DBS
Group
Holdings
Ltd.
...............................
Singapore
294,991
7,333,990
First
Horizon
Corp.
....................................
United
States
125,693
2,234,821
ING
Groep
NV
.......................................
Netherlands
469,254
5,572,811
JPMorgan
Chase
&
Co.
.................................
United
States
63,618
8,290,062
24,616,834
Biotechnology
0.6%
b
Horizon
Therapeutics
plc
................................
United
States
25,468
2,779,577
Building
Products
1.8%
Johnson
Controls
International
plc
.........................
United
States
131,242
7,903,393
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
10,110
6,764,803
Chemicals
2.0%
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
202,575
8,389,694
Consumer
Finance
1.4%
Capital
One
Financial
Corp.
.............................
United
States
63,223
6,079,524
Diversified
Telecommunication
Services
3.0%
Deutsche
Telekom
AG
..................................
Germany
525,641
12,738,076
Electrical
Equipment
1.8%
Mitsubishi
Electric
Corp.
................................
Japan
637,006
7,613,454
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
170,839
8,388,195
Entertainment
3.6%
Activision
Blizzard,
Inc.
.................................
United
States
106,367
9,103,952
b,e
Walt
Disney
Co.
(The)
..................................
United
States
64,118
6,420,135
15,524,087
Financial
Services
5.4%
b
Fiserv,
Inc.
..........................................
United
States
66,605
7,528,363
Global
Payments,
Inc.
..................................
United
States
69,750
7,340,490
Voya
Financial,
Inc.
....................................
United
States
112,504
8,039,536
22,908,389
Food
Products
4.5%
Danone
SA
..........................................
France
168,782
10,502,712
Kraft
Heinz
Co.
(The)
..................................
United
States
221,100
8,549,937
19,052,649
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
110,864
8,937,856
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
7.3%
CVS
Health
Corp.
.....................................
United
States
116,677
$
8,670,268
Elevance
Health,
Inc.
..................................
United
States
16,918
7,779,065
Fresenius
SE
&
Co.
KGaA
...............................
Germany
289,401
7,815,129
Humana,
Inc.
........................................
United
States
14,306
6,944,991
31,209,453
Household
Durables
1.7%
DR
Horton,
Inc.
.......................................
United
States
74,648
7,292,363
Household
Products
1.8%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
102,728
7,815,926
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
41,397
6,706,785
Insurance
5.6%
Everest
Re
Group
Ltd.
.................................
United
States
19,974
7,151,092
NN
Group
NV
........................................
Netherlands
227,742
8,269,677
Willis
Towers
Watson
plc
................................
United
States
36,895
8,573,660
23,994,429
Interactive
Media
&
Services
1.8%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
35,530
7,530,228
IT
Services
1.8%
Capgemini
SE
........................................
France
40,896
7,600,280
Machinery
1.8%
Parker-Hannifin
Corp.
..................................
United
States
23,159
7,783,971
Media
2.1%
b
Charter
Communications,
Inc.,
A
..........................
United
States
25,142
8,991,031
Metals
&
Mining
1.6%
Rio
Tinto
plc
.........................................
Australia
101,801
6,910,607
Oil,
Gas
&
Consumable
Fuels
5.7%
BP
plc
..............................................
United
Kingdom
1,731,494
10,944,838
Suncor
Energy,
Inc.
....................................
Canada
201,272
6,248,426
Williams
Cos.,
Inc.
(The)
................................
United
States
238,267
7,114,653
24,307,917
Personal
Care
Products
2.0%
Haleon
plc
..........................................
United
States
2,111,993
8,390,441
Pharmaceuticals
6.8%
Eli
Lilly
&
Co.
........................................
United
States
18,778
6,448,741
GSK
plc
............................................
United
States
475,771
8,407,234
Merck
&
Co.,
Inc.
.....................................
United
States
34,622
3,683,435
Novartis
AG,
ADR
.....................................
Switzerland
114,942
10,574,664
29,114,074
Real
Estate
Management
&
Development
1.7%
b
CBRE
Group,
Inc.,
A
...................................
United
States
99,902
7,273,865
Semiconductors
&
Semiconductor
Equipment
3.0%
b
Renesas
Electronics
Corp.
..............................
Japan
574,172
8,315,730
b
Tower
Semiconductor
Ltd.
...............................
Israel
104,822
4,451,790
12,767,520
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
1.5%
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
49,082
$
6,380,660
Specialized
REITs
0.5%
Life
Storage,
Inc.
......................................
United
States
18,000
2,359,620
Technology
Hardware,
Storage
&
Peripherals
2.0%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
171,783
8,464,536
Tobacco
2.0%
British
American
Tobacco
plc
.............................
United
Kingdom
246,939
8,657,005
Trading
Companies
&
Distributors
1.9%
b
AerCap
Holdings
NV
...................................
Ireland
142,164
7,993,882
Total
Common
Stocks
(Cost
$330,715,820)
.....................................
404,608,762
Preferred
Stocks
1.4%
Automobiles
1.4%
f
Volkswagen
AG,
21.15%
................................
Germany
45,247
6,175,249
Total
Preferred
Stocks
(Cost
$7,107,890)
.......................................
6,175,249
Principal
Amount
*
Corporate
Bonds
0.6%
Passenger
Airlines
0.1%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
484,000
530,004
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
1,707,000
1,268,155
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
784,000
359,217
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
65,000
51,820
1,679,192
Software
0.1%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
402,000
303,014
Total
Corporate
Bonds
(Cost
$3,415,862)
.......................................
2,512,210
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
966,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$341,239,572)
...............................
413,296,221
a
Short
Term
Investments
2.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.0%
h
FHLB
,
4/03/23
...........................................
United
States
4,500,000
4,500,000
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
73
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
h
FHLB,
(continued)
4/04/23
...........................................
United
States
1,700,000
$
1,699,788
6,199,788
h
U.S.
Treasury
Bills
,
e
5/18/23
...........................................
United
States
1,000,000
994,156
e
6/22/23
...........................................
United
States
1,000,000
989,792
7/06/23
...........................................
United
States
500,000
493,945
2,477,893
Total
U.S.
Government
and
Agency
Securities
(Cost
$8,676,070)
..................
8,677,681
Total
Short
Term
Investments
(Cost
$8,676,070
)
.................................
8,677,681
a
Total
Investments
(Cost
$349,915,642)
98.8%
...................................
$421,973,902
Securities
Sold
Short
(0.1)%
..................................................
(543,852)
Other
Assets,
less
Liabilities
1.3%
.............................................
5,378,080
Net
Assets
100.0%
...........................................................
$426,808,130
Shares
Securities
Sold
Short
(0.1)%
Common
Stocks
(0.1)%
Specialized
REITs
(0.1)%
Public
Storage
.......................................
United
States
1,800
(543,852)
Total
Common
Stocks
(Proceeds
$536,344)
.....................................
(543,852)
Total
Securities
Sold
Short
(Proceeds
$536,344)
................................
$(543,852)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
aggregate
value
of
these
securities
was
$10,901,904,
representing
2.6%
of
net
assets.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
March
31,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$1,763,762,
representing
0.4%
of
net
assets.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
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.
74
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
3
1
,
202
3
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
173
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
68
$
9,267,975
6/16/23
$
(173,120)
Foreign
Exchange
GBP/USD
...................
Short
7
540,531
6/16/23
(12,355)
Total
Futures
Contracts
......................................................................
$(185,475)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
2,089,457
2,224,081
4/11/23
$
43,996
$
(1,093)
Euro
.............
HSBK
Buy
446,388
480,938
4/11/23
4,266
(889)
Euro
.............
HSBK
Sell
7,189,630
7,645,580
4/11/23
444
(155,346)
Euro
.............
UBSW
Buy
1,505,685
1,628,234
4/11/23
11,269
(5,893)
Euro
.............
UBSW
Sell
7,137,656
7,585,387
4/11/23
—
(158,704)
British
Pound
......
BOFA
Buy
96,325
116,971
4/17/23
1,896
—
British
Pound
......
BOFA
Sell
232,541
279,508
4/17/23
—
(7,450)
British
Pound
......
HSBK
Buy
135,145
165,551
4/17/23
1,219
—
British
Pound
......
UBSW
Buy
57,650
70,217
4/17/23
924
—
British
Pound
......
UBSW
Sell
1,710,776
2,086,870
4/17/23
—
(24,248)
South
Korean
Won
..
HSBK
Buy
761,574,978
595,159
5/12/23
855
(11,741)
South
Korean
Won
..
HSBK
Sell
7,915,583,120
5,845,008
5/12/23
58,303
(286,059)
South
Korean
Won
..
UBSW
Sell
447,389,608
323,677
5/12/23
—
(19,556)
Japanese
Yen
......
BOFA
Sell
929,048,382
7,035,717
5/17/23
—
(8,869)
Total
Forward
Exchange
Contracts
...................................................
$123,172
$(679,848)
Net
unrealized
appreciation
(depreciation)
............................................
$(556,676)
*
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,
2023
Franklin
Mutual
Shares
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
92.1%
Automobile
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
1,730,515
$
53,502
Automobiles
2.0%
General
Motors
Co.
....................................
United
States
1,035,703
37,989,586
Banks
5.5%
Bank
of
America
Corp.
.................................
United
States
1,433,786
41,006,280
First
Horizon
Corp.
....................................
United
States
721,813
12,833,835
JPMorgan
Chase
&
Co.
.................................
United
States
410,403
53,479,616
107,319,731
Biotechnology
0.7%
b
Horizon
Therapeutics
plc
................................
United
States
126,709
13,829,020
Building
Products
2.0%
Johnson
Controls
International
plc
.........................
United
States
632,637
38,097,400
Capital
Markets
1.8%
BlackRock,
Inc.
.......................................
United
States
53,388
35,722,979
Consumer
Finance
2.4%
Bread
Financial
Holdings,
Inc.
............................
United
States
535,916
16,248,973
Capital
One
Financial
Corp.
.............................
United
States
314,478
30,240,205
46,489,178
Containers
&
Packaging
2.0%
International
Paper
Co.
.................................
United
States
1,066,074
38,442,628
Diversified
Telecommunication
Services
0.2%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
609,467
3,852,814
Electronic
Equipment,
Instruments
&
Components
2.4%
b
Flex
Ltd.
............................................
United
States
2,007,775
46,198,903
Energy
Equipment
&
Services
2.5%
Schlumberger
NV
.....................................
United
States
986,520
48,438,132
Entertainment
4.3%
Activision
Blizzard,
Inc.
.................................
United
States
531,795
45,516,334
b
Walt
Disney
Co.
(The)
..................................
United
States
368,490
36,896,904
82,413,238
Financial
Services
6.8%
b
Fiserv,
Inc.
..........................................
United
States
441,723
49,927,951
Global
Payments,
Inc.
..................................
United
States
388,098
40,843,433
d
Voya
Financial,
Inc.
....................................
United
States
568,346
40,614,005
131,385,389
Food
Products
2.6%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,318,963
51,004,299
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
509,677
41,090,160
Health
Care
Providers
&
Services
6.0%
CVS
Health
Corp.
.....................................
United
States
622,150
46,231,966
Elevance
Health,
Inc.
..................................
United
States
80,357
36,948,952
Humana,
Inc.
........................................
United
States
69,169
33,578,783
116,759,701
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
2.3%
DR
Horton,
Inc.
.......................................
United
States
460,773
$
45,012,914
Insurance
4.4%
a,b,c,e
Cyber
Re
Ltd.
........................................
United
Kingdom
10,000,000
10,000,000
Everest
Re
Group
Ltd.
.................................
United
States
82,201
29,429,602
Willis
Towers
Watson
plc
................................
United
States
200,367
46,561,284
85,990,886
Interactive
Media
&
Services
2.5%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
224,893
47,663,822
Machinery
2.0%
Parker-Hannifin
Corp.
..................................
United
States
116,135
39,034,135
Media
3.9%
b
Charter
Communications,
Inc.,
A
..........................
United
States
113,201
40,481,810
Comcast
Corp.,
A
.....................................
United
States
921,334
34,927,772
75,409,582
Metals
&
Mining
1.2%
Alcoa
Corp.
..........................................
United
States
525,532
22,366,642
Oil,
Gas
&
Consumable
Fuels
5.4%
BP
plc
..............................................
United
Kingdom
6,069,640
38,366,420
Chevron
Corp.
.......................................
United
States
178,766
29,167,461
Williams
Cos.,
Inc.
(The)
................................
United
States
1,264,926
37,770,690
105,304,571
Pharmaceuticals
8.3%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
709,771
6,671,847
Eli
Lilly
&
Co.
........................................
United
States
98,549
33,843,697
GSK
plc
............................................
United
States
2,314,538
40,899,643
Merck
&
Co.,
Inc.
.....................................
United
States
270,471
28,775,410
Novartis
AG,
ADR
.....................................
Switzerland
544,232
50,069,344
160,259,941
Professional
Services
3.6%
KBR,
Inc.
...........................................
United
States
682,361
37,563,973
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
582,669
32,903,319
70,467,292
Real
Estate
Management
&
Development
2.3%
b
CBRE
Group,
Inc.,
A
...................................
United
States
616,443
44,883,215
Retail
REITs
2.0%
Brixmor
Property
Group,
Inc.
.............................
United
States
1,839,994
39,596,671
Software
3.8%
Gen
Digital,
Inc.
......................................
United
States
1,568,016
26,907,155
Oracle
Corp.
.........................................
United
States
495,768
46,066,762
72,973,917
Specialized
REITs
0.6%
Life
Storage,
Inc.
......................................
United
States
90,700
11,889,863
Specialty
Retail
0.0%
a,b,c
Wayne
Services
Legacy,
Inc.
.............................
United
States
2,039
—
Textiles,
Apparel
&
Luxury
Goods
2.3%
Tapestry,
Inc.
........................................
United
States
1,019,930
43,969,182
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
1,059,561
$
37,145,307
Wireless
Telecommunication
Services
2.3%
b
T-Mobile
US,
Inc.
.....................................
United
States
301,775
43,709,091
Total
Common
Stocks
(Cost
$1,453,415,965)
....................................
1,784,763,691
Warrants
Warrants
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
34,368
217,261
Total
Warrants
(Cost
$436,130)
................................................
217,261
Principal
Amount
*
Corporate
Bonds
3.4%
Diversified
Telecommunication
Services
0.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
2,949,278
2,251,965
Hotels,
Restaurants
&
Leisure
0.2%
f
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
2,650,200
2,853,457
Media
0.2%
f
DISH
Network
Corp.
,
Senior
Secured
Note
,
144A,
11.75
%
,
11/15/27
United
States
4,783,000
4,644,556
Oil,
Gas
&
Consumable
Fuels
0.7%
f
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
13,861,000
13,900,088
Passenger
Airlines
0.2%
f
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
2,592,000
2,838,370
Pharmaceuticals
0.1%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
3,434,000
1,573,407
f
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
340,000
271,057
1,844,464
Software
0.8%
f
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
21,124,000
15,922,529
Specialty
Retail
1.1%
f
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
21,435,000
15,568,776
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
6,845,000
6,003,750
21,572,526
Total
Corporate
Bonds
(Cost
$76,339,775)
......................................
65,827,955
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.
78
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
1.3%
g
Software
1.3%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
10.34
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...................
United
States
6,640,700
$
6,435,270
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.326
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
13,032,127
8,079,919
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
9.84
%
,
(
1-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
14,753,941
11,282,634
25,797,823
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$34,166,972)
..........................
25,797,823
Shares
a
Companies
in
Liquidation
0.0%
a,b,h
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
—
a,b,h
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$1,564,358,842)
.............................
1,876,606,730
a
Short
Term
Investments
1.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.9%
i
FHLB
,
4/03/23
...........................................
United
States
25,600,000
25,600,000
4/04/23
...........................................
United
States
10,000,000
9,998,751
35,598,751
d,i
U.S.
Treasury
Bills,
6/01/23
..............................
United
States
2,000,000
1,985,143
Total
U.S.
Government
and
Agency
Securities
(Cost
$37,574,962)
.................
37,583,894
Total
Short
Term
Investments
(Cost
$37,574,962
)
................................
37,583,894
a
Total
Investments
(Cost
$1,601,933,804)
98.7%
..................................
$1,914,190,624
Securities
Sold
Short
(0.1)%
..................................................
(2,740,410)
Other
Assets,
less
Liabilities
1.4%
.............................................
26,231,774
Net
Assets
100.0%
...........................................................
$1,937,681,988
Shares
Securities
Sold
Short
(0.1)%
Common
Stocks
(0.1)%
Specialized
REITs
(0.1)%
Public
Storage
.......................................
United
States
9,070
(2,740,410)
Total
Common
Stocks
(Proceeds
$2,702,554)
...................................
(2,740,410)
Total
Securities
Sold
Short
(Proceeds
$2,702,554)
...............................
$(2,740,410)
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
79
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
*
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
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
March
31,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$5,009,162,
representing
0.3%
of
net
assets.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
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,
2023,
the
aggregate
value
of
these
securities
was
$63,575,990,
representing
3.3%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
i
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
131
$
10,115,656
6/16/23
$
(231,211)
Total
Futures
Contracts
......................................................................
$(231,211)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
8,337,680
9,085,893
4/11/23
$
—
$
(39,820)
Euro
.............
BOFA
Sell
128,124
140,177
4/11/23
1,167
—
Euro
.............
HSBK
Buy
560,426
602,666
4/11/23
5,375
—
Euro
.............
HSBK
Sell
6,787,156
7,214,466
4/11/23
1,409
(150,755)
Euro
.............
UBSW
Buy
4,634,340
5,046,521
4/11/23
—
(18,435)
Euro
.............
UBSW
Sell
6,617,166
7,032,326
4/11/23
—
(147,053)
British
Pound
......
BOFA
Buy
190,981
233,684
4/17/23
1,989
—
British
Pound
......
BOFA
Sell
2,594,091
3,128,050
4/17/23
—
(73,089)
British
Pound
......
HSBK
Buy
669,720
816,161
4/17/23
10,282
—
British
Pound
......
HSBK
Sell
572,683
695,398
4/17/23
—
(11,300)
British
Pound
......
UBSW
Sell
1,473,109
1,788,850
4/17/23
—
(28,984)
Total
Forward
Exchange
Contracts
...................................................
$20,222
$(469,436)
Net
unrealized
appreciation
(depreciation)
............................................
$(449,214)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
173
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Rising
Dividends
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.3%
Aerospace
&
Defense
4.1%
General
Dynamics
Corp.
................................
United
States
87,252
$
19,911,779
Raytheon
Technologies
Corp.
............................
United
States
389,246
38,118,861
58,030,640
Air
Freight
&
Logistics
2.2%
United
Parcel
Service,
Inc.,
B
............................
United
States
161,717
31,371,481
Banks
1.3%
JPMorgan
Chase
&
Co.
.................................
United
States
142,325
18,546,371
Beverages
1.9%
PepsiCo,
Inc.
........................................
United
States
143,630
26,183,749
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
145,136
23,130,324
Building
Products
2.5%
Carlisle
Cos.,
Inc.
.....................................
United
States
60,902
13,768,115
Johnson
Controls
International
plc
.........................
United
States
364,710
21,962,836
35,730,951
Capital
Markets
1.1%
Nasdaq,
Inc.
.........................................
United
States
279,500
15,280,265
Chemicals
9.1%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
121,667
34,943,979
Albemarle
Corp.
......................................
United
States
79,410
17,552,786
Ecolab,
Inc.
..........................................
United
States
105,709
17,498,011
Linde
plc
............................................
United
States
141,332
50,235,046
Sherwin-Williams
Co.
(The)
..............................
United
States
35,800
8,046,766
128,276,588
Commercial
Services
&
Supplies
1.7%
Cintas
Corp.
.........................................
United
States
51,572
23,861,333
Consumer
Staples
Distribution
&
Retail
3.4%
Target
Corp.
.........................................
United
States
169,237
28,030,724
Walmart,
Inc.
........................................
United
States
132,508
19,538,305
47,569,029
Electrical
Equipment
0.9%
nVent
Electric
plc
.....................................
United
States
282,226
12,118,784
Financial
Services
2.6%
Visa,
Inc.,
A
..........................................
United
States
162,462
36,628,683
Food
Products
2.4%
McCormick
&
Co.,
Inc.
.................................
United
States
220,794
18,372,269
Mondelez
International,
Inc.,
A
............................
United
States
230,400
16,063,488
34,435,757
Ground
Transportation
2.1%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
73,330
12,866,482
Norfolk
Southern
Corp.
.................................
United
States
77,947
16,524,764
29,391,246
Health
Care
Equipment
&
Supplies
9.2%
Abbott
Laboratories
....................................
United
States
246,795
24,990,462
Becton
Dickinson
&
Co.
.................................
United
States
131,715
32,604,731
Medtronic
plc
........................................
United
States
283,254
22,835,937
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
81
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Stryker
Corp.
........................................
United
States
173,145
$
49,427,703
129,858,833
Health
Care
Providers
&
Services
3.1%
CVS
Health
Corp.
.....................................
United
States
73,193
5,438,972
UnitedHealth
Group,
Inc.
................................
United
States
79,700
37,665,423
43,104,395
Hotels,
Restaurants
&
Leisure
2.5%
McDonald's
Corp.
.....................................
United
States
97,999
27,401,500
Starbucks
Corp.
......................................
United
States
77,500
8,070,075
35,471,575
Household
Products
2.7%
Colgate-Palmolive
Co.
.................................
United
States
195,440
14,687,316
Procter
&
Gamble
Co.
(The)
.............................
United
States
153,294
22,793,285
37,480,601
Industrial
Conglomerates
2.2%
Honeywell
International,
Inc.
.............................
United
States
159,475
30,478,862
Insurance
0.8%
Erie
Indemnity
Co.,
A
...................................
United
States
47,870
11,089,564
IT
Services
2.5%
Accenture
plc,
A
......................................
United
States
125,578
35,891,448
Life
Sciences
Tools
&
Services
2.5%
Danaher
Corp.
.......................................
United
States
21,100
5,318,044
West
Pharmaceutical
Services,
Inc.
........................
United
States
84,701
29,346,355
34,664,399
Machinery
2.2%
Donaldson
Co.,
Inc.
...................................
United
States
140,297
9,167,006
Dover
Corp.
.........................................
United
States
139,088
21,133,031
30,300,037
Oil,
Gas
&
Consumable
Fuels
3.3%
Chevron
Corp.
.......................................
United
States
123,994
20,230,861
EOG
Resources,
Inc.
..................................
United
States
117,561
13,476,018
Exxon
Mobil
Corp.
.....................................
United
States
122,361
13,418,107
47,124,986
Pharmaceuticals
2.6%
Johnson
&
Johnson
...................................
United
States
160,329
24,850,995
Pfizer,
Inc.
...........................................
United
States
272,315
11,110,452
35,961,447
Semiconductors
&
Semiconductor
Equipment
6.0%
Analog
Devices,
Inc.
...................................
United
States
224,894
44,353,595
Texas
Instruments,
Inc.
.................................
United
States
215,068
40,004,798
84,358,393
Software
12.5%
Microsoft
Corp.
.......................................
United
States
437,928
126,254,643
Roper
Technologies,
Inc.
................................
United
States
111,483
49,129,443
175,384,086
Specialty
Retail
3.5%
Lowe's
Cos.,
Inc.
......................................
United
States
137,800
27,555,866
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.
82
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Ross
Stores,
Inc.
.....................................
United
States
202,030
$
21,441,444
48,997,310
Technology
Hardware,
Storage
&
Peripherals
0.3%
Apple,
Inc.
..........................................
United
States
23,400
3,858,660
Textiles,
Apparel
&
Luxury
Goods
2.0%
NIKE,
Inc.,
B
.........................................
United
States
224,384
27,518,454
Trading
Companies
&
Distributors
1.5%
WW
Grainger,
Inc.
.....................................
United
States
31,293
21,554,931
Total
Common
Stocks
(Cost
$532,471,559)
.....................................
1,353,653,182
Short
Term
Investments
4.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
56,598,267
56,598,267
Total
Money
Market
Funds
(Cost
$56,598,267)
..................................
56,598,267
Total
Short
Term
Investments
(Cost
$56,598,267
)
................................
56,598,267
a
Total
Investments
(Cost
$589,069,826)
100.3%
..................................
$1,410,251,449
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(4,726,970)
Net
Assets
100.0%
...........................................................
$1,405,524,479
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,
2023
Franklin
Small
Cap
Value
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.4%
Aerospace
&
Defense
1.4%
QinetiQ
Group
plc
.....................................
United
Kingdom
2,554,082
$
10,261,708
Senior
plc
...........................................
United
Kingdom
2,052,046
3,974,626
14,236,334
Automobile
Components
1.8%
a
Adient
plc
...........................................
United
States
320,427
13,124,690
LCI
Industries
........................................
United
States
52,326
5,749,058
18,873,748
Banks
11.6%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
222,732
7,806,757
Camden
National
Corp.
.................................
United
States
215,383
7,794,711
Columbia
Banking
System,
Inc.
...........................
United
States
907,439
19,437,343
First
Bancorp
........................................
United
States
101,761
3,614,551
First
Interstate
BancSystem
,
Inc.,
A
........................
United
States
635,248
18,968,505
First
of
Long
Island
Corp.
(The)
...........................
United
States
35,985
485,798
German
American
Bancorp,
Inc.
..........................
United
States
189,677
6,329,521
Peoples
Bancorp,
Inc.
..................................
United
States
281,900
7,258,925
Seacoast
Banking
Corp.
of
Florida
........................
United
States
103,892
2,462,240
SouthState
Corp.
.....................................
United
States
310,643
22,136,420
TriCo
Bancshares
.....................................
United
States
235,683
9,802,056
WSFS
Financial
Corp.
..................................
United
States
425,146
15,989,741
122,086,568
Building
Products
4.6%
Apogee
Enterprises,
Inc.
................................
United
States
20,205
873,866
Insteel
Industries,
Inc.
..................................
United
States
40,510
1,126,988
a
Masonite
International
Corp.
.............................
United
States
134,552
12,213,285
UFP
Industries,
Inc.
....................................
United
States
354,502
28,172,274
Zurn
Elkay
Water
Solutions
Corp.
.........................
United
States
265,985
5,681,440
48,067,853
Chemicals
5.5%
Ashland,
Inc.
.........................................
United
States
51,076
5,246,016
Avient
Corp.
.........................................
United
States
239,148
9,843,332
a
Elementis
plc
........................................
United
Kingdom
10,185,228
14,965,529
Minerals
Technologies,
Inc.
..............................
United
States
199,008
12,024,063
Tronox
Holdings
plc
...................................
United
States
1,076,972
15,486,857
57,565,797
Commercial
Services
&
Supplies
1.2%
Ritchie
Bros
Auctioneers,
Inc.
............................
Canada
216,769
12,201,927
Communications
Equipment
1.3%
a
NetScout
Systems,
Inc.
.................................
United
States
469,780
13,459,197
Construction
&
Engineering
2.2%
Primoris
Services
Corp.
.................................
United
States
424,577
10,470,069
Stantec
,
Inc.
.........................................
Canada
214,564
12,542,691
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
12,073
565,982
23,578,742
Construction
Materials
1.4%
a
Summit
Materials,
Inc.,
A
................................
United
States
516,797
14,723,546
Consumer
Finance
0.4%
Bread
Financial
Holdings,
Inc.
............................
United
States
139,293
4,223,364
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
REITs
1.0%
Alexander
&
Baldwin,
Inc.
...............................
United
States
579,394
$
10,956,341
Electric
Utilities
1.0%
IDACORP,
Inc.
.......................................
United
States
95,679
10,364,906
Electrical
Equipment
1.5%
Regal
Rexnord
Corp.
..................................
United
States
113,372
15,954,842
Electronic
Equipment,
Instruments
&
Components
4.8%
Benchmark
Electronics,
Inc.
.............................
United
States
414,754
9,825,522
a
Coherent
Corp.
.......................................
United
States
578,857
22,042,874
CTS
Corp.
..........................................
United
States
12,208
603,808
a
Knowles
Corp.
.......................................
United
States
1,047,293
17,803,981
50,276,185
Energy
Equipment
&
Services
2.3%
Hunting
plc
..........................................
United
Kingdom
1,801,839
5,246,112
a
TechnipFMC
plc
......................................
United
Kingdom
1,365,681
18,641,545
23,887,657
Food
Products
4.6%
Glanbia
plc
..........................................
Ireland
2,341,050
33,807,470
Maple
Leaf
Foods,
Inc.
.................................
Canada
762,293
14,748,418
48,555,888
Ground
Transportation
0.8%
a
Saia,
Inc.
...........................................
United
States
29,393
7,997,247
Health
Care
Equipment
&
Supplies
4.6%
a
Envista
Holdings
Corp.
.................................
United
States
613,484
25,079,226
a
Integer
Holdings
Corp.
.................................
United
States
306,043
23,718,332
48,797,558
Hotel
&
Resort
REITs
1.5%
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,585,744
15,667,151
Hotels,
Restaurants
&
Leisure
6.0%
Boyd
Gaming
Corp.
...................................
United
States
72,767
4,665,820
a
Brinker
International,
Inc.
...............................
United
States
612,541
23,276,558
a
Dalata
Hotel
Group
plc
.................................
Ireland
1,655,539
7,506,926
a
Denny's
Corp.
........................................
United
States
233,819
2,609,420
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
251,461
11,172,412
Jack
in
the
Box,
Inc.
...................................
United
States
157,505
13,795,863
63,026,999
Household
Durables
0.8%
Century
Communities,
Inc.
..............................
United
States
36,343
2,323,045
a
M/I
Homes,
Inc.
.......................................
United
States
58,756
3,706,916
Meritage
Homes
Corp.
.................................
United
States
15,247
1,780,240
a
Taylor
Morrison
Home
Corp.
.............................
United
States
15,701
600,720
8,410,921
Industrial
REITs
0.8%
STAG
Industrial,
Inc.
...................................
United
States
239,307
8,093,363
Insurance
6.0%
CNO
Financial
Group,
Inc.
..............................
United
States
528,607
11,729,789
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
235,842
30,305,697
Horace
Mann
Educators
Corp.
...........................
United
States
453,495
15,183,013
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
85
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Selective
Insurance
Group,
Inc.
...........................
United
States
57,027
$
5,436,384
62,654,883
Leisure
Products
1.0%
Brunswick
Corp.
......................................
United
States
133,830
10,974,060
Machinery
2.4%
Columbus
McKinnon
Corp.
..............................
United
States
332,659
12,361,609
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
224,337
7,216,921
REV
Group,
Inc.
......................................
United
States
169,116
2,027,701
Timken
Co.
(The)
.....................................
United
States
41,542
3,394,812
25,001,043
Metals
&
Mining
4.1%
Alcoa
Corp.
..........................................
United
States
315,303
13,419,296
a
Arconic
Corp.
........................................
United
States
769,858
20,193,375
Commercial
Metals
Co.
.................................
United
States
113,801
5,564,869
Ryerson
Holding
Corp.
.................................
United
States
101,765
3,702,211
42,879,751
Multi-Utilities
0.8%
Black
Hills
Corp.
......................................
United
States
139,676
8,813,556
Office
REITs
0.4%
Highwoods
Properties,
Inc.
..............................
United
States
189,384
4,391,815
Oil,
Gas
&
Consumable
Fuels
5.9%
Crescent
Point
Energy
Corp.
.............................
Canada
5,272,839
37,217,286
a
Green
Plains,
Inc.
.....................................
United
States
807,993
25,039,703
62,256,989
Professional
Services
0.5%
ICF
International,
Inc.
..................................
United
States
52,290
5,736,213
Real
Estate
Management
&
Development
0.2%
a
Cushman
&
Wakefield
plc
...............................
United
States
192,256
2,026,378
Semiconductors
&
Semiconductor
Equipment
3.0%
a
Cohu
,
Inc.
...........................................
United
States
408,975
15,700,550
a
Onto
Innovation,
Inc.
...................................
United
States
179,280
15,755,127
31,455,677
Software
3.9%
a
ACI
Worldwide,
Inc.
....................................
United
States
1,531,729
41,326,048
Specialty
Retail
1.0%
a
Children's
Place,
Inc.
(The)
..............................
United
States
226,368
9,111,312
Group
1
Automotive,
Inc.
................................
United
States
6,189
1,401,313
10,512,625
Textiles,
Apparel
&
Luxury
Goods
2.0%
a
Capri
Holdings
Ltd.
....................................
United
States
119,236
5,604,092
Carter's,
Inc.
.........................................
United
States
174,234
12,530,909
Dr.
Martens
plc
.......................................
United
Kingdom
1,828,514
3,206,655
21,341,656
Trading
Companies
&
Distributors
5.1%
Herc
Holdings,
Inc.
....................................
United
States
141,218
16,084,730
McGrath
RentCorp
....................................
United
States
258,742
24,143,216
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.
86
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
a
Univar
Solutions,
Inc.
..................................
United
States
375,610
$
13,157,618
53,385,564
Total
Common
Stocks
(Cost
$910,930,942)
.....................................
1,023,762,392
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.6%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
27,682,355
27,682,355
Total
Money
Market
Funds
(Cost
$27,682,355)
..................................
27,682,355
Total
Short
Term
Investments
(Cost
$27,682,355
)
................................
27,682,355
a
Total
Investments
(Cost
$938,613,297)
100.0%
..................................
$1,051,444,747
Other
Assets,
less
Liabilities
(0.0)%
...........................................
(193,902)
Net
Assets
100.0%
...........................................................
$1,051,250,845
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,
2023
Franklin
Small-Mid
Cap
Growth
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.6%
Aerospace
&
Defense
1.6%
TransDigm
Group,
Inc.
.................................
United
States
8,800
$
6,486,040
Beverages
0.9%
Brown-Forman
Corp.,
B
................................
United
States
53,500
3,438,445
Biotechnology
2.8%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
14,700
2,944,704
a
Incyte
Corp.
.........................................
United
States
17,400
1,257,498
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
14,900
1,508,178
a
PTC
Therapeutics,
Inc.
.................................
United
States
58,800
2,848,272
a
Seagen
,
Inc.
.........................................
United
States
13,600
2,753,592
11,312,244
Building
Products
1.5%
Trane
Technologies
plc
.................................
United
States
34,000
6,255,320
Capital
Markets
4.7%
Ares
Management
Corp.
................................
United
States
68,500
5,715,640
LPL
Financial
Holdings,
Inc.
.............................
United
States
12,300
2,489,520
MSCI,
Inc.
...........................................
United
States
14,100
7,891,629
Tradeweb
Markets,
Inc.,
A
...............................
United
States
39,100
3,089,682
19,186,471
Chemicals
0.5%
Albemarle
Corp.
......................................
United
States
9,100
2,011,464
Commercial
Services
&
Supplies
1.3%
Republic
Services,
Inc.
.................................
United
States
38,500
5,205,970
Communications
Equipment
2.0%
a
Arista
Networks,
Inc.
...................................
United
States
49,400
8,292,284
Containers
&
Packaging
1.2%
Avery
Dennison
Corp.
..................................
United
States
27,900
4,992,147
Electrical
Equipment
2.2%
AMETEK,
Inc.
........................................
United
States
15,500
2,252,615
Rockwell
Automation,
Inc.
...............................
United
States
22,800
6,690,660
8,943,275
Electronic
Equipment,
Instruments
&
Components
1.9%
a
Keysight
Technologies,
Inc.
..............................
United
States
18,750
3,027,750
a
Zebra
Technologies
Corp.,
A
.............................
United
States
14,200
4,515,600
7,543,350
Entertainment
0.6%
a
ROBLOX
Corp.,
A
.....................................
United
States
53,100
2,388,438
Financial
Services
0.9%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,800
2,868,304
a
Toast,
Inc.,
A
.........................................
United
States
47,000
834,250
3,702,554
Food
Products
0.5%
a
Freshpet
,
Inc.
........................................
United
States
33,200
2,197,508
Ground
Transportation
1.7%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
19,650
6,697,506
Health
Care
Equipment
&
Supplies
6.3%
a
Dexcom
,
Inc.
.........................................
United
States
69,052
8,022,461
a
IDEXX
Laboratories,
Inc.
................................
United
States
13,950
6,976,116
a
Inari
Medical,
Inc.
.....................................
United
States
34,700
2,142,378
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Insulet
Corp.
.........................................
United
States
18,100
$
5,773,176
a
Penumbra,
Inc.
.......................................
United
States
8,800
2,452,472
25,366,603
Health
Care
Providers
&
Services
0.6%
a
HealthEquity
,
Inc.
.....................................
United
States
38,300
2,248,593
Health
Care
Technology
2.0%
a
Certara
,
Inc.
.........................................
United
States
78,900
1,902,279
a
Veeva
Systems,
Inc.,
A
.................................
United
States
32,700
6,009,933
7,912,212
Hotels,
Restaurants
&
Leisure
6.5%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
5,630
9,617,673
Darden
Restaurants,
Inc.
...............................
United
States
33,100
5,135,796
a
DoorDash
,
Inc.,
A
.....................................
United
States
17,700
1,125,012
a
Expedia
Group,
Inc.
...................................
United
States
44,100
4,279,023
Vail
Resorts,
Inc.
......................................
United
States
14,800
3,458,464
a
Wynn
Resorts
Ltd.
....................................
United
States
25,700
2,876,087
26,492,055
Household
Durables
1.6%
a
NVR,
Inc.
...........................................
United
States
1,182
6,586,329
Industrial
REITs
0.8%
Terreno
Realty
Corp.
...................................
United
States
49,150
3,175,090
Interactive
Media
&
Services
1.8%
a
Match
Group,
Inc.
.....................................
United
States
101,224
3,885,989
a
Pinterest,
Inc.,
A
......................................
United
States
129,800
3,539,646
7,425,635
IT
Services
2.6%
a
Cloudflare
,
Inc.,
A
.....................................
United
States
63,900
3,940,074
a
MongoDB,
Inc.
.......................................
United
States
14,900
3,473,488
a
Shopify,
Inc.,
A
.......................................
Canada
62,700
3,005,838
10,419,400
Leisure
Products
1.8%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
94,539
7,201,036
Life
Sciences
Tools
&
Services
5.2%
a
10X
Genomics,
Inc.,
A
..................................
United
States
48,800
2,722,552
Agilent
Technologies,
Inc.
...............................
United
States
33,800
4,675,892
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
4,980
7,620,446
West
Pharmaceutical
Services,
Inc.
........................
United
States
17,800
6,167,166
21,186,056
Machinery
1.1%
IDEX
Corp.
..........................................
United
States
17,950
4,146,989
a
Proterra
,
Inc.
.........................................
United
States
275,800
419,216
4,566,205
Oil,
Gas
&
Consumable
Fuels
2.5%
Cheniere
Energy,
Inc.
..................................
United
States
19,000
2,994,400
Coterra
Energy,
Inc.
...................................
United
States
85,300
2,093,262
Hess
Corp.
..........................................
United
States
22,500
2,977,650
Targa
Resources
Corp.
.................................
United
States
28,000
2,042,600
10,107,912
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
1.4%
a
Delta
Air
Lines,
Inc.
....................................
United
States
164,900
$
5,758,308
Personal
Care
Products
1.0%
a
BellRing
Brands,
Inc.
...................................
United
States
122,600
4,168,400
Pharmaceuticals
1.6%
a
Catalent
,
Inc.
........................................
United
States
52,800
3,469,488
a
Jazz
Pharmaceuticals
plc
...............................
United
States
20,700
3,029,031
6,498,519
Professional
Services
3.6%
a
CoStar
Group,
Inc.
....................................
United
States
49,050
3,377,092
Paychex,
Inc.
........................................
United
States
57,900
6,634,761
TransUnion
..........................................
United
States
70,600
4,387,084
14,398,937
Residential
REITs
0.9%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
54,900
3,685,437
Semiconductors
&
Semiconductor
Equipment
4.9%
a
Enphase
Energy,
Inc.
..................................
United
States
12,700
2,670,556
KLA
Corp.
...........................................
United
States
2,500
997,925
a
Lattice
Semiconductor
Corp.
.............................
United
States
59,455
5,677,952
Monolithic
Power
Systems,
Inc.
...........................
United
States
11,250
5,631,075
a
SiTime
Corp.
.........................................
United
States
26,000
3,697,980
a
Wolfspeed
,
Inc.
.......................................
United
States
15,900
1,032,705
19,708,193
Software
12.0%
a
Alkami
Technology,
Inc.
.................................
United
States
108,925
1,378,991
a
ANSYS,
Inc.
.........................................
United
States
17,500
5,824,000
a
Arteris
,
Inc.
..........................................
United
States
144,100
609,543
a
Atlassian
Corp.,
A
.....................................
United
States
17,300
2,961,241
a
BILL
Holdings,
Inc.
....................................
United
States
23,848
1,935,027
a,c,d
Blaize
,
Inc.
..........................................
United
States
1
—
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
44,300
6,080,618
a
Datadog
,
Inc.,
A
......................................
United
States
29,600
2,150,736
a
Fair
Isaac
Corp.
......................................
United
States
4,300
3,021,567
a
Monday.com
Ltd.
......................................
United
States
17,900
2,555,225
a
Palo
Alto
Networks,
Inc.
................................
United
States
21,400
4,274,436
a
Paylocity
Holding
Corp.
.................................
United
States
22,150
4,402,977
a
Synopsys,
Inc.
.......................................
United
States
32,450
12,533,812
a
Workday,
Inc.,
A
......................................
United
States
4,900
1,012,046
48,740,219
Specialized
REITs
0.8%
SBA
Communications
Corp.
.............................
United
States
13,157
3,434,898
Specialty
Retail
5.7%
a
AutoZone,
Inc.
.......................................
United
States
2,200
5,407,930
a
Burlington
Stores,
Inc.
..................................
United
States
24,600
4,971,660
a
Five
Below,
Inc.
.......................................
United
States
21,650
4,459,251
a
Petco
Health
&
Wellness
Co.,
Inc.
.........................
United
States
151,700
1,365,300
Tractor
Supply
Co.
....................................
United
States
28,937
6,801,352
23,005,493
Textiles,
Apparel
&
Luxury
Goods
2.8%
Levi
Strauss
&
Co.,
A
..................................
United
States
124,200
2,264,166
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.
90
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
a
Lululemon
Athletica
,
Inc.
................................
United
States
24,900
$
9,068,331
11,332,497
Trading
Companies
&
Distributors
1.8%
Fastenal
Co.
.........................................
United
States
138,500
7,470,690
Total
Common
Stocks
(Cost
$286,495,876)
.....................................
379,541,733
Convertible
Preferred
Stocks
1.2%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela
,
Inc.,
D
......................................
United
States
48,915
772,414
a
Software
1.0%
a,c,d
Benchling
,
Inc.,
F
.....................................
United
States
35,200
691,204
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
11,970
39,494
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
194,302
588,454
a,c,d
Blaize
,
Inc.,
D-2
......................................
United
States
82,758
135,385
a,c,d
Databricks
,
Inc.,
G
....................................
United
States
25,878
1,517,582
a,c,d
OneTrust
LLC,
C
......................................
United
States
82,367
906,037
3,878,156
Total
Convertible
Preferred
Stocks
(Cost
$7,884,932)
............................
4,650,570
Warrants
Warrants
0.0%
†
Software
0.0%
†
a,c,d
Blaize
,
Inc.,
9/19/25
...................................
United
States
8,275
577
a,c,d
Blaize
,
Inc.,
D,
2/28/24
.................................
United
States
26,474
261
838
Total
Warrants
(Cost
$–)
......................................................
838
Principal
Amount
*
Corporate
Bonds
0.0%
†
c,d
Blaize
,
Inc.
,
10
%
,
12/09/24
..............................
United
States
64,369
64,375
Total
Corporate
Bonds
(Cost
$64,368)
.........................................
64,375
Total
Long
Term
Investments
(Cost
$294,445,176)
...............................
384,257,516
a
Short
Term
Investments
5.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
21,722,915
21,722,915
Total
Money
Market
Funds
(Cost
$21,722,915)
..................................
21,722,915
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
91
s
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
169,400
$
169,400
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$169,400)
.............................................................
169,400
Total
Short
Term
Investments
(Cost
$21,892,315
)
................................
21,892,315
a
Total
Investments
(Cost
$316,337,491)
100.2%
..................................
$406,149,831
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(825,096)
Net
Assets
100.0%
...........................................................
$405,324,735
*
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,
2023,
the
value
of
this
security
was
$2,868,304,
representing
0.7%
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
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,
2023
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.5%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
14,792,309
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,472,041
—
—
Energy
Equipment
&
Services
0.3%
b
Weatherford
International
plc
.............................
United
States
13,794
818,674
Media
0.0%
†
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
20,804
24,965
b
iHeartMedia,
Inc.,
A
....................................
United
States
8,526
33,251
58,216
Oil,
Gas
&
Consumable
Fuels
0.2%
b
Amplify
Energy
Corp.
..................................
United
States
431
2,961
Birch
Permian
Holdings,
Inc.
.............................
United
States
39,385
723,699
726,660
Total
Common
Stocks
(Cost
$1,965,020)
.......................................
1,603,550
Management
Investment
Companies
6.3%
Capital
Markets
6.3%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
2,418,451
18,888,103
Total
Management
Investment
Companies
(Cost
$21,092,057)
....................
18,888,103
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
e,f,g
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
30,118
2,438
Total
Convertible
Bonds
(Cost
$8,415)
.........................................
2,438
Corporate
Bonds
44.9%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
700,000
641,871
Senior
Note,
5.15%,
5/01/30
...........................
United
States
700,000
704,740
g
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
900,000
901,732
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
400,000
404,500
2,652,843
Air
Freight
&
Logistics
0.3%
g
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
300,000
282,310
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
650,000
529,100
811,410
Automobile
Components
1.3%
g
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
300,000
309,179
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
200,000
205,776
g
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
800,000
779,840
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
256,279
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
(continued)
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,000,000
$
940,300
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
600,000
405,529
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
800,000
715,744
g
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
500,000
370,159
3,982,806
Automobiles
0.2%
g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
800,000
629,016
Banks
6.0%
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
300,000
234,352
Bank
of
America
Corp.
,
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
800,000
762,116
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
......
United
States
1,000,000
968,110
g
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
400,000
380,348
Senior
Note,
144A,
2.219%
to
6/08/25,
FRN
thereafter,
6/09/26
.
France
500,000
459,572
g
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
800,000
701,654
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
1,600,000
1,613,014
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
800,000
672,545
Senior
Bond,
2.357%
to
8/17/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
300,000
242,045
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
900,000
874,777
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
550,000
544,859
JPMorgan
Chase
&
Co.
,
f
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
213,000
209,006
Senior
Bond,
3.2%,
6/15/26
............................
United
States
1,213,000
1,163,406
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
1,000,000
855,473
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
700,000
686,786
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
500,000
473,180
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
900,000
894,345
National
Bank
of
Canada
,
Senior
Note
,
3.75%
to
6/08/24,
FRN
thereafter
,
6/09/25
...................................
Canada
900,000
881,710
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
800,000
697,166
g
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
800,000
631,281
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
700,000
607,613
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
1,000,000
990,526
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
800,000
798,339
g
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
500,000
392,988
Wells
Fargo
&
Co.
,
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
900,000
894,274
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
500,000
491,247
18,120,732
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)
Beverages
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
800,000
$
754,757
g
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
1,000,000
873,786
1,628,543
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
700,000
649,884
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
............................
United
States
400,000
383,648
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
700,000
719,562
1,753,094
Broadline
Retail
0.1%
a,e,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
1/06/23
........................................
South
Africa
1,036,360
—
a,e,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
1/06/23
.......................................
South
Africa
564,697
—
g
Macy's
Retail
Holdings
LLC
,
Senior
Note
,
144A,
5.875
%
,
3/15/30
.
United
States
500,000
444,358
444,358
Building
Products
0.6%
g
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
500,000
463,500
g
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
475,041
g
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
467,797
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
200,000
174,226
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
160,964
1,741,528
Capital
Markets
2.3%
Credit
Suisse
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
400,000
369,500
g
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
300,000
290,668
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
800,000
784,800
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.21%
to
4/21/41,
FRN
thereafter,
4/22/42
......
United
States
400,000
301,931
Senior
Note,
5.7%,
11/01/24
...........................
United
States
500,000
503,833
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
300,000
293,349
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
1,000,000
894,358
g
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
200,000
179,292
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/21/27,
FRN
thereafter,
7/22/28
.....
United
States
809,000
764,771
Senior
Note,
3.737%
to
4/23/23,
FRN
thereafter,
4/24/24
......
United
States
900,000
898,422
g
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
1,200,000
983,819
g,h
UBS
Group
AG
,
Senior
Note
,
144A,
FRN
,
5.711
%
,
(
1-year
CMT
T-Note
+
1.55
%
),
1/12/27
..............................
Switzerland
700,000
694,314
6,959,057
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
1.7%
g
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
900,000
$
680,037
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
450,000
453,206
g
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
700,000
602,896
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
266,281
g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
800,000
703,056
g
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
400,000
393,550
g
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
800,000
EUR
754,158
e,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
300,000
217,500
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
....................
Canada
100,000
100,046
g
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
782,596
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
200,000
177,401
g
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
84,285
5,215,012
Commercial
Services
&
Supplies
0.7%
g
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
400,000
358,504
g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
1,000,000
897,460
g
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,000,000
874,218
2,130,182
Construction
&
Engineering
0.2%
g
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
267,114
g
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
378,550
645,664
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
500,000
406,658
g
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
300,000
297,332
g
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
900,000
754,119
1,458,109
Containers
&
Packaging
1.5%
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
300,000
236,823
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
500,000
466,927
g
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
500,000
458,140
g
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
169,000
168,904
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
75,000
75,165
g
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
500,000
437,619
g
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
600,000
539,529
g
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
124,000
122,643
Senior
Note,
144A,
6.125%,
2/01/28
.....................
United
States
900,000
910,980
g
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
700,000
671,447
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
328,325
4,416,502
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Distributors
0.2%
g
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
300,000
$
314,781
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
200,000
206,216
520,997
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
723,784
Diversified
REITs
0.7%
g
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
400,000
316,905
g
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
900,000
674,214
Simon
Property
Group
LP
,
Senior
Bond,
4.25%,
11/30/46
..........................
United
States
800,000
651,222
Senior
Bond,
3.25%,
9/13/49
...........................
United
States
700,000
477,963
2,120,304
Diversified
Telecommunication
Services
1.0%
g
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
500,000
319,550
g
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
200,000
164,490
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
800,000
572,689
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
700,000
573,237
g
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
300,000
286,176
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
600,000
569,814
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
........
Spain
150,000
125,004
g
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
400,000
344,462
2,955,422
Electric
Utilities
1.6%
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
400,000
341,164
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
100,000
102,966
g
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
800,000
772,611
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,241,799
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
370,000
376,593
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..............
United
States
400,000
349,037
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
94,920
g
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
1,100,000
975,464
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
500,000
448,129
4,702,683
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
200,000
193,583
g
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
900,000
795,137
988,720
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
900,000
$
792,639
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
800,000
778,955
1,571,594
Energy
Equipment
&
Services
0.1%
g
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
400,000
384,905
g
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
17,000
17,460
402,365
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
300,000
296,895
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
1,000,000
1,053,350
g
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
144A,
4.054
%
,
3/15/29
.
United
States
300,000
279,276
1,629,521
Financial
Services
0.2%
g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
700,000
594,759
Food
Products
0.7%
g
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
156,920
g
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
900,000
897,750
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
150,000
150,478
g
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
700,000
622,451
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
400,000
331,888
2,159,487
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
212,857
Ground
Transportation
0.6%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
550,000
479,802
g
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
1,000,000
871,049
g
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
452,847
1,803,698
Health
Care
Equipment
&
Supplies
0.3%
g
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
500,000
534,748
g
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
144A,
5.6
%
,
11/15/25
..........................................
United
States
500,000
506,327
1,041,075
Health
Care
Providers
&
Services
1.7%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
289,338
Senior
Note,
2.45%,
7/15/28
...........................
United
States
100,000
87,090
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
188,228
Senior
Note,
3.375%,
2/15/30
..........................
United
States
600,000
524,007
Senior
Note,
2.625%,
8/01/31
..........................
United
States
200,000
162,242
g
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
200,000
124,060
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
700,000
615,258
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
...........................
United
States
400,000
$
325,361
Senior
Bond,
2.7%,
8/21/40
............................
United
States
600,000
429,708
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
800,000
683,600
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
150,000
118,842
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
100,000
89,136
g
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
600,000
432,248
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
174,998
g
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/30
...........................................
United
States
1,000,000
987,400
5,231,516
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
300,000
202,230
Hotel
&
Resort
REITs
0.1%
g
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
339,661
Hotels,
Restaurants
&
Leisure
1.1%
g
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
500,000
445,583
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
800,000
722,904
g
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
184,766
g
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
700,000
608,258
g
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond
,
144A,
5.875
%
,
9/01/31
................
United
States
400,000
287,900
g
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
200,000
180,735
g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,200,000
922,542
3,352,688
Household
Durables
0.1%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
400,000
339,662
Household
Products
0.3%
g
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
500,000
432,235
g
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
300,000
249,664
g
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
400,000
327,511
1,009,410
Independent
Power
and
Renewable
Electricity
Producers
1.6%
g
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
400,000
359,360
g
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
...............
United
States
600,000
508,562
g
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
700,000
604,380
g
Colbun
SA
,
Senior
Bond,
144A,
3.95%,
10/11/27
.....................
Chile
800,000
748,600
Senior
Bond,
144A,
3.15%,
3/06/30
......................
Chile
300,000
255,256
g
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
872,202
g,i
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
5/15/27
...........................................
United
States
1,300,000
1,335,990
4,684,350
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
1.0%
g,j
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
300,000
$
302,158
g
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.....................
United
States
600,000
593,868
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
748,702
g
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
1,100,000
1,114,437
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
300,000
291,957
3,051,122
Interactive
Media
&
Services
0.3%
g
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
900,000
762,835
IT
Services
1.2%
g
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
900,000
725,256
g
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
700,000
665,115
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
400,000
357,282
g
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
814,929
g
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
1,200,000
1,148,184
3,710,766
Machinery
0.4%
g
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
400,000
355,222
g
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
400,000
413,788
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
400,000
392,773
1,161,783
Media
1.5%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,300,000
1,047,096
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
400,000
300,360
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
200,000
179,708
g
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
400,000
277,080
g
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
700,000
634,662
g
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
600,000
448,875
g
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
12/01/30
..........................................
United
States
800,000
645,960
g
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
1,000,000
860,000
g
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
100,000
84,116
4,477,857
Metals
&
Mining
0.7%
g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
700,000
607,250
g
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
850,000
860,246
g
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
523,098
1,990,594
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
g
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
1,100,000
796,307
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Multi-Utilities
0.4%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
1,150,000
$
1,098,898
Oil,
Gas
&
Consumable
Fuels
4.3%
g
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
900,000
761,797
g
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
98,000
100,301
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
391,039
g
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
700,000
667,272
g
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
279,840
g
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
500,000
436,290
g
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
900,000
894,141
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
200,000
184,739
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
1,100,000
1,059,822
g
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
100,000
98,094
g
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
100,497
g
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
.....................................
United
Arab
Emirates
354,840
306,021
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
700,000
647,142
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
200,000
185,228
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
184,358
g
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
800,000
771,200
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
1,272,929
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
1,600,000
1,544,133
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
494,249
Senior
Note,
4.5%,
5/15/29
............................
United
States
1,200,000
1,102,998
g
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
1,000,000
1,066,125
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
263,877
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
270,870
13,082,962
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
700,000
609,716
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
400,000
327,607
937,323
Passenger
Airlines
0.6%
g
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
600,000
576,180
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
1,010,000
993,677
g
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
100,000
95,788
1,665,645
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
Corporate
Bonds
(continued)
Personal
Care
Products
1.0%
g
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
700,000
$
709,709
g
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
............
United
States
500,000
467,374
g
Kenvue,
Inc.
,
Senior
Note
,
144A,
5.05
%
,
3/22/28
..............
United
States
900,000
930,628
g
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
800,000
488,000
g
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
500,000
424,245
3,019,956
Pharmaceuticals
1.0%
g
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
45,000
44,663
g
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
United
States
80,000
59,267
g
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
859,946
g
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
300,000
266,573
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
700,000
640,507
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
500,000
362,872
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
900,000
816,126
3,049,954
Real
Estate
Management
&
Development
0.3%
g
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
400,000
402,084
g
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
350,000
222,250
g
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
200,000
EUR
159,733
784,067
Residential
REITs
0.1%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
421,759
Software
0.1%
g
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
500,000
419,697
Specialty
Retail
0.2%
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
100,000
102,100
Senior
Note,
5.95%,
3/09/28
...........................
United
States
100,000
103,151
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
188,155
g
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
200,000
142,840
536,246
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
200,000
168,433
Textiles,
Apparel
&
Luxury
Goods
0.1%
g
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
200,000
204,941
Tobacco
0.4%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
1,200,000
1,068,005
g
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
300,000
290,668
1,358,673
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
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.7%
g
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,100,000
$
965,250
g
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
300,000
289,898
g
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
700,000
719,446
1,974,594
Transportation
Infrastructure
0.0%
†
g
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
180,000
113,918
Wireless
Telecommunication
Services
0.5%
e,g
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
20,996
8,099
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
500,000
356,090
Senior
Note,
3.875%,
4/15/30
..........................
United
States
1,300,000
1,220,832
1,585,021
Total
Corporate
Bonds
(Cost
$151,334,632)
.....................................
135,548,990
k
Marketplace
Loans
2.0%
a
Financial
Services
2.0%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$6,849,646)
.....................................
5,979,231
Foreign
Government
and
Agency
Securities
2.4%
g
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
l
1,400,000
1,182,370
g
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
l
1,200,000
1,106,808
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
1,400,000
1,274,082
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
5,315,000,000
COP
1,068,466
g
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
1,000,000
794,031
g
Indonesia
Asahan
Aluminium
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
.....................................
Indonesia
700,000
687,600
g
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
300,000
304,452
g
Petroleos
Mexicanos
,
Senior
Bond
,
144A,
10
%
,
2/07/33
........
Mexico
300,000
287,788
g
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
500,000
479,197
Total
Foreign
Government
and
Agency
Securities
(Cost
$9,100,740)
...............
7,184,794
U.S.
Government
and
Agency
Securities
20.9%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
805,000
606,862
U.S.
Treasury
Bonds
,
3.75%,
11/15/43
.....................................
United
States
100,000
98,857
3%,
2/15/48
........................................
United
States
1,800,000
1,571,344
3%,
8/15/48
........................................
United
States
800,000
699,125
3.375%,
11/15/48
....................................
United
States
1,200,000
1,123,172
3%,
2/15/49
........................................
United
States
1,800,000
1,576,969
U.S.
Treasury
Notes
,
2.75%,
5/31/23
.....................................
United
States
500,000
498,399
2.5%,
4/30/24
......................................
United
States
3,100,000
3,031,861
2.125%,
9/30/24
.....................................
United
States
3,400,000
3,293,949
4.25%,
9/30/24
.....................................
United
States
3,300,000
3,296,906
1.5%,
2/15/25
......................................
United
States
9,800,000
9,338,711
3.5%,
9/15/25
......................................
United
States
3,400,000
3,368,191
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
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
4.25%,
10/15/25
.....................................
United
States
8,700,000
$
8,768,988
2.875%,
11/30/25
....................................
United
States
3,400,000
3,315,066
m
Index
Linked,
0.625%,
1/15/26
..........................
United
States
2,800,000
3,447,434
2%,
11/15/26
.......................................
United
States
3,900,000
3,669,352
2.25%,
2/15/27
.....................................
United
States
1,400,000
1,326,801
4.125%,
9/30/27
.....................................
United
States
4,100,000
4,178,156
2.75%,
2/15/28
.....................................
United
States
300,000
288,252
3.5%,
1/31/30
......................................
United
States
2,900,000
2,888,672
2.875%,
5/15/32
.....................................
United
States
1,300,000
1,237,438
2.75%,
8/15/32
.....................................
United
States
1,850,000
1,741,457
4.125%,
11/15/32
....................................
United
States
2,200,000
2,312,063
3.5%,
2/15/33
......................................
United
States
1,400,000
1,402,297
Total
U.S.
Government
and
Agency
Securities
(Cost
$63,003,783)
.................
63,080,322
Asset-Backed
Securities
5.1%
Commercial
Services
&
Supplies
0.1%
g,n
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
6.742
%
,
(
3-month
USD
LIBOR
+
1.95
%
),
7/15/31
.
..................
United
States
250,000
234,588
Financial
Services
5.0%
g,n
BlueMountain
CLO
Ltd.
,
2018-1A
,
D
,
144A,
FRN
,
7.852
%
,
(
3-month
USD
LIBOR
+
3.05
%
),
7/30/30
.
.........................
United
States
1,000,000
845,251
g,n
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
3.83
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
600,000
EUR
612,012
g,n
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
6.308
%
,
(
3-month
USD
LIBOR
+
1.5
%
),
10/20/29
.
..................
United
States
460,000
446,900
g,n
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
6.992
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
...........
United
States
1,213,000
1,139,949
g,n
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-4RA
,
C
,
144A,
FRN
,
7.692
%
,
(
3-month
USD
LIBOR
+
2.9
%
),
7/15/30
.
........
United
States
300,000
266,820
g,n
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
6.242
%
,
(
3-month
USD
LIBOR
+
1.45
%
),
4/15/34
.
.........................
United
States
1,500,000
1,442,573
g,o
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51,
PT,
144A,
FRN,
15.177%,
1/15/45
................
United
States
87,161
82,265
2019-52,
PT,
144A,
FRN,
15.267%,
1/15/45
................
United
States
97,535
92,632
2019-S8,
PT,
144A,
FRN,
9.973%,
1/15/45
.................
United
States
50,729
47,181
2020-2,
PT,
144A,
FRN,
14.322%,
3/15/45
.................
United
States
92,558
87,412
2020-7,
PT,
144A,
FRN,
15.435%,
4/17/45
.................
United
States
49,232
45,836
g,n
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
5.832
%
,
(
3-month
USD
LIBOR
+
1.04
%
),
4/15/34
.
.........................
United
States
2,400,000
2,340,779
g
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
1,229,674
1,097,206
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
446,485
389,800
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
g,n
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
6.392
%
,
(
3-month
USD
LIBOR
+
1.6
%
),
10/15/31
.
...................................
United
States
350,000
$
338,684
g,n
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
7.608
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
4/20/31
.
....................................
United
States
770,000
645,350
g,n
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
BRN
,
144A,
FRN
,
3.988
%
,
(
3-month
EURIBOR
+
1.7
%
),
4/15/32
.
..............
Ireland
400,000
EUR
415,165
g,n
Magnetite
XXIX
Ltd.
,
2021-29A
,
B
,
144A,
FRN
,
6.192
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/15/34
.
..........................
United
States
1,500,000
1,450,004
g,n
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
5.898
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
4/19/31
.
...................
United
States
591,108
584,570
g,n
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
6.616
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
10/24/30
.
...........
United
States
250,000
243,606
g,n
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
5.762
%
,
(
3-month
USD
LIBOR
+
0.97
%
),
4/15/31
.
...........
United
States
500,000
491,507
g,o
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
13.932%,
3/15/26
................
United
States
50,116
48,984
2020-PT2,
A,
144A,
FRN,
13.653%,
4/15/26
................
United
States
57,980
55,596
2020-PT3,
A,
144A,
FRN,
9.155%,
5/15/26
.................
United
States
18,770
17,646
g,n
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
6.992
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
.
..............................
United
States
1,300,000
1,292,046
g,o
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
15.144
%
,
2/15/26
.
...................................
United
States
45,902
44,951
g,n
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
6.771
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
..................................
United
States
780,000
736,195
15,300,920
a
a
a
a
a
a
Passenger
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
72,350
70,017
Total
Asset-Backed
Securities
(Cost
$16,555,638)
...............................
15,605,525
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
g,n
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
5.384%,
(1-month
USD
LIBOR
+
0.7%),
9/15/36
......................................
United
States
250,000
240,723
2021-VOLT,
B,
144A,
FRN,
5.634%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
400,000
380,193
2022-LP2,
A,
144A,
FRN,
5.84%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
881,970
850,584
o
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
5.61
%
,
7/10/38
.
United
States
186,216
121,331
1,592,831
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$1,707,808)
.................
1,592,831
Mortgage-Backed
Securities
6.3%
p
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
4.348%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
4,370
4,265
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.0%
FHLMC
Gold
Pool,
30
Year,
5%,
4/01/34
-
8/01/35
.............
United
States
75,890
77,046
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
1/01/35
...........
United
States
58,338
59,490
FHLMC
Gold
Pool,
30
Year,
6%,
4/01/33
-
2/01/36
.............
United
States
56,522
58,256
FHLMC
Gold
Pool,
30
Year,
6.5%,
11/01/27
-
7/01/32
..........
United
States
5,514
5,725
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/30
....................
United
States
859
891
FHLMC
Gold
Pool,
30
Year,
7.5%,
8/01/30
..................
United
States
113
119
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
3,864,418
3,201,183
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
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
2,687,494
$
2,572,839
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
6,186,709
6,067,365
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
......................
United
States
3,083,719
3,117,616
15,160,530
p
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
4.279%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
27,348
27,112
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.2%
FNMA,
20
Year,
5%,
4/01/30
.............................
United
States
15,615
15,893
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
1,906,557
1,730,601
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
605,447
591,219
FNMA,
30
Year,
4.5%,
5/01/48
...........................
United
States
1,272,802
1,269,729
FNMA,
30
Year,
6.5%,
5/01/31
-
10/01/37
...................
United
States
39,126
41,025
3,648,467
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.........
United
States
76,924
79,514
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
2/15/29
.........
United
States
9,020
9,107
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
................
United
States
750
781
GNMA
II,
30
Year,
6.5%,
2/20/34
..........................
United
States
1,612
1,576
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
21,774
22,464
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
32,644
34,575
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
........
United
States
13,273
13,748
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
........
United
States
3,934
4,058
165,823
Total
Mortgage-Backed
Securities
(Cost
$19,294,535)
............................
19,006,197
Residential
Mortgage-Backed
Securities
3.5%
Financial
Services
3.5%
g
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
103,993
101,728
o
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
356,504
337,887
g,o
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
86,624
82,316
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
195,161
183,526
g,o
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
391,867
375,994
n
FHLMC
STACR
Debt
Notes
,
2014-DN3,
M3,
FRN,
8.845%,
(1-month
USD
LIBOR
+
4%),
8/25/24
...........................................
United
States
32,138
32,540
2014-DN4,
M3,
FRN,
9.395%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
186,405
190,109
2015-DNA1,
M3,
FRN,
8.145%,
(1-month
USD
LIBOR
+
3.3%),
10/25/27
..........................................
United
States
35,153
35,463
2015-DNA3,
M3,
FRN,
9.545%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
662,094
692,060
2016-DNA2,
M3,
FRN,
9.495%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
579,446
607,241
n
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
10.095%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
84,026
85,507
2014-C01,
M2,
FRN,
9.245%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
149,944
153,358
2014-C02,
2M2,
FRN,
7.445%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
138,767
139,854
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
n
FNMA
Connecticut
Avenue
Securities,
(continued)
2014-C03,
2M2,
FRN,
7.745%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
21,432
$
21,653
2015-C01,
1M2,
FRN,
9.145%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
154,592
159,482
2015-C02,
1M2,
FRN,
8.845%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
429,980
444,524
2015-C03,
1M2,
FRN,
9.845%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
612,826
641,060
2016-C01,
1M2,
FRN,
11.595%,
(1-month
USD
LIBOR
+
6.75%),
8/25/28
...........................................
United
States
96,647
103,180
2016-C03,
1M2,
FRN,
10.145%,
(1-month
USD
LIBOR
+
5.3%),
10/25/28
..........................................
United
States
522,434
552,396
2017-C04,
2M2,
FRN,
7.695%,
(1-month
USD
LIBOR
+
2.85%),
11/25/29
..........................................
United
States
391,090
397,773
g,o
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
1,327,424
1,151,411
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
422,710
366,659
2021-6,
A4,
144A,
FRN,
2.5%,
10/25/51
...................
United
States
759,223
667,024
g,o
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.494
%
,
4/25/66
...........................................
United
States
634,089
609,939
g,o
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
277,173
240,421
g,o
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
887,024
769,406
g,o
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
156,737
135,152
g,o
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
1,612,453
1,417,598
10,695,261
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$11,871,200)
.................
10,695,261
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
72,822
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
243,000
2,126
Total
Escrows
and
Litigation
Trusts
(Cost
$243,000)
.............................
2,126
Total
Long
Term
Investments
(Cost
$303,026,474)
...............................
279,189,368
a
Short
Term
Investments
6.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
6.7%
d,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
20,307,195
20,307,195
Total
Money
Market
Funds
(Cost
$20,307,195)
..................................
20,307,195
Total
Short
Term
Investments
(Cost
$20,307,195
)
................................
20,307,195
a
Total
Investments
(Cost
$323,333,669)
99.1%
...................................
$299,496,563
Other
Assets,
less
Liabilities
0.9%
.............................................
2,555,103
Net
Assets
100.0%
...........................................................
$302,051,666
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
*
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
See
Note
3
regarding
restricted
securities.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
aggregate
value
of
these
securities
was
$108,251,354,
representing
35.8%
of
net
assets.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
k
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
m
Principal
amount
of
security
is
adjusted
for
inflation.
n
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
o
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.
p
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
q
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,
2023
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-108
At
March
31,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
2.0%
Freedom
Financial
Asset
Management
LLC
APP-11693689.FP.FTS.B,
5.99%,
12/15/23
$
3,594
$
3,623
APP-11442537.FP.FTS.B,
5.99%,
12/17/23
2,993
3,018
APP-12232118.FP.FTS.B,
5.99%,
3/05/24
.
4,229
2,600
APP-11925836.FP.FTS.B,
5.99%,
3/12/24
.
4,188
1,500
APP-12933568.FP.FTS.B,
5.99%,
4/01/24
.
4,312
4,349
APP-14154619.FP.FTS.B,
5.99%,
6/07/24
.
6,580
6,646
APP-14139528.FP.FTS.B,
5.99%,
6/10/24
.
5,815
5,891
APP-14479194.FP.FTS.B,
16.99%,
7/11/24
11,634
11,754
APP-10114471.FP.FTS.B,
13.99%,
8/12/24
5,775
5,821
APP-11822354.FP.FTS.B,
9.49%,
12/18/24
13,425
13,541
APP-11766036.FP.FTS.B,
23.74%,
12/18/24
18,184
6,672
APP-11746986.FP.FTS.B,
18.99%,
12/19/24
7,770
7,764
APP-11765697.FP.FTS.B,
16.99%,
12/24/24
6,315
6,328
APP-12220276.FP.FTS.B,
17.49%,
1/17/25
9,841
9,795
APP-11798383.FP.FTS.B,
19.99%,
2/01/25
7,032
6,975
APP-11693771.FP.FTS.B,
9.74%,
2/06/25
.
12,006
12,117
APP-11695285.FP.FTS.B,
9.74%,
2/07/25
.
11,098
11,203
APP-11818700.FP.FTS.B,
17.74%,
2/08/25
14,214
14,024
APP-12139795.FP.FTS.B,
9.74%,
3/10/25
.
8,944
9,072
APP-14135500.FP.FTS.B,
14.49%,
4/25/25
18,011
18,154
APP-13668983.FP.FTS.B,
7.84%,
5/13/25
.
26,301
26,554
APP-13660633.FP.FTS.B,
25.49%,
5/13/25
8,847
841
APP-13704982.FP.FTS.B,
21.99%,
5/25/25
6,920
6,911
APP-14969419.FP.FTS.B,
9.74%,
6/01/25
.
23,454
23,653
APP-14148125.FP.FTS.B,
9.34%,
6/16/25
.
23,935
24,221
APP-13916851.FP.FTS.B,
9.34%,
6/18/25
.
22,430
22,707
APP-11657858.FP.FTS.B,
17.49%,
12/16/25
12,003
12,210
APP-11752447.FP.FTS.B,
9.99%,
2/05/26
.
30,059
30,482
APP-11823715.FP.FTS.B,
14.99%,
2/05/26
16,649
16,912
APP-11795510.FP.FTS.B,
12.49%,
2/11/26
14,463
14,681
APP-11819292.FP.FTS.B,
18.99%,
2/12/26
10,618
10,705
APP-12232816.FP.FTS.B,
15.99%,
3/09/26
19,614
19,830
APP-13646258.FP.FTS.B,
22.99%,
5/14/26
12,666
12,684
APP-13608417.FP.FTS.B,
10.34%,
5/20/26
17,982
18,254
APP-13700836.FP.FTS.B,
18.99%,
5/28/26
12,959
12,912
APP-14159522.FP.FTS.B,
10.34%,
6/15/26
18,630
18,915
APP-14167786.FP.FTS.B,
10.34%,
6/16/26
29,953
30,418
APP-14974854.FP.FTS.B,
16.49%,
7/10/26
17,181
17,303
APP-14865971.FP.FTS.B,
8.74%,
7/24/26
.
24,410
24,815
APP-14985540.FP.FTS.B,
16.74%,
7/24/26
46,057
4,442
APP-11124654.FP.FTS.B,
19.49%,
12/18/26
35,457
35,608
APP-11605924.FP.FTS.B,
11.74%,
12/20/26
37,148
37,665
APP-11720742.FP.FTS.B,
18.99%,
12/21/26
19,876
20,053
APP-11764235.FP.FTS.B,
11.74%,
12/29/26
40,056
40,682
APP-11813151.FP.FTS.B,
20.99%,
12/30/26
4,513
606
APP-12248562.FP.FTS.B,
16.74%,
1/18/27
41,455
41,783
APP-12016647.FP.FTS.B,
16.99%,
1/25/27
16,480
16,635
APP-11749109.FP.FTS.B,
17.49%,
2/06/27
16,884
16,895
APP-11756687.FP.FTS.B,
19.49%,
2/06/27
5,670
5,536
APP-11803939.FP.FTS.B,
10.99%,
2/10/27
28,568
28,978
APP-11806622.FP.FTS.B,
18.99%,
2/11/27
8,496
8,556
APP-11798689.FP.FTS.B,
16.99%,
2/12/27
16,591
16,822
APP-12238134.FP.FTS.B,
20.24%,
3/03/27
23,622
23,354
APP-12140585.FP.FTS.B,
11.24%,
3/12/27
24,986
25,338
APP-12106231.FP.FTS.B,
11.74%,
3/13/27
35,918
36,485
APP-12249339.FP.FTS.B,
19.49%,
3/13/27
17,332
17,381
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11878312.FP.FTS.B,
10.99%,
3/14/27
$
17,039
$
17,287
APP-12139734.FP.FTS.B,
13.49%,
3/14/27
13,398
13,611
APP-13678387.FP.FTS.B,
13.84%,
4/03/27
12,896
13,003
APP-13561151.FP.FTS.B,
16.74%,
4/12/27
32,830
33,204
APP-13705025.FP.FTS.B,
10.84%,
5/14/27
25,645
25,973
APP-13695562.FP.FTS.B,
20.49%,
5/14/27
17,685
17,601
APP-13684451.FP.FTS.B,
17.24%,
5/15/27
43,770
44,225
APP-13199139.FP.FTS.B,
11.74%,
5/20/27
37,631
38,180
APP-13685540.FP.FTS.B,
13.59%,
5/20/27
31,919
32,358
APP-13701830.FP.FTS.B,
20.24%,
5/21/27
26,644
26,631
APP-13668745.FP.FTS.B,
23.99%,
5/23/27
13,969
13,952
APP-13628442.FP.FTS.B,
17.99%,
5/24/27
15,272
15,392
APP-13694837.FP.FTS.B,
14.34%,
5/27/27
40,101
40,763
APP-14967059.FP.FTS.B,
11.99%,
6/01/27
14,557
14,701
APP-14831064.FP.FTS.B,
11.74%,
6/04/27
36,393
36,866
APP-14058204.FP.FTS.B,
11.59%,
6/05/27
11,697
11,833
APP-14057383.FP.FTS.B,
11.34%,
6/15/27
31,539
31,998
APP-14167090.FP.FTS.B,
11.34%,
6/15/27
34,925
35,433
APP-14120872.FP.FTS.B,
13.59%,
6/15/27
17,616
17,858
APP-14165501.FP.FTS.B,
13.34%,
6/16/27
11,793
11,958
APP-13060373.FP.FTS.B,
11.34%,
6/19/27
21,462
2,285
APP-14163864.FP.FTS.B,
11.34%,
6/19/27
34,988
35,538
APP-14867762.FP.FTS.B,
14.24%,
7/10/27
14,887
15,052
APP-14981611.FP.FTS.B,
16.49%,
7/10/27
9,869
9,978
APP-14837945.FP.FTS.B,
18.49%,
7/10/27
21,517
21,500
APP-14926519.FP.FTS.B,
9.74%,
7/11/27
.
30,783
31,174
APP-14970727.FP.FTS.B,
9.74%,
7/13/27
.
25,699
26,038
APP-14975701.FP.FTS.B,
11.74%,
7/15/27
17,730
17,977
APP-14892088.FP.FTS.B,
14.49%,
7/15/27
9,390
9,524
APP-14939586.FP.FTS.B,
14.24%,
7/22/27
13,066
13,242
APP-14791332.FP.FTS.B,
17.74%,
7/22/27
27,232
27,415
APP-14178116.FP.FTS.B,
17.74%,
7/23/27
45,203
45,433
APP-14861817.FP.FTS.B,
11.99%,
8/05/27
17,674
9,460
APP-14959631.FP.FTS.B,
17.74%,
9/22/27
46,519
47,236
1,687,353
LendingClub
Corp.
-
LCX
158759739.LC.FTS.B,
16.12%,
11/25/24
..
10,081
9,792
165633933.LC.FTS.B,
11.02%,
1/28/25
...
8,630
8,310
165313131.LC.FTS.B,
11.02%,
2/03/25
...
14,328
13,766
166049294.LC.FTS.B,
14.3%,
2/03/25
...
5,353
5,173
166979816.LC.FTS.B,
15.24%,
2/24/25
...
7,259
6,996
167106425.LC.FTS.B,
18.62%,
2/28/25
...
4,662
4,541
165954765.LC.FTS.B,
20.55%,
3/20/25
...
6,794
6,558
166308005.LC.FTS.B,
20.55%,
4/10/33
...
295
294
167497337.LC.FTS.B,
10.33%,
4/15/33
...
1,729
201
166957411.LC.FTS.B,
15.24%,
4/19/33
...
86
86
55,717
LendingClub
Corp.
-
LCX
PM
171026131.LC.FTS.B,
14.02%,
10/08/23
..
5,027
4,976
171023265.LC.FTS.B,
17.3%,
10/08/23
...
1,379
1,360
171077226.LC.FTS.B,
10.19%,
10/13/23
..
538
526
172927033.LC.FTS.B,
10.81%,
12/24/23
..
2,238
2,200
173276655.LC.FTS.B,
18.24%,
12/24/23
..
1,515
1,505
174324177.LC.FTS.B,
14.99%,
2/03/24
...
1,771
1,761
170715926.LC.FTS.B,
16.08%,
10/13/25
..
9,220
8,958
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
170676409.LC.FTS.B,
17.3%,
10/13/25
...
$
7,461
$
7,208
171176757.LC.FTS.B,
18.24%,
10/27/25
..
6,373
6,170
174329530.LC.FTS.B,
20.49%,
2/03/26
...
7,010
6,872
174350163.LC.FTS.B,
18.44%,
2/15/26
...
9,084
8,820
50,356
Prosper
Funding
LLC
1611508.PS.FTS.B,
15.4%,
8/20/24
.....
2,646
2,580
1612567.PS.FTS.B,
24.6%,
8/23/24
.....
1,144
1,138
1623671.PS.FTS.B,
25.71%,
9/21/24
....
5,934
5,905
1628458.PS.FTS.B,
18.5%,
9/22/24
.....
2,839
2,801
1627820.PS.FTS.B,
12.15%,
9/28/24
....
2,724
2,650
1627811.PS.FTS.B,
13.05%,
9/28/24
....
10,963
10,664
1638201.PS.FTS.B,
13.3%,
9/28/24
.....
5,456
5,307
1638657.PS.FTS.B,
16.1%,
9/28/24
.....
1,118
1,091
1628909.PS.FTS.B,
17.96%,
9/29/24
....
4,452
4,343
1629401.PS.FTS.B,
13.5%,
9/30/24
.....
3,502
3,446
1657122.PS.FTS.B,
10.8%,
10/29/24
....
4,166
4,047
1656696.PS.FTS.B,
11.7%,
10/29/24
....
7,779
7,557
1645598.PS.FTS.B,
16.2%,
10/31/24
....
3,450
3,397
1650965.PS.FTS.B,
18.41%,
11/05/24
....
6,089
5,860
1653314.PS.FTS.B,
13.2%,
11/09/24
....
1,810
1,747
1654279.PS.FTS.B,
12.4%,
11/11/24
.....
5,420
5,223
1650962.PS.FTS.B,
13.81%,
11/29/24
....
6,681
3,631
1686771.PS.FTS.B,
12%,
12/16/24
......
4,069
3,931
1679839.PS.FTS.B,
12.76%,
12/16/24
...
2,420
2,348
1680232.PS.FTS.B,
15.5%,
12/16/24
....
12,763
12,310
1674092.PS.FTS.B,
16.2%,
12/16/24
....
3,940
3,837
1679833.PS.FTS.B,
17.54%,
12/16/24
...
5,161
5,032
1686723.PS.FTS.B,
18.4%,
12/16/24
....
1,294
1,262
1673696.PS.FTS.B,
24.3%,
12/16/24
....
4,708
4,609
1688400.PS.FTS.B,
15.4%,
12/20/24
....
1,432
192
1681375.PS.FTS.B,
16.02%,
12/20/24
...
851
831
1690251.PS.FTS.B,
13.66%,
12/22/24
...
5,686
5,501
1695034.PS.FTS.B,
14.89%,
1/13/25
....
3,311
3,183
1701351.PS.FTS.B,
16.1%,
1/13/25
.....
1,332
1,281
1694578.PS.FTS.B,
19.83%,
1/13/25
....
3,052
2,934
1702155.PS.FTS.B,
15.21%,
1/14/25
....
3,316
3,190
1688540.PS.FTS.B,
12.3%,
1/20/25
.....
6,539
6,307
1705446.PS.FTS.B,
21.69%,
1/20/25
....
1,369
1,345
1701777.PS.FTS.B,
15.1%,
1/25/25
.....
5,043
1,198
1688531.PS.FTS.B,
16.02%,
1/26/25
....
9,414
9,105
1692122.PS.FTS.B,
13%,
2/01/25
.......
21,009
20,273
1714693.PS.FTS.B,
12.4%,
2/15/25
.....
7,619
7,349
1714705.PS.FTS.B,
18.8%,
2/15/25
.....
5,601
5,379
1708034.PS.FTS.B,
20.01%,
2/15/25
....
3,519
3,408
1721031.PS.FTS.B,
20.4%,
2/15/25
.....
1,410
1,365
1722672.PS.FTS.B,
10.5%,
2/16/25
.....
4,043
3,900
1722483.PS.FTS.B,
15.4%,
2/16/25
.....
13,790
13,250
1721001.PS.FTS.B,
18.6%,
2/23/25
.....
6,324
6,105
1710260.PS.FTS.B,
22.6%,
2/28/25
.....
1,686
442
1718530.PS.FTS.B,
24.4%,
2/28/25
.....
2,988
2,904
1721323.PS.FTS.B,
16.4%,
3/07/25
.....
5,060
4,862
1720980.PS.FTS.B,
19.56%,
3/08/25
....
4,813
4,632
1749430.PS.FTS.B,
23.59%,
4/05/25
....
6,502
1,659
1743116.PS.FTS.B,
12.4%,
4/06/25
.....
3,663
3,523
1744403.PS.FTS.B,
13.9%,
4/07/25
.....
6,265
5,984
1754061.PS.FTS.B,
16%,
4/07/25
.......
5,366
2,988
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1752829.PS.FTS.B,
18.09%,
4/11/25
....
$
1,498
$
1,441
1754218.PS.FTS.B,
22.6%,
4/12/25
.....
1,524
1,474
1750364.PS.FTS.B,
18.5%,
4/15/25
.....
7,504
7,188
1759842.PS.FTS.B,
22.9%,
4/15/25
.....
3,433
3,327
1754544.PS.FTS.B,
16.1%,
4/18/25
.....
7,482
7,144
1605968.PS.FTS.B,
14.29%,
8/17/26
....
5,670
5,448
1605959.PS.FTS.B,
18.73%,
8/17/26
....
15,530
14,916
1618044.PS.FTS.B,
15.1%,
8/19/26
.....
7,208
6,959
1611667.PS.FTS.B,
12.6%,
8/20/26
.....
4,861
4,686
1610432.PS.FTS.B,
14.03%,
8/25/26
....
4,906
4,734
1622637.PS.FTS.B,
12.7%,
8/27/26
.....
5,239
5,057
1622940.PS.FTS.B,
13.7%,
8/30/26
.....
9,211
9,008
1624202.PS.FTS.B,
11.79%,
9/21/26
....
14,410
13,884
1644821.PS.FTS.B,
16.18%,
10/26/26
...
11,093
10,656
1644836.PS.FTS.B,
18.5%,
10/26/26
....
5,214
5,085
1648942.PS.FTS.B,
11.89%,
10/27/26
....
5,028
4,849
1645184.PS.FTS.B,
16.9%,
10/27/26
....
429
424
1645643.PS.FTS.B,
18.5%,
10/27/26
....
8,823
8,609
1645601.PS.FTS.B,
26.13%,
10/27/26
...
4,160
4,148
1646399.PS.FTS.B,
10.5%,
10/28/26
....
8,440
8,142
1657248.PS.FTS.B,
10.5%,
10/29/26
....
19,556
18,868
1646459.PS.FTS.B,
11.89%,
10/29/26
....
7,883
7,606
1646507.PS.FTS.B,
16%,
11/02/26
......
12,906
12,367
1654273.PS.FTS.B,
11.4%,
11/05/26
.....
11,784
11,304
1661067.PS.FTS.B,
12.3%,
11/05/26
....
7,895
7,573
1660821.PS.FTS.B,
12.5%,
11/05/26
....
11,855
11,371
1661382.PS.FTS.B,
16.7%,
11/05/26
....
4,038
3,883
1660956.PS.FTS.B,
18.25%,
11/05/26
....
5,697
5,476
1651610.PS.FTS.B,
10.8%,
11/08/26
....
8,222
7,892
1664763.PS.FTS.B,
13.8%,
11/08/26
....
1,952
1,890
1666497.PS.FTS.B,
13.8%,
11/09/26
....
11,946
11,392
1647191.PS.FTS.B,
16.32%,
11/12/26
....
9,835
9,424
1660294.PS.FTS.B,
15.2%,
11/15/26
....
9,615
9,171
1664083.PS.FTS.B,
11.6%,
11/17/26
.....
6,292
6,052
1679851.PS.FTS.B,
10.9%,
12/16/26
....
14,365
13,813
1686732.PS.FTS.B,
12.62%,
12/16/26
...
4,098
3,297
1686756.PS.FTS.B,
20.08%,
12/16/26
...
6,253
6,022
1673687.PS.FTS.B,
25.6%,
12/16/26
....
8,558
8,346
1674302.PS.FTS.B,
18.33%,
12/17/26
...
15,165
14,567
1674281.PS.FTS.B,
21%,
12/17/26
......
2,459
2,412
1675325.PS.FTS.B,
14%,
12/20/26
......
16,123
15,413
1673693.PS.FTS.B,
12.5%,
1/01/27
.....
12,626
12,148
1695804.PS.FTS.B,
10.8%,
1/04/27
.....
4,059
3,892
1694569.PS.FTS.B,
10.5%,
1/13/27
.....
5,674
5,452
1701348.PS.FTS.B,
11.1%,
1/13/27
.....
4,065
3,906
1688537.PS.FTS.B,
13.7%,
1/13/27
.....
8,640
8,230
1702140.PS.FTS.B,
11.55%,
1/14/27
....
12,220
11,745
1701774.PS.FTS.B,
19.3%,
1/16/27
.....
6,759
6,453
1703079.PS.FTS.B,
10.5%,
1/18/27
.....
11,267
10,839
1689971.PS.FTS.B,
11.6%,
1/18/27
.....
6,519
6,272
1691666.PS.FTS.B,
11.88%,
1/19/27
....
6,528
6,281
1705047.PS.FTS.B,
17.54%,
1/19/27
....
12,337
11,859
1704972.PS.FTS.B,
24.18%,
1/19/27
....
6,015
5,884
1692578.PS.FTS.B,
13.1%,
1/20/27
.....
3,271
3,148
1699192.PS.FTS.B,
14.6%,
1/20/27
.....
28,412
27,131
1694423.PS.FTS.B,
15%,
1/24/27
.......
12,416
11,872
1702129.PS.FTS.B,
12.7%,
1/25/27
.....
5,734
5,524
1709019.PS.FTS.B,
19%,
1/25/27
.......
10,104
9,745
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1702634.PS.FTS.B,
21.95%,
2/04/27
....
$
12,087
$
11,666
1721025.PS.FTS.B,
10.53%,
2/15/27
....
1,649
1,586
1714696.PS.FTS.B,
12.6%,
2/15/27
.....
8,323
8,002
1708016.PS.FTS.B,
12.62%,
2/15/27
....
16,647
16,006
1720968.PS.FTS.B,
12.62%,
2/15/27
....
16,075
15,464
1714699.PS.FTS.B,
16.1%,
2/15/27
.....
8,444
8,041
1715326.PS.FTS.B,
16.83%,
2/15/27
....
13,974
13,369
1709231.PS.FTS.B,
13.7%,
2/16/27
.....
12,124
11,552
1716949.PS.FTS.B,
11.77%,
2/17/27
....
12,456
11,988
1711397.PS.FTS.B,
18.15%,
2/22/27
....
15,323
14,625
1709558.PS.FTS.B,
13.4%,
2/28/27
.....
15,469
14,738
1752507.PS.FTS.B,
25.9%,
4/05/27
.....
6,735
6,447
1753401.PS.FTS.B,
16.9%,
4/06/27
.....
13,274
12,572
1750201.PS.FTS.B,
19.9%,
4/06/27
.....
8,820
8,349
1750603.PS.FTS.B,
14.29%,
4/07/27
....
4,327
4,107
1751788.PS.FTS.B,
15.7%,
4/08/27
.....
9,075
1,161
1743635.PS.FTS.B,
13.1%,
4/13/27
.....
10,734
10,329
1759809.PS.FTS.B,
12.5%,
4/15/27
.....
27,085
26,083
1753794.PS.FTS.B,
15.1%,
4/20/27
.....
6,987
6,634
1648285.PS.FTS.B,
12.62%,
9/26/27
....
6,667
2,734
1700734.PS.FTS.B,
16.2%,
12/24/27
....
22,093
10,224
909,182
Upgrade,
Inc.
-
Card
992398221,
19.3%,
4/03/24
...........
83
83
992438577,
25.45%,
4/03/24
...........
143
142
992341725,
28.48%,
4/03/24
...........
16
16
992458720,
29.49%,
4/03/24
...........
10
10
992264301,
29.49%,
4/04/24
...........
207
210
992282840,
29.49%,
4/04/24
...........
496
505
992459954,
29.49%,
4/04/24
...........
142
101
992256649,
Zero
Cpn,
4/05/24
.........
146
10
992256931,
Zero
Cpn,
4/05/24
.........
231
16
992333933,
Zero
Cpn,
4/05/24
.........
193
14
992344980,
Zero
Cpn,
4/05/24
.........
78
6
992419308,
Zero
Cpn,
4/05/24
.........
32
2
992285365,
17.49%,
4/05/24
...........
235
236
992240347,
18.71%,
4/05/24
...........
79
80
992241984,
18.71%,
4/05/24
...........
182
183
992239693,
19.3%,
4/05/24
...........
399
396
992378711,
19.3%,
4/05/24
............
472
474
992333048,
19.99%,
4/05/24
...........
78
79
992246266,
20.47%,
4/05/24
...........
14
14
992286774,
20.47%,
4/05/24
...........
218
28
992418214,
20.47%,
4/05/24
...........
556
554
992239776,
20.96%,
4/05/24
...........
199
199
992244483,
21.48%,
4/05/24
...........
170
170
992266844,
21.48%,
4/05/24
...........
74
74
992416498,
21.48%,
4/05/24
...........
593
590
992273417,
25.44%,
4/05/24
...........
47
15
992274561,
28.48%,
4/05/24
...........
16
16
992284254,
28.48%,
4/05/24
...........
123
125
992315245,
28.48%,
4/05/24
...........
56
56
992334224,
28.48%,
4/05/24
...........
56
57
992379401,
28.48%,
4/05/24
...........
107
106
992395391,
28.48%,
4/05/24
...........
76
76
992401140,
28.48%,
4/05/24
...........
141
144
992443753,
28.48%,
4/05/24
...........
95
96
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992349368,
29.46%,
4/05/24
...........
$
16
$
16
992273722,
29.47%,
4/05/24
...........
217
14
992248833,
29.48%,
4/05/24
...........
62
64
992275640,
29.48%,
4/05/24
...........
128
129
992279719,
29.48%,
4/05/24
...........
72
71
992324240,
29.48%,
4/05/24
...........
116
118
992347467,
29.48%,
4/05/24
...........
185
188
992239914,
29.49%,
4/05/24
...........
30
30
992243934,
29.49%,
4/05/24
...........
36
(2)
992244373,
29.49%,
4/05/24
...........
71
72
992246075,
29.49%,
4/05/24
...........
99
101
992262726,
29.49%,
4/05/24
...........
219
63
992267548,
29.49%,
4/05/24
...........
33
13
992267982,
29.49%,
4/05/24
...........
240
245
992271382,
29.49%,
4/05/24
...........
108
110
992273344,
29.49%,
4/05/24
...........
20
19
992277911,
29.49%,
4/05/24
...........
60
61
992283053,
29.49%,
4/05/24
...........
75
76
992283646,
29.49%,
4/05/24
...........
203
206
992284455,
29.49%,
4/05/24
...........
1,172
1,193
992287261,
29.49%,
4/05/24
...........
8
8
992287722,
29.49%,
4/05/24
...........
133
(7)
992289947,
29.49%,
4/05/24
...........
104
103
992302092,
29.49%,
4/05/24
...........
94
92
992307882,
29.49%,
4/05/24
...........
98
100
992309362,
29.49%,
4/05/24
...........
133
37
992309531,
29.49%,
4/05/24
...........
79
(4)
992323342,
29.49%,
4/05/24
...........
37
37
992323446,
29.49%,
4/05/24
...........
65
64
992324210,
29.49%,
4/05/24
...........
50
51
992328853,
29.49%,
4/05/24
...........
93
94
992329601,
29.49%,
4/05/24
...........
33
32
992345689,
29.49%,
4/05/24
...........
32
32
992348729,
29.49%,
4/05/24
...........
54
4
992350277,
29.49%,
4/05/24
...........
120
122
992364426,
29.49%,
4/05/24
...........
30
30
992365430,
29.49%,
4/05/24
...........
37
37
992366150,
29.49%,
4/05/24
...........
165
167
992402117,
29.49%,
4/05/24
...........
174
(8)
992405301,
29.49%,
4/05/24
...........
27
27
992412416,
29.49%,
4/05/24
...........
259
258
992419454,
29.49%,
4/05/24
...........
20
19
992428512,
29.49%,
4/05/24
...........
81
81
992435585,
29.49%,
4/05/24
...........
364
98
992439811,
29.49%,
4/05/24
...........
72
72
992455893,
29.49%,
4/05/24
...........
92
92
992461968,
29.49%,
4/05/24
...........
39
38
992330988,
18.71%,
6/03/24
...........
153
153
992268585,
19.99%,
11/03/24
..........
83
86
992334340,
Zero
Cpn,
4/03/25
.........
86
6
992271010,
17.97%,
4/03/25
...........
151
150
992355930,
19.8%,
4/03/25
...........
195
196
992244955,
19.99%,
4/03/25
...........
121
15
992318841,
19.99%,
4/03/25
...........
944
941
992460958,
20.46%,
4/03/25
...........
278
280
992341430,
23.95%,
4/03/25
...........
134
133
992249317,
28.98%,
4/03/25
...........
648
151
992287702,
28.98%,
4/03/25
...........
277
279
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992307437,
28.98%,
4/03/25
...........
$
412
$
412
992401201,
28.98%,
4/03/25
...........
14
14
992464185,
28.98%,
4/03/25
...........
27
27
992236828,
29.49%,
4/03/25
...........
71
73
992261673,
29.49%,
4/03/25
...........
100
15
992296038,
29.49%,
4/03/25
...........
357
366
992345330,
29.49%,
4/03/25
...........
384
391
992367110,
29.49%,
4/03/25
...........
760
770
992457538,
29.49%,
4/03/25
...........
9
9
992458807,
29.49%,
4/03/25
...........
51
43
992462894,
29.49%,
4/03/25
...........
100
103
992457494,
17.99%,
4/04/25
...........
457
459
992299146,
28.98%,
4/04/25
...........
371
369
992408749,
28.98%,
4/04/25
...........
321
328
992461489,
28.98%,
4/04/25
...........
7
7
992250417,
29.49%,
4/04/25
...........
75
75
992264434,
29.49%,
4/04/25
...........
76
75
992297978,
29.49%,
4/04/25
...........
29
29
992241701,
Zero
Cpn,
4/05/25
.........
558
39
992269419,
Zero
Cpn,
4/05/25
.........
354
24
992283304,
Zero
Cpn,
4/05/25
.........
313
22
992245824,
16.99%,
4/05/25
...........
189
189
992282393,
16.99%,
4/05/25
...........
1,501
1,526
992335587,
17.97%,
4/05/25
...........
355
(2)
992294096,
17.99%,
4/05/25
...........
298
298
992300496,
17.99%,
4/05/25
...........
87
88
992239267,
19.21%,
4/05/25
...........
1,519
1,542
992346705,
19.21%,
4/05/25
...........
715
724
992442455,
19.21%,
4/05/25
...........
1,830
1,843
992307969,
19.8%,
4/05/25
...........
87
88
992349565,
19.8%,
4/05/25
...........
906
919
992350427,
19.8%,
4/05/25
...........
756
767
992383581,
19.8%,
4/05/25
...........
200
202
992254243,
19.99%,
4/05/25
...........
308
311
992270154,
19.99%,
4/05/25
...........
474
492
992290118,
19.99%,
4/05/25
...........
111
116
992336548,
19.99%,
4/05/25
...........
1,204
1,229
992357555,
19.99%,
4/05/25
...........
147
152
992379889,
19.99%,
4/05/25
...........
904
883
992341688,
20.46%,
4/05/25
...........
116
117
992453559,
20.46%,
4/05/25
...........
1,884
1,893
992241765,
20.97%,
4/05/25
...........
395
400
992386629,
20.97%,
4/05/25
...........
3,032
3,071
992251309,
21.46%,
4/05/25
...........
377
381
992347533,
21.46%,
4/05/25
...........
190
192
992413295,
21.46%,
4/05/25
...........
133
9
992238211,
21.98%,
4/05/25
...........
601
608
992263295,
21.98%,
4/05/25
...........
112
111
992395369,
21.98%,
4/05/25
...........
252
254
992263400,
22.95%,
4/05/25
...........
321
324
992262511,
22.97%,
4/05/25
...........
665
672
992330039,
22.97%,
4/05/25
...........
561
567
992415093,
22.97%,
4/05/25
...........
231
154
992268373,
23.95%,
4/05/25
...........
52
51
992350011,
23.95%,
4/05/25
...........
6
6
992252550,
27.99%,
4/05/25
...........
27
27
992438360,
27.99%,
4/05/25
...........
176
180
992240832,
28.98%,
4/05/25
...........
70
71
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992246882,
28.98%,
4/05/25
...........
$
714
$
731
992248396,
28.98%,
4/05/25
...........
789
819
992253878,
28.98%,
4/05/25
...........
550
547
992255354,
28.98%,
4/05/25
...........
53
4
992259876,
28.98%,
4/05/25
...........
97
101
992260350,
28.98%,
4/05/25
...........
75
75
992260733,
28.98%,
4/05/25
...........
274
284
992262040,
28.98%,
4/05/25
...........
163
169
992266496,
28.98%,
4/05/25
...........
120
121
992267371,
28.98%,
4/05/25
...........
971
1,008
992269403,
28.98%,
4/05/25
...........
–
–
992270480,
28.98%,
4/05/25
...........
214
222
992273307,
28.98%,
4/05/25
...........
2,028
2,103
992283631,
28.98%,
4/05/25
...........
740
755
992283659,
28.98%,
4/05/25
...........
198
204
992284082,
28.98%,
4/05/25
...........
196
204
992284271,
28.98%,
4/05/25
...........
1,574
1,617
992285475,
28.98%,
4/05/25
...........
9
9
992286835,
28.98%,
4/05/25
...........
102
106
992293208,
28.98%,
4/05/25
...........
278
284
992293228,
28.98%,
4/05/25
...........
113
75
992300368,
28.98%,
4/05/25
...........
93
21
992300466,
28.98%,
4/05/25
...........
407
(23)
992300547,
28.98%,
4/05/25
...........
109
113
992300944,
28.98%,
4/05/25
...........
128
130
992308269,
28.98%,
4/05/25
...........
105
108
992308546,
28.98%,
4/05/25
...........
92
20
992310426,
28.98%,
4/05/25
...........
153
151
992314709,
28.98%,
4/05/25
...........
269
268
992316890,
28.98%,
4/05/25
...........
838
183
992322709,
28.98%,
4/05/25
...........
157
163
992324031,
28.98%,
4/05/25
...........
612
635
992333704,
28.98%,
4/05/25
...........
32
2
992336115,
28.98%,
4/05/25
...........
273
283
992345324,
28.98%,
4/05/25
...........
14
14
992348005,
28.98%,
4/05/25
...........
391
406
992353271,
28.98%,
4/05/25
...........
557
577
992378373,
28.98%,
4/05/25
...........
586
596
992385229,
28.98%,
4/05/25
...........
233
241
992398111,
28.98%,
4/05/25
...........
125
128
992406035,
28.98%,
4/05/25
...........
696
722
992413133,
28.98%,
4/05/25
...........
410
287
992415454,
28.98%,
4/05/25
...........
855
875
992435220,
28.98%,
4/05/25
...........
162
165
992442881,
28.98%,
4/05/25
...........
37
37
992443445,
28.98%,
4/05/25
...........
5
5
992446631,
28.98%,
4/05/25
...........
76
79
992452469,
28.98%,
4/05/25
...........
232
236
992453910,
28.98%,
4/05/25
...........
17
17
992293126,
29.46%,
4/05/25
...........
48
16
992304458,
29.46%,
4/05/25
...........
88
91
992237772,
29.49%,
4/05/25
...........
25
25
992238384,
29.49%,
4/05/25
...........
42
42
992239318,
29.49%,
4/05/25
...........
95
99
992243923,
29.49%,
4/05/25
...........
2,665
2,745
992254667,
29.49%,
4/05/25
...........
345
347
992256558,
29.49%,
4/05/25
...........
107
111
992256966,
29.49%,
4/05/25
...........
567
553
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-112
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992259460,
29.49%,
4/05/25
...........
$
78
$
80
992262634,
29.49%,
4/05/25
...........
13
2
992263028,
29.49%,
4/05/25
...........
8
7
992266945,
29.49%,
4/05/25
...........
13
13
992267222,
29.49%,
4/05/25
...........
253
264
992268106,
29.49%,
4/05/25
...........
103
107
992271134,
29.49%,
4/05/25
...........
109
114
992275086,
29.49%,
4/05/25
...........
420
437
992278455,
29.49%,
4/05/25
...........
200
207
992280377,
29.49%,
4/05/25
...........
213
221
992280735,
29.49%,
4/05/25
...........
83
83
992281701,
29.49%,
4/05/25
...........
37
14
992284321,
29.49%,
4/05/25
...........
438
453
992284964,
29.49%,
4/05/25
...........
68
70
992285081,
29.49%,
4/05/25
...........
46
47
992288356,
29.49%,
4/05/25
...........
422
434
992288429,
29.49%,
4/05/25
...........
123
128
992288886,
29.49%,
4/05/25
...........
23
23
992289258,
29.49%,
4/05/25
...........
462
480
992297505,
29.49%,
4/05/25
...........
77
79
992298611,
29.49%,
4/05/25
...........
283
290
992302260,
29.49%,
4/05/25
...........
184
189
992302422,
29.49%,
4/05/25
...........
175
128
992303216,
29.49%,
4/05/25
...........
791
(36)
992304263,
29.49%,
4/05/25
...........
138
135
992305574,
29.49%,
4/05/25
...........
390
392
992306296,
29.49%,
4/05/25
...........
62
63
992307508,
29.49%,
4/05/25
...........
406
404
992318568,
29.49%,
4/05/25
...........
97
101
992321945,
29.49%,
4/05/25
...........
3,322
3,392
992321979,
29.49%,
4/05/25
...........
–
–
992323198,
29.49%,
4/05/25
...........
133
91
992323515,
29.49%,
4/05/25
...........
76
78
992328907,
29.49%,
4/05/25
...........
158
164
992330144,
29.49%,
4/05/25
...........
47
47
992332355,
29.49%,
4/05/25
...........
168
174
992333762,
29.49%,
4/05/25
...........
577
594
992336856,
29.49%,
4/05/25
...........
57
58
992340414,
29.49%,
4/05/25
...........
161
167
992359163,
29.49%,
4/05/25
...........
157
163
992364246,
29.49%,
4/05/25
...........
61
(2)
992378552,
29.49%,
4/05/25
...........
127
130
992379207,
29.49%,
4/05/25
...........
131
131
992379445,
29.49%,
4/05/25
...........
195
199
992398519,
29.49%,
4/05/25
...........
47
47
992410434,
29.49%,
4/05/25
...........
946
967
992410964,
29.49%,
4/05/25
...........
8
4
992416332,
29.49%,
4/05/25
...........
871
887
992423485,
29.49%,
4/05/25
...........
110
108
992428186,
29.49%,
4/05/25
...........
2,459
2,511
992443418,
29.49%,
4/05/25
...........
124
127
992444794,
29.49%,
4/05/25
...........
4,666
4,752
992444865,
29.49%,
4/05/25
...........
63
65
992445820,
29.49%,
4/05/25
...........
124
127
992448030,
29.49%,
4/05/25
...........
45
44
992455533,
29.49%,
4/05/25
...........
1,158
1,166
992449697,
Zero
Cpn,
1/03/28
.........
12
1
992458735,
29.49%,
4/01/28
...........
4
4
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992289546,
Zero
Cpn,
4/03/28
.........
$
27
$
2
992300281,
19.8%,
4/03/28
...........
3
3
992289248,
28.98%,
4/03/28
...........
2
2
992409294,
28.98%,
4/03/28
...........
2
2
992451365,
28.98%,
4/03/28
...........
–
–
992262764,
29.49%,
4/03/28
...........
2
2
992384442,
29.49%,
4/03/28
...........
2
2
992438905,
29.49%,
4/03/28
...........
14
14
76,899
Upstart
Network,
Inc.
L1738924.UP.FTS.B,
15.39%,
9/20/24
....
557
557
FW1739398.UP.FTS.B,
20.17%,
9/20/24
..
2,295
2,288
L1915199.UP.FTS.B,
6.41%,
10/25/24
....
9,566
9,465
FW1915250.UP.FTS.B,
12.04%,
10/25/24
.
28,633
28,449
L1914801.UP.FTS.B,
12.09%,
10/25/24
...
2,856
2,843
FW1915226.UP.FTS.B,
13.65%,
10/25/24
.
867
863
L1915220.UP.FTS.B,
18.87%,
10/25/24
...
2,636
2,630
FW1914760.UP.FTS.B,
27.19%,
10/25/24
.
1,306
1,295
L2056491.UP.FTS.B,
7.95%,
11/16/24
....
875
868
L2055423.UP.FTS.B,
8.44%,
11/16/24
....
3,166
3,141
L2052631.UP.FTS.B,
8.92%,
11/16/24
....
2,940
2,917
FW2056962.UP.FTS.B,
9.24%,
11/16/24
..
5,891
5,845
L2052610.UP.FTS.B,
11.6%,
11/16/24
....
1,793
1,780
L2057377.UP.FTS.B,
13.89%,
11/16/24
...
1,212
1,202
L2057046.UP.FTS.B,
15.77%,
11/16/24
...
1,837
1,831
L2052838.UP.FTS.B,
16.45%,
11/16/24
...
922
919
L2053269.UP.FTS.B,
18.64%,
11/16/24
...
1,246
1,238
L2055155.UP.FTS.B,
20.16%,
11/16/24
...
3,137
3,112
FW2054947.UP.FTS.B,
21.35%,
11/16/24
.
1,137
1,128
L2057081.UP.FTS.B,
23.41%,
11/16/24
...
1,477
1,461
FW2053330.UP.FTS.B,
28.78%,
11/16/24
.
854
847
FW2056543.UP.FTS.B,
29.23%,
11/16/24
.
921
914
FW2055081.UP.FTS.B,
29.29%,
11/16/24
.
3,966
3,922
L2242235.UP.FTS.B,
6.04%,
12/13/24
....
2,118
2,095
FW2242510.UP.FTS.B,
7.1%,
12/13/24
...
5,486
5,425
L2233888.UP.FTS.B,
7.98%,
12/13/24
....
3,672
3,639
L2241803.UP.FTS.B,
9.3%,
12/13/24
....
12,332
12,225
L2242451.UP.FTS.B,
10.48%,
12/13/24
...
649
364
L2241531.UP.FTS.B,
11.26%,
12/13/24
...
4,383
4,339
L2242595.UP.FTS.B,
11.8%,
12/13/24
....
1,563
1,550
L2241741.UP.FTS.B,
14.61%,
12/13/24
...
2,740
2,717
L2242471.UP.FTS.B,
15.28%,
12/13/24
...
753
55
L2242159.UP.FTS.B,
16.13%,
12/13/24
...
956
950
L2242679.UP.FTS.B,
16.66%,
12/13/24
...
2,576
2,554
FW2242424.UP.FTS.B,
20.03%,
12/13/24
.
630
626
FW2242278.UP.FTS.B,
21.84%,
12/13/24
.
686
414
L2242250.UP.FTS.B,
22.23%,
12/13/24
...
2,247
2,223
L2241739.UP.FTS.B,
23.45%,
12/13/24
...
997
987
FW2242239.UP.FTS.B,
24.53%,
12/13/24
.
669
661
FW2241887.UP.FTS.B,
28.39%,
12/13/24
.
2,066
2,038
FW2242021.UP.FTS.B,
29.12%,
12/13/24
.
948
932
FW2465310.UP.FTS.B,
5.02%,
1/19/25
...
1,816
1,797
L2465354.UP.FTS.B,
5.14%,
1/19/25
....
1,053
143
L2465718.UP.FTS.B,
5.3%,
1/19/25
.....
4,974
4,924
L2465958.UP.FTS.B,
5.34%,
1/19/25
....
2,833
2,804
L2464613.UP.FTS.B,
5.52%,
1/19/25
....
1,577
1,560
L2465653.UP.FTS.B,
5.58%,
1/19/25
....
20,015
5,360
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2460890.UP.FTS.B,
5.68%,
1/19/25
....
$
6,309
$
6,245
L2465895.UP.FTS.B,
5.84%,
1/19/25
....
2,210
2,188
FW2465707.UP.FTS.B,
6.24%,
1/19/25
...
990
932
L2465121.UP.FTS.B,
6.53%,
1/19/25
....
10,056
9,954
L2464359.UP.FTS.B,
6.66%,
1/19/25
....
3,806
3,768
L2465247.UP.FTS.B,
6.82%,
1/19/25
....
783
775
L2466095.UP.FTS.B,
7.07%,
1/19/25
....
1,907
1,888
FW2465710.UP.FTS.B,
7.96%,
1/19/25
...
703
696
L2465847.UP.FTS.B,
8.05%,
1/19/25
....
19,172
19,010
L2464679.UP.FTS.B,
9.11%,
1/19/25
.....
4,563
4,518
L2465662.UP.FTS.B,
11.74%,
1/19/25
....
3,323
3,298
FW2465131.UP.FTS.B,
12.69%,
1/19/25
..
7,775
7,714
L2465754.UP.FTS.B,
16.74%,
1/19/25
....
668
665
L2465570.UP.FTS.B,
17.93%,
1/19/25
....
13,443
13,377
FW2465119.UP.FTS.B,
19.64%,
1/19/25
..
3,590
3,455
L2464723.UP.FTS.B,
20.66%,
1/19/25
....
3,391
3,359
L2465879.UP.FTS.B,
21.67%,
1/19/25
....
684
678
FW1738604.UP.FTS.B,
22.34%,
2/20/25
..
2,277
2,242
FW2676316.UP.FTS.B,
6.01%,
2/22/25
...
3,947
3,907
FW2675522.UP.FTS.B,
6.74%,
2/22/25
...
1,082
1,049
L2675489.UP.FTS.B,
9.63%,
2/22/25
....
10,087
9,985
L2675909.UP.FTS.B,
9.72%,
2/22/25
....
1,678
1,663
L2675302.UP.FTS.B,
10.61%,
2/22/25
....
5,798
5,746
L2676030.UP.FTS.B,
13.7%,
2/22/25
....
7,474
7,402
L2675455.UP.FTS.B,
14.81%,
2/22/25
....
1,791
1,692
L2675462.UP.FTS.B,
19.44%,
2/22/25
....
1,755
1,744
FW2676387.UP.FTS.B,
19.6%,
2/22/25
...
1,335
1,326
L2676045.UP.FTS.B,
19.66%,
2/22/25
....
771
766
FW2675588.UP.FTS.B,
20.36%,
2/22/25
..
5,035
4,985
L2675655.UP.FTS.B,
20.76%,
2/22/25
....
706
702
L2675586.UP.FTS.B,
20.97%,
2/22/25
....
6,220
6,155
L2675247.UP.FTS.B,
21.23%,
2/22/25
....
2,980
857
FW2675117.UP.FTS.B,
22.39%,
2/22/25
..
782
777
FW2675719.UP.FTS.B,
24.19%,
2/22/25
..
2,104
2,080
FW2675613.UP.FTS.B,
24.49%,
2/22/25
..
5,024
4,971
FW2674989.UP.FTS.B,
25.83%,
2/22/25
..
1,432
1,416
FW2675763.UP.FTS.B,
28.74%,
2/22/25
..
3,763
3,721
FW2676140.UP.FTS.B,
29.13%,
2/22/25
..
2,047
2,025
L2057137.UP.FTS.B,
15.78%,
4/16/25
....
2,849
2,805
L2981596.UP.FTS.B,
7.13%,
4/20/25
....
3,584
3,547
L2982336.UP.FTS.B,
12.28%,
4/20/25
....
2,559
2,536
L2981009.UP.FTS.B,
14.77%,
4/20/25
....
1,997
1,979
FW2982315.UP.FTS.B,
15.15%,
4/20/25
..
1,037
1,028
FW2981993.UP.FTS.B,
15.69%,
4/20/25
..
977
71
L2465894.UP.FTS.B,
5.74%,
6/19/25
....
4,296
4,032
L2462700.UP.FTS.B,
20.56%,
6/19/25
....
11,168
10,963
L2466210.UP.FTS.B,
20.93%,
6/19/25
....
11,525
11,399
FW2676277.UP.FTS.B,
22.93%,
7/22/25
..
3,509
3,449
FW1914469.UP.FTS.B,
17.25%,
8/25/25
..
3,272
3,211
L1914732.UP.FTS.B,
17.66%,
8/25/25
....
6,695
6,664
FW2676006.UP.FTS.B,
24.14%,
12/22/25
.
2,209
2,175
L1739715.UP.FTS.B,
9.65%,
9/20/26
....
18,709
18,541
L1739019.UP.FTS.B,
13.76%,
9/20/26
....
4,451
4,409
L1736636.UP.FTS.B,
14.78%,
9/20/26
....
10,810
10,708
L1739680.UP.FTS.B,
16.6%,
9/20/26
....
12,742
918
FW1739526.UP.FTS.B,
17.22%,
9/20/26
..
6,264
6,199
L1739131.UP.FTS.B,
17.22%,
9/20/26
....
11,745
11,609
L1738899.UP.FTS.B,
19.15%,
9/20/26
....
11,870
11,733
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1739140.UP.FTS.B,
21.45%,
9/20/26
....
$
2,339
$
2,331
L1739562.UP.FTS.B,
22.68%,
9/20/26
....
5,647
5,636
L1738904.UP.FTS.B,
24.36%,
9/20/26
....
5,689
5,623
L1739499.UP.FTS.B,
25.07%,
9/20/26
....
4,429
668
FW1739404.UP.FTS.B,
26.55%,
9/20/26
..
2,474
2,462
FW1738971.UP.FTS.B,
27.63%,
9/20/26
..
3,797
3,789
L1738918.UP.FTS.B,
27.72%,
9/20/26
....
3,455
(48)
FW1739399.UP.FTS.B,
28.19%,
9/20/26
..
4,965
4,955
FW1738592.UP.FTS.B,
28.44%,
9/20/26
..
4,972
4,962
FW1739144.UP.FTS.B,
30.91%,
9/20/26
..
3,273
3,260
FW1739500.UP.FTS.B,
30.99%,
9/20/26
..
12,684
348
FW1739495.UP.FTS.B,
32.86%,
9/20/26
..
4,311
1,256
L1901600.UP.FTS.B,
16.72%,
10/25/26
...
106
105
L1915014.UP.FTS.B,
19.01%,
10/25/26
...
4,341
314
FW1915567.UP.FTS.B,
19.17%,
10/25/26
.
751
743
FW1915262.UP.FTS.B,
19.99%,
10/25/26
.
6,365
6,308
L1915447.UP.FTS.B,
20.32%,
10/25/26
...
4,642
4,585
L1915560.UP.FTS.B,
20.46%,
10/25/26
...
4,051
4,046
L1915064.UP.FTS.B,
20.48%,
10/25/26
...
4,149
299
L1914682.UP.FTS.B,
21.49%,
10/25/26
...
15,213
15,015
L1915468.UP.FTS.B,
23.09%,
10/25/26
...
4,414
4,403
L1912265.UP.FTS.B,
23.3%,
10/25/26
....
3,285
3,282
L1914761.UP.FTS.B,
23.31%,
10/25/26
...
821
820
FW1915175.UP.FTS.B,
23.46%,
10/25/26
.
2,303
2,293
L1897015.UP.FTS.B,
23.49%,
10/25/26
...
9,864
9,853
L1914923.UP.FTS.B,
23.8%,
10/25/26
....
1,647
1,645
L1915604.UP.FTS.B,
24.04%,
10/25/26
...
907
906
L1914714.UP.FTS.B,
24.73%,
10/25/26
...
3,307
3,303
L1898888.UP.FTS.B,
25.15%,
10/25/26
...
1,025
153
L1915081.UP.FTS.B,
25.35%,
10/25/26
...
2,322
2,319
FW1908593.UP.FTS.B,
28.41%,
10/25/26
.
17,179
17,106
FW1914238.UP.FTS.B,
29.34%,
10/25/26
.
5,410
5,390
FW1914310.UP.FTS.B,
30.01%,
10/25/26
.
34,284
5,284
FW1915272.UP.FTS.B,
30.7%,
10/25/26
..
1,593
1,590
FW1915225.UP.FTS.B,
30.8%,
10/25/26
..
3,098
3,084
FW1915025.UP.FTS.B,
31.16%,
10/25/26
.
3,894
(5)
FW1907740.UP.FTS.B,
31.19%,
10/25/26
.
800
796
FW1915312.UP.FTS.B,
31.22%,
10/25/26
.
3,485
3,481
L2024110.UP.FTS.B,
7.78%,
11/16/26
....
13,838
13,707
L2052804.UP.FTS.B,
9.15%,
11/16/26
....
30,865
30,572
L2043903.UP.FTS.B,
9.82%,
11/16/26
....
14,182
14,047
L2053787.UP.FTS.B,
10.61%,
11/16/26
...
3,911
3,870
FW2055257.UP.FTS.B,
11.51%,
11/16/26
.
7,861
7,777
L2052126.UP.FTS.B,
12.52%,
11/16/26
...
12,646
12,512
L2055857.UP.FTS.B,
12.9%,
11/16/26
....
9,504
9,403
L2054559.UP.FTS.B,
14.24%,
11/16/26
...
7,185
7,109
L2055412.UP.FTS.B,
14.29%,
11/16/26
...
2,396
2,369
FW2056157.UP.FTS.B,
15.18%,
11/16/26
.
7,213
7,122
FW2055789.UP.FTS.B,
15.22%,
11/16/26
.
11,993
11,866
L2052051.UP.FTS.B,
15.75%,
11/16/26
...
3,617
3,571
FW2053732.UP.FTS.B,
16.83%,
11/16/26
.
808
798
L2056184.UP.FTS.B,
17.11%,
11/16/26
...
10,292
732
L2056373.UP.FTS.B,
17.2%,
11/16/26
....
7,287
7,195
L2057058.UP.FTS.B,
17.23%,
11/16/26
...
6,475
1,752
FW2054200.UP.FTS.B,
17.46%,
11/16/26
.
12,072
875
L2056403.UP.FTS.B,
18.49%,
11/16/26
...
1,953
1,933
L2055275.UP.FTS.B,
19%,
11/16/26
.....
12,309
12,142
FW2055175.UP.FTS.B,
19.05%,
11/16/26
.
14,695
14,481
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-114
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2057218.UP.FTS.B,
19.51%,
11/16/26
...
$
18,994
$
18,795
L2055269.UP.FTS.B,
19.56%,
11/16/26
...
18,626
18,353
L2052101.UP.FTS.B,
20.05%,
11/16/26
...
20,520
20,222
FW2057201.UP.FTS.B,
22.39%,
11/16/26
.
3,516
248
L2057382.UP.FTS.B,
22.46%,
11/16/26
...
2,039
2,002
L2056569.UP.FTS.B,
22.59%,
11/16/26
...
11,944
3,354
L2047823.UP.FTS.B,
23.05%,
11/16/26
...
4,072
4,034
FW2052456.UP.FTS.B,
23.32%,
11/16/26
.
16,541
16,445
L2057372.UP.FTS.B,
23.63%,
11/16/26
...
5,786
5,745
FW2053649.UP.FTS.B,
23.67%,
11/16/26
.
18,438
18,205
L2019975.UP.FTS.B,
23.69%,
11/16/26
...
1,538
1,524
L2053900.UP.FTS.B,
23.81%,
11/16/26
...
835
830
L2053478.UP.FTS.B,
24.22%,
11/16/26
...
2,323
673
FW2055944.UP.FTS.B,
24.96%,
11/16/26
.
869
851
L2055803.UP.FTS.B,
24.96%,
11/16/26
...
1,345
96
L2055855.UP.FTS.B,
25.11%,
11/16/26
...
1,618
1,607
L2056364.UP.FTS.B,
25.24%,
11/16/26
...
1,176
1,170
L2049616.UP.FTS.B,
25.29%,
11/16/26
...
1,019
1,013
L2052082.UP.FTS.B,
25.42%,
11/16/26
...
1,261
1,254
L2055669.UP.FTS.B,
25.48%,
11/16/26
...
2,222
158
L2056440.UP.FTS.B,
25.49%,
11/16/26
...
27,970
1,993
FW2056110.UP.FTS.B,
26.13%,
11/16/26
.
13,894
4,016
FW2054089.UP.FTS.B,
26.17%,
11/16/26
.
1,686
1,677
FW2056482.UP.FTS.B,
26.96%,
11/16/26
.
4,235
4,212
FW2057264.UP.FTS.B,
27.1%,
11/16/26
..
5,133
5,100
FW2053471.UP.FTS.B,
27.97%,
11/16/26
.
1,693
1,684
FW2046105.UP.FTS.B,
29.67%,
11/16/26
.
3,847
3,826
FW2056001.UP.FTS.B,
30.17%,
11/16/26
.
1,114
1,107
FW2057500.UP.FTS.B,
30.64%,
11/16/26
.
8,497
8,446
FW2055364.UP.FTS.B,
30.66%,
11/16/26
.
6,865
6,827
FW2054534.UP.FTS.B,
31.22%,
11/16/26
.
1,032
1,026
FW2056229.UP.FTS.B,
31.92%,
11/16/26
.
5,892
5,845
FW2057162.UP.FTS.B,
32.15%,
11/16/26
.
8,026
7,980
L2242254.UP.FTS.B,
7.13%,
12/13/26
....
7,821
7,746
L2242685.UP.FTS.B,
9%,
12/13/26
......
11,851
11,738
L2242361.UP.FTS.B,
9.11%,
12/13/26
....
19,697
19,509
L2242651.UP.FTS.B,
11.78%,
12/13/26
...
12,025
11,890
L2239830.UP.FTS.B,
11.79%,
12/13/26
...
8,344
8,248
L2241857.UP.FTS.B,
11.98%,
12/13/26
...
9,592
9,484
L2242098.UP.FTS.B,
12.31%,
12/13/26
...
5,627
5,564
L2242668.UP.FTS.B,
12.46%,
12/13/26
...
17,697
17,500
L2241756.UP.FTS.B,
12.69%,
12/13/26
...
4,466
2,374
L2241856.UP.FTS.B,
13.04%,
12/13/26
...
11,979
11,844
L2241825.UP.FTS.B,
13.8%,
12/13/26
....
24,296
24,026
L2242202.UP.FTS.B,
14.09%,
12/13/26
...
13,462
13,312
L2239758.UP.FTS.B,
14.15%,
12/13/26
...
9,328
9,225
L2241610.UP.FTS.B,
15.37%,
12/13/26
...
6,120
6,036
L2239771.UP.FTS.B,
15.55%,
12/13/26
...
22,052
21,748
FW2241807.UP.FTS.B,
16.84%,
12/13/26
.
8,166
8,052
L2242447.UP.FTS.B,
16.94%,
12/13/26
...
4,522
4,449
L2241045.UP.FTS.B,
17.22%,
12/13/26
...
6,997
6,900
L2242791.UP.FTS.B,
17.38%,
12/13/26
...
12,360
12,162
L2241989.UP.FTS.B,
17.5%,
12/13/26
....
2,143
2,113
L2241897.UP.FTS.B,
17.92%,
12/13/26
...
3,716
3,665
L2242430.UP.FTS.B,
18.29%,
12/13/26
...
14,890
14,651
L2242547.UP.FTS.B,
18.45%,
12/13/26
...
2,896
2,842
L2242119.UP.FTS.B,
18.59%,
12/13/26
...
3,730
3,675
L2242450.UP.FTS.B,
20.97%,
12/13/26
...
5,200
5,154
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2241711.UP.FTS.B,
21.36%,
12/13/26
.
$
10,900
$
10,821
L2230478.UP.FTS.B,
21.97%,
12/13/26
...
6,320
6,212
L2242489.UP.FTS.B,
22.19%,
12/13/26
...
18,257
18,124
L2241640.UP.FTS.B,
22.44%,
12/13/26
...
2,526
2,508
L2241096.UP.FTS.B,
22.49%,
12/13/26
...
4,148
4,070
L2242587.UP.FTS.B,
22.84%,
12/13/26
...
5,882
3,473
L2241949.UP.FTS.B,
22.97%,
12/13/26
...
4,087
4,052
FW2241860.UP.FTS.B,
23.21%,
12/13/26
.
5,070
5,033
L2242742.UP.FTS.B,
23.45%,
12/13/26
...
733
718
L2232043.UP.FTS.B,
23.76%,
12/13/26
...
4,658
4,624
L2242200.UP.FTS.B,
24.08%,
12/13/26
...
4,918
4,882
L2241600.UP.FTS.B,
24.51%,
12/13/26
...
2,952
2,903
L2241657.UP.FTS.B,
24.98%,
12/13/26
...
3,627
258
L2242478.UP.FTS.B,
25.01%,
12/13/26
...
1,873
1,859
L2242322.UP.FTS.B,
25.22%,
12/13/26
...
816
809
L2242383.UP.FTS.B,
25.22%,
12/13/26
...
7,666
7,543
FW2241952.UP.FTS.B,
25.3%,
12/13/26
..
10,225
10,150
L2241994.UP.FTS.B,
25.4%,
12/13/26
....
1,518
1,492
L2242162.UP.FTS.B,
25.7%,
12/13/26
....
1,451
1,440
L2241420.UP.FTS.B,
25.73%,
12/13/26
...
4,648
4,609
FW2242493.UP.FTS.B,
26.46%,
12/13/26
.
1,706
1,693
L2240058.UP.FTS.B,
26.7%,
12/13/26
....
7,025
6,973
FW2241764.UP.FTS.B,
27.11%,
12/13/26
.
4,033
4,003
FW2242232.UP.FTS.B,
27.33%,
12/13/26
.
3,050
3,021
FW2242379.UP.FTS.B,
28.85%,
12/13/26
.
4,311
4,280
FW2241999.UP.FTS.B,
29.1%,
12/13/26
..
2,161
2,145
FW2241683.UP.FTS.B,
29.38%,
12/13/26
.
915
898
FW2241828.UP.FTS.B,
29.64%,
12/13/26
.
8,663
8,600
FW2231506.UP.FTS.B,
30.63%,
12/13/26
.
40,521
11,847
FW2242390.UP.FTS.B,
30.76%,
12/13/26
.
10,185
1,534
FW2240660.UP.FTS.B,
30.84%,
12/13/26
.
4,002
3,973
FW2240706.UP.FTS.B,
30.86%,
12/13/26
.
11,415
3,303
FW2242045.UP.FTS.B,
30.98%,
12/13/26
.
2,207
154
FW2242580.UP.FTS.B,
31.01%,
12/13/26
.
957
950
FW2242256.UP.FTS.B,
31.07%,
12/13/26
.
991
144
FW2242085.UP.FTS.B,
31.21%,
12/13/26
.
4,889
345
FW2241988.UP.FTS.B,
31.24%,
12/13/26
.
1,919
1,902
FW2241624.UP.FTS.B,
31.84%,
12/13/26
.
3,999
3,968
L2465688.UP.FTS.B,
5.13%,
1/19/27
....
2,414
2,265
FW2465936.UP.FTS.B,
5.53%,
1/19/27
...
35,569
35,304
L2465861.UP.FTS.B,
5.83%,
1/19/27
....
20,584
20,431
L2464930.UP.FTS.B,
5.87%,
1/19/27
....
3,342
3,313
L2465582.UP.FTS.B,
5.92%,
1/19/27
....
2,956
2,934
FW2466147.UP.FTS.B,
6.13%,
1/19/27
...
6,006
5,961
L2465889.UP.FTS.B,
6.5%,
1/19/27
.....
4,772
4,737
L2464484.UP.FTS.B,
6.65%,
1/19/27
....
3,449
3,421
FW2466269.UP.FTS.B,
6.87%,
1/19/27
...
3,980
3,951
L2465776.UP.FTS.B,
7.08%,
1/19/27
....
11,953
11,866
L2466395.UP.FTS.B,
7.13%,
1/19/27
....
8,707
8,169
FW2465536.UP.FTS.B,
7.64%,
1/19/27
...
15,983
15,842
L2465750.UP.FTS.B,
7.8%,
1/19/27
.....
4,514
4,468
L2465633.UP.FTS.B,
8.28%,
1/19/27
....
1,604
1,589
L2465717.UP.FTS.B,
8.6%,
1/19/27
.....
3,212
3,184
L2464080.UP.FTS.B,
8.9%,
1/19/27
.....
5,191
353
FW2464781.UP.FTS.B,
9.13%,
1/19/27
...
7,649
7,582
FW2465681.UP.FTS.B,
9.16%,
1/19/27
...
8,526
8,452
L2464902.UP.FTS.B,
9.21%,
1/19/27
....
7,051
6,988
L2465458.UP.FTS.B,
9.24%,
1/19/27
....
2,758
2,731
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2465589.UP.FTS.B,
9.29%,
1/19/27
....
$
5,239
$
5,194
L2466129.UP.FTS.B,
9.84%,
1/19/27
....
16,160
15,995
L2465666.UP.FTS.B,
10.14%,
1/19/27
....
2,023
2,006
FW2464664.UP.FTS.B,
10.42%,
1/19/27
..
6,482
6,416
L2463372.UP.FTS.B,
11.09%,
1/19/27
....
4,064
4,023
L2465414.UP.FTS.B,
11.1%,
1/19/27
.....
4,877
4,828
FW2466175.UP.FTS.B,
12.09%,
1/19/27
..
4,900
4,851
L2460937.UP.FTS.B,
12.4%,
1/19/27
....
850
841
FW2465212.UP.FTS.B,
14.46%,
1/19/27
..
17,824
17,604
L2466145.UP.FTS.B,
14.56%,
1/19/27
....
12,391
12,269
L2465634.UP.FTS.B,
14.68%,
1/19/27
....
8,761
8,675
FW2465337.UP.FTS.B,
15.21%,
1/19/27
..
4,142
4,102
L2465986.UP.FTS.B,
15.77%,
1/19/27
....
1,246
1,230
L2464766.UP.FTS.B,
16.43%,
1/19/27
....
4,156
4,105
FW2466368.UP.FTS.B,
16.6%,
1/19/27
...
2,917
2,889
FW2464890.UP.FTS.B,
16.94%,
1/19/27
..
1,627
1,602
L2464884.UP.FTS.B,
17.8%,
1/19/27
....
2,933
2,897
L2465805.UP.FTS.B,
18.87%,
1/19/27
....
18,351
18,128
L2466099.UP.FTS.B,
19.62%,
1/19/27
....
7,597
7,489
L2465928.UP.FTS.B,
20.32%,
1/19/27
....
2,540
2,504
L2465048.UP.FTS.B,
20.41%,
1/19/27
....
21,170
20,870
L2466185.UP.FTS.B,
20.91%,
1/19/27
....
2,970
2,934
L2456627.UP.FTS.B,
21.31%,
1/19/27
....
7,190
7,048
L2464534.UP.FTS.B,
21.46%,
1/19/27
....
1,842
1,831
L2466007.UP.FTS.B,
21.7%,
1/19/27
....
3,915
3,860
L2465669.UP.FTS.B,
21.93%,
1/19/27
....
13,750
13,047
L2465393.UP.FTS.B,
22.66%,
1/19/27
....
17,087
16,998
L2465105.UP.FTS.B,
22.96%,
1/19/27
....
39,801
39,595
FW2466202.UP.FTS.B,
23.59%,
1/19/27
..
2,577
2,560
L2464129.UP.FTS.B,
23.98%,
1/19/27
....
13,982
13,909
L2458881.UP.FTS.B,
24.14%,
1/19/27
....
3,953
3,750
L2464954.UP.FTS.B,
24.32%,
1/19/27
....
1,720
1,711
L2465923.UP.FTS.B,
24.48%,
1/19/27
....
33,732
33,234
L2465587.UP.FTS.B,
24.59%,
1/19/27
....
11,532
11,472
L2466086.UP.FTS.B,
25.1%,
1/19/27
....
2,851
2,833
FW2465954.UP.FTS.B,
25.21%,
1/19/27
..
2,483
2,466
L2465179.UP.FTS.B,
25.25%,
1/19/27
....
1,122
1,106
L2465018.UP.FTS.B,
25.32%,
1/19/27
....
1,925
137
L2464786.UP.FTS.B,
25.33%,
1/19/27
....
1,203
1,186
L2464921.UP.FTS.B,
25.36%,
1/19/27
....
1,304
1,288
FW2465199.UP.FTS.B,
25.54%,
1/19/27
..
3,627
3,608
FW2465642.UP.FTS.B,
25.73%,
1/19/27
..
4,132
4,102
FW2465696.UP.FTS.B,
25.74%,
1/19/27
..
2,636
2,619
L2459145.UP.FTS.B,
26.05%,
1/19/27
....
1,958
1,929
FW2466211.UP.FTS.B,
26.21%,
1/19/27
..
45,924
3,246
FW2464742.UP.FTS.B,
26.31%,
1/19/27
..
1,249
1,240
FW2464891.UP.FTS.B,
27.37%,
1/19/27
..
9,149
652
FW2464901.UP.FTS.B,
27.8%,
1/19/27
...
5,223
5,196
FW2464391.UP.FTS.B,
27.86%,
1/19/27
..
1,306
1,299
FW2466130.UP.FTS.B,
28.33%,
1/19/27
..
2,180
2,169
FW2465882.UP.FTS.B,
28.77%,
1/19/27
..
1,310
1,292
FW2466218.UP.FTS.B,
29.09%,
1/19/27
..
27,795
341
FW2465555.UP.FTS.B,
30.12%,
1/19/27
..
1,259
370
FW2464452.UP.FTS.B,
30.15%,
1/19/27
..
1,325
1,317
FW2465759.UP.FTS.B,
30.48%,
1/19/27
..
4,830
4,806
FW2465374.UP.FTS.B,
30.53%,
1/19/27
..
2,284
2,272
FW2465848.UP.FTS.B,
30.66%,
1/19/27
..
1,759
1,750
FW2465597.UP.FTS.B,
30.68%,
1/19/27
..
1,973
1,960
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2464665.UP.FTS.B,
30.79%,
1/19/27
..
$
1,231
$
1,225
FW2465741.UP.FTS.B,
30.94%,
1/19/27
..
1,485
1,476
FW2466073.UP.FTS.B,
30.97%,
1/19/27
..
880
875
FW2464672.UP.FTS.B,
30.98%,
1/19/27
..
1,583
1,575
FW2465572.UP.FTS.B,
30.98%,
1/19/27
..
3,168
3,005
FW2465118.UP.FTS.B,
31.07%,
1/19/27
..
8,403
592
FW2466031.UP.FTS.B,
31.12%,
1/19/27
..
12,298
854
FW2465216.UP.FTS.B,
31.14%,
1/19/27
..
1,016
1,009
FW2466113.UP.FTS.B,
31.17%,
1/19/27
..
3,620
251
FW2464670.UP.FTS.B,
31.19%,
1/19/27
..
2,000
1,988
FW2464667.UP.FTS.B,
31.59%,
1/19/27
..
7,251
510
FW2466172.UP.FTS.B,
31.96%,
1/19/27
..
30,680
(236)
FW2466141.UP.FTS.B,
32%,
1/19/27
....
5,471
5,444
FW1739462.UP.FTS.B,
27.3%,
2/20/27
...
4,554
321
L2675293.UP.FTS.B,
5.43%,
2/22/27
....
8,043
7,983
L2675715.UP.FTS.B,
6.52%,
2/22/27
....
8,096
8,037
FW2676020.UP.FTS.B,
6.82%,
2/22/27
...
6,162
6,117
FW2676337.UP.FTS.B,
8.57%,
2/22/27
...
9,810
9,724
L2675123.UP.FTS.B,
8.62%,
2/22/27
....
5,315
5,276
FW2675837.UP.FTS.B,
9.42%,
2/22/27
...
5,737
5,686
FW2675651.UP.FTS.B,
9.54%,
2/22/27
...
5,584
5,535
FW2675906.UP.FTS.B,
9.67%,
2/22/27
...
41,078
40,719
FW2675315.UP.FTS.B,
9.86%,
2/22/27
...
23,985
23,728
FW2676315.UP.FTS.B,
10.29%,
2/22/27
..
4,531
4,485
FW2675769.UP.FTS.B,
11.04%,
2/22/27
..
28,106
27,817
FW2675566.UP.FTS.B,
11.18%,
2/22/27
..
12,407
12,279
FW2675417.UP.FTS.B,
12.04%,
2/22/27
..
7,063
6,990
FW2675303.UP.FTS.B,
12.76%,
2/22/27
..
12,505
12,371
L2675722.UP.FTS.B,
13.92%,
2/22/27
....
2,563
2,406
L2676179.UP.FTS.B,
13.92%,
2/22/27
....
12,554
12,425
L2675483.UP.FTS.B,
14.22%,
2/22/27
....
3,855
3,815
FW2676429.UP.FTS.B,
14.76%,
2/22/27
..
17,567
17,387
L2676222.UP.FTS.B,
14.9%,
2/22/27
....
1,538
110
L2675701.UP.FTS.B,
15.05%,
2/22/27
....
5,849
5,788
FW2676278.UP.FTS.B,
15.49%,
2/22/27
..
4,759
689
FW2675787.UP.FTS.B,
15.6%,
2/22/27
...
8,076
7,971
FW2676119.UP.FTS.B,
15.87%,
2/22/27
..
3,796
3,748
FW2674729.UP.FTS.B,
15.98%,
2/22/27
..
4,117
3,865
FW2675367.UP.FTS.B,
16.08%,
2/22/27
..
8,444
8,337
L2675286.UP.FTS.B,
16.53%,
2/22/27
....
13,332
13,161
FW2676101.UP.FTS.B,
16.63%,
2/22/27
..
9,223
9,105
FW2676275.UP.FTS.B,
16.64%,
2/22/27
..
18,280
18,047
FW2673151.UP.FTS.B,
16.69%,
2/22/27
..
4,305
4,041
L2675388.UP.FTS.B,
17.29%,
2/22/27
....
41,465
38,932
L2676056.UP.FTS.B,
17.4%,
2/22/27
....
3,395
3,352
L2675381.UP.FTS.B,
18.91%,
2/22/27
....
12,759
12,595
L2675889.UP.FTS.B,
18.95%,
2/22/27
....
42,910
42,337
FW2675506.UP.FTS.B,
19.13%,
2/22/27
..
9,276
9,136
FW2675598.UP.FTS.B,
19.23%,
2/22/27
..
5,129
5,053
L2676048.UP.FTS.B,
19.28%,
2/22/27
....
30,777
30,322
FW2675562.UP.FTS.B,
19.58%,
2/22/27
..
4,881
171
FW2676135.UP.FTS.B,
19.68%,
2/22/27
..
38,218
35,902
FW2675827.UP.FTS.B,
19.75%,
2/22/27
..
3,683
3,636
FW2675725.UP.FTS.B,
19.97%,
2/22/27
..
5,156
5,086
L2675775.UP.FTS.B,
20.06%,
2/22/27
....
8,574
8,447
FW2676391.UP.FTS.B,
20.15%,
2/22/27
..
4,781
1,344
L2675553.UP.FTS.B,
20.26%,
2/22/27
....
920
66
L2676153.UP.FTS.B,
20.37%,
2/22/27
....
4,478
1,265
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2635721.UP.FTS.B,
20.47%,
2/22/27
....
$
7,058
$
6,926
FW2675953.UP.FTS.B,
20.7%,
2/22/27
...
17,954
17,766
FW2675768.UP.FTS.B,
20.93%,
2/22/27
..
16,280
16,001
FW2674747.UP.FTS.B,
21.11%,
2/22/27
..
6,024
5,935
FW2676447.UP.FTS.B,
21.12%,
2/22/27
..
6,888
6,800
L2675752.UP.FTS.B,
21.22%,
2/22/27
....
2,661
2,617
L2676182.UP.FTS.B,
21.37%,
2/22/27
....
3,954
3,877
L2675263.UP.FTS.B,
21.9%,
2/22/27
....
13,724
13,641
L2675531.UP.FTS.B,
21.9%,
2/22/27
....
13,754
13,546
L2675653.UP.FTS.B,
22.41%,
2/22/27
....
3,853
3,824
L2675496.UP.FTS.B,
22.58%,
2/22/27
....
5,192
5,160
FW2674944.UP.FTS.B,
22.84%,
2/22/27
..
7,797
7,749
FW2676120.UP.FTS.B,
22.93%,
2/22/27
..
6,332
6,248
FW2675190.UP.FTS.B,
23.05%,
2/22/27
..
5,201
5,169
FW2675530.UP.FTS.B,
23.25%,
2/22/27
..
2,602
2,586
L2675554.UP.FTS.B,
23.55%,
2/22/27
....
8,682
8,629
L2676113.UP.FTS.B,
24.05%,
2/22/27
....
17,394
17,287
FW2675485.UP.FTS.B,
24.08%,
2/22/27
..
3,827
3,804
FW2675214.UP.FTS.B,
24.18%,
2/22/27
..
3,828
3,805
L2674902.UP.FTS.B,
24.23%,
2/22/27
....
1,860
131
FW2676351.UP.FTS.B,
24.32%,
2/22/27
..
4,788
4,758
FW2675997.UP.FTS.B,
24.49%,
2/22/27
..
2,875
2,857
FW2675911.UP.FTS.B,
24.61%,
2/22/27
..
2,614
2,598
L2674079.UP.FTS.B,
24.8%,
2/22/27
....
3,545
3,424
L2675434.UP.FTS.B,
25.07%,
2/22/27
....
2,094
2,081
FW2675924.UP.FTS.B,
25.27%,
2/22/27
..
1,818
1,802
FW2676248.UP.FTS.B,
25.38%,
2/22/27
..
2,883
2,865
L2676213.UP.FTS.B,
25.44%,
2/22/27
....
2,344
2,329
FW2676003.UP.FTS.B,
25.6%,
2/22/27
...
1,842
1,827
FW2675099.UP.FTS.B,
26.05%,
2/22/27
..
3,375
3,198
FW2675282.UP.FTS.B,
26.25%,
2/22/27
..
43,773
43,500
FW2676394.UP.FTS.B,
26.4%,
2/22/27
...
5,319
808
FW2675377.UP.FTS.B,
26.49%,
2/22/27
..
1,578
1,568
FW2676130.UP.FTS.B,
26.88%,
2/22/27
..
5,309
1,558
FW2675610.UP.FTS.B,
26.91%,
2/22/27
..
6,038
934
L2676015.UP.FTS.B,
26.95%,
2/22/27
....
867
854
FW2675720.UP.FTS.B,
27.06%,
2/22/27
..
2,899
2,880
FW2675330.UP.FTS.B,
27.13%,
2/22/27
..
2,899
2,881
L2675639.UP.FTS.B,
27.5%,
2/22/27
....
1,246
1,199
FW2675561.UP.FTS.B,
27.52%,
2/22/27
..
6,333
6,293
FW2675991.UP.FTS.B,
27.58%,
2/22/27
..
2,199
2,186
FW2676194.UP.FTS.B,
28.21%,
2/22/27
..
2,352
167
FW2675967.UP.FTS.B,
29.34%,
2/22/27
..
1,504
1,481
FW2676071.UP.FTS.B,
30.36%,
2/22/27
..
1,952
1,940
FW2675198.UP.FTS.B,
30.64%,
2/22/27
..
6,184
6,143
FW2676076.UP.FTS.B,
30.66%,
2/22/27
..
1,421
1,412
FW2675958.UP.FTS.B,
30.93%,
2/22/27
..
1,244
1,225
FW2676378.UP.FTS.B,
30.97%,
2/22/27
..
1,068
1,062
FW2674790.UP.FTS.B,
31.08%,
2/22/27
..
992
941
FW2676100.UP.FTS.B,
31.11%,
2/22/27
..
1,588
1,564
FW2675440.UP.FTS.B,
31.15%,
2/22/27
..
3,248
(8)
FW2670166.UP.FTS.B,
31.29%,
2/22/27
..
2,236
2,220
FW2675516.UP.FTS.B,
31.31%,
2/22/27
..
2,938
2,919
FW2676168.UP.FTS.B,
31.41%,
2/22/27
..
3,115
3,095
FW2675064.UP.FTS.B,
31.47%,
2/22/27
..
2,671
2,653
FW2676065.UP.FTS.B,
31.64%,
2/22/27
..
8,555
8,501
FW2675468.UP.FTS.B,
31.91%,
2/22/27
..
6,863
6,819
FW2676191.UP.FTS.B,
31.98%,
2/22/27
..
6,817
1,033
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2675534.UP.FTS.B,
32.24%,
2/22/27
..
$
7,940
$
7,889
L2051843.UP.FTS.B,
20.82%,
4/16/27
....
11,926
11,177
FW2056098.UP.FTS.B,
23.67%,
4/16/27
..
6,585
6,522
FW2056081.UP.FTS.B,
30.81%,
4/16/27
..
1,562
1,552
L2980992.UP.FTS.B,
5.74%,
4/20/27
....
6,699
6,656
L2982343.UP.FTS.B,
6.55%,
4/20/27
....
12,557
12,478
L2981618.UP.FTS.B,
6.67%,
4/20/27
....
10,927
10,859
L2982277.UP.FTS.B,
7.61%,
4/20/27
....
7,594
7,547
L2981547.UP.FTS.B,
8.03%,
4/20/27
....
10,143
10,061
L2982631.UP.FTS.B,
11.15%,
4/20/27
....
5,474
5,421
L2981847.UP.FTS.B,
12.88%,
4/20/27
....
8,352
8,272
FW2982593.UP.FTS.B,
14.46%,
4/20/27
..
6,919
6,854
FW2981800.UP.FTS.B,
15.54%,
4/20/27
..
17,500
16,446
FW2982570.UP.FTS.B,
15.54%,
4/20/27
..
8,432
8,326
FW2980031.UP.FTS.B,
17.09%,
4/20/27
..
38,929
5,427
L2981666.UP.FTS.B,
17.74%,
4/20/27
....
43,801
43,235
L2982362.UP.FTS.B,
19.25%,
4/20/27
....
1,926
1,902
L2981534.UP.FTS.B,
19.74%,
4/20/27
....
10,196
10,068
FW2982412.UP.FTS.B,
19.87%,
4/20/27
..
10,583
10,427
FW2980149.UP.FTS.B,
20.02%,
4/20/27
..
4,942
4,644
FW2982427.UP.FTS.B,
20.52%,
4/20/27
..
21,444
21,245
L2982556.UP.FTS.B,
21.77%,
4/20/27
....
4,890
4,636
FW2981941.UP.FTS.B,
25.22%,
4/20/27
..
2,247
2,214
FW2980976.UP.FTS.B,
25.24%,
4/20/27
..
13,094
13,005
L2982533.UP.FTS.B,
25.49%,
4/20/27
....
1,869
1,856
FW2981812.UP.FTS.B,
25.87%,
4/20/27
..
2,873
2,855
L2981818.UP.FTS.B,
25.89%,
4/20/27
....
8,712
8,606
L2981438.UP.FTS.B,
25.94%,
4/20/27
....
2,694
2,677
FW2981809.UP.FTS.B,
26.39%,
4/20/27
..
4,033
4,006
FW2981690.UP.FTS.B,
26.56%,
4/20/27
..
14,286
169
FW2982505.UP.FTS.B,
26.8%,
4/20/27
...
4,648
4,609
FW2982630.UP.FTS.B,
27.01%,
4/20/27
..
2,972
2,954
FW2973701.UP.FTS.B,
27.5%,
4/20/27
...
12,238
12,151
FW2982476.UP.FTS.B,
28.13%,
4/20/27
..
27,104
26,935
FW2982596.UP.FTS.B,
28.27%,
4/20/27
..
1,356
1,348
FW2982248.UP.FTS.B,
30.44%,
4/20/27
..
4,518
4,489
FW2980005.UP.FTS.B,
30.65%,
4/20/27
..
1,353
1,344
FW2982470.UP.FTS.B,
30.66%,
4/20/27
..
2,092
2,079
FW2982099.UP.FTS.B,
31.11%,
4/20/27
..
3,169
3,149
FW2981979.UP.FTS.B,
31.12%,
4/20/27
..
1,918
1,905
FW2981459.UP.FTS.B,
31.69%,
4/20/27
..
8,574
8,512
FW2981291.UP.FTS.B,
31.84%,
4/20/27
..
5,439
383
L2242066.UP.FTS.B,
17.12%,
5/13/27
....
8,596
1,239
L2242212.UP.FTS.B,
19.99%,
5/13/27
....
3,128
459
L2241910.UP.FTS.B,
20.19%,
5/13/27
....
19,227
5,285
L2241971.UP.FTS.B,
20.32%,
5/13/27
....
2,684
2,640
L2233875.UP.FTS.B,
22.25%,
5/13/27
....
23,290
23,065
L2241647.UP.FTS.B,
25.19%,
5/13/27
....
1,559
111
L2242784.UP.FTS.B,
25.23%,
5/13/27
....
5,430
390
L2242418.UP.FTS.B,
25.33%,
5/13/27
....
9,176
9,095
FW2242705.UP.FTS.B,
27.05%,
5/13/27
..
1,398
1,384
FW2241542.UP.FTS.B,
28.48%,
5/13/27
..
2,877
(240)
FW2242624.UP.FTS.B,
29.36%,
5/13/27
..
8,511
2,444
FW2242691.UP.FTS.B,
30.2%,
5/13/27
...
23,410
6,742
FW2242189.UP.FTS.B,
31.76%,
5/13/27
..
4,713
1,373
FW2451492.UP.FTS.B,
6.07%,
6/19/27
...
40,361
40,063
FW2465871.UP.FTS.B,
12.64%,
6/19/27
..
7,649
7,564
L2464545.UP.FTS.B,
18.49%,
6/19/27
....
19,566
2,726
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2465191.UP.FTS.B,
22.76%,
6/19/27
....
$
3,688
$
1,064
L2465421.UP.FTS.B,
25.22%,
6/19/27
....
8,564
8,123
L2464262.UP.FTS.B,
25.31%,
6/19/27
....
2,141
152
FW2465743.UP.FTS.B,
28.47%,
6/19/27
..
9,450
9,171
FW2466138.UP.FTS.B,
29.57%,
6/19/27
..
2,903
830
FW2464615.UP.FTS.B,
30.21%,
6/19/27
..
7,812
552
FW2465921.UP.FTS.B,
30.89%,
6/19/27
..
1,227
181
L2675868.UP.FTS.B,
12.42%,
7/22/27
....
12,772
11,969
FW2675671.UP.FTS.B,
16.46%,
7/22/27
..
21,111
20,800
FW2675527.UP.FTS.B,
21.31%,
7/22/27
..
9,697
9,277
FW2675348.UP.FTS.B,
23.48%,
7/22/27
..
14,960
14,218
L2676160.UP.FTS.B,
25.17%,
7/22/27
....
10,811
10,726
FW2676274.UP.FTS.B,
25.4%,
7/22/27
...
24,568
1,759
L2676206.UP.FTS.B,
25.75%,
7/22/27
....
4,209
4,048
FW2676331.UP.FTS.B,
27.38%,
7/22/27
..
7,033
6,980
FW2675109.UP.FTS.B,
27.79%,
7/22/27
..
5,749
5,563
FW2675392.UP.FTS.B,
28.93%,
7/22/27
..
1,876
1,858
FW2675344.UP.FTS.B,
30.75%,
7/22/27
..
3,169
934
FW2676178.UP.FTS.B,
31.16%,
7/22/27
..
4,813
4,736
FW2676390.UP.FTS.B,
31.24%,
7/22/27
..
1,966
(52)
FW2675191.UP.FTS.B,
31.52%,
7/22/27
..
4,589
323
L1910370.UP.FTS.B,
14.66%,
8/25/27
....
2,954
2,922
L2056878.UP.FTS.B,
9.83%,
9/16/27
....
4,578
334
L2234521.UP.FTS.B,
21.55%,
10/13/27
...
8,205
2,340
L2466291.UP.FTS.B,
11.97%,
11/19/27
...
42,572
42,109
L2676110.UP.FTS.B,
9.95%,
12/22/27
....
17,914
1,085
FW2675427.UP.FTS.B,
17.47%,
12/22/27
.
21,215
20,902
FW2675884.UP.FTS.B,
26.71%,
12/22/27
.
5,177
5,107
FW2675681.UP.FTS.B,
27.55%,
12/22/27
.
8,654
8,595
L2982002.UP.FTS.B,
25.37%,
2/20/28
....
6,174
6,118
3,199,724
Total
Marketplace
Loans
(Cost
$6,849,646)
.....
$5,979,231
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-118
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
March
31,
2023,
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
30-day
Federal
Funds
.........................
Short
108
$
43,018,941
12/29/23
$
57,898
U.S.
Treasury
10
Year
Notes
....................
Long
21
2,413,359
6/21/23
65,103
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
63
7,631,859
6/21/23
244,035
U.S.
Treasury
5
Year
Notes
.....................
Long
21
2,299,664
6/30/23
44,434
U.S.
Treasury
Ultra
Bonds
......................
Long
13
1,834,625
6/21/23
72,089
Total
Futures
Contracts
......................................................................
$483,559
*
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
Sell
2,410,000
2,607,561
4/17/23
$
—
$
(8,053)
Columbian
Peso
....
JPHQ
Sell
5,200,000,000
1,048,176
5/30/23
—
(56,086)
Euro
.............
JPHQ
Sell
800,000
851,624
7/10/23
—
(20,746)
Japanese
Yen
......
JPHQ
Buy
198,000,000
1,524,121
7/10/23
—
(10,977)
Total
Forward
Exchange
Contracts
...................................................
$—
$(95,862)
Net
unrealized
appreciation
(depreciation)
............................................
$(95,862)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.HY.39
.
5.00%
Quarterly
12/20/27
2,400,000
$
32,324
$
(35,669)
$
67,993
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$32,324
$(35,669)
$67,993
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-119
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
1,800,000
$
(482,564)
$
(275,351)
$
(207,213)
B-
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
350,000
EUR
3,317
—
3,317
Non-
Investment
Grade
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
1,700,000
(51,759)
(34,904)
(16,855)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
2,300,000
(647,764)
(254,422)
(393,342)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
500,000
1,758
—
1,758
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
2,270,000
9,134
3,311
5,823
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(1,167,878)
$(561,366)
$(606,512)
Total
Credit
Default
Swap
Contracts
....................................
$(1,135,554)
$
(597,035)
$(538,519)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-120
At
March
31,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Short
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
1,500,000
$
(76,467)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
1,500,000
(66,670)
Total
Return
Swap
Contracts
....................................................................
$(143,137)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
U.S.
Government
Securities
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
1.3%
Oil,
Gas
&
Consumable
Fuels
1.3%
Reliance
Industries
Ltd.
,
Senior
Bond,
2.512%,
1/15/26
..........................
India
3,937,500
$
3,771,555
Senior
Note,
1.87%,
1/15/26
...........................
India
2,210,526
2,097,201
Senior
Note,
2.06%,
1/15/26
...........................
India
1,875,000
1,783,970
7,652,726
Total
Corporate
Bonds
(Cost
$7,981,840)
.......................................
7,652,726
Foreign
Government
and
Agency
Securities
2.2%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
9/18/23
..........
Israel
12,000,000
12,025,179
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
...........
Mexico
822,500
800,725
Total
Foreign
Government
and
Agency
Securities
(Cost
$12,978,240)
..............
12,825,904
U.S.
Government
and
Agency
Securities
14.1%
FHLB
,
2.625
%,
9/12/25
.................................
United
States
10,000,000
9,627,997
U.S.
International
Development
Finance
Corp.
(The)
,
4.01%,
5/15/30
.....................................
United
States
1,295,000
1,281,584
2.12%,
3/20/24
.....................................
United
States
1,833,333
1,784,948
U.S.
Treasury
Notes
,
3%,
6/30/24
........................................
United
States
3,000,000
2,947,207
a
Index
Linked,
0.125%,
7/15/24
..........................
United
States
6,350,000
7,845,418
2.375%,
8/15/24
.....................................
United
States
22,000,000
21,421,641
2.25%,
8/15/27
.....................................
United
States
34,040,000
32,123,256
0.625%,
8/15/30
.....................................
United
States
8,500,000
6,929,326
Total
U.S.
Government
and
Agency
Securities
(Cost
$89,799,505)
.................
83,961,377
Mortgage-Backed
Securities
77.6%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.8%
FHLMC,
3.719%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
..
United
States
139,162
136,393
FHLMC,
3.535%
-
3.964%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
3/01/36
-
4/01/40
....................................
United
States
4,429,171
4,434,247
4,570,640
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
11.4%
FHLMC
Gold
Pool,
15
Year,
4.5%,
3/01/25
-
4/01/25
...........
United
States
94,141
94,333
FHLMC
Gold
Pool,
20
Year,
3.5%,
3/01/32
..................
United
States
1,017,742
1,003,278
FHLMC
Gold
Pool,
30
Year,
3%,
5/01/43
....................
United
States
149,942
138,595
FHLMC
Gold
Pool,
30
Year,
3.5%,
5/01/43
..................
United
States
23,921
22,856
FHLMC
Gold
Pool,
30
Year,
4%,
9/01/40
-
12/01/41
............
United
States
2,337,384
2,292,204
FHLMC
Gold
Pool,
30
Year,
4.5%,
5/01/40
-
7/01/41
...........
United
States
680,305
685,008
FHLMC
Gold
Pool,
30
Year,
5%,
9/01/33
-
4/01/40
.............
United
States
2,032,889
2,079,028
FHLMC
Gold
Pool,
30
Year,
5.5%,
7/01/33
-
5/01/38
...........
United
States
423,655
438,556
FHLMC
Gold
Pool,
30
Year,
6%,
1/01/24
-
8/01/35
.............
United
States
383,923
395,254
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/23
-
5/01/35
..........
United
States
113,967
117,789
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/24
-
9/01/31
.............
United
States
35,795
36,475
FHLMC
Gold
Pool,
30
Year,
8.5%,
7/01/31
..................
United
States
70,617
74,246
FHLMC
Pool,
30
Year,
2%,
11/01/50
.......................
United
States
2,175,978
1,807,388
FHLMC
Pool,
30
Year,
2%,
1/01/51
........................
United
States
4,827,612
4,009,354
FHLMC
Pool,
30
Year,
4%,
11/01/45
.......................
United
States
8,115,975
7,924,447
FHLMC
Pool,
30
Year,
4.5%,
1/01/49
.......................
United
States
2,515,478
2,518,699
FHLMC
Pool,
30
Year,
4.5%,
10/01/52
......................
United
States
15,248,733
14,954,183
FHLMC
Pool,
30
Year,
5%,
12/01/52
.......................
United
States
14,767,498
14,742,735
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.
122
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,
5.5%,
1/01/53
.......................
United
States
14,592,171
$
14,752,574
68,087,002
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
2.2%
FNMA,
3.964%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/37
.
United
States
4,454,482
4,533,958
FNMA,
2.884%
-
4.723%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
9/01/23
-
12/01/40
...................................
United
States
2,815,586
2,822,126
FNMA,
3.279%
-
4.755%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
1/01/32
-
4/01/41
....................................
United
States
6,133,274
6,143,990
FNMA,
4.095%
-
5.476%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
........................
United
States
144,695
140,652
FNMA,
2.625%
-
5.494%,
(COFI
11th
District
+/-
MBS
Margin),
6/01/25
-
11/01/36
...................................
United
States
34,350
33,711
FNMA,
2.845%
-
6.566%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
6/01/23
-
3/01/37
....................................
United
States
244,147
241,780
13,916,217
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
19.0%
FNMA,
2.64%,
7/01/25
.................................
United
States
2,284,659
2,195,888
FNMA,
2.77%,
4/01/25
.................................
United
States
3,500,000
3,383,477
FNMA,
3.28%,
7/01/27
.................................
United
States
4,000,000
3,838,534
FNMA,
5.5%,
4/01/34
..................................
United
States
400,035
404,392
FNMA,
15
Year,
2%,
9/01/35
.............................
United
States
2,245,694
2,045,584
FNMA,
15
Year,
3%,
9/01/37
.............................
United
States
12,444,380
11,811,683
FNMA,
15
Year,
5.5%,
1/01/25
...........................
United
States
21,559
21,544
FNMA,
30
Year,
2%,
8/01/51
.............................
United
States
7,494,559
6,218,951
FNMA,
30
Year,
2.5%,
8/01/51
...........................
United
States
9,422,593
8,142,206
FNMA,
30
Year,
2.5%,
9/01/51
...........................
United
States
20,811,363
17,981,096
FNMA,
30
Year,
2.5%,
11/01/51
...........................
United
States
4,815,282
4,159,645
FNMA,
30
Year,
2.5%,
12/01/51
...........................
United
States
6,573,219
5,677,525
FNMA,
30
Year,
2.5%,
2/01/52
...........................
United
States
8,584,901
7,415,222
FNMA,
30
Year,
3%,
12/01/42
............................
United
States
54,871
50,667
FNMA,
30
Year,
3%,
7/01/51
.............................
United
States
4,228,234
3,809,281
FNMA,
30
Year,
3%,
9/01/51
.............................
United
States
3,606,127
3,251,899
FNMA,
30
Year,
3.5%,
7/01/45
...........................
United
States
9,389,011
8,904,242
FNMA,
30
Year,
4%,
1/01/41
-
8/01/41
......................
United
States
2,361,948
2,313,319
FNMA,
30
Year,
4%,
9/01/52
.............................
United
States
15,407,089
14,749,745
FNMA,
30
Year,
4.5%,
8/01/40
-
6/01/41
....................
United
States
2,072,499
2,087,814
FNMA,
30
Year,
5%,
3/01/34
-
7/01/41
......................
United
States
1,377,897
1,406,218
FNMA,
30
Year,
5.5%,
12/01/32
-
8/01/35
...................
United
States
901,670
926,883
FNMA,
30
Year,
6%,
1/01/24
-
8/01/38
......................
United
States
745,175
764,334
FNMA,
30
Year,
6.5%,
1/01/24
-
9/01/36
....................
United
States
98,900
103,919
FNMA,
30
Year,
7.5%,
8/01/25
...........................
United
States
693
698
FNMA,
30
Year,
8%,
7/01/23
-
12/01/24
.....................
United
States
3,541
3,533
FNMA,
30
Year,
9%,
10/01/26
............................
United
States
25,313
25,208
111,693,507
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
44.2%
GNMA
I,
30
Year,
5%,
9/15/40
............................
United
States
7,673,770
7,865,791
GNMA
I,
30
Year,
5.5%,
3/15/32
-
2/15/38
...................
United
States
235,911
246,789
GNMA
I,
30
Year,
6%,
7/15/29
-
11/15/38
....................
United
States
188,305
197,199
GNMA
I,
30
Year,
6.5%,
12/15/28
-
1/15/33
..................
United
States
94,370
97,431
GNMA
I,
30
Year,
7%,
12/15/28
...........................
United
States
5,092
5,269
GNMA
I,
30
Year,
7.5%,
12/15/31
-
8/15/33
..................
United
States
88,910
93,501
GNMA
I,
Single-family,
30
Year,
3%,
7/15/42
.................
United
States
218,273
203,911
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.........
United
States
3,354,268
3,240,523
GNMA
I,
Single-family,
30
Year,
4.5%,
1/15/39
-
6/15/41
........
United
States
5,052,434
5,099,135
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
I,
Single-family,
30
Year,
5.5%,
12/15/28
-
10/15/39
.......
United
States
1,797,021
$
1,849,328
GNMA
I,
Single-family,
30
Year,
6%,
12/15/23
-
9/15/38
.........
United
States
720,667
740,057
GNMA
I,
Single-family,
30
Year,
6.5%,
9/15/23
-
5/15/37
........
United
States
365,625
376,859
GNMA
I,
Single-family,
30
Year,
7%,
6/15/23
-
9/15/31
..........
United
States
44,554
45,361
GNMA
I,
Single-family,
30
Year,
7.5%,
4/15/23
-
11/15/27
........
United
States
4,692
4,696
GNMA
I,
Single-family,
30
Year,
8%,
6/15/23
-
7/15/23
..........
United
States
137
136
GNMA
I,
Single-family,
30
Year,
8.5%,
7/15/24
-
12/15/24
........
United
States
6,952
6,935
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
.................
United
States
5,175,553
4,417,519
GNMA
II,
Single-family,
30
Year,
2%,
12/20/51
................
United
States
11,479,303
9,778,970
GNMA
II,
Single-family,
30
Year,
2%,
3/20/52
.................
United
States
12,743,687
10,840,234
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/51
...............
United
States
11,493,093
10,149,341
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
...............
United
States
4,853,163
4,276,999
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
...............
United
States
32,491,518
28,637,204
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
..............
United
States
10,634,470
9,372,932
GNMA
II,
Single-family,
30
Year,
3%,
12/20/42
-
9/20/45
........
United
States
3,164,625
2,950,104
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
.................
United
States
6,031,369
5,596,790
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
16,227,788
14,861,875
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
6,266,083
5,734,810
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
.................
United
States
15,650,144
14,323,233
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
................
United
States
17,091,841
15,637,268
GNMA
II,
Single-family,
30
Year,
3%,
11/20/51
................
United
States
19,825,911
18,132,495
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
...............
United
States
6,591,753
6,311,018
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
..............
United
States
3,990,733
3,821,577
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/42
..............
United
States
3,137,522
3,002,917
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/43
...............
United
States
5,343,465
5,114,245
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
...............
United
States
4,297,327
4,118,424
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/47
...............
United
States
9,720,883
9,280,039
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
...............
United
States
16,258,398
15,517,133
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/40
-
10/20/47
......
United
States
12,460,573
11,922,454
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
..............
United
States
4,376,220
4,158,858
GNMA
II,
Single-family,
30
Year,
4%,
11/20/39
-
2/20/44
.........
United
States
7,129,148
7,038,648
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/39
-
10/20/44
......
United
States
9,592,415
9,719,667
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
6/20/44
.........
United
States
3,985,346
4,099,964
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/34
-
6/20/38
........
United
States
1,697,181
1,770,686
GNMA
II,
Single-family,
30
Year,
6%,
11/20/23
-
7/20/39
.........
United
States
1,112,477
1,169,565
GNMA
II,
Single-family,
30
Year,
6.5%,
12/20/27
-
4/20/32
.......
United
States
152,793
158,207
GNMA
II,
Single-family,
30
Year,
7%,
5/20/32
.................
United
States
3,663
3,896
GNMA
II,
Single-family,
30
Year,
7.5%,
5/20/23
-
11/20/26
.......
United
States
9,369
9,479
GNMA
II,
Single-family,
30
Year,
8%,
8/20/26
.................
United
States
1,429
1,461
262,000,933
Total
Mortgage-Backed
Securities
(Cost
$509,237,726)
...........................
460,268,299
Total
Long
Term
Investments
(Cost
$619,997,311)
...............................
564,708,306
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
See
Abbreviations
on
page
173
.
Short
Term
Investments
4.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
4.7%
c
Joint
Repurchase
Agreement,
4.741%,
4/03/23
(Maturity
Value
$28,102,957)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$11,244,274)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,176,468)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$10,682,215)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.63%
-
7%,
12/21/33
-
12/20/52;
U.S.
Government
and
Agency
Strips,
7/15/26
-
9/15/26;
U.S.
Treasury
Bonds,
6%
-
7.63%,
2/15/25
-
2/15/27;
and
U.S.
Treasury
Notes,
0.25%,
5/15/24
(valued
at
$28,654,031)
.......................................
28,091,860
$
28,091,860
Total
Repurchase
Agreements
(Cost
$28,091,860)
...............................
28,091,860
Total
Short
Term
Investments
(Cost
$28,091,860
)
................................
28,091,860
a
Total
Investments
(Cost
$648,089,171)
99.9%
...................................
$592,800,166
Other
Assets,
less
Liabilities
0.1%
.............................................
654,215
Net
Assets
100.0%
...........................................................
$593,454,381
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Principal
amount
of
security
is
adjusted
for
inflation.
b
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
VolSmart
Allocation
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
a
a
Shares
a
Value
a
Common
Stocks
61.9%
Aerospace
&
Defense
1.8%
BWX
Technologies,
Inc.
..............................................
858
$
54,089
General
Dynamics
Corp.
..............................................
3,368
768,611
Lockheed
Martin
Corp.
...............................................
1,373
649,058
Raytheon
Technologies
Corp.
..........................................
15,060
1,474,826
2,946,584
Air
Freight
&
Logistics
0.7%
United
Parcel
Service,
Inc.,
B
..........................................
6,245
1,211,468
Automobile
Components
0.0%
†
BorgWarner,
Inc.
....................................................
968
47,538
Automobiles
0.4%
a
Tesla,
Inc.
.........................................................
2,917
605,161
a
Banks
0.7%
JPMorgan
Chase
&
Co.
...............................................
8,636
1,125,357
Beverages
0.6%
PepsiCo,
Inc.
......................................................
5,959
1,086,326
Biotechnology
2.3%
AbbVie,
Inc.
.......................................................
11,025
1,757,054
Amgen,
Inc.
.......................................................
2,722
658,044
a
Biogen,
Inc.
.......................................................
552
153,473
Gilead
Sciences,
Inc.
................................................
3,821
317,028
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
600
493,002
a
United
Therapeutics
Corp.
.............................................
244
54,646
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,421
447,714
3,880,961
Broadline
Retail
0.4%
a
Amazon.com,
Inc.
...................................................
6,694
691,423
Macy's,
Inc.
........................................................
2,210
38,653
730,076
Building
Products
0.9%
a
Builders
FirstSource
,
Inc.
.............................................
861
76,440
Carlisle
Cos.,
Inc.
...................................................
2,357
532,847
Johnson
Controls
International
plc
.......................................
14,047
845,910
Owens
Corning
.....................................................
600
57,480
1,512,677
Capital
Markets
0.7%
Ameriprise
Financial,
Inc.
.............................................
266
81,529
Evercore
,
Inc.,
A
....................................................
367
42,344
FactSet
Research
Systems,
Inc.
........................................
166
68,905
Interactive
Brokers
Group,
Inc.,
A
.......................................
554
45,738
Lazard
Ltd.,
A
......................................................
1,419
46,983
LPL
Financial
Holdings,
Inc.
...........................................
360
72,864
MarketAxess
Holdings,
Inc.
............................................
147
57,520
MSCI,
Inc.
.........................................................
195
109,140
Nasdaq,
Inc.
.......................................................
11,498
628,596
SEI
Investments
Co.
.................................................
811
46,673
1,200,292
Chemicals
3.2%
Air
Products
and
Chemicals,
Inc.
........................................
5,018
1,441,220
Albemarle
Corp.
....................................................
3,068
678,151
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Chemicals
(continued)
CF
Industries
Holdings,
Inc.
...........................................
1,172
$
84,958
Ecolab,
Inc.
........................................................
3,949
653,678
Linde
plc
..........................................................
5,565
1,978,023
LyondellBasell
Industries
NV,
A
.........................................
1,239
116,330
Mosaic
Co.
(The)
...................................................
1,825
83,731
Sherwin-Williams
Co.
(The)
............................................
1,507
338,728
5,374,819
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
.......................................................
2,005
927,673
a
Clean
Harbors,
Inc.
..................................................
370
52,747
a
Copart
,
Inc.
........................................................
1,045
78,595
Rollins,
Inc.
........................................................
1,323
49,652
Waste
Management,
Inc.
..............................................
1,856
302,844
1,411,511
Communications
Equipment
0.7%
a
Arista
Networks,
Inc.
.................................................
1,332
223,589
Cisco
Systems,
Inc.
.................................................
15,548
812,772
Motorola
Solutions,
Inc.
...............................................
706
202,008
1,238,369
Construction
&
Engineering
0.0%
†
Valmont
Industries,
Inc.
...............................................
154
49,169
Consumer
Finance
0.1%
OneMain
Holdings,
Inc.
...............................................
1,118
41,455
Synchrony
Financial
.................................................
2,382
69,269
110,724
Consumer
Staples
Distribution
&
Retail
1.6%
Albertsons
Cos.,
Inc.,
A
...............................................
2,453
50,973
Target
Corp.
.......................................................
6,487
1,074,442
Walmart,
Inc.
......................................................
10,515
1,550,437
2,675,852
Containers
&
Packaging
0.1%
Ardagh
Metal
Packaging
SA
...........................................
10,123
41,302
Packaging
Corp.
of
America
...........................................
437
60,668
Silgan
Holdings,
Inc.
.................................................
985
52,865
154,835
Distributors
0.0%
†
LKQ
Corp.
........................................................
974
55,284
Diversified
Consumer
Services
0.1%
a
Grand
Canyon
Education,
Inc.
..........................................
452
51,483
H&R
Block,
Inc.
.....................................................
1,221
43,040
94,523
Diversified
REITs
0.1%
WP
Carey,
Inc.
.....................................................
1,038
80,393
Diversified
Telecommunication
Services
0.8%
AT&T,
Inc.
.........................................................
35,970
692,423
Verizon
Communications,
Inc.
..........................................
17,927
697,181
1,389,604
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Electric
Utilities
0.1%
NRG
Energy,
Inc.
...................................................
1,377
$
47,218
OGE
Energy
Corp.
..................................................
1,279
48,167
Pinnacle
West
Capital
Corp.
...........................................
697
55,230
150,615
Electrical
Equipment
0.3%
Hubbell,
Inc.
.......................................................
249
60,584
nVent
Electric
plc
...................................................
11,592
497,761
558,345
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.,
A
..................................................
2,830
231,268
a
Arrow
Electronics,
Inc.
...............................................
486
60,687
Avnet,
Inc.
........................................................
1,156
52,251
CDW
Corp.
........................................................
339
66,068
Corning,
Inc.
.......................................................
3,727
131,488
Jabil,
Inc.
.........................................................
790
69,646
National
Instruments
Corp.
............................................
1,059
55,502
666,910
Entertainment
0.0%
†
World
Wrestling
Entertainment,
Inc.,
A
....................................
672
61,327
Financial
Services
1.7%
a
Berkshire
Hathaway,
Inc.,
B
............................................
1,497
462,229
Mastercard
,
Inc.,
A
..................................................
2,456
892,535
MGIC
Investment
Corp.
...............................................
3,740
50,191
Visa,
Inc.,
A
........................................................
6,199
1,397,626
2,802,581
Food
Products
1.2%
General
Mills,
Inc.
...................................................
3,162
270,225
Hershey
Co.
(The)
..................................................
783
199,203
Ingredion,
Inc.
......................................................
495
50,356
Lamb
Weston
Holdings,
Inc.
...........................................
493
51,528
McCormick
&
Co.,
Inc.
...............................................
9,067
754,465
Mondelez
International,
Inc.,
A
..........................................
9,060
631,663
1,957,440
Gas
Utilities
0.1%
Atmos
Energy
Corp.
.................................................
591
66,405
National
Fuel
Gas
Co.
................................................
777
44,864
111,269
Ground
Transportation
0.9%
JB
Hunt
Transport
Services,
Inc.
........................................
2,745
481,638
Knight-Swift
Transportation
Holdings,
Inc.
.................................
959
54,260
Landstar
System,
Inc.
................................................
272
48,759
Norfolk
Southern
Corp.
...............................................
2,940
623,280
Old
Dominion
Freight
Line,
Inc.
.........................................
250
85,210
Ryder
System,
Inc.
..................................................
555
49,528
Schneider
National,
Inc.,
B
............................................
2,017
53,955
U-Haul
Holding
Co.
..................................................
842
50,225
1,446,855
Health
Care
Equipment
&
Supplies
3.3%
Abbott
Laboratories
..................................................
9,636
975,741
Becton
Dickinson
&
Co.
...............................................
5,125
1,268,643
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Hologic
,
Inc.
.......................................................
615
$
49,630
a
IDEXX
Laboratories,
Inc.
..............................................
216
108,017
Medtronic
plc
......................................................
10,900
878,758
Stryker
Corp.
......................................................
7,940
2,266,632
5,547,421
Health
Care
Providers
&
Services
2.5%
Cardinal
Health,
Inc.
.................................................
1,376
103,888
Chemed
Corp.
.....................................................
99
53,237
Cigna
Group
(The)
..................................................
1,644
420,091
CVS
Health
Corp.
...................................................
2,737
203,387
Elevance
Health,
Inc.
................................................
1,222
561,888
Encompass
Health
Corp.
.............................................
880
47,608
HCA
Healthcare,
Inc.
.................................................
1,076
283,720
Humana,
Inc.
......................................................
543
263,605
Premier,
Inc.,
A
.....................................................
1,533
49,623
Quest
Diagnostics,
Inc.
...............................................
546
77,248
UnitedHealth
Group,
Inc.
..............................................
4,680
2,211,721
4,276,016
Health
Care
REITs
0.0%
†
Omega
Healthcare
Investors,
Inc.
.......................................
1,730
47,419
Hotels,
Restaurants
&
Leisure
1.9%
a
Booking
Holdings,
Inc.
...............................................
96
254,631
McDonald's
Corp.
...................................................
6,828
1,909,177
Starbucks
Corp.
....................................................
7,361
766,501
Yum!
Brands,
Inc.
...................................................
1,511
199,573
3,129,882
Household
Durables
0.4%
DR
Horton,
Inc.
.....................................................
1,577
154,057
Lennar
Corp.,
A
.....................................................
1,172
123,189
Lennar
Corp.,
B
....................................................
603
53,854
a
NVR,
Inc.
.........................................................
16
89,155
PulteGroup,
Inc.
....................................................
1,175
68,479
Tempur
Sealy
International,
Inc.
........................................
1,347
53,193
Toll
Brothers,
Inc.
...................................................
888
53,307
595,234
Household
Products
0.9%
Colgate-Palmolive
Co.
...............................................
7,718
580,008
Procter
&
Gamble
Co.
(The)
...........................................
6,297
936,301
1,516,309
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
...........................................
6,442
1,231,195
Insurance
0.8%
a
Arch
Capital
Group
Ltd.
...............................................
1,265
85,856
Arthur
J
Gallagher
&
Co.
..............................................
849
162,422
Erie
Indemnity
Co.,
A
.................................................
2,150
498,069
Everest
Re
Group
Ltd.
...............................................
128
45,827
Globe
Life,
Inc.
.....................................................
422
46,428
Principal
Financial
Group,
Inc.
..........................................
1,082
80,414
Progressive
Corp.
(The)
..............................................
2,813
402,428
Reinsurance
Group
of
America,
Inc.
.....................................
354
46,997
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Insurance
(continued)
Unum
Group
.......................................................
1,355
$
53,604
1,422,045
Interactive
Media
&
Services
1.1%
a
Alphabet,
Inc.,
A
....................................................
7,563
784,510
a
Alphabet,
Inc.,
C
....................................................
6,563
682,552
a
Meta
Platforms,
Inc.,
A
...............................................
1,768
374,710
1,841,772
IT
Services
1.3%
Accenture
plc,
A
....................................................
4,935
1,410,472
Amdocs
Ltd.
.......................................................
743
71,350
a
Gartner,
Inc.
.......................................................
341
111,088
International
Business
Machines
Corp.
...................................
4,808
630,281
2,223,191
Life
Sciences
Tools
&
Services
0.8%
Danaher
Corp.
.....................................................
835
210,453
West
Pharmaceutical
Services,
Inc.
......................................
3,270
1,132,957
1,343,410
Machinery
1.4%
AGCO
Corp.
.......................................................
342
46,238
Allison
Transmission
Holdings,
Inc.
......................................
1,148
51,936
Caterpillar,
Inc.
.....................................................
1,315
300,925
Crane
Holdings
Co.
..................................................
480
54,480
Cummins,
Inc.
......................................................
641
153,122
Donaldson
Co.,
Inc.
.................................................
5,835
381,259
Dover
Corp.
.......................................................
5,327
809,384
Illinois
Tool
Works,
Inc.
...............................................
780
189,891
Lincoln
Electric
Holdings,
Inc.
..........................................
292
49,377
PACCAR,
Inc.
......................................................
2,991
218,941
Snap-on,
Inc.
......................................................
239
59,007
Toro
Co.
(The)
.....................................................
466
51,801
2,366,361
Media
0.1%
Interpublic
Group
of
Cos.,
Inc.
(The)
.....................................
1,504
56,009
Omnicom
Group,
Inc.
................................................
985
92,925
148,934
Metals
&
Mining
0.3%
Nucor
Corp.
.......................................................
1,424
219,965
Reliance
Steel
&
Aluminum
Co.
.........................................
303
77,792
Southern
Copper
Corp.
...............................................
843
64,279
Steel
Dynamics,
Inc.
.................................................
993
112,269
United
States
Steel
Corp.
.............................................
1,973
51,495
525,800
Multi-Utilities
0.2%
Consolidated
Edison,
Inc.
.............................................
1,841
176,128
Sempra
Energy
.....................................................
1,091
164,916
341,044
Oil,
Gas
&
Consumable
Fuels
2.5%
Chesapeake
Energy
Corp.
............................................
504
38,324
Chevron
Corp.
.....................................................
4,725
770,931
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
ConocoPhillips
.....................................................
5,782
$
573,632
Devon
Energy
Corp.
.................................................
3,294
166,709
EOG
Resources,
Inc.
................................................
4,385
502,653
Exxon
Mobil
Corp.
...................................................
11,840
1,298,374
HF
Sinclair
Corp.
...................................................
838
40,543
Marathon
Oil
Corp.
..................................................
2,315
55,467
Marathon
Petroleum
Corp.
............................................
2,223
299,727
Ovintiv
,
Inc.
........................................................
1,059
38,209
PDC
Energy,
Inc.
...................................................
692
44,413
Phillips
66
.........................................................
1,168
118,412
Valero
Energy
Corp.
.................................................
2,020
281,992
4,229,386
Passenger
Airlines
0.0%
†
a
Copa
Holdings
SA,
A
.................................................
579
53,471
a
Pharmaceuticals
3.2%
Bristol-Myers
Squibb
Co.
..............................................
10,075
698,298
Eli
Lilly
&
Co.
......................................................
2,695
925,517
Johnson
&
Johnson
.................................................
10,513
1,629,515
Merck
&
Co.,
Inc.
...................................................
7,941
844,843
Organon
&
Co.
.....................................................
1,969
46,311
Pfizer,
Inc.
.........................................................
30,055
1,226,244
Viatris
,
Inc.
........................................................
4,283
41,202
5,411,930
Professional
Services
0.1%
a
CACI
International,
Inc.,
A
.............................................
167
49,479
Leidos
Holdings,
Inc.
.................................................
693
63,797
Science
Applications
International
Corp.
..................................
472
50,721
163,997
Retail
REITs
0.2%
National
Retail
Properties,
Inc.
.........................................
1,109
48,962
Realty
Income
Corp.
.................................................
3,125
197,875
Simon
Property
Group,
Inc.
............................................
872
97,638
344,475
Semiconductors
&
Semiconductor
Equipment
5.0%
Analog
Devices,
Inc.
.................................................
10,101
1,992,119
Applied
Materials,
Inc.
................................................
4,621
567,598
Broadcom,
Inc.
.....................................................
1,354
868,645
a
Cirrus
Logic,
Inc.
....................................................
545
59,612
KLA
Corp.
.........................................................
823
328,517
Lam
Research
Corp.
.................................................
715
379,036
a
Lattice
Semiconductor
Corp.
...........................................
732
69,906
Microchip
Technology,
Inc.
............................................
2,170
181,803
NVIDIA
Corp.
......................................................
2,833
786,922
a
ON
Semiconductor
Corp.
.............................................
2,363
194,522
QUALCOMM,
Inc.
...................................................
5,466
697,352
Skyworks
Solutions,
Inc.
..............................................
441
52,029
Texas
Instruments,
Inc.
...............................................
12,297
2,287,365
8,465,426
Software
7.0%
a
Cadence
Design
Systems,
Inc.
.........................................
1,436
301,689
Dolby
Laboratories,
Inc.,
A
.............................................
601
51,337
a
Fair
Isaac
Corp.
....................................................
112
78,701
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Software
(continued)
a
Fortinet,
Inc.
.......................................................
3,455
$
229,619
a
Manhattan
Associates,
Inc.
............................................
407
63,024
Microsoft
Corp.
.....................................................
28,476
8,209,631
Oracle
Corp.
.......................................................
5,941
552,038
Roper
Technologies,
Inc.
..............................................
4,585
2,020,564
a
Synopsys,
Inc.
.....................................................
734
283,508
11,790,111
Specialized
REITs
0.3%
EPR
Properties
.....................................................
1,253
47,739
Gaming
and
Leisure
Properties,
Inc.
.....................................
1,342
69,865
Public
Storage
.....................................................
839
253,495
VICI
Properties,
Inc.
.................................................
5,832
190,240
561,339
Specialty
Retail
2.5%
a
AutoNation,
Inc.
....................................................
427
57,372
a
AutoZone,
Inc.
.....................................................
113
277,771
Best
Buy
Co.,
Inc.
...................................................
603
47,197
Dick's
Sporting
Goods,
Inc.
............................................
435
61,722
a
Five
Below,
Inc.
.....................................................
244
50,257
Lowe's
Cos.,
Inc.
....................................................
8,187
1,637,154
a
O'Reilly
Automotive,
Inc.
..............................................
382
324,310
Penske
Automotive
Group,
Inc.
.........................................
341
48,357
Ross
Stores,
Inc.
...................................................
9,736
1,033,282
TJX
Cos.,
Inc.
(The)
.................................................
4,374
342,747
Tractor
Supply
Co.
..................................................
436
102,477
a
Ulta
Beauty,
Inc.
....................................................
261
142,420
Williams-Sonoma,
Inc.
...............................................
423
51,462
4,176,528
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple,
Inc.
........................................................
24,485
4,037,577
Dell
Technologies,
Inc.,
C
.............................................
1,395
56,093
Hewlett
Packard
Enterprise
Co.
.........................................
7,355
117,165
HP,
Inc.
...........................................................
5,715
167,735
NetApp,
Inc.
.......................................................
1,138
72,661
4,451,231
Textiles,
Apparel
&
Luxury
Goods
0.7%
NIKE,
Inc.,
B
.......................................................
8,602
1,054,949
Tapestry,
Inc.
......................................................
1,381
59,535
1,114,484
Tobacco
0.7%
Altria
Group,
Inc.
....................................................
10,434
465,565
Philip
Morris
International,
Inc.
.........................................
7,102
690,670
1,156,235
Trading
Companies
&
Distributors
0.7%
MSC
Industrial
Direct
Co.,
Inc.,
A
........................................
599
50,316
United
Rentals,
Inc.
..................................................
182
72,028
Watsco
,
Inc.
.......................................................
162
51,542
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
...................................................
1,518
$
1,045,614
1,219,500
Total
Common
Stocks
(Cost
$67,047,685)
......................................
104,431,011
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
34.5%
Domestic
Fixed
Income
24.6%
b
Franklin
U.S.
Core
Bond
ETF
..........................................
1,286,975
27,976,391
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,416,056
13,565,816
41,542,207
Domestic
Hybrid
8.5%
b
Franklin
Income
VIP
Fund,
Class
1
......................................
902,748
14,317,587
Foreign
Equity
1.4%
iShares
Core
MSCI
EAFE
ETF
.........................................
36,862
2,464,225
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$66,693,480)
................................................................
58,324,019
Total
Long
Term
Investments
(Cost
$133,741,165)
...............................
162,755,030
a
a
a
a
a
Short
Term
Investments
3.1%
a
Money
Market
Funds
3.1%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
..................
5,271,612
5,271,612
Total
Money
Market
Funds
(Cost
$5,271,612)
...................................
5,271,612
Total
Short
Term
Investments
(Cost
$5,271,612
)
.................................
5,271,612
a
Total
Investments
(Cost
$139,012,777)
99.5%
...................................
$168,026,642
Other
Assets,
less
Liabilities
0.5%
.............................................
737,630
Net
Assets
100.0%
...........................................................
$168,764,272
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
4
regarding
investments
in
FT
Underlying
Funds.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
65
$
13,447,688
6/16/23
$
(806,934)
Total
Futures
Contracts
......................................................................
$(806,934)
*
As
of
period
end.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
Dynamic
VIX
Backwardation
(BEFSDVB1
Index)
..
—%
Monthly
BZWS
5/25/23
4,000,000
$
(959)
Total
Return
Swap
Contracts
....................................................................
$(959)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Templeton
Developing
Markets
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.8%
Brazil
1.8%
TOTVS
SA
.....................
Software
17,462
$
97,021
Vale
SA
........................
Metals
&
Mining
261,048
4,135,419
a,b
XP,
Inc.,
A
......................
Capital
Markets
21,386
253,852
4,486,292
Cambodia
0.3%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,079,177
842,188
Chile
0.8%
b
Banco
Santander
Chile,
ADR
.......
Banks
113,339
2,020,834
China
28.9%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
1,068,585
13,534,073
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
8,158
833,585
c
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
1,500,600
416,775
a
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
215,311
4,056,709
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
256,500
1,248,224
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
7,756,600
3,408,973
Chervon
Holdings
Ltd.
.............
Household
Durables
7,600
39,478
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,147,243
5,715,824
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,844,315
1,396,696
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
132,733
604,440
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,120,259
749,087
a,b
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
51,143
2,395,538
b,c
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
529,539
334,054
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
899,637
5,503,733
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
741,600
1,237,726
JD.com,
Inc.,
A
..................
Broadline
Retail
11,027
240,786
a,c
Meituan
Dianping,
B,
144A,
Reg
S
...
Hotels,
Restaurants
&
Leisure
128,959
2,339,587
NetEase,
Inc.
...................
Entertainment
138,169
2,439,066
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
689,322
1,256,637
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
427,906
2,768,198
Prosus
NV
.....................
Broadline
Retail
91,490
7,164,369
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
188,120
9,193,239
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
118,308
979,590
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,464,705
2,485,810
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
306,139
566,152
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
345,976
2,131,877
73,040,226
Hong
Kong
1.2%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
271,211
2,938,583
Hungary
1.0%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
119,246
2,489,696
India
11.1%
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
30,257
2,184,843
HDFC
Bank
Ltd.
.................
Banks
241,052
4,742,224
ICICI
Bank
Ltd.
..................
Banks
1,318,216
14,090,043
Infosys
Ltd.
.....................
IT
Services
95,284
1,666,219
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
135
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
One
97
Communications
Ltd.
.......
Financial
Services
199,531
$
1,553,057
a
PB
Fintech
Ltd.
..................
Insurance
110,814
864,492
Tata
Consultancy
Services
Ltd.
......
IT
Services
31,204
1,223,390
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
2,813,367
1,759,635
28,083,903
Indonesia
0.8%
Astra
International
Tbk.
PT
.........
Automobiles
5,181,170
2,076,048
Mexico
1.6%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
ADR
.................
Banks
538,601
3,646,329
a,c
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
1,928,563
495,432
4,141,761
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
44,913
1,024,915
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
392,963
933,510
Russia
0.0%
d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
a,d
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
a,d
Yandex
NV,
A
...................
Interactive
Media
&
Services
88,921
—
—
South
Africa
0.7%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
1,949,102
1,626,772
South
Korea
19.7%
Doosan
Bobcat,
Inc.
..............
Machinery
67,559
2,264,133
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
69,515
1,947,227
KT
Skylife
Co.
Ltd.
...............
Media
92,351
552,621
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
44,099
1,253,851
LG
Chem
Ltd.
...................
Chemicals
1,893
1,035,916
LG
Corp.
.......................
Industrial
Conglomerates
101,748
6,455,822
NAVER
Corp.
...................
Interactive
Media
&
Services
49,754
7,768,199
POSCO
Holdings,
Inc.
............
Metals
&
Mining
13,893
3,916,606
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
294,742
14,523,289
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
113,333
5,445,854
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
2,117
1,198,249
Soulbrain
Co.
Ltd.
................
Chemicals
18,367
3,333,325
49,695,092
Taiwan
15.4%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
411,946
1,406,370
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
342,054
8,844,750
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,618,551
28,289,699
e
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
26,724
464,628
39,005,447
Thailand
2.3%
Kasikornbank
PCL
...............
Banks
705,593
2,737,105
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
1,017,930
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
See
Abbreviations
on
page
173
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,332,420
$
1,054,017
Thai
Beverage
PCL
...............
Beverages
2,292,706
1,087,096
5,896,148
United
Arab
Emirates
0.5%
a
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,486,790
1,191,698
United
Kingdom
1.6%
Unilever
plc
.....................
Personal
Care
Products
77,613
4,022,157
United
States
3.3%
b
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
66,279
4,038,379
Genpact
Ltd.
....................
Professional
Services
94,036
4,346,344
8,384,723
Total
Common
Stocks
(Cost
$192,224,692)
.....................................
231,899,993
a
Preferred
Stocks
5.7%
Brazil
5.7%
f
Banco
Bradesco
SA,
ADR,
7.4%
.....
Banks
1,605,681
4,206,884
f
Itau
Unibanco
Holding
SA,
ADR,
5.03%
Banks
1,017,175
4,953,642
f
Petroleo
Brasileiro
SA,
44.87%
......
Oil,
Gas
&
Consumable
Fuels
1,104,779
5,111,589
14,272,115
Total
Preferred
Stocks
(Cost
$18,689,478)
......................................
14,272,115
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
82,304
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$210,914,170)
...............................
246,172,108
Short
Term
Investments
3.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.1%
United
States
3.1%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
.........
7,777,803
7,777,803
Total
Money
Market
Funds
(Cost
$7,777,803)
...................................
7,777,803
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$7,777,803
)
.................................
7,777,803
a
a
a
Total
Investments
(Cost
$218,691,973)
100.6%
..................................
$253,949,911
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(1,384,670)
Net
Assets
100.0%
...........................................................
$252,565,241
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
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,
2023,
the
aggregate
value
of
these
securities
was
$5,717,725,
representing
2.3%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Variable
rate
security.
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),
March
31,
2023
Templeton
Foreign
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.9%
Aerospace
&
Defense
3.7%
Dassault
Aviation
SA
...................................
France
93,730
$
18,543,484
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
7,831,739
14,426,158
32,969,642
Automobile
Components
5.8%
Continental
AG
.......................................
Germany
250,136
18,743,415
a
Faurecia
SE
.........................................
France
817,984
17,778,506
Valeo
..............................................
France
731,396
15,008,782
51,530,703
Automobiles
5.1%
Bayerische
Motoren
Werke
AG
...........................
Germany
250,453
27,450,581
Honda
Motor
Co.
Ltd.
..................................
Japan
693,600
18,349,292
45,799,873
Banks
13.9%
ING
Groep
NV
.......................................
Netherlands
1,409,647
16,740,819
Kasikornbank
PCL
....................................
Thailand
3,030,200
11,754,618
b
KB
Financial
Group,
Inc.,
ADR
...........................
South
Korea
475,106
17,303,361
Lloyds
Banking
Group
plc
...............................
United
Kingdom
34,835,484
20,483,129
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
586,529
15,876,418
Standard
Chartered
plc
.................................
United
Kingdom
3,163,941
23,981,669
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
444,300
17,782,487
123,922,501
Broadline
Retail
5.6%
a
Alibaba
Group
Holding
Ltd.
..............................
China
1,688,400
21,384,287
Prosus
NV
..........................................
China
282,962
22,158,097
b
Seria
Co.
Ltd.
........................................
Japan
348,800
6,917,878
50,460,262
Chemicals
1.3%
c
Covestro
AG,
144A,
Reg
S
..............................
Germany
280,659
11,623,562
Construction
Materials
1.7%
CRH
plc
............................................
Ireland
302,965
15,306,582
Consumer
Staples
Distribution
&
Retail
1.3%
Sundrug
Co.
Ltd.
......................................
Japan
413,700
11,351,615
Energy
Equipment
&
Services
2.3%
SBM
Offshore
NV
.....................................
Netherlands
1,373,635
20,395,875
Financial
Services
3.9%
a
EXOR
NV
...........................................
Netherlands
156,810
12,931,082
Housing
Development
Finance
Corp.
Ltd.
...................
India
692,774
22,220,656
35,151,738
Health
Care
Providers
&
Services
1.5%
b
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
307,868
13,067,826
Household
Durables
3.2%
Barratt
Developments
plc
...............................
United
Kingdom
1,718,638
9,891,194
Persimmon
plc
.......................................
United
Kingdom
590,513
9,170,064
Sony
Group
Corp.
.....................................
Japan
104,400
9,510,538
28,571,796
Industrial
Conglomerates
3.3%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
2,355,500
14,572,556
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
139
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
(continued)
Hitachi
Ltd.
..........................................
Japan
279,200
$
15,347,336
29,919,892
Insurance
3.5%
AIA
Group
Ltd.
.......................................
Hong
Kong
1,687,200
17,694,158
Prudential
plc
........................................
Hong
Kong
1,013,664
13,879,844
31,574,002
Machinery
0.7%
Komatsu
Ltd.
........................................
Japan
264,400
6,564,756
Media
0.6%
TBS
Holdings,
Inc.
....................................
Japan
371,900
5,355,639
Metals
&
Mining
3.7%
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
429,200
16,425,348
Wheaton
Precious
Metals
Corp.
..........................
Brazil
341,800
16,460,315
32,885,663
Multi-Utilities
1.7%
E.ON
SE
............................................
Germany
1,204,124
15,021,803
Oil,
Gas
&
Consumable
Fuels
11.8%
BP
plc
..............................................
United
Kingdom
8,271,167
52,282,355
Galp
Energia
SGPS
SA,
B
..............................
Portugal
953,415
10,788,652
Shell
plc
............................................
Netherlands
1,499,276
42,730,731
105,801,738
Pharmaceuticals
4.9%
AstraZeneca
plc
......................................
United
Kingdom
151,960
21,056,425
Bayer
AG
...........................................
Germany
354,613
22,654,294
43,710,719
Professional
Services
2.0%
b
Adecco
Group
AG
.....................................
Switzerland
499,143
18,182,299
Semiconductors
&
Semiconductor
Equipment
8.1%
Infineon
Technologies
AG
...............................
Germany
520,371
21,370,128
NXP
Semiconductors
NV
...............................
China
97,285
18,141,221
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
1,864,000
32,579,757
72,091,106
Technology
Hardware,
Storage
&
Peripherals
4.2%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
761,963
37,545,408
Tobacco
2.1%
Imperial
Brands
plc
....................................
United
Kingdom
798,682
18,367,725
Total
Common
Stocks
(Cost
$719,487,277)
.....................................
857,172,725
Short
Term
Investments
4.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
32,572,754
32,572,754
Total
Money
Market
Funds
(Cost
$32,572,754)
..................................
32,572,754
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.7%
Money
Market
Funds
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
6,526,200
$
6,526,200
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$6,526,200)
............................................................
6,526,200
Total
Short
Term
Investments
(Cost
$39,098,954
)
................................
39,098,954
a
Total
Investments
(Cost
$758,586,231)
100.3%
..................................
$896,271,679
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(2,255,371)
Net
Assets
100.0%
...........................................................
$894,016,308
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
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,
2023,
the
value
of
this
security
was
$11,623,562,
representing
1.3%
of
net
assets.
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,
2023
Templeton
Global
Bond
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
56.6%
Australia
4.5%
a
Australia
Government
Bond
,
Senior
Bond,
Reg
S,
4.25%,
4/21/26
8,790,000
AUD
$
6,098,976
Senior
Note,
Reg
S,
0.25%,
11/21/25
25,440,000
AUD
15,868,192
Senior
Note,
Reg
S,
0.5%,
9/21/26
..
88,240,000
AUD
54,263,418
76,230,586
Brazil
3.1%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
233,800,000
BRL
43,426,611
10%,
1/01/31
..................
51,840,000
BRL
8,982,608
52,409,219
Colombia
5.1%
Colombia
Government
Bond,
Senior
Bond,
9.85%,
6/28/27
............
576,000,000
COP
115,792
Colombia
Titulos
de
Tesoreria
,
B,
10%,
7/24/24
................
60,059,300,000
COP
12,779,780
B,
6.25%,
11/26/25
..............
82,468,000,000
COP
15,877,767
B,
7.5%,
8/26/26
...............
134,196,600,000
COP
25,962,226
B,
5.75%,
11/03/27
..............
55,276,000,000
COP
9,622,392
B,
6%,
4/28/28
.................
49,809,600,000
COP
8,581,184
B,
7.75%,
9/18/30
..............
37,868,000,000
COP
6,649,096
B,
7%,
3/26/31
.................
17,210,500,000
COP
2,845,386
B,
7%,
6/30/32
.................
24,227,000,000
COP
3,858,515
B,
6.25%,
7/09/36
..............
2,311,000,000
COP
314,653
86,606,791
Germany
2.6%
a
Bundesobligation
,
Reg
S,
10/18/24
...
9,999,000
EUR
10,403,893
a
Bundesrepublik
Deutschland,
Reg
S,
6.25%,
1/04/24
................
9,804,000
EUR
10,902,154
a
Bundesschatzanweisungen
,
Reg
S,
0.4%,
9/13/24
.................
21,697,000
EUR
22,754,971
44,061,018
Ghana
1.0%
b
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
23,756,604
GHS
1,804,426
PIK,
8.5%,
2/15/28
..............
23,756,604
GHS
1,845,105
PIK,
8.65%,
2/13/29
.............
23,389,900
GHS
1,777,519
PIK,
8.8%,
2/12/30
..............
23,389,900
GHS
1,728,183
PIK,
8.95%,
2/11/31
.............
21,361,450
GHS
1,548,212
PIK,
9.1%,
2/10/32
..............
21,361,450
GHS
1,542,192
PIK,
9.25%,
2/08/33
.............
21,361,450
GHS
1,532,910
PIK,
9.4%,
2/07/34
..............
16,227,603
GHS
1,153,932
PIK,
9.55%,
2/06/35
.............
16,227,603
GHS
1,145,248
PIK,
9.7%,
2/05/36
..............
16,227,603
GHS
1,134,996
PIK,
9.85%,
2/03/37
.............
16,227,603
GHS
1,133,536
PIK,
10%,
2/02/38
..............
16,227,603
GHS
1,133,544
17,479,803
India
4.4%
India
Government
Bond
,
7.27%,
4/08/26
................
214,000,000
INR
2,612,602
Senior
Bond,
5.77%,
8/03/30
......
526,000,000
INR
5,860,372
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.
142
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
India
(continued)
India
Government
Bond,
(continued)
Senior
Bond,
7.26%,
8/22/32
......
1,657,600,000
INR
$
20,168,997
Senior
Note,
7.1%,
4/18/29
.......
3,794,000,000
INR
45,855,244
74,497,215
Indonesia
8.5%
Indonesia
Government
Bond
,
FR40,
11%,
9/15/25
.............
21,246,000,000
IDR
1,568,102
FR46,
9.5%,
7/15/23
............
11,838,000,000
IDR
798,766
FR81,
6.5%,
6/15/25
............
599,166,000,000
IDR
40,102,904
FR86,
5.5%,
4/15/26
............
776,453,000,000
IDR
50,534,562
FR95,
6.375%,
8/15/28
..........
102,269,000,000
IDR
6,833,018
c
FR96,
7%,
2/15/33
..............
651,010,000,000
IDR
44,187,230
144,024,582
Malaysia
7.5%
Malaysia
Government
Bond
,
3.906%,
7/15/26
................
143,830,000
MYR
33,133,585
3.9%,
11/30/26
.................
68,750,000
MYR
15,804,611
3.892%,
3/15/27
................
5,820,000
MYR
1,333,901
3.502%,
5/31/27
................
9,330,000
MYR
2,111,009
3.899%,
11/16/27
...............
209,830,000
MYR
48,283,785
3.733%,
6/15/28
................
112,390,000
MYR
25,514,573
126,181,464
Mexico
2.3%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
637,140,000
MXN
32,251,431
M
20,
Senior
Bond,
8.5%,
5/31/29
..
114,900,000
MXN
6,278,678
38,530,109
Norway
3.9%
a
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
2%,
5/24/23
......................
297,507,000
NOK
28,382,553
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
265,052,000
NOK
25,242,884
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
89,312,000
NOK
8,315,009
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
52,969,000
NOK
4,855,906
66,796,352
Singapore
0.9%
Singapore
Government
Bond,
2.625%,
8/01/32
......................
19,920,000
SGD
14,585,772
South
Korea
9.8%
Korea
Treasury
Bonds
,
2.25%,
9/10/23
................
36,742,000,000
KRW
27,995,327
0.875%,
12/10/23
...............
22,287,000,000
KRW
16,783,177
1.875%,
3/10/24
................
33,811,000,000
KRW
25,531,127
1.375%,
9/10/24
................
75,881,910,000
KRW
56,532,555
3%,
9/10/24
...................
18,500,000,000
KRW
14,102,293
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Korea
(continued)
Korea
Treasury
Bonds,
(continued)
Senior
Note,
1.75%,
9/10/26
......
34,133,000,000
KRW
$
24,818,096
165,762,575
Thailand
3.0%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
745,020,000
THB
21,475,078
1%,
6/17/27
...................
570,140,000
THB
16,033,878
Senior
Note,
0.66%,
11/22/23
......
481,230,000
THB
13,983,668
51,492,624
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,029,957,800)
...........
958,658,110
U.S.
Government
and
Agency
Securities
14.5%
United
States
14.5%
U.S.
Treasury
Notes
,
2%,
2/15/25
...................
15,660,000
15,061,127
2.125%,
5/15/25
................
58,760,000
56,508,299
2.875%,
5/31/25
................
76,680,000
74,881,315
2.625%,
12/31/25
...............
44,803,000
43,377,529
1.625%,
2/15/26
................
24,220,000
22,786,195
2.125%,
5/31/26
................
11,063,000
10,517,629
1.625%,
10/31/26
...............
24,220,000
22,507,097
245,639,191
Total
U.S.
Government
and
Agency
Securities
(Cost
$262,259,616)
................
245,639,191
Total
Long
Term
Investments
(Cost
$1,292,217,416)
.............................
1,204,297,301
Short
Term
Investments
27.7%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
19.6%
Brazil
2.9%
d
Brazil
Letras
do
Tesouro
Nacional
,
1/01/25
......................
306,480,000
BRL
49,494,889
Germany
1.9%
d
Germany
Treasury
Bills
,
a
Reg
S,
9/20/23
.................
3,483,000
EUR
3,727,495
a
Reg
S,
10/18/23
................
26,962,000
EUR
28,787,018
32,514,513
Japan
11.3%
d
Japan
Treasury
Bills
,
5/10/23
......................
7,176,000,000
JPY
54,068,438
6/19/23
......................
2,196,400,000
JPY
16,552,969
9/20/23
......................
7,869,100,000
JPY
59,331,269
12/20/23
.....................
879,000,000
JPY
6,628,978
2/20/24
......................
7,151,000,000
JPY
53,931,464
190,513,118
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Singapore
3.5%
d
Singapore
Treasury
Bills
,
4/21/23
......................
45,410,000
SGD
$
34,056,194
5/30/23
......................
32,620,000
SGD
24,362,245
58,418,439
Total
Foreign
Government
and
Agency
Securities
(Cost
$322,587,166)
............
330,940,959
Shares
Money
Market
Funds
8.1%
United
States
8.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
.........
137,328,324
137,328,324
Total
Money
Market
Funds
(Cost
$137,328,324)
.................................
137,328,324
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$459,915,490
)
...............................
468,269,283
a
a
a
Total
Investments
(Cost
$1,752,132,906)
98.8%
..................................
$1,672,566,584
Other
Assets,
less
Liabilities
1.2%
.............................................
20,437,008
Net
Assets
100.0%
...........................................................
$1,693,003,592
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,
2023,
the
aggregate
value
of
these
securities
was
$219,602,469,
representing
13.0%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
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.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Chilean
Peso
......
JPHQ
Buy
5,487,100,000
6,841,344
4/10/23
$
58,333
$
—
Chilean
Peso
......
JPHQ
Sell
5,487,100,000
6,867,459
4/10/23
—
(32,218)
Indian
Rupee
......
HSBK
Buy
241,380,400
2,898,489
4/10/23
38,192
—
Indian
Rupee
......
HSBK
Sell
241,380,400
2,934,895
4/10/23
—
(1,787)
South
Korean
Won
..
MSCO
Buy
33,323,000,000
26,858,225
4/17/23
—
(1,332,541)
Chilean
Peso
......
GSCO
Buy
3,510,200,000
4,197,498
4/18/23
213,545
—
Chilean
Peso
......
JPHQ
Buy
3,325,445,264
4,056,410
4/20/23
121,799
—
Euro
.............
BZWS
Buy
8,713,000
9,460,247
4/25/23
18,854
(18,622)
Euro
.............
BZWS
Sell
8,713,000
9,677,486
4/25/23
217,007
—
Euro
.............
DBAB
Buy
24,278,000
26,345,575
4/25/23
44,719
(29,511)
Euro
.............
DBAB
Sell
24,278,000
24,204,535
4/25/23
—
(2,156,249)
South
Korean
Won
..
CITI
Buy
8,470,100,000
6,865,051
4/25/23
—
(373,702)
Canadian
Dollar
....
HSBK
Buy
66,603,000
49,911,759
5/03/23
—
(610,805)
Canadian
Dollar
....
HSBK
Sell
26,135,009
18,006,358
EUR
5/03/23
213,914
—
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
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)
Euro
.............
HSBK
Sell
19,207,597
26,135,009
CAD
5/03/23
$
—
$
(1,518,774)
Chilean
Peso
......
JPHQ
Buy
3,325,454,736
4,127,411
5/08/23
44,066
—
Chilean
Peso
......
GSCO
Buy
8,834,202,936
10,882,911
5/09/23
197,397
—
Indian
Rupee
......
HSBK
Buy
242,055,750
2,913,666
5/15/23
25,968
—
Chilean
Peso
......
MSCO
Buy
6,390,810,000
7,972,070
5/17/23
35,589
—
Chinese
Yuan
......
CITI
Buy
284,452,570
41,332,234
6/07/23
275,475
—
Chinese
Yuan
......
CITI
Sell
284,452,570
41,845,851
6/07/23
238,142
—
Indian
Rupee
......
JPHQ
Buy
1,225,430,400
14,638,122
6/14/23
225,548
—
Japanese
Yen
......
BOFA
Buy
7,460,672,540
56,148,053
6/15/23
656,083
—
Japanese
Yen
......
DBAB
Buy
9,711,052,240
72,400,354
6/15/23
1,537,743
—
Japanese
Yen
......
GSCO
Buy
9,155,000,000
68,855,295
6/15/23
849,127
—
South
Korean
Won
..
BNDP
Buy
49,699,500,000
37,690,254
6/15/23
517,827
—
Indian
Rupee
......
HSBK
Buy
875,000,000
10,510,511
6/20/23
98,757
—
South
Korean
Won
..
HSBK
Buy
1,788,000,000
1,370,955
6/20/23
4,024
—
Chinese
Yuan
......
CITI
Buy
125,329,450
18,459,305
6/21/23
—
(105,750)
Chinese
Yuan
......
CITI
Sell
125,329,450
18,407,521
6/21/23
53,967
—
Indian
Rupee
......
CITI
Buy
590,870,000
7,163,797
6/21/23
—
(11)
Indian
Rupee
......
JPHQ
Buy
205,911,800
2,496,809
6/21/23
—
(307)
Japanese
Yen
......
BOFA
Buy
4,218,690,870
31,888,513
6/21/23
260,599
—
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
16,606,550
6/21/23
178,739
—
Chilean
Peso
......
GSCO
Buy
13,979,210,973
16,892,286
6/22/23
514,558
—
Chilean
Peso
......
JPHQ
Buy
10,974,200,000
13,606,348
7/05/23
22,972
—
Indian
Rupee
......
HSBK
Buy
241,380,400
2,919,524
7/10/23
3,289
—
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,180,759
7/11/23
44,125
—
South
Korean
Won
..
JPHQ
Buy
16,905,000,000
13,678,845
7/18/23
—
(656,669)
Chilean
Peso
......
GSCO
Buy
4,513,615,115
4,518,186
7/26/23
1,074,161
—
Mexican
Peso
......
MSCO
Buy
35,649,000
1,686,329
8/04/23
244,809
—
Mexican
Peso
......
MSCO
Sell
35,649,000
1,613,442
8/04/23
—
(317,696)
Canadian
Dollar
....
BOFA
Buy
8,949,000
6,494,572
9/11/23
144,237
—
Canadian
Dollar
....
CITI
Buy
7,054,790
5,120,014
9/11/23
113,577
—
Japanese
Yen
......
BNDP
Buy
2,097,874,660
16,055,982
9/20/23
145,530
—
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
6,487,624
9/20/23
135,578
—
New
Zealand
Dollar
.
CITI
Buy
12,470,000
7,613,184
9/20/23
178,450
—
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
28,933,545
9/20/23
670,918
—
Singapore
Dollar
....
CITI
Buy
4,670,000
3,477,290
9/20/23
53,064
—
Singapore
Dollar
....
MSCO
Buy
10,540,000
7,842,641
9/20/23
125,224
—
Australian
Dollar
....
HSBK
Buy
77,360,000
51,899,277
9/25/23
152,269
—
Mexican
Peso
......
CITI
Buy
106,418,000
5,019,214
10/23/23
655,641
—
Mexican
Peso
......
CITI
Sell
106,418,000
4,633,013
10/23/23
—
(1,041,842)
Mexican
Peso
......
MSCO
Buy
107,315,000
4,723,862
9/03/24
710,054
—
Mexican
Peso
......
MSCO
Sell
107,315,000
4,562,422
9/03/24
—
(871,494)
Total
Forward
Exchange
Contracts
...................................................
$11,113,870
$(9,067,978)
Net
unrealized
appreciation
(depreciation)
............................................
$2,045,892
*
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)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
At
March
31,
2023,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
4.422%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
12/14/24
19,880,000
$
45,006
$
—
$
45,006
Receive
Fixed
4.416%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
1/03/25
19,880,000
57,456
—
57,456
Total
Interest
Rate
Swap
Contracts
...............................
$102,462
$
—
$102,462
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2023
Templeton
Growth
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.6%
Aerospace
&
Defense
6.0%
BAE
Systems
plc
.....................................
United
Kingdom
638,198
$
7,720,357
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
4,809,885
8,859,867
Thales
SA
...........................................
France
44,138
6,525,965
23,106,189
Automobile
Components
3.7%
Continental
AG
.......................................
Germany
89,050
6,672,774
a
Faurecia
SE
.........................................
France
109,657
2,383,345
Lear
Corp.
..........................................
United
States
36,904
5,147,739
14,203,858
Automobiles
1.3%
Honda
Motor
Co.
Ltd.
..................................
Japan
195,396
5,169,230
Banks
1.0%
Lloyds
Banking
Group
plc
...............................
United
Kingdom
6,405,268
3,766,273
Beverages
4.3%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
167,217
11,147,182
Pernod
Ricard
SA
.....................................
France
24,491
5,545,775
16,692,957
Biotechnology
2.1%
AbbVie,
Inc.
.........................................
United
States
51,952
8,279,590
Broadline
Retail
1.5%
a
Amazon.com,
Inc.
.....................................
United
States
56,206
5,805,518
Chemicals
3.0%
b
Albemarle
Corp.
......................................
United
States
19,720
4,358,909
DuPont
de
Nemours,
Inc.
...............................
United
States
99,667
7,153,100
11,512,009
Consumer
Staples
Distribution
&
Retail
2.7%
a
Dollar
Tree,
Inc.
......................................
United
States
49,112
7,050,028
Target
Corp.
.........................................
United
States
20,308
3,363,614
10,413,642
Electrical
Equipment
1.3%
Schneider
Electric
SE
..................................
United
States
31,153
5,206,652
Entertainment
2.0%
a
Walt
Disney
Co.
(The)
..................................
United
States
79,055
7,915,777
Financial
Services
1.4%
b
Visa,
Inc.,
A
..........................................
United
States
24,379
5,496,489
Food
Products
2.1%
Danone
SA
..........................................
France
130,453
8,117,633
Health
Care
Equipment
&
Supplies
4.5%
Medtronic
plc
........................................
United
States
108,405
8,739,611
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
67,580
8,731,336
17,470,947
Health
Care
Providers
&
Services
5.0%
b
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
155,554
6,602,676
HCA
Healthcare,
Inc.
...................................
United
States
15,035
3,964,429
UnitedHealth
Group,
Inc.
................................
United
States
18,908
8,935,732
19,502,837
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.
148
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
5.8%
a,b
Booking
Holdings,
Inc.
.................................
United
States
1,574
$
4,174,893
Compass
Group
plc
...................................
United
Kingdom
212,094
5,330,685
a
Hyatt
Hotels
Corp.,
A
...................................
United
States
35,158
3,930,313
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
155,978
2,976,665
Starbucks
Corp.
......................................
United
States
57,926
6,031,835
22,444,391
Household
Durables
1.9%
Sony
Group
Corp.
.....................................
Japan
81,299
7,406,103
Industrial
Conglomerates
1.8%
Hitachi
Ltd.
..........................................
Japan
57,593
3,165,828
Honeywell
International,
Inc.
.............................
United
States
20,262
3,872,473
7,038,301
Insurance
1.8%
AIA
Group
Ltd.
.......................................
Hong
Kong
651,442
6,831,862
Interactive
Media
&
Services
2.5%
a
Alphabet,
Inc.,
A
......................................
United
States
92,411
9,585,793
IT
Services
1.8%
a
DXC
Technology
Co.
...................................
United
States
269,858
6,897,570
Leisure
Products
0.5%
a
YETI
Holdings,
Inc.
....................................
United
States
50,137
2,005,480
Life
Sciences
Tools
&
Services
1.6%
a
ICON
plc
............................................
United
States
28,606
6,109,956
Machinery
2.1%
Komatsu
Ltd.
........................................
Japan
208,919
5,187,225
Westinghouse
Air
Brake
Technologies
Corp.
.................
United
States
29,826
3,014,215
8,201,440
Media
3.2%
Comcast
Corp.,
A
.....................................
United
States
204,797
7,763,854
b
Paramount
Global,
B
...................................
United
States
200,185
4,466,128
12,229,982
Oil,
Gas
&
Consumable
Fuels
5.5%
BP
plc
..............................................
United
Kingdom
1,789,362
11,310,624
Reliance
Industries
Ltd.
.................................
India
182,443
5,188,797
Shell
plc
............................................
Netherlands
170,389
4,856,241
21,355,662
Passenger
Airlines
0.8%
a,b
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
1,543,218
2,883,219
Personal
Care
Products
3.3%
Haleon
plc
..........................................
United
States
706,832
2,808,074
Unilever
plc
..........................................
United
Kingdom
190,090
9,840,621
12,648,695
Pharmaceuticals
3.3%
Bayer
AG
...........................................
Germany
79,259
5,063,426
Johnson
&
Johnson
...................................
United
States
50,662
7,852,610
12,916,036
Professional
Services
1.0%
b
Adecco
Group
AG
.....................................
Switzerland
107,445
3,913,903
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
6.5%
Applied
Materials,
Inc.
..................................
United
States
22,359
$
2,746,356
Infineon
Technologies
AG
...............................
Germany
186,980
7,678,726
Micron
Technology,
Inc.
.................................
United
States
79,684
4,808,133
NXP
Semiconductors
NV
...............................
China
25,281
4,714,275
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
58,118
5,406,136
25,353,626
Software
1.6%
Microsoft
Corp.
.......................................
United
States
14,000
4,036,200
SAP
SE
............................................
Germany
16,174
2,042,394
6,078,594
Specialty
Retail
4.1%
Nitori
Holdings
Co.
Ltd.
.................................
Japan
52,578
6,350,377
TJX
Cos.,
Inc.
(The)
...................................
United
States
121,923
9,553,886
15,904,263
Technology
Hardware,
Storage
&
Peripherals
2.5%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
199,337
9,822,247
Wireless
Telecommunication
Services
2.1%
a
T-Mobile
US,
Inc.
.....................................
United
States
55,946
8,103,219
Total
Common
Stocks
(Cost
$330,824,288)
.....................................
370,389,943
Short
Term
Investments
4.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.6%
National
Bank
of
Canada,
4.81%,
4/03/23
...................
Canada
7,800,000
7,800,000
Royal
Bank
of
Canada,
4.78%,
4/03/23
.....................
Canada
10,000,000
10,000,000
Total
Time
Deposits
(Cost
$17,800,000)
........................................
17,800,000
Total
Short
Term
Investments
(Cost
$17,800,000
)
................................
17,800,000
a
Total
Investments
(Cost
$348,624,288)
100.2%
..................................
$388,189,943
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(642,051)
Net
Assets
10
0.0
%
...........................................................
$387,547,892
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
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,
2023,
the
value
of
this
security
was
$2,976,665,
representing
0.8%
of
net
assets.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
150
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds (Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. Shares
of
the
Funds
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds’
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
and
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
151
Quarterly
Schedules
of
Investments
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2023,
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,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
VIP
Fund
424,073
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
281,629
$
13,111
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$281,629
$13,111
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
10,000,000
Cyber
Re
Ltd.
..............................
2/08/23
$
10,000,000
$
10,000,000
1,730,515
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
1,149,241
53,502
2,039
Wayne
Services
Legacy,
Inc.
...................
1/22/20
—
—
609,467
Windstream
Holdings,
Inc.
.....................
9/21/20
4,827,676
3,852,814
34,368
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
436,130
217,261
Total
Restricted
Securities
(Value
is
0.7%
of
Net
Assets)
..............
$16,413,047
$14,123,577
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
152
Quarterly
Schedules
of
Investments
4.
Investments
in
FT
Underlying
Funds  
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies. 
Investments
in
FT
Underlying
Funds
for
the
three
months
ended
March
31,
2023,
were
as
follows:
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
35,200
Benchling
,
Inc.,
F
............................
10/20/21
$
1,150,910
$
691,204
1
Blaize
,
Inc.
.................................
1/19/23
6
—
64,369
Blaize
,
Inc.,
10%,
12/09/24
.....................
1/19/23
64,368
64,375
8,275
Blaize
,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
—
577
206,272
Blaize
,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,154,000
627,948
26,474
Blaize
,
Inc.,
D,
2/28/24
........................
3/01/21
-
11/09/21
—
261
82,758
Blaize
,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
399,999
135,385
25,878
Databricks
,
Inc.,
G
...........................
2/01/21
1,529,975
1,517,582
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
7,201,036
48,915
Newsela
,
Inc.,
D
.............................
1/21/21
1,034,807
772,414
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,241
906,037
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$9,619,045
$11,916,819
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
14,792,309
a
K2016470219
South
Africa
Ltd.,
A
...............
2/01/17
$
114,768
$
—
1,472,041
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$115,861
$—
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
March
31,
2023.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Income
VIP
Fund,
Class
1
.....................
$
13,893,295
$
—
$
—
$
—
$
424,292
$
14,317,587
902,748
$
—
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
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,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Franklin
U.S.
Core
Bond
ETF
..
$
27,245,261
$
—
$
—
$
—
$
731,130
$
27,976,391
1,286,975
$
128,116
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
5,320,470
11,426,562
(11,475,420)
—
—
5,271,612
5,271,612
54,615
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
...........
13,168,638
87,789
—
—
309,389
13,565,816
1,416,056
137,935
Total
Non-Controlled
Affiliates
$59,627,664
$11,514,351
$(11,475,420)
$
—
$
1,464,811
$61,131,406
$
320,666
Total
Affiliated
Securities
...
$59,627,664
$11,514,351
$(11,475,420)
$—
$1,464,811
$61,131,406
$320,666
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$
15,109,675
$
12,946,149
$
(17,675,564)
$
—
$
—
$
10,380,260
10,380,260
$
151,749
Western
Asset
Premier
Institutional
Government
Reserves,
Class
Premium,
4.62%
.................
105,090
6,038,168
(3,739,582)
—
—
2,403,676
2,403,676
1,327
Western
Asset
Premier
Institutional
U.S.
Treasury
Reserves,
Class
Premium,
4.47%
.................
633,433
945,349
(718,715)
—
—
860,067
860,067
8,088
Total
Affiliated
Securities
...
$15,848,198
$19,929,666
$(22,133,861)
$—
$—
$13,644,003
$161,164
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$
3,506,161
$
16,511,440
$
(12,653,906)
$
—
$
—
$
7,363,695
7,363,695
$
35,932
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
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
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$28,168
$103,196
$(67,646)
$—
$—
$63,718
63,718
$386
Total
Affiliated
Securities
...
$3,534,329
$16,614,636
$(12,721,552)
$—
$—
$7,427,413
$36,318
Franklin
Global
Real
Estate
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$—
$3,671,000
$(1,822,000)
$—
$—
$1,849,000
1,849,000
$2,468
Total
Affiliated
Securities
...
$—
$3,671,000
$(1,822,000)
$—
$—
$1,849,000
$2,468
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$—
$961,000
$(961,000)
$—
$—
$—
—
$1,001
Total
Affiliated
Securities
...
$—
$961,000
$(961,000)
$—
$—
$—
$1,001
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$
46,402,687
$
206,198,385
$
(172,733,149)
$
—
$
—
$
79,867,923
79,867,923
$
597,271
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$11,170,000
$19,447,000
$(23,117,000)
$—
$—
$7,500,000
7,500,000
$99,257
Total
Affiliated
Securities
...
$57,572,687
$225,645,385
$(195,850,149)
$—
$—
$87,367,923
$696,528
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
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
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$578,000
$1,432,000
$(1,364,000)
$—
$—
$646,000
646,000
$4,993
Total
Affiliated
Securities
...
$578,000
$1,432,000
$(1,364,000)
$—
$—
$646,000
$4,993
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$
61,564,833
$
41,353,978
$
(46,320,544)
$
—
$
—
$
56,598,267
56,598,267
$
538,072
Total
Affiliated
Securities
...
$61,564,833
$41,353,978
$(46,320,544)
$—
$—
$56,598,267
$538,072
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$42,407,898
$53,905,005
$(68,630,548)
$—
$—
$27,682,355
27,682,355
$303,444
Total
Affiliated
Securities
...
$42,407,898
$53,905,005
$(68,630,548)
$—
$—
$27,682,355
$303,444
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$23,592,470
$20,465,549
$(22,335,104)
$—
$—
$21,722,915
21,722,915
$240,176
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$204,218
$1,426,278
$(1,461,096)
$—
$—
$169,400
169,400
$710
Total
Affiliated
Securities
...
$23,796,688
$21,891,827
$(23,796,200)
$—
$—
$21,892,315
$240,886
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$18,501,151
$—
$—
$—
$386,952
$18,888,103
2,418,451
$370,617
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Strategic
Income
VIP
Fund
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$
18,252,570
$
21,636,273
$
(19,581,648)
$
—
$
—
$
20,307,195
20,307,195
$
230,978
Total
Affiliated
Securities
...
$36,753,721
$21,636,273
$(19,581,648)
$—
$386,952
$39,195,298
$601,595
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$6,418,109
$15,678,053
$(14,318,359)
$—
$—
$7,777,803
7,777,803
$127,014
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$—
$1,139,700
$(1,139,700)
$—
$—
$—
—
$122
Total
Affiliated
Securities
...
$6,418,109
$16,817,753
$(15,458,059)
$—
$—
$7,777,803
$127,136
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$35,603,799
$47,693,460
$(50,724,505)
$—
$—
$32,572,754
32,572,754
$321,762
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$10,342,950
$6,660,000
$(10,476,750)
$—
$—
$6,526,200
6,526,200
$5,029
Total
Affiliated
Securities
...
$45,946,749
$54,353,460
$(61,201,255)
$—
$—
$39,098,954
$326,791
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$154,512,860
$391,583,944
$(408,768,480)
$—
$—
$137,328,324
137,328,324
$1,310,064
Total
Affiliated
Securities
...
$154,512,860
$391,583,944
$(408,768,480)
$—
$—
$137,328,324
$1,310,064
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
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)
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,
2023,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$2,240,460
$1,099,118
$(3,339,578)
$—
$—
$—
—
$1,237
Total
Affiliated
Securities
...
$2,240,460
$1,099,118
$(3,339,578)
$—
$—
$—
$1,237
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
8,175,628
$
3,226,253
$
—
$
11,401,881
Air
Freight
&
Logistics
...................
2,770,206
1,384,183
—
4,154,389
Automobile
Components
.................
657,739
2,229,818
—
2,887,557
Automobiles
..........................
2,162,036
2,802,356
—
4,964,392
Banks
...............................
8,117,901
8,457,062
—
16,574,963
Beverages
...........................
4,968,815
766,841
—
5,735,656
Biotechnology
.........................
3,650,443
2,540,380
—
6,190,823
Broadline
Retail
.......................
7,080,855
2,060,864
—
9,141,719
Building
Products
......................
1,062,770
461,421
—
1,524,191
Capital
Markets
........................
6,322,326
4,394,117
—
10,716,443
Chemicals
...........................
5,874,323
3,429,444
—
9,303,767
Commercial
Services
&
Supplies
...........
528,853
83,607
—
612,460
Communications
Equipment
..............
4,423,108
92,715
—
4,515,823
Construction
&
Engineering
...............
77,821
272,559
—
350,380
Construction
Materials
..................
1,209,652
847,333
—
2,056,985
Consumer
Finance
.....................
2,485,429
—
—
2,485,429
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Consumer
Staples
Distribution
&
Retail
......
$
1,806,817
$
1,123,844
$
—
$
2,930,661
Containers
&
Packaging
.................
187,708
705,608
—
893,316
Distributors
...........................
142,214
—
—
142,214
Diversified
Consumer
Services
............
—
38,776
—
38,776
Diversified
REITs
......................
—
133,803
—
133,803
Diversified
Telecommunication
Services
.....
548,490
984,773
—
1,533,263
Electric
Utilities
........................
3,437,838
650,911
—
4,088,749
Electrical
Equipment
....................
2,748,957
842,057
—
3,591,014
Electronic
Equipment,
Instruments
&
Components
..........................
3,931,271
524,216
—
4,455,487
Energy
Equipment
&
Services
.............
232,489
885,850
—
1,118,339
Entertainment
.........................
2,671,145
1,515,251
—
4,186,396
Financial
Services
......................
8,351,971
3,097,553
—
11,449,524
Food
Products
........................
832,638
1,533,711
—
2,366,349
Gas
Utilities
..........................
74,831
169,164
—
243,995
Ground
Transportation
..................
2,669,571
205,872
—
2,875,443
Health
Care
Equipment
&
Supplies
.........
8,065,649
3,602,150
—
11,667,799
Health
Care
Providers
&
Services
..........
8,457,973
594,876
—
9,052,849
Health
Care
REITs
.....................
124,722
—
—
124,722
Health
Care
Technology
.................
128,653
37,759
—
166,412
Hotels,
Restaurants
&
Leisure
.............
1,833,129
1,816,904
—
3,650,033
Household
Durables
....................
234,032
1,904,899
—
2,138,931
Household
Products
....................
1,279,837
253,486
—
1,533,323
Independent
Power
and
Renewable
Electricity
Producers
............................
—
139,276
—
139,276
Industrial
Conglomerates
................
490,128
1,790,644
—
2,280,772
Industrial
REITs
.......................
222,399
125,664
—
348,063
Insurance
............................
5,714,185
3,087,883
—
8,802,068
Interactive
Media
&
Services
..............
10,050,689
119,376
—
10,170,065
IT
Services
...........................
3,717,765
263,368
—
3,981,133
Leisure
Products
.......................
—
90,562
—
90,562
Life
Sciences
Tools
&
Services
............
5,471,976
1,261,123
—
6,733,099
Machinery
............................
7,427,394
1,124,885
—
8,552,279
Marine
Transportation
...................
—
158,602
—
158,602
Media
...............................
4,232,270
2,021,088
—
6,253,358
Metals
&
Mining
.......................
570,260
2,397,661
—
2,967,921
Multi-Utilities
..........................
3,468,872
953,433
—
4,422,305
Office
REITs
..........................
—
55,802
—
55,802
Oil,
Gas
&
Consumable
Fuels
.............
8,377,619
5,395,965
—
13,773,584
Paper
&
Forest
Products
.................
—
136,402
—
136,402
Passenger
Airlines
.....................
128,331
49,887
—
178,218
Personal
Care
Products
.................
1,896,430
1,061,219
—
2,957,649
Pharmaceuticals
.......................
8,302,257
5,145,885
—
13,448,142
Professional
Services
...................
2,311,773
2,344,752
—
4,656,525
Real
Estate
Management
&
Development
....
63,725
631,956
—
695,681
Residential
REITs
......................
218,173
—
—
218,173
Retail
REITs
..........................
272,423
264,067
—
536,490
Semiconductors
&
Semiconductor
Equipment
.
13,949,822
4,411,791
—
18,361,613
Software
.............................
26,568,689
1,537,103
—
28,105,792
Specialized
REITs
......................
3,086,827
—
—
3,086,827
Specialty
Retail
........................
3,120,859
521,021
—
3,641,880
Technology
Hardware,
Storage
&
Peripherals
.
8,877,901
1,649,650
—
10,527,551
Textiles,
Apparel
&
Luxury
Goods
..........
1,858,623
1,727,024
—
3,585,647
Tobacco
.............................
414,044
1,191,273
—
1,605,317
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
159
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Trading
Companies
&
Distributors
..........
$
1,742,568
$
1,380,573
$
—
$
3,123,141
Transportation
Infrastructure
..............
—
50,617
—
50,617
Water
Utilities
.........................
316,305
—
—
316,305
Wireless
Telecommunication
Services
.......
154,689
487,310
—
641,999
Management
Investment
Companies
.........
11,099,844
—
—
11,099,844
Preferred
Stocks
.........................
—
211,581
—
211,581
Rights
.................................
—
—
—
a
—
Limited
Partnerships
......................
1,835,637
—
—
1,835,637
Corporate
Bonds
........................
—
60,077,203
—
60,077,203
Foreign
Government
and
Agency
Securities
....
—
8,781,711
—
8,781,711
U.S.
Government
and
Agency
Securities
.......
—
102,019,273
—
102,019,273
Asset-Backed
Securities
...................
—
4,048,095
—
4,048,095
Commercial
Mortgage-Backed
Securities
......
—
3,461,925
—
3,461,925
Mortgage-Backed
Securities
................
—
27,734,782
—
27,734,782
Municipal
Bonds
.........................
—
1,792,042
—
1,792,042
Residential
Mortgage-Backed
Securities
.......
—
1,492,505
—
1,492,505
Options
purchased
.......................
13,809
—
—
13,809
Short
Term
Investments
...................
17,186,941
2,461,071
—
19,648,012
Total
Investments
in
Securities
...........
$260,491,067
$307,326,466
b
$—
$567,817,533
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
91,381
$
—
$
91,381
Futures
contracts
........................
420,365
—
—
420,365
Swap
contracts
.........................
—
132,38
9
—
132,38
9
Total
Other
Financial
Instruments
.........
$420,365
$223,770
$—
$644,135
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
50,01
6
$
—
$
—
$
50,01
6
Forward
exchange
contracts
................
—
104,446
—
104,446
Futures
contracts
........................
799,383
—
—
799,383
Swap
contracts
..........................
—
55,15
4
—
55,15
4
Total
Other
Financial
Instruments
.........
$849,399
$159,600
$—
$1,008,999
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,490,291
—
—
1,490,291
Automobile
Components
.................
75,030
—
—
75,030
Automobiles
..........................
3,197,996
—
—
3,197,996
Biotechnology
.........................
616,762
683,326
—
1,300,088
Broadline
Retail
.......................
8,198,359
—
—
8,198,359
Capital
Markets
........................
3,026,992
—
—
3,026,992
Chemicals
...........................
1,155,864
—
—
1,155,864
Construction
&
Engineering
...............
1,126,986
—
—
1,126,986
Electric
Utilities
........................
1,899,251
—
—
1,899,251
Electrical
Equipment
....................
193,894
—
—
193,894
Electronic
Equipment,
Instruments
&
Components
..........................
591,237
929,327
—
1,520,564
Energy
Equipment
&
Services
.............
1,325,640
—
—
1,325,640
Financial
Services
......................
5,253,117
1,964,788
—
7,217,905
Ground
Transportation
..................
239,747
—
—
239,747
Health
Care
Equipment
&
Supplies
.........
6,335,740
—
—
6,335,740
Health
Care
Providers
&
Services
..........
1,454,159
—
—
1,454,159
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
160
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Technology
.................
$
505,606
$
—
$
—
$
505,606
Hotels,
Restaurants
&
Leisure
.............
784,866
—
—
784,866
Interactive
Media
&
Services
..............
3,839,358
—
—
3,839,358
IT
Services
...........................
2,606,568
—
—
2,606,568
Life
Sciences
Tools
&
Services
............
7,645,852
738,092
—
8,383,944
Pharmaceuticals
.......................
1,885,056
—
—
1,885,056
Professional
Services
...................
335,162
—
—
335,162
Semiconductors
&
Semiconductor
Equipment
.
19,278,946
558,951
—
19,837,897
Software
.............................
32,824,885
17,287
—
32,842,172
Specialized
REITs
......................
556,035
—
—
556,035
Technology
Hardware,
Storage
&
Peripherals
.
2,541,274
—
—
2,541,274
Trading
Companies
&
Distributors
..........
94,880
—
—
94,880
Preferred
Stocks
.........................
—
240,663
—
240,663
Short
Term
Investments
...................
7,427,413
—
—
7,427,413
Total
Investments
in
Securities
...........
$116,506,966
$5,132,434
c
$—
$121,639,400
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
REITs
......................
773,731
1,772,538
—
2,546,269
Diversified
Telecommunication
Services
.....
—
869,218
—
869,218
Health
Care
REITs
.....................
5,774,759
1,130,769
—
6,905,528
Hotel
&
Resort
REITs
...................
2,986,286
1,063,006
—
4,049,292
Industrial
REITs
.......................
13,447,801
5,829,762
—
19,277,563
Office
REITs
..........................
3,892,019
5,097,735
—
8,989,754
Real
Estate
Management
&
Development
....
1,622,987
12,920,479
—
14,543,466
Residential
REITs
......................
15,749,265
1,454,984
—
17,204,249
Retail
REITs
..........................
11,841,697
5,346,551
—
17,188,248
Specialized
REITs
......................
15,824,825
965,615
—
16,790,440
Short
Term
Investments
...................
1,849,000
593,917
—
2,442,917
Total
Investments
in
Securities
...........
$73,762,370
$37,044,574
d
$—
$110,806,944
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,500,953
—
—
1,500,953
Air
Freight
&
Logistics
...................
1,125,142
—
—
1,125,142
Banks
...............................
2,900,045
—
—
2,900,045
Beverages
...........................
1,579,241
—
—
1,579,241
Capital
Markets
........................
2,635,498
—
—
2,635,498
Chemicals
...........................
284,626
275,368
—
559,994
Commercial
Services
&
Supplies
...........
82,484
—
—
82,484
Communications
Equipment
..............
951,405
—
—
951,405
Consumer
Finance
.....................
188,043
—
—
188,043
Consumer
Staples
Distribution
&
Retail
......
1,190,977
—
—
1,190,977
Diversified
Telecommunication
Services
.....
105,208
—
—
105,208
Electric
Utilities
........................
2,262,580
—
—
2,262,580
Electrical
Equipment
....................
844,749
—
—
844,749
Financial
Services
......................
791,711
—
—
791,711
Food
Products
........................
407,165
—
—
407,165
Ground
Transportation
..................
482,936
—
—
482,936
Health
Care
Equipment
&
Supplies
.........
883,595
—
—
883,595
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
161
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
and
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Providers
&
Services
..........
$
1,533,656
$
—
$
—
$
1,533,656
Health
Care
REITs
.....................
362,351
—
—
362,351
Hotels,
Restaurants
&
Leisure
.............
499,104
—
—
499,104
Household
Products
....................
1,217,028
—
—
1,217,028
Industrial
REITs
.......................
42,422
—
—
42,422
Insurance
............................
88,959
—
—
88,959
Life
Sciences
Tools
&
Services
............
545,246
—
—
545,246
Machinery
............................
407,484
—
—
407,484
Media
...............................
382,322
—
—
382,322
Oil,
Gas
&
Consumable
Fuels
.............
3,943,247
—
—
3,943,247
Pharmaceuticals
.......................
2,705,222
—
—
2,705,222
Residential
REITs
......................
490,880
—
—
490,880
Semiconductors
&
Semiconductor
Equipment
.
1,451,762
—
—
1,451,762
Software
.............................
1,082,983
—
—
1,082,983
Specialized
REITs
......................
90,642
—
—
90,642
Specialty
Retail
........................
662,655
—
—
662,655
Water
Utilities
.........................
324,712
—
—
324,712
Equity-Linked
Securities
...................
—
3,639,105
—
3,639,105
Convertible
Preferred
Stocks
................
2,605,055
—
—
2,605,055
Short
Term
Investments
...................
—
1,837,942
—
1,837,942
Total
Investments
in
Securities
...........
$36,652,088
$5,752,415
e
$—
$42,404,503
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
741,353,819
—
—
741,353,819
Equity-Linked
Securities
...................
—
434,491,540
—
434,491,540
Convertible
Preferred
Stocks
:
Electric
Utilities
........................
11,242,968
—
—
11,242,968
Financial
Services
......................
—
3,027,887
—
3,027,887
Corporate
Bonds
........................
—
1,506,035,737
—
1,506,035,737
U.S.
Government
and
Agency
Securities
.......
—
328,767,383
—
328,767,383
Asset-Backed
Securities
...................
—
7,532,637
—
7,532,637
Mortgage-Backed
Securities
................
—
1,514,259
—
1,514,259
Short
Term
Investments
...................
87,367,923
—
—
87,367,923
Total
Investments
in
Securities
...........
$839,964,710
$2,281,369,443
$—
$3,121,334,153
Other
Financial
Instruments:
Futures
contracts
........................
$5,075,032
$—
$—
$5,075,032
Total
Other
Financial
Instruments
.........
$5,075,032
$—
$—
$5,075,032
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$660,000
$—
$—
$660,000
..............................................................
Total
Other
Financial
Instruments
.........
$660,000
$—
$—
$660,000
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
84,838,478
—
—
84,838,478
Short
Term
Investments
...................
646,000
1,583,336
—
2,229,336
Total
Investments
in
Securities
...........
$85,484,478
$1,583,336
$—
$87,067,814
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
6,586,786
$
—
$
6,586,786
Automobile
Components
.................
—
8,065,975
13,111
8,079,086
Automobiles
..........................
6,701,766
—
—
6,701,766
Banks
...............................
10,524,883
14,091,951
—
24,616,834
Biotechnology
.........................
2,779,577
—
—
2,779,577
Building
Products
......................
7,903,393
—
—
7,903,393
Capital
Markets
........................
6,764,803
—
—
6,764,803
Chemicals
...........................
—
8,389,694
—
8,389,694
Consumer
Finance
.....................
6,079,524
—
—
6,079,524
Diversified
Telecommunication
Services
.....
—
12,738,076
—
12,738,076
Electrical
Equipment
....................
—
7,613,454
—
7,613,454
Energy
Equipment
&
Services
.............
8,388,195
—
—
8,388,195
Entertainment
.........................
15,524,087
—
—
15,524,087
Financial
Services
......................
22,908,389
—
—
22,908,389
Food
Products
........................
8,549,937
10,502,712
—
19,052,649
Health
Care
Equipment
&
Supplies
.........
8,937,856
—
—
8,937,856
Health
Care
Providers
&
Services
..........
23,394,324
7,815,129
—
31,209,453
Household
Durables
....................
7,292,363
—
—
7,292,363
Household
Products
....................
—
7,815,926
—
7,815,926
Industrial
Conglomerates
................
—
6,706,785
—
6,706,785
Insurance
............................
15,724,752
8,269,677
—
23,994,429
Interactive
Media
&
Services
..............
7,530,228
—
—
7,530,228
IT
Services
...........................
—
7,600,280
—
7,600,280
Machinery
............................
7,783,971
—
—
7,783,971
Media
...............................
8,991,031
—
—
8,991,031
Metals
&
Mining
.......................
—
6,910,607
—
6,910,607
Oil,
Gas
&
Consumable
Fuels
.............
13,363,079
10,944,838
—
24,307,917
Personal
Care
Products
.................
—
8,390,441
—
8,390,441
Pharmaceuticals
.......................
20,706,840
8,407,234
—
29,114,074
Real
Estate
Management
&
Development
....
7,273,865
—
—
7,273,865
Semiconductors
&
Semiconductor
Equipment
.
4,451,790
8,315,730
—
12,767,520
Software
.............................
6,380,660
—
—
6,380,660
Specialized
REITs
......................
2,359,620
—
—
2,359,620
Technology
Hardware,
Storage
&
Peripherals
.
—
8,464,536
—
8,464,536
Tobacco
.............................
—
8,657,005
—
8,657,005
Trading
Companies
&
Distributors
..........
7,993,882
—
—
7,993,882
Preferred
Stocks
.........................
—
6,175,249
—
6,175,249
Corporate
Bonds
........................
—
2,512,210
—
2,512,210
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
8,677,681
—
8,677,681
Total
Investments
in
Securities
...........
$238,308,815
$183,651,976
g
$13,111
$421,973,902
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$123,172
$—
$123,172
Total
Other
Financial
Instruments
.........
$—
$123,172
$—
$123,172
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$543,852
$—
$—
$543,852
Forward
exchange
contracts
................
—
679,848
—
679,848
Futures
contracts
........................
185,475
—
—
185,475
Total
Other
Financial
Instruments
.........
$729,327
$679,848
$—
$1,409,175
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
.................
$
—
$
—
$
53,502
$
53,502
Automobiles
..........................
37,989,586
—
—
37,989,586
Banks
...............................
107,319,731
—
—
107,319,731
Biotechnology
.........................
13,829,020
—
—
13,829,020
Building
Products
......................
38,097,400
—
—
38,097,400
Capital
Markets
........................
35,722,979
—
—
35,722,979
Consumer
Finance
.....................
46,489,178
—
—
46,489,178
Containers
&
Packaging
.................
38,442,628
—
—
38,442,628
Diversified
Telecommunication
Services
.....
—
—
3,852,814
3,852,814
Electronic
Equipment,
Instruments
&
Components
..........................
46,198,903
—
—
46,198,903
Energy
Equipment
&
Services
.............
48,438,132
—
—
48,438,132
Entertainment
.........................
82,413,238
—
—
82,413,238
Financial
Services
......................
131,385,389
—
—
131,385,389
Food
Products
........................
51,004,299
—
—
51,004,299
Health
Care
Equipment
&
Supplies
.........
41,090,160
—
—
41,090,160
Health
Care
Providers
&
Services
..........
116,759,701
—
—
116,759,701
Household
Durables
....................
45,012,914
—
—
45,012,914
Insurance
............................
75,990,886
—
10,000,000
85,990,886
Interactive
Media
&
Services
..............
47,663,822
—
—
47,663,822
Machinery
............................
39,034,135
—
—
39,034,135
Media
...............................
75,409,582
—
—
75,409,582
Metals
&
Mining
.......................
22,366,642
—
—
22,366,642
Oil,
Gas
&
Consumable
Fuels
.............
66,938,151
38,366,420
—
105,304,571
Pharmaceuticals
.......................
119,360,298
40,899,643
—
160,259,941
Professional
Services
...................
70,467,292
—
—
70,467,292
Real
Estate
Management
&
Development
....
44,883,215
—
—
44,883,215
Retail
REITs
..........................
39,596,671
—
—
39,596,671
Software
.............................
72,973,917
—
—
72,973,917
Specialized
REITs
......................
11,889,863
—
—
11,889,863
Specialty
Retail
........................
—
—
—
a
—
Textiles,
Apparel
&
Luxury
Goods
..........
43,969,182
—
—
43,969,182
Tobacco
.............................
—
37,145,307
—
37,145,307
Wireless
Telecommunication
Services
.......
43,709,091
—
—
43,709,091
Warrants
...............................
—
—
217,261
217,261
Corporate
Bonds
........................
—
65,827,955
—
65,827,955
Senior
Floating
Rate
Interests
...............
—
25,797,823
—
25,797,823
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
37,583,894
—
37,583,894
Total
Investments
in
Securities
...........
$1,654,446,005
$245,621,042
h
$14,123,577
$1,914,190,624
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$20,222
$—
$20,222
Total
Other
Financial
Instruments
.........
$—
$20,222
$—
$20,222
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$2,740,410
$—
$—
$2,740,410
Forward
exchange
contracts
................
—
469,436
—
469,436
Futures
contracts
........................
231,211
—
—
231,211
Total
Other
Financial
Instruments
.........
$2,971,621
$469,436
$—
$3,441,057
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
$
1,353,653,182
$
—
$
—
$
1,353,653,182
Short
Term
Investments
...................
56,598,267
—
—
56,598,267
Total
Investments
in
Securities
...........
$1,410,251,449
$—
$—
$1,410,251,449
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
3,974,626
10,261,708
—
14,236,334
Automobile
Components
.................
18,873,748
—
—
18,873,748
Banks
...............................
122,086,568
—
—
122,086,568
Building
Products
......................
48,067,853
—
—
48,067,853
Chemicals
...........................
57,565,797
—
—
57,565,797
Commercial
Services
&
Supplies
...........
12,201,927
—
—
12,201,927
Communications
Equipment
..............
13,459,197
—
—
13,459,197
Construction
&
Engineering
...............
23,578,742
—
—
23,578,742
Construction
Materials
..................
14,723,546
—
—
14,723,546
Consumer
Finance
.....................
4,223,364
—
—
4,223,364
Diversified
REITs
......................
10,956,341
—
—
10,956,341
Electric
Utilities
........................
10,364,906
—
—
10,364,906
Electrical
Equipment
....................
15,954,842
—
—
15,954,842
Electronic
Equipment,
Instruments
&
Components
..........................
50,276,185
—
—
50,276,185
Energy
Equipment
&
Services
.............
23,887,657
—
—
23,887,657
Food
Products
........................
14,748,418
33,807,470
—
48,555,888
Ground
Transportation
..................
7,997,247
—
—
7,997,247
Health
Care
Equipment
&
Supplies
.........
48,797,558
—
—
48,797,558
Hotel
&
Resort
REITs
...................
15,667,151
—
—
15,667,151
Hotels,
Restaurants
&
Leisure
.............
55,520,073
7,506,926
—
63,026,999
Household
Durables
....................
8,410,921
—
—
8,410,921
Industrial
REITs
.......................
8,093,363
—
—
8,093,363
Insurance
............................
62,654,883
—
—
62,654,883
Leisure
Products
.......................
10,974,060
—
—
10,974,060
Machinery
............................
25,001,043
—
—
25,001,043
Metals
&
Mining
.......................
42,879,751
—
—
42,879,751
Multi-Utilities
..........................
8,813,556
—
—
8,813,556
Office
REITs
..........................
4,391,815
—
—
4,391,815
Oil,
Gas
&
Consumable
Fuels
.............
62,256,989
—
—
62,256,989
Professional
Services
...................
5,736,213
—
—
5,736,213
Real
Estate
Management
&
Development
....
2,026,378
—
—
2,026,378
Semiconductors
&
Semiconductor
Equipment
.
31,455,677
—
—
31,455,677
Software
.............................
41,326,048
—
—
41,326,048
Specialty
Retail
........................
10,512,625
—
—
10,512,625
Textiles,
Apparel
&
Luxury
Goods
..........
18,135,001
3,206,655
—
21,341,656
Trading
Companies
&
Distributors
..........
53,385,564
—
—
53,385,564
Short
Term
Investments
...................
27,682,355
—
—
27,682,355
Total
Investments
in
Securities
...........
$996,661,988
$54,782,759
i
$—
$1,051,444,747
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
6,486,040
—
—
6,486,040
Beverages
...........................
3,438,445
—
—
3,438,445
Biotechnology
.........................
11,312,244
—
—
11,312,244
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Building
Products
......................
$
6,255,320
$
—
$
—
$
6,255,320
Capital
Markets
........................
19,186,471
—
—
19,186,471
Chemicals
...........................
2,011,464
—
—
2,011,464
Commercial
Services
&
Supplies
...........
5,205,970
—
—
5,205,970
Communications
Equipment
..............
8,292,284
—
—
8,292,284
Containers
&
Packaging
.................
4,992,147
—
—
4,992,147
Electrical
Equipment
....................
8,943,275
—
—
8,943,275
Electronic
Equipment,
Instruments
&
Components
..........................
7,543,350
—
—
7,543,350
Entertainment
.........................
2,388,438
—
—
2,388,438
Financial
Services
......................
834,250
2,868,304
—
3,702,554
Food
Products
........................
2,197,508
—
—
2,197,508
Ground
Transportation
..................
6,697,506
—
—
6,697,506
Health
Care
Equipment
&
Supplies
.........
25,366,603
—
—
25,366,603
Health
Care
Providers
&
Services
..........
2,248,593
—
—
2,248,593
Health
Care
Technology
.................
7,912,212
—
—
7,912,212
Hotels,
Restaurants
&
Leisure
.............
26,492,055
—
—
26,492,055
Household
Durables
....................
6,586,329
—
—
6,586,329
Industrial
REITs
.......................
3,175,090
—
—
3,175,090
Interactive
Media
&
Services
..............
7,425,635
—
—
7,425,635
IT
Services
...........................
10,419,400
—
—
10,419,400
Leisure
Products
.......................
—
—
7,201,036
7,201,036
Life
Sciences
Tools
&
Services
............
21,186,056
—
—
21,186,056
Machinery
............................
4,566,205
—
—
4,566,205
Oil,
Gas
&
Consumable
Fuels
.............
10,107,912
—
—
10,107,912
Passenger
Airlines
.....................
5,758,308
—
—
5,758,308
Personal
Care
Products
.................
4,168,400
—
—
4,168,400
Pharmaceuticals
.......................
6,498,519
—
—
6,498,519
Professional
Services
...................
14,398,937
—
—
14,398,937
Residential
REITs
......................
3,685,437
—
—
3,685,437
Semiconductors
&
Semiconductor
Equipment
.
19,708,193
—
—
19,708,193
Software
.............................
48,740,219
—
—
a
48,740,219
Specialized
REITs
......................
3,434,898
—
—
3,434,898
Specialty
Retail
........................
23,005,493
—
—
23,005,493
Textiles,
Apparel
&
Luxury
Goods
..........
11,332,497
—
—
11,332,497
Trading
Companies
&
Distributors
..........
7,470,690
—
—
7,470,690
Convertible
Preferred
Stocks
................
—
—
4,650,570
4,650,570
Warrants
...............................
—
—
838
838
Corporate
Bonds
........................
—
—
64,375
64,375
Short
Term
Investments
...................
21,892,315
—
—
21,892,315
Total
Investments
in
Securities
...........
$391,364,708
$2,868,304
j
$11,916,819
$406,149,831
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Energy
Equipment
&
Services
.............
818,674
—
—
818,674
Media
...............................
58,216
—
—
58,216
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
2,961
$
723,699
$
—
$
726,660
Management
Investment
Companies
.........
—
18,888,103
—
18,888,103
Convertible
Bonds
.......................
—
2,438
—
2,438
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
2,652,843
—
2,652,843
Air
Freight
&
Logistics
...................
—
811,410
—
811,410
Automobile
Components
.................
—
3,982,806
—
3,982,806
Automobiles
..........................
—
629,016
—
629,016
Banks
...............................
—
18,120,732
—
18,120,732
Beverages
...........................
—
1,628,543
—
1,628,543
Biotechnology
.........................
—
1,753,094
—
1,753,094
Broadline
Retail
.......................
—
444,358
—
a
444,358
Building
Products
......................
—
1,741,528
—
1,741,528
Capital
Markets
........................
—
6,959,057
—
6,959,057
Chemicals
...........................
—
5,215,012
—
5,215,012
Commercial
Services
&
Supplies
...........
—
2,130,182
—
2,130,182
Construction
&
Engineering
...............
—
645,664
—
645,664
Consumer
Finance
.....................
—
1,458,109
—
1,458,109
Containers
&
Packaging
.................
—
4,416,502
—
4,416,502
Distributors
...........................
—
520,997
—
520,997
Diversified
Consumer
Services
............
—
723,784
—
723,784
Diversified
REITs
......................
—
2,120,304
—
2,120,304
Diversified
Telecommunication
Services
.....
—
2,955,422
—
2,955,422
Electric
Utilities
........................
—
4,702,683
—
4,702,683
Electrical
Equipment
....................
—
988,720
—
988,720
Electronic
Equipment,
Instruments
&
Components
..........................
—
1,571,594
—
1,571,594
Energy
Equipment
&
Services
.............
—
402,365
—
402,365
Entertainment
.........................
—
1,629,521
—
1,629,521
Financial
Services
......................
—
594,759
—
594,759
Food
Products
........................
—
2,159,487
—
2,159,487
Gas
Utilities
..........................
—
212,857
—
212,857
Ground
Transportation
..................
—
1,803,698
—
1,803,698
Health
Care
Equipment
&
Supplies
.........
—
1,041,075
—
1,041,075
Health
Care
Providers
&
Services
..........
—
5,231,516
—
5,231,516
Health
Care
REITs
.....................
—
202,230
—
202,230
Hotel
&
Resort
REITs
...................
—
339,661
—
339,661
Hotels,
Restaurants
&
Leisure
.............
—
3,352,688
—
3,352,688
Household
Durables
....................
—
339,662
—
339,662
Household
Products
....................
—
1,009,410
—
1,009,410
Independent
Power
and
Renewable
Electricity
Producers
............................
—
4,684,350
—
4,684,350
Insurance
............................
—
3,051,122
—
3,051,122
Interactive
Media
&
Services
..............
—
762,835
—
762,835
IT
Services
...........................
—
3,710,766
—
3,710,766
Machinery
............................
—
1,161,783
—
1,161,783
Media
...............................
—
4,477,857
—
4,477,857
Metals
&
Mining
.......................
—
1,990,594
—
1,990,594
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..............................
—
796,307
—
796,307
Multi-Utilities
..........................
—
1,098,898
—
1,098,898
Oil,
Gas
&
Consumable
Fuels
.............
—
13,082,962
—
13,082,962
Paper
&
Forest
Products
.................
—
937,323
—
937,323
Passenger
Airlines
.....................
—
1,665,645
—
1,665,645
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
167
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Personal
Care
Products
.................
$
—
$
3,019,956
$
—
$
3,019,956
Pharmaceuticals
.......................
—
3,049,954
—
3,049,954
Real
Estate
Management
&
Development
....
—
784,067
—
784,067
Residential
REITs
......................
—
421,759
—
421,759
Software
.............................
—
419,697
—
419,697
Specialty
Retail
........................
—
536,246
—
536,246
Technology
Hardware,
Storage
&
Peripherals
.
—
168,433
—
168,433
Textiles,
Apparel
&
Luxury
Goods
..........
—
204,941
—
204,941
Tobacco
.............................
—
1,358,673
—
1,358,673
Trading
Companies
&
Distributors
..........
—
1,974,594
—
1,974,594
Transportation
Infrastructure
..............
—
113,918
—
113,918
Wireless
Telecommunication
Services
.......
—
1,585,021
—
1,585,021
Marketplace
Loans
.......................
—
—
5,979,231
5,979,231
Foreign
Government
and
Agency
Securities
....
—
7,184,794
—
7,184,794
U.S.
Government
and
Agency
Securities
.......
—
63,080,322
—
63,080,322
Asset-Backed
Securities
...................
—
15,605,525
—
15,605,525
Commercial
Mortgage-Backed
Securities
......
—
1,592,831
—
1,592,831
Mortgage-Backed
Securities
................
—
19,006,197
—
19,006,197
Residential
Mortgage-Backed
Securities
.......
—
10,695,261
—
10,695,261
Escrows
and
Litigation
Trusts
...............
—
2,126
—
a
2,126
Short
Term
Investments
...................
20,307,195
—
—
20,307,195
Total
Investments
in
Securities
...........
$21,187,046
$272,330,286
$5,979,231
$299,496,563
Other
Financial
Instruments:
Futures
contracts
........................
$483,559
$—
$—
$483,559
Swap
contracts
.........................
—
78,890
—
78,890
Total
Other
Financial
Instruments
.........
$483,559
$78,890
$—
$562,449
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$95,862
$—
$95,862
Swap
contracts
..........................
—
760,545
—
760,545
Total
Other
Financial
Instruments
.........
$—
$856,407
$—
$856,407
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
f
Corporate
Bonds
........................
—
7,652,726
—
7,652,726
Foreign
Government
and
Agency
Securities
....
—
12,825,904
—
12,825,904
U.S.
Government
and
Agency
Securities
.......
—
83,961,377
—
83,961,377
Mortgage-Backed
Securities
................
—
460,268,299
—
460,268,299
Short
Term
Investments
...................
—
28,091,860
—
28,091,860
Total
Investments
in
Securities
...........
$—
$592,800,166
$—
$592,800,166
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
104,431,011
—
—
104,431,011
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
58,324,019
—
—
58,324,019
Short
Term
Investments
...................
5,271,612
—
—
5,271,612
Total
Investments
in
Securities
...........
$168,026,642
$—
$—
$168,026,642
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
168
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$806,934
$—
$—
$806,934
Swap
contracts
..........................
—
959
—
959
Total
Other
Financial
Instruments
.........
$806,934
$959
$—
$807,893
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
4,486,292
$
—
$
—
$
4,486,292
Cambodia
............................
—
842,188
—
842,188
Chile
................................
2,020,834
—
—
2,020,834
China
...............................
7,617,686
65,422,540
—
73,040,226
Hong
Kong
...........................
—
2,938,583
—
2,938,583
Hungary
.............................
—
2,489,696
—
2,489,696
India
................................
—
28,083,903
—
28,083,903
Indonesia
............................
—
2,076,048
—
2,076,048
Mexico
..............................
4,141,761
—
—
4,141,761
Peru
................................
1,024,915
—
—
1,024,915
Philippines
............................
—
933,510
—
933,510
Russia
...............................
—
—
—
k
—
South
Africa
...........................
—
1,626,772
—
1,626,772
South
Korea
..........................
—
49,695,092
—
49,695,092
Taiwan
...............................
—
39,005,447
—
39,005,447
Thailand
.............................
—
5,896,148
—
5,896,148
United
Arab
Emirates
....................
1,191,698
—
—
1,191,698
United
Kingdom
........................
—
4,022,157
—
4,022,157
United
States
..........................
8,384,723
—
—
8,384,723
Preferred
Stocks
........................
14,272,115
—
—
14,272,115
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
7,777,803
—
—
7,777,803
Total
Investments
in
Securities
...........
$50,917,827
$203,032,084
l
$—
$253,949,911
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
32,969,642
$
—
$
32,969,642
Automobile
Components
.................
—
51,530,703
—
51,530,703
Automobiles
..........................
—
45,799,873
—
45,799,873
Banks
...............................
17,303,361
106,619,140
—
123,922,501
Broadline
Retail
.......................
—
50,460,262
—
50,460,262
Chemicals
...........................
—
11,623,562
—
11,623,562
Construction
Materials
..................
—
15,306,582
—
15,306,582
Consumer
Staples
Distribution
&
Retail
......
—
11,351,615
—
11,351,615
Energy
Equipment
&
Services
.............
—
20,395,875
—
20,395,875
Financial
Services
......................
—
35,151,738
—
35,151,738
Health
Care
Providers
&
Services
..........
—
13,067,826
—
13,067,826
Household
Durables
....................
—
28,571,796
—
28,571,796
Industrial
Conglomerates
................
—
29,919,892
—
29,919,892
Insurance
............................
—
31,574,002
—
31,574,002
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
169
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Machinery
............................
$
—
$
6,564,756
$
—
$
6,564,756
Media
...............................
—
5,355,639
—
5,355,639
Metals
&
Mining
.......................
16,460,315
16,425,348
—
32,885,663
Multi-Utilities
..........................
—
15,021,803
—
15,021,803
Oil,
Gas
&
Consumable
Fuels
.............
—
105,801,738
—
105,801,738
Pharmaceuticals
.......................
—
43,710,719
—
43,710,719
Professional
Services
...................
—
18,182,299
—
18,182,299
Semiconductors
&
Semiconductor
Equipment
.
18,141,221
53,949,885
—
72,091,106
Technology
Hardware,
Storage
&
Peripherals
.
—
37,545,408
—
37,545,408
Tobacco
.............................
—
18,367,725
—
18,367,725
Short
Term
Investments
...................
39,098,954
—
—
39,098,954
Total
Investments
in
Securities
...........
$91,003,851
$805,267,828
m
$—
$896,271,679
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
958,658,110
$
—
$
958,658,110
U.S.
Government
and
Agency
Securities
.......
—
245,639,191
—
245,639,191
Short
Term
Investments
...................
137,328,324
330,940,959
—
468,269,283
Total
Investments
in
Securities
...........
$137,328,324
$1,535,238,260
$—
$1,672,566,584
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
11,113,870
$
—
$
11,113,870
Swap
contracts
.........................
—
102,462
—
102,462
Total
Other
Financial
Instruments
.........
$—
$11,216,332
$—
$11,216,332
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
9,067,978
$
—
$
9,067,978
..............................................................
Total
Other
Financial
Instruments
.........
$—
$9,067,978
$—
$9,067,978
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
23,106,189
$
—
$
23,106,189
Automobile
Components
.................
5,147,739
9,056,119
—
14,203,858
Automobiles
..........................
—
5,169,230
—
5,169,230
Banks
...............................
—
3,766,273
—
3,766,273
Beverages
...........................
—
16,692,957
—
16,692,957
Biotechnology
.........................
8,279,590
—
—
8,279,590
Broadline
Retail
.......................
12,855,545
—
—
12,855,545
Chemicals
...........................
11,512,009
—
—
11,512,009
Consumer
Staples
Distribution
&
Retail
......
3,363,614
—
—
3,363,614
Electrical
Equipment
....................
—
5,206,652
—
5,206,652
Entertainment
.........................
7,915,777
—
—
7,915,777
Financial
Services
......................
5,496,489
—
—
5,496,489
Food
Products
........................
—
8,117,633
—
8,117,633
Health
Care
Equipment
&
Supplies
.........
17,470,947
—
—
17,470,947
Health
Care
Providers
&
Services
..........
12,900,161
6,602,676
—
19,502,837
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
170
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Hotels,
Restaurants
&
Leisure
.............
$
14,137,041
$
8,307,350
$
—
$
22,444,391
Household
Durables
....................
—
7,406,103
—
7,406,103
Industrial
Conglomerates
................
3,872,473
3,165,828
—
7,038,301
Insurance
............................
—
6,831,862
—
6,831,862
Interactive
Media
&
Services
..............
9,585,793
—
—
9,585,793
IT
Services
...........................
6,897,570
—
—
6,897,570
Leisure
Products
.......................
2,005,480
—
—
2,005,480
Life
Sciences
Tools
&
Services
............
6,109,956
—
—
6,109,956
Machinery
............................
3,014,215
5,187,225
—
8,201,440
Media
...............................
12,229,982
—
—
12,229,982
Oil,
Gas
&
Consumable
Fuels
.............
—
21,355,662
—
21,355,662
Passenger
Airlines
.....................
—
2,883,220
—
2,883,220
Personal
Care
Products
.................
—
12,648,695
—
12,648,695
Pharmaceuticals
.......................
7,852,610
5,063,426
—
12,916,036
Professional
Services
...................
—
3,913,903
—
3,913,903
Semiconductors
&
Semiconductor
Equipment
.
17,674,900
7,678,726
—
25,353,626
Software
.............................
4,036,200
2,042,394
—
6,078,594
Specialty
Retail
........................
9,553,886
6,350,377
—
15,904,263
Technology
Hardware,
Storage
&
Peripherals
.
—
9,822,247
—
9,822,247
Wireless
Telecommunication
Services
.......
8,103,219
—
—
8,103,219
Short
Term
Investments
...................
—
17,800,000
—
17,800,000
Total
Investments
in
Securities
...........
$190,015,196
$198,174,747
n
$—
$388,189,943
a
Includes
financial
instruments
determined
to
have
no
value
at
March
31,
2023.
b
Includes
foreign
securities
valued
at
$95,457,859,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$5,132,434,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$36,450,657,
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
$275,368,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
f
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
g
Includes
foreign
securities
valued
at
$172,462,085,
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
$116,411,370,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
i
Includes
foreign
securities
valued
at
$54,782,759,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
j
Includes
foreign
securities
valued
at
$2,868,304,
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
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,
2023.
l
Includes
foreign
securities
valued
at
$203,032,084,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
m
Includes
foreign
securities
valued
at
$805,267,828,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
n
Includes
foreign
securities
valued
at
$180,374,747,
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)
171
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,
2023,
the
reconciliations
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
$
7,201,036
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
7,201,036
$
—
Software
..........
—
6
(6)
—
—
—
6
(6)
—
c
(6)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
679,820
—
—
—
—
—
—
92,594
772,414
92,594
Software
..........
3,620,472
—
—
—
—
—
—
257,684
3,878,156
257,684
Warrants
:
Software
..........
1,365
—
—
—
—
—
—
(527)
838
(527)
Corporate
Bonds
:
Software
..........
—
64,369
—
—
—
—
—
6
64,375
6
Total
Investments
in
Securities
............
$11,502,693
$64,375
$(6)
$—
$—
$—
$6
$349,751
$11,916,819
$349,751
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Marketplace
Loans
:
Financial
Services
...
6,941,352
2,859
(784,087)
—
—
—
(40,403)
(140,490)
5,979,231
(218,225)
Escrows
and
Litigation
Trusts
.............
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$6,941,352
$2,859
$(784,087)
$—
$—
$—
$(40,403)
$(140,490)
$5,979,231
$(218,225)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
172
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2023,
are
as
follows:
For
Franklin
Small-Mid
Cap
Growth
VIP
Fund,
the
Level
3
financial
instruments
include
Fanatics
Holdings,
Inc.
value
of
$7,201,036,
which
is
valued
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
$5,979,231
Discounted
cash
flow
Loss-adjusted
discount
rate
(0.7)%
-
17.9%
(8.6%)
Decrease
Projected
loss
rate
2.3%
-
77.5%
(21.5%)
Decrease
All
Other
Investments
................
_
c
Total
..........................
$5,979,231
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
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.
c
Includes
financial
instruments
determined
to
have
no
value
at
March
31,
2023.
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
173
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
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
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
PLN
Polish
Zloty
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
MCDX.NA.
Series
number
MCDX
North
America
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
AGMC
Assured
Guaranty
Municipal
Corp.
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
VIX
Market
Volatility
Index
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds’
significant
policies,
please
refer
to
the
Funds’
most
recent
semiannual
or
annual
shareholder
report.