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N/A Upstart Network, Inc., FW2676337.UP.FTS.B N/A 8734.74000000 PA USD 8667.64000000 0.003019500922 Long LON CORP US N 3 2027-02-22 Fixed 8.57000000 N N N N N N UGCard N/A UGCard, 992379445.UG.FTS.B N/A 158.55000000 PA USD 165.02000000 0.000057487164 Long LON CORP US N 3 2025-04-05 Fixed 29.49000000 N N N N N N LendingClub Corp. - LCX PM N/A LendingClub Corp. - LCX PM, 173276655.LC.FTS.B N/A 527.72999999 PA USD 531.31000000 0.000185089717 Long LON CORP US N 3 2023-12-24 Fixed 18.24000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2232043.UP.FTS.B N/A 4251.05000000 PA USD 4244.27000000 0.001478554390 Long LON CORP US N 3 2026-12-13 Fixed 23.76000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2241640.UP.FTS.B N/A 2300.08000000 PA USD 2301.49000000 0.000801758169 Long LON CORP US N 3 2026-12-13 Fixed 22.44000000 N N N N N N UGCard N/A UGCard, 992294096.UG.FTS.B N/A 153.21000000 PA USD 59.96999999 0.000020891438 Long LON CORP US N 3 2025-04-05 Fixed 17.99000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW1914760.UP.FTS.B N/A 1047.97000000 PA USD 307.93000000 0.000107271981 Long LON CORP US N 3 2024-10-25 Fixed 27.19000000 N N N N N N Westlake Corp. GOXNEVUM0LL78B1OS344 Westlake Corp. 960413AW2 200000.00000000 PA USD 169927.90000000 0.059196903744 Long DBT CORP US N 2 2030-06-15 Fixed 3.37500000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2465871.UP.FTS.B N/A 7156.76000000 PA USD 7084.78000000 0.002468088169 Long LON CORP US N 3 2027-06-19 Fixed 12.64000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC Gold Pool, 30 Year 3128FUTQ6 887.80400000 PA USD 893.80000000 0.000311368483 Long ABS-MBS USGSE US N 2 2027-11-01 Fixed 6.50000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2675302.UP.FTS.B N/A 4397.04000000 PA USD 4377.13000000 0.001524838141 Long LON CORP US N 3 2025-02-22 Fixed 10.61000000 N N N N N N Everi Holdings, Inc. 5299006DK5S7BG10K532 Everi Holdings, Inc. 30034TAA1 500000.00000000 PA USD 430940.00000000 0.150124339203 Long DBT CORP US N 2 2029-07-15 Fixed 5.00000000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1611508.PS.FTS.B N/A 1778.29000000 PA USD 1758.30000000 0.000612529877 Long LON CORP US N 3 2024-08-20 Fixed 15.40000000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1686756.PS.FTS.B N/A 5667.76000000 PA USD 5582.51000000 0.001944750138 Long LON CORP US N 3 2026-12-16 Fixed 20.08000000 N N N N N N American Airlines Inc/AAdvantage Loyalty IP Ltd. N/A American Airlines Inc/AAdvantage Loyalty IP Ltd. 00253XAB7 600000.00000000 PA USD 558525.13000000 0.194570511138 Long DBT CORP US N 2 2029-04-20 Fixed 5.75000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2675769.UP.FTS.B N/A 25163.44000000 PA USD 24967.17000000 0.008697683895 Long LON CORP US N 3 2027-02-22 Fixed 11.04000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2982570.UP.FTS.B N/A 8026.01000000 PA USD 2169.43000000 0.000755753109 Long LON CORP US N 3 2027-04-20 Fixed 15.54000000 N N N N N N Calpine Corp. 43R4VPJBXTU2O15HEF41 Calpine Corp. 131347CQ7 600000.00000000 PA USD 485885.82000000 0.169265530366 Long DBT CORP US N 2 2031-02-01 Fixed 5.00000000 N N N N N N Consumer Loan Underlying Bond Club Certificate Issuer Trust I N/A Consumer Loan Underlying Bond Certificate Issuer Trust I, Series 2019-S8, Class PT 21057BAA1 28632.00000000 PA USD 26556.13000000 0.009251221673 Long ABS-O CORP US N 2 2045-01-15 Variable 9.32415120 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2465754.UP.FTS.B N/A 505.63000000 PA USD 508.02000000 0.000176976300 Long LON CORP US N 3 2025-01-19 Fixed 16.74000000 N N N N N N UGCard N/A UGCard, 992324031.UG.FTS.B N/A 495.50000000 PA USD 517.34000000 0.000180223060 Long LON CORP US N 3 2025-04-05 Fixed 28.98000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 GNMA I, Single-family, 30 Year 36290SR45 32856.02000000 PA USD 32071.01000000 0.011172411899 Long ABS-MBS USGA US N 2 2034-01-15 Fixed 5.00000000 N N N N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CFQ9 3000000.00000000 PA USD 2966777.34000000 1.033520879315 Long DBT UST US N 2 2024-10-31 Fixed 4.37500000 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110LAT3 1000000.00000000 PA USD 1008161.00000000 0.351207833888 Long DBT CORP US N 2 2028-11-15 Fixed 5.87500000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 FNMA, 30 Year 3140JADM7 551883.73000000 PA USD 466740.38000000 0.162595932443 Long ABS-MBS USGSE US N 2 2048-09-01 Fixed 3.00000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC Gold Pool, 30 Year 31283H6F7 10187.94000000 PA USD 10157.54000000 0.003538529680 Long ABS-MBS USGSE US N 2 2035-01-01 Fixed 5.50000000 N N N N N N Freedom Financial Asset Management LLC N/A Freedom Financial Asset Management LLC, APP-14791332.FP.FTS.B N/A 26146.93000000 PA USD 5302.85000000 0.001847326430 Long LON CORP US N 3 2027-07-22 Fixed 17.74000000 N N N N N N UGCard N/A UGCard, 992269403.UG.FTS.B N/A 0.00000000 PA USD 0.00000000 0.000000 Long LON CORP US N 3 2025-04-05 Fixed 28.98000000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1674281.PS.FTS.B N/A 2097.01000000 PA USD 2111.72000000 0.000735648975 Long LON CORP US N 3 2026-12-17 Fixed 21.00000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2057162.UP.FTS.B N/A 7405.88000000 PA USD 7423.77000000 0.002586180363 Long LON CORP US N 3 2026-11-16 Fixed 32.15000000 N N N N N N Freedom Financial Asset Management LLC N/A Freedom Financial Asset Management LLC, APP-14163864.FP.FTS.B N/A 31651.59000000 PA USD 32179.02000000 0.011210038784 Long LON CORP US N 3 2027-06-19 Fixed 11.34000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2465923.UP.FTS.B N/A 32105.00000000 PA USD 31737.19000000 0.011056120752 Long LON CORP US N 3 2027-11-19 Fixed 24.48000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2242489.UP.FTS.B N/A 16613.08000000 PA USD 16623.43000000 0.005791018341 Long LON CORP US N 3 2026-12-13 Fixed 22.19000000 N N N N N N Organon & Co. / Organon Foreign Debt Co-Issuer BV N/A Organon & Co. / Organon Foreign Debt Co-Issuer BV 68622TAB7 300000.00000000 PA USD 240822.81000000 0.083894196910 Long DBT CORP US N 2 2031-04-30 Fixed 5.12500000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2241857.UP.FTS.B N/A 8569.78000000 PA USD 8499.79000000 0.002961027885 Long LON CORP US N 3 2026-12-13 Fixed 11.98000000 N N N N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 912828V98 1400000.00000000 PA USD 1292183.59000000 0.450151314750 Long DBT UST US N 2 2027-02-15 Fixed 2.25000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2675377.UP.FTS.B N/A 1559.15000000 PA USD 109.84000000 0.000038264392 Long LON CORP US N 3 2027-02-22 Fixed 26.49000000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1618044.PS.FTS.B N/A 6218.12000000 PA USD 1501.45000000 0.000523052371 Long LON CORP US N 3 2026-08-19 Fixed 15.10000000 N N N N N N UGCard N/A UGCard, 992289947.UG.FTS.B N/A 58.27000000 PA USD 58.29000000 0.000020306185 Long LON CORP US N 3 2024-04-05 Fixed 29.49000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L1739562.UP.FTS.B N/A 5186.04000000 PA USD 4963.93000000 0.001729258623 Long LON CORP US N 3 2026-09-20 Fixed 22.68000000 N N N N N N Freedom Financial Asset Management LLC N/A Freedom Financial Asset Management LLC, APP-11878312.FP.FTS.B N/A 15136.47000000 PA USD 15384.36000000 0.005359369933 Long LON CORP US N 3 2027-03-14 Fixed 10.99000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2241624.UP.FTS.B N/A 3696.25000000 PA USD 3696.57000000 0.001287754974 Long LON CORP US N 3 2026-12-13 Fixed 31.84000000 N N N N N N Freedom Financial Asset Management LLC N/A Freedom Financial Asset Management LLC, APP-12933568.FP.FTS.B N/A 2349.42000000 PA USD 2361.64000000 0.000822712313 Long LON CORP US N 3 2024-04-01 Fixed 5.99000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2675653.UP.FTS.B N/A 3503.44000000 PA USD 3501.18000000 0.001219687970 Long LON CORP US N 3 2027-02-22 Fixed 22.41000000 N N N N N N CDW LLC / CDW Finance Corp. N/A CDW LLC / CDW Finance Corp. 12513GBF5 900000.00000000 PA USD 768294.00000000 0.267646607565 Long DBT CORP US N 2 2029-02-15 Fixed 3.25000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2465688.UP.FTS.B N/A 2277.88000000 PA USD 180.28000000 0.000062803211 Long LON CORP US N 3 2027-01-19 Fixed 5.13000000 N N N N N N N/A N/A CDI N/A 2270000.00000000 PA USD 2131.87000000 0.000742668526 N/A DCR US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Markit CDX North American MAIN Index Series 31-V1 5A79DPBT3 Y Payout of notional amount upon default event with regard to the reference instrument 2023-12-20 1007.27000000 USD 0.00000000 USD 2270000.00000000 USD 2131.87000000 N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2465121.UP.FTS.B N/A 7459.39000000 PA USD 7396.47000000 0.002576670003 Long LON CORP US N 3 2025-01-19 Fixed 6.53000000 N N N N N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135BAT8 200000.00000000 PA USD 180359.00000000 0.062830732107 Long DBT CORP US N 2 2029-12-15 Fixed 4.62500000 N N N N N N Garden Spinco Corp. N/A Garden Spinco Corp. 365417AA2 500000.00000000 PA USD 522427.70000000 0.181995436126 Long DBT CORP US N 2 2030-07-20 Fixed 8.62500000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1651610.PS.FTS.B N/A 7284.81000000 PA USD 7031.19000000 0.002449419298 Long LON CORP US N 3 2026-11-08 Fixed 10.80000000 N N N N N N Hilcorp Energy I LP / Hilcorp Finance Co. N/A Hilcorp Energy I LP / Hilcorp Finance Co. 431318AU8 200000.00000000 PA USD 180814.73000000 0.062989492410 Long DBT CORP US N 2 2029-02-01 Fixed 5.75000000 N N N N N N Simon Property Group LP MR92GTD0MJTTTTQDVG45 Simon Property Group LP 828807DH7 700000.00000000 PA USD 434320.84000000 0.151302104950 Long DBT CORP US N 2 2049-09-13 Fixed 3.25000000 N N N N N N Benchmark Mortgage Trust N/A Benchmark Mortgage Trust, Series 2023-V3, Class A3 08163VAC1 70000.00000000 PA USD 70854.78000000 0.024683313284 Long ABS-MBS CORP US N 2 2056-07-15 Variable 6.36289920 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC Gold Pool, 30 Year 31296JYU4 1622.69000000 PA USD 1574.97000000 0.000548664153 Long ABS-MBS USGSE US N 2 2033-07-01 Fixed 5.50000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC Gold Pool, 30 Year 31292HLZ5 1263.33300000 PA USD 1283.56000000 0.000447147159 Long ABS-MBS USGSE US N 2 2031-10-01 Fixed 6.50000000 N N N N N N UGCard N/A UGCard, 992280735.UG.FTS.B N/A 32.90000000 PA USD 32.72999999 0.000011401980 Long LON CORP US N 3 2025-04-05 Fixed 29.49000000 N N N N N N LendingClub Corp. - LCX N/A LendingClub Corp. - LCX, 165313131.LC.FTS.B N/A 10875.11000000 PA USD 10572.83000000 0.003683202109 Long LON CORP US N 3 2025-02-03 Fixed 11.02000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2242430.UP.FTS.B N/A 13448.57000000 PA USD 13300.91000000 0.004633569231 Long LON CORP US N 3 2026-12-13 Fixed 18.29000000 N N N N N N Corebridge Global Funding 54930057MDZ7KOVOTV71 Corebridge Global Funding 00138CAV0 200000.00000000 PA USD 199483.22000000 0.069492937728 Long DBT CORP US N 2 2028-09-19 Fixed 5.90000000 N N N N N N MPT Operating Partnership LP / MPT Finance Corp. N/A MPT Operating Partnership LP / MPT Finance Corp. 55342UAH7 400000.00000000 PA USD 310589.12000000 0.108198325529 Long DBT CORP US N 2 2027-10-15 Fixed 5.00000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L1739131.UP.FTS.B N/A 10479.90000000 PA USD 10420.48000000 0.003630128728 Long LON CORP US N 3 2026-09-20 Fixed 17.22000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L2675909.UP.FTS.B N/A 1270.15000000 PA USD 1264.38000000 0.000440465521 Long LON CORP US N 3 2025-02-22 Fixed 9.72000000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46647PDE3 700000.00000000 PA USD 687779.34000000 0.239598131840 Long DBT CORP US N 2 2025-06-14 Fixed 3.84500000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2465882.UP.FTS.B N/A 1244.09000000 PA USD 354.78000000 0.000123592873 Long LON CORP US N 3 2027-01-19 Fixed 28.77000000 N N N N N N Octagon Investment Partners 36 Ltd. 549300S890TBOLY1D042 Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1 67591UAC1 497535.10000000 PA USD 496705.64000000 0.173034775105 Long ABS-CBDO CORP KY N 2 2031-04-15 Floating 6.53956920 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2055789.UP.FTS.B N/A 10761.96000000 PA USD 10673.55000000 0.003718289415 Long LON CORP US N 3 2026-11-16 Fixed 15.22000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., L1914761.UP.FTS.B N/A 743.88000000 PA USD 747.49000000 0.000260399225 Long LON CORP US N 3 2026-10-25 Fixed 23.31000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2056543.UP.FTS.B N/A 690.16000000 PA USD 691.61000000 0.000240932599 Long LON CORP US N 3 2024-11-16 Fixed 29.23000000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1750364.PS.FTS.B N/A 5960.29000000 PA USD 5760.55000000 0.002006773012 Long LON CORP US N 3 2025-04-15 Fixed 18.50000000 N N N N N N Civitas Resources, Inc. IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888HAA1 300000.00000000 PA USD 305625.00000000 0.106469000717 Long DBT CORP US N 2 2028-07-01 Fixed 8.37500000 N N N N N N Prosper Funding LLC N/A Prosper Funding LLC, 1653314.PS.FTS.B N/A 1308.26000000 PA USD 1276.82000000 0.000444799180 Long LON CORP US N 3 2024-11-09 Fixed 13.20000000 N N N N N N Jane Street Group / JSG Finance, Inc. N/A Jane Street Group / JSG Finance, Inc. 47077WAA6 800000.00000000 PA USD 688447.68000000 0.239830957990 Long DBT CORP US N 2 2029-11-15 Fixed 4.50000000 N N N N N N Upstart Network, Inc. N/A Upstart Network, Inc., FW2241711.UP.FTS.B N/A 9903.42000000 PA USD 9887.90000000 0.003444596587 Long LON CORP US N 3 2026-12-13 Fixed 21.36000000 N N N N N N UGCard N/A UGCard, 992278455.UG.FTS.B N/A 185.60000000 PA USD 11.96000000 0.000004166443 Long LON CORP US N 3 2025-04-05 Fixed 29.49000000 N N N N N N UGCard N/A UGCard, 992336548.UG.FTS.B N/A 953.52000000 PA USD 980.88999999 0.000341707576 Long LON CORP US N 3 2025-04-05 Fixed 19.99000000 N N N N N N 2023-10-30 Franklin Templeton Variable Insurance Products Trust Monica Krogh Monica Krogh Assistant Treasurer XXXX NPORT-EX 2 FTVIPT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
VIP-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
2
Franklin
DynaTech
VIP
Fund
42
Franklin
Global
Real
Estate
VIP
Fund
46
Franklin
Growth
and
Income
VIP
Fund
49
Franklin
Income
VIP
Fund
54
Franklin
Large
Cap
Growth
VIP
Fund
66
Franklin
Mutual
Global
Discovery
VIP
Fund
69
Franklin
Mutual
Shares
VIP
Fund
74
Franklin
Rising
Dividends
VIP
Fund
79
Franklin
Small
Cap
Value
VIP
Fund
82
Franklin
Small-Mid
Cap
Growth
VIP
Fund
86
Franklin
Strategic
Income
VIP
Fund
91
Franklin
U.S.
Government
Securities
VIP
Fund
118
Franklin
VolSmart
Allocation
VIP
Fund
122
Templeton
Developing
Markets
VIP
Fund
131
Templeton
Foreign
VIP
Fund
135
Templeton
Global
Bond
VIP
Fund
138
Templeton
Growth
VIP
Fund
144
Notes
to
Schedules
of
Investments
147
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
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
57.1%
Aerospace
&
Defense
1.4%
BAE
Systems
plc
.....................................
United
Kingdom
39,298
$
477,504
BWX
Technologies,
Inc.
................................
United
States
3,401
255,007
Dassault
Aviation
SA
...................................
France
3,433
646,575
Lockheed
Martin
Corp.
.................................
United
States
1,909
780,705
MTU
Aero
Engines
AG
.................................
Germany
4,750
860,230
Northrop
Grumman
Corp.
...............................
United
States
4,582
2,016,950
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
278,813
746,986
RTX
Corp.
..........................................
United
States
23,848
1,716,340
7,500,297
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide,
Inc.
............................
United
States
856
73,727
Deutsche
Post
AG
.....................................
Germany
977
39,641
DSV
A/S
............................................
Denmark
6,231
1,161,064
Expeditors
International
of
Washington,
Inc.
.................
United
States
3,071
352,029
Nippon
Express
Holdings,
Inc.
............................
Japan
1,900
99,145
United
Parcel
Service,
Inc.,
B
............................
United
States
10,540
1,642,870
3,368,476
Automobile
Components
0.5%
a
Aptiv
plc
............................................
United
States
4,150
409,149
Bridgestone
Corp.
.....................................
Japan
2,300
89,629
Continental
AG
.......................................
Germany
10,574
742,917
a
Forvia
SE
...........................................
France
38,044
782,660
Valeo
SE
............................................
France
29,772
510,862
2,535,217
Automobiles
0.9%
Bayerische
Motoren
Werke
AG
...........................
Germany
4,530
460,078
General
Motors
Co.
....................................
United
States
20,017
659,961
Honda
Motor
Co.
Ltd.
..................................
Japan
75,000
843,755
Mazda
Motor
Corp.
....................................
Japan
14,500
164,646
Stellantis
NV
.........................................
United
States
29,402
562,975
a
Tesla,
Inc.
...........................................
United
States
6,582
1,646,948
Thor
Industries,
Inc.
...................................
United
States
965
91,800
Toyota
Motor
Corp.
....................................
Japan
17,500
313,966
4,744,129
Banks
3.1%
b
ABN
AMRO
Bank
NV,
CVA,
144A,
Reg
S
...................
Netherlands
11,271
159,281
Banco
Bilbao
Vizcaya
Argentaria
SA
.......................
Spain
71,892
581,789
Bank
of
America
Corp.
.................................
United
States
65,958
1,805,930
Citigroup,
Inc.
........................................
United
States
18,093
744,165
Credit
Agricole
SA
.....................................
France
34,258
421,176
Erste
Group
Bank
AG
..................................
Austria
5,502
190,013
First
Citizens
BancShares,
Inc.,
A
.........................
United
States
202
278,780
HDFC
Bank
Ltd.
......................................
India
35,138
644,476
ING
Groep
NV
.......................................
Netherlands
60,935
803,089
JPMorgan
Chase
&
Co.
.................................
United
States
28,384
4,116,248
Kasikornbank
PCL
....................................
Thailand
106,592
366,030
KB
Financial
Group,
Inc.
................................
South
Korea
15,574
633,762
Lloyds
Banking
Group
plc
...............................
United
Kingdom
1,920,406
1,031,931
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
13,700
116,100
NatWest
Group
plc
....................................
United
Kingdom
83,433
238,645
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
21,406
562,078
Standard
Chartered
plc
.................................
United
Kingdom
160,153
1,472,892
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
11,500
564,969
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
.................
Japan
82,200
809,670
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)
UniCredit
SpA
........................................
Italy
23,080
$
549,887
US
Bancorp
.........................................
United
States
22,340
738,560
16,829,471
Beverages
0.9%
Brown-Forman
Corp.,
B
................................
United
States
3,858
222,568
Carlsberg
A/S,
B
......................................
Denmark
445
56,107
Coca-Cola
HBC
AG
...................................
Italy
5,939
162,381
Constellation
Brands,
Inc.,
A
.............................
United
States
1,404
352,867
Molson
Coors
Beverage
Co.,
B
...........................
United
States
3,498
222,438
a
Monster
Beverage
Corp.
................................
United
States
24,775
1,311,836
PepsiCo,
Inc.
........................................
United
States
13,483
2,284,560
Pernod
Ricard
SA
.....................................
France
1,639
272,864
4,885,621
Biotechnology
1.3%
AbbVie,
Inc.
.........................................
United
States
1,479
220,460
Amgen,
Inc.
.........................................
United
States
3,716
998,712
a
Biogen,
Inc.
.........................................
United
States
2,863
735,820
CSL
Ltd.
............................................
United
States
6,798
1,095,093
a
Exelixis,
Inc.
.........................................
United
States
5,932
129,614
a
Genmab
A/S
.........................................
Denmark
2,900
1,026,725
Gilead
Sciences,
Inc.
..................................
United
States
12,434
931,804
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
1,186
976,030
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
2,655
923,250
7,037,508
Broadline
Retail
1.8%
a
Alibaba
Group
Holding
Ltd.
..............................
China
79,593
862,990
a
Amazon.com,
Inc.
.....................................
United
States
51,729
6,575,790
a
MercadoLibre,
Inc.
....................................
Brazil
870
1,103,056
Next
plc
............................................
United
Kingdom
3,347
296,827
a
Prosus
NV
..........................................
China
22,641
667,109
Seria
Co.
Ltd.
........................................
Japan
12,248
180,302
Wesfarmers
Ltd.
......................................
Australia
2,071
70,085
9,756,159
Building
Products
0.4%
Allegion
plc
..........................................
United
States
1,357
141,399
a
Builders
FirstSource,
Inc.
...............................
United
States
2,519
313,590
Cie
de
Saint-Gobain
SA
................................
France
8,139
487,100
Kingspan
Group
plc
...................................
Ireland
3,022
225,682
Owens
Corning
.......................................
United
States
1,687
230,124
Trane
Technologies
plc
.................................
United
States
2,656
538,929
1,936,824
Capital
Markets
1.9%
3i
Group
plc
.........................................
United
Kingdom
19,757
497,256
Affiliated
Managers
Group,
Inc.
...........................
United
States
603
78,595
BlackRock,
Inc.
.......................................
United
States
347
224,332
Blackstone,
Inc.
......................................
United
States
2,280
244,279
Charles
Schwab
Corp.
(The)
.............................
United
States
41,432
2,274,617
Deutsche
Bank
AG
....................................
Germany
43,579
478,923
Deutsche
Boerse
AG
...................................
Germany
6,967
1,203,122
Evercore,
Inc.,
A
......................................
United
States
644
88,795
Intercontinental
Exchange,
Inc.
...........................
United
States
3,555
391,121
Intermediate
Capital
Group
plc
...........................
United
Kingdom
60,000
1,007,045
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)
Jefferies
Financial
Group,
Inc.
............................
United
States
2,175
$
79,670
LPL
Financial
Holdings,
Inc.
.............................
United
States
325
77,236
Macquarie
Group
Ltd.
..................................
Australia
8,900
953,010
MarketAxess
Holdings,
Inc.
..............................
United
States
749
160,016
MSCI,
Inc.,
A
.........................................
United
States
140
71,831
Nomura
Holdings,
Inc.
..................................
Japan
14,700
58,867
Partners
Group
Holding
AG
..............................
Switzerland
245
275,021
S&P
Global,
Inc.
......................................
United
States
3,003
1,097,326
SEI
Investments
Co.
...................................
United
States
1,856
111,787
Singapore
Exchange
Ltd.
...............................
Singapore
6,900
49,081
State
Street
Corp.
.....................................
United
States
4,265
285,585
T
Rowe
Price
Group,
Inc.
...............................
United
States
768
80,540
Tradeweb
Markets,
Inc.,
A
...............................
United
States
3,100
248,620
10,036,675
Chemicals
1.7%
Air
Liquide
SA
........................................
France
1,192
200,761
Air
Products
and
Chemicals,
Inc.
..........................
United
States
8,504
2,410,034
BASF
SE
...........................................
Germany
1,553
70,293
CF
Industries
Holdings,
Inc.
.............................
United
States
3,716
318,610
a,b
Covestro
AG,
144A,
Reg
S
..............................
Germany
10,630
571,601
DSM-Firmenich
AG
....................................
Switzerland
7,500
633,741
Ecolab,
Inc.
..........................................
United
States
1,621
274,597
ICL
Group
Ltd.
.......................................
Israel
17,169
94,826
Linde
plc
............................................
United
States
2,179
811,351
LyondellBasell
Industries
NV,
A
...........................
United
States
770
72,919
Mosaic
Co.
(The)
.....................................
United
States
3,256
115,914
Nitto
Denko
Corp.
.....................................
Japan
3,600
236,079
OCI
NV
.............................................
Netherlands
2,826
78,579
Sherwin-Williams
Co.
(The)
..............................
United
States
6,720
1,713,936
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
11,900
345,655
Sika
AG
............................................
Switzerland
3,400
861,380
Solvay
SA
...........................................
Belgium
1,999
220,898
9,031,174
Commercial
Services
&
Supplies
0.1%
Brambles
Ltd.
........................................
Australia
4,749
43,623
a
Copart,
Inc.
..........................................
United
States
1,679
72,348
Dai
Nippon
Printing
Co.
Ltd.
.............................
Japan
1,500
39,029
Republic
Services,
Inc.,
A
...............................
United
States
1,600
228,016
383,016
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
...................................
United
States
20,842
1,120,466
a
F5,
Inc.
.............................................
United
States
471
75,897
Motorola
Solutions,
Inc.
.................................
United
States
7,315
1,991,436
Telefonaktiebolaget
LM
Ericsson,
B
........................
Sweden
15,593
75,966
3,263,765
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
..............
Spain
5,627
202,279
Eiffage
SA
...........................................
France
788
74,792
EMCOR
Group,
Inc.
...................................
United
States
871
183,250
460,321
Construction
Materials
0.4%
CRH
plc
............................................
United
States
15,569
858,313
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)
Construction
Materials
(continued)
Martin
Marietta
Materials,
Inc.
............................
United
States
3,168
$
1,300,401
2,158,714
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
12,490
1,863,383
Synchrony
Financial
...................................
United
States
8,622
263,575
2,126,958
Consumer
Staples
Distribution
&
Retail
0.5%
Carrefour
SA
.........................................
France
3,892
66,842
Casey's
General
Stores,
Inc.
.............................
United
States
315
85,529
Costco
Wholesale
Corp.
................................
United
States
200
112,992
Jeronimo
Martins
SGPS
SA
.............................
Portugal
3,290
73,884
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
15,387
463,737
Kroger
Co.
(The)
......................................
United
States
13,143
588,149
MatsukiyoCocokara
&
Co.
...............................
Japan
2,100
37,619
Target
Corp.
.........................................
United
States
3,010
332,816
Walmart,
Inc.
........................................
United
States
7,329
1,172,127
2,933,695
Containers
&
Packaging
0.3%
Packaging
Corp.
of
America
.............................
United
States
956
146,794
SIG
Group
AG
.......................................
Switzerland
34,000
837,558
Smurfit
Kappa
Group
plc
................................
Ireland
20,045
665,859
1,650,211
Diversified
Consumer
Services
0.0%
†
H&R
Block,
Inc.
.......................................
United
States
2,272
97,832
Pearson
plc
.........................................
United
Kingdom
4,548
47,981
145,813
Diversified
REITs
0.0%
†
Stockland
...........................................
Australia
44,001
110,116
Diversified
Telecommunication
Services
0.1%
Deutsche
Telekom
AG
..................................
Germany
7,035
147,565
Swisscom
AG
........................................
Switzerland
650
385,942
Telenor
ASA
.........................................
Norway
18,708
212,141
745,648
Electric
Utilities
0.6%
American
Electric
Power
Co.,
Inc.
.........................
United
States
999
75,145
BKW
AG
............................................
Switzerland
571
100,514
Chubu
Electric
Power
Co.,
Inc.
...........................
Japan
17,300
220,234
Edison
International
...................................
United
States
23,863
1,510,289
Endesa
SA
..........................................
Spain
7,398
150,553
Evergy,
Inc.
..........................................
United
States
1,439
72,957
NextEra
Energy,
Inc.
...................................
United
States
11,262
645,200
Origin
Energy
Ltd.
.....................................
Australia
14,042
79,064
a
PG&E
Corp.
.........................................
United
States
17,704
285,566
3,139,522
Electrical
Equipment
0.6%
ABB
Ltd.
............................................
Switzerland
4,858
173,388
Acuity
Brands,
Inc.
....................................
United
States
470
80,046
AMETEK,
Inc.
........................................
United
States
1,547
228,585
Eaton
Corp.
plc
.......................................
United
States
5,105
1,088,794
Hubbell,
Inc.,
B
.......................................
United
States
1,019
319,365
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)
Electrical
Equipment
(continued)
Mitsubishi
Electric
Corp.
................................
Japan
11,800
$
145,788
nVent
Electric
plc
.....................................
United
States
2,935
155,526
Prysmian
SpA
........................................
Italy
6,595
264,699
Schneider
Electric
SE
..................................
United
States
1,622
267,280
Vertiv
Holdings
Co.,
A
..................................
United
States
18,413
684,963
3,408,434
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol
Corp.,
A
....................................
United
States
7,894
663,017
a
Arrow
Electronics,
Inc.
.................................
United
States
1,046
131,001
Ibiden
Co.
Ltd.
.......................................
Japan
1,200
63,651
Jabil,
Inc.
...........................................
United
States
2,381
302,125
Keyence
Corp.
.......................................
Japan
400
147,935
National
Instruments
Corp.
..............................
United
States
1,268
75,598
TE
Connectivity
Ltd.
...................................
United
States
16,638
2,055,292
Vontier
Corp.
.........................................
United
States
2,520
77,919
Yokogawa
Electric
Corp.
................................
Japan
6,100
117,738
3,634,276
Energy
Equipment
&
Services
0.2%
SBM
Offshore
NV
.....................................
Netherlands
47,220
619,027
TechnipFMC
plc
......................................
United
Kingdom
4,091
83,211
a
Tecnicas
Reunidas
SA
.................................
Spain
26,673
259,940
962,178
Entertainment
0.6%
Activision
Blizzard,
Inc.
.................................
United
States
825
77,245
Capcom
Co.
Ltd.
......................................
Japan
4,900
176,365
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
17,500
993,316
Electronic
Arts,
Inc.
....................................
United
States
5,203
626,441
a
Netflix,
Inc.
..........................................
United
States
3,767
1,422,419
a
ROBLOX
Corp.,
A
.....................................
United
States
3,300
95,568
Square
Enix
Holdings
Co.
Ltd.
............................
Japan
1,500
51,400
3,442,754
Financial
Services
2.0%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
555
411,477
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
6,334
2,218,800
Eurazeo
SE
.........................................
France
1,190
70,808
EXOR
NV
...........................................
Netherlands
8,110
717,285
Industrivarden
AB,
A
...................................
Sweden
3,549
93,586
Investor
AB,
B
........................................
Sweden
4,734
90,631
Mastercard,
Inc.,
A
....................................
United
States
4,510
1,785,554
MGIC
Investment
Corp.
.................................
United
States
5,370
89,625
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
2,600
43,160
a
PayPal
Holdings,
Inc.
..................................
United
States
7,455
435,819
Visa,
Inc.,
A
..........................................
United
States
21,407
4,923,824
Washington
H
Soul
Pattinson
&
Co.
Ltd.
....................
Australia
4,722
98,496
Western
Union
Co.
(The)
................................
United
States
6,732
88,728
11,067,793
Food
Products
0.3%
Chocoladefabriken
Lindt
&
Spruengli
AG
....................
Switzerland
4
44,448
Danone
SA
..........................................
France
1,037
57,196
Flowers
Foods,
Inc.
....................................
United
States
3,349
74,281
Hershey
Co.
(The)
....................................
United
States
2,839
568,027
Lamb
Weston
Holdings,
Inc.
.............................
United
States
1,232
113,911
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Nestle
SA
...........................................
United
States
5,696
$
644,729
Nissin
Foods
Holdings
Co.
Ltd.
...........................
Japan
1,600
132,953
b
WH
Group
Ltd.,
144A,
Reg
S
............................
Hong
Kong
164,500
86,105
1,721,650
Gas
Utilities
0.1%
Atmos
Energy
Corp.
...................................
United
States
730
77,329
Tokyo
Gas
Co.
Ltd.
....................................
Japan
10,300
233,536
310,865
Ground
Transportation
0.6%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
3,860
287,223
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
1,150
216,798
Keisei
Electric
Railway
Co.
Ltd.
...........................
Japan
2,900
100,454
Landstar
System,
Inc.
..................................
United
States
667
118,019
Ryder
System,
Inc.
....................................
United
States
833
89,089
a
Saia,
Inc.
...........................................
United
States
496
197,730
a
Uber
Technologies,
Inc.
.................................
United
States
17,632
810,896
Union
Pacific
Corp.
....................................
United
States
6,455
1,314,432
a
XPO,
Inc.
...........................................
United
States
1,135
84,739
3,219,380
Health
Care
Equipment
&
Supplies
2.0%
Abbott
Laboratories
....................................
United
States
2,111
204,450
Alcon,
Inc.,
(CHF
Traded)
...............................
Switzerland
14,500
1,118,867
Alcon,
Inc.,
(USD
Traded)
...............................
Switzerland
8,392
646,687
Asahi
Intecc
Co.
Ltd.
...................................
Japan
56,000
1,004,023
Becton
Dickinson
&
Co.
.................................
United
States
6,528
1,687,684
BioMerieux
..........................................
France
1,023
98,961
a
Boston
Scientific
Corp.
.................................
United
States
15,791
833,765
Cochlear
Ltd.
........................................
Australia
6,434
1,053,700
a
Demant
A/S
.........................................
Denmark
2,822
116,522
a
Dexcom,
Inc.
.........................................
United
States
4,646
433,472
a
Edwards
Lifesciences
Corp.
.............................
United
States
2,730
189,134
a
Haemonetics
Corp.
....................................
United
States
2,135
191,253
Hoya
Corp.
..........................................
Japan
1,300
133,147
a
IDEXX
Laboratories,
Inc.
................................
United
States
200
87,454
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,065
1,480,449
Olympus
Corp.
.......................................
Japan
13,100
170,089
a
Penumbra,
Inc.
.......................................
United
States
290
70,154
Straumann
Holding
AG
.................................
Switzerland
280
35,636
Stryker
Corp.
........................................
United
States
3,052
834,020
Teleflex,
Inc.
.........................................
United
States
897
176,180
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
644
72,270
10,637,917
Health
Care
Providers
&
Services
1.8%
Cardinal
Health,
Inc.
...................................
United
States
5,037
437,312
Elevance
Health,
Inc.
..................................
United
States
3,408
1,483,911
HCA
Healthcare,
Inc.
...................................
United
States
381
93,719
Humana,
Inc.
........................................
United
States
1,839
894,710
Laboratory
Corp.
of
America
Holdings
......................
United
States
911
183,157
McKesson
Corp.
......................................
United
States
5,861
2,548,656
Sonic
Healthcare
Ltd.
..................................
Australia
6,176
117,921
UnitedHealth
Group,
Inc.
................................
United
States
7,953
4,009,823
9,769,209
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
REITs
0.0%
†
Omega
Healthcare
Investors,
Inc.
.........................
United
States
2,434
$
80,711
Health
Care
Technology
0.0%
†
M3,
Inc.
............................................
Japan
2,100
38,093
a
Veeva
Systems,
Inc.,
A
.................................
United
States
700
142,415
180,508
Hotels,
Restaurants
&
Leisure
0.7%
a
Airbnb,
Inc.,
A
........................................
United
States
1,000
137,210
Amadeus
IT
Group
SA
.................................
Spain
17,700
1,069,077
a
Booking
Holdings,
Inc.
.................................
United
States
379
1,168,817
Boyd
Gaming
Corp.
...................................
United
States
1,316
80,052
Compass
Group
plc
...................................
United
Kingdom
7,155
174,150
Domino's
Pizza,
Inc.
...................................
United
States
678
256,820
InterContinental
Hotels
Group
plc
.........................
United
Kingdom
1,770
130,889
b
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
.................
France
2,770
89,964
Las
Vegas
Sands
Corp.
.................................
United
States
4,908
224,983
Lottery
Corp.
Ltd.
(The)
.................................
Australia
56,849
171,785
a
Royal
Caribbean
Cruises
Ltd.
............................
United
States
4,339
399,795
Zensho
Holdings
Co.
Ltd.
...............................
Japan
2,600
112,908
4,016,450
Household
Durables
0.6%
Barratt
Developments
plc
...............................
United
Kingdom
102,491
549,474
Lennar
Corp.,
A
.......................................
United
States
5,372
602,900
a
NVR,
Inc.
...........................................
United
States
38
226,606
Panasonic
Holdings
Corp.
...............................
Japan
26,300
296,878
Persimmon
plc
.......................................
United
Kingdom
41,155
538,942
PulteGroup,
Inc.
......................................
United
States
4,640
343,592
Sekisui
House
Ltd.
....................................
Japan
15,200
302,512
Sony
Group
Corp.
.....................................
Japan
3,748
306,505
Toll
Brothers,
Inc.
.....................................
United
States
2,117
156,573
3,323,982
Household
Products
0.1%
Clorox
Co.
(The)
......................................
United
States
502
65,792
Colgate-Palmolive
Co.
.................................
United
States
10,363
736,913
802,705
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
............................................
Germany
1,421
52,745
Vistra
Corp.
..........................................
United
States
6,658
220,912
273,657
Industrial
Conglomerates
0.4%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
83,500
443,323
General
Electric
Co.
...................................
United
States
8,724
964,438
Hitachi
Ltd.
..........................................
Japan
5,100
316,097
Siemens
AG
.........................................
Germany
1,694
242,076
1,965,934
Industrial
REITs
0.1%
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
2,286
108,791
Goodman
Group
......................................
Australia
14,693
201,364
Prologis,
Inc.
.........................................
United
States
981
110,078
420,233
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
1.5%
Ageas
SA/NV
........................................
Belgium
2,557
$
105,309
AIA
Group
Ltd.
.......................................
Hong
Kong
66,546
538,185
American
International
Group,
Inc.
........................
United
States
5,844
354,146
Assicurazioni
Generali
SpA
..............................
Italy
8,375
170,946
AXA
SA
.............................................
France
1,460
43,315
Cincinnati
Financial
Corp.
...............................
United
States
1,466
149,957
Marsh
&
McLennan
Cos.,
Inc.
............................
United
States
9,627
1,832,018
Medibank
Pvt
Ltd.
.....................................
Australia
40,737
89,905
MS&AD
Insurance
Group
Holdings,
Inc.
....................
Japan
11,900
435,487
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
1,479
575,973
NN
Group
NV
........................................
Netherlands
4,132
132,458
Old
Republic
International
Corp.
..........................
United
States
5,021
135,266
Primerica,
Inc.
........................................
United
States
630
122,226
Progressive
Corp.
(The)
................................
United
States
9,448
1,316,106
Prudential
plc,
(GBP
Traded)
.............................
Hong
Kong
32,576
350,142
Prudential
plc,
(HKD
Traded)
.............................
Hong
Kong
7,350
78,678
RLI
Corp.
...........................................
United
States
719
97,705
Travelers
Cos.,
Inc.
(The)
...............................
United
States
6,927
1,131,248
Unum
Group
.........................................
United
States
3,515
172,903
Zurich
Insurance
Group
AG
..............................
Switzerland
229
104,775
7,936,748
Interactive
Media
&
Services
1.9%
a
Alphabet,
Inc.,
A
......................................
United
States
28,925
3,785,125
a
Alphabet,
Inc.,
C
......................................
United
States
9,695
1,278,286
b
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
14,269
107,208
a
Meta
Platforms,
Inc.,
A
.................................
United
States
16,696
5,012,306
10,182,925
IT
Services
0.7%
Amdocs
Ltd.
.........................................
United
States
2,113
178,527
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
1,917
129,858
a
DXC
Technology
Co.
...................................
United
States
24,824
517,084
a
Gartner,
Inc.
.........................................
United
States
290
99,647
Keywords
Studios
plc
..................................
Ireland
48,000
902,405
NEC
Corp.
..........................................
Japan
2,800
154,628
Otsuka
Corp.
........................................
Japan
2,500
105,775
a
Shopify,
Inc.,
A
.......................................
Canada
17,200
938,604
a
Snowflake,
Inc.,
A
.....................................
United
States
1,078
164,686
TIS,
Inc.
............................................
Japan
5,100
112,149
a
VeriSign,
Inc.
........................................
United
States
1,766
357,668
3,661,031
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
............................
Japan
4,200
85,433
Polaris,
Inc.
..........................................
United
States
1,007
104,869
190,302
Life
Sciences
Tools
&
Services
1.0%
Agilent
Technologies,
Inc.
...............................
United
States
3,185
356,147
Danaher
Corp.
.......................................
United
States
3,138
778,538
a
Evotec
SE
...........................................
Germany
47,000
935,569
a
Illumina,
Inc.
.........................................
United
States
1,446
198,507
a
Medpace
Holdings,
Inc.
.................................
United
States
435
105,326
a
Mettler-Toledo
International,
Inc.
..........................
United
States
1,037
1,149,069
a
QIAGEN
NV
.........................................
United
States
5,990
241,683
Tecan
Group
AG
......................................
Switzerland
1,200
403,323
Thermo
Fisher
Scientific,
Inc.
............................
United
States
2,303
1,165,709
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
West
Pharmaceutical
Services,
Inc.
........................
United
States
889
$
333,562
5,667,433
Machinery
1.3%
Allison
Transmission
Holdings,
Inc.
........................
United
States
1,679
99,162
Atlas
Copco
AB,
A
.....................................
Sweden
33,755
453,359
Atlas
Copco
AB,
B
.....................................
Sweden
9,073
106,110
Deere
&
Co.
.........................................
United
States
5,277
1,991,434
Dover
Corp.
.........................................
United
States
1,100
153,461
Illinois
Tool
Works,
Inc.
.................................
United
States
6,957
1,602,267
Ingersoll
Rand,
Inc.
....................................
United
States
4,826
307,513
Interroll
Holding
AG
....................................
Switzerland
190
518,869
Komatsu
Ltd.
........................................
Japan
13,500
364,123
Otis
Worldwide
Corp.
..................................
United
States
9,449
758,849
Rational
AG
.........................................
Germany
141
89,207
SKF
AB,
B
..........................................
Sweden
9,439
156,704
Snap-on,
Inc.
........................................
United
States
1,026
261,691
Volvo
AB,
A
..........................................
Sweden
2,478
51,460
Wartsila
OYJ
Abp
.....................................
Finland
12,030
136,341
Xylem,
Inc.
..........................................
United
States
2,400
218,472
7,269,022
Marine
Transportation
0.0%
†
AP
Moller
-
Maersk
A/S,
A
...............................
Denmark
86
152,191
Kuehne
+
Nagel
International
AG
.........................
Switzerland
147
41,765
193,956
Media
0.9%
a
Ascential
plc
.........................................
United
Kingdom
115,000
293,227
a
Charter
Communications,
Inc.,
A
..........................
United
States
3,507
1,542,449
Comcast
Corp.,
A
.....................................
United
States
60,378
2,677,160
CyberAgent,
Inc.
......................................
Japan
25,000
134,581
Fox
Corp.,
A
.........................................
United
States
2,415
75,348
Hakuhodo
DY
Holdings,
Inc.
.............................
Japan
5,900
48,465
New
York
Times
Co.
(The),
A
.............................
United
States
1,732
71,358
Publicis
Groupe
SA
....................................
France
811
61,384
a
S4
Capital
plc
........................................
United
Kingdom
147,604
121,399
5,025,371
Metals
&
Mining
0.6%
ArcelorMittal
SA
......................................
Luxembourg
14,182
355,045
BlueScope
Steel
Ltd.
...................................
Australia
12,792
158,397
Fortescue
Metals
Group
Ltd.
.............................
Australia
21,150
281,126
Freeport-McMoRan,
Inc.
................................
United
States
9,890
368,798
JFE
Holdings,
Inc.
.....................................
Japan
14,500
212,350
Nucor
Corp.
.........................................
United
States
4,927
770,336
Pilbara
Minerals
Ltd.
...................................
Australia
76,371
208,338
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
1,093
286,617
Steel
Dynamics,
Inc.
...................................
United
States
3,285
352,218
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
14,365
421,859
voestalpine
AG
.......................................
Austria
2,915
79,358
3,494,442
Multi-Utilities
0.6%
Centrica
plc
.........................................
United
Kingdom
151,788
285,476
Consolidated
Edison,
Inc.
...............................
United
States
6,641
568,005
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)
Multi-Utilities
(continued)
Sempra
.............................................
United
States
35,574
$
2,420,099
3,273,580
Oil,
Gas
&
Consumable
Fuels
2.8%
BP
plc
..............................................
United
Kingdom
337,909
2,177,961
Cheniere
Energy,
Inc.
..................................
United
States
4,370
725,245
Chevron
Corp.
.......................................
United
States
10,691
1,802,716
ConocoPhillips
.......................................
United
States
27,073
3,243,345
Coterra
Energy,
Inc.
...................................
United
States
2,762
74,712
Equinor
ASA
.........................................
Norway
13,484
441,857
Exxon
Mobil
Corp.
.....................................
United
States
4,793
563,561
Galp
Energia
SGPS
SA,
B
..............................
Portugal
39,832
589,969
HF
Sinclair
Corp.
.....................................
United
States
2,547
145,001
Inpex
Corp.
..........................................
Japan
5,000
74,994
Marathon
Oil
Corp.
....................................
United
States
8,703
232,805
Marathon
Petroleum
Corp.
..............................
United
States
5,937
898,506
Phillips
66
...........................................
United
States
3,781
454,287
Range
Resources
Corp.
................................
United
States
4,097
132,784
Repsol
SA
...........................................
Spain
21,516
353,900
Shell
plc
............................................
Netherlands
62,272
1,973,501
TotalEnergies
SE
.....................................
France
8,064
530,178
Valero
Energy
Corp.
...................................
United
States
6,369
902,551
15,317,873
Paper
&
Forest
Products
0.0%
†
Mondi
plc
...........................................
Austria
5,963
99,466
Passenger
Airlines
0.0%
†
a
Qantas
Airways
Ltd.
...................................
Australia
11,730
38,829
Singapore
Airlines
Ltd.
.................................
Singapore
8,800
41,507
a
United
Airlines
Holdings,
Inc.
.............................
United
States
4,281
181,086
261,422
Personal
Care
Products
0.5%
Beiersdorf
AG
........................................
Germany
2,731
352,253
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
3,190
461,115
Haleon
plc,
ADR
......................................
United
States
124,280
1,035,252
L'Oreal
SA
..........................................
France
1,606
665,514
2,514,134
Pharmaceuticals
2.5%
AstraZeneca
plc
......................................
United
Kingdom
6,343
855,502
AstraZeneca
plc,
ADR
..................................
United
Kingdom
5,914
400,496
Bayer
AG
...........................................
Germany
16,443
789,628
a
Catalent,
Inc.
........................................
United
States
6,063
276,048
Daiichi
Sankyo
Co.
Ltd.
.................................
Japan
19,000
520,187
Eli
Lilly
&
Co.
........................................
United
States
4,085
2,194,176
GSK
plc
............................................
United
States
31,357
567,321
Ipsen
SA
............................................
France
1,057
138,484
Johnson
&
Johnson
...................................
United
States
12,238
1,906,068
Merck
&
Co.,
Inc.
.....................................
United
States
18,208
1,874,514
Novartis
AG
.........................................
Switzerland
9,751
995,802
Novo
Nordisk
A/S,
B
...................................
Denmark
13,406
1,220,607
Orion
OYJ,
B
........................................
Finland
2,642
103,788
Otsuka
Holdings
Co.
Ltd.
...............................
Japan
10,300
365,715
Roche
Holding
AG
....................................
United
States
1,298
354,336
Sanofi
SA
...........................................
United
States
2,242
240,724
Shionogi
&
Co.
Ltd.
....................................
Japan
1,000
44,606
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Zoetis,
Inc.,
A
........................................
United
States
3,571
$
621,283
13,469,285
Professional
Services
0.6%
Adecco
Group
AG
.....................................
Switzerland
15,479
635,736
Automatic
Data
Processing,
Inc.
..........................
United
States
187
44,988
Booz
Allen
Hamilton
Holding
Corp.,
A
......................
United
States
661
72,228
Experian
plc
.........................................
United
States
27,000
883,032
Paycom
Software,
Inc.
.................................
United
States
400
103,708
Randstad
NV
........................................
Netherlands
2,992
165,288
RELX
plc
...........................................
United
Kingdom
3,322
112,075
Robert
Half,
Inc.
......................................
United
States
1,030
75,478
Science
Applications
International
Corp.
....................
United
States
649
68,496
Verisk
Analytics,
Inc.,
A
.................................
United
States
3,527
833,219
Wolters
Kluwer
NV
....................................
Netherlands
3,554
430,282
3,424,530
Real
Estate
Management
&
Development
0.1%
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
18,000
94,550
Daiwa
House
Industry
Co.
Ltd.
...........................
Japan
8,400
225,458
Hulic
Co.
Ltd.
........................................
Japan
9,100
81,601
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
2,400
60,255
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
11,500
77,461
539,325
Retail
REITs
0.0%
†
Brixmor
Property
Group,
Inc.
.............................
United
States
5,393
112,067
Klepierre
SA
.........................................
France
4,552
111,453
223,520
Semiconductors
&
Semiconductor
Equipment
3.9%
Advantest
Corp.
......................................
Japan
14,400
401,680
a
ARM
Holdings
plc,
ADR
................................
United
States
1,400
74,928
ASM
International
NV
..................................
Netherlands
96
40,087
ASML
Holding
NV
.....................................
Netherlands
2,539
1,494,766
ASML
Holding
NV,
ADR
................................
Netherlands
1,116
656,945
ASML
Holding
NV,
NYRS
...............................
Netherlands
970
571,000
BE
Semiconductor
Industries
NV
..........................
Netherlands
364
35,600
Broadcom,
Inc.
.......................................
United
States
521
432,732
a
Cirrus
Logic,
Inc.
......................................
United
States
992
73,368
Disco
Corp.
..........................................
Japan
2,700
498,858
Infineon
Technologies
AG
...............................
Germany
25,235
835,763
Intel
Corp.
...........................................
United
States
87,985
3,127,867
KLA
Corp.
...........................................
United
States
1,132
519,203
Lam
Research
Corp.
...................................
United
States
2,755
1,726,751
a
Lattice
Semiconductor
Corp.
.............................
United
States
1,832
157,424
Monolithic
Power
Systems,
Inc.
...........................
United
States
1,200
554,400
NVIDIA
Corp.
........................................
United
States
15,053
6,547,904
NXP
Semiconductors
NV
...............................
China
4,596
918,832
a
ON
Semiconductor
Corp.
...............................
United
States
7,261
674,910
QUALCOMM,
Inc.
.....................................
United
States
652
72,411
STMicroelectronics
NV
.................................
Singapore
10,952
472,262
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
48,586
792,857
Texas
Instruments,
Inc.
.................................
United
States
3,555
565,281
21,245,829
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
5.1%
a
Adobe,
Inc.
..........................................
United
States
2,515
$
1,282,399
a
ANSYS,
Inc.
.........................................
United
States
381
113,367
a
Atlassian
Corp.,
A
.....................................
United
States
3,037
611,986
a
Autodesk,
Inc.
........................................
United
States
2,131
440,925
a
BILL
Holdings,
Inc.
....................................
United
States
2,944
319,630
a
Cadence
Design
Systems,
Inc.
...........................
United
States
3,588
840,668
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
912
121,551
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
300
50,214
a
CyberArk
Software
Ltd.
.................................
United
States
5,842
956,744
a
Dropbox,
Inc.,
A
......................................
United
States
4,783
130,241
a
Fair
Isaac
Corp.
......................................
United
States
498
432,528
Intuit,
Inc.
...........................................
United
States
3,104
1,585,958
a
Kinaxis,
Inc.
.........................................
Canada
7,000
789,413
a
Manhattan
Associates,
Inc.
..............................
United
States
1,092
215,845
Microsoft
Corp.
.......................................
United
States
34,487
10,889,270
a
Monday.com
Ltd.
......................................
United
States
3,200
509,504
a
Nice
Ltd.,
ADR
.......................................
Israel
4,600
782,000
Oracle
Corp.
.........................................
United
States
6,962
737,415
Oracle
Corp.
Japan
....................................
Japan
1,000
74,078
a
Palo
Alto
Networks,
Inc.
................................
United
States
3,607
845,625
a
Procore
Technologies,
Inc.
..............................
United
States
200
13,064
a
PTC,
Inc.
...........................................
United
States
3,021
428,015
Sage
Group
plc
(The)
..................................
United
Kingdom
26,460
318,391
a
Salesforce,
Inc.
.......................................
United
States
5,426
1,100,284
SAP
SE
............................................
Germany
324
41,937
a
ServiceNow,
Inc.
......................................
United
States
1,859
1,039,107
a
Splunk,
Inc.
..........................................
United
States
2,907
425,149
a
Synopsys,
Inc.
.......................................
United
States
1,526
700,388
a
Teradata
Corp.
.......................................
United
States
1,810
81,486
a
Tyler
Technologies,
Inc.
.................................
United
States
368
142,100
a
Unity
Software,
Inc.
....................................
United
States
3,174
99,632
a
Workday,
Inc.,
A
......................................
United
States
4,459
958,016
a
Xero
Ltd.
............................................
New
Zealand
3,983
286,427
a
Zoom
Video
Communications,
Inc.,
A
......................
United
States
1,035
72,388
27,435,745
Specialized
REITs
0.5%
American
Tower
Corp.
..................................
United
States
5,016
824,881
Crown
Castle,
Inc.
.....................................
United
States
2,125
195,564
Equinix,
Inc.
.........................................
United
States
762
553,410
Public
Storage
.......................................
United
States
3,029
798,202
Weyerhaeuser
Co.
....................................
United
States
10,889
333,857
2,705,914
Specialty
Retail
0.6%
a
AutoNation,
Inc.
......................................
United
States
559
84,633
a
AutoZone,
Inc.
.......................................
United
States
30
76,200
Best
Buy
Co.,
Inc.
.....................................
United
States
3,906
271,350
Home
Depot,
Inc.
(The)
.................................
United
States
3,625
1,095,330
Industria
de
Diseno
Textil
SA
.............................
Spain
12,452
463,343
Murphy
USA,
Inc.
.....................................
United
States
361
123,364
Nitori
Holdings
Co.
Ltd.
.................................
Japan
400
44,600
a
O'Reilly
Automotive,
Inc.
................................
United
States
463
420,802
TJX
Cos.,
Inc.
(The)
...................................
United
States
2,558
227,355
a
Ulta
Beauty,
Inc.
......................................
United
States
349
139,408
Williams-Sonoma,
Inc.
.................................
United
States
546
84,848
3,031,233
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
2.0%
Apple,
Inc.
..........................................
United
States
49,736
$
8,515,301
FUJIFILM
Holdings
Corp.
...............................
Japan
1,500
86,779
Logitech
International
SA
...............................
Switzerland
731
50,289
NetApp,
Inc.
.........................................
United
States
4,065
308,452
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
33,434
1,686,359
Seiko
Epson
Corp.
....................................
Japan
6,300
98,942
10,746,122
Textiles,
Apparel
&
Luxury
Goods
0.5%
Burberry
Group
plc
....................................
United
Kingdom
10,439
241,903
Cie
Financiere
Richemont
SA
............................
Switzerland
1,646
200,444
a
Deckers
Outdoor
Corp.
.................................
United
States
451
231,855
Hermes
International
SCA
...............................
France
97
176,806
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
752
567,606
NIKE,
Inc.,
B
.........................................
United
States
10,661
1,019,405
Pandora
A/S
.........................................
Denmark
955
98,546
Ralph
Lauren
Corp.,
A
..................................
United
States
647
75,110
Swatch
Group
AG
(The),
I
...............................
Switzerland
652
166,982
Swatch
Group
AG
(The),
N
..............................
Switzerland
1,364
66,613
2,845,270
Tobacco
0.2%
Imperial
Brands
plc
....................................
United
Kingdom
37,611
762,930
Japan
Tobacco,
Inc.
...................................
Japan
10,000
230,088
993,018
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
.........................................
United
States
7,200
393,408
Marubeni
Corp.
.......................................
Japan
13,300
207,330
Mitsubishi
Corp.
......................................
Japan
10,700
509,876
MSC
Industrial
Direct
Co.,
Inc.,
A
..........................
United
States
860
84,409
RS
Group
plc
........................................
United
Kingdom
73,000
651,923
Toyota
Tsusho
Corp.
...................................
Japan
1,700
99,990
WW
Grainger,
Inc.
.....................................
United
States
1,489
1,030,150
2,977,086
Transportation
Infrastructure
0.0%
†
b
Aena
SME
SA,
144A,
Reg
S
.............................
Spain
468
70,420
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
..........................
United
States
1,619
200,481
Essential
Utilities,
Inc.
..................................
United
States
2,111
72,470
272,951
Wireless
Telecommunication
Services
0.1%
KDDI
Corp.
..........................................
Japan
14,800
453,050
Total
Common
Stocks
(Cost
$255,185,448)
.....................................
309,538,969
Management
Investment
Companies
1.9%
Capital
Markets
1.9%
Schwab
U.S.
TIPS
ETF
.................................
United
States
207,048
10,453,854
Total
Management
Investment
Companies
(Cost
$12,735,005)
....................
10,453,854
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
Preferred
Stocks
0.1%
Life
Sciences
Tools
&
Services
0.1%
c
Sartorius
AG,
0.45%
...................................
Germany
804
$
272,297
Total
Preferred
Stocks
(Cost
$309,422)
.........................................
272,297
Rights
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
0.4%
Oil,
Gas
&
Consumable
Fuels
0.4%
Enterprise
Products
Partners
LP
..........................
United
States
70,874
1,939,821
1,939,821
Total
Limited
Partnerships
(Cost
$1,817,598)
...................................
1,939,821
Principal
Amount
*
Corporate
Bonds
10.9%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
20,000
17,577
Senior
Bond,
3.25%,
2/01/35
...........................
United
States
30,000
23,089
Senior
Bond,
3.5%,
3/01/39
............................
United
States
200,000
142,919
Senior
Bond,
5.705%,
5/01/40
..........................
United
States
30,000
27,700
Senior
Bond,
5.805%,
5/01/50
..........................
United
States
60,000
54,382
Senior
Bond,
5.93%,
5/01/60
...........................
United
States
20,000
17,983
Senior
Note,
4.875%,
5/01/25
..........................
United
States
70,000
68,809
Senior
Note,
2.196%,
2/04/26
..........................
United
States
350,000
321,444
Senior
Note,
5.15%,
5/01/30
...........................
United
States
50,000
47,790
General
Dynamics
Corp.
,
Senior
Bond
,
4.25
%
,
4/01/50
.........
United
States
10,000
8,229
Lockheed
Martin
Corp.
,
Senior
Bond,
3.9%,
6/15/32
............................
United
States
10,000
8,974
Senior
Bond,
4.15%,
6/15/53
...........................
United
States
50,000
39,512
Northrop
Grumman
Corp.
,
Senior
Bond,
3.25%,
1/15/28
...........................
United
States
10,000
9,177
Senior
Bond,
5.25%,
5/01/50
...........................
United
States
190,000
175,538
Senior
Note,
2.93%,
1/15/25
...........................
United
States
20,000
19,293
RTX
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.........................
United
States
20,000
18,663
Senior
Bond,
4.15%,
5/15/45
...........................
United
States
20,000
15,170
Senior
Bond,
3.125%,
7/01/50
..........................
United
States
30,000
18,688
1,034,937
Air
Freight
&
Logistics
0.0%
†
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.......
United
States
100,000
76,278
Automobiles
0.0%
†
General
Motors
Co.
,
Senior
Bond
,
6.6
%
,
4/01/36
..............
United
States
20,000
19,452
Banks
2.3%
b,e
ABN
AMRO
Bank
NV
,
Senior
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
..........................
Netherlands
200,000
199,586
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.
,
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
80,000
$
71,793
Senior
Bond,
3.974%
to
2/06/29,
FRN
thereafter,
2/07/30
.....
United
States
230,000
206,668
Senior
Bond,
1.922%
to
10/23/30,
FRN
thereafter,
10/24/31
...
United
States
200,000
150,964
Senior
Bond,
2.572%
to
10/19/31,
FRN
thereafter,
10/20/32
...
United
States
90,000
69,201
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
70,000
62,183
Senior
Bond,
5%,
1/21/44
.............................
United
States
20,000
17,626
Senior
Bond,
4.083%
to
3/19/50,
FRN
thereafter,
3/20/51
.....
United
States
100,000
74,015
Senior
Note,
1.319%
to
6/18/25,
FRN
thereafter,
6/19/26
......
United
States
150,000
137,607
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
....
United
States
1,030,000
1,035,035
Sub.
Bond,
4%,
1/22/25
..............................
United
States
20,000
19,471
Sub.
Bond,
4.25%,
10/22/26
...........................
United
States
100,000
95,032
Sub.
Bond,
2.482%
to
9/20/31,
FRN
thereafter,
9/21/36
.......
United
States
10,000
7,284
L,
Sub.
Bond,
4.183%,
11/25/27
........................
United
States
200,000
186,020
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
...............
Canada
30,000
28,163
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
3.45%,
4/11/25
...........................
Canada
50,000
48,152
Sub.
Bond,
4.588%
to
5/03/32,
FRN
thereafter,
5/04/37
.......
Canada
10,000
8,342
b
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
200,000
192,145
Senior
Note,
144A,
1.675%
to
6/29/26,
FRN
thereafter,
6/30/27
.
France
200,000
177,246
b
BPCE
SA
,
Senior
Note,
144A,
2.045%
to
10/18/26,
FRN
thereafter,
10/19/27
France
250,000
220,340
Sub.
Bond,
144A,
5.15%,
7/21/24
.......................
France
400,000
393,737
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
.....
United
States
510,000
406,881
Senior
Bond,
4.91%
to
5/23/32,
FRN
thereafter,
5/24/33
......
United
States
80,000
72,843
Senior
Bond,
2.904%
to
11/02/41,
FRN
thereafter,
11/03/42
....
United
States
30,000
19,216
Senior
Note,
3.352%
to
4/23/24,
FRN
thereafter,
4/24/25
......
United
States
750,000
736,772
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.......
United
States
40,000
38,290
Senior
Note,
4.658%
to
5/23/27,
FRN
thereafter,
5/24/28
......
United
States
120,000
114,730
Sub.
Bond,
5.5%,
9/13/25
.............................
United
States
10,000
9,883
Sub.
Bond,
4.45%,
9/29/27
............................
United
States
40,000
37,570
Sub.
Bond,
5.3%,
5/06/44
.............................
United
States
20,000
17,112
b,e
Commonwealth
Bank
of
Australia
,
Senior
Note
,
144A,
FRN
,
6.063
%
,
(
SOFR
+
0.74
%
),
3/14/25
..............................
Australia
230,000
230,628
b
Cooperatieve
Rabobank
UA
,
Senior
Note
,
144A,
3.649%
to
4/05/27,
FRN
thereafter
,
4/06/28
...............................
Netherlands
250,000
229,943
HSBC
Holdings
plc
,
Senior
Note,
0.976%
to
5/23/24,
FRN
thereafter,
5/24/25
......
United
Kingdom
200,000
192,720
Senior
Note,
1.645%
to
8/17/25,
FRN
thereafter,
4/18/26
......
United
Kingdom
525,000
488,122
Senior
Note,
1.589%
to
5/23/26,
FRN
thereafter,
5/24/27
......
United
Kingdom
200,000
176,419
Senior
Note,
4.755%
to
6/08/27,
FRN
thereafter,
6/09/28
......
United
Kingdom
200,000
189,300
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
......
United
States
1,200,000
1,104,039
Senior
Bond,
4.452%
to
12/04/28,
FRN
thereafter,
12/05/29
...
United
States
60,000
56,025
Senior
Bond,
2.545%
to
11/07/31,
FRN
thereafter,
11/08/32
....
United
States
30,000
23,229
Senior
Bond,
5.35%
to
5/31/33,
FRN
thereafter,
6/01/34
......
United
States
200,000
189,772
Senior
Bond,
3.109%
to
4/21/50,
FRN
thereafter,
4/22/51
.....
United
States
20,000
12,427
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
......
United
States
80,000
75,110
Senior
Note,
4.565%
to
6/13/29,
FRN
thereafter,
6/14/30
......
United
States
60,000
55,990
Sub.
Bond,
3.625%,
12/01/27
..........................
United
States
60,000
55,328
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.......
United
States
200,000
164,398
Sub.
Bond,
4.95%,
6/01/45
............................
United
States
20,000
17,121
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
250,000
235,531
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)
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
200,000
$
197,877
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
200,000
197,321
b
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
200,000
195,877
PNC
Financial
Services
Group,
Inc.
(The)
,
f
T,
Junior
Sub.
Bond,
3.4%
to
9/14/26,
FRN
thereafter,
Perpetual
United
States
230,000
170,723
Senior
Note,
5.812%
to
6/11/25,
FRN
thereafter,
6/12/26
......
United
States
10,000
9,923
Senior
Note,
5.582%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
40,000
38,824
Royal
Bank
of
Canada
,
Senior
Bond,
3.875%,
5/04/32
..........................
Canada
50,000
43,615
Senior
Note,
1.15%,
6/10/25
...........................
Canada
20,000
18,502
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
200,000
175,054
b
Societe
Generale
SA
,
Senior
Note,
144A,
2.625%,
1/22/25
.....................
France
250,000
237,757
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
200,000
176,419
b
Standard
Chartered
plc
,
Senior
Bond
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
250,000
239,477
Toronto-Dominion
Bank
(The)
,
Senior
Bond,
4.456%,
6/08/32
..........................
Canada
10,000
8,974
Senior
Note,
1.15%,
6/12/25
...........................
Canada
20,000
18,524
Senior
Note,
4.693%,
9/15/27
..........................
Canada
200,000
192,439
Truist
Financial
Corp.
,
Senior
Note,
5.9%
to
10/27/25,
FRN
thereafter,
10/28/26
......
United
States
150,000
148,393
Senior
Note,
6.047%
to
6/07/26,
FRN
thereafter,
6/08/27
......
United
States
20,000
19,789
Sub.
Bond,
3.875%,
3/19/29
...........................
United
States
100,000
87,858
b
UniCredit
SpA
,
Senior
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
...................................
Italy
300,000
265,161
US
Bancorp
,
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
.....
United
States
10,000
9,439
Senior
Note,
1.45%,
5/12/25
...........................
United
States
30,000
27,994
Senior
Note,
5.727%
to
10/20/25,
FRN
thereafter,
10/21/26
....
United
States
100,000
99,193
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
20,000
19,479
Wells
Fargo
&
Co.
,
Senior
Bond,
2.879%
to
10/29/29,
FRN
thereafter,
10/30/30
...
United
States
440,000
366,496
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
......
United
States
30,000
24,263
Senior
Bond,
5.389%
to
4/23/33,
FRN
thereafter,
4/24/34
.....
United
States
450,000
420,880
Senior
Bond,
5.013%
to
4/03/50,
FRN
thereafter,
4/04/51
.....
United
States
240,000
201,889
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
......
United
States
60,000
56,351
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
100,000
97,150
Senior
Note,
4.808%
to
7/24/27,
FRN
thereafter,
7/25/28
......
United
States
390,000
372,247
Sub.
Bond,
4.3%,
7/22/27
.............................
United
States
60,000
56,568
Sub.
Bond,
4.9%,
11/17/45
............................
United
States
90,000
72,298
12,616,763
Beverages
0.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
100,000
87,217
Senior
Note,
3.65%,
2/01/26
...........................
Belgium
30,000
28,821
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.75%,
1/23/29
...........................
Belgium
60,000
58,197
Senior
Bond,
3.5%,
6/01/30
............................
Belgium
420,000
373,950
Senior
Bond,
4.35%,
6/01/40
...........................
Belgium
30,000
25,527
Senior
Bond,
5.8%,
1/23/59
............................
Belgium
150,000
146,937
Coca-Cola
Co.
(The)
,
Senior
Bond
,
2.5
%
,
6/01/40
.............
United
States
10,000
6,814
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)
Beverages
(continued)
Constellation
Brands,
Inc.
,
Senior
Note,
3.6%,
5/09/24
............................
United
States
10,000
$
9,856
Senior
Note,
4.35%,
5/09/27
...........................
United
States
10,000
9,573
PepsiCo,
Inc.
,
Senior
Bond
,
1.625
%
,
5/01/30
.................
United
States
10,000
8,040
754,932
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
4.85%,
6/15/44
...........................
United
States
400,000
347,330
Senior
Bond,
4.75%,
3/15/45
...........................
United
States
100,000
85,934
Senior
Bond,
4.25%,
11/21/49
..........................
United
States
40,000
31,697
Senior
Note,
2.6%,
11/21/24
...........................
United
States
100,000
96,441
Senior
Note,
2.95%,
11/21/26
..........................
United
States
40,000
37,136
Senior
Note,
3.2%,
11/21/29
...........................
United
States
90,000
79,467
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
...........................
United
States
200,000
165,717
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
100,000
95,640
Senior
Bond,
5.6%,
3/02/43
............................
United
States
420,000
390,728
Gilead
Sciences,
Inc.
,
Senior
Bond,
3.65%,
3/01/26
...........................
United
States
10,000
9,576
Senior
Bond,
4.75%,
3/01/46
...........................
United
States
10,000
8,574
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
...
United
States
255,000
147,423
1,495,663
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond,
1.5%,
6/03/30
............................
United
States
30,000
23,765
Senior
Bond,
3.6%,
4/13/32
............................
United
States
70,000
62,094
Senior
Bond,
3.875%,
8/22/37
..........................
United
States
30,000
25,625
Senior
Bond,
4.05%,
8/22/47
...........................
United
States
300,000
241,352
Senior
Bond,
2.5%,
6/03/50
............................
United
States
110,000
64,512
Senior
Bond,
4.25%,
8/22/57
...........................
United
States
10,000
8,015
Senior
Note,
1.2%,
6/03/27
............................
United
States
60,000
52,150
b
Prosus
NV
,
Senior
Bond
,
144A,
3.68
%
,
1/21/30
...............
China
200,000
161,297
638,810
Capital
Markets
0.7%
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
6.136%
to
8/23/33,
FRN
thereafter,
8/24/34
.....
United
States
10,000
9,733
Senior
Note,
5.875%,
8/24/26
..........................
United
States
40,000
39,884
Credit
Suisse
AG
,
Senior
Note
,
1.25
%
,
8/07/26
...............
Switzerland
250,000
218,581
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
150,000
146,576
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.5%,
1/23/25
............................
United
States
425,000
411,195
Senior
Bond,
3.691%
to
6/04/27,
FRN
thereafter,
6/05/28
.....
United
States
140,000
129,092
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
70,000
54,062
Senior
Bond,
2.908%
to
7/20/41,
FRN
thereafter,
7/21/42
.....
United
States
40,000
25,869
Senior
Note,
3.625%,
2/20/24
..........................
United
States
40,000
39,627
Senior
Note,
3.5%,
4/01/25
............................
United
States
40,000
38,526
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
200,000
176,655
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.......
United
States
200,000
178,412
Sub.
Bond,
4.25%,
10/21/25
...........................
United
States
200,000
192,782
Sub.
Bond,
5.15%,
5/22/45
............................
United
States
50,000
42,911
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
4.6
%
,
3/15/33
.....
United
States
10,000
9,196
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)
Capital
Markets
(continued)
Morgan
Stanley
,
Senior
Bond,
3.591%,
7/22/28
..........................
United
States
860,000
$
785,065
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
.....
United
States
40,000
36,494
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
.....
United
States
320,000
275,815
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
....
United
States
100,000
76,552
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
......
United
States
250,000
232,277
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
......
United
States
50,000
46,988
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
..................
United
States
170,000
162,351
b
UBS
Group
AG
,
Senior
Bond,
144A,
2.095%
to
2/10/31,
FRN
thereafter,
2/11/32
.
Switzerland
225,000
166,604
Senior
Note,
144A,
4.488%
to
5/11/25,
FRN
thereafter,
5/12/26
.
Switzerland
200,000
193,777
Senior
Note,
144A,
1.305%
to
2/01/26,
FRN
thereafter,
2/02/27
.
Switzerland
250,000
222,327
3,911,351
Chemicals
0.1%
DuPont
de
Nemours,
Inc.
,
Senior
Bond
,
5.419
%
,
11/15/48
.......
United
States
300,000
275,432
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
No.
2
,
Senior
Bond,
3.7%,
4/01/27
............................
United
States
10,000
9,488
Senior
Bond,
4%,
5/01/32
.............................
United
States
10,000
9,025
RELX
Capital,
Inc.
,
Senior
Bond
,
3
%
,
5/22/30
................
United
Kingdom
300,000
257,094
Republic
Services,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/24
............
United
States
10,000
9,716
285,323
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
4.6
%
,
5/23/29
...........
United
States
280,000
265,207
Consumer
Finance
0.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
2.45%,
10/29/26
..........................
Ireland
150,000
134,428
Senior
Note,
3%,
10/29/28
............................
Ireland
300,000
257,373
American
Express
Co.
,
Senior
Note,
2.5%,
7/30/24
............................
United
States
70,000
68,097
Senior
Note,
4.05%,
5/03/29
...........................
United
States
20,000
18,625
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.75
%
,
3/09/27
.......
United
States
435,000
398,428
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
5.4
%
,
4/06/26
...
United
States
220,000
215,505
John
Deere
Capital
Corp.
,
Senior
Bond,
3.9%,
6/07/32
............................
United
States
75,000
67,613
Senior
Bond,
4.35%,
9/15/32
...........................
United
States
200,000
186,135
Toyota
Motor
Credit
Corp.
,
Senior
Note
,
4.45
%
,
5/18/26
........
United
States
210,000
205,403
1,551,607
Consumer
Staples
Distribution
&
Retail
0.1%
Costco
Wholesale
Corp.
,
Senior
Bond
,
1.75
%
,
4/20/32
.........
United
States
20,000
15,322
Dollar
Tree,
Inc.
,
Senior
Note
,
4
%
,
5/15/25
..................
United
States
350,000
338,900
Walmart,
Inc.
,
Senior
Note
,
1.5
%
,
9/22/28
...................
United
States
10,000
8,488
362,710
Containers
&
Packaging
0.0%
†
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
135,000
105,798
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)
Diversified
REITs
0.1%
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
395,000
$
361,157
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
390,000
286,575
Senior
Bond,
3.5%,
9/15/53
............................
United
States
20,000
12,368
Senior
Bond,
3.55%,
9/15/55
...........................
United
States
30,000
18,384
Senior
Bond,
3.65%,
9/15/59
...........................
United
States
10,000
6,091
Senior
Note,
1.65%,
2/01/28
...........................
United
States
20,000
16,889
Orange
SA
,
Senior
Bond
,
9
%
,
3/01/31
......................
France
100,000
118,177
Verizon
Communications,
Inc.
,
Senior
Bond,
2.625%,
8/15/26
..........................
United
States
40,000
36,962
Senior
Bond,
2.55%,
3/21/31
...........................
United
States
200,000
159,351
Senior
Bond,
4.5%,
8/10/33
............................
United
States
70,000
62,356
Senior
Bond,
2.85%,
9/03/41
...........................
United
States
200,000
129,434
Senior
Bond,
3.85%,
11/01/42
..........................
United
States
100,000
73,990
Senior
Bond,
2.875%,
11/20/50
.........................
United
States
10,000
5,786
Senior
Note,
2.1%,
3/22/28
............................
United
States
40,000
34,374
Senior
Note,
2.355%,
3/15/32
..........................
United
States
640,000
488,477
1,449,214
Electric
Utilities
0.7%
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...........................................
United
States
20,000
15,829
b
Cleveland
Electric
Illuminating
Co.
(The)
,
Senior
Bond
,
144A,
3.5
%
,
4/01/28
...........................................
United
States
10,000
9,070
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
151,583
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.............
United
States
10,000
9,119
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
207,153
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
5.4
%
,
4/01/53
.........
United
States
250,000
229,169
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
230,000
222,322
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.25
%
,
7/12/31
Italy
200,000
151,290
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
650,000
585,494
Senior
Bond,
5.625%,
6/15/35
..........................
United
States
10,000
9,637
Florida
Power
&
Light
Co.
,
Senior
Note
,
4.625
%
,
5/15/30
........
United
States
100,000
95,484
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
420,000
336,546
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.65
%
,
4/15/29
.........
United
States
20,000
18,292
b
Mid-Atlantic
Interstate
Transmission
LLC
,
Senior
Bond
,
144A,
4.1
%
,
5/15/28
...........................................
United
States
10,000
9,316
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
50,000
50,093
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
2.5%,
2/01/31
............................
United
States
10,000
7,615
Senior
Bond,
3.3%,
8/01/40
............................
United
States
10,000
6,415
Senior
Bond,
3.5%,
8/01/50
............................
United
States
10,000
5,965
Senior
Note,
2.1%,
8/01/27
............................
United
States
10,000
8,557
PacifiCorp
,
Senior
Bond
,
5.35
%
,
12/01/53
...................
United
States
375,000
312,110
Southern
Co.
(The)
,
A,
Senior
Bond,
3.7%,
4/30/30
.........................
United
States
300,000
265,970
Senior
Note,
5.5%,
3/15/29
............................
United
States
150,000
149,151
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
2.4
%
,
3/30/32
.....
United
States
520,000
405,873
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
229,242
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)
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
150,000
$
143,291
3,634,586
Electrical
Equipment
0.0%
†
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
11/02/42
..................
United
States
10,000
8,149
Emerson
Electric
Co.
,
Senior
Bond
,
2.8
%
,
12/21/51
............
United
States
60,000
36,457
44,606
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
363,024
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond
,
5.75
%
,
3/01/24
...................
United
States
400,000
398,946
Walt
Disney
Co.
(The)
,
Senior
Bond
,
2.65
%
,
1/13/31
...........
United
States
200,000
165,685
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
5.05%,
3/15/42
...........................
United
States
390,000
301,838
Senior
Bond,
5.141%,
3/15/52
..........................
United
States
10,000
7,436
Senior
Note,
6.412%,
3/15/26
..........................
United
States
10,000
10,003
Senior
Note,
3.755%,
3/15/27
..........................
United
States
10,000
9,237
Senior
Note,
4.054%,
3/15/29
..........................
United
States
10,000
8,914
Senior
Note,
4.279%,
3/15/32
..........................
United
States
20,000
16,988
919,047
Financial
Services
0.3%
b
Corebridge
Financial,
Inc.
,
Senior
Bond
,
144A,
6.05
%
,
9/15/33
...
United
States
150,000
145,926
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
400,000
337,639
Fidelity
National
Information
Services,
Inc.
,
Senior
Bond
,
2.25
%
,
3/01/31
...........................................
United
States
200,000
156,584
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
............................
United
States
270,000
241,032
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
200,000
164,438
Global
Payments,
Inc.
,
Senior
Note
,
5.4
%
,
8/15/32
............
United
States
100,000
93,828
Mastercard,
Inc.
,
Senior
Bond,
3.35%,
3/26/30
...........................
United
States
10,000
8,946
Senior
Bond,
3.85%,
3/26/50
...........................
United
States
40,000
30,844
b
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.......
Japan
500,000
395,846
PayPal
Holdings,
Inc.
,
Senior
Bond,
2.3%,
6/01/30
............................
United
States
10,000
8,180
Senior
Bond,
4.4%,
6/01/32
............................
United
States
10,000
9,249
Senior
Note,
1.65%,
6/01/25
...........................
United
States
10,000
9,362
Shell
International
Finance
BV
,
Senior
Bond,
2.875%,
5/10/26
..........................
Netherlands
20,000
18,875
Senior
Bond,
2.75%,
4/06/30
...........................
Netherlands
50,000
43,030
Senior
Bond,
4%,
5/10/46
.............................
Netherlands
20,000
15,506
Senior
Bond,
3.25%,
4/06/50
...........................
Netherlands
40,000
26,598
Visa,
Inc.
,
Senior
Bond,
3.15%,
12/14/25
..........................
United
States
10,000
9,548
Senior
Bond,
4.3%,
12/14/45
...........................
United
States
10,000
8,474
1,723,905
Food
Products
0.2%
b
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
142,153
Conagra
Brands,
Inc.
,
Senior
Bond
,
5.4
%
,
11/01/48
............
United
States
250,000
212,360
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)
Food
Products
(continued)
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
225,000
$
223,048
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
3.625
%
,
1/15/32
...........................
United
States
200,000
159,414
Kraft
Heinz
Foods
Co.
,
Senior
Note,
3%,
6/01/26
.............................
United
States
10,000
9,378
Senior
Note,
3.75%,
4/01/30
...........................
United
States
100,000
89,325
b
Mars,
Inc.
,
Senior
Bond,
144A,
3.2%,
4/01/30
.......................
United
States
30,000
26,364
Senior
Bond,
144A,
2.375%,
7/16/40
.....................
United
States
10,000
6,334
Mondelez
International,
Inc.
,
Senior
Note
,
1.5
%
,
5/04/25
........
United
States
20,000
18,719
887,095
Gas
Utilities
0.1%
Southern
California
Gas
Co.
,
Senior
Bond,
5.2%,
6/01/33
............................
United
States
275,000
260,450
Senior
Bond,
6.35%,
11/15/52
..........................
United
States
350,000
358,585
619,035
Ground
Transportation
0.1%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
4.9%,
4/01/44
............................
United
States
200,000
177,314
Senior
Bond,
2.875%,
6/15/52
..........................
United
States
10,000
6,166
CSX
Corp.
,
Senior
Bond,
3.8%,
11/01/46
...........................
United
States
100,000
73,302
Senior
Bond,
4.75%,
11/15/48
..........................
United
States
275,000
233,070
Union
Pacific
Corp.
,
Senior
Bond,
2.4%,
2/05/30
............................
United
States
10,000
8,375
Senior
Bond,
2.891%,
4/06/36
..........................
United
States
10,000
7,583
Senior
Bond,
3.839%,
3/20/60
..........................
United
States
10,000
7,030
Senior
Bond,
3.75%,
2/05/70
...........................
United
States
10,000
6,709
Senior
Note,
3.75%,
7/15/25
...........................
United
States
10,000
9,691
Senior
Note,
2.15%,
2/05/27
...........................
United
States
10,000
9,036
538,276
Health
Care
Equipment
&
Supplies
0.1%
Abbott
Laboratories
,
Senior
Bond
,
4.9
%
,
11/30/46
.............
United
States
10,000
9,116
Baxter
International,
Inc.
,
Senior
Bond
,
2.539
%
,
2/01/32
........
United
States
500,000
387,356
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
..
United
States
100,000
99,442
Medtronic
Global
Holdings
SCA
,
Senior
Note
,
4.25
%
,
3/30/28
....
United
States
200,000
191,518
687,432
Health
Care
Providers
&
Services
0.6%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
.............
United
States
200,000
155,038
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
..................
United
States
250,000
201,956
Cigna
Group
(The)
,
Senior
Bond,
2.375%,
3/15/31
..........................
United
States
100,000
79,932
Senior
Bond,
4.8%,
8/15/38
............................
United
States
20,000
17,633
Senior
Bond,
4.9%,
12/15/48
...........................
United
States
20,000
16,873
Senior
Note,
4.125%,
11/15/25
.........................
United
States
10,000
9,685
Senior
Note,
3.05%,
10/15/27
..........................
United
States
550,000
500,304
Senior
Note,
4.375%,
10/15/28
.........................
United
States
60,000
56,789
CVS
Health
Corp.
,
Senior
Bond,
3.875%,
7/20/25
..........................
United
States
10,000
9,666
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)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.,
(continued)
Senior
Bond,
4.3%,
3/25/28
............................
United
States
30,000
$
28,401
Senior
Bond,
3.75%,
4/01/30
...........................
United
States
30,000
26,530
Senior
Bond,
2.125%,
9/15/31
..........................
United
States
50,000
38,264
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
40,000
34,466
Senior
Bond,
5.3%,
12/05/43
...........................
United
States
500,000
436,890
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
100,000
84,233
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000
33,264
Senior
Bond,
4.25%,
4/01/50
...........................
United
States
20,000
14,817
Elevance
Health,
Inc.
,
Senior
Bond,
3.65%,
12/01/27
..........................
United
States
20,000
18,549
Senior
Bond,
4.1%,
5/15/32
............................
United
States
10,000
8,913
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
351,747
Senior
Bond,
4.55%,
5/15/52
...........................
United
States
10,000
8,104
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
.....................
United
States
408,000
389,645
Humana,
Inc.
,
Senior
Bond
,
3.125
%
,
8/15/29
.................
United
States
90,000
78,778
Kaiser
Foundation
Hospitals
,
Senior
Bond
,
4.15
%
,
5/01/47
......
United
States
175,000
138,942
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
300,000
246,741
UnitedHealth
Group,
Inc.
,
Senior
Bond,
2.75%,
5/15/40
...........................
United
States
30,000
20,407
Senior
Bond,
3.05%,
5/15/41
...........................
United
States
395,000
278,911
Senior
Bond,
3.25%,
5/15/51
...........................
United
States
10,000
6,582
Senior
Bond,
3.875%,
8/15/59
..........................
United
States
30,000
21,391
Senior
Note,
4%,
5/15/29
.............................
United
States
20,000
18,728
Senior
Note,
4.2%,
5/15/32
............................
United
States
30,000
27,391
3,359,570
Hotels,
Restaurants
&
Leisure
0.1%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
250,000
213,671
McDonald's
Corp.
,
Senior
Bond,
4.875%,
12/09/45
.........................
United
States
10,000
8,669
Senior
Bond,
4.2%,
4/01/50
............................
United
States
30,000
23,319
Senior
Note,
1.45%,
9/01/25
...........................
United
States
40,000
37,051
Senior
Note,
2.125%,
3/01/30
..........................
United
States
30,000
24,613
307,323
Household
Durables
0.0%
†
MDC
Holdings,
Inc.
,
Senior
Bond
,
2.5
%
,
1/15/31
..............
United
States
156,000
116,621
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
408,489
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3
%
,
3/25/30
.........
United
States
10,000
8,889
417,378
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
United
States
50,000
49,964
Industrial
Conglomerates
0.0%
†
3M
Co.
,
Senior
Bond,
3.05%,
4/15/30
...........................
United
States
40,000
34,611
Senior
Bond,
3.7%,
4/15/50
............................
United
States
10,000
7,144
41,755
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)
Insurance
0.7%
Aflac,
Inc.
,
Senior
Bond
,
4.75
%
,
1/15/49
....................
United
States
380,000
$
318,005
b
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
200,000
190,144
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
260,000
192,866
American
International
Group,
Inc.
,
Senior
Bond,
5.125%,
3/27/33
..........................
United
States
200,000
186,267
Senior
Note,
2.5%,
6/30/25
............................
United
States
6,000
5,663
Aon
Corp.
,
Senior
Bond
,
2.8
%
,
5/15/30
.....................
United
States
350,000
291,567
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
300,000
202,278
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.25%,
1/15/49
...........................
United
States
20,000
16,413
Senior
Bond,
3.85%,
3/15/52
...........................
United
States
200,000
149,314
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
...........
United
States
230,000
177,949
b
Guardian
Life
Global
Funding
,
Secured
Note
,
144A,
1.1
%
,
6/23/25
United
States
10,000
9,189
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
......
United
States
250,000
217,249
b
MassMutual
Global
Funding
II
,
Senior
Secured
Note
,
144A,
5.05
%
,
12/07/27
..........................................
United
States
200,000
196,884
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
270,000
264,164
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
3.6%,
1/11/24
......................
United
States
940,000
934,940
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
200,000
195,763
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
150,000
140,407
b
New
York
Life
Global
Funding
,
Secured
Note,
144A,
4.85%,
1/09/28
.....................
United
States
200,000
195,481
Senior
Secured
Note,
144A,
0.95%,
6/24/25
...............
United
States
10,000
9,208
b
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
4.9
%
,
9/15/44
.................................
United
States
10,000
8,434
3,902,185
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond,
1.1%,
8/15/30
............................
United
States
10,000
7,788
Senior
Bond,
1.9%,
8/15/40
............................
United
States
10,000
6,260
Senior
Bond,
2.05%,
8/15/50
...........................
United
States
10,000
5,466
Meta
Platforms,
Inc.
,
Senior
Bond,
4.95%,
5/15/33
...........................
United
States
150,000
143,835
Senior
Bond,
4.45%,
8/15/52
...........................
United
States
250,000
198,066
b
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
3.595
%
,
1/19/28
.....
China
300,000
274,932
636,347
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
5.8
%
,
12/12/25
..................
United
States
150,000
149,079
Thermo
Fisher
Scientific,
Inc.
,
Senior
Note
,
0.797
%
,
10/18/23
....
United
States
200,000
199,571
348,650
Machinery
0.0%
†
Deere
&
Co.
,
Senior
Bond,
3.1%,
4/15/30
............................
United
States
10,000
8,801
Senior
Bond,
3.75%,
4/15/50
...........................
United
States
30,000
23,745
Otis
Worldwide
Corp.
,
Senior
Note
,
2.056
%
,
4/05/25
...........
United
States
10,000
9,445
41,991
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond,
5.05%,
3/30/29
....................
United
States
80,000
$
74,806
Senior
Secured
Bond,
2.8%,
4/01/31
.....................
United
States
430,000
335,551
Senior
Secured
Bond,
4.4%,
4/01/33
.....................
United
States
30,000
25,530
Senior
Secured
Bond,
5.375%,
4/01/38
...................
United
States
10,000
8,185
Senior
Secured
Bond,
3.5%,
3/01/42
.....................
United
States
130,000
80,420
Senior
Secured
Bond,
3.9%,
6/01/52
.....................
United
States
70,000
41,900
Senior
Secured
Bond,
5.5%,
4/01/63
.....................
United
States
40,000
29,627
Senior
Secured
Note,
4.908%,
7/23/25
...................
United
States
60,000
58,649
Comcast
Corp.
,
Senior
Bond,
4.15%,
10/15/28
..........................
United
States
70,000
66,335
Senior
Bond,
3.4%,
4/01/30
............................
United
States
10,000
8,826
Senior
Bond,
4.25%,
10/15/30
..........................
United
States
60,000
55,291
Senior
Bond,
4.25%,
1/15/33
...........................
United
States
300,000
269,991
Senior
Bond,
3.75%,
4/01/40
...........................
United
States
30,000
23,257
Senior
Bond,
3.969%,
11/01/47
.........................
United
States
30,000
22,409
Senior
Bond,
2.887%,
11/01/51
.........................
United
States
40,000
23,592
Senior
Bond,
4.049%,
11/01/52
.........................
United
States
500,000
371,366
Senior
Bond,
2.937%,
11/01/56
.........................
United
States
20,000
11,376
Senior
Note,
3.95%,
10/15/25
..........................
United
States
30,000
29,115
Fox
Corp.
,
Senior
Bond,
5.476%,
1/25/39
..........................
United
States
40,000
34,598
Senior
Note,
4.709%,
1/25/29
..........................
United
States
300,000
283,889
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
..
United
States
10,000
9,076
1,863,789
Metals
&
Mining
0.1%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
3.625
%
,
9/11/24
..
South
Africa
200,000
195,191
Barrick
North
America
Finance
LLC
,
Senior
Bond
,
5.7
%
,
5/30/41
..
Canada
20,000
19,190
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5
%
,
9/30/43
.......
Australia
20,000
18,073
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.........
United
States
20,000
17,078
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
........................
Australia
20,000
18,786
Senior
Note,
144A,
4.125%,
3/12/24
.....................
Australia
30,000
29,747
Southern
Copper
Corp.
,
Senior
Bond
,
5.25
%
,
11/08/42
.........
Mexico
100,000
86,542
Vale
Overseas
Ltd.
,
Senior
Bond
,
6.25
%
,
8/10/26
.............
Brazil
130,000
132,290
516,897
Multi-Utilities
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A,
Senior
Bond,
3.35%,
4/01/30
.......................
United
States
10,000
8,788
20B,
Senior
Bond,
3.95%,
4/01/50
.......................
United
States
10,000
7,404
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
300,000
283,441
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
150,000
145,071
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
625,000
611,152
1,055,856
Office
REITs
0.1%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
2.95
%
,
3/15/34
United
States
325,000
247,076
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.75
%
,
1/15/30
.............
Norway
300,000
258,075
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
1.749%,
8/10/30
..........................
United
States
40,000
$
31,652
Senior
Bond,
4.893%,
9/11/33
..........................
United
States
200,000
187,871
Senior
Bond,
2.939%,
6/04/51
..........................
United
States
40,000
24,465
Senior
Note,
3.119%,
5/04/26
..........................
United
States
40,000
37,819
b
Cameron
LNG
LLC
,
Senior
Secured
Bond,
144A,
2.902%,
7/15/31
..............
United
States
20,000
16,557
Senior
Secured
Bond,
144A,
3.302%,
1/15/35
..............
United
States
40,000
31,885
Chevron
Corp.
,
Senior
Bond,
3.078%,
5/11/50
..........................
United
States
20,000
13,437
Senior
Note,
1.995%,
5/11/27
..........................
United
States
30,000
26,901
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Bond
,
144A,
6.036
%
,
11/15/33
..........................................
United
States
50,000
48,833
Continental
Resources,
Inc.
,
Senior
Bond,
4.9%,
6/01/44
............................
United
States
110,000
80,933
Senior
Note,
3.8%,
6/01/24
............................
United
States
10,000
9,841
Senior
Note,
4.375%,
1/15/28
..........................
United
States
40,000
37,120
b
Senior
Note,
144A,
2.268%,
11/15/26
....................
United
States
40,000
35,458
Coterra
Energy,
Inc.
,
Senior
Note,
3.9%,
5/15/27
............................
United
States
30,000
28,190
Senior
Note,
4.375%,
3/15/29
..........................
United
States
60,000
55,596
Devon
Energy
Corp.
,
Senior
Bond,
5.85%,
12/15/25
..........................
United
States
10,000
9,953
Senior
Bond,
4.75%,
5/15/42
...........................
United
States
30,000
23,870
Senior
Bond,
5%,
6/15/45
.............................
United
States
120,000
96,806
Diamondback
Energy,
Inc.
,
Senior
Bond,
3.125%,
3/24/31
..........................
United
States
10,000
8,336
Senior
Bond,
4.4%,
3/24/51
............................
United
States
60,000
44,299
Senior
Note,
3.5%,
12/01/29
...........................
United
States
60,000
53,286
Energy
Transfer
LP
,
Senior
Bond,
4.95%,
6/15/28
...........................
United
States
40,000
38,306
Senior
Bond,
3.75%,
5/15/30
...........................
United
States
50,000
43,584
Senior
Bond,
5.15%,
3/15/45
...........................
United
States
375,000
302,610
Senior
Bond,
6.25%,
4/15/49
...........................
United
States
50,000
45,954
Senior
Note,
2.9%,
5/15/25
............................
United
States
20,000
19,009
Enterprise
Products
Operating
LLC
,
Senior
Bond,
4.15%,
10/16/28
..........................
United
States
30,000
28,146
Senior
Bond,
3.125%,
7/31/29
..........................
United
States
400,000
351,716
Senior
Bond,
2.8%,
1/31/30
............................
United
States
60,000
50,978
Senior
Bond,
5.35%,
1/31/33
...........................
United
States
140,000
136,983
Senior
Bond,
6.125%,
10/15/39
.........................
United
States
375,000
375,039
Senior
Bond,
4.45%,
2/15/43
...........................
United
States
20,000
16,390
Senior
Bond,
3.7%,
1/31/51
............................
United
States
50,000
35,436
Senior
Bond,
5.375%
to
2/14/28,
FRN
thereafter,
2/15/78
.....
United
States
10,000
8,340
H,
Senior
Bond,
6.65%,
10/15/34
.......................
United
States
10,000
10,588
EOG
Resources,
Inc.
,
Senior
Bond,
4.375%,
4/15/30
..........................
United
States
30,000
28,295
Senior
Bond,
3.9%,
4/01/35
............................
United
States
20,000
16,995
Senior
Bond,
4.95%,
4/15/50
...........................
United
States
40,000
35,454
EQT
Corp.
,
Senior
Bond
,
7
%
,
2/01/30
......................
United
States
10,000
10,299
Exxon
Mobil
Corp.
,
Senior
Bond,
3.482%,
3/19/30
..........................
United
States
50,000
45,177
Senior
Bond,
4.227%,
3/19/40
..........................
United
States
10,000
8,527
Senior
Bond,
3.452%,
4/15/51
..........................
United
States
20,000
14,012
Senior
Note,
2.992%,
3/19/25
..........................
United
States
20,000
19,318
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)
Kinder
Morgan,
Inc.
,
Senior
Bond,
4.3%,
3/01/28
............................
United
States
40,000
$
37,666
Senior
Bond,
5.55%,
6/01/45
...........................
United
States
340,000
292,560
MPLX
LP
,
Senior
Bond,
4%,
3/15/28
.............................
United
States
20,000
18,513
Senior
Bond,
4.5%,
4/15/38
............................
United
States
10,000
8,110
Senior
Bond,
5.5%,
2/15/49
............................
United
States
385,000
326,403
Senior
Note,
2.65%,
8/15/30
...........................
United
States
300,000
242,420
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.6
%
,
3/15/46
........
United
States
50,000
49,189
ONEOK,
Inc.
,
Senior
Bond,
6.05%,
9/01/33
...........................
United
States
30,000
29,491
Senior
Bond,
6.625%,
9/01/53
..........................
United
States
30,000
29,412
Senior
Note,
5.8%,
11/01/30
...........................
United
States
10,000
9,795
Phillips
66
,
Senior
Bond
,
3.3
%
,
3/15/52
.....................
United
States
200,000
125,887
Pioneer
Natural
Resources
Co.
,
Senior
Note
,
2.15
%
,
1/15/31
....
United
States
60,000
47,385
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Bond
,
4.2
%
,
3/15/28
United
States
250,000
233,059
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
..........
United
States
10,000
7,705
b
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
United
States
30,000
25,081
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note,
7.85%,
2/01/26
...........................
United
States
300,000
312,011
Senior
Note,
3.25%,
5/15/30
...........................
United
States
50,000
42,941
b
Var
Energi
ASA
,
Senior
Note
,
144A,
7.5
%
,
1/15/28
............
Norway
200,000
205,576
Western
Midstream
Operating
LP
,
Senior
Note
,
3.1
%
,
2/01/25
....
United
States
10,000
9,577
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.75%,
6/15/27
...........................
United
States
60,000
55,816
Senior
Bond,
5.1%,
9/15/45
............................
United
States
30,000
25,243
4,936,179
Paper
&
Forest
Products
0.0%
†
Suzano
Austria
GmbH
,
Senior
Note
,
6
%
,
1/15/29
.............
Brazil
200,000
194,775
Passenger
Airlines
0.0%
†
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
189,002
183,650
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
30,000
28,522
212,172
Personal
Care
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
.....
United
States
200,000
186,663
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
250,000
214,526
b
Kenvue,
Inc.
,
Senior
Bond,
144A,
4.9%,
3/22/33
.......................
United
States
20,000
19,125
Senior
Note,
144A,
5.05%,
3/22/28
......................
United
States
200,000
197,477
617,791
Pharmaceuticals
0.2%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
.............................
United
Kingdom
200,000
162,622
Senior
Bond,
4.375%,
11/16/45
.........................
United
Kingdom
450,000
377,858
b
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
200,000
185,968
Bristol-Myers
Squibb
Co.
,
Senior
Bond,
4.55%,
2/20/48
...........................
United
States
10,000
8,354
Senior
Note,
2.9%,
7/26/24
............................
United
States
30,000
29,331
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)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co.,
(continued)
Senior
Note,
3.2%,
6/15/26
............................
United
States
10,000
$
9,490
Senior
Note,
3.4%,
7/26/29
............................
United
States
10,000
9,065
Johnson
&
Johnson
,
Senior
Bond,
2.1%,
9/01/40
............................
United
States
30,000
19,222
Senior
Bond,
3.7%,
3/01/46
............................
United
States
10,000
7,798
Merck
&
Co.,
Inc.
,
Senior
Bond,
1.45%,
6/24/30
...........................
United
States
10,000
7,840
Senior
Bond,
2.75%,
12/10/51
..........................
United
States
30,000
18,143
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
200,000
189,136
Pfizer,
Inc.
,
Senior
Bond,
1.7%,
5/28/30
............................
United
States
30,000
24,069
Senior
Bond,
2.55%,
5/28/40
...........................
United
States
30,000
20,199
Senior
Bond,
2.7%,
5/28/50
............................
United
States
30,000
18,808
Royalty
Pharma
plc
,
Senior
Note
,
1.2
%
,
9/02/25
..............
United
States
225,000
204,593
1,292,496
Residential
REITs
0.0%
†
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
..............
United
States
280,000
215,787
Semiconductors
&
Semiconductor
Equipment
0.1%
Applied
Materials,
Inc.
,
Senior
Bond
,
1.75
%
,
6/01/30
...........
United
States
20,000
16,011
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
3.137
%
,
11/15/35
.........
United
States
80,000
58,354
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
............................
United
States
10,000
9,687
Senior
Bond,
3.05%,
8/12/51
...........................
United
States
30,000
18,265
Senior
Note,
1.6%,
8/12/28
............................
United
States
10,000
8,461
Senior
Note,
5.125%,
2/10/30
..........................
United
States
10,000
9,818
KLA
Corp.
,
Senior
Bond
,
4.65
%
,
7/15/32
....................
United
States
10,000
9,482
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
.........
United
States
10,000
9,560
NVIDIA
Corp.
,
Senior
Bond,
2.85%,
4/01/30
...........................
United
States
10,000
8,730
Senior
Bond,
3.5%,
4/01/40
............................
United
States
20,000
15,759
Senior
Bond,
3.5%,
4/01/50
............................
United
States
30,000
21,885
Senior
Bond,
3.7%,
4/01/60
............................
United
States
20,000
14,669
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
2.7
%
,
5/01/25
...........................................
China
10,000
9,501
Texas
Instruments,
Inc.
,
Senior
Bond,
1.75%,
5/04/30
...........................
United
States
10,000
8,100
Senior
Bond,
3.875%,
3/15/39
..........................
United
States
10,000
8,270
Senior
Bond,
4.15%,
5/15/48
...........................
United
States
20,000
16,144
TSMC
Arizona
Corp.
,
Senior
Bond
,
2.5
%
,
10/25/31
............
Taiwan
200,000
161,153
403,849
Software
0.1%
Adobe,
Inc.
,
Senior
Bond
,
2.3
%
,
2/01/30
....................
United
States
20,000
16,844
Microsoft
Corp.
,
Senior
Bond,
3.3%,
2/06/27
............................
United
States
30,000
28,479
Senior
Bond,
2.921%,
3/17/52
..........................
United
States
270,000
177,277
Oracle
Corp.
,
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
50,000
40,863
Senior
Bond,
3.95%,
3/25/51
...........................
United
States
200,000
137,245
Senior
Note,
1.65%,
3/25/26
...........................
United
States
40,000
36,242
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)
Software
(continued)
Oracle
Corp.,
(continued)
Senior
Note,
4.65%,
5/06/30
...........................
United
States
10,000
$
9,357
Salesforce,
Inc.
,
Senior
Bond,
3.7%,
4/11/28
............................
United
States
20,000
18,880
Senior
Bond,
1.95%,
7/15/31
...........................
United
States
250,000
198,103
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
................
United
States
150,000
115,249
778,539
Specialty
Retail
0.1%
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
50,000
48,308
Senior
Note,
5.95%,
3/09/28
...........................
United
States
50,000
47,290
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
........
United
States
200,000
121,619
Home
Depot,
Inc.
(The)
,
Senior
Bond,
2.7%,
4/15/30
............................
United
States
10,000
8,546
Senior
Bond,
3.3%,
4/15/40
............................
United
States
20,000
14,920
Senior
Bond,
3.35%,
4/15/50
...........................
United
States
30,000
20,473
Senior
Note,
2.5%,
4/15/27
............................
United
States
10,000
9,129
Senior
Note,
4.5%,
9/15/32
............................
United
States
200,000
188,813
Lowe's
Cos.,
Inc.
,
Senior
Bond,
4.5%,
4/15/30
............................
United
States
10,000
9,335
Senior
Bond,
5.75%,
7/01/53
...........................
United
States
200,000
186,746
Senior
Note,
1.7%,
9/15/28
............................
United
States
20,000
16,710
671,889
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond,
2.45%,
8/04/26
...........................
United
States
40,000
37,173
Senior
Bond,
3.85%,
8/04/46
...........................
United
States
10,000
7,923
Senior
Bond,
2.65%,
5/11/50
...........................
United
States
100,000
61,299
Senior
Bond,
2.8%,
2/08/61
............................
United
States
500,000
293,885
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
5.9
%
,
10/01/24
....
United
States
150,000
149,920
550,200
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
NIKE,
Inc.
,
Senior
Bond,
2.85%,
3/27/30
...........................
United
States
10,000
8,668
Senior
Bond,
3.25%,
3/27/40
...........................
United
States
10,000
7,581
Senior
Note,
2.75%,
3/27/27
...........................
United
States
10,000
9,243
25,492
Tobacco
0.2%
Altria
Group,
Inc.
,
Senior
Bond,
4.8%,
2/14/29
............................
United
States
30,000
28,545
Senior
Bond,
5.8%,
2/14/39
............................
United
States
20,000
18,556
Senior
Bond,
5.95%,
2/14/49
...........................
United
States
50,000
44,968
BAT
Capital
Corp.
,
Senior
Bond,
4.54%,
8/15/47
...........................
United
Kingdom
20,000
13,782
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
14,000
12,816
b
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
285,000
274,625
Philip
Morris
International,
Inc.
,
Senior
Bond,
2.1%,
5/01/30
............................
United
States
20,000
15,975
Senior
Bond,
5.375%,
2/15/33
..........................
United
States
425,000
403,124
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)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Bond,
4.5%,
3/20/42
............................
United
States
10,000
$
7,992
820,383
Trading
Companies
&
Distributors
0.0%
†
Air
Lease
Corp.
,
Senior
Note,
3.375%,
7/01/25
..........................
United
States
20,000
19,010
Senior
Note,
5.3%,
2/01/28
............................
United
States
20,000
19,336
38,346
Transportation
Infrastructure
0.0%
†
b
DP
World
Ltd.
,
Senior
Bond
,
144A,
5.625
%
,
9/25/48
...........
United
Arab
Emirates
200,000
177,860
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.25%,
11/15/31
..........................
United
States
50,000
38,124
Senior
Bond,
3%,
2/15/41
.............................
United
States
20,000
13,262
Senior
Bond,
3.3%,
2/15/51
............................
United
States
100,000
62,629
Senior
Note,
3.5%,
4/15/25
............................
United
States
20,000
19,303
Senior
Note,
3.375%,
4/15/29
..........................
United
States
450,000
396,204
Senior
Note,
3.875%,
4/15/30
..........................
United
States
80,000
70,908
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
100,000
98,558
698,988
Total
Corporate
Bonds
(Cost
$66,264,691)
......................................
59,161,788
Foreign
Government
and
Agency
Securities
1.4%
b
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
g
500,000
411,280
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
.......................................
Brazil
900,000
BRL
175,388
10%,
1/01/31
.......................................
Brazil
510,000
BRL
94,599
10%,
1/01/33
.......................................
Brazil
350,000
BRL
63,619
F,
10%,
1/01/29
.....................................
Brazil
480,000
BRL
91,040
Colombia
Government
Bond
,
Senior
Bond
,
3.25
%
,
4/22/32
......
Colombia
200,000
144,179
Colombia
Titulos
de
Tesoreria
,
B,
7%,
3/26/31
......................................
Colombia
850,000,000
COP
163,414
B,
9.25%,
5/28/42
...................................
Colombia
2,020,000,000
COP
394,007
B,
7.25%,
10/26/50
..................................
Colombia
390,000,000
COP
60,008
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
300,000
235,156
b
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.7
%
,
1/30/50
...........................................
Chile
200,000
130,346
Ecopetrol
SA
,
Senior
Bond
,
5.875
%
,
5/28/45
.................
Colombia
150,000
98,980
b
Electricite
de
France
SA
,
Senior
Bond,
144A,
4.5%,
9/21/28
.......................
France
400,000
373,993
Senior
Note,
144A,
5.7%,
5/23/28
.......................
France
200,000
198,192
Israel
Government
Bond
,
Senior
Bond
,
2.75
%
,
7/03/30
.........
Israel
200,000
170,313
b
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
200,000
199,108
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
8%,
11/07/47
.....................................
Mexico
4,400,000
h
MXN
207,843
M,
8%,
7/31/53
.....................................
Mexico
4,800,000
h
MXN
224,888
M,
Senior
Bond,
8.5%,
5/31/29
..........................
Mexico
6,000,000
h
MXN
322,125
M,
Senior
Bond,
8.5%,
11/18/38
.........................
Mexico
6,400,000
h
MXN
323,878
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
(continued)
Mexican
Bonos
Desarr
Fixed
Rate,
(continued)
M,
Senior
Bond,
7.75%,
11/13/42
........................
Mexico
6,300,000
h
MXN
$
291,323
Mexico
Government
Bond
,
Senior
Bond
,
4.75
%
,
3/08/44
........
Mexico
300,000
231,043
New
Zealand
Government
Bond
,
2.75
%
,
5/15/51
..............
New
Zealand
210,000
NZD
76,762
Panama
Government
Bond
,
Senior
Bond
,
2.252
%
,
9/29/32
......
Panama
200,000
145,252
b
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.......
Indonesia
200,000
152,610
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
200,000
164,277
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.25
%
,
10/24/42
....................
Indonesia
200,000
163,064
b
Petroleos
del
Peru
SA
,
Senior
Bond
,
144A,
4.75
%
,
6/19/32
......
Peru
200,000
141,551
Petroleos
Mexicanos
,
Senior
Bond,
6.75%,
9/21/47
...........................
Mexico
100,000
59,355
Senior
Bond,
6.95%,
1/28/60
...........................
Mexico
170,000
100,803
South
Africa
Government
Bond
,
Senior
Bond,
6.5%,
2/28/41
............................
South
Africa
5,900,000
ZAR
176,137
Senior
Bond,
8.75%,
2/28/48
...........................
South
Africa
8,200,000
ZAR
301,150
b
United
Kingdom
Gilt
,
Reg
S,
3.25%,
1/31/33
................................
United
Kingdom
500,000
GBP
556,215
Reg
S,
1.25%,
7/31/51
................................
United
Kingdom
850,000
GBP
471,282
Uruguay
Government
Bond
,
Senior
Bond,
4.375%,
1/23/31
..........................
Uruguay
40,000
38,339
Senior
Bond,
5.75%,
10/28/34
..........................
Uruguay
90,000
91,825
Senior
Bond,
7.625%,
3/21/36
..........................
Uruguay
50,000
57,516
Total
Foreign
Government
and
Agency
Securities
(Cost
$7,744,951)
...............
7,300,860
U.S.
Government
and
Agency
Securities
17.2%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
150,000
104,901
U.S.
Treasury
Bonds
,
6%,
2/15/26
........................................
United
States
2,805,000
2,868,332
1.125%,
8/15/40
.....................................
United
States
552,000
314,015
1.375%,
11/15/40
....................................
United
States
1,771,000
1,048,902
2%,
11/15/41
.......................................
United
States
1,090,000
707,755
2.75%,
8/15/42
.....................................
United
States
2,085,000
1,529,176
3.875%,
2/15/43
.....................................
United
States
10,000
8,705
2.875%,
5/15/43
.....................................
United
States
2,760,000
2,045,796
3.875%,
5/15/43
.....................................
United
States
1,090,000
947,789
4.375%,
8/15/43
.....................................
United
States
130,000
121,306
3.125%,
8/15/44
.....................................
United
States
725,000
554,172
3%,
11/15/44
.......................................
United
States
250,000
186,655
3%,
5/15/45
........................................
United
States
380,000
282,336
2.5%,
5/15/46
......................................
United
States
945,000
633,279
2.25%,
8/15/46
.....................................
United
States
3,305,000
2,096,609
3.375%,
11/15/48
....................................
United
States
3,300,000
2,589,146
3%,
2/15/49
........................................
United
States
1,713,000
1,252,431
2.25%,
8/15/49
.....................................
United
States
150,000
93,419
1.25%,
5/15/50
.....................................
United
States
1,710,000
807,207
1.375%,
8/15/50
.....................................
United
States
1,425,000
695,801
2.375%,
5/15/51
.....................................
United
States
950,000
602,730
2%,
8/15/51
........................................
United
States
1,350,000
779,309
1.875%,
11/15/51
....................................
United
States
1,775,000
989,909
2.25%,
2/15/52
.....................................
United
States
1,200,000
736,805
3%,
8/15/52
........................................
United
States
620,000
451,946
3.625%,
2/15/53
.....................................
United
States
330,000
272,998
3.625%,
5/15/53
.....................................
United
States
315,000
260,884
4.125%,
8/15/53
.....................................
United
States
695,000
631,038
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
Notes
,
2%,
4/30/24
........................................
United
States
745,000
$
730,353
2%,
5/31/24
........................................
United
States
1,705,000
1,666,758
2%,
6/30/24
........................................
United
States
2,255,000
2,197,736
2.375%,
8/15/24
.....................................
United
States
1,640,000
1,596,697
1.25%,
8/31/24
.....................................
United
States
700,000
673,725
1.5%,
10/31/24
.....................................
United
States
1,000,000
959,180
1.5%,
11/30/24
......................................
United
States
510,000
488,026
2.125%,
11/30/24
....................................
United
States
4,500,000
4,336,436
5%,
8/31/25
........................................
United
States
445,000
444,131
0.375%,
11/30/25
....................................
United
States
4,200,000
3,806,086
0.375%,
1/31/26
.....................................
United
States
10,930,000
9,840,844
0.875%,
6/30/26
.....................................
United
States
975,000
877,424
1.875%,
7/31/26
.....................................
United
States
389,000
358,936
4.625%,
9/15/26
.....................................
United
States
90,000
89,564
1.25%,
12/31/26
.....................................
United
States
3,800,000
3,404,562
2.375%,
5/15/27
.....................................
United
States
3,140,000
2,896,282
0.5%,
6/30/27
......................................
United
States
6,535,000
5,599,423
3.25%,
6/30/27
.....................................
United
States
1,330,000
1,263,864
2.25%,
11/15/27
.....................................
United
States
3,500,000
3,183,770
i
Index
Linked,
0.5%,
1/15/28
............................
United
States
1,300,000
1,485,410
0.75%,
1/31/28
.....................................
United
States
310,000
262,895
1.25%,
4/30/28
.....................................
United
States
2,575,000
2,217,316
3.5%,
4/30/28
......................................
United
States
180,000
171,584
4.125%,
7/31/28
.....................................
United
States
200,000
195,703
4.375%,
8/31/28
.....................................
United
States
20,000
19,803
3.125%,
11/15/28
....................................
United
States
320,000
298,012
1.625%,
8/15/29
.....................................
United
States
3,565,000
3,026,072
4%,
10/31/29
.......................................
United
States
1,800,000
1,738,195
3.75%,
6/30/30
.....................................
United
States
200,000
189,859
0.625%,
8/15/30
.....................................
United
States
4,400,000
3,377,859
4.125%,
8/31/30
.....................................
United
States
415,000
402,874
4.625%,
9/30/30
.....................................
United
States
1,200,000
1,200,562
1.125%,
2/15/31
.....................................
United
States
800,000
631,188
1.25%,
8/15/31
.....................................
United
States
85,000
66,456
1.375%,
11/15/31
....................................
United
States
5,600,000
4,390,313
1.875%,
2/15/32
.....................................
United
States
300,000
243,738
2.75%,
8/15/32
.....................................
United
States
1,570,000
1,359,767
4.125%,
11/15/32
....................................
United
States
1,420,000
1,369,745
i
Index
Linked,
1.125%,
1/15/33
..........................
United
States
390,000
361,729
3.5%,
2/15/33
......................................
United
States
1,370,000
1,257,189
3.375%,
5/15/33
.....................................
United
States
360,000
326,531
e
FRN,
5.528%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.125%),
7/31/25
...........................................
United
States
460,000
459,627
Total
U.S.
Government
and
Agency
Securities
(Cost
$107,474,295)
................
93,079,575
Asset-Backed
Securities
0.7%
Consumer
Finance
0.0%
†
j
Northstar
Education
Finance,
Inc.
,
2007-1
,
A4
,
FRN
,
6.93
%
,
1/29/46
.
United
States
125,000
124,714
Financial
Services
0.6%
k
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
,
2006-HE3
,
A5
,
FRN
,
2.923
%
,
(
1-month
SOFR
+
0.654
%
),
3/25/36
.
.......
United
States
76,002
72,679
b,k
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-4A
,
A1RR
,
144A,
FRN
,
6.57
%
,
(
3-month
SOFR
+
1.262
%
),
1/15/31
.
...........
United
States
238,472
237,732
k
Centex
Home
Equity
Loan
Trust
,
2004-B
,
M1
,
FRN
,
6.079
%
,
(
1-month
SOFR
+
0.759
%
),
3/25/34
.
.....................
United
States
136,925
132,213
b
Dividend
Solar
Loans
LLC
,
2018-1
,
B
,
144A,
4.29
%
,
7/20/38
.
....
United
States
100,300
86,718
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
k
First
Frankin
Mortgage
Loan
Trust
,
2006-FF4
,
A3
,
FRN
,
4.448
%
,
(
1-month
SOFR
+
0.674
%
),
3/25/36
.
.....................
United
States
40,745
$
40,304
b
Ford
Credit
Auto
Owner
Trust
,
2023-1
,
A
,
144A,
4.85
%
,
8/15/35
.
..
United
States
120,000
116,393
b
Jimmy
Johns
Funding
LLC
,
2017-1A
,
A2II
,
144A,
4.846
%
,
7/30/47
.
United
States
120,000
110,685
b,k
MF1
Ltd.
,
2021-FL7
,
A
,
144A,
FRN
,
6.525
%
,
(
1-month
SOFR
+
1.194
%
),
10/16/36
.
...................................
United
States
100,000
98,281
b
Mosaic
Solar
Loan
Trust
,
2021-3A
,
B
,
144A,
1.92
%
,
6/20/52
.
.....
United
States
145,528
102,770
b
MVW
LLC
,
2021-1WA
,
A
,
144A,
1.14
%
,
1/22/41
.
..............
United
States
61,828
56,181
b,k
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
,
2021-40A
,
A
,
144A,
FRN
,
6.63
%
,
(
3-month
SOFR
+
1.322
%
),
4/16/33
.
...........
United
States
500,000
497,938
b,k
New
Century
Home
Equity
Loan
Trust
,
2003-A
,
A
,
144A,
FRN
,
3.538
%
,
(
1-month
SOFR
+
0.834
%
),
10/25/33
.
..............
United
States
148,911
142,881
b
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
490,000
423,194
b,k
Octagon
Investment
Partners
XXI
Ltd.
,
2014-1A
,
AAR3
,
144A,
FRN
,
6.631
%
,
(
3-month
SOFR
+
1.262
%
),
2/14/31
.
...............
United
States
250,000
248,996
b,k
Palmer
Square
CLO
Ltd.
,
2014-1A
,
A1R2
,
144A,
FRN
,
6.7
%
,
(
3-month
SOFR
+
1.392
%
),
1/17/31
.
.....................
United
States
198,828
198,985
b,k
Reese
Park
CLO
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
6.7
%
,
(
3-month
SOFR
+
1.392
%
),
10/15/34
.
............................
United
States
180,000
178,852
b,k
Symphony
CLO
XV
Ltd.
,
2014-15A
,
AR3
,
144A,
FRN
,
6.65
%
,
(
3-month
SOFR
+
1.342
%
),
1/17/32
.
.....................
United
States
250,000
249,118
2,993,920
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
106,679
Passenger
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
United
States
383,221
328,603
United
Airlines
Pass-Through
Trust
,
2016-1,
A,
3.45%,
7/07/28
.............................
United
States
68,341
60,949
2019-2,
A,
2.9%,
5/01/28
..............................
United
States
85,328
73,779
2020-1,
B,
4.875%,
7/15/27
............................
United
States
193,950
187,906
651,237
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$3,954,875)
................................
3,876,550
Commercial
Mortgage-Backed
Securities
0.7%
Financial
Services
0.7%
BANK
,
2017-BNK7,
A4,
3.175%,
9/15/60
........................
United
States
130,000
117,917
2021-BN33,
A5,
2.556%,
5/15/64
........................
United
States
210,000
167,146
j
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
20,000
20,244
b,k
BPR
Trust
,
2022-OANA
,
A
,
144A,
FRN
,
7.23
%
,
(
1-month
SOFR
+
1.898
%
),
4/15/37
....................................
United
States
150,000
147,569
b,k
BX
Commercial
Mortgage
Trust
,
2021-21M,
A,
144A,
FRN,
6.176%,
(1-month
SOFR
+
0.844%),
10/15/36
..........................................
United
States
119,202
116,959
2021-VINO,
A,
144A,
FRN,
6.099%,
(1-month
SOFR
+
0.767%),
5/15/38
...........................................
United
States
113,374
111,341
2021-VOLT,
B,
144A,
FRN,
6.397%,
(1-month
SOFR
+
1.064%),
9/15/36
...........................................
United
States
250,000
241,973
2022-LP2,
A,
144A,
FRN,
6.345%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
186,316
182,062
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
BX
Mortgage
Trust
,
2021-PAC,
A,
144A,
FRN,
6.136%,
(1-month
SOFR
+
0.804%),
10/15/36
..........................................
United
States
230,000
$
225,053
2022-MVRK,
A,
144A,
FRN,
6.799%,
(1-month
SOFR
+
1.467%),
3/15/39
...........................................
United
States
118,664
117,234
b
BX
Trust
,
2022-CLS,
A,
144A,
5.76%,
10/13/27
.....................
United
States
100,000
96,633
k
2022-IND,
A,
144A,
FRN,
6.823%,
(1-month
SOFR
+
1.491%),
4/15/37
...........................................
United
States
320,855
318,831
Citigroup
Commercial
Mortgage
Trust
,
2016-P6
,
A4
,
3.458
%
,
12/10/49
..........................................
United
States
266,043
248,215
j,l
FHLMC,
Multifamily
Structured
Pass-Through
Certificates
,
K105
,
X1
,
IO,
FRN
,
1.644
%
,
1/25/30
.............................
United
States
1,992,422
148,876
FNMA
,
2014-6,
Z,
2.5%,
2/25/44
..............................
United
States
127,305
103,429
2022-29,
KZ,
1.5%,
6/25/42
............................
United
States
102,019
67,651
l
427,
C73,
IO,
3%,
12/25/48
............................
United
States
547,465
88,275
GNMA
,
2021-21,
AH,
1.4%,
6/16/63
............................
United
States
87,189
64,232
2021-77,
LC,
1.25%,
7/20/50
...........................
United
States
121,704
90,992
2023-92,
AH,
2%,
6/16/64
.............................
United
States
99,995
71,486
b,k
INTOWN
Mortgage
Trust
,
2022-STAY
,
A
,
144A,
FRN
,
7.821
%
,
(
1-month
SOFR
+
2.489
%
),
8/15/39
......................
United
States
130,000
130,425
b,k
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2022-
ACB
,
A
,
144A,
FRN
,
6.713
%
,
(
30-day
SOFR
Average
+
1.4
%
),
3/15/39
...........................................
United
States
150,000
147,961
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C33
,
A4
,
3.77
%
,
12/15/48
.....................................
United
States
122,000
115,555
b,k
MTN
Commercial
Mortgage
Trust
,
2022-LPFL
,
A
,
144A,
FRN
,
6.737
%
,
(
1-month
SOFR
+
1.397
%
),
3/15/39
...............
United
States
100,000
98,851
b,k
SREIT
Trust
,
2021-MFP,
A,
144A,
FRN,
6.177%,
(1-month
SOFR
+
0.845%),
11/15/38
..........................................
United
States
140,000
137,510
2021-MFP2,
A,
144A,
FRN,
6.268%,
(1-month
SOFR
+
0.936%),
11/15/36
..........................................
United
States
100,000
98,381
WFRBS
Commercial
Mortgage
Trust
,
2014-C23
,
A5
,
3.917
%
,
10/15/57
..........................................
United
States
106,000
102,362
3,577,163
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,660,980)
.................
3,577,163
Mortgage-Backed
Securities
5.3%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.8%
FHLMC
Gold
Pool,
30
Year,
4.5%,
1/01/49
..................
United
States
334,329
313,492
FHLMC
Pool,
15
Year,
3%,
8/01/34
........................
United
States
38,283
34,903
FHLMC
Pool,
15
Year,
4%,
11/01/37
.......................
United
States
176,157
166,500
FHLMC
Pool,
20
Year,
1.5%,
11/01/40
-
7/01/41
..............
United
States
241,167
186,725
FHLMC
Pool,
20
Year,
2%,
10/01/40
-
4/01/42
................
United
States
525,141
421,545
FHLMC
Pool,
20
Year,
3%,
5/01/42
-
9/01/42
.................
United
States
276,232
234,041
FHLMC
Pool,
30
Year,
2%,
9/01/50
-
8/01/52
.................
United
States
933,274
712,745
FHLMC
Pool,
30
Year,
2.5%,
12/01/50
-
4/01/52
..............
United
States
1,932,695
1,549,834
FHLMC
Pool,
30
Year,
3%,
3/01/50
-
7/01/52
.................
United
States
1,034,166
859,772
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
-
8/01/52
...............
United
States
2,066,519
1,807,039
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
2/01/53
.................
United
States
1,237,065
1,112,117
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
-
10/01/52
.............
United
States
1,097,011
1,014,776
FHLMC
Pool,
30
Year,
5%,
8/01/52
-
11/01/52
................
United
States
686,233
650,333
FHLMC
Pool,
30
Year,
5.5%,
12/01/52
-
6/01/53
..............
United
States
376,622
364,598
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
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
6%,
3/01/53
........................
United
States
95,613
$
94,487
FHLMC
Pool,
30
Year,
6.5%,
5/01/53
.......................
United
States
188,567
189,941
9,712,848
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.7%
FNMA,
2.5%,
9/01/61
-
6/01/62
...........................
United
States
274,562
211,568
FNMA,
3.66%,
10/01/32
................................
United
States
200,000
177,159
FNMA,
3.75%,
9/01/32
.................................
United
States
100,000
89,236
FNMA,
3.89%,
7/01/32
.................................
United
States
100,000
89,255
FNMA,
4.83%,
9/01/28
.................................
United
States
100,000
98,529
FNMA,
15
Year,
2%,
8/01/36
-
12/01/36
.....................
United
States
505,416
434,509
FNMA,
20
Year,
2%,
3/01/42
.............................
United
States
89,305
71,298
FNMA,
20
Year,
2.5%,
12/01/40
-
5/01/42
...................
United
States
299,786
248,982
FNMA,
20
Year,
3.5%,
8/01/42
...........................
United
States
94,001
82,367
FNMA,
30
Year,
1.5%,
3/01/51
-
9/01/51
....................
United
States
272,098
196,286
FNMA,
30
Year,
2%,
2/01/51
-
3/01/52
......................
United
States
4,259,088
3,257,040
FNMA,
30
Year,
2.5%,
5/01/51
-
3/01/52
....................
United
States
3,509,322
2,798,811
FNMA,
30
Year,
3%,
9/01/50
-
5/01/52
......................
United
States
2,495,685
2,078,259
FNMA,
30
Year,
3.5%,
6/01/49
-
9/01/52
....................
United
States
552,881
479,875
FNMA,
30
Year,
4%,
2/01/49
-
6/01/52
......................
United
States
588,589
529,136
FNMA,
30
Year,
4.5%,
2/01/50
-
11/01/52
...................
United
States
746,559
688,781
FNMA,
30
Year,
5%,
10/01/52
-
5/01/53
.....................
United
States
369,508
349,117
FNMA,
30
Year,
5.5%,
12/01/52
-
9/01/53
...................
United
States
1,031,746
998,211
FNMA,
30
Year,
6%,
8/01/53
.............................
United
States
540,591
533,934
m
FNMA,
Single-family,
30
Year,
2%,
10/25/53
.................
United
States
100,000
76,086
m
FNMA,
Single-family,
30
Year,
5%,
10/25/53
.................
United
States
100,000
94,351
m
FNMA,
Single-family,
30
Year,
5.5%,
10/25/53
................
United
States
300,000
289,934
m
FNMA,
Single-family,
30
Year,
6%,
10/25/53
.................
United
States
500,000
493,477
m
FNMA,
Single-family,
30
Year,
6.5%,
10/25/53
................
United
States
100,000
100,461
14,466,662
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.8%
GNMA
II,
30
Year,
2.5%,
12/20/51
.........................
United
States
85,502
68,801
GNMA
II,
30
Year,
4.5%,
9/20/52
..........................
United
States
94,546
87,904
GNMA
II,
Single-family,
30
Year,
2%,
1/20/51
-
5/20/52
.........
United
States
520,112
411,799
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/50
-
6/20/52
........
United
States
849,643
696,232
GNMA
II,
Single-family,
30
Year,
3%,
2/20/51
-
12/20/51
........
United
States
796,660
678,806
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/52
-
10/15/53
.......
United
States
392,050
343,507
GNMA
II,
Single-family,
30
Year,
4%,
8/20/46
-
8/20/48
.........
United
States
345,315
315,715
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/48
...............
United
States
182,187
170,840
GNMA
II,
Single-family,
30
Year,
5%,
6/20/53
-
10/15/53
........
United
States
667,114
632,567
GNMA
II,
Single-family,
30
Year,
5.5%,
2/20/53
-
10/15/53
.......
United
States
911,093
884,829
n
GNMA
II,
Single-family,
30
Year,
6%,
7/20/53
-
10/15/53
........
United
States
299,556
296,937
m
GNMA
II,
Single-family,
30
Year,
6.5%,
10/15/53
..............
United
States
100,000
100,570
4,688,507
Total
Mortgage-Backed
Securities
(Cost
$32,344,406)
............................
28,868,017
Municipal
Bonds
0.2%
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
54,054
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
485,000
440,824
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
Municipal
Bonds
(continued)
California
(continued)
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
485,000
$
324,275
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
285,000
171,820
990,973
Ohio
0.0%
†
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
160,000
111,757
Total
Municipal
Bonds
(Cost
$1,462,550)
.......................................
1,102,730
Residential
Mortgage-Backed
Securities
0.2%
Financial
Services
0.2%
b
BRAVO
Residential
Funding
Trust
,
j
2022-NQM3,
A1,
144A,
FRN,
5.108%,
7/25/62
..............
United
States
87,141
84,461
2023-NQM1,
A1,
144A,
5.757%,
1/25/63
..................
United
States
90,788
89,378
b,k
Connecticut
Avenue
Securities
Trust
,
2022-R04
,
1M2
,
144A,
FRN
,
8.415
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
...........
United
States
120,000
121,977
b
Ellington
Financial
Mortgage
Trust
,
2023-1
,
A3
,
144A,
6.544
%
,
2/25/68
...........................................
United
States
137,661
135,531
b,k
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
6.965%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.....................................
United
States
100,603
100,565
2022-DNA3,
M1A,
144A,
FRN,
7.315%,
(30-day
SOFR
Average
+
2%),
4/25/42
.......................................
United
States
76,615
77,200
b
Legacy
Mortgage
Asset
Trust
,
2021-GS3
,
A1
,
144A,
1.75
%
,
7/25/61
United
States
106,419
99,606
b,j
New
Residential
Mortgage
Loan
Trust
,
2016-4A,
A1,
144A,
FRN,
3.75%,
11/25/56
.................
United
States
97,905
89,580
2017-1A,
A1,
144A,
FRN,
4%,
2/25/57
....................
United
States
90,792
84,171
2018-3A,
A1,
144A,
FRN,
4.5%,
5/25/58
...................
United
States
82,095
77,418
b
OBX
Trust
,
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
...........
United
States
100,000
100,757
b,j
PRKCM
Trust
,
2021-AFC2
,
A1
,
144A,
FRN
,
2.071
%
,
11/25/56
....
United
States
83,698
68,431
b
SG
Residential
Mortgage
Trust
,
2022-2
,
A1
,
144A,
5.353
%
,
8/25/62
United
States
117,865
114,221
b
Verus
Securitization
Trust
,
2022-6
,
A3
,
144A,
4.91
%
,
6/25/67
....
United
States
86,846
82,224
1,325,520
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$1,341,532)
..................
1,325,520
Total
Long
Term
Investments
(Cost
$494,478,154)
...............................
520,497,144
a
Number
of
Contracts
Notional
Amount
#
a
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$119.00,
Expires
10/27/23
....................................
1
100,000
265
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$105.25,
Expires
10/27/23
....................................
1
100,000
617
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$105.50,
Expires
10/27/23
....................................
1
100,000
492
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$106.00,
Expires
10/27/23
....................................
7
700,000
2,133
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
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Calls
-
Exchange-Traded
(continued)
Options
on
Interest
Rate
Futures
(continued)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$106.25,
Expires
10/27/23
....................................
2
200,000
$
469
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$106.50,
Expires
10/27/23
....................................
1
100,000
180
4,156
Total
Options
Purchased
(Cost
$8,858)
.........................................
4,156
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.2%
o,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
14,247,338
14,247,338
p
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund,
5.19%
............................................
United
States
2,804,135
2,804,135
p
JPMorgan
Prime
Money
Market
Fund,
5.4%
.................
United
States
464,436
464,574
Total
Money
Market
Funds
(Cost
$17,516,047)
..................................
17,516,047
Total
Short
Term
Investments
(Cost
$17,516,047
)
................................
17,516,047
a
Total
Investments
(Cost
$512,003,059)
99.3%
...................................
$538,017,347
Options
Written
(0.0)%
†
......................................................
(13,680)
Other
Assets,
less
Liabilities
0.7%
.............................................
3,788,958
Net
Assets
100.0%
...........................................................
$541,792,625
a
A
a
A
Number
of
Contracts
Notional
Amount
#
A
a
a
a
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$109.50,
Expires
10/27/23
....................................
1
100,000
(328)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$111.00,
Expires
10/27/23
....................................
2
200,000
(219)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$112.50,
Expires
10/27/23
....................................
1
100,000
(31)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$113.00,
Expires
10/27/23
....................................
2
200,000
(6
3
)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$117.00,
Expires
10/27/23
....................................
1
100,000
(609)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$106.75,
Expires
10/27/23
....................................
2
200,000
(266)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$107.50,
Expires
10/27/23
....................................
1
100,000
(6
3
)
(1,57
9
)
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
a
a
A
Number
of
Contracts
Notional
Amount
#
a
Value
a
A
a
a
a
a
Options
Written
(continued)
Puts
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$108.00,
Expires
10/27/23
....................................
1
100,000
$
(844)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$111.00,
Expires
10/27/23
....................................
3
300,000
(2,578)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$116.00,
Expires
10/27/23
....................................
1
100,000
(3,125)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$118.00,
Expires
10/27/23
....................................
1
100,000
(4,6
0
9
)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$106.00,
Expires
10/27/23
....................................
1
100,000
(945)
(12,101
)
Total
Options
Written
(Premiums
received
$12,673)
.............................
$
(13,6
80
)
#
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$20,406,530,
representing
3.8%
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.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Perpetual
security
with
no
stated
maturity
date.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
i
Principal
amount
of
security
is
adjusted
for
inflation.
.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
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.
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
n
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
o
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
62
$
13,409,050
12/15/23
$
660,959
S&P
500
E-Mini
Index
.........................
Long
21
4,541,775
12/15/23
(200,926)
Interest
rate
contracts
3-month
SOFR
..............................
Long
62
14,833,000
3/17/26
(49,162)
3-month
SOFR
..............................
Short
75
17,736,350
12/19/23
56,837
Long
Gilt
...................................
Long
4
459,501
12/27/23
(9,993)
U.S.
Treasury
10
Year
Notes
....................
Short
9
972,562
12/19/23
14,853
U.S.
Treasury
10
Year
Notes
....................
Long
154
16,641,625
12/19/23
(332,023)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
10
1,115,625
12/19/23
31,567
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
14
1,561,875
12/19/23
(40,791)
U.S.
Treasury
2
Year
Notes
.....................
Short
4
810,844
12/29/23
(647)
U.S.
Treasury
2
Year
Notes
.....................
Long
1
202,711
12/29/23
(483)
U.S.
Treasury
5
Year
Notes
.....................
Long
26
2,739,344
12/29/23
(28,125)
U.S.
Treasury
Long
Bonds
.....................
Long
2
227,562
12/19/23
(7,253)
U.S.
Treasury
Ultra
Bonds
......................
Short
8
949,500
12/19/23
69,175
U.S.
Treasury
Ultra
Bonds
......................
Long
20
2,373,750
12/19/23
(152,258)
Total
Futures
Contracts
......................................................................
$11,730
*
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
Malaysian
Ringgit
...
GSCO
Buy
1,600,000
354,086
10/17/23
$
—
$
(12,627)
Brazilian
Real
......
HSBK
Buy
680,000
141,782
10/19/23
—
(6,825)
Brazilian
Real
......
HSBK
Sell
1,340,000
274,883
10/19/23
8,939
—
Mexican
Peso
......
CITI
Buy
6,000,000
342,951
10/27/23
—
(152)
Mexican
Peso
......
CITI
Sell
19,700,000
1,153,072
10/27/23
27,547
—
Columbian
Peso
....
JPHQ
Sell
1,660,000,000
397,707
10/30/23
1,176
(7,123)
Euro
.............
JPHQ
Buy
1,650,000
1,825,337
11/07/23
—
(78,174)
Euro
.............
JPHQ
Sell
490,000
514,907
11/07/23
—
(3,947)
Thai
Baht
.........
HSBK
Buy
4,500,000
130,928
11/10/23
—
(7,457)
Thai
Baht
.........
HSBK
Sell
4,500,000
127,079
11/10/23
3,608
—
South
African
Rand
..
HSBK
Sell
1,100,000
57,414
11/15/23
—
(462)
Australian
Dollar
....
JPHQ
Buy
800,000
516,176
12/06/23
—
(716)
British
Pound
......
HSBK
Buy
40,000
48,796
12/08/23
24
—
British
Pound
......
JPHQ
Sell
840,000
1,056,195
12/08/23
30,972
—
Indian
Rupee
......
BZWS
Buy
28,000,000
335,093
12/11/23
683
—
Japanese
Yen
......
JPHQ
Buy
362,000,000
2,491,809
12/15/23
—
(39,219)
Norwegian
Krone
...
JPHQ
Buy
2,800,000
261,301
1/11/24
1,160
—
New
Zealand
Dollar
.
BZWS
Sell
90,000
53,802
1/12/24
—
(136)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
At
September
30,
2023,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
At
September
30,
2023,
the
Fund
had
the
following interest
rate 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)
Norwegian
Krone
...
MSCO
Buy
5,500,000
511,561
1/18/24
$
4,082
$
—
Total
Forward
Exchange
Contracts
...................................................
$78,191
$(156,838)
Net
unrealized
appreciation
(depreciation)
............................................
$(78,647)
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.41
..
1.00%
Quarterly
12/20/28
2,072,000
$
25,395
$
27,291
$
(1,896)
Investment
Grade
CDX.NA.IG.41
..
1.00%
Quarterly
12/20/33
1,570,000
(15,568)
(14,218)
(1,350)
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$9,827
$13,073
$(3,246)
Total
Credit
Default
Swap
Contracts
....................................
$9,827
$
13,073
$(3,246)
(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.
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%
.....
Annual
Pay
Floating
1-day
SOFR
............
Annual
2/29/28
1,910,000
$
(27,627)
$
(352)
$
(27,275)
Receive
Fixed
4.18%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
2/29/28
2,670,000
(20,379)
2,053
(22,432)
Receive
Floating
1-day
SOFR
............
Annual
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
See
Abbreviations
on
page
171
.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Pay
Fixed
3.27%
....
Annual
4/30/29
1,009,000
$
62,567
$
(24,653)
$
87,220
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.15%
....
Annual
5/15/48
1,376,000
216,446
2,599
213,847
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.5%
.....
Annual
4/21/52
12,000
3,226
976
2,250
Total
Interest
Rate
Swap
Contracts
...............................
$234,233
$
(19,377)
$253,610
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
DynaTech
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.6%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
5,442
$
1,082,904
HEICO
Corp.
........................................
United
States
2,827
457,776
1,540,680
Automobile
Components
0.1%
a
Mobileye
Global,
Inc.,
A
.................................
Israel
3,958
164,455
Automobiles
3.2%
a
Tesla,
Inc.
...........................................
United
States
17,213
4,307,037
Biotechnology
0.9%
a
Argenx
SE
..........................................
Netherlands
2,037
995,695
a
Genmab
A/S,
ADR
....................................
Denmark
3,368
118,789
a
Krystal
Biotech,
Inc.
...................................
United
States
120
13,920
a
Natera,
Inc.
..........................................
United
States
1,328
58,764
1,187,168
Broadline
Retail
7.7%
a
Amazon.com,
Inc.
.....................................
United
States
68,867
8,754,373
a
MercadoLibre,
Inc.
....................................
Brazil
1,361
1,725,585
10,479,958
Capital
Markets
1.8%
Moody's
Corp.
........................................
United
States
684
216,260
MSCI,
Inc.,
A
.........................................
United
States
1,702
873,262
Tradeweb
Markets,
Inc.,
A
...............................
United
States
16,897
1,355,140
2,444,662
Communications
Equipment
0.1%
a
Arista
Networks,
Inc.
...................................
United
States
522
96,011
Construction
&
Engineering
1.0%
Quanta
Services,
Inc.
..................................
United
States
7,427
1,389,369
Diversified
Consumer
Services
0.1%
a
Duolingo,
Inc.,
A
......................................
United
States
857
142,151
Electric
Utilities
0.7%
NextEra
Energy,
Inc.
...................................
United
States
15,891
910,395
Electrical
Equipment
0.2%
a
Array
Technologies,
Inc.
................................
United
States
5,427
120,425
EnerSys
............................................
United
States
670
63,429
a
NEXTracker,
Inc.,
A
....................................
United
States
3,215
129,114
312,968
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
A
....................................
United
States
3,426
287,750
Keyence
Corp.
.......................................
Japan
1,371
507,048
Samsung
SDI
Co.
Ltd.
.................................
South
Korea
685
258,278
1,053,076
Energy
Equipment
&
Services
1.6%
Baker
Hughes
Co.,
A
...................................
United
States
13,948
492,643
a
Oceaneering
International,
Inc.
...........................
United
States
9,481
243,851
Schlumberger
NV
.....................................
United
States
20,582
1,199,931
TechnipFMC
plc
......................................
United
Kingdom
9,126
185,623
2,122,048
Financial
Services
4.9%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
624
462,633
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
Mastercard,
Inc.,
A
....................................
United
States
11,542
$
4,569,593
a
Toast,
Inc.,
A
.........................................
United
States
3,743
70,106
Visa,
Inc.,
A
..........................................
United
States
6,776
1,558,548
6,660,880
Ground
Transportation
0.8%
a
Uber
Technologies,
Inc.
.................................
United
States
22,111
1,016,885
Health
Care
Equipment
&
Supplies
4.4%
a
Dexcom,
Inc.
.........................................
United
States
2,766
258,068
a
Edwards
Lifesciences
Corp.
.............................
United
States
936
64,846
a
Haemonetics
Corp.
....................................
United
States
2,402
215,171
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,930
2,155,741
a
Inspire
Medical
Systems,
Inc.
............................
United
States
3,818
757,644
a
Intuitive
Surgical,
Inc.
..................................
United
States
6,763
1,976,757
a
Penumbra,
Inc.
.......................................
United
States
658
159,177
a
Shockwave
Medical,
Inc.
................................
United
States
679
135,189
Stryker
Corp.
........................................
United
States
684
186,917
5,909,510
Health
Care
Providers
&
Services
1.4%
a
HealthEquity,
Inc.
.....................................
United
States
1,778
129,883
UnitedHealth
Group,
Inc.
................................
United
States
3,385
1,706,683
1,836,566
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
3,085
627,643
Hotels,
Restaurants
&
Leisure
0.6%
a
Airbnb,
Inc.,
A
........................................
United
States
636
87,265
a
Booking
Holdings,
Inc.
.................................
United
States
205
632,210
a
DoorDash,
Inc.,
A
.....................................
United
States
581
46,172
765,647
Interactive
Media
&
Services
5.1%
a
Alphabet,
Inc.,
A
......................................
United
States
43,323
5,669,248
a
Meta
Platforms,
Inc.,
A
.................................
United
States
4,295
1,289,402
6,958,650
IT
Services
3.1%
a
Gartner,
Inc.
.........................................
United
States
535
183,832
a
MongoDB,
Inc.,
A
.....................................
United
States
5,457
1,887,358
a
Shopify,
Inc.,
A
.......................................
Canada
34,261
1,870,066
a
Snowflake,
Inc.,
A
.....................................
United
States
2,051
313,331
4,254,587
Life
Sciences
Tools
&
Services
4.7%
Danaher
Corp.
.......................................
United
States
10,198
2,530,124
a
Repligen
Corp.
.......................................
United
States
2,023
321,677
Thermo
Fisher
Scientific,
Inc.
............................
United
States
6,811
3,447,524
6,299,325
Media
0.1%
a
Trade
Desk,
Inc.
(The),
A
................................
United
States
2,042
159,582
Pharmaceuticals
1.9%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
17,155
1,161,736
Eli
Lilly
&
Co.
........................................
United
States
2,705
1,452,937
2,614,673
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)
Professional
Services
0.9%
a
Ceridian
HCM
Holding,
Inc.
..............................
United
States
1,257
$
85,288
Paycom
Software,
Inc.
.................................
United
States
2,207
572,209
a
Paylocity
Holding
Corp.
.................................
United
States
2,193
398,468
TransUnion
..........................................
United
States
380
27,280
Verisk
Analytics,
Inc.,
A
.................................
United
States
389
91,897
1,175,142
Semiconductors
&
Semiconductor
Equipment
19.2%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
6,861
705,448
Analog
Devices,
Inc.
...................................
United
States
13,537
2,370,193
a
ARM
Holdings
plc,
ADR
................................
United
States
2,050
109,716
ASM
International
NV
..................................
Netherlands
1,679
701,105
ASML
Holding
NV,
ADR
................................
Netherlands
5,259
3,095,763
Broadcom,
Inc.
.......................................
United
States
346
287,381
Entegris,
Inc.
.........................................
United
States
6,857
643,941
a
First
Solar,
Inc.
.......................................
United
States
1,071
173,063
Intel
Corp.
...........................................
United
States
3,414
121,368
KLA
Corp.
...........................................
United
States
3,706
1,699,794
Lam
Research
Corp.
...................................
United
States
3,630
2,275,175
a
Lattice
Semiconductor
Corp.
.............................
United
States
6,753
580,285
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,559
1,644,258
NVIDIA
Corp.
........................................
United
States
26,485
11,520,710
25,928,200
Software
29.5%
a
Adobe,
Inc.
..........................................
United
States
848
432,395
a
Altair
Engineering,
Inc.,
A
...............................
United
States
438
27,401
a
ANSYS,
Inc.
.........................................
United
States
3,416
1,016,431
a
Aspen
Technology,
Inc.
.................................
United
States
1,358
277,385
a
Atlassian
Corp.,
A
.....................................
United
States
3,429
690,978
a
Cadence
Design
Systems,
Inc.
...........................
United
States
15,855
3,714,827
Constellation
Software,
Inc.
..............................
Canada
341
703,959
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
290
48,540
a
Datadog,
Inc.,
A
......................................
United
States
6,877
626,426
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
5,096
373,944
a
Fair
Isaac
Corp.
......................................
United
States
333
289,220
a
HubSpot,
Inc.
........................................
United
States
4,073
2,005,953
Intuit,
Inc.
...........................................
United
States
6,886
3,518,333
a
Klaviyo,
Inc.,
A
.......................................
United
States
2,310
79,695
a,b
Lumine
Group,
Inc.,
Reg
S
..............................
Canada
3,589
53,163
a
Manhattan
Associates,
Inc.
..............................
United
States
1,035
204,578
Microsoft
Corp.
.......................................
United
States
28,529
9,008,032
a
Monday.com
Ltd.
......................................
United
States
5,453
868,227
Oracle
Corp.
.........................................
United
States
620
65,670
a
Palo
Alto
Networks,
Inc.
................................
United
States
7,461
1,749,157
a
Procore
Technologies,
Inc.
..............................
United
States
6,853
447,638
Roper
Technologies,
Inc.
................................
United
States
3,400
1,646,552
a
Salesforce,
Inc.
.......................................
United
States
6,762
1,371,198
a
ServiceNow,
Inc.
......................................
United
States
7,914
4,423,609
a
SPS
Commerce,
Inc.
...................................
United
States
977
166,686
a
Synopsys,
Inc.
.......................................
United
States
8,592
3,943,470
a
Tyler
Technologies,
Inc.
.................................
United
States
1,714
661,844
a
Workday,
Inc.,
A
......................................
United
States
6,747
1,449,593
a
Xero
Ltd.
............................................
New
Zealand
1,302
93,630
39,958,534
Technology
Hardware,
Storage
&
Peripherals
2.1%
Apple,
Inc.
..........................................
United
States
16,962
2,904,064
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
See
Abbreviations
on
page
171
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.........................................
United
States
2,407
$
131,519
Total
Common
Stocks
(Cost
$86,559,613)
......................................
133,351,385
Warrants
Warrants
0.0%
Software
0.0%
a,c
Constellation
Software,
Inc.,
3/31/40
.......................
Canada
341
—
Total
Warrants
(Cost
$–)
......................................................
—
Total
Long
Term
Investments
(Cost
$86,559,613)
................................
133,351,385
a
Short
Term
Investments
1.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.2%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
1,673,274
1,673,274
Total
Money
Market
Funds
(Cost
$1,673,274)
...................................
1,673,274
Total
Short
Term
Investments
(Cost
$1,673,274
)
.................................
1,673,274
a
Total
Investments
(Cost
$88,232,887)
99.8%
....................................
$135,024,659
Other
Assets,
less
Liabilities
0.2%
.............................................
238,823
Net
Assets
10
0.0
%
...........................................................
$135,263,482
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$515,796,
representing
0.4%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
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),
September
30,
2023
Franklin
Global
Real
Estate
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.1%
Diversified
REITs
1.3%
H&R
Real
Estate
Investment
Trust
........................
Canada
57,482
$
390,605
NTT
UD
REIT
Investment
Corp.
..........................
Japan
936
864,471
1,255,076
Diversified
Telecommunication
Services
0.6%
a
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
18,725
651,262
Health
Care
Providers
&
Services
0.9%
Chartwell
Retirement
Residences
.........................
Canada
114,630
867,552
Health
Care
REITs
7.7%
Aedifica
SA
..........................................
Belgium
13,525
768,661
Healthpeak
Properties,
Inc.
..............................
United
States
64,037
1,175,719
Sabra
Health
Care
REIT,
Inc.
............................
United
States
39,543
551,229
Ventas,
Inc.
..........................................
United
States
31,911
1,344,410
Welltower,
Inc.
.......................................
United
States
47,293
3,874,243
7,714,262
Hotel
&
Resort
REITs
3.3%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
88,001
1,414,176
Japan
Hotel
REIT
Investment
Corp.
........................
Japan
1,829
955,024
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
11,558
962,551
3,331,751
Industrial
REITs
17.3%
Americold
Realty
Trust,
Inc.
..............................
United
States
28,508
866,928
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
21,995
1,046,742
GLP
J-Reit
..........................................
Japan
932
833,058
Goodman
Group
......................................
Australia
121,223
1,661,333
Mapletree
Logistics
Trust
...............................
Singapore
1,098,172
1,346,141
Prologis,
Inc.
.........................................
United
States
68,086
7,639,930
Rexford
Industrial
Realty,
Inc.
............................
United
States
44,475
2,194,841
Segro
plc
...........................................
United
Kingdom
181,233
1,584,579
17,173,552
Office
REITs
7.0%
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
12,859
1,287,186
Cousins
Properties,
Inc.
................................
United
States
51,325
1,045,490
Derwent
London
plc
...................................
United
Kingdom
37,970
890,144
Gecina
SA
..........................................
France
9,670
985,888
Kenedix
Office
Investment
Corp.
..........................
Japan
495
1,144,805
Nippon
Building
Fund,
Inc.
..............................
Japan
167
676,295
Orix
JREIT,
Inc.
.......................................
Japan
818
981,116
7,010,924
Real
Estate
Management
&
Development
13.7%
CapitaLand
Investment
Ltd.
..............................
Singapore
643,503
1,453,873
Castellum
AB
........................................
Sweden
87,892
890,933
Catena
AB
..........................................
Sweden
17,865
619,892
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
95,539
501,843
a
CTP
NV,
144A,
Reg
S
..................................
Netherlands
50,873
726,650
b
Fastighets
AB
Balder,
B
.................................
Sweden
182,809
819,510
Grainger
plc
.........................................
United
Kingdom
256,811
731,891
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
140,077
3,085,161
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
50,909
1,278,142
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
152,796
1,630,379
Vonovia
SE
..........................................
Germany
79,483
1,904,187
13,642,461
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
16.3%
American
Homes
4
Rent,
A
..............................
United
States
81,540
$
2,747,083
AvalonBay
Communities,
Inc.
............................
United
States
17,936
3,080,329
Boardwalk
Real
Estate
Investment
Trust
....................
Canada
23,558
1,158,735
Camden
Property
Trust
.................................
United
States
23,885
2,259,043
Canadian
Apartment
Properties
REIT
......................
Canada
41,832
1,388,343
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
32,365
2,061,974
UDR,
Inc.
...........................................
United
States
60,966
2,174,657
UNITE
Group
plc
(The)
.................................
United
Kingdom
119,865
1,306,669
16,176,833
Retail
REITs
15.3%
Brixmor
Property
Group,
Inc.
.............................
United
States
19,380
402,716
CapitaLand
Integrated
Commercial
Trust
....................
Singapore
912,872
1,231,801
Carmila
SA
..........................................
France
39,344
588,429
Link
REIT
...........................................
Hong
Kong
270,969
1,324,955
NETSTREIT
Corp.
....................................
United
States
53,999
841,304
Realty
Income
Corp.
...................................
United
States
55,179
2,755,639
Regency
Centers
Corp.
.................................
United
States
40,088
2,382,831
Shaftesbury
Capital
plc
.................................
United
Kingdom
524,899
733,128
Simon
Property
Group,
Inc.
..............................
United
States
15,232
1,645,513
SITE
Centers
Corp.
....................................
United
States
56,358
694,894
Spirit
Realty
Capital,
Inc.
................................
United
States
43,949
1,473,610
Vicinity
Ltd.
..........................................
Australia
1,052,117
1,140,145
15,214,965
Specialized
REITs
15.7%
Big
Yellow
Group
plc
...................................
United
Kingdom
58,965
671,876
CubeSmart
..........................................
United
States
27,318
1,041,635
Digital
Realty
Trust,
Inc.
................................
United
States
8,177
989,581
Equinix,
Inc.
.........................................
United
States
7,564
5,493,431
National
Storage
REIT
.................................
Australia
486,423
676,821
Public
Storage
.......................................
United
States
15,742
4,148,332
VICI
Properties,
Inc.,
A
.................................
United
States
87,729
2,552,914
15,574,590
Total
Common
Stocks
(Cost
$84,997,975)
......................................
98,613,228
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
See
Abbreviations
on
page
171
.
Short
Term
Investments
0.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
c
Repurchase
Agreements
0.4%
c
Joint
Repurchase
Agreement,
5.212%,
10/02/23
(Maturity
Value
$402,316)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$178,745)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$80,576)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$142,995)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7%,
1/20/27
-
9/20/53;
U.S.
Government
Agency
Strips,
9/15/26
-
11/15/45;
U.S.
Treasury
Bonds,
5.5%
-
6.75%,
2/15/26
-
8/15/28;
and
U.S.
Treasury
Notes,
2.25%,
8/15/27
(valued
at
$410,218)
..
402,141
$
402,141
Total
Repurchase
Agreements
(Cost
$402,141)
..................................
402,141
Total
Short
Term
Investments
(Cost
$402,141
)
..................................
402,141
a
Total
Investments
(Cost
$85,400,116)
99.5%
....................................
$99,015,369
Other
Assets,
less
Liabilities
0.5%
.............................................
471,236
Net
Assets
10
0.0
%
...........................................................
$99,486,605
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$1,377,912,
representing
1.4%
of
net
assets.
b
Non-income
producing.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2023,
all
repurchase
agreements
had
been
entered
into
on
September
29,
2023.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Growth
and
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
84.6%
Aerospace
&
Defense
2.7%
L3Harris
Technologies,
Inc.
..............................
United
States
970
$
168,896
Lockheed
Martin
Corp.
.................................
United
States
185
75,658
RTX
Corp.
..........................................
United
States
12,470
897,466
1,142,020
Air
Freight
&
Logistics
2.1%
United
Parcel
Service,
Inc.,
B
............................
United
States
5,800
904,046
Banks
6.6%
Bank
of
America
Corp.
.................................
United
States
31,530
863,291
JPMorgan
Chase
&
Co.
.................................
United
States
12,470
1,808,399
Truist
Financial
Corp.
..................................
United
States
5,550
158,786
2,830,476
Beverages
3.5%
Coca-Cola
Co.
(The)
...................................
United
States
11,015
616,620
PepsiCo,
Inc.
........................................
United
States
5,220
884,477
1,501,097
Capital
Markets
7.9%
Ares
Management
Corp.,
A
..............................
United
States
8,190
842,505
BlackRock,
Inc.
.......................................
United
States
865
559,214
Blackstone,
Inc.
......................................
United
States
4,740
507,844
Morgan
Stanley
.......................................
United
States
17,900
1,461,893
3,371,456
Chemicals
0.9%
BASF
SE
...........................................
Germany
5,720
258,904
Huntsman
Corp.
......................................
United
States
5,298
129,271
388,175
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.,
A
...............................
United
States
620
88,356
Communications
Equipment
2.3%
Cisco
Systems,
Inc.
...................................
United
States
18,090
972,518
Consumer
Finance
0.3%
American
Express
Co.
.................................
United
States
770
114,876
Consumer
Staples
Distribution
&
Retail
2.4%
Target
Corp.
.........................................
United
States
3,230
357,141
Walmart,
Inc.
........................................
United
States
4,070
650,915
1,008,056
Diversified
Telecommunication
Services
0.2%
TELUS
Corp.
........................................
Canada
5,300
86,545
Electric
Utilities
4.2%
Duke
Energy
Corp.
....................................
United
States
11,365
1,003,075
Evergy,
Inc.
..........................................
United
States
5,715
289,751
NextEra
Energy,
Inc.
...................................
United
States
8,600
492,694
1,785,520
Electrical
Equipment
2.2%
Eaton
Corp.
plc
.......................................
United
States
3,560
759,277
Emerson
Electric
Co.
..................................
United
States
1,930
186,380
945,657
Electronic
Equipment,
Instruments
&
Components
1.0%
TE
Connectivity
Ltd.
...................................
United
States
3,575
441,620
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
1.1%
Apollo
Global
Management,
Inc.
..........................
United
States
5,490
$
492,782
Food
Products
1.0%
Mondelez
International,
Inc.,
A
............................
United
States
6,040
419,176
Ground
Transportation
1.1%
Norfolk
Southern
Corp.
.................................
United
States
2,488
489,962
Health
Care
Equipment
&
Supplies
3.8%
Becton
Dickinson
&
Co.
.................................
United
States
1,700
439,501
a
Boston
Scientific
Corp.
.................................
United
States
8,490
448,272
Medtronic
plc
........................................
United
States
9,445
740,110
1,627,883
Health
Care
Providers
&
Services
4.1%
HCA
Healthcare,
Inc.
...................................
United
States
3,770
927,344
UnitedHealth
Group,
Inc.
................................
United
States
1,635
824,351
1,751,695
Health
Care
REITs
0.9%
Healthpeak
Properties,
Inc.
..............................
United
States
21,623
396,998
Hotels,
Restaurants
&
Leisure
1.1%
McDonald's
Corp.
.....................................
United
States
1,845
486,047
Household
Products
2.9%
Procter
&
Gamble
Co.
(The)
.............................
United
States
8,540
1,245,644
Industrial
REITs
0.3%
Prologis,
Inc.
.........................................
United
States
1,010
113,332
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
................................
United
States
430
98,010
Life
Sciences
Tools
&
Services
2.3%
Danaher
Corp.
.......................................
United
States
1,425
353,543
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,291
653,465
1,007,008
Machinery
1.2%
Caterpillar,
Inc.
.......................................
United
States
1,050
286,650
Illinois
Tool
Works,
Inc.
.................................
United
States
910
209,582
496,232
Media
1.2%
Comcast
Corp.,
A
.....................................
United
States
11,965
530,528
Oil,
Gas
&
Consumable
Fuels
10.8%
Canadian
Natural
Resources
Ltd.
.........................
Canada
5,570
360,212
Chevron
Corp.
.......................................
United
States
9,540
1,608,635
EOG
Resources,
Inc.
..................................
United
States
7,370
934,221
Shell
plc,
ADR
........................................
Netherlands
13,820
889,732
Suncor
Energy,
Inc.
....................................
Canada
24,220
832,683
4,625,483
Pharmaceuticals
5.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
6,730
455,756
Bristol-Myers
Squibb
Co.
................................
United
States
5,110
296,584
Johnson
&
Johnson
...................................
United
States
9,330
1,453,148
Pfizer,
Inc.
...........................................
United
States
7,320
242,804
2,448,292
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)
Residential
REITs
1.1%
Mid-America
Apartment
Communities,
Inc.
..................
United
States
3,725
$
479,221
Semiconductors
&
Semiconductor
Equipment
3.5%
Broadcom,
Inc.
.......................................
United
States
1,350
1,121,283
Texas
Instruments,
Inc.
.................................
United
States
2,285
363,338
1,484,621
Software
2.5%
Oracle
Corp.
.........................................
United
States
10,260
1,086,739
Specialty
Retail
2.1%
Lowe's
Cos.,
Inc.
......................................
United
States
1,530
317,995
Tractor
Supply
Co.
....................................
United
States
2,850
578,693
896,688
Trading
Companies
&
Distributors
0.6%
United
Rentals,
Inc.
....................................
United
States
605
268,965
Water
Utilities
0.6%
Essential
Utilities,
Inc.
..................................
United
States
7,739
265,680
Total
Common
Stocks
(Cost
$26,479,525)
......................................
36,291,404
Equity-Linked
Securities
9.2%
Banks
0.5%
b
UBS
AG
into
Bank
of
America
Corp.,
144A,
7%,
11/22/23
.......
United
States
7,700
213,694
Capital
Markets
0.5%
b
Royal
Bank
of
Canada
into
Blackstone,
Inc.,
144A,
9%,
8/30/24
...
United
States
2,200
233,080
Chemicals
1.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.,
144A,
8%,
5/09/24
........................................
United
States
10,400
259,644
b
Royal
Bank
of
Canada
into
Linde
plc,
144A,
6.5%,
11/29/23
......
United
States
900
335,639
595,283
Consumer
Finance
0.6%
b
BofA
Finance
LLC
into
American
Express
Co.,
144A,
7.25%,
2/12/24
United
States
1,800
271,879
Energy
Equipment
&
Services
0.6%
b
JPMorgan
Chase
Bank
NA
into
Technip
Energies
NV,
144A,
6%,
7/19/24
...........................................
France
2,100
265,579
Health
Care
Equipment
&
Supplies
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Boston
Scientific
Corp.,
144A,
5.5%,
6/21/24
.................................
United
States
4,500
238,040
Industrial
REITs
0.6%
b
Barclays
Bank
plc
into
Prologis,
Inc.,
144A,
7.5%,
12/29/23
......
United
States
2,200
249,506
Interactive
Media
&
Services
0.9%
b
Goldman
Sachs
International
Bank
into
Alphabet,
Inc.,
144A,
6.25%,
3/28/24
...........................................
United
States
3,200
381,741
Life
Sciences
Tools
&
Services
1.4%
b
Merrill
Lynch
International
&
Co.
CV
into
Danaher
Corp.,
144A,
5.5%,
4/30/24
...........................................
United
States
1,400
347,677
b,c
Royal
Bank
of
Canada
into
Thermo
Fisher
Scientific,
Inc.,
144A,
5.5%,
10/09/24
.....................................
United
States
500
253,587
601,264
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
See
Abbreviations
on
page
171
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Machinery
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.,
144A,
8.5%,
10/17/23
.....................................
United
States
1,400
$
300,095
Oil,
Gas
&
Consumable
Fuels
0.8%
b
BNP
Paribas
Issuance
BV
into
Canadian
Natural
Resources
Ltd.,
144A,
9.5%,
1/12/24
.................................
Canada
5,300
341,134
Trading
Companies
&
Distributors
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
United
Rentals,
Inc.,
144A,
9%,
9/27/24
...................................
United
States
600
268,097
Total
Equity-Linked
Securities
(Cost
$3,863,761)
................................
3,959,392
Convertible
Preferred
Stocks
2.3%
Electric
Utilities
1.0%
NextEra
Energy,
Inc.,
6.926%
............................
United
States
11,710
442,989
Financial
Services
1.3%
a
Apollo
Global
Management,
Inc.,
6.75%
....................
United
States
9,600
528,960
a
Total
Convertible
Preferred
Stocks
(Cost
$1,030,351)
............................
971,949
Total
Long
Term
Investments
(Cost
$31,373,637)
................................
41,222,745
a
Short
Term
Investments
4.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
d
Repurchase
Agreements
4.8%
d
Joint
Repurchase
Agreement,
5.212%,
10/02/23
(Maturity
Value
$2,050,253)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$910,907)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$410,625)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$728,721)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7%,
1/20/27
-
9/20/53;
U.S.
Government
Agency
Strips,
9/15/26
-
11/15/45;
U.S.
Treasury
Bonds,
5.5%
-
6.75%,
2/15/26
-
8/15/28;
and
U.S.
Treasury
Notes,
2.25%,
8/15/27
(valued
at
$2,090,526)
2,049,363
2,049,363
Total
Repurchase
Agreements
(Cost
$2,049,363)
................................
2,049,363
Total
Short
Term
Investments
(Cost
$2,049,363
)
.................................
2,049,363
a
Total
Investments
(Cost
$33,423,000)
100.9%
...................................
$43,272,108
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(361,512)
Net
Assets
100.0%
...........................................................
$42,910,596
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$3,959,392,
representing
9.2%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2023,
all
repurchase
agreements
had
been
entered
into
on
September
29,
2023.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
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
24.7%
Aerospace
&
Defense
1.7%
Lockheed
Martin
Corp.
.................................
United
States
65,000
$
26,582,400
Northrop
Grumman
Corp.
...............................
United
States
35,000
15,406,650
RTX
Corp.
..........................................
United
States
125,000
8,996,250
50,985,300
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.,
B
............................
United
States
60,000
9,352,200
Banks
3.3%
Bank
of
America
Corp.
.................................
United
States
1,250,000
34,225,000
Citigroup,
Inc.
........................................
United
States
250,000
10,282,500
Fifth
Third
Bancorp
....................................
United
States
530,000
13,424,900
JPMorgan
Chase
&
Co.
.................................
United
States
120,000
17,402,400
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
25,000
3,069,250
Truist
Financial
Corp.
..................................
United
States
765,000
21,886,650
100,290,700
Beverages
0.4%
Coca-Cola
Co.
(The)
...................................
United
States
100,000
5,598,000
PepsiCo,
Inc.
........................................
United
States
45,000
7,624,800
13,222,800
Biotechnology
0.6%
AbbVie,
Inc.
.........................................
United
States
50,000
7,453,000
Amgen,
Inc.
.........................................
United
States
40,000
10,750,400
18,203,400
Capital
Markets
1.6%
Charles
Schwab
Corp.
(The)
.............................
United
States
205,000
11,254,500
Goldman
Sachs
Group,
Inc.
(The)
.........................
United
States
26,054
8,430,293
Morgan
Stanley
.......................................
United
States
335,144
27,371,210
47,056,003
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
...................................
United
States
350,000
18,816,000
Consumer
Staples
Distribution
&
Retail
0.4%
Target
Corp.
.........................................
United
States
100,000
11,057,000
Diversified
Telecommunication
Services
0.4%
Verizon
Communications,
Inc.
............................
United
States
400,000
12,964,000
Electric
Utilities
2.1%
American
Electric
Power
Co.,
Inc.
.........................
United
States
100,000
7,522,000
Duke
Energy
Corp.
....................................
United
States
150,000
13,239,000
Edison
International
...................................
United
States
100,000
6,329,000
NextEra
Energy,
Inc.
...................................
United
States
157,364
9,015,383
Southern
Co.
(The)
....................................
United
States
400,000
25,888,000
61,993,383
Ground
Transportation
0.7%
Union
Pacific
Corp.
....................................
United
States
100,000
20,363,000
Health
Care
Providers
&
Services
0.3%
CVS
Health
Corp.
.....................................
United
States
125,000
8,727,500
Household
Products
0.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
120,000
17,503,200
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
.............................
United
States
45,391
8,385,533
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)
Media
0.3%
Comcast
Corp.,
A
.....................................
United
States
225,000
$
9,976,500
Metals
&
Mining
0.9%
Newmont
Corp.
.......................................
United
States
99,279
3,668,359
Rio
Tinto
plc,
ADR
.....................................
Australia
365,529
23,262,266
26,930,625
Multi-Utilities
1.3%
Dominion
Energy,
Inc.
..................................
United
States
400,000
17,868,000
DTE
Energy
Co.
......................................
United
States
100,000
9,928,000
Sempra
.............................................
United
States
180,000
12,245,400
40,041,400
Oil,
Gas
&
Consumable
Fuels
3.4%
Chevron
Corp.
.......................................
United
States
250,000
42,155,000
Exxon
Mobil
Corp.
.....................................
United
States
250,000
29,395,000
Shell
plc,
ADR
........................................
Netherlands
200,000
12,876,000
TotalEnergies
SE,
ADR
.................................
France
300,000
19,728,000
104,154,000
Pharmaceuticals
1.7%
a
Bausch
Health
Cos.,
Inc.
................................
United
States
750,000
6,165,000
Bristol-Myers
Squibb
Co.
................................
United
States
150,000
8,706,000
Johnson
&
Johnson
...................................
United
States
100,000
15,575,000
Merck
&
Co.,
Inc.
.....................................
United
States
75,000
7,721,250
Pfizer,
Inc.
...........................................
United
States
360,000
11,941,200
50,108,450
Semiconductors
&
Semiconductor
Equipment
2.9%
Analog
Devices,
Inc.
...................................
United
States
80,000
14,007,200
Intel
Corp.
...........................................
United
States
300,000
10,665,000
QUALCOMM,
Inc.
.....................................
United
States
45,000
4,997,700
Texas
Instruments,
Inc.
.................................
United
States
363,966
57,874,235
87,544,135
Specialty
Retail
0.3%
Home
Depot,
Inc.
(The)
.................................
United
States
32,000
9,669,120
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
18,516,000
Total
Common
Stocks
(Cost
$640,041,479)
.....................................
745,860,249
Equity-Linked
Securities
11.3%
Aerospace
&
Defense
0.5%
b
Merrill
Lynch
International
&
Co.
CV
into
Raytheon
Technologies
Corp.,
144A,
7.5%,
5/08/24
............................
United
States
210,000
15,807,315
Air
Freight
&
Logistics
0.2%
b,c
J.P.
Morgan
Structured
Products
BV
into
United
Parcel
Service,
Inc.,
144A,
9%,
10/22/24
..................................
United
States
39,000
6,038,349
Automobiles
0.6%
b
Barclays
Bank
plc
into
Ford
Motor
Co.,
144A,
12%,
2/09/24
......
United
States
590,500
7,369,495
b
Royal
Bank
of
Canada
into
General
Motors
Co.,
144A,
12%,
6/18/24
United
States
340,000
11,158,048
18,527,543
Banks
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.,
144A,
8%,
8/16/24
...................................
United
States
340,600
9,676,759
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)
Banks
(continued)
b
JPMorgan
Chase
Bank
NA
into
Bank
of
America
Corp.,
144A,
9%
,
2/02/24
...........................................
United
States
328,400
$
9,221,157
18,897,916
Biotechnology
1.0%
b
Barclays
Bank
plc
into
Amgen,
Inc.,
144A,
8%,
9/20/24
.........
United
States
45,000
11,774,335
b
BNP
Paribas
Issuance
BV
into
AbbVie,
Inc.,
144A,
8%,
3/12/24
...
United
States
128,500
19,351,174
31,125,509
Broadline
Retail
0.6%
b
Royal
Bank
of
Canada
into
Amazon.com,
Inc.,
144A,
10%,
4/05/24
United
States
176,390
19,471,956
Capital
Markets
0.8%
b
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley,
144A,
10%,
6/04/24
.......................................
United
States
160,000
13,142,717
b
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
7/17/24
...
United
States
200,000
10,905,903
24,048,620
Chemicals
0.4%
b
JPMorgan
Chase
Bank
NA
into
LyondellBasell
Industries
NV,
144A,
11%,
1/22/24
.......................................
United
States
110,000
10,436,667
Containers
&
Packaging
0.5%
b
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10.5%,
12/15/23
.....................................
United
States
400,000
14,288,661
Electric
Utilities
0.6%
b
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
8%,
3/19/24
...........................................
United
States
200,000
11,774,625
b
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
102,000
5,915,182
17,689,807
Financial
Services
0.2%
b
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
10%,
10/19/23
..........................................
United
States
100,000
5,569,764
Ground
Transportation
0.5%
b
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
9%,
11/01/23
.......................................
United
States
50,750
10,372,358
b
UBS
AG
into
Union
Pacific
Corp.,
144A,
8%,
3/13/24
...........
United
States
20,000
4,057,417
14,429,775
Insurance
0.5%
b,c
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
9%,
10/23/24
..
United
States
238,200
14,927,497
Machinery
0.5%
b
National
Bank
of
Canada
into
Cummins,
Inc.,
144A,
8.5%,
2/13/24
United
States
69,700
16,230,290
Media
0.5%
b
J.P.
Morgan
Structured
Products
BV
into
Comcast
Corp.,
144A,
8%,
9/12/24
...........................................
United
States
350,000
15,702,305
Metals
&
Mining
0.3%
b
Royal
Bank
of
Canada
into
Barrick
Gold
Corp.,
144A,
11%,
3/07/24
Canada
574,000
8,577,176
Oil,
Gas
&
Consumable
Fuels
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9.5%,
2/22/24
.................................
United
States
123,425
14,452,375
b
Merrill
Lynch
International
&
Co.
CV
into
Chevron
Corp.,
144A,
10%,
12/04/23
..........................................
United
States
47,600
8,043,067
22,495,442
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)
Pharmaceuticals
0.8%
b
BNP
Paribas
Issuance
BV
into
Pfizer,
Inc.,
144A,
8.5%,
6/10/24
..
United
States
260,000
$
8,832,950
b
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
12/04/23
.....................................
United
States
240,000
14,060,064
22,893,014
Semiconductors
&
Semiconductor
Equipment
1.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
10/03/24
..........................................
United
States
364,780
13,256,332
b
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
10%,
12/05/23
..........................................
United
States
35,000
19,801,694
b
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/03/23
......................................
United
States
144,400
10,941,392
43,999,418
Total
Equity-Linked
Securities
(Cost
$359,317,013)
..............................
341,157,024
Convertible
Preferred
Stocks
0.1%
Financial
Services
0.1%
a
FNMA,
5.375%
.......................................
United
States
475
2,755,000
a
Total
Convertible
Preferred
Stocks
(Cost
$37,356,042)
...........................
2,755,000
Principal
Amount
*
Corporate
Bonds
49.3%
Aerospace
&
Defense
1.9%
Boeing
Co.
(The)
,
Senior
Note,
5.04%,
5/01/27
...........................
United
States
11,500,000
11,232,944
Senior
Note,
5.15%,
5/01/30
...........................
United
States
25,000,000
23,895,248
RTX
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
....................
United
States
7,500,000
7,260,621
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
11,000,000
10,818,012
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
5,000,000
4,928,693
58,135,518
Automobile
Components
0.8%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
11,945,000
9,889,407
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
15,000,000
12,940,140
22,829,547
Automobiles
0.8%
Ford
Motor
Co.
,
d
Senior
Bond,
4.346%,
12/08/26
.........................
United
States
7,000,000
6,718,065
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
3,000,000
2,314,931
Senior
Bond,
6.1%,
8/19/32
............................
United
States
3,000,000
2,828,828
General
Motors
Co.
,
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
5,000,000
4,672,441
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
7,500,000
6,269,888
22,804,153
Banks
3.7%
Bank
of
America
Corp.
,
e
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
8,000,000
7,853,884
e
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
6,000,000
5,917,998
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
5,000,000
4,487,053
Senior
Bond,
2.496%
to
2/12/30,
FRN
thereafter,
2/13/31
.....
United
States
6,500,000
5,213,036
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)
Barclays
plc
,
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
15,000,000
$
13,854,219
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
10,000,000
10,277,752
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
2,300,000
2,211,298
Citigroup,
Inc.
,
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
12,000,000
11,972,779
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
12,500,000
11,381,131
e,f
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
FRN
,
8.934
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
....................
United
States
3,200,000
3,218,854
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
8,000,000
7,768,995
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
...................................
United
States
4,000,000
3,396,119
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..........................................
United
States
10,000,000
9,473,822
Wells
Fargo
&
Co.
,
Senior
Bond,
5.557%
to
7/24/33,
FRN
thereafter,
7/25/34
.....
United
States
7,500,000
7,105,722
Senior
Note,
3.196%
to
6/16/26,
FRN
thereafter,
6/17/27
......
United
States
8,000,000
7,431,848
111,564,510
Beverages
0.2%
Coca-Cola
Co.
(The)
,
Senior
Bond
,
1.65
%
,
6/01/30
............
United
States
7,500,000
6,014,060
Biotechnology
0.7%
AbbVie,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/25
....................
United
States
10,500,000
10,209,566
Amgen,
Inc.
,
Senior
Note
,
5.25
%
,
3/02/30
...................
United
States
10,000,000
9,773,825
19,983,391
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
4,000,000
3,548,253
Building
Products
0.7%
b
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
8,000,000
7,727,370
Carrier
Global
Corp.
,
Senior
Note
,
2.722
%
,
2/15/30
............
United
States
2,500,000
2,084,994
b
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
11,000,000
10,603,171
20,415,535
Capital
Markets
1.0%
Charles
Schwab
Corp.
(The)
,
Senior
Note
,
5.643%
to
5/18/28,
FRN
thereafter
,
5/19/29
...................................
United
States
7,000,000
6,859,396
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.272%
to
9/28/24,
FRN
thereafter
,
9/29/25
...............................
United
States
9,000,000
8,723,517
Morgan
Stanley
,
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
8,650,000
8,703,892
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
......
United
States
5,700,000
5,295,919
29,582,724
Chemicals
1.7%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
12,000,000
11,838,951
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
10,000,000
9,340,308
b
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
10,000,000
7,530,983
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
7,300,000
7,665,000
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
10,000,000
8,581,371
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)
Chemicals
(continued)
b
SCIH
Salt
Holdings,
Inc.,
(continued)
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
8,888,000
$
7,853,364
52,809,977
Commercial
Services
&
Supplies
0.4%
b
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,000,000
12,656,807
Communications
Equipment
1.0%
b
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
9,602,868
9,154,012
Senior
Bond,
144A,
5%,
3/15/27
........................
United
States
2,500,000
1,422,863
b
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
20,000,000
13,098,200
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
4,141,000
2,484,600
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
5,000,000
4,672,996
30,832,671
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
4,287,000
3,499,684
Consumer
Finance
2.6%
Capital
One
Financial
Corp.
,
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
10,398,356
9,872,537
Senior
Note,
3.273%
to
2/28/29,
FRN
thereafter,
3/01/30
......
United
States
7,000,000
5,859,593
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
6,070,000
5,630,797
Sub.
Bond,
4.2%,
10/29/25
............................
United
States
8,000,000
7,630,057
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
20,000,000
19,378,459
Senior
Note,
4.95%,
5/28/27
...........................
United
States
15,000,000
14,096,600
Senior
Note,
7.35%,
3/06/30
...........................
United
States
1,500,000
1,520,674
General
Motors
Financial
Co.,
Inc.
,
d
Senior
Bond,
6.4%,
1/09/33
............................
United
States
5,000,000
4,887,305
Senior
Note,
2.4%,
4/10/28
............................
United
States
6,000,000
5,108,472
Senior
Note,
4.3%,
4/06/29
............................
United
States
5,000,000
4,488,166
78,472,660
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
3,000,000
2,276,528
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
4,000,000
3,723,524
6,000,052
Containers
&
Packaging
1.4%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
d
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
5,700,000
4,764,174
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
5,000,000
4,575,183
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
20,432,000
17,887,703
Senior
Secured
Note,
144A,
7.875%
,
8/15/26
..............
United
States
11,000,000
10,624,690
b
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
5,000,000
4,443,000
42,294,750
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
.............
United
States
10,000,000
8,961,383
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)
Electric
Utilities
0.8%
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
......
United
States
5,000,000
$
4,422,456
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
10,000,000
9,833,425
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
10,505,000
9,040,150
23,296,031
Electrical
Equipment
0.2%
b
Regal
Rexnord
Corp.
,
Senior
Note
,
144A,
6.05
%
,
4/15/28
.......
United
States
5,000,000
4,866,846
Energy
Equipment
&
Services
0.5%
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
14,500,000
14,623,830
Entertainment
1.1%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
21,339,835
Warnermedia
Holdings,
Inc.
,
Senior
Note,
3.755%,
3/15/27
..........................
United
States
6,500,000
6,003,741
Senior
Note,
4.279%,
3/15/32
..........................
United
States
6,500,000
5,521,179
32,864,755
Financial
Services
0.1%
b
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
4,685,000
4,333,036
Food
Products
0.4%
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
5.75
%
,
4/01/33
...........................
United
States
8,000,000
7,326,507
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
............
United
States
4,000,000
3,764,157
11,090,664
Ground
Transportation
0.4%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
3,988,022
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
8,000,000
7,455,345
11,443,367
Health
Care
Equipment
&
Supplies
1.1%
b
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
4,500,000
4,518,990
GE
HealthCare
Technologies,
Inc.
,
WI
,
Senior
Note
,
5.905
%
,
11/22/32
..........................................
United
States
7,500,000
7,445,910
b
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
4,000,000
3,462,025
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
20,000,000
16,926,252
32,353,177
Health
Care
Providers
&
Services
7.0%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
6,380,000
4,908,699
Senior
Note,
4.625%,
12/15/29
.........................
United
States
10,000,000
9,017,950
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
42,000,000
22,365,000
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
20,000,000
10,668,000
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
40,000,000
38,168,636
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
10,000,000
9,336,700
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
8,000,000
7,573,694
Senior
Bond,
5.25%,
2/21/33
...........................
United
States
5,000,000
4,739,090
b
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
2,500,000
1,902,636
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
20,000,000
16,447,226
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)
Health
Care
Providers
&
Services
(continued)
HCA,
Inc.
,
Senior
Bond,
5%,
3/15/24
.............................
United
States
10,400,000
$
10,348,294
Senior
Bond,
5.5%,
6/01/33
............................
United
States
10,000,000
9,464,410
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
7,750,000
5,827,729
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
8,890,000
7,560,963
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
24,031,000
23,275,655
Senior
Note,
6.125%,
10/01/28
.........................
United
States
9,400,000
8,832,992
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
12,500,000
11,734,991
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
10,000,000
9,897,556
212,070,221
Health
Care
REITs
0.3%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
7,750,000
6,017,664
Senior
Bond,
3.5%,
3/15/31
............................
United
States
5,000,000
3,128,449
9,146,113
Hotels,
Restaurants
&
Leisure
3.2%
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
15,000,000
14,807,891
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
6,250,000
6,088,261
b
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
...........
United
States
20,000,000
19,469,382
Expedia
Group,
Inc.
,
Senior
Note
,
5
%
,
2/15/26
...............
United
States
7,000,000
6,858,072
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
4,100,000
3,346,811
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
7,000,000
5,940,165
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
8,000,000
7,531,412
b
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
8,000,000
6,547,200
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
22,408,000
22,053,069
Senior
Bond,
144A,
5.25%,
5/15/27
......................
United
States
6,000,000
5,587,112
98,229,375
Independent
Power
and
Renewable
Electricity
Producers
0.5%
b
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
5,000,000
4,457,916
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
5,000,000
4,511,332
b,e
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
7,800,000
7,125,417
16,094,665
Media
1.2%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
2,800,000
2,239,780
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
7,000,000
5,363,078
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
6,000,000
5,333,805
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
5,500,000
5,128,108
b
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
1,500,000
1,277,589
b
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
5,000,000
4,043,600
b
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
5,020,000
4,898,492
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
8,500,000
7,925,330
36,209,782
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)
Metals
&
Mining
1.9%
b
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
8,500,000
$
7,529,844
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
................
Luxembourg
12,000,000
11,930,037
b
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
5,000,000
4,990,929
b
First
Quantum
Minerals
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
6/01/31
.
Zambia
9,000,000
8,967,885
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
6,000,000
4,944,513
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
5,000,000
4,578,113
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
........
United
States
8,000,000
7,218,096
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
10,000,000
7,912,471
58,071,888
Oil,
Gas
&
Consumable
Fuels
2.0%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
15,000,000
15,261,683
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
8,820,000
8,460,465
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
5,185,000
5,206,855
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
..
United
States
9,500,000
8,947,690
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625
%
,
9/01/30
......
United
States
6,000,000
6,086,040
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
...........................................
United
States
6,500,000
6,440,674
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
...........................
United
States
7,053,000
6,085,791
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
5,000,000
4,834,202
61,323,400
Passenger
Airlines
0.9%
b
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
13,750,000
13,441,350
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
13,687,000
13,012,397
26,453,747
Personal
Care
Products
0.2%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
8,500,000
7,293,899
Pharmaceuticals
2.7%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,374,000
6,308,113
b
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
14,250,000
12,642,600
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
12,000,000
7,482,560
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
10,000,000
5,966,600
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
13,865,000
9,441,372
b
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
11,000,000
10,593,176
b,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
4,500,000
3,157,437
b,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
8,429,000
6,018,137
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
.....................................
Israel
10,000,000
9,828,215
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
10,000,000
9,371,131
80,809,341
Semiconductors
&
Semiconductor
Equipment
1.0%
b
Broadcom,
Inc.
,
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
5,000,000
3,910,283
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
10,000,000
8,684,020
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
5,000,000
4,514,720
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Micron
Technology,
Inc.
,
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
4,000,000
$
3,824,211
Senior
Note,
6.75%,
11/01/29
..........................
United
States
8,000,000
8,133,519
29,066,753
Software
1.1%
Oracle
Corp.
,
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
5,000,000
4,558,654
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
15,000,000
12,259,054
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
6,750,000
6,837,065
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
10,000,000
8,577,669
32,232,442
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond,
2.9%,
1/15/30
............................
United
States
8,000,000
6,654,386
Senior
Bond,
5.65%
,
3/15/33
...........................
United
States
5,000,000
4,811,913
Crown
Castle,
Inc.
,
Senior
Bond
,
3.3
%
,
7/01/30
...............
United
States
5,000,000
4,223,843
15,690,142
Specialty
Retail
0.5%
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
.................
United
States
13,000,000
12,244,345
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,000,000
3,199,140
15,443,485
Technology
Hardware,
Storage
&
Peripherals
0.7%
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
8,000,000
7,061,239
HP,
Inc.
,
Senior
Bond,
5.5%,
1/15/33
............................
United
States
10,000,000
9,381,787
Senior
Note,
4%,
4/15/29
.............................
United
States
5,000,000
4,571,154
21,014,180
Tobacco
1.4%
BAT
Capital
Corp.
,
Senior
Bond,
6.421%,
8/02/33
..........................
United
Kingdom
6,000,000
5,836,628
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
30,000,000
27,461,830
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
....
United
States
9,000,000
8,635,708
41,934,166
Trading
Companies
&
Distributors
1.1%
United
Rentals
North
America,
Inc.
,
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
12,800,000
11,968,935
b
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
8,000,000
7,798,489
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
14,000,000
14,047,894
33,815,318
Wireless
Telecommunication
Services
0.9%
Sprint
LLC
,
Senior
Note,
7.125
%,
6/15/24
..........................
United
States
8,200,000
8,256,974
Senior
Note,
7.625%,
3/01/26
..........................
United
States
7,500,000
7,713,697
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
7,500,000
7,083,007
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
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note,
3.375%,
4/15/29
..........................
United
States
4,500,000
$
3,962,046
27,015,724
Total
Corporate
Bonds
(Cost
$1,587,179,818)
...................................
1,487,192,022
U.S.
Government
and
Agency
Securities
12.1%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
15,000,000
12,156,738
3%,
8/15/52
........................................
United
States
40,000,000
29,157,812
3.625%,
5/15/53
.....................................
United
States
42,500,000
35,198,633
4.125%,
8/15/53
.....................................
United
States
21,000,000
19,067,344
U.S.
Treasury
Notes
,
4.375%,
10/31/24
....................................
United
States
50,000,000
49,446,289
4.5%,
11/30/24
......................................
United
States
25,000,000
24,752,441
4.125%,
8/31/30
.....................................
United
States
15,000,000
14,561,719
2.875%,
5/15/32
.....................................
United
States
130,000,000
114,130,860
2.75%,
8/15/32
.....................................
United
States
75,000,000
64,957,031
Total
U.S.
Government
and
Agency
Securities
(Cost
$394,305,471)
................
363,428,867
Asset-Backed
Securities
0.4%
Passenger
Airlines
0.4%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
...........................
United
States
6,828,333
6,778,075
2023-1,
A,
5.8%,
1/15/36
..............................
United
States
6,300,000
6,147,966
12,926,041
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$13,128,333)
...............................
12,926,041
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,473,966
1,335,400
Total
Mortgage-Backed
Securities
(Cost
$1,561,483)
.............................
1,335,400
Total
Long
Term
Investments
(Cost
$3,032,889,639)
.............................
2,954,654,603
a
Short
Term
Investments
1.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.3%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
39,604,797
39,604,797
Total
Money
Market
Funds
(Cost
$39,604,797)
..................................
39,604,797
Total
Short
Term
Investments
(Cost
$39,604,797
)
................................
39,604,797
a
Total
Investments
(Cost
$3,072,494,436)
99.2%
..................................
$2,994,259,400
Other
Assets,
less
Liabilities
0.8%
.............................................
23,133,382
Net
Assets
100.0%
...........................................................
$3,017,392,782
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
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
171
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$1,032,667,140,
representing
34.2%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2023.
e
Perpetual
security
with
no
stated
maturity
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
i
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
$
135,078,125
12/19/23
$
(1,779,200)
U.S.
Treasury
Ultra
Bonds
......................
Long
437
51,866,438
12/19/23
(3,070,965)
Total
Futures
Contracts
......................................................................
$(4,850,165)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
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
99.3%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,431
$
881,725
Automobiles
0.9%
a
Tesla,
Inc.
...........................................
United
States
2,932
733,645
Beverages
2.4%
Constellation
Brands,
Inc.,
A
.............................
United
States
1,809
454,656
a
Monster
Beverage
Corp.
................................
United
States
29,973
1,587,070
2,041,726
Broadline
Retail
6.5%
a
Amazon.com,
Inc.
.....................................
United
States
42,799
5,440,609
Capital
Markets
4.2%
Ares
Management
Corp.,
A
..............................
United
States
10,412
1,071,082
MSCI,
Inc.,
A
.........................................
United
States
1,601
821,441
S&P
Global,
Inc.
......................................
United
States
4,319
1,578,206
3,470,729
Chemicals
1.9%
Linde
plc
............................................
United
States
4,289
1,597,009
Commercial
Services
&
Supplies
1.3%
Republic
Services,
Inc.,
A
...............................
United
States
7,701
1,097,470
Electric
Utilities
0.8%
NextEra
Energy,
Inc.
...................................
United
States
12,052
690,459
Entertainment
1.2%
a
Netflix,
Inc.
..........................................
United
States
2,636
995,354
Financial
Services
5.6%
Mastercard,
Inc.,
A
....................................
United
States
10,311
4,082,228
Visa,
Inc.,
A
..........................................
United
States
2,610
600,326
4,682,554
Food
Products
0.9%
a
Freshpet,
Inc.
........................................
United
States
3,467
228,406
Lamb
Weston
Holdings,
Inc.
.............................
United
States
5,984
553,281
781,687
Ground
Transportation
2.2%
a
Uber
Technologies,
Inc.
.................................
United
States
29,477
1,355,647
Union
Pacific
Corp.
....................................
United
States
2,430
494,821
1,850,468
Health
Care
Equipment
&
Supplies
2.4%
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,757
768,283
a
Intuitive
Surgical,
Inc.
..................................
United
States
4,138
1,209,496
1,977,779
Health
Care
Providers
&
Services
2.4%
a
Guardant
Health,
Inc.
..................................
United
States
6,088
180,448
UnitedHealth
Group,
Inc.
................................
United
States
3,641
1,835,756
2,016,204
Health
Care
Technology
0.6%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
2,446
497,639
Hotels,
Restaurants
&
Leisure
1.9%
a
Chipotle
Mexican
Grill,
Inc.,
A
............................
United
States
854
1,564,383
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)
Interactive
Media
&
Services
9.3%
a
Alphabet,
Inc.,
A
......................................
United
States
29,363
$
3,842,442
a
Meta
Platforms,
Inc.,
A
.................................
United
States
12,083
3,627,437
a
Pinterest,
Inc.,
A
......................................
United
States
11,057
298,871
7,768,750
IT
Services
1.4%
a
Gartner,
Inc.
.........................................
United
States
1,804
619,872
a
MongoDB,
Inc.,
A
.....................................
United
States
1,614
558,218
1,178,090
Life
Sciences
Tools
&
Services
4.2%
Danaher
Corp.
.......................................
United
States
5,654
1,402,757
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,966
995,130
West
Pharmaceutical
Services,
Inc.
........................
United
States
2,851
1,069,724
3,467,611
Personal
Care
Products
0.3%
a
Oddity
Tech
Ltd.,
A
....................................
Israel
8,273
234,540
Pharmaceuticals
3.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
15,875
1,075,055
Eli
Lilly
&
Co.
........................................
United
States
3,926
2,108,772
3,183,827
Professional
Services
1.2%
Paycom
Software,
Inc.
.................................
United
States
1,021
264,715
TransUnion
..........................................
United
States
10,127
727,017
991,732
Real
Estate
Management
&
Development
1.0%
a
CoStar
Group,
Inc.
....................................
United
States
10,745
826,183
Semiconductors
&
Semiconductor
Equipment
10.2%
Analog
Devices,
Inc.
...................................
United
States
5,710
999,764
a
ARM
Holdings
plc,
ADR
................................
United
States
5,200
278,304
ASML
Holding
NV,
ADR
................................
Netherlands
990
582,774
a
Lattice
Semiconductor
Corp.
.............................
United
States
7,416
637,257
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,689
1,704,318
NVIDIA
Corp.
........................................
United
States
9,963
4,333,805
8,536,222
Software
24.6%
a
Adobe,
Inc.
..........................................
United
States
3,879
1,977,902
a
Atlassian
Corp.,
A
.....................................
United
States
3,152
635,160
a
BILL
Holdings,
Inc.
....................................
United
States
3,802
412,783
a
Confluent,
Inc.,
A
......................................
United
States
9,683
286,714
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
5,716
956,744
a
Datadog,
Inc.,
A
......................................
United
States
2,439
222,169
a
Fair
Isaac
Corp.
......................................
United
States
713
619,262
a
HubSpot,
Inc.
........................................
United
States
899
442,757
Intuit,
Inc.
...........................................
United
States
3,048
1,557,345
a
Klaviyo,
Inc.,
A
.......................................
United
States
1,400
48,300
Microsoft
Corp.
.......................................
United
States
17,240
5,443,529
a
Monday.com
Ltd.
......................................
United
States
811
129,127
Oracle
Corp.
.........................................
United
States
13,985
1,481,291
Roper
Technologies,
Inc.
................................
United
States
2,375
1,150,165
a
Salesforce,
Inc.
.......................................
United
States
2,137
433,341
a
ServiceNow,
Inc.
......................................
United
States
4,403
2,461,101
a
Synopsys,
Inc.
.......................................
United
States
3,180
1,459,525
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
See
Abbreviations
on
page
171
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Workday,
Inc.,
A
......................................
United
States
3,957
$
850,161
20,567,376
Specialized
REITs
0.9%
SBA
Communications
Corp.,
A
...........................
United
States
3,612
723,014
Specialty
Retail
0.7%
a
AutoZone,
Inc.
.......................................
United
States
242
614,678
Technology
Hardware,
Storage
&
Peripherals
5.2%
Apple,
Inc.
..........................................
United
States
25,325
4,335,893
Textiles,
Apparel
&
Luxury
Goods
0.2%
a
Figs,
Inc.,
A
..........................................
United
States
23,811
140,485
Total
Common
Stocks
(Cost
$35,953,488)
......................................
82,887,841
Short
Term
Investments
0.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.6%
b
Joint
Repurchase
Agreement,
5.212%,
10/02/23
(Maturity
Value
$523,394)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$232,539)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$104,825)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$186,030)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7%,
1/20/27
-
9/20/53;
U.S.
Government
Agency
Strips,
9/15/26
-
11/15/45;
U.S.
Treasury
Bonds,
5.5%
-
6.75%,
2/15/26
-
8/15/28;
and
U.S.
Treasury
Notes,
2.25%,
8/15/27
(valued
at
$533,675)
..
523,167
523,167
Total
Repurchase
Agreements
(Cost
$523,167)
..................................
523,167
Total
Short
Term
Investments
(Cost
$523,167
)
..................................
523,167
a
Total
Investments
(Cost
$36,476,655)
99.9%
....................................
$83,411,008
Other
Assets,
less
Liabilities
0.1%
.............................................
42,966
Net
Assets
100.0%
...........................................................
$83,453,974
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2023,
all
repurchase
agreements
had
been
entered
into
on
September
29,
2023.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Global
Discovery
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.0%
Aerospace
&
Defense
1.5%
Airbus
SE
...........................................
France
46,379
$
6,207,465
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
39,378
6,137,849
Automobile
Components
1.7%
Denso
Corp.
.........................................
Japan
450,928
7,235,778
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
424,073
12,713
7,248,491
Automobiles
1.8%
General
Motors
Co.
....................................
United
States
228,446
7,531,865
Banks
5.7%
BNP
Paribas
SA
......................................
France
133,288
8,474,887
DBS
Group
Holdings
Ltd.
...............................
Singapore
323,103
7,934,427
JPMorgan
Chase
&
Co.
.................................
United
States
50,250
7,287,255
23,696,569
Biotechnology
0.9%
b
Horizon
Therapeutics
plc
................................
United
States
32,041
3,706,823
Building
Products
1.6%
Johnson
Controls
International
plc
.........................
United
States
123,661
6,580,002
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
10,110
6,536,014
Chemicals
1.9%
b,d
Covestro
AG,
144A,
Reg
S
..............................
Germany
144,910
7,792,159
Consumer
Finance
1.7%
Capital
One
Financial
Corp.
.............................
United
States
74,670
7,246,723
Consumer
Staples
Distribution
&
Retail
1.8%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
192,114
7,521,555
Diversified
Telecommunication
Services
2.6%
Deutsche
Telekom
AG
..................................
Germany
525,641
11,025,748
Electrical
Equipment
1.2%
Mitsubishi
Electric
Corp.
................................
Japan
405,131
5,005,346
Energy
Equipment
&
Services
1.9%
Schlumberger
NV
.....................................
United
States
132,541
7,727,140
Entertainment
3.4%
Activision
Blizzard,
Inc.
.................................
United
States
68,906
6,451,669
b
Walt
Disney
Co.
(The)
..................................
United
States
95,761
7,761,429
14,213,098
Financial
Services
5.7%
b
Fiserv,
Inc.
..........................................
United
States
66,605
7,523,701
Global
Payments,
Inc.
..................................
United
States
76,531
8,830,912
Voya
Financial,
Inc.
....................................
United
States
112,504
7,475,891
23,830,504
Food
Products
3.8%
Danone
SA
..........................................
France
136,389
7,522,554
Kraft
Heinz
Co.
(The)
..................................
United
States
240,637
8,095,029
15,617,583
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
110,864
$
8,687,303
Health
Care
Providers
&
Services
8.1%
CVS
Health
Corp.
.....................................
United
States
128,894
8,999,379
Elevance
Health,
Inc.
..................................
United
States
19,823
8,631,331
Fresenius
SE
&
Co.
KGaA
...............................
Germany
289,401
8,988,436
Humana,
Inc.
........................................
United
States
14,687
7,145,519
33,764,665
Household
Durables
0.6%
DR
Horton,
Inc.
.......................................
United
States
22,179
2,383,577
Household
Products
1.8%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
107,844
7,604,615
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
46,355
6,624,222
Insurance
4.4%
Everest
Group
Ltd.
....................................
United
States
22,755
8,457,351
NN
Group
NV
........................................
Netherlands
227,742
7,300,650
Progressive
Corp.
(The)
................................
United
States
19,298
2,688,212
18,446,213
Interactive
Media
&
Services
1.0%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
13,382
4,017,410
IT
Services
1.9%
Capgemini
SE
........................................
France
44,391
7,745,587
Machinery
1.4%
Parker-Hannifin
Corp.
..................................
United
States
14,759
5,748,926
Media
2.5%
b
Charter
Communications,
Inc.,
A
..........................
United
States
24,057
10,580,750
Metals
&
Mining
1.5%
Rio
Tinto
plc
.........................................
Australia
101,801
6,391,814
Oil,
Gas
&
Consumable
Fuels
6.5%
BP
plc
..............................................
United
Kingdom
1,218,486
7,853,638
Shell
plc
............................................
Netherlands
343,783
10,895,041
Williams
Cos.,
Inc.
(The)
................................
United
States
246,910
8,318,398
27,067,077
Personal
Care
Products
2.1%
Haleon
plc
..........................................
United
States
2,115,297
8,767,376
Pharmaceuticals
7.0%
GSK
plc
............................................
United
States
502,419
9,089,922
Merck
&
Co.,
Inc.
.....................................
United
States
80,224
8,259,061
Novartis
AG,
ADR
.....................................
Switzerland
114,942
11,707,992
29,056,975
Real
Estate
Management
&
Development
1.7%
b
CBRE
Group,
Inc.,
A
...................................
United
States
94,885
7,008,206
Semiconductors
&
Semiconductor
Equipment
1.2%
b
Renesas
Electronics
Corp.
..............................
Japan
332,201
5,074,527
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)
Software
1.7%
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
52,616
$
7,012,660
Technology
Hardware,
Storage
&
Peripherals
1.8%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
152,438
7,688,736
Textiles,
Apparel
&
Luxury
Goods
1.1%
b
Capri
Holdings
Ltd.
....................................
United
States
32,662
1,718,348
Cie
Financiere
Richemont
SA
............................
Switzerland
24,329
2,962,703
4,681,051
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
246,939
7,752,927
Trading
Companies
&
Distributors
3.8%
b
AerCap
Holdings
NV
...................................
Ireland
142,164
8,909,418
Ferguson
plc
.........................................
United
States
42,884
7,053,131
15,962,549
Total
Common
Stocks
(Cost
$328,558,645)
.....................................
399,692,100
Principal
Amount
*
Corporate
Bonds
0.7%
Pharmaceuticals
0.5%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
1,707,000
1,546,452
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
784,000
399,020
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
65,000
59,221
2,004,693
Professional
Services
0.1%
d
CoreLogic
,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
614,000
466,751
Software
0.1%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
402,000
336,532
Total
Corporate
Bonds
(Cost
$3,418,248)
.......................................
2,807,976
Senior
Floating
Rate
Interests
1.4%
Commercial
Services
&
Supplies
0.8%
e
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A,
10.148%,
(3-month
SOFR
+
4.75%),
10/11/28
....................................
United
States
2,386,718
2,140,385
First
Lien,
Dollar
CME
Term
Loan,
B,
10.398%,
(3-month
SOFR
+
5%),
4/11/29
.......................................
United
States
1,246,000
1,125,817
3,266,202
a
a
a
a
a
a
Professional
Services
0.4%
e,f
CoreLogic
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.946
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
1,988,330
1,844,583
Specialty
Retail
0.2%
e,f
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.902
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
.....................................
United
States
731,064
669,253
Total
Senior
Floating
Rate
Interests
(Cost
$5,659,559)
...........................
5,780,038
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
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
$337,636,452)
...............................
408,280,114
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,
10/02/23
.......................................
United
States
7,300,000
7,300,000
h
U.S.
Treasury
Bills,
11/09/23
.............................
United
States
1,000,000
994,416
Total
U.S.
Government
and
Agency
Securities
(Cost
$8,293,285)
..................
8,294,416
Total
Short
Term
Investments
(Cost
$8,293,285
)
.................................
8,294,416
a
Total
Investments
(Cost
$345,929,737)
100.1%
..................................
$416,574,530
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(418,291)
Net
Assets
10
0.0
%
...........................................................
$416,156,239
a
a
a
*
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$10,600,135,
representing
2.5%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
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)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
171
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
68
$
9,020,625
12/18/23
$
142,632
Foreign
Exchange
GBP/USD
...................
Short
7
534,188
12/18/23
13,152
Total
Futures
Contracts
......................................................................
$155,784
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
71,009
91,826
10/17/23
$
—
$
(5,188)
British
Pound
......
BOFA
Sell
67,206
87,017
10/17/23
5,018
—
British
Pound
......
HSBK
Sell
12,050
14,944
10/17/23
241
—
British
Pound
......
UBSW
Buy
33,910
42,649
10/17/23
—
(1,275)
British
Pound
......
UBSW
Sell
1,495,026
1,956,288
10/17/23
132,196
—
South
Korean
Won
..
HSBK
Buy
1,082,908,303
837,839
11/10/23
—
(35,532)
South
Korean
Won
..
HSBK
Sell
8,215,498,245
6,291,353
11/10/23
204,639
—
South
Korean
Won
..
UBSW
Sell
447,389,608
342,447
11/10/23
10,984
—
Japanese
Yen
......
BOFA
Sell
1,873,799,123
13,076,615
11/17/23
440,795
—
Euro
.............
HSBK
Buy
29,411
31,765
1/11/24
—
(512)
Euro
.............
HSBK
Sell
658,660
730,056
1/11/24
30,138
—
Euro
.............
UBSW
Buy
345,877
365,441
1/11/24
2,102
—
Euro
.............
UBSW
Sell
9,119,964
10,048,075
1/11/24
356,837
—
Total
Forward
Exchange
Contracts
...................................................
$1,182,950
$(42,507)
Net
unrealized
appreciation
(depreciation)
............................................
$1,140,443
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Shares
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
91.5%
Air
Freight
&
Logistics
1.8%
United
Parcel
Service,
Inc.,
B
............................
United
States
227,832
$
35,512,174
Automobile
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
1,730,515
51,877
Automobiles
1.8%
General
Motors
Co.
....................................
United
States
1,077,749
35,533,385
Banks
5.2%
Bank
of
America
Corp.
.................................
United
States
1,479,701
40,514,213
JPMorgan
Chase
&
Co.
.................................
United
States
427,120
61,940,943
102,455,156
Biotechnology
1.0%
b
Horizon
Therapeutics
plc
................................
United
States
166,496
19,261,922
Building
Products
2.0%
Johnson
Controls
International
plc
.........................
United
States
763,483
40,624,930
Capital
Markets
1.7%
BlackRock,
Inc.
.......................................
United
States
51,855
33,523,739
Construction
&
Engineering
0.5%
b
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
248,840
10,349,256
Consumer
Finance
1.7%
Capital
One
Financial
Corp.
.............................
United
States
355,655
34,516,318
Containers
&
Packaging
1.9%
International
Paper
Co.
.................................
United
States
1,053,568
37,370,057
Diversified
Telecommunication
Services
0.3%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
643,835
5,797,752
Electronic
Equipment,
Instruments
&
Components
2.0%
b
Flex
Ltd.
............................................
United
States
1,501,843
40,519,724
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
687,875
40,103,112
Entertainment
4.6%
Activision
Blizzard,
Inc.
.................................
United
States
536,213
50,205,623
b
Walt
Disney
Co.
(The)
..................................
United
States
515,231
41,759,473
91,965,096
Financial
Services
6.7%
b
Fiserv,
Inc.
..........................................
United
States
461,162
52,092,860
Global
Payments,
Inc.
..................................
United
States
396,309
45,730,095
Voya
Financial,
Inc.
....................................
United
States
544,933
36,210,798
134,033,753
Food
Products
2.4%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,441,178
48,481,228
Health
Care
Equipment
&
Supplies
3.5%
Baxter
International,
Inc.
................................
United
States
789,316
29,788,786
Medtronic
plc
........................................
United
States
520,728
40,804,246
70,593,032
Health
Care
Providers
&
Services
6.0%
CVS
Health
Corp.
.....................................
United
States
719,767
50,254,132
Elevance
Health,
Inc.
..................................
United
States
82,158
35,773,236
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
........................................
United
States
68,449
$
33,301,808
119,329,176
Household
Durables
1.6%
DR
Horton,
Inc.
.......................................
United
States
289,676
31,131,480
Insurance
3.6%
Everest
Group
Ltd.
....................................
United
States
120,111
44,641,656
Progressive
Corp.
(The)
................................
United
States
188,094
26,201,494
70,843,150
Interactive
Media
&
Services
1.4%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
90,702
27,229,647
Machinery
1.5%
Parker-Hannifin
Corp.
..................................
United
States
75,029
29,225,296
Media
4.7%
b
Charter
Communications,
Inc.,
A
..........................
United
States
113,616
49,970,589
Comcast
Corp.,
A
.....................................
United
States
973,176
43,150,624
93,121,213
Metals
&
Mining
0.6%
United
States
Steel
Corp.
...............................
United
States
340,000
11,043,200
Oil,
Gas
&
Consumable
Fuels
7.0%
BP
plc
..............................................
United
Kingdom
6,413,651
41,338,589
Chevron
Corp.
.......................................
United
States
316,028
53,288,641
Williams
Cos.,
Inc.
(The)
................................
United
States
1,336,489
45,026,314
139,653,544
Personal
Care
Products
1.7%
Kenvue,
Inc.
.........................................
United
States
1,660,405
33,340,932
Pharmaceuticals
6.6%
GSK
plc
............................................
United
States
2,367,930
42,841,331
Merck
&
Co.,
Inc.
.....................................
United
States
393,359
40,496,309
Novartis
AG,
ADR
.....................................
Switzerland
470,153
47,889,785
131,227,425
Professional
Services
3.3%
KBR,
Inc.
...........................................
United
States
559,340
32,967,500
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
634,786
33,351,656
66,319,156
Real
Estate
Management
&
Development
2.4%
b
CBRE
Group,
Inc.,
A
...................................
United
States
634,271
46,847,256
Retail
REITs
2.1%
Brixmor
Property
Group,
Inc.
.............................
United
States
2,044,338
42,481,344
Software
3.0%
Gen
Digital,
Inc.
......................................
United
States
1,669,515
29,517,025
Oracle
Corp.
.........................................
United
States
282,342
29,905,665
59,422,690
Specialty
Retail
0.0%
a,b,c
Wayne
Services
Legacy,
Inc.
.............................
United
States
2,039
—
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)
Textiles,
Apparel
&
Luxury
Goods
1.2%
Tapestry,
Inc.
........................................
United
States
832,922
$
23,946,507
Tobacco
2.0%
British
American
Tobacco
plc
.............................
United
Kingdom
1,248,429
39,195,830
Trading
Companies
&
Distributors
1.6%
Ferguson
plc
.........................................
United
States
199,368
32,790,055
Wireless
Telecommunication
Services
2.1%
b
T-Mobile
US,
Inc.
.....................................
United
States
295,548
41,391,497
Total
Common
Stocks
(Cost
$1,508,431,141)
....................................
1,819,231,909
Principal
Amount
*
Corporate
Bonds
2.0%
Hotels,
Restaurants
&
Leisure
0.1%
d
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
2,650,200
2,843,609
Pharmaceuticals
0.1%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
3,434,000
1,747,751
Professional
Services
0.1%
d
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
2,975,000
2,261,536
Software
0.9%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
21,124,000
17,683,843
Specialty
Retail
0.8%
d
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
17,148,000
10,092,027
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
6,229,000
5,132,155
15,224,182
Total
Corporate
Bonds
(Cost
$49,380,689)
......................................
39,760,921
Senior
Floating
Rate
Interests
2.8%
Commercial
Services
&
Supplies
0.8%
e
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A,
10.148%,
(3-month
SOFR
+
4.75%),
10/11/28
....................................
United
States
11,265,366
10,102,668
First
Lien,
Dollar
CME
Term
Loan,
B,
10.398%,
(3-month
SOFR
+
5%),
4/11/29
.......................................
United
States
6,013,000
5,433,016
15,535,684
a
a
a
a
a
a
Professional
Services
0.4%
e,f
CoreLogic,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.946
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
8,979,988
8,330,780
e
Software
1.4%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
10.931
%
,
(
1-month
SOFR
+
5.5
%
),
2/27/26
........................
United
States
6,640,700
6,634,789
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
13.019
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
13,032,127
9,008,458
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
10.446
%
,
(
1-month
SOFR
+
5
%
),
9/01/25
.................................
United
States
14,678,474
12,802,418
28,445,665
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
0.2%
e,f
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.902
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
.....................................
United
States
3,496,403
$
3,200,782
Total
Senior
Floating
Rate
Interests
(Cost
$60,615,178)
..........................
55,512,911
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
—
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$1,618,427,008)
.............................
1,914,505,741
a
Short
Term
Investments
3.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.7%
h
FHLB,
10/02/23
.......................................
United
States
73,500,000
73,500,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$73,489,383)
.................
73,500,000
Total
Short
Term
Investments
(Cost
$73,489,383
)
................................
73,500,000
a
Total
Investments
(Cost
$1,691,916,391)
100.0%
................................
$1,988,005,741
Securities
Sold
Short
(0.3)%
..................................................
(5,436,427)
Other
Assets,
less
Liabilities
0.3%
.............................................
5,143,622
Net
Assets
100.0%
...........................................................
$1,987,712,936
a
a
a
Shares
Securities
Sold
Short
(0.3)%
Common
Stocks
(0.3)%
Metals
&
Mining
(0.3)%
Cleveland-Cliffs,
Inc.
...................................
United
States
347,820
(5,436,427)
Total
Common
Stocks
(Proceeds
$5,182,553)
...................................
(5,436,427)
Total
Securities
Sold
Short
(Proceeds
$5,182,553)
...............................
$(5,436,427)
*
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
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$39,760,921,
representing
2.0%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
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
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
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.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
125
$
9,539,062
12/18/23
$
234,848
Total
Futures
Contracts
......................................................................
$234,848
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
129,717
165,241
10/17/23
$
—
$
(6,973)
British
Pound
......
BOFA
Sell
217,421
281,512
10/17/23
16,236
—
British
Pound
......
HSBK
Sell
172,907
214,424
10/17/23
3,459
—
British
Pound
......
UBSW
Buy
454,041
569,500
10/17/23
—
(15,522)
British
Pound
......
UBSW
Sell
5,234,754
6,834,632
10/17/23
447,670
—
Total
Forward
Exchange
Contracts
...................................................
$467,365
$(22,495)
Net
unrealized
appreciation
(depreciation)
............................................
$444,870
*
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
171
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Rising
Dividends
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.5%
Aerospace
&
Defense
3.3%
General
Dynamics
Corp.
................................
United
States
85,152
$
18,816,037
RTX
Corp.
..........................................
United
States
361,746
26,034,860
44,850,897
Air
Freight
&
Logistics
1.9%
United
Parcel
Service,
Inc.
,
B
............................
United
States
161,217
25,128,894
Banks
1.5%
JPMorgan
Chase
&
Co.
.................................
United
States
139,025
20,161,405
Beverages
1.9%
PepsiCo,
Inc.
........................................
United
States
148,630
25,183,867
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
141,736
21,127,168
Building
Products
2.5%
Carlisle
Cos.,
Inc.
.....................................
United
States
59,702
15,478,341
Johnson
Controls
International
plc
.........................
United
States
357,310
19,012,465
34,490,806
Capital
Markets
1.3%
Nasdaq,
Inc.
.........................................
United
States
376,700
18,303,853
Chemicals
9.3%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
122,867
34,820,508
Albemarle
Corp.
......................................
United
States
77,010
13,094,780
Ecolab,
Inc.
..........................................
United
States
99,809
16,907,645
Linde
plc
............................................
United
States
138,732
51,656,860
Sherwin-Williams
Co.
(The)
..............................
United
States
35,400
9,028,770
125,508,563
Commercial
Services
&
Supplies
1.7%
Cintas
Corp.
.........................................
United
States
46,772
22,497,800
Consumer
Staples
Distribution
&
Retail
3.0%
Target
Corp.
.........................................
United
States
166,337
18,391,882
Walmart,
Inc.
........................................
United
States
139,108
22,247,543
40,639,425
Electrical
Equipment
1.0%
nVent
Electric
plc
.....................................
United
States
268,926
14,250,389
Financial
Services
2.7%
Visa,
Inc.
,
A
..........................................
United
States
156,662
36,033,827
Food
Products
2.4%
McCormick
&
Co.,
Inc.
.................................
United
States
223,994
16,942,906
Mondelez
International,
Inc.
,
A
............................
United
States
230,400
15,989,760
32,932,666
Ground
Transportation
2.0%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
63,830
12,033,231
Norfolk
Southern
Corp.
.................................
United
States
74,847
14,739,620
26,772,851
Health
Care
Equipment
&
Supplies
9.6%
Abbott
Laboratories
....................................
United
States
248,295
24,047,371
Becton
Dickinson
&
Co.
.................................
United
States
137,465
35,538,827
Medtronic
plc
........................................
United
States
277,654
21,756,967
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Stryker
Corp.
........................................
United
States
175,545
$
47,971,182
129,314,347
Health
Care
Providers
&
Services
3.3%
CVS
Health
Corp.
.....................................
United
States
30,893
2,156,949
UnitedHealth
Group,
Inc.
................................
United
States
84,700
42,704,893
44,861,842
Hotels,
Restaurants
&
Leisure
2.5%
McDonald's
Corp.
.....................................
United
States
100,399
26,449,113
Starbucks
Corp.
......................................
United
States
77,500
7,073,425
33,522,538
Household
Products
2.7%
Colgate-Palmolive
Co.
.................................
United
States
196,840
13,997,292
Procter
&
Gamble
Co.
(The)
.............................
United
States
157,894
23,030,419
37,027,711
Industrial
Conglomerates
2.2%
Honeywell
International,
Inc.
.............................
United
States
163,375
30,181,897
Insurance
0.9%
Erie
Indemnity
Co.
,
A
...................................
United
States
39,470
11,595,891
IT
Services
2.8%
Accenture
plc
,
A
......................................
United
States
123,478
37,921,329
Life
Sciences
Tools
&
Services
2.9%
Danaher
Corp.
.......................................
United
States
48,900
12,132,090
West
Pharmaceutical
Services,
Inc.
........................
United
States
71,701
26,902,932
39,035,022
Machinery
1.9%
Donaldson
Co.,
Inc.
...................................
United
States
134,297
8,009,473
Dover
Corp.
.........................................
United
States
124,188
17,325,468
25,334,941
Oil,
Gas
&
Consumable
Fuels
3.6%
Chevron
Corp.
.......................................
United
States
119,994
20,233,388
EOG
Resources,
Inc.
..................................
United
States
113,161
14,344,288
Exxon
Mobil
Corp.
.....................................
United
States
118,461
13,928,645
48,506,321
Pharmaceuticals
2.4%
Johnson
&
Johnson
...................................
United
States
155,329
24,192,492
Pfizer,
Inc.
...........................................
United
States
265,715
8,813,766
33,006,258
Semiconductors
&
Semiconductor
Equipment
5.2%
Analog
Devices,
Inc.
...................................
United
States
211,094
36,960,448
Texas
Instruments,
Inc.
.................................
United
States
209,468
33,307,507
70,267,955
Software
13.2%
Microsoft
Corp.
.......................................
United
States
394,928
124,698,516
Roper
Technologies,
Inc.
................................
United
States
111,483
53,988,987
178,687,503
Specialty
Retail
3.7%
Lowe's
Cos.,
Inc.
......................................
United
States
132,400
27,518,016
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)
Specialty
Retail
(continued)
Ross
Stores,
Inc.
.....................................
United
States
202,030
$
22,819,289
50,337,305
Technology
Hardware,
Storage
&
Peripherals
0.3%
Apple,
Inc.
..........................................
United
States
23,400
4,006,314
Textiles,
Apparel
&
Luxury
Goods
1.6%
NIKE,
Inc.
,
B
.........................................
United
States
220,284
21,063,556
Trading
Companies
&
Distributors
1.6%
WW
Grainger,
Inc.
.....................................
United
States
30,893
21,373,013
Total
Common
Stocks
(Cost
$
523,996,715
)
.....................................
1,303,926,154
Short
Term
Investments
2.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.019
%
....
United
States
36,530,815
36,530,815
Total
Money
Market
Funds
(Cost
$
36,530,815
)
..................................
36,530,815
Total
Short
Term
Investments
(Cost
$
36,530,815
)
................................
36,530,815
a
Total
Investments
(Cost
$
560,527,530
)
99
.2
%
...................................
$1,340,456,969
Other
Assets,
less
Liabilities
0
.8
%
.............................................
11,243,878
Net
Assets
100.0%
...........................................................
$1,351,700,847
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),
September
30,
2023
Franklin
Small
Cap
Value
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.3%
Aerospace
&
Defense
3.7%
Melrose
Industries
plc
..................................
United
Kingdom
1,649,617
$
9,402,701
QinetiQ
Group
plc
.....................................
United
Kingdom
3,867,640
14,977,875
Senior
plc
...........................................
United
Kingdom
6,448,089
12,822,669
37,203,245
Automobile
Components
4.2%
a
Adient
plc
...........................................
United
States
573,508
21,047,744
a
Atmus
Filtration
Technologies,
Inc.
........................
United
States
465,045
9,696,188
LCI
Industries
........................................
United
States
98,388
11,552,719
42,296,651
Banks
12.3%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
97,582
2,808,410
Camden
National
Corp.
.................................
United
States
215,383
6,078,108
Columbia
Banking
System,
Inc.
...........................
United
States
1,186,647
24,088,934
First
Bancorp
........................................
United
States
115,414
3,247,750
First
Commonwealth
Financial
Corp.
.......................
United
States
175,965
2,148,533
First
Interstate
BancSystem
,
Inc.,
A
........................
United
States
707,029
17,633,303
German
American
Bancorp,
Inc.
..........................
United
States
201,906
5,469,634
Peoples
Bancorp,
Inc.
..................................
United
States
284,466
7,219,747
Seacoast
Banking
Corp.
of
Florida
........................
United
States
377,790
8,296,268
SouthState
Corp.
.....................................
United
States
314,139
21,160,403
TriCo
Bancshares
.....................................
United
States
255,070
8,169,892
WSFS
Financial
Corp.
..................................
United
States
473,888
17,296,912
123,617,894
Building
Products
5.6%
Insteel
Industries,
Inc.
..................................
United
States
115,153
3,737,866
a
Masonite
International
Corp.
.............................
United
States
160,999
15,008,327
UFP
Industries,
Inc.
....................................
United
States
272,503
27,904,307
Zurn
Elkay
Water
Solutions
Corp.
.........................
United
States
359,646
10,077,281
56,727,781
Capital
Markets
0.8%
Piper
Sandler
Cos.
....................................
United
States
55,002
7,992,341
Chemicals
4.5%
Ashland,
Inc.
.........................................
United
States
6,149
502,250
Avient
Corp.
.........................................
United
States
404,375
14,282,525
a
Elementis
plc
........................................
United
Kingdom
10,185,228
15,361,424
Olin
Corp.
...........................................
United
States
51,603
2,579,118
Tronox
Holdings
plc
...................................
United
States
946,906
12,726,417
45,451,734
Commercial
Services
&
Supplies
0.6%
HNI
Corp.
...........................................
United
States
189,475
6,561,519
Communications
Equipment
1.3%
a
Clearfield,
Inc.
........................................
United
States
259,093
7,425,606
a
NetScout
Systems,
Inc.
.................................
United
States
197,611
5,537,060
12,962,666
Construction
&
Engineering
3.0%
Primoris
Services
Corp.
.................................
United
States
526,839
17,243,441
Stantec
,
Inc.
.........................................
Canada
118,277
7,674,116
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
128,093
5,327,388
30,244,945
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
Materials
0.1%
a
Summit
Materials,
Inc.,
A
................................
United
States
31,476
$
980,163
Consumer
Finance
0.5%
Bread
Financial
Holdings,
Inc.
............................
United
States
143,640
4,912,488
Diversified
REITs
1.0%
Alexander
&
Baldwin,
Inc.
...............................
United
States
579,394
9,693,262
Electric
Utilities
0.5%
IDACORP,
Inc.
.......................................
United
States
50,402
4,720,147
Electrical
Equipment
1.2%
Regal
Rexnord
Corp.
..................................
United
States
83,758
11,967,343
Electronic
Equipment,
Instruments
&
Components
3.3%
Benchmark
Electronics,
Inc.
.............................
United
States
414,754
10,061,932
a
Coherent
Corp.
.......................................
United
States
84,962
2,773,160
CTS
Corp.
..........................................
United
States
12,208
509,562
a
Knowles
Corp.
.......................................
United
States
1,320,539
19,557,182
32,901,836
Energy
Equipment
&
Services
2.7%
TechnipFMC
plc
......................................
United
Kingdom
1,363,030
27,724,030
Food
Products
4.2%
Glanbia
plc
..........................................
Ireland
1,743,257
28,768,781
Maple
Leaf
Foods,
Inc.
.................................
Canada
708,507
13,614,101
42,382,882
Health
Care
Equipment
&
Supplies
2.9%
a
Envista
Holdings
Corp.
.................................
United
States
515,236
14,364,780
a
Integer
Holdings
Corp.
.................................
United
States
186,339
14,614,568
28,979,348
Hotel
&
Resort
REITs
1.3%
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,381,590
12,917,867
Hotels,
Restaurants
&
Leisure
4.7%
Boyd
Gaming
Corp.
...................................
United
States
103,705
6,308,375
a
Brinker
International,
Inc.
...............................
United
States
217,934
6,884,535
Dalata
Hotel
Group
plc
.................................
Ireland
1,483,525
6,297,056
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
510,297
20,769,088
Jack
in
the
Box,
Inc.
...................................
United
States
106,790
7,374,918
47,633,972
Household
Durables
0.8%
Century
Communities,
Inc.
..............................
United
States
36,343
2,426,985
a
M/I
Homes,
Inc.
.......................................
United
States
34,872
2,930,643
Meritage
Homes
Corp.
.................................
United
States
15,247
1,866,080
a
Taylor
Morrison
Home
Corp.,
A
...........................
United
States
15,701
669,020
7,892,728
Industrial
REITs
0.3%
STAG
Industrial,
Inc.
...................................
United
States
76,953
2,655,648
Insurance
6.7%
CNO
Financial
Group,
Inc.
..............................
United
States
811,855
19,265,319
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
276,929
30,733,580
Horace
Mann
Educators
Corp.
...........................
United
States
597,565
17,556,460
67,555,359
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)
Leisure
Products
4.0%
Brunswick
Corp.
......................................
United
States
98,391
$
7,772,889
a
Mattel,
Inc.
..........................................
United
States
1,484,513
32,703,821
40,476,710
Machinery
3.0%
Columbus
McKinnon
Corp.
..............................
United
States
430,640
15,033,642
Mueller
Water
Products,
Inc.,
A
...........................
United
States
1,177,933
14,936,191
Timken
Co.
(The)
.....................................
United
States
6,663
489,664
30,459,497
Metals
&
Mining
1.1%
Alcoa
Corp.
..........................................
United
States
15,655
454,934
Commercial
Metals
Co.
.................................
United
States
98,238
4,853,940
Ryerson
Holding
Corp.
.................................
United
States
195,502
5,687,153
10,996,027
Multi-Utilities
0.3%
Black
Hills
Corp.
......................................
United
States
61,365
3,104,455
Office
REITs
1.2%
Highwoods
Properties,
Inc.
..............................
United
States
586,584
12,089,496
Oil,
Gas
&
Consumable
Fuels
6.0%
Crescent
Point
Energy
Corp.
.............................
Canada
4,472,156
37,073,162
a
Green
Plains,
Inc.
.....................................
United
States
780,806
23,502,261
60,575,423
Paper
&
Forest
Products
1.0%
Louisiana-Pacific
Corp.
.................................
United
States
184,915
10,220,252
Professional
Services
1.2%
ICF
International,
Inc.
..................................
United
States
20,275
2,449,423
Kforce
,
Inc.
..........................................
United
States
168,737
10,066,849
12,516,272
Real
Estate
Management
&
Development
0.3%
Colliers
International
Group,
Inc.
..........................
Canada
38,004
3,619,881
Semiconductors
&
Semiconductor
Equipment
3.2%
a
Cohu
,
Inc.
...........................................
United
States
434,840
14,975,889
a
Onto
Innovation,
Inc.
...................................
United
States
133,165
16,981,201
31,957,090
Software
3.4%
a
ACI
Worldwide,
Inc.
....................................
United
States
1,538,970
34,719,163
Specialty
Retail
0.8%
a
Children's
Place,
Inc.
(The)
..............................
United
States
226,368
6,118,727
Group
1
Automotive,
Inc.
................................
United
States
6,189
1,663,046
7,781,773
Textiles,
Apparel
&
Luxury
Goods
1.4%
Carter's,
Inc.
.........................................
United
States
111,196
7,689,203
Dr.
Martens
plc
.......................................
United
Kingdom
3,627,988
6,214,255
13,903,458
Trading
Companies
&
Distributors
5.2%
Herc
Holdings,
Inc.
....................................
United
States
126,141
15,003,211
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
See
Abbreviations
on
page
171
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
McGrath
RentCorp
....................................
United
States
369,522
$
37,040,885
52,044,096
Total
Common
Stocks
(Cost
$914,071,271)
.....................................
990,439,442
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.7%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
17,375,015
17,375,015
Total
Money
Market
Funds
(Cost
$17,375,015)
..................................
17,375,015
Total
Short
Term
Investments
(Cost
$17,375,015
)
................................
17,375,015
a
Total
Investments
(Cost
$931,446,286)
100.0%
..................................
$1,007,814,457
Other
Assets,
less
Liabilities
0.0%
†
............................................
(127,145)
Net
Assets
100.0%
...........................................................
$1,007,687,312
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
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),
September
30,
2023
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.9%
Aerospace
&
Defense
2.7%
a
Axon
Enterprise,
Inc.
...................................
United
States
23,600
$
4,696,164
a
TransDigm
Group,
Inc.
.................................
United
States
7,000
5,901,910
10,598,074
Automobile
Components
0.4%
a
Mobileye
Global,
Inc.,
A
.................................
Israel
40,800
1,695,240
Beverages
0.5%
a
Celsius
Holdings,
Inc.
..................................
United
States
11,500
1,973,400
Biotechnology
2.8%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
13,700
2,426,270
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
12,800
1,132,544
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
18,400
2,070,000
a
PTC
Therapeutics,
Inc.
.................................
United
States
26,300
589,383
a
Seagen
,
Inc.
.........................................
United
States
18,800
3,988,420
a
Vaxcyte
,
Inc.
.........................................
United
States
13,400
683,132
10,889,749
Building
Products
1.8%
Trane
Technologies
plc
.................................
United
States
34,000
6,898,940
Capital
Markets
6.7%
Ares
Management
Corp.,
A
..............................
United
States
68,500
7,046,595
Blue
Owl
Capital,
Inc.,
A
................................
United
States
70,000
907,200
LPL
Financial
Holdings,
Inc.
.............................
United
States
24,000
5,703,600
MSCI,
Inc.,
A
.........................................
United
States
11,700
6,003,036
Nasdaq,
Inc.
.........................................
United
States
64,200
3,119,478
Tradeweb
Markets,
Inc.,
A
...............................
United
States
42,200
3,384,440
26,164,349
Chemicals
0.8%
Albemarle
Corp.
......................................
United
States
18,000
3,060,720
Commercial
Services
&
Supplies
1.2%
Republic
Services,
Inc.,
A
...............................
United
States
33,300
4,745,583
Communications
Equipment
1.6%
a
Arista
Networks,
Inc.
...................................
United
States
33,100
6,088,083
Containers
&
Packaging
0.9%
Avery
Dennison
Corp.
..................................
United
States
19,900
3,635,133
Electrical
Equipment
1.5%
AMETEK,
Inc.
........................................
United
States
15,500
2,290,280
Rockwell
Automation,
Inc.
...............................
United
States
12,200
3,487,614
5,777,894
Electronic
Equipment,
Instruments
&
Components
1.6%
Amphenol
Corp.,
A
....................................
United
States
51,600
4,333,884
a
Zebra
Technologies
Corp.,
A
.............................
United
States
8,500
2,010,505
6,344,389
Energy
Equipment
&
Services
0.6%
Halliburton
Co.
.......................................
United
States
57,700
2,336,850
Entertainment
1.0%
a
ROBLOX
Corp.,
A
.....................................
United
States
138,300
4,005,168
Financial
Services
1.2%
a
Block,
Inc.,
A
.........................................
United
States
79,100
3,500,966
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
a
Toast,
Inc.,
A
.........................................
United
States
72,900
$
1,365,417
4,866,383
Food
Products
1.5%
a
Freshpet
,
Inc.
........................................
United
States
36,300
2,391,444
Lamb
Weston
Holdings,
Inc.
.............................
United
States
36,500
3,374,790
5,766,234
Ground
Transportation
1.5%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
14,450
5,912,073
Health
Care
Equipment
&
Supplies
5.6%
a
Dexcom
,
Inc.
.........................................
United
States
67,652
6,311,932
a
IDEXX
Laboratories,
Inc.
................................
United
States
13,150
5,750,100
a
Inari
Medical,
Inc.
.....................................
United
States
40,900
2,674,860
a
Insulet
Corp.
.........................................
United
States
18,700
2,982,463
a
Penumbra,
Inc.
.......................................
United
States
17,200
4,160,852
21,880,207
Health
Care
Providers
&
Services
0.7%
a
HealthEquity
,
Inc.
.....................................
United
States
38,300
2,797,815
Health
Care
Technology
1.8%
a
Certara
,
Inc.
.........................................
United
States
39,900
580,146
a
Veeva
Systems,
Inc.,
A
.................................
United
States
32,700
6,652,815
7,232,961
Hotels,
Restaurants
&
Leisure
4.3%
a,b
Cava
Group,
Inc.
......................................
United
States
23,400
716,742
Darden
Restaurants,
Inc.
...............................
United
States
33,800
4,840,836
a
DoorDash
,
Inc.,
A
.....................................
United
States
27,400
2,177,478
a
Expedia
Group,
Inc.
...................................
United
States
47,200
4,864,904
Wingstop
,
Inc.
........................................
United
States
11,300
2,032,192
Wynn
Resorts
Ltd.
....................................
United
States
24,900
2,301,009
16,933,161
Household
Durables
0.7%
a
NVR,
Inc.
...........................................
United
States
482
2,874,311
Industrial
REITs
0.7%
Terreno
Realty
Corp.
...................................
United
States
49,150
2,791,720
Insurance
0.8%
Arthur
J
Gallagher
&
Co.
................................
United
States
13,800
3,145,434
Interactive
Media
&
Services
2.4%
a
Match
Group,
Inc.
.....................................
United
States
110,024
4,310,190
a
Pinterest,
Inc.,
A
......................................
United
States
186,000
5,027,580
9,337,770
IT
Services
3.6%
a
Cloudflare
,
Inc.,
A
.....................................
United
States
51,000
3,215,040
a
EPAM
Systems,
Inc.
...................................
United
States
9,000
2,301,210
a
Gartner,
Inc.
.........................................
United
States
15,400
5,291,594
a
MongoDB,
Inc.,
A
.....................................
United
States
9,400
3,251,084
14,058,928
Leisure
Products
1.6%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
94,539
6,372,647
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)
Life
Sciences
Tools
&
Services
6.0%
a
10X
Genomics,
Inc.,
A
..................................
United
States
60,700
$
2,503,875
Agilent
Technologies,
Inc.
...............................
United
States
52,000
5,814,640
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
4,680
5,185,768
a
Repligen
Corp.
.......................................
United
States
18,000
2,862,180
West
Pharmaceutical
Services,
Inc.
........................
United
States
18,500
6,941,385
23,307,848
Machinery
1.6%
IDEX
Corp.
..........................................
United
States
16,950
3,525,939
Xylem,
Inc.
..........................................
United
States
27,900
2,539,737
6,065,676
Media
0.4%
New
York
Times
Co.
(The),
A
.............................
United
States
33,400
1,376,080
Oil,
Gas
&
Consumable
Fuels
2.9%
Cheniere
Energy,
Inc.
..................................
United
States
28,300
4,696,668
Hess
Corp.
..........................................
United
States
25,100
3,840,300
Targa
Resources
Corp.
.................................
United
States
31,100
2,665,892
11,202,860
Passenger
Airlines
0.8%
Delta
Air
Lines,
Inc.
....................................
United
States
83,700
3,096,900
Personal
Care
Products
1.2%
a
BellRing
Brands,
Inc.
...................................
United
States
95,100
3,920,973
a,b
Oddity
Tech
Ltd.,
A
....................................
Israel
29,600
839,160
4,760,133
Pharmaceuticals
0.9%
a
Jazz
Pharmaceuticals
plc
...............................
United
States
26,900
3,481,936
Professional
Services
5.4%
Paychex,
Inc.
........................................
United
States
63,100
7,277,323
a
Paylocity
Holding
Corp.
.................................
United
States
20,150
3,661,255
TransUnion
..........................................
United
States
70,600
5,068,374
Verisk
Analytics,
Inc.,
A
.................................
United
States
21,000
4,961,040
20,967,992
Residential
REITs
1.0%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
58,800
3,746,148
Semiconductors
&
Semiconductor
Equipment
3.9%
a
ARM
Holdings
plc,
ADR
................................
United
States
19,900
1,065,048
a
Lattice
Semiconductor
Corp.
.............................
United
States
56,755
4,876,957
Monolithic
Power
Systems,
Inc.
...........................
United
States
10,850
5,012,700
a
SiTime
Corp.
.........................................
United
States
25,000
2,856,250
a
Wolfspeed
,
Inc.
.......................................
United
States
33,500
1,276,350
15,087,305
Software
11.4%
a
Alkami
Technology,
Inc.
.................................
United
States
120,625
2,197,788
a
ANSYS,
Inc.
.........................................
United
States
17,600
5,236,880
a
Arteris
,
Inc.
..........................................
United
States
146,100
951,111
a
Atlassian
Corp.,
A
.....................................
United
States
17,300
3,486,123
a
BILL
Holdings,
Inc.
....................................
United
States
18,248
1,981,185
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
46,300
7,749,693
a
Datadog
,
Inc.,
A
......................................
United
States
37,900
3,452,311
a
Fair
Isaac
Corp.
......................................
United
States
5,900
5,124,327
a
HubSpot
,
Inc.
........................................
United
States
9,300
4,580,250
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)
Software
(continued)
a
Klaviyo
,
Inc.,
A
.......................................
United
States
1,600
$
55,200
a
Monday.com
Ltd.
......................................
United
States
15,000
2,388,300
a
Synopsys,
Inc.
.......................................
United
States
8,550
3,924,193
a
Workday,
Inc.,
A
......................................
United
States
15,600
3,351,660
44,479,021
Specialized
REITs
0.7%
SBA
Communications
Corp.,
A
...........................
United
States
14,557
2,913,875
Specialty
Retail
4.9%
a
AutoZone,
Inc.
.......................................
United
States
1,500
3,809,985
a
Burlington
Stores,
Inc.
..................................
United
States
21,600
2,922,480
a
Five
Below,
Inc.
.......................................
United
States
18,550
2,984,695
Ross
Stores,
Inc.
.....................................
United
States
40,000
4,518,000
Tractor
Supply
Co.
....................................
United
States
23,637
4,799,493
19,034,653
Textiles,
Apparel
&
Luxury
Goods
0.8%
a
Lululemon
Athletica
,
Inc.
................................
United
States
8,600
3,316,246
Trading
Companies
&
Distributors
1.5%
Fastenal
Co.
.........................................
United
States
106,100
5,797,304
Total
Common
Stocks
(Cost
$298,558,717)
.....................................
366,817,193
Convertible
Preferred
Stocks
1.2%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela
,
Inc.,
D
......................................
United
States
48,915
864,362
a
Software
1.0%
a,c,d
Benchling
,
Inc.,
F
.....................................
United
States
35,200
478,822
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
11,970
18,750
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
194,302
304,350
a,c,d
Blaize
,
Inc.,
D-2
......................................
United
States
82,758
61,717
a,c,d
Databricks
,
Inc.,
G
....................................
United
States
25,878
1,902,033
a,c,d
OneTrust
LLC,
C
......................................
United
States
82,367
1,233,727
3,999,399
Total
Convertible
Preferred
Stocks
(Cost
$7,884,932)
............................
4,863,761
Warrants
Warrants
0.0%
Software
0.0%
a,c,d
Blaize
,
Inc.,
9/19/25
...................................
United
States
8,275
—
a,c,d
Blaize
,
Inc.,
12/09/25
...................................
United
States
1
—
a,c,d
Blaize
,
Inc.,
8/23/33
...................................
United
States
1
—
a,c,d
Blaize
,
Inc.,
D,
2/28/24
.................................
United
States
26,474
—
—
Total
Warrants
(Cost
$7)
......................................................
—
Principal
Amount
*
Convertible
Bonds
0.1%
Software
0.1%
c,d
Blaize
,
Inc.
,
10
%
,
1/03/25
...............................
United
States
195,400
195,400
Total
Convertible
Bonds
(Cost
$195,400)
.......................................
195,400
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
See
Abbreviations
on
page
171
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
0.0%
†
Software
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
$306,703,424)
...............................
371,940,729
a
Short
Term
Investments
5.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
20,285,565
20,285,565
Total
Money
Market
Funds
(Cost
$20,285,565)
..................................
20,285,565
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
1,192,500
1,192,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,192,500)
............................................................
1,192,500
Total
Short
Term
Investments
(Cost
$21,478,065
)
................................
21,478,065
a
Total
Investments
(Cost
$328,181,489)
100.7%
..................................
$393,418,794
Other
Assets,
less
Liabilities
(0.7)%
...........................................
(2,849,647)
Net
Assets
100.0%
...........................................................
$390,569,147
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2023.
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),
September
30,
2023
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.8%
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
—
—
Media
0.0%
†
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
20,804
32,870
b
iHeartMedia,
Inc.,
A
....................................
United
States
8,526
26,942
59,812
Oil,
Gas
&
Consumable
Fuels
0.8%
b
Amplify
Energy
Corp.
..................................
United
States
431
3,168
Birch
Permian
Holdings,
Inc.
.............................
United
States
32,342
408,318
b
Quarternorth
Energy
Holding,
Inc.
.........................
United
States
14,902
1,981,966
2,393,452
Total
Common
Stocks
(Cost
$3,027,537)
.......................................
2,453,264
Management
Investment
Companies
3.9%
Capital
Markets
3.9%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
1,392,265
11,152,039
Total
Management
Investment
Companies
(Cost
$11,925,899)
....................
11,152,039
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
e,f,g,h
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
31,172
726
Total
Convertible
Bonds
(Cost
$8,606)
.........................................
726
Corporate
Bonds
50.8%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
700,000
605,076
Senior
Note,
5.15%,
5/01/30
...........................
United
States
700,000
669,067
h
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
900,000
885,110
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
400,000
394,296
2,553,549
Air
Freight
&
Logistics
0.3%
h
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
300,000
287,391
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
650,000
475,421
762,812
Automobile
Components
0.9%
h
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
300,000
300,734
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
200,000
198,595
h
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
800,000
755,160
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
242,822
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
(continued)
h
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
600,000
$
496,747
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
800,000
690,141
2,684,199
Automobiles
0.2%
h
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
800,000
684,916
Banks
6.2%
h,i
ABN
AMRO
Bank
NV
,
Senior
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
..........................
Netherlands
250,000
249,482
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
300,000
223,838
Bank
of
America
Corp.
,
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
800,000
710,664
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
......
United
States
1,000,000
944,534
h
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
400,000
384,290
Senior
Note,
144A,
2.219%
to
6/08/25,
FRN
thereafter,
6/09/26
.
France
500,000
466,728
h
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
800,000
705,087
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
1,600,000
1,584,069
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
800,000
640,221
Senior
Bond,
2.357%
to
8/17/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
300,000
230,617
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
900,000
876,049
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
550,000
529,750
JPMorgan
Chase
&
Co.
,
g,i
R,
Junior
Sub.
Bond,
FRN,
8.934%,
(3-month
SOFR
+
3.562%),
Perpetual
.........................................
United
States
213,000
214,255
Senior
Bond,
3.2%,
6/15/26
............................
United
States
1,213,000
1,141,012
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
1,000,000
811,055
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
700,000
687,779
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
500,000
471,063
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
900,000
890,448
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
500,000
493,304
Royal
Bank
of
Canada
,
Senior
Note
,
5.2
%
,
8/01/28
............
Canada
900,000
876,393
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
800,000
700,215
h
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
800,000
606,251
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
700,000
617,466
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
1,000,000
962,196
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
800,000
791,428
h
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
500,000
382,702
Wells
Fargo
&
Co.
,
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
...........................................
United
States
500,000
485,748
17,676,644
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)
Beverages
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
800,000
$
712,285
h
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
1,000,000
856,080
1,568,365
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
700,000
618,074
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
............................
United
States
400,000
355,899
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
700,000
669,481
1,643,454
Broadline
Retail
0.0%
a,e,h
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,036,360
—
a,e,h
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
564,697
—
—
Building
Products
0.8%
h
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
300,000
289,776
h
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
477,245
h
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
800,000
771,140
h
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
451,624
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
200,000
165,849
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
154,847
2,310,481
Capital
Markets
2.3%
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
800,000
781,740
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.21%
to
4/21/41,
FRN
thereafter,
4/22/42
......
United
States
400,000
271,442
Senior
Note,
5.7%,
11/01/24
...........................
United
States
500,000
498,264
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
300,000
288,785
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
1,000,000
883,276
h
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
800,000
688,448
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
...............
United
States
809,000
738,508
h
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
1,200,000
925,283
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
400,000
384,262
h
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
300,000
299,017
h
Senior
Note,
144A,
5.711%
to
1/11/26,
FRN
thereafter,
1/12/27
.
Switzerland
700,000
691,344
6,450,369
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)
Chemicals
1.8%
h
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
900,000
$
542,005
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
450,000
443,961
h
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
700,000
579,068
h
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
269,922
h
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
800,000
691,237
h
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
400,000
390,249
h
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
800,000
EUR
757,286
h
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
11/01/26
.....
United
States
300,000
219,375
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
....................
Canada
100,000
96,649
h
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
780,576
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
200,000
169,928
h
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
82,082
5,022,338
Commercial
Services
&
Supplies
0.7%
h
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
400,000
337,515
h
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
1,000,000
877,097
h
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,000,000
863,420
2,078,032
Construction
&
Engineering
0.2%
h
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
800,000
698,994
Construction
Materials
0.2%
h
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
700,000
702,321
Consumer
Finance
0.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
500,000
387,016
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
400,000
399,104
h
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
300,000
298,556
h
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
900,000
684,603
1,769,279
Consumer
Staples
Distribution
&
Retail
0.3%
h
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
800,000
682,776
h
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
300,000
299,745
982,521
Containers
&
Packaging
1.5%
h
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
300,000
250,746
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
500,000
457,518
h
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
500,000
435,598
h
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
75,000
73,201
Senior
Note,
144A,
7.25%,
5/15/31
......................
United
States
200,000
195,750
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)
Containers
&
Packaging
(continued)
h
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
500,000
$
434,372
h
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
600,000
533,160
h
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
124,000
121,627
Senior
Note,
144A,
6.125%,
2/01/28
.....................
United
States
900,000
872,627
h
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
700,000
653,473
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
313,475
4,341,547
Distributors
0.2%
h
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
300,000
304,875
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
200,000
199,790
504,665
Diversified
Consumer
Services
0.3%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
728,832
Diversified
REITs
0.5%
h
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
400,000
310,043
Simon
Property
Group
LP
,
Senior
Bond,
4.25%,
11/30/46
..........................
United
States
800,000
582,703
Senior
Bond,
3.25%,
9/13/49
...........................
United
States
700,000
434,321
1,327,067
Diversified
Telecommunication
Services
1.2%
h
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
500,000
247,970
h
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
200,000
154,353
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
800,000
487,269
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
700,000
550,111
h
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
300,000
282,178
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
600,000
546,808
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
........
Spain
150,000
113,756
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
1,000,000
763,245
h
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
400,000
330,948
3,476,638
Electric
Utilities
2.0%
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
600,000
487,744
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
100,000
96,662
h
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
800,000
774,199
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,170,989
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
370,000
370,692
Southern
Co.
(The)
,
Senior
Bond,
4.4%,
7/01/46
............................
United
States
400,000
310,734
Senior
Note,
5.5%,
3/15/29
............................
United
States
700,000
696,039
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)
Electric
Utilities
(continued)
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
$
85,835
h
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
1,100,000
946,613
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
500,000
437,615
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
500,000
477,637
5,854,759
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
200,000
180,895
h
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
900,000
791,920
972,815
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
900,000
768,294
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
800,000
747,224
1,515,518
Energy
Equipment
&
Services
0.1%
h
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
400,000
371,840
Entertainment
0.7%
h
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
5/01/29
...........................................
France
300,000
EUR
315,168
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
300,000
289,541
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
1,000,000
1,008,161
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
......
United
States
300,000
267,431
1,880,301
Financial
Services
0.4%
h
Corebridge
Financial,
Inc.
,
Senior
Bond
,
144A,
6.05
%
,
9/15/33
...
United
States
500,000
486,420
h
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
700,000
620,001
1,106,421
Food
Products
0.8%
h
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
142,153
h
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
900,000
853,072
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
150,000
148,699
Hershey
Co.
(The)
,
Senior
Bond
,
4.5
%
,
5/04/33
...............
United
States
300,000
283,325
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
2.5%,
1/15/27
............................
United
States
500,000
442,095
Senior
Note,
3%,
2/02/29
.............................
United
States
200,000
167,994
Senior
Note,
3.625%,
1/15/32
..........................
United
States
400,000
318,828
2,356,166
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
185,744
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)
Ground
Transportation
0.6%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
550,000
$
432,901
h
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
1,000,000
847,345
h
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
439,353
1,719,599
Health
Care
Equipment
&
Supplies
0.6%
h
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
300,000
301,266
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
........
United
States
500,000
421,920
h
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
500,000
522,428
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
..
United
States
500,000
497,211
1,742,825
Health
Care
Providers
&
Services
2.2%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
276,829
Senior
Note,
2.45%,
7/15/28
...........................
United
States
100,000
84,570
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
180,359
Senior
Note,
3.375%,
2/15/30
..........................
United
States
600,000
501,124
Senior
Note,
2.625%,
8/01/31
..........................
United
States
200,000
153,433
h
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
100,000
53,250
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
700,000
601,300
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
...........................
United
States
400,000
308,010
Senior
Bond,
5.3%,
6/01/33
............................
United
States
500,000
473,903
Senior
Bond,
2.7%,
8/21/40
............................
United
States
600,000
378,691
h
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
800,000
657,889
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
150,000
104,448
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
1,300,000
1,100,310
h
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
600,000
451,179
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
164,494
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
...
United
States
1,000,000
938,799
6,428,588
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
400,000
310,589
Senior
Bond,
3.5%,
3/15/31
............................
United
States
300,000
187,707
498,296
Health
Care
Technology
0.3%
h
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
5/15/30
................
United
States
800,000
784,015
Hotel
&
Resort
REITs
0.1%
h
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
340,430
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)
Hotels,
Restaurants
&
Leisure
1.2%
h
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
600,000
$
608,250
h
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
400,000
340,868
h
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
500,000
430,940
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
800,000
683,747
h
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
800,000
661,296
h
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
200,000
174,683
h
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
800,000
602,576
3,502,360
Household
Durables
0.1%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
400,000
326,675
Household
Products
0.3%
h
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
500,000
408,214
h
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
400,000
324,970
733,184
Independent
Power
and
Renewable
Electricity
Producers
1.3%
h
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
900,000
777,755
h
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
...............
United
States
600,000
485,886
h
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
700,000
553,062
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
United
States
200,000
199,858
h
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
823,162
h
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
...........................................
United
States
800,000
820,793
3,660,516
Insurance
1.3%
h
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
300,000
285,217
h
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.....................
United
States
600,000
579,621
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
674,261
h
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
..
United
States
200,000
199,483
h
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
1,100,000
1,076,694
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
300,000
280,815
h
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
...........................................
United
States
600,000
584,823
3,680,914
Interactive
Media
&
Services
0.5%
Meta
Platforms,
Inc.
,
Senior
Note
,
4.8
%
,
5/15/30
..............
United
States
700,000
682,063
h
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
900,000
722,637
1,404,700
IT
Services
1.3%
h
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
900,000
752,594
h
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
700,000
639,449
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
400,000
342,595
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)
IT
Services
(continued)
h
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
$
901,521
h
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
1,200,000
1,111,509
3,747,668
Life
Sciences
Tools
&
Services
0.2%
h
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
600,000
584,559
Machinery
0.5%
h
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
400,000
354,549
h
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
600,000
604,038
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
400,000
382,328
1,340,915
Media
1.5%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,300,000
1,014,455
h
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
400,000
319,969
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
200,000
177,793
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
.................
United
States
600,000
563,129
h
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
400,000
272,989
h
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
700,000
619,815
h
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
400,000
308,250
h
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
12/01/30
..........................................
United
States
300,000
186,386
h
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
1,000,000
854,593
4,317,379
Metals
&
Mining
0.9%
h
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
700,000
587,221
h
Indonesia
Asahan
Aluminium
PT
/
Mineral
Industri
Indonesia
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
...................
Indonesia
700,000
654,696
h
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
......................
United
States
300,000
260,037
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
300,000
268,301
h
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
850,000
846,641
2,616,896
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
h
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
1,100,000
890,005
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
1,150,000
1,029,733
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
600,000
580,284
1,610,017
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)
Oil,
Gas
&
Consumable
Fuels
5.5%
h
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
900,000
$
720,837
h
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
598,000
606,561
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
373,550
h
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
900,000
899,429
h
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
300,000
305,625
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
400,000
409,088
h
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
600,000
579,774
h
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
800,000
750,400
h
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
500,000
421,014
h
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
900,000
869,363
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
200,000
174,334
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
1,100,000
1,018,574
h
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
100,000
94,650
h
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
100,297
h
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
.....................................
United
Arab
Emirates
354,840
296,444
h
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
700,000
618,487
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
200,000
178,044
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
180,815
h
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
800,000
750,920
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
1,212,099
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
1,600,000
1,467,875
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
485,137
Senior
Note,
4.5%,
5/15/29
............................
United
States
1,200,000
1,054,550
h
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
1,000,000
1,051,705
h
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
246,489
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
252,769
h
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
...........................................
United
States
700,000
688,829
15,807,659
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
700,000
575,985
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
400,000
307,581
883,566
Passenger
Airlines
0.5%
h
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
600,000
558,525
h
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
828,000
804,555
h
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
100,000
92,578
1,455,658
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
1.3%
h
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
700,000
$
690,189
h
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
............
United
States
800,000
722,208
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
.....
United
States
1,000,000
933,313
h
Kenvue,
Inc.
,
Senior
Note
,
144A,
5.05
%
,
3/22/28
..............
United
States
900,000
888,644
h
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
500,000
403,122
3,637,476
Pharmaceuticals
1.1%
h
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
826,628
h
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
300,000
240,823
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
700,000
608,904
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
345,000
326,259
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
500,000
327,758
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
900,000
814,613
3,144,985
Real
Estate
Management
&
Development
0.1%
h
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
400,000
398,374
Residential
REITs
0.1%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
403,892
Software
0.1%
h
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
500,000
419,181
Specialized
REITs
0.3%
h
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
...........
United
States
800,000
783,155
Specialty
Retail
0.2%
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
100,000
96,617
Senior
Note,
5.95%,
3/09/28
...........................
United
States
100,000
94,580
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
180,313
h
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
200,000
148,246
519,756
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
200,000
160,722
Textiles,
Apparel
&
Luxury
Goods
0.2%
h
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
500,000
477,135
Tobacco
0.7%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
1,200,000
1,026,685
h
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
300,000
289,079
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
....
United
States
800,000
758,821
2,074,585
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%
h
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,100,000
$
940,516
h
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
300,000
283,978
h
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
700,000
704,089
1,928,583
Transportation
Infrastructure
0.0%
†
h
Rutas
2
&
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
180,000
115,592
Wireless
Telecommunication
Services
0.5%
e,f,h
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
15,556
3,422
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
500,000
313,143
Senior
Note,
3.875%,
4/15/30
..........................
United
States
1,300,000
1,152,254
1,468,819
Total
Corporate
Bonds
(Cost
$164,561,876)
.....................................
145,819,266
a,j
Marketplace
Loans
1.5%
a
Financial
Services
1.5%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$4,936,604)
.....................................
4,292,551
Foreign
Government
and
Agency
Securities
1.9%
h
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
k
1,400,000
1,151,584
h
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
k
1,200,000
1,068,939
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
......
Colombia
5,315,000,000
COP
1,225,601
h
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
1,000,000
783,853
h
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
200,000
198,192
h
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
300,000
298,663
h
Petroleos
Mexicanos
,
Senior
Bond
,
144A,
10
%
,
2/07/33
........
Mexico
300,000
267,339
h
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
500,000
448,300
Total
Foreign
Government
and
Agency
Securities
(Cost
$7,016,833)
...............
5,442,471
U.S.
Government
and
Agency
Securities
22.2%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
805,000
562,967
U.S.
Treasury
Bonds
,
3%,
2/15/48
........................................
United
States
1,650,000
1,207,529
3%,
8/15/48
........................................
United
States
800,000
584,985
3.375%,
11/15/48
....................................
United
States
500,000
392,295
3%,
2/15/49
........................................
United
States
1,800,000
1,316,039
U.S.
Treasury
Notes
,
2.125%,
9/30/24
.....................................
United
States
3,400,000
3,291,252
4.375%,
10/31/24
....................................
United
States
3,000,000
2,966,777
4.125%,
1/31/25
.....................................
United
States
3,250,000
3,200,107
1.5%,
2/15/25
......................................
United
States
9,800,000
9,310,765
4.25%,
10/15/25
.....................................
United
States
8,700,000
8,565,082
2.875%,
11/30/25
....................................
United
States
3,400,000
3,253,109
l
Index
Linked,
0.625%,
1/15/26
..........................
United
States
2,800,000
3,425,162
3.875%,
1/15/26
.....................................
United
States
3,400,000
3,320,445
3.625%,
5/15/26
.....................................
United
States
400,000
387,766
2%,
11/15/26
.......................................
United
States
3,900,000
3,587,848
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)
2.25%,
2/15/27
.....................................
United
States
1,400,000
$
1,292,184
4.125%,
9/30/27
.....................................
United
States
4,100,000
4,015,277
2.75%,
2/15/28
.....................................
United
States
300,000
277,500
1.25%,
4/30/28
.....................................
United
States
180,000
154,997
3.5%,
4/30/28
......................................
United
States
450,000
428,959
2.875%,
5/15/28
.....................................
United
States
2,500,000
2,317,188
3.125%,
11/15/28
....................................
United
States
2,900,000
2,700,738
2.625%,
2/15/29
.....................................
United
States
1,000,000
904,844
3.75%,
5/31/30
.....................................
United
States
3,050,000
2,896,070
2.875%,
5/15/32
.....................................
United
States
1,300,000
1,141,309
2.75%,
8/15/32
.....................................
United
States
500,000
433,047
4.125%,
11/15/32
....................................
United
States
1,750,000
1,688,066
Total
U.S.
Government
and
Agency
Securities
(Cost
$65,856,581)
.................
63,622,307
Asset-Backed
Securities
4.4%
Commercial
Services
&
Supplies
0.1%
h,m
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
7.52
%
,
(
3-month
SOFR
+
2.212
%
),
7/15/31
.
.............................
United
States
250,000
247,214
Financial
Services
4.3%
h,m
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.088
%
,
(
3-month
SOFR
+
1.762
%
),
10/20/29
.
....................
United
States
460,000
457,533
h,m
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.77
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
....................
United
States
1,213,000
1,183,893
h,m
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
7.02
%
,
(
3-month
SOFR
+
1.712
%
),
4/15/34
.
.............................
United
States
1,500,000
1,482,573
h,n
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51,
PT,
144A,
FRN,
16.062%,
1/15/45
................
United
States
53,275
50,181
2019-52,
PT,
144A,
FRN,
14.95%,
1/15/45
.................
United
States
54,652
51,533
2019-S8,
PT,
144A,
FRN,
9.324%,
1/15/45
.................
United
States
28,632
26,556
2020-2,
PT,
144A,
FRN,
15.238%,
3/15/45
.................
United
States
56,123
52,711
2020-7,
PT,
144A,
FRN,
15.484%,
4/17/45
.................
United
States
32,674
30,235
h,m
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
6.61
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
.............................
United
States
2,400,000
2,376,156
h
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
1,222,566
1,076,565
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
441,895
373,823
h,m
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
7.17
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
...................................
United
States
350,000
345,643
h,m
Magnetite
XXIX
Ltd.
,
2021-29A
,
B
,
144A,
FRN
,
6.97
%
,
(
3-month
SOFR
+
1.662
%
),
1/15/34
.
.............................
United
States
1,500,000
1,481,504
h,m
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
6.682
%
,
(
3-month
SOFR
+
1.362
%
),
4/19/31
.
.....................
United
States
585,520
583,874
h,m
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.407
%
,
(
3-month
SOFR
+
2.062
%
),
10/24/30
.
..............
United
States
250,000
249,409
h,m
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.54
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
................
United
States
497,535
496,706
h,n
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
13.35%,
3/15/26
.................
United
States
29,931
28,899
2020-PT2,
A,
144A,
FRN,
20.694%,
4/15/26
................
United
States
34,447
32,687
2020-PT3,
A,
144A,
FRN,
2.746%,
5/15/26
.................
United
States
12,205
11,190
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)
h,m
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.77
%
,
(
3-month
SOFR
+
2.462
%
),
1/15/31
.
...................................
United
States
1,300,000
$
1,305,241
h,n
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
18.713
%
,
2/15/26
.
...................................
United
States
28,432
27,789
h,m
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
7.463
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
..................................
United
States
780,000
744,906
12,469,607
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
64,650
62,635
Total
Asset-Backed
Securities
(Cost
$13,137,058)
...............................
12,779,456
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
n
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
70,000
70,855
h,m
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
6.147%,
(1-month
SOFR
+
0.814%),
9/15/36
...........................................
United
States
250,000
243,548
2021-VOLT,
B,
144A,
FRN,
6.397%,
(1-month
SOFR
+
1.064%),
9/15/36
...........................................
United
States
400,000
387,156
2022-LP2,
A,
144A,
FRN,
6.345%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
769,566
751,995
n
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.214
%
,
7/10/38
United
States
186,216
81,004
1,534,558
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$1,667,984)
.................
1,534,558
Mortgage-Backed
Securities
7.0%
o
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
4,194
4,088
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
4.8%
FHLMC
Gold
Pool,
30
Year,
5%,
4/01/34
-
8/01/35
.............
United
States
64,375
62,540
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
1/01/35
...........
United
States
54,433
53,322
FHLMC
Gold
Pool,
30
Year,
6%,
4/01/33
-
2/01/36
.............
United
States
53,633
53,633
FHLMC
Gold
Pool,
30
Year,
6.5%,
11/01/27
-
7/01/32
..........
United
States
4,326
4,387
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/30
....................
United
States
760
772
FHLMC
Gold
Pool,
30
Year,
7.5%,
8/01/30
..................
United
States
106
109
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
3,756,178
2,864,018
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
2,604,092
2,321,259
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
5,990,562
5,506,805
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
......................
United
States
2,956,925
2,862,293
13,729,138
o
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
5.39%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
...
United
States
26,449
26,276
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.1%
FNMA,
20
Year,
5%,
4/01/30
.............................
United
States
13,320
12,951
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
1,812,549
1,519,057
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
573,114
521,652
FNMA,
30
Year,
4.5%,
5/01/48
...........................
United
States
1,204,239
1,127,758
FNMA,
30
Year,
6%,
8/01/53
.............................
United
States
2,889,703
2,854,118
FNMA,
30
Year,
6.5%,
5/01/31
-
10/01/37
...................
United
States
36,191
37,000
6,072,536
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.........
United
States
67,487
$
65,587
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
2/15/29
.........
United
States
8,334
8,270
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
................
United
States
705
720
GNMA
II,
30
Year,
6.5%,
2/20/34
..........................
United
States
1,504
1,460
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
19,640
19,287
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
29,738
30,670
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
........
United
States
12,106
12,261
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
........
United
States
3,529
3,564
141,819
Total
Mortgage-Backed
Securities
(Cost
$21,448,636)
............................
19,973,857
Residential
Mortgage-Backed
Securities
3.2%
Financial
Services
3.2%
h
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
80,807
79,265
n
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
313,907
293,494
h,n
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
74,610
68,829
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
182,055
165,796
h,n
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
374,140
352,032
m
FHLMC
STACR
Debt
Notes
,
2014-DN3,
M3,
FRN,
9.429%,
(30-day
SOFR
Average
+
4.114%),
8/25/24
...........................................
United
States
28,422
28,635
2014-DN4,
M3,
FRN,
9.979%,
(30-day
SOFR
Average
+
4.664%),
10/25/24
..........................................
United
States
158,515
160,517
2015-DNA1,
M3,
FRN,
8.729%,
(30-day
SOFR
Average
+
3.414%),
10/25/27
...................................
United
States
23,852
24,143
2016-DNA2,
M3,
FRN,
10.079%,
(30-day
SOFR
Average
+
4.764%),
10/25/28
...................................
United
States
514,464
540,589
m
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
10.679%,
(30-day
SOFR
Average
+
5.364%),
10/25/23
..........................................
United
States
77,229
77,743
2014-C01,
M2,
FRN,
9.829%,
(30-day
SOFR
Average
+
4.514%),
1/25/24
...........................................
United
States
140,259
141,590
2014-C02,
2M2,
FRN,
8.029%,
(30-day
SOFR
Average
+
2.714%),
5/25/24
...........................................
United
States
119,970
120,903
2014-C03,
2M2,
FRN,
8.329%,
(30-day
SOFR
Average
+
3.014%),
7/25/24
...........................................
United
States
17,920
18,084
2015-C01,
1M2,
FRN,
9.729%,
(30-day
SOFR
Average
+
4.414%),
2/25/25
...........................................
United
States
131,376
135,377
2015-C02,
1M2,
FRN,
9.429%,
(30-day
SOFR
Average
+
4.114%),
5/25/25
...........................................
United
States
382,602
394,307
2015-C03,
1M2,
FRN,
10.429%,
(30-day
SOFR
Average
+
5.114%),
7/25/25
....................................
United
States
550,135
578,529
2016-C01,
1M2,
FRN,
12.179%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
....................................
United
States
81,332
86,846
2016-C03,
1M2,
FRN,
10.729%,
(30-day
SOFR
Average
+
5.414%),
10/25/28
...................................
United
States
450,803
476,349
2017-C04,
2M2,
FRN,
8.279%,
(30-day
SOFR
Average
+
2.964%),
11/25/29
..........................................
United
States
359,380
368,847
h,n
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
1,253,957
1,064,671
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
404,480
337,973
2021-6,
A4,
144A,
FRN,
2.5%,
10/25/51
...................
United
States
728,250
620,533
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)
h,n
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
571,822
$
546,115
h,n
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
264,013
223,524
h,n
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
847,621
710,418
h,n
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
147,418
121,342
h,n
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
1,539,776
1,318,970
9,055,421
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$10,208,188)
.................
9,055,421
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
72,822
ZAR
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
243,000
18,225
Total
Escrows
and
Litigation
Trusts
(Cost
$243,000)
.............................
18,225
Total
Long
Term
Investments
(Cost
$304,038,802)
...............................
276,144,141
a
Short
Term
Investments
2.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
d,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
5,779,225
5,779,225
Total
Money
Market
Funds
(Cost
$5,779,225)
...................................
5,779,225
Total
Short
Term
Investments
(Cost
$5,779,225
)
.................................
5,779,225
a
Total
Investments
(Cost
$309,818,027)
98.2%
...................................
$281,923,366
Other
Assets,
less
Liabilities
1.8%
.............................................
5,002,694
Net
Assets
100.0%
...........................................................
$286,926,060
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
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
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Perpetual
security
with
no
stated
maturity
date.
h
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$107,247,566,
representing
37.4%
of
net
assets.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
k
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
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
l
Principal
amount
of
security
is
adjusted
for
inflation.
m
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
n
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
o
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).
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-108
At
September
30,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.5%
Freedom
Financial
Asset
Management
LLC
APP-11693689.FP.FTS.B,
5.99%,
12/15/23
$
1,206
$
1,210
APP-11442537.FP.FTS.B,
5.99%,
12/17/23
1,000
1,004
APP-12933568.FP.FTS.B,
5.99%,
4/01/24
.
2,349
2,362
APP-14479194.FP.FTS.B,
16.99%,
7/11/24
7,287
7,344
APP-10114471.FP.FTS.B,
13.99%,
8/12/24
4,524
1,600
APP-12232118.FP.FTS.B,
5.99%,
9/23/24
.
1,216
1,219
APP-11822354.FP.FTS.B,
9.49%,
12/18/24
9,792
9,872
APP-11746986.FP.FTS.B,
18.99%,
12/19/24
5,824
5,889
APP-11693771.FP.FTS.B,
9.74%,
2/06/25
.
8,954
9,026
APP-11695285.FP.FTS.B,
9.74%,
2/07/25
.
8,288
8,356
APP-14135500.FP.FTS.B,
14.49%,
4/25/25
16,752
1,880
APP-13668983.FP.FTS.B,
7.84%,
5/13/25
.
20,111
20,279
APP-13704982.FP.FTS.B,
21.99%,
5/25/25
5,564
5,587
APP-14969419.FP.FTS.B,
9.74%,
6/01/25
.
18,625
18,754
APP-14148125.FP.FTS.B,
9.34%,
6/16/25
.
18,866
19,053
APP-13916851.FP.FTS.B,
9.34%,
6/18/25
.
17,388
17,570
APP-11657858.FP.FTS.B,
17.49%,
12/16/25
10,387
10,613
APP-11752447.FP.FTS.B,
9.99%,
2/05/26
.
25,390
25,757
APP-11823715.FP.FTS.B,
14.99%,
2/05/26
14,002
14,254
APP-11795510.FP.FTS.B,
12.49%,
2/11/26
12,644
6,716
APP-11819292.FP.FTS.B,
18.99%,
2/12/26
9,249
9,346
APP-12232816.FP.FTS.B,
15.99%,
3/09/26
16,906
17,215
APP-13646258.FP.FTS.B,
22.99%,
5/14/26
11,266
11,526
APP-13608417.FP.FTS.B,
10.34%,
5/20/26
15,455
15,692
APP-13700836.FP.FTS.B,
18.99%,
5/28/26
7,496
7,495
APP-14159522.FP.FTS.B,
10.34%,
6/15/26
16,091
16,335
APP-14167786.FP.FTS.B,
10.34%,
6/16/26
25,884
26,282
APP-14974854.FP.FTS.B,
16.49%,
7/10/26
15,107
15,284
APP-14865971.FP.FTS.B,
8.74%,
7/24/26
.
21,124
21,468
APP-11124654.FP.FTS.B,
19.49%,
12/18/26
32,532
33,003
APP-11605924.FP.FTS.B,
11.74%,
12/20/26
33,086
33,622
APP-11720742.FP.FTS.B,
18.99%,
12/21/26
17,807
18,203
APP-11764235.FP.FTS.B,
11.74%,
12/29/26
36,428
37,094
APP-12248562.FP.FTS.B,
16.74%,
1/18/27
37,398
38,213
APP-11749109.FP.FTS.B,
17.49%,
2/06/27
15,302
15,551
APP-11756687.FP.FTS.B,
19.49%,
2/06/27
3,780
3,768
APP-11803939.FP.FTS.B,
10.99%,
2/10/27
25,516
25,933
APP-11806622.FP.FTS.B,
18.99%,
2/11/27
7,723
7,867
APP-11798689.FP.FTS.B,
16.99%,
2/12/27
15,020
15,299
APP-12238134.FP.FTS.B,
20.24%,
3/03/27
23,035
7,770
APP-12140585.FP.FTS.B,
11.24%,
3/12/27
22,406
22,786
APP-12106231.FP.FTS.B,
11.74%,
3/13/27
32,249
32,815
APP-12249339.FP.FTS.B,
19.49%,
3/13/27
15,829
16,108
APP-11878312.FP.FTS.B,
10.99%,
3/14/27
15,136
15,384
APP-12139734.FP.FTS.B,
13.49%,
3/14/27
12,080
12,305
APP-13678387.FP.FTS.B,
13.84%,
4/03/27
11,674
11,805
APP-13561151.FP.FTS.B,
16.74%,
4/12/27
30,373
30,787
APP-13695562.FP.FTS.B,
20.49%,
5/14/27
16,239
16,390
APP-13684451.FP.FTS.B,
17.24%,
5/15/27
39,942
40,499
APP-13199139.FP.FTS.B,
11.74%,
5/20/27
33,995
34,539
APP-13685540.FP.FTS.B,
13.59%,
5/20/27
28,923
29,386
APP-13701830.FP.FTS.B,
20.24%,
5/21/27
24,479
24,815
APP-13668745.FP.FTS.B,
23.99%,
5/23/27
12,932
13,124
APP-13628442.FP.FTS.B,
17.99%,
5/24/27
13,974
14,207
APP-13694837.FP.FTS.B,
14.34%,
5/27/27
39,511
4,093
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14967059.FP.FTS.B,
11.99%,
6/01/27
$
13,201
$
13,349
APP-14058204.FP.FTS.B,
11.59%,
6/05/27
10,577
10,712
APP-14057383.FP.FTS.B,
11.34%,
6/15/27
28,523
28,966
APP-14167090.FP.FTS.B,
11.34%,
6/15/27
31,591
32,082
APP-14120872.FP.FTS.B,
13.59%,
6/15/27
16,011
16,258
APP-14165501.FP.FTS.B,
13.34%,
6/16/27
10,708
10,876
APP-14163864.FP.FTS.B,
11.34%,
6/19/27
31,652
32,179
APP-14867762.FP.FTS.B,
14.24%,
7/10/27
13,573
13,741
APP-14981611.FP.FTS.B,
16.49%,
7/10/27
9,181
4,701
APP-14970727.FP.FTS.B,
9.74%,
7/13/27
.
23,210
23,532
APP-14975701.FP.FTS.B,
11.74%,
7/15/27
16,085
16,320
APP-14892088.FP.FTS.B,
14.49%,
7/15/27
8,569
8,697
APP-14939586.FP.FTS.B,
14.24%,
7/22/27
10,941
11,084
APP-14791332.FP.FTS.B,
17.74%,
7/22/27
26,147
5,303
APP-14178116.FP.FTS.B,
17.74%,
7/23/27
42,293
42,803
APP-14831064.FP.FTS.B,
11.74%,
8/04/27
33,166
33,609
APP-14837945.FP.FTS.B,
18.49%,
9/10/27
20,950
12,632
APP-14861817.FP.FTS.B,
11.99%,
10/05/27
16,969
17,139
APP-14959631.FP.FTS.B,
17.74%,
2/22/28
46,519
8,823
1,227,160
LendingClub
Corp.
-
LCX
158759739.LC.FTS.B,
16.12%,
11/25/24
..
6,864
6,787
165633933.LC.FTS.B,
11.02%,
1/28/25
...
6,446
6,281
165313131.LC.FTS.B,
11.02%,
2/03/25
...
10,875
10,573
166049294.LC.FTS.B,
14.3%,
2/03/25
...
4,010
3,928
165954765.LC.FTS.B,
20.55%,
3/20/25
...
5,509
5,418
32,987
LendingClub
Corp.
-
LCX
PM
172927033.LC.FTS.B,
10.81%,
12/24/23
..
680
677
173276655.LC.FTS.B,
18.24%,
12/24/23
..
528
531
174324177.LC.FTS.B,
14.99%,
2/03/24
...
835
830
170715926.LC.FTS.B,
16.08%,
10/13/25
..
7,719
7,562
170676409.LC.FTS.B,
17.3%,
10/13/25
...
6,263
6,127
171176757.LC.FTS.B,
18.24%,
10/27/25
..
5,388
5,280
174329530.LC.FTS.B,
20.49%,
2/03/26
...
6,084
5,993
174350163.LC.FTS.B,
18.44%,
2/15/26
...
7,811
7,616
171077226.LC.FTS.B,
10.19%,
10/03/33
..
70
70
171026131.LC.FTS.B,
14.02%,
10/08/33
..
743
743
171023265.LC.FTS.B,
17.3%,
10/08/33
...
255
256
35,685
Prosper
Funding
LLC
1611508.PS.FTS.B,
15.4%,
8/20/24
.....
1,778
1,758
1612567.PS.FTS.B,
24.6%,
8/23/24
.....
793
799
1623671.PS.FTS.B,
25.71%,
9/21/24
....
4,204
4,234
1627820.PS.FTS.B,
12.15%,
9/28/24
....
2,017
2,008
1627811.PS.FTS.B,
13.05%,
9/28/24
....
8,147
8,103
1638201.PS.FTS.B,
13.3%,
9/28/24
.....
4,101
4,019
1638657.PS.FTS.B,
16.1%,
9/28/24
.....
834
838
1628909.PS.FTS.B,
17.96%,
9/29/24
....
3,177
3,104
1629401.PS.FTS.B,
13.5%,
9/30/24
.....
2,538
2,471
1657122.PS.FTS.B,
10.8%,
10/29/24
....
2,993
2,914
1656696.PS.FTS.B,
11.7%,
10/29/24
....
5,600
5,453
1650965.PS.FTS.B,
18.41%,
11/05/24
....
4,409
4,306
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1653314.PS.FTS.B,
13.2%,
11/09/24
....
$
1,308
$
1,277
1654279.PS.FTS.B,
12.4%,
11/11/24
.....
3,916
3,811
1686771.PS.FTS.B,
12%,
12/16/24
......
2,993
2,920
1679839.PS.FTS.B,
12.76%,
12/16/24
...
1,546
1,514
1674092.PS.FTS.B,
16.2%,
12/16/24
....
2,632
2,601
1679833.PS.FTS.B,
17.54%,
12/16/24
...
3,845
3,812
1673696.PS.FTS.B,
24.3%,
12/16/24
....
4,641
–
1681375.PS.FTS.B,
16.02%,
12/20/24
...
486
481
1690251.PS.FTS.B,
13.66%,
12/22/24
...
4,199
4,103
1695034.PS.FTS.B,
14.89%,
1/13/25
....
2,496
2,434
1701351.PS.FTS.B,
16.1%,
1/13/25
.....
1,007
982
1702155.PS.FTS.B,
15.21%,
1/14/25
....
2,502
2,440
1688540.PS.FTS.B,
12.3%,
1/20/25
.....
4,901
4,762
1705446.PS.FTS.B,
21.69%,
1/20/25
....
1,048
1,048
1694578.PS.FTS.B,
19.83%,
1/23/25
....
2,469
2,399
1701777.PS.FTS.B,
15.1%,
1/25/25
.....
4,993
–
1688531.PS.FTS.B,
16.02%,
1/26/25
....
7,145
7,033
1692122.PS.FTS.B,
13%,
2/01/25
.......
15,983
15,541
1714693.PS.FTS.B,
12.4%,
2/15/25
.....
5,742
5,581
1714705.PS.FTS.B,
18.8%,
2/15/25
.....
4,328
4,212
1708034.PS.FTS.B,
20.01%,
2/15/25
....
2,727
2,688
1721031.PS.FTS.B,
20.4%,
2/15/25
.....
1,093
1,078
1722672.PS.FTS.B,
10.5%,
2/16/25
.....
3,066
2,980
1722483.PS.FTS.B,
15.4%,
2/16/25
.....
10,575
10,298
1721001.PS.FTS.B,
18.6%,
2/23/25
.....
6,096
–
1718530.PS.FTS.B,
24.4%,
2/28/25
.....
2,378
2,359
1720980.PS.FTS.B,
19.56%,
3/08/25
....
3,806
3,729
1743116.PS.FTS.B,
12.4%,
4/06/25
.....
2,869
2,770
1744403.PS.FTS.B,
13.9%,
4/07/25
.....
6,049
–
1752829.PS.FTS.B,
18.09%,
4/11/25
....
1,189
1,159
1754218.PS.FTS.B,
22.6%,
4/12/25
.....
1,476
–
1750364.PS.FTS.B,
18.5%,
4/15/25
.....
5,960
5,761
1759842.PS.FTS.B,
22.9%
,
4/15/25
.....
2,753
2,713
1754544.PS.FTS.B,
16.1%,
4/18/25
.....
5,925
5,712
1605968.PS.FTS.B,
14.29%,
8/17/26
....
5,005
4,859
1605959.PS.FTS.B,
18.73%,
8/17/26
....
13,835
13,425
1618044.PS.FTS.B,
15.1%,
8/19/26
.....
6,218
1,501
1611667.PS.FTS.B,
12.6%,
8/20/26
.....
4,767
–
1610432.PS.FTS.B,
14.03%,
8/25/26
....
4,328
4,201
1622637.PS.FTS.B,
12.7%,
8/27/26
.....
5,032
275
1624202.PS.FTS.B,
11.79%,
9/21/26
....
12,701
12,320
1644821.PS.FTS.B,
16.18%,
10/26/26
...
9,907
9,610
1648942.PS.FTS.B,
11.89%,
10/27/26
....
4,548
4,413
1645643.PS.FTS.B,
18.5%,
10/27/26
....
8,073
8,015
1645601.PS.FTS.B,
26.13%,
10/27/26
...
3,852
3,929
1657248.PS.FTS.B,
10.5%,
10/29/26
....
17,306
16,671
1646459.PS.FTS.B,
11.89%,
10/29/26
....
6,997
6,740
1646507.PS.FTS.B,
16%,
11/02/26
......
11,568
11,096
1654273.PS.FTS.B,
11.4%,
11/05/26
.....
10,455
10,084
1661067.PS.FTS.B,
12.3%,
11/05/26
....
7,018
6,768
1661382.PS.FTS.B,
16.7%,
11/05/26
....
3,623
3,562
1660956.PS.FTS.B,
18.25%,
11/05/26
....
5,127
5,039
1651610.PS.FTS.B,
10.8%,
11/08/26
....
7,285
7,031
1664763.PS.FTS.B,
13.8%,
11/08/26
....
1,233
1,206
1666497.PS.FTS.B,
13.8%,
11/09/26
....
10,646
10,273
1647191.PS.FTS.B,
16.32%,
11/12/26
....
8,832
8,472
1664083.PS.FTS.B,
11.6%,
11/17/26
.....
5,585
5,401
1660294.PS.FTS.B,
15.2%,
11/21/26
....
8,643
8,323
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1686756.PS.FTS.B,
20.08%,
12/16/26
...
$
5,668
$
5,583
1674281.PS.FTS.B,
21%,
12/17/26
......
2,097
2,112
1675325.PS.FTS.B,
14%,
12/20/26
......
13,913
13,447
1673693.PS.FTS.B,
12.5%,
1/01/27
.....
11,156
10,781
1695804.PS.FTS.B,
10.8%,
1/04/27
.....
3,621
3,485
1701348.PS.FTS.B,
11.1%,
1/13/27
.....
3,628
3,499
1688537.PS.FTS.B,
13.7%,
1/13/27
.....
7,755
7,466
1702140.PS.FTS.B,
11.55%,
1/14/27
....
10,919
10,532
1701774.PS.FTS.B,
19.3%,
1/16/27
.....
6,139
5,993
1703079.PS.FTS.B,
10.5%,
1/18/27
.....
10,044
9,698
1689971.PS.FTS.B,
11.6%,
1/18/27
.....
5,990
4,826
1704972.PS.FTS.B,
24.18%,
1/19/27
....
5,510
5,558
1692578.PS.FTS.B,
13.1%,
1/20/27
.....
2,930
2,830
1699192.PS.FTS.B,
14.6%,
1/20/27
.....
25,462
24,566
1694423.PS.FTS.B,
15%,
1/24/27
.......
11,175
10,798
1702129.PS.FTS.B,
12.7%,
1/25/27
.....
5,136
4,966
1709019.PS.FTS.B,
19%,
1/25/27
.......
9,167
9,043
1691666.PS.FTS.B,
11.88%,
1/29/27
....
5,969
5,753
1705047.PS.FTS.B,
17.54%,
2/01/27
....
11,408
11,175
1702634.PS.FTS.B,
21.95%,
2/04/27
....
11,065
11,015
1721025.PS.FTS.B,
10.53%,
2/15/27
....
1,475
1,422
1714696.PS.FTS.B,
12.6%,
2/15/27
.....
7,476
7,207
1720968.PS.FTS.B,
12.62%,
2/15/27
....
13,668
13,189
1714699.PS.FTS.B,
16.1%,
2/15/27
.....
7,641
7,345
1715326.PS.FTS.B,
16.83%,
2/15/27
....
12,662
12,390
1711397.PS.FTS.B,
18.15%,
2/22/27
....
13,921
13,412
1708016.PS.FTS.B,
12.62%,
2/24/27
....
15,310
14,748
1709231.PS.FTS.B,
13.7%,
2/26/27
.....
11,576
1,517
1709558.PS.FTS.B,
13.4%,
2/28/27
.....
13,677
13,132
1752507.PS.FTS.B,
25.9%,
4/05/27
.....
6,243
6,114
1753401.PS.FTS.B,
16.9%,
4/06/27
.....
12,102
11,652
1750201.PS.FTS.B,
19.9%,
4/06/27
.....
8,088
7,783
1750603.PS.FTS.B,
14.29%,
4/07/27
....
3,924
3,744
1743635.PS.FTS.B,
13.1%,
4/13/27
.....
9,590
9,226
1759809.PS.FTS.B,
12.5%,
4/15/27
.....
24,471
23,557
1648285.PS.FTS.B,
12.62%,
9/26/27
....
6,667
1,437
1700734.PS.FTS.B,
16.2%,
12/24/27
....
21,484
20,546
1716949.PS.FTS.B,
11.77%,
1/17/28
....
11,622
11,184
654,150
Upgrade,
Inc.
-
Card
992398221.UG.FTS.B,
19.3%,
4/03/24
...
46
46
992438577.UG.FTS.B,
25.45%,
4/03/24
..
97
35
992365430.UG.FTS.B,
29.49%,
4/03/24
..
7
7
992264301.UG.FTS.B,
29.49%,
4/04/24
..
158
24
992282840.UG.FTS.B,
29.49%,
4/04/24
..
391
25
992459954.UG.FTS.B,
29.49%,
4/04/24
..
142
6
992323446.UG.FTS.B,
Zero
Cpn
,
4/05/24
.
53
4
992347467.UG.FTS.B,
Zero
Cpn
,
4/05/24
.
185
13
992443753.UG.FTS.B
,
Zero
Cpn
,
4/05/24
.
95
6
992285365.UG.FTS.B,
17.49%,
4/05/24
..
132
132
992240347.UG.FTS.B,
18.71%,
4/05/24
..
45
45
992241984.UG.FTS.B,
18.71%,
4/05/24
..
103
103
992239693.UG.FTS.B,
19.3%,
4/05/24
...
222
221
992378711.UG.FTS.B,
19.3%,
4/05/24
...
266
267
992333048.UG.FTS.B,
19.99%,
4/05/24
..
41
42
992418214.UG.FTS.B,
20.47%,
4/05/24
..
267
267
992239776.UG.FTS.B,
20.96%,
4/05/24
..
157
11
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992244483.UG.FTS.B,
21.48%,
4/05/24
..
$
96
$
97
992266844.UG.FTS.B,
21.48%,
4/05/24
..
41
41
992416498.UG.FTS.B,
21.48%,
4/05/24
..
337
336
992284254.UG.FTS.B,
28.48%,
4/05/24
..
71
72
992315245.UG.FTS.B,
28.48%,
4/05/24
..
32
33
992379401.UG.FTS.B,
28.48%,
4/05/24
..
62
62
992395391.UG.FTS.B,
28.48%,
4/05/24
..
39
39
992401140.UG.FTS.B,
28.48%,
4/05/24
..
81
82
992248833.UG.FTS.B,
29.48%,
4/05/24
..
36
36
992275640.UG.FTS.B,
29.48%,
4/05/24
..
74
75
992279719.UG.FTS.B,
29.48%,
4/05/24
..
45
45
992324240.UG.FTS.B,
29.48%,
4/05/24
..
51
51
992246075.UG.FTS.B,
29.49%,
4/05/24
..
57
58
992267982.UG.FTS.B,
29.49%,
4/05/24
..
139
141
992271382.UG.FTS.B,
29.49%,
4/05/24
..
77
11
992277911.UG.FTS.B,
29
.49%,
4/05/24
..
37
37
992283053.UG.FTS.B,
29.49%,
4/05/24
..
43
44
992283646.UG.FTS.B,
29.49%,
4/05/24
..
158
160
992284455.UG.FTS.B,
29.49%,
4/05/24
..
933
61
992289947.UG.FTS.B,
29.49%,
4/05/24
..
58
58
992302092.UG.FTS.B,
29.49%,
4/05/24
..
53
52
992307882.UG.FTS.B,
29.49%,
4/05/24
..
57
58
992309362.UG.FTS.B,
29.49%,
4/05/24
..
105
–
992323342.UG.FTS.B,
29.49%,
4/05/24
..
11
11
992328853.UG.FTS.B,
29.49%,
4/05/24
..
50
50
992350277.UG.FTS.B,
29.49%,
4/05/24
..
76
78
992412416.UG.FTS.B,
29.49%,
4/05/24
..
108
107
992428512.UG.FTS.B,
29.49%,
4/05/24
..
41
41
992455893.UG.FTS.B,
29.49%,
4/05/24
..
53
53
992330988.UG.FTS.B,
18.71%,
6/03/24
..
85
85
992324210.UG.FTS.B,
29.49%,
6/03/24
..
34
30
992366150.UG.FTS.B,
29.49%,
7/03/24
..
117
101
992262726.UG.FTS.B,
Zero
Cpn
,
9/03/24
.
206
15
992435585.UG.FTS.B,
29.49%,
10/03/24
.
270
228
992268585.UG.FTS.B,
Zero
Cpn
,
11/03/24
81
6
992264434.UG.FTS.B,
29.49%,
4/02/25
..
33
33
992271010.UG.FTS.B,
17.97%,
4/03/25
..
50
50
992318841.UG.FTS.B,
19.99%,
4/03/25
..
725
729
992460958.UG.FTS.B,
20.46%,
4/03/25
..
221
223
992307437.UG.FTS.B
,
28.98%,
4/03/25
..
281
283
992236828.UG.FTS.B,
29.49%,
4/03/25
..
50
51
992296038.UG.FTS.B,
29.49%,
4/03/25
..
289
299
992297505.UG.FTS.B,
29.49%,
4/03/25
..
5
5
992345330.UG.FTS.B,
29.49%,
4/03/25
..
316
326
992367110.UG.FTS.B,
29.49%,
4/03/25
..
543
552
992423485.UG.FTS.B,
29.49%,
4/03/25
..
33
33
992462894.UG.FTS.B,
29.49%,
4/03/25
..
82
85
992457494.UG.FTS.B,
17.99%,
4/04/25
..
376
375
992408749.UG.FTS.B,
28.98%,
4/04/25
..
277
66
992461489.UG.FTS.B,
28.98%,
4/04/25
..
1
1
992260733.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
249
17
992263400.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
311
22
992314709.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
269
19
992321979.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
–
–
992398519.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
43
3
992410434.UG.FTS.B,
Zero
Cpn
,
4/05/25
.
946
65
992245824.UG.FTS.B,
16.99%,
4/05/25
..
140
141
992282393.UG.FTS.B,
16.99%,
4/05/25
..
1,188
1,211
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992294096.UG.FTS.B,
17.99%,
4/05/25
..
$
153
$
60
992300496.UG.FTS.B,
17.99%,
4/05/25
..
64
65
992239267.UG.FTS.B,
19.21%,
4/05/25
..
1,208
1,232
992346705.UG.FTS.B,
19.21%,
4/05/25
..
495
502
992442455.UG.FTS.B,
19.21%,
4/05/25
..
1,446
1,465
992307969.UG.FTS.B,
19.8%,
4/05/25
...
64
66
992349565.UG.FTS.B,
19.8%,
4/05/25
...
293
293
992350427.UG.FTS.B,
19.8%,
4/05/25
...
602
614
992383581.UG.FTS.B,
19.8%,
4/05/25
...
159
162
992254243.UG.FTS.B,
19.99%
,
4/05/25
..
235
239
992270154.UG.FTS.B,
19.99%,
4/05/25
..
375
391
992336548.UG.FTS.B,
19.99%,
4/05/25
..
954
981
992357555.UG.FTS.B,
19.99%,
4/05/25
..
117
122
992379889.UG.FTS.B,
19.99%,
4/05/25
..
753
752
992453559.UG.FTS.B,
20.46%,
4/05/25
..
1,503
1,521
992241765.UG.FTS.B,
20.97%,
4/05/25
..
310
316
992386629.UG.FTS.B,
20.97%,
4/05/25
..
2,421
2,469
992251309.UG.FTS.B,
21.46%,
4/05/25
..
300
306
992238211.UG.FTS.B,
21.98%,
4/05/25
..
481
491
992263295.UG.FTS.B,
21.98%,
4/05/25
..
94
93
992262511.UG.FTS.B,
22.97%,
4/05/25
..
530
540
992330039.UG.FTS.B,
22.97%,
4/05/25
..
561
111
992438360.UG.FTS.B,
27.99%,
4/05/25
..
135
140
992240832.UG.FTS.B,
28.98%,
4/05/25
..
48
50
992246882.UG.FTS.B,
28.98%,
4/05/25
..
627
139
992248396.UG.FTS.B,
28.98%,
4/05/25
..
641
669
992253878.UG.FTS.B,
28.98%,
4/05/25
..
457
457
992259876.UG.FTS.B,
28.98%,
4/05/25
..
79
82
992260350.UG.FTS.B,
28.98%,
4/05/25
..
59
21
992262040.UG.FTS.B,
28.98%,
4/05/25
..
132
138
992266496.UG.FTS.B,
28.98%,
4/05/25
..
94
96
992267371.UG.FTS.B,
28.98%,
4/05/25
..
787
822
992269403.UG.FTS.B,
28.98%,
4/05/25
..
–
–
992270480.UG.FTS.B,
28.98%,
4/05/25
..
174
182
992283631.UG.FTS.B,
28.98%,
4/05/25
..
577
594
992283659.UG.FTS.B,
28.98%,
4/05/25
..
161
167
992284082.UG.FTS.B,
28.98%,
4/05/25
..
172
22
992284271.UG.FTS.B
,
28.98%,
4/05/25
..
1,278
1,324
992286835.UG.FTS.B,
28.98%,
4/05/25
..
80
83
992293208.UG.FTS.B,
28.98%,
4/05/25
..
214
219
992300547.UG.FTS.B,
28.98%,
4/05/25
..
88
92
992300944.UG.FTS.B,
28.98%,
4/05/25
..
118
7
992308269.UG.FTS.B,
28.98%,
4/05/25
..
87
91
992310426.UG.FTS.B,
28.98%,
4/05/25
..
87
87
992322709.UG.FTS.B,
28.98%,
4/05/25
..
127
133
992324031.UG.FTS.B,
28.98%,
4/05/25
..
496
517
992336115.UG.FTS.B,
28.98%,
4/05/25
..
222
231
992348005.UG.FTS.B,
28.98%,
4/05/25
..
318
332
992353271.UG.FTS.B,
28.98%,
4/05/25
..
452
471
992378373.UG.FTS.B,
28.98%,
4/05/25
..
409
417
992406035.UG.FTS.B,
28.98%,
4/05/25
..
610
76
992415454.UG.FTS.B,
28.98%,
4/05/25
..
694
718
992435220.UG.FTS.B,
28.98%,
4/05/25
..
120
122
992442881.UG.FTS.B,
28.98%,
4/05/25
..
13
13
992446631.UG.FTS.B,
28.98%,
4/05/25
..
56
58
992452469.UG.FTS.B,
28.98%,
4/05/25
..
187
192
992293126.UG.FTS.B
,
29.46%,
4/05/25
..
24
10
992304458.UG.FTS.B,
29.46%,
4/05/25
..
70
73
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)
992238384.UG.FTS.B,
29.49%,
4/05/25
..
$
14
$
14
992239318.UG.FTS.B,
29.49%,
4/05/25
..
77
81
992243923.UG.FTS.B,
29.49%,
4/05/25
..
2,309
293
992254667.UG.FTS.B,
29.49%,
4/05/25
..
223
226
992256558.UG.FTS.B,
29.49%,
4/05/25
..
87
91
992256966.UG.FTS.B,
29.49%,
4/05/25
..
470
469
992259460.UG.FTS.B,
29.49%,
4/05/25
..
58
60
992267222.UG.FTS.B,
29.49%,
4/05/25
..
206
217
992268106.UG.FTS.B,
29.49%,
4/05/25
..
83
87
992271134.UG.FTS.B,
29.49%,
4/05/25
..
89
94
992275086.UG.FTS.B,
29.49%,
4/05/25
..
340
356
992278455.UG.FTS.B,
29.49%,
4/05/25
..
186
12
992280377.UG.FTS.B,
29.49%,
4/05/25
..
187
24
992280735.UG.FTS.B,
29.49%,
4/05/25
..
33
33
992284321.UG.FTS.B,
29.49%,
4/05/25
..
210
214
992284964.UG.FTS.B,
29.49%,
4/05/25
..
59
5
992285081.UG.FTS.B,
29.49%,
4/05/25
..
21
21
992288356.UG.FTS.B,
29.49%,
4/05/25
..
343
357
992288429.UG.FTS.B,
29.49%,
4/05/25
..
103
108
992289258.UG.FTS.B,
29.49%,
4/05/25
..
129
129
992298611.UG.FTS.B,
29.49%,
4/05/25
..
212
218
992302260.UG.FTS.B,
29.49%,
4/05/25
..
121
126
992304263.UG.FTS.B,
29.49%,
4/05/25
..
104
107
992305574.UG.FTS.B,
29.49%,
4/05/25
..
325
329
992306296.UG.FTS.B,
29.49%,
4/05/25
..
40
41
992318568.UG.FTS.B,
29.49%,
4/05/25
..
78
82
992323515.UG.FTS.B,
29.49%,
4/05/25
..
54
56
992328907.UG.FTS.B,
29.49%,
4/05/25
..
134
33
992330144.UG.FTS.B,
29.49%,
4/05/25
..
22
22
992332355.UG.FTS.B,
29.49%,
4/05/25
..
135
142
992333762.UG.FTS.B,
29.49%,
4/05/25
..
440
455
992336856.UG.FTS.B,
29.49%,
4/05/25
..
30
30
992340414.UG.FTS.B,
29.49%,
4/05/25
..
129
134
992359163.UG.FTS.B,
29.49%,
4/05/25
..
92
95
992378552.UG.FTS.B,
29.49%,
4/05/25
..
120
7
992379445.UG.FTS.B,
29.49%,
4/05/25
..
159
165
992428186.UG.FTS.B,
29.49%
,
4/05/25
..
1,980
2,057
992444794.UG.FTS.B,
29.49%,
4/05/25
..
3,791
3,916
992444865.UG.FTS.B,
29.49%,
4/05/25
..
41
42
992445820.UG.FTS.B,
29.49%,
4/05/25
..
101
105
992448030.UG.FTS.B,
29.49%,
4/05/25
..
22
21
992455533.UG.FTS.B,
29.49%,
4/05/25
..
981
1,010
992273307.UG.FTS.B,
28.98%,
8/03/25
..
1,789
1,301
992321945.UG.FTS.B,
29.49%,
1/03/26
..
3,060
2,132
992302422.UG.FTS.B,
29.49%,
9/03/26
..
175
126
992293228.UG.FTS.B,
28.98%,
1/03/27
..
113
70
992267548.UG.FTS.B,
Zero
Cpn
,
8/03/28
.
33
2
992458807.UG.FTS.B,
29.49%,
9/01/28
..
42
6
992252550.UG.FTS.B,
Zero
Cpn
,
9/03/28
.
27
2
992273344.UG.FTS.B,
29.49%,
9/03/28
..
–
–
992405301.UG.FTS.B,
29
.49%,
9/03/28
..
–
–
992464185.UG.FTS.B,
28.98%,
10/01/28
.
4
4
992239914.UG.FTS.B,
29.49%,
10/03/28
.
3
3
992364426.UG.FTS.B,
29.49%,
10/03/28
.
3
3
45,666
Upstart
Network,
Inc.
L1738924.UP.FTS.B,
15.39%,
9/20/24
....
385
388
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1739398.UP.FTS.B,
20.17%,
9/20/24
..
$
1,607
$
1,617
L1915199.UP.FTS.B,
6.41%,
10/25/24
....
6,804
6,745
FW1915250.UP.FTS.B,
12.04%,
10/25/24
.
20,190
20,154
L1914801.UP.FTS.B,
12.09%,
10/25/24
...
2,010
2,010
FW1915226.UP.FTS.B,
13.65%,
10/25/24
.
700
197
L1915220.UP.FTS.B,
18.87%,
10/25/24
...
682
678
FW1914760.UP.FTS.B,
27.19%,
10/25/24
.
1,048
308
L2056491.UP.FTS.B,
7.95%,
11/16/24
....
624
621
L2055423.UP.FTS.B,
8.44%,
11/16/24
....
2,263
2,255
L2052631.UP.FTS.B,
8.92%,
11/16/24
....
2,104
2,097
FW2056962.UP.FTS.B,
9.24%,
11/16/24
..
4,218
4,203
L2052610.UP.FTS.B,
11.6%,
11/16/24
....
1,291
1,288
L2057377.UP.FTS.B,
13.89%,
11/16/24
...
878
875
L2057046.UP.FTS.B,
15.77%,
11/16/24
...
1,336
1,343
L2052838.UP.FTS.B,
16.45%,
11/16/24
...
671
675
L2053269.UP.FTS.B,
18.64%,
11/16/24
...
917
919
L2055155.UP.FTS.B,
20.16%,
11/16/24
...
2,286
2,290
FW2054947.UP.FTS.B,
21.35%,
11/16/24
.
838
837
L2057081.UP.FTS.B,
23.41%,
11/16/24
...
1,096
1,094
FW2053330.UP.FTS.B,
28.78%,
11/16/24
.
639
641
FW2056543.UP.FTS.B,
29.23%,
11/16/24
.
690
692
FW2055081.UP.FTS.B,
29.29%,
11/16/24
.
3,322
958
L2242235.UP.FTS.B,
6.04%,
12/13/24
....
1,536
1,522
FW2242510.UP.FTS.B,
7.1%,
12/13/24
...
4,245
4,009
L2233888.UP.FTS.B,
7.98%,
12/13/24
....
2,675
2,663
L2241803.UP.FTS.B,
9.3%,
12/13/24
....
9,013
8,961
L2242451.UP.FTS.B,
10.48%,
12/13/24
...
483
458
L2242595.UP.FTS.B,
11.8%,
12/13/24
....
1,149
1,145
L2241741.UP.FTS.B,
14.61%,
12/13/24
...
2,034
2,037
L2242679.UP.FTS.B,
16.66%,
12/13/24
...
1,915
1,917
FW2242424.UP.FTS.B,
20.03%,
12/13/24
.
464
465
FW2242278.UP.FTS.B,
21.84%,
12/13/24
.
610
17
L2242250.UP.FTS.B,
22.23%,
12/13/24
...
1,692
1,691
L2241739.UP.FTS.B,
23.45%,
12/13/24
...
753
753
FW2242239.UP.FTS.B,
24.53%,
12/13/24
.
485
484
FW2241887.UP.FTS.B,
28.39%,
12/13/24
.
1,595
1,590
FW2242021.UP.FTS.B,
29.12%,
12/13/24
.
614
608
L2465718.UP.FTS.B,
5.3%,
1/19/25
.....
3,666
3,634
L2465958.UP.FTS.B,
5.34%,
1/19/25
....
2,087
2,069
L2464613.UP.FTS.B,
5.52%,
1/19/25
....
1,163
1,152
L2465653.UP.FTS.B,
5.58%,
1/19/25
....
15,354
4,271
L2460890.UP.FTS.B,
5.68%,
1/19/25
....
4,654
4,614
L2465895.UP.FTS.B,
5.84%,
1/19/25
....
1,631
1,617
L2465121.UP.FTS.B,
6.53%,
1/19/25
....
7,459
7,396
L2464359.UP.FTS.B,
6.66%,
1/19/25
....
2,814
2,790
L2465247.UP.FTS.B,
6.82%,
1/19/25
....
567
562
L2466095.UP.FTS.B,
7.07%,
1/19/25
....
1,411
1,400
FW2465710.UP.FTS.B,
7.96%,
1/19/25
...
521
517
L2465847.UP.FTS.B,
8.05%,
1/19/25
....
14,221
14,164
L2464679.UP.FTS.B,
9.11%,
1/19/25
.....
3,094
3,075
L2465662.UP.FTS.B,
11.74%,
1/19/25
....
2,487
2,480
FW2465131.UP.FTS.B,
12.69%,
1/19/25
..
5,805
5,788
L2465754.UP.FTS.B,
16.74%,
1/19/25
....
506
508
L2464723.UP.FTS.B,
20.66%,
1/19/25
....
2,585
2,586
L2465879.UP.FTS.B,
21.67%,
1/19/25
....
524
524
FW2676316.UP.FTS.B,
6.01%,
2/22/25
...
2,959
2,933
FW2675522.UP.FTS.B,
6.74%,
2/22/25
...
638
632
L2675489.UP.FTS.B,
9.63%,
2/22/25
....
7,570
7,534
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)
Upstart
Network,
Inc.
(continued)
L2675909.UP.FTS.B,
9.72%,
2/22/25
....
$
1,270
$
1,264
L2675302.UP.FTS.B,
10.61%,
2/22/25
....
4,397
4,377
L2676030.UP.FTS.B,
13.7%,
2/22/25
....
853
844
L2675455.UP.FTS.B,
14.81%,
2/22/25
....
1,317
1,322
L2675462.UP.FTS.B,
19.44%,
2/22/25
....
1,358
1,363
FW2676387.UP.FTS.B,
19.6%,
2/22/25
...
1,033
1,037
L2676045.UP.FTS.B,
19.66%,
2/22/25
....
743
53
FW2675588.UP.FTS.B,
20.36%,
2/22/25
..
3,651
3,645
L2675655.UP.FTS.B,
20.76%,
2/22/25
....
548
550
L2675586.UP.FTS.B,
20.97%,
2/22/25
....
4,829
4,828
FW2675117.UP.FTS.B,
22.39%,
2/22/25
..
609
612
FW2675719.UP.FTS.B,
24.19%,
2/22/25
..
1,629
1,626
FW2675613.UP.FTS.B,
24.49%,
2/22/25
..
3,935
3,934
FW2675763.UP.FTS.B,
28.74%,
2/22/25
..
3,375
513
FW2676140.UP.FTS.B,
29.13%,
2/22/25
..
1,617
1,616
FW1738604.UP.FTS.B,
22.34%,
2/26/25
..
1,877
1,865
L2057137.UP.FTS.B,
15.78%,
4/16/25
....
2,249
2,235
L2981596.UP.FTS.B,
7.13%,
4/20/25
....
2,772
2,745
L2981009.UP.FTS.B,
14.77%,
4/20/25
....
1,573
1,569
FW2982315.UP.FTS.B,
15.15%,
4/20/25
..
818
812
L2982336.UP.FTS.B,
12.28%,
4/25/25
....
2,105
2,089
L2465894.UP.FTS.B,
5.74%,
6/19/25
....
3,436
3,397
FW2465119.UP.FTS.B,
19.64%,
6/19/25
..
2,982
2,992
L2462700.UP.FTS.B,
20.56%,
6/19/25
....
10,509
10,430
L2466210.UP.FTS.B,
20.93%,
6/19/25
....
9,869
9,791
FW2676277.UP.FTS.B,
22.93%,
7/22/25
..
2,884
2,853
L1914732.UP.FTS.B,
17.66%,
8/25/25
....
5,541
5,548
FW2676006.UP.FTS.B,
24.14%,
12/22/25
.
1,900
1,879
L1739715.UP.FTS.B,
9.65%,
9/20/26
....
16,412
16,287
L1739019.UP.FTS.B,
13.76%,
9/20/26
....
3,940
3,917
L1736636.UP.FTS.B,
14.78%,
9/20/26
....
9,589
9,533
FW1739526.UP.FTS.B
,
17.22%,
9/20/26
..
5,585
5,562
L1739131.UP.FTS.B,
17.22%,
9/20/26
....
10,480
10,420
L1738899.UP.FTS.B,
19.15%,
9/20/26
....
10,625
10,587
L1739140.UP.FTS.B,
21.45%,
9/20/26
....
2,174
2,085
L1739562.UP.FTS.B,
22.68%,
9/20/26
....
5,186
4,964
L1738904.UP.FTS.B,
24.36%,
9/20/26
....
5,144
5,124
FW1738971.UP.FTS.B,
27.63%,
9/20/26
..
3,453
3,475
FW1739399.UP.FTS.B,
28.19%,
9/20/26
..
4,608
4,410
FW1738592.UP.FTS.B,
28.44%,
9/20/26
..
4,506
4,533
FW1739144.UP.FTS.B,
30.91%,
9/20/26
..
3,141
474
FW1915567.UP.FTS.B,
19.17%,
10/25/26
.
660
656
FW1915262.UP.FTS.B,
19.99%,
10/25/26
.
5,224
5,205
L1915447.UP.FTS.B,
20.32%,
10/25/26
...
4,136
4,115
L1915560.UP.FTS.B,
20.46%,
10/25/26
...
3,649
3,667
L1914682.UP.FTS.B,
21.49%,
10/25/26
...
13,171
13,083
L1915468.UP.FTS.B,
23.09%,
10/25/26
...
3,889
3,908
L1912265.UP.FTS.B,
23.3%,
10/25/26
....
3,285
236
L1914761.UP.FTS.B,
23.31%,
10/25/26
...
744
748
FW1915175.UP.FTS.B,
23.46%,
10/25/26
.
1,801
1,799
L1897015.UP.FTS.B,
23.49%,
10/25/26
...
8,937
8,981
L1914923.UP.FTS.B,
23.8%,
10/25/26
....
1,623
115
L1915604.UP.FTS.B,
24.04%,
10/25/26
...
822
826
L1915081.UP.FTS.B,
25.35%,
10/25/26
...
2,111
2,121
FW1908593.UP.FTS.B,
28.41%,
10/25/26
.
15,708
15,756
FW1914238.UP.FTS.B,
29.34%,
10/25/26
.
4,875
4,892
FW1915272.UP.FTS.B,
30.7%,
10/25/26
..
1,558
–
FW1907740.UP.FTS.B,
31.19%,
10/25/26
.
763
53
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1915312.UP.FTS.B,
31.22%,
10/25/26
.
$
3,201
$
3,217
L2024110.UP.FTS.B,
7.78%,
11/16/26
....
12,175
12,080
L2052804.UP.FTS.B,
9.15%,
11/16/26
....
27,255
27,043
L2053787.UP.FTS.B,
10.61%,
11/16/26
...
3,464
3,435
FW2055257.UP.FTS.B,
11.51%,
11/16/26
.
6,976
6,925
L2052126.UP.FTS.B,
12.52%,
11/16/26
...
11,248
11,165
L2055857.UP.FTS.B,
12.9%,
11/16/26
....
8,459
8,397
L2054559.UP.FTS.B,
14.24%,
11/16/26
...
6,563
6,176
L2055412.UP.FTS.B,
14
.29%,
11/16/26
...
2,151
2,134
FW2056157.UP.FTS.B,
15.18%,
11/16/26
.
6,451
6,407
FW2055789.UP.FTS.B,
15.22%,
11/16/26
.
10,762
10,674
L2052051.UP.FTS.B,
15.75%,
11/16/26
...
3,239
3,217
FW2053732.UP.FTS.B,
16.83%,
11/16/26
.
725
720
L2056373.UP.FTS.B,
17.2%,
11/16/26
....
6,545
6,501
L2056403.UP.FTS.B,
18.49%,
11/16/26
...
1,626
1,612
L2055275.UP.FTS.B,
19%,
11/16/26
.....
12,027
499
FW2055175.UP.FTS.B,
19.05%,
11/16/26
.
13,247
13,153
L2057218.UP.FTS.B,
19.51%,
11/16/26
...
17,456
16,439
L2055269.UP.FTS.B,
19.56%,
11/16/26
...
16,818
16,697
L2052101.UP.FTS.B,
20.05%,
11/16/26
...
18,537
18,404
L2057382.UP.FTS.B,
22.46%,
11/16/26
...
1,711
1,690
L2056569.UP.FTS.B
,
22.59%,
11/16/26
...
10,978
3,074
L2047823.UP.FTS.B,
23.05%,
11/16/26
...
3,708
3,598
FW2052456.UP.FTS.B,
23.32%,
11/16/26
.
15,007
15,039
L2057372.UP.FTS.B,
23.63%,
11/16/26
...
5,446
5,192
L2019975.UP.FTS.B,
23.69%,
11/16/26
...
1,208
1,201
L2053900.UP.FTS.B,
23.81%,
11/16/26
...
760
762
L2053478.UP.FTS.B,
24.22%,
11/16/26
...
2,250
201
FW2055944.UP.FTS.B,
24.96%,
11/16/26
.
225
222
L2055855.UP.FTS.B,
25.11%,
11/16/26
...
1,516
1,471
L2056364.UP.FTS.B,
25.24%,
11/16/26
...
1,073
1,075
L2049616.UP.FTS.B,
25.29%,
11/16/26
...
937
894
L2052082.UP.FTS.B,
25.42%,
11/16/26
...
1,150
1,153
FW2054089.UP.FTS.B,
26.17%,
11/16/26
.
1,541
1,545
FW2056482.UP.FTS.B,
26.96%
,
11/16/26
.
3,875
3,877
FW2053471.UP.FTS.B,
27.97%,
11/16/26
.
1,551
1,554
FW2046105.UP.FTS.B,
29.67%,
11/16/26
.
3,536
3,544
FW2057500.UP.FTS.B,
30.64%,
11/16/26
.
7,647
7,654
FW2055364.UP.FTS.B,
30.66%,
11/16/26
.
6,319
6,335
FW2054534.UP.FTS.B,
31.22%,
11/16/26
.
951
953
FW2056229.UP.FTS.B,
31.92%,
11/16/26
.
5,635
1,631
FW2057162.UP.FTS.B,
32.15%,
11/16/26
.
7,406
7,424
L2242254.UP.FTS.B,
7.13%,
12/13/26
....
6,897
6,837
L2242685.UP.FTS.B,
9%,
12/13/26
......
10,495
10,411
L2242651.UP.FTS.B,
11.78%,
12/13/26
...
10,715
10,628
L2239830.UP.FTS.B,
11.79%,
12/13/26
...
7,175
7,111
L2241857.UP.FTS.B,
11.98%,
12/13/26
...
8,570
8,500
L2242098.UP.FTS.B,
12.31
%,
12/13/26
...
5,020
4,974
L2242668.UP.FTS.B,
12.46%,
12/13/26
...
15,792
15,664
L2241756.UP.FTS.B,
12.69%,
12/13/26
...
3,963
3,927
L2241856.UP.FTS.B,
13.04%,
12/13/26
...
10,701
10,613
L2241825.UP.FTS.B,
13.8%,
12/13/26
....
21,743
21,547
L2242202.UP.FTS.B,
14.09%,
12/13/26
...
12,054
11,957
L2239758.UP.FTS.B,
14.15%,
12/13/26
...
8,394
8,319
L2241610.UP.FTS.B,
15.37%,
12/13/26
...
5,495
5,441
L2239771.UP.FTS.B,
15.55%,
12/13/26
...
19,808
19,613
FW2241807.UP.FTS.B,
16.84%,
12/13/26
.
7,520
7,089
L2242447.UP.FTS.B,
16.94%,
12/13/26
...
4,073
4,028
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)
L2241045.UP.FTS.B,
17.22%,
12/13/26
...
$
6,306
$
6,244
L2242791.UP.FTS.B,
17.38%,
12/13/26
...
11,144
11,022
L2241989.UP.FTS.B,
17
.5%,
12/13/26
....
1,933
1,914
L2242430.UP.FTS.B,
18.29%,
12/13/26
...
13,449
13,301
L2242547.UP.FTS.B,
18.45%,
12/13/26
...
1,893
1,863
L2242119.UP.FTS.B,
18.59%,
12/13/26
...
3,371
3,338
L2242450.UP.FTS.B,
20.97%,
12/13/26
...
4,890
1,389
FW2241711.UP.FTS.B,
21.36%,
12/13/26
.
9,903
9,888
L2230478.UP.FTS.B,
21.97%,
12/13/26
...
5,763
5,701
L2242489.UP.FTS.B,
22.19%,
12/13/26
...
16,613
16,623
L2241640.UP.FTS.B,
22.44%,
12/13/26
...
2,300
2,302
L2241096.UP.FTS.B,
22.49%,
12/13/26
...
2,905
2,861
L2242587.UP.FTS.B,
22.84%,
12/13/26
...
5,461
803
L2241949.UP.FTS.B,
22.97%,
12/13/26
...
3,639
3,632
FW2241860.UP.FTS.B,
23.21%,
12/13/26
.
4,622
4,615
L2242742.UP.FTS.B,
23.45%
,
12/13/26
...
463
454
L2232043.UP.FTS.B,
23.76%,
12/13/26
...
4,251
4,244
L2242200.UP.FTS.B,
24.08%,
12/13/26
...
4,491
4,484
L2241600.UP.FTS.B,
24.51%,
12/13/26
...
2,703
2,677
L2242478.UP.FTS.B,
25.01%,
12/13/26
...
1,713
1,710
L2242322.UP.FTS.B,
25.22%,
12/13/26
...
739
738
L2242383.UP.FTS.B,
25.22%,
12/13/26
...
7,015
6,950
FW2241952.UP.FTS.B,
25.3%,
12/13/26
..
10,044
193
L2241994.UP.FTS.B,
25.4%,
12/13/26
....
1,386
1,372
L2242162.UP.FTS.B,
25.7
%,
12/13/26
....
1,340
1,339
L2241420.UP.FTS.B,
25.73%,
12/13/26
...
4,355
1,248
FW2242493.UP.FTS.B,
26.46%,
12/13/26
.
1,564
1,565
FW2241764.UP.FTS.B,
27.11%,
12/13/26
.
3,703
3,697
FW2242232.UP.FTS.B,
27.33%,
12/13/26
.
2,811
2,804
FW2242379.UP.FTS.B,
28.85%,
12/13/26
.
3,960
3,961
FW2241999.UP.FTS.B,
29.1%,
12/13/26
..
2,049
591
FW2241683.UP.FTS.B,
29.38%,
12/13/26
.
32
31
FW2241828.UP.FTS.B,
29.64%,
12/13/26
.
7,989
7,975
FW2231506.UP.FTS.B,
30.63%,
12/13/26
.
39,385
1,733
FW2242390.UP.FTS.B,
30.76%,
12/13/26
.
9,774
1,477
FW2242580.UP.FTS.B,
31.01%,
12/13/26
.
885
885
FW2241624.UP.FTS.B,
31.84%,
12/13/26
.
3,696
3,697
L2242361.UP.FTS.B,
9.11
%,
12/15/26
....
17,493
17,342
L2240058.UP.FTS.B,
26.7%,
12/27/26
....
6,511
6,505
L2465688.UP.FTS.B,
5.13%,
1/19/27
....
2,278
180
FW2465936.UP.FTS.B,
5.53%,
1/19/27
...
31,350
31,117
L2465861.UP.FTS.B,
5.83%,
1/19/27
....
18,155
18,021
L2464930.UP.FTS.B,
5.87%,
1/19/27
....
2,164
2,144
L2465582.UP.FTS.B,
5.92%,
1/19/27
....
2,559
2,540
FW2466147.UP.FTS.B,
6.13%,
1/19/27
...
5,536
1,337
L2465889.UP.FTS.B,
6.5%,
1/19/27
.....
4,216
4,184
L2464484.UP.FTS.B,
6.65%
,
1/19/27
....
2,968
2,945
FW2466269.UP.FTS.B,
6.87%,
1/19/27
...
3,519
3,493
L2465776.UP.FTS.B,
7.08%,
1/19/27
....
10,574
10,497
L2466395.UP.FTS.B,
7.13%,
1/19/27
....
7,920
1,960
FW2465536.UP.FTS.B,
7.64%,
1/19/27
...
14,156
14,050
L2465750.UP.FTS.B,
7.8%,
1/19/27
.....
4,288
314
L2465633.UP.FTS.B,
8.28%,
1/19/27
....
1,422
1,412
L2465717.UP.FTS.B,
8.6%,
1/19/27
.....
2,921
2,745
FW2464781.UP.FTS.B,
9.13%,
1/19/27
...
6,798
6,747
FW2465681.UP.FTS.B,
9.16%,
1/19/27
...
7,579
7,522
L2465458.UP.FTS.B,
9.24%,
1/19/27
....
2,276
2,256
L2465589.UP.FTS.B,
9.29%,
1/19/27
....
4,770
4,483
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2466129.UP.FTS.B,
9.84%,
1/19/27
....
$
14,385
$
14,278
L2465666.UP.FTS.B,
10.14%,
1/19/27
....
1,802
1,789
FW2464664.UP.FTS.B,
10.42%,
1/19/27
..
5,778
5,735
L2463372.UP.FTS.B,
11.09%,
1/19/27
....
3,628
3,601
L2465414.UP.FTS.B,
11.1%,
1/19/27
.....
4,354
4,322
FW2466175.UP.FTS.B,
12.09%,
1/19/27
..
4,817
349
L2466145.UP.FTS.B,
14.56%,
1/19/27
....
11,143
11,063
L2465634.UP.FTS.B,
14.68%,
1/19/27
....
7,626
7,568
FW2465337.UP.FTS.B,
15.21%,
1/19/27
..
2,281
2,255
L2465986.UP.FTS.B,
15.77%,
1/19/27
....
1,158
1,092
FW2466368.UP.FTS.B,
16.6%,
1/19/27
...
2,634
2,616
FW2464890.UP.FTS.B,
16.94%,
1/19/27
..
639
630
L2464884.UP.FTS.B,
17.8%,
1/19/27
....
2,749
745
L2465805.UP.FTS.B,
18.87%,
1/19/27
....
16,646
16,527
L2466099.UP.FTS.B,
19.62%,
1/19/27
....
6,901
6,847
L2465928.UP.FTS.B,
20.32%
,
1/19/27
....
2,310
2,292
L2465048.UP.FTS.B,
20.41%,
1/19/27
....
19,263
19,112
L2466185.UP.FTS.B,
20.91%,
1/19/27
....
2,928
208
L2464534.UP.FTS.B,
21.46%,
1/19/27
....
1,674
1,676
L2466007.UP.FTS.B,
21.7%,
1/19/27
....
3,570
3,542
L2465105.UP.FTS.B,
22.96%,
1/19/27
....
37,849
10,943
FW2466202.UP.FTS.B,
23.59%,
1/19/27
..
2,359
2,360
L2464129.UP.FTS.B,
23.98%,
1/19/27
....
12,797
12,825
L2458881.UP.FTS.B,
24.14%,
1/19/27
....
3,635
3,469
L2464954.UP.FTS.B,
24.32%,
1/19/27
....
1,576
1,580
L2465587.UP.FTS.B,
24.59%,
1/19/27
....
10,572
10,596
L2466086.UP.FTS.B,
25.1%,
1/19/27
....
2,618
2,619
FW2465954.UP.FTS.B,
25.21%,
1/19/27
..
2,257
2,256
L2465179.UP.FTS.B,
25.25%
,
1/19/27
....
1,061
300
L2464921.UP.FTS.B,
25.36%,
1/19/27
....
1,253
6
FW2465199.UP.FTS.B,
25.54%,
1/19/27
..
3,330
3,338
FW2465642.UP.FTS.B,
25.73%,
1/19/27
..
3,629
3,623
FW2465696.UP.FTS.B,
25.74%,
1/19/27
..
2,489
721
L2459145.UP.FTS.B,
26.05%,
1/19/27
....
1,754
1,737
FW2464742.UP.FTS.B,
26.31%,
1/19/27
..
1,134
1,133
FW2464901.UP.FTS.B,
27.8%,
1/19/27
...
4,815
4,826
FW2464391.UP.FTS.B,
27.86%,
1/19/27
..
1,204
1,207
FW2466130.UP.FTS.B,
28.33%
,
1/19/27
..
2,012
2,016
FW2465882.UP.FTS.B,
28.77%,
1/19/27
..
1,244
355
FW2464452.UP.FTS.B,
30.15%,
1/19/27
..
1,245
1,189
FW2465759.UP.FTS.B,
30.48%,
1/19/27
..
4,473
4,483
FW2465374.UP.FTS.B,
30.53%,
1/19/27
..
2,115
2,120
FW2465848.UP.FTS.B,
30.66%,
1/19/27
..
1,628
1,632
FW2464665.UP.FTS.B,
30.79%,
1/19/27
..
1,141
1,143
FW2465741.UP.FTS.B,
30.94%,
1/19/27
..
1,434
1,368
FW2466073.UP.FTS.B,
30.97%,
1/19/27
..
815
817
FW2464672.UP.FTS.B,
30.98%,
1/19/27
..
1,467
1,471
FW2465572.UP.FTS.B,
30.98%,
1/19/27
..
2,957
2,820
FW2465216.UP.FTS.B,
31.14%,
1/19/27
..
916
915
FW2466141.UP.FTS.B,
32%,
1/19/27
....
5,079
5,090
FW2465212.UP.FTS.B,
14.46%,
2/01/27
..
16,420
16,259
L2675715.UP.FTS.B,
6.52%,
2/22/27
....
7,175
7,122
FW2676020.UP.FTS.B,
6.82%,
2/22/27
...
5,465
5,425
FW2676337.UP.FTS.B,
8.57%,
2/22/27
...
8,735
8,668
L2675123.UP.FTS.B,
8.62%,
2/22/27
....
4,733
4,698
FW2675837.UP.FTS.B,
9
.42%,
2/22/27
...
5,116
5,077
FW2675651.UP.FTS.B,
9.54%,
2/22/27
...
4,983
4,945
FW2675906.UP.FTS.B,
9.67%,
2/22/27
...
36,666
36,385
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)
FW2675315.UP.FTS.B,
9.86%,
2/22/27
...
$
21,310
$
21,133
FW2675769.UP.FTS.B,
11.04%,
2/22/27
..
25,163
24,967
FW2675566.UP.FTS.B,
11.18%,
2/22/27
..
11,413
10,736
FW2675417.UP.FTS.B,
12.04%,
2/22/27
..
6,338
6,283
FW2675303.UP.FTS.B,
12.76%,
2/22/27
..
11,447
10,773
L2676179.UP.FTS.B,
13.92%,
2/22/27
....
11,309
11,221
L2675483.UP.FTS.B,
14.22%,
2/22/27
....
3,475
3,448
FW2676429.UP.FTS.B,
14.76%,
2/22/27
..
16,161
15,200
L2675701.UP.FTS.B,
15.05%,
2/22/27
....
5,275
5,233
FW2675787.UP.FTS.B,
15.6%,
2/22/27
...
7,267
7,206
FW2676119.UP.FTS.B,
15.87
%,
2/22/27
..
3,433
3,406
FW2674729.UP.FTS.B,
15.98%,
2/22/27
..
3,665
3,637
FW2675367.UP.FTS.B,
16.08%,
2/22/27
..
7,640
7,579
L2675286.UP.FTS.B,
16.53%,
2/22/27
....
12,067
11,969
FW2676101.UP.FTS.B,
16.63%,
2/22/27
..
8,353
8,286
FW2676275.UP.FTS.B,
16.64%,
2/22/27
..
17,074
16,097
FW2673151.UP.FTS.B,
16.69%,
2/22/27
..
3,835
3,805
L2676056.UP.FTS.B,
17.4%,
2/22/27
....
3,080
3,055
L2675381.UP.FTS.B,
18.91%,
2/22/27
....
11,602
11,506
L2675889.UP.FTS.B,
18.95%,
2/22/27
....
39,869
37,577
FW2675506.UP.FTS.B,
19.13%,
2/22/27
..
8,426
8,348
FW2675598.UP.FTS.B,
19.23%,
2/22/27
..
4,669
4,628
L2676048.UP.FTS.B,
19.28%,
2/22/27
....
28,022
27,773
FW2675827.UP.FTS.B,
19
.75%,
2/22/27
..
3,356
3,329
FW2675725.UP.FTS.B,
19.97%,
2/22/27
..
4,703
4,659
L2675775.UP.FTS.B,
20.06%,
2/22/27
....
8,329
274
FW2676391.UP.FTS.B,
20.15%,
2/22/27
..
4,777
345
L2676153.UP.FTS.B,
20.37%,
2/22/27
....
4,478
323
L2635721.UP.FTS.B,
20.47%,
2/22/27
....
6,176
6,088
FW2675953.UP.FTS.B,
20.7%,
2/22/27
...
17,453
528
FW2675768.UP.FTS.B,
20.93%,
2/22/27
..
14,397
14,219
FW2676447.UP.FTS.B,
21.12%,
2/22/27
..
6,293
6,242
L2675752.UP.FTS.B,
21.22%,
2/22/27
....
2,531
2,448
L2676182.UP.FTS.B,
21.37%,
2/22/27
....
2,920
2,872
L2675263.UP.FTS.B,
21.9%,
2/22/27
....
13,724
992
L2675531.UP.FTS.B,
21.9%,
2/22/27
....
12,575
12,459
L2675653.UP.FTS.B,
22.41%,
2/22/27
....
3,503
3,501
L2675496.UP.FTS.B,
22.58%,
2/22/27
....
5,124
366
FW2674944.UP.FTS.B,
22.84%,
2/22/27
..
7,148
7,156
FW2676120.UP.FTS.B,
22.93%,
2/22/27
..
5,543
5,488
FW2675190.UP.FTS.B,
23.05%,
2/22/27
..
4,772
4,777
FW2675530.UP.FTS.B
,
23.25%,
2/22/27
..
2,387
2,389
L2675554.UP.FTS.B,
23.55%,
2/22/27
....
7,967
7,976
L2676113.UP.FTS.B,
24.05%,
2/22/27
....
15,976
15,993
FW2675485.UP.FTS.B,
24.08%,
2/22/27
..
3,515
3,519
FW2676351.UP.FTS.B,
24.32%,
2/22/27
..
4,400
4,404
FW2675997.UP.FTS.B,
24.49%,
2/22/27
..
2,681
2,559
FW2675911.UP.FTS.B,
24.61%,
2/22/27
..
2,404
2,406
L2674079.UP.FTS.B,
24.8%,
2/22/27
....
2,955
2,921
FW2675924.UP.FTS.B,
25.27%,
2/22/27
..
1,777
61
L2676213.UP.FTS.B,
25.44%,
2/22/27
....
2,156
2,157
FW2676003.UP.FTS.B,
25.6%,
2/22/27
...
1,679
1,676
FW2675099.UP.FTS.B,
26.05%,
2/22/27
..
3,318
234
FW2675282.UP.FTS.B,
26.25%,
2/22/27
..
40,339
40,374
FW2675377.UP.FTS.B,
26.49%
,
2/22/27
..
1,559
110
L2676015.UP.FTS.B,
26.95%,
2/22/27
....
798
790
FW2675720.UP.FTS.B,
27.06%,
2/22/27
..
2,676
2,679
FW2675330.UP.FTS.B,
27.13%,
2/22/27
..
2,677
2,680
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2675561.UP.FTS.B,
27.52%,
2/22/27
..
$
5,852
$
5,857
FW2675991.UP.FTS.B,
27.58%,
2/22/27
..
2,033
2,034
FW2675198.UP.FTS.B,
30.64%,
2/22/27
..
5,736
5,738
FW2676076.UP.FTS.B,
30.66%,
2/22/27
..
1,320
1,321
FW2675958.UP.FTS.B,
30.93%,
2/22/27
..
1,156
1,145
FW2676378.UP.FTS.B,
30
.97%,
2/22/27
..
1,057
73
FW2674790.UP.FTS.B,
31.08%,
2/22/27
..
992
70
FW2676100.UP.FTS.B,
31.11%,
2/22/27
..
1,473
1,459
FW2670166.UP.FTS.B,
31.29%,
2/22/27
..
2,125
2,027
FW2675516.UP.FTS.B,
31.31%,
2/22/27
..
2,902
15
FW2676168.UP.FTS.B,
31.41%,
2/22/27
..
1,379
1,361
FW2675064.UP.FTS.B,
31.47%,
2/22/27
..
2,484
2,485
FW2676065.UP.FTS.B,
31.64%,
2/22/27
..
7,959
7,965
FW2675468.UP.FTS.B,
31.91%,
2/22/27
..
6,387
6,391
FW2675534.UP.FTS.B,
32
.24%,
2/22/27
..
7,392
7,397
L2675434.UP.FTS.B,
25.07%,
3/01/27
....
1,970
1,965
FW2676248.UP.FTS.B,
25.38%,
3/05/27
..
2,720
2,714
FW1915225.UP.FTS.B,
30.8%,
3/25/27
...
3,098
–
FW2056098.UP.FTS.B,
23.67%,
4/16/27
..
6,452
460
FW2056081.UP.FTS.B,
30.81%,
4/16/27
..
1,562
1,567
L2980992.UP.FTS.B,
5.74%,
4/20/27
....
5,962
5,920
L2981618.UP.FTS.B,
6.67%,
4/20/27
....
9,746
9,679
L2982277.UP.FTS.B,
7.61%,
4/20/27
....
6,605
6,560
L2982631.UP.FTS.B,
11.15%
,
4/20/27
....
5,021
4,724
L2981847.UP.FTS.B,
12.88%,
4/20/27
....
7,552
7,487
FW2981800.UP.FTS.B,
15.54%,
4/20/27
..
15,873
15,741
FW2982570.UP.FTS.B,
15.54%,
4/20/27
..
8,026
2,170
L2981666.UP.FTS.B,
17.74%,
4/20/27
....
37,807
37,414
L2982362.UP.FTS.B,
19.25%,
4/20/27
....
1,765
1,749
L2981534.UP.FTS.B,
19.74%,
4/20/27
....
9,358
9,267
FW2982412.UP.FTS.B,
19.87%,
4/20/27
..
9,704
9,590
FW2980149.UP.FTS.B,
20.02%,
4/20/27
..
4,565
4,301
FW2982427.UP.FTS.B,
20.52%,
4/20/27
..
19,633
19,480
L2982556.UP.FTS.B,
21.77%,
4/20/27
....
4,577
1,326
FW2981941.UP.FTS.B,
25.22%,
4/20/27
..
2,076
2,052
FW2980976.UP.FTS.B,
25.24%,
4/20/27
..
12,140
12,134
L2982533.UP.FTS.B,
25
.49%,
4/20/27
....
1,821
277
FW2981812.UP.FTS.B,
25.87%,
4/20/27
..
2,663
2,658
L2981818.UP.FTS.B,
25.89%,
4/20/27
....
8,077
7,999
L2981438.UP.FTS.B,
25.94%,
4/20/27
....
2,499
2,494
FW2982505.UP.FTS.B,
26.8%,
4/20/27
...
4,421
1,293
FW2982630.UP.FTS.B,
27.01%,
4/20/27
..
2,761
2,755
FW2973701.UP.FTS.B,
27.5%,
4/20/27
...
11,406
11,389
FW2982476.UP.FTS.B,
28.13%,
4/20/27
..
25,220
25,170
FW2982596.UP.FTS.B,
28.27%,
4/20/27
..
1,262
1,260
FW2982248.UP.FTS.B,
30.44%,
4/20/27
..
4,214
4,211
FW2980005.UP.FTS.B,
30.65%,
4/20/27
..
1,262
1,261
FW2982470.UP.FTS.B,
30.66%,
4/20/27
..
1,954
1,951
FW2982099.UP.FTS.B,
31.11%,
4/20/27
..
3,169
223
FW2981979.UP.FTS.B,
31.12%
,
4/20/27
..
1,832
1,744
FW2981459.UP.FTS.B,
31.69%,
4/20/27
..
8,024
8,009
FW2982593.UP.FTS.B,
14.46%,
4/25/27
..
6,289
6,240
L2241910.UP.FTS.B,
20.19%,
5/13/27
....
19,152
1,386
L2241971.UP.FTS.B,
20.32%,
5/13/27
....
2,638
2,610
L2233875.UP.FTS.B,
22.25%,
5/13/27
....
23,290
23,232
L2242418.UP.FTS.B,
25.33%,
5/13/27
....
9,176
9,195
FW2242705.UP.FTS.B,
27.05%,
5/13/27
..
1,379
205
FW2242624.UP.FTS.B,
29.36%,
5/13/27
..
8,511
604
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)
FW2240660.UP.FTS.B,
30.84%,
5/13/27
..
$
4,002
$
3,987
FW2451492.UP.FTS.B,
6.07%,
6/19/27
...
36,742
36,440
FW2465871.UP.FTS.B,
12.64%,
6/19/27
..
7,157
7,085
L2465393.UP.FTS.B,
22.66%,
6/19/27
....
17,087
2,575
L2465421.UP.FTS.B,
25.22%,
6/19/27
....
8,564
614
FW2465743.UP.FTS.B,
28.47%,
6/19/27
..
9,450
–
FW2464670.UP.FTS.B,
31.19%,
7/03/27
..
1,977
1,176
FW1739404.UP.FTS.B,
26.55%,
7/20/27
..
2,063
2,064
L2675722.UP.FTS.B,
13.92%,
7/22/27
....
2,447
2,420
FW2676135.UP.FTS.B,
19.68%,
7/22/27
..
37,777
37,371
FW2674747.UP.FTS.B,
21.11%,
7/22/27
..
5,856
5,774
FW2675348.UP.FTS.B,
23.48%,
7/22/27
..
14,960
1,068
L2676160.UP.FTS.B,
25.17%,
7/22/27
....
10,407
10,362
L2676206.UP.FTS.B,
25.75%,
7/22/27
....
4,209
602
FW2676331.UP.FTS.B,
27.38%,
7/22/27
..
7,033
500
FW2675109.UP.FTS.B,
27.79%,
7/22/27
..
5,749
5,495
FW2675392.UP.FTS.B,
28.93%,
7/22/27
..
1,760
1,749
FW2676178.UP.FTS.B,
31.16%,
7/22/27
..
4,674
–
FW2675671.UP.FTS.B,
16.46%,
7/28/27
..
21,111
20,793
FW2675967.UP.FTS.B,
29.34%,
8/07/27
..
1,469
1,449
L1910370.UP.FTS.B,
14.66%,
8/25/27
....
2,729
2,710
FW2981809.UP.FTS.B,
26.39%,
9/20/27
..
3,973
3,945
L2466291.UP.FTS.B
,
11.97%,
11/19/27
...
42,572
10,782
L2465923.UP.FTS.B,
24.48%,
11/19/27
...
32,105
31,737
FW2675681.UP.FTS.B,
27.55%,
12/22/27
.
8,562
8,496
L2982002.UP.FTS.B,
25.37%,
2/20/28
....
6,053
5,731
2,296,903
Total
Marketplace
Loans
(Cost
$4,936,604)
.....
$4,292,551
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-116
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2023
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
September
30,
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
U.S.
Treasury
10
Year
Notes
....................
Long
43
$
4,646,688
12/19/23
$
(
80,686
)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
11
1,227,188
12/19/23
(
2,422
)
U.S.
Treasury
2
Year
Notes
.....................
Long
121
24,528,024
12/29/23
(
58,410
)
U.S.
Treasury
5
Year
Notes
.....................
Long
19
2,001,828
12/29/23
(
13,895
)
U.S.
Treasury
Ultra
Bonds
......................
Long
12
1,424,250
12/19/23
(
106,331
)
Total
Futures
Contracts
......................................................................
$(261,744)
*
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
Japanese
Yen
......
JPHQ
Buy
198,000,000
1,391,637
10/10/23
$
—
$
(
64,963
)
Euro
.............
JPHQ
Sell
1,025,000
1,100,930
12/13/23
13,578
—
Columbian
Peso
....
JPHQ
Sell
5,400,000,000
1,254,793
2/26/24
—
(
24,802
)
Total
Forward
Exchange
Contracts
...................................................
$13,578
$(89,765)
Net
unrealized
appreciation
(depreciation)
............................................
$(76,187)
*
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.40
.
5.00%
Quarterly
6/20/28
10,150,000
$
173,187
$
173,747
$
(
560
)
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$173,187
$173,747
$(560)
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
See
Abbreviations
on
page
171
.
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
$
(
231,250
)
$
(
242,652
)
$
11,402
B-
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
350,000
EUR
1,863
—
1,863
Non-
Investment
Grade
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
1,700,000
17,760
(
24,749
)
42,509
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
2,300,000
(
365,718
)
(
77,391
)
(
288,327
)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
500,000
1,655
—
1,655
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
2,270,000
3,139
1,007
2,132
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(572,551)
$(343,785)
$(228,766)
Total
Credit
Default
Swap
Contracts
....................................
$(399,364)
$
(
170,038
)
$(229,326)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
U.S.
Government
Securities
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
1.2%
Oil,
Gas
&
Consumable
Fuels
1.2%
Reliance
Industries
Ltd.
,
Senior
Bond,
2.512%,
1/15/26
..........................
India
3,281,250
$
3,135,673
Senior
Note,
1.87%,
1/15/26
...........................
India
1,842,105
1,736,238
Senior
Note,
2.06%,
1/15/26
...........................
India
1,562,500
1,484,704
6,356,615
Total
Corporate
Bonds
(Cost
$6,651,435)
.......................................
6,356,615
Foreign
Government
and
Agency
Securities
1.9%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
4/26/24
..........
Israel
10,000,000
9,982,856
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
...........
Mexico
658,000
640,272
Total
Foreign
Government
and
Agency
Securities
(Cost
$10,645,054)
..............
10,623,128
U.S.
Government
and
Agency
Securities
14.8%
FHLB
,
2.625
%,
9/12/25
.................................
United
States
10,000,000
9,531,797
U.S.
International
Development
Finance
Corp.
(The)
,
4.01
%,
5/15/30
United
States
1,222,500
1,165,296
U.S.
Treasury
Notes
,
3%,
6/30/24
........................................
United
States
3,000,000
2,945,497
a
Index
Linked,
0.125%,
7/15/24
..........................
United
States
6,350,000
7,985,772
2.375%,
8/15/24
.....................................
United
States
22,000,000
21,419,106
2.25%,
8/15/27
.....................................
United
States
34,040,000
31,113,357
0.625%,
8/15/30
.....................................
United
States
8,500,000
6,525,410
Total
U.S.
Government
and
Agency
Securities
(Cost
$87,927,841)
.................
80,686,235
Mortgage-Backed
Securities
75.4%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.8%
FHLMC,
5.019%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
..
United
States
61,982
60,647
FHLMC,
4.476%
-
5.535%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
3/01/36
-
4/01/40
..........
United
States
3,932,753
3,935,562
3,996,209
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
11.0%
FHLMC
Gold
Pool,
15
Year,
4.5%,
3/01/25
-
4/01/25
...........
United
States
37,801
36,570
FHLMC
Gold
Pool,
20
Year,
3.5%,
3/01/32
..................
United
States
936,870
865,371
FHLMC
Gold
Pool,
30
Year,
3%,
5/01/43
....................
United
States
143,409
122,870
FHLMC
Gold
Pool,
30
Year,
3.5%,
5/01/43
..................
United
States
22,652
20,101
FHLMC
Gold
Pool,
30
Year,
4%,
9/01/40
-
12/01/41
............
United
States
2,141,120
1,964,514
FHLMC
Gold
Pool,
30
Year,
4.5%,
5/01/40
-
7/01/41
...........
United
States
657,260
621,690
FHLMC
Gold
Pool,
30
Year,
5%,
9/01/33
-
4/01/40
.............
United
States
1,976,264
1,934,460
FHLMC
Gold
Pool,
30
Year,
5.5%,
7/01/33
-
5/01/38
...........
United
States
392,294
391,175
FHLMC
Gold
Pool,
30
Year,
6%,
1/01/24
-
8/01/35
.............
United
States
361,072
360,300
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/23
-
5/01/35
..........
United
States
103,427
104,171
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/24
-
9/01/31
.............
United
States
31,183
31,232
FHLMC
Gold
Pool,
30
Year,
8.5%,
7/01/31
..................
United
States
60,834
62,733
FHLMC
Pool,
30
Year,
2%,
1/01/51
........................
United
States
4,599,896
3,519,784
FHLMC
Pool,
30
Year,
4%,
11/01/45
.......................
United
States
7,707,656
7,043,803
FHLMC
Pool,
30
Year,
4.5%,
1/01/49
.......................
United
States
2,368,661
2,217,886
FHLMC
Pool,
30
Year,
4.5%,
10/01/52
......................
United
States
14,793,128
13,597,373
FHLMC
Pool,
30
Year,
5%,
12/01/52
.......................
United
States
14,316,094
13,525,659
FHLMC
Pool,
30
Year,
5.5%,
1/01/53
.......................
United
States
14,041,948
13,591,800
60,011,492
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
119
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
2.2%
FNMA,
5.489%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
......................
United
States
3,849,505
$
3,921,054
FNMA,
4.065%
-
5.557%,
(COFI
11th
District
+/-
MBS
Margin),
6/01/25
-
11/01/36
...................................
United
States
28,163
27,644
FNMA,
3.795%
-
6.165%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
1/01/32
-
4/01/41
..........
United
States
5,495,909
5,514,333
FNMA,
2.884%
-
6.625%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
10/01/23
-
12/01/40
..................................
United
States
2,577,727
2,586,190
FNMA,
5.342%
-
6.974%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
........................
United
States
133,546
130,716
FNMA,
3.845%
-
7.297%,
(6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
12/01/24
-
3/01/37
.........
United
States
217,427
216,401
12,396,338
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
20.4%
FNMA,
2.64%,
7/01/25
.................................
United
States
2,259,450
2,149,224
FNMA,
2.77%,
4/01/25
.................................
United
States
3,500,000
3,345,134
FNMA,
3.28%,
7/01/27
.................................
United
States
4,000,000
3,713,174
FNMA,
5.5%,
4/01/34
..................................
United
States
382,842
377,566
FNMA,
15
Year,
2%,
9/01/35
.............................
United
States
2,089,129
1,805,549
FNMA,
15
Year,
3%,
9/01/37
.............................
United
States
11,877,819
10,751,843
FNMA,
15
Year,
5.5%,
1/01/25
...........................
United
States
6,641
6,617
FNMA,
30
Year,
2.5%,
8/01/51
...........................
United
States
9,081,054
7,243,610
FNMA,
30
Year,
2.5%,
9/01/51
...........................
United
States
20,015,762
15,964,502
FNMA,
30
Year,
2.5%,
11/01/51
...........................
United
States
4,645,808
3,700,342
FNMA,
30
Year,
2.5%,
12/01/51
...........................
United
States
6,336,550
5,041,172
FNMA,
30
Year,
2.5%,
2/01/52
...........................
United
States
8,301,521
6,608,650
FNMA,
30
Year,
3%,
12/01/42
............................
United
States
51,909
44,416
FNMA,
30
Year,
3%,
7/01/51
.............................
United
States
4,028,099
3,343,792
FNMA,
30
Year,
3%,
9/01/51
.............................
United
States
3,420,034
2,839,384
FNMA,
30
Year,
3.5%,
7/01/45
...........................
United
States
8,947,648
7,889,302
FNMA,
30
Year,
4%,
1/01/41
-
8/01/41
......................
United
States
2,213,119
2,027,081
FNMA,
30
Year,
4%,
9/01/52
.............................
United
States
14,984,531
13,356,878
FNMA,
30
Year,
4.5%,
8/01/40
-
6/01/41
....................
United
States
1,962,887
1,854,356
FNMA,
30
Year,
5%,
3/01/34
-
7/01/41
......................
United
States
1,283,315
1,253,580
FNMA,
30
Year,
5.5%,
12/01/32
-
8/01/35
...................
United
States
849,306
841,489
FNMA,
30
Year,
6%,
1/01/24
-
8/01/38
......................
United
States
692,707
689,702
FNMA,
30
Year,
6%,
8/01/53
.............................
United
States
11,863,507
11,717,418
FNMA,
30
Year,
6.5%,
1/01/24
-
9/01/36
....................
United
States
90,082
92,266
FNMA,
30
Year,
6.5%,
8/01/53
...........................
United
States
3,997,635
4,019,443
FNMA,
30
Year,
7.5%,
8/01/25
...........................
United
States
519
518
FNMA,
30
Year,
8%,
7/01/24
-
9/01/24
......................
United
States
1,701
1,696
FNMA,
30
Year,
9%,
10/01/26
............................
United
States
21,978
21,907
110,700,611
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
41.0%
GNMA
I,
30
Year,
5%,
9/15/40
............................
United
States
7,200,555
6,982,280
GNMA
I,
30
Year,
5.5%,
3/15/32
-
2/15/38
...................
United
States
216,355
215,633
GNMA
I,
30
Year,
6%,
7/15/29
-
11/15/38
....................
United
States
173,622
177,108
GNMA
I,
30
Year,
6.5%,
12/15/28
-
1/15/33
..................
United
States
84,134
84,890
GNMA
I,
30
Year,
7%,
12/15/28
...........................
United
States
4,208
4,269
GNMA
I,
30
Year,
7.5%,
12/15/31
-
8/15/33
..................
United
States
76,285
78,569
GNMA
I,
Single-family,
30
Year,
3%,
7/15/42
.................
United
States
207,718
180,909
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.........
United
States
3,189,079
2,942,298
GNMA
I,
Single-family,
30
Year,
4.5%,
1/15/39
-
6/15/41
........
United
States
4,801,857
4,583,068
GNMA
I,
Single-family,
30
Year,
5.5%,
1/15/29
-
10/15/39
........
United
States
1,651,752
1,619,217
GNMA
I,
Single-family,
30
Year,
6%,
12/15/23
-
9/15/38
.........
United
States
630,864
630,220
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.
120
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,
6.5%,
10/15/23
-
5/15/37
........
United
States
322,845
$
325,262
GNMA
I,
Single-family,
30
Year,
7%,
12/15/25
-
9/15/31
.........
United
States
38,802
38,661
GNMA
I,
Single-family,
30
Year,
7.5%,
11/15/26
-
11/15/27
.......
United
States
3,736
3,734
GNMA
I,
Single-family,
30
Year,
8.5%,
7/15/24
-
12/15/24
........
United
States
3,376
3,373
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
.................
United
States
4,929,545
3,907,670
GNMA
II,
Single-family,
30
Year,
2%,
12/20/51
................
United
States
10,988,619
8,698,968
GNMA
II,
Single-family,
30
Year,
2%,
3/20/52
.................
United
States
6,945,295
5,497,041
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/51
...............
United
States
10,902,480
8,928,120
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
...............
United
States
4,614,462
3,777,987
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
...............
United
States
30,917,070
25,311,888
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
..............
United
States
10,151,367
8,310,231
GNMA
II,
Single-family,
30
Year,
3%,
12/20/42
-
9/20/45
........
United
States
3,005,422
2,590,283
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
.................
United
States
5,675,217
4,857,071
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
15,391,083
13,065,745
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
5,952,067
5,064,347
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
.................
United
States
14,774,357
12,572,072
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
................
United
States
16,213,796
13,793,591
GNMA
II,
Single-family,
30
Year,
3%,
11/20/51
................
United
States
18,856,168
16,010,950
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
...............
United
States
6,219,639
5,576,652
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
..............
United
States
3,785,793
3,395,170
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/42
..............
United
States
2,965,468
2,655,946
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/43
...............
United
States
5,060,911
4,532,684
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/47
...............
United
States
9,165,810
8,175,617
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
...............
United
States
15,282,181
13,570,589
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
-
10/20/47
.......
United
States
11,618,667
10,399,136
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
..............
United
States
4,115,168
3,651,799
GNMA
II,
Single-family,
30
Year,
4%,
11/20/39
-
2/20/44
.........
United
States
6,729,771
6,227,414
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/39
-
10/20/44
......
United
States
9,099,324
8,642,680
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
6/20/44
.........
United
States
3,723,256
3,655,755
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/34
-
6/20/38
........
United
States
1,570,080
1,574,244
GNMA
II,
Single-family,
30
Year,
6%,
11/20/23
-
7/20/39
.........
United
States
1,028,833
1,053,175
GNMA
II,
Single-family,
30
Year,
6.5%,
12/20/27
-
4/20/32
.......
United
States
136,175
138,176
GNMA
II,
Single-family,
30
Year,
7%,
5/20/32
.................
United
States
3,313
3,424
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/25
-
11/20/26
......
United
States
7,142
7,155
GNMA
II,
Single-family,
30
Year,
8%,
8/20/26
.................
United
States
1,179
1,189
223,516,260
Total
Mortgage-Backed
Securities
(Cost
$481,424,199)
...........................
410,620,910
Total
Long
Term
Investments
(Cost
$586,648,529)
...............................
508,286,888
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
See
Abbreviations
on
page
171
.
Short
Term
Investments
6.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
c
Repurchase
Agreements
6.5%
c
Joint
Repurchase
Agreement,
5.212%,
10/02/23
(Maturity
Value
$35,489,305)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$15,767,543)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$7,107,798)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$12,613,964)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
7%,
1/20/27
-
9/20/53;
U.S.
Government
Agency
Strips,
9/15/26
-
11/15/45;
U.S.
Treasury
Bonds,
5.5%
-
6.75%,
2/15/26
-
8/15/28;
and
U.S.
Treasury
Notes,
2.25%,
8/15/27
(valued
at
$36,186,416)
35,473,899
$
35,473,899
Total
Repurchase
Agreements
(Cost
$35,473,899)
...............................
35,473,899
Total
Short
Term
Investments
(Cost
$35,473,899
)
................................
35,473,899
a
Total
Investments
(Cost
$622,122,428)
99.8%
...................................
$543,760,787
Other
Assets,
less
Liabilities
0.2%
.............................................
980,026
Net
Assets
100.0%
...........................................................
$544,740,813
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Principal
amount
of
security
is
adjusted
for
inflation.
b
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2023,
all
repurchase
agreements
had
been
entered
into
on
September
29,
2023.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
VolSmart
Allocation
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Shares
a
Value
a
Common
Stocks
65.8%
Aerospace
&
Defense
1.4%
General
Dynamics
Corp.
..............................................
3,226
$
712,849
Lockheed
Martin
Corp.
...............................................
1,085
443,721
RTX
Corp.
........................................................
13,644
981,959
2,138,529
Air
Freight
&
Logistics
0.6%
Expeditors
International
of
Washington,
Inc.
...............................
548
62,817
United
Parcel
Service,
Inc.,
B
..........................................
6,051
943,170
1,005,987
Automobile
Components
0.0%
†
Gentex
Corp.
......................................................
1,658
53,951
Automobiles
0.5%
a
Tesla,
Inc.
.........................................................
2,868
717,631
a
Banks
1.1%
Citigroup,
Inc.
......................................................
6,530
268,579
First
Citizens
BancShares,
Inc.,
A
.......................................
48
66,245
JPMorgan
Chase
&
Co.
...............................................
8,528
1,236,730
New
York
Community
Bancorp,
Inc.
......................................
4,474
50,735
1,622,289
Beverages
0.7%
a
Monster
Beverage
Corp.
..............................................
2,390
126,550
PepsiCo,
Inc.
......................................................
5,729
970,722
1,097,272
Biotechnology
2.3%
AbbVie,
Inc.
.......................................................
11,119
1,657,398
Amgen,
Inc.
.......................................................
1,123
301,817
a
Biogen,
Inc.
.......................................................
608
156,262
a
Exelixis,
Inc.
.......................................................
2,477
54,122
Gilead
Sciences,
Inc.
................................................
4,979
373,126
a
Horizon
Therapeutics
plc
..............................................
482
55,763
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
537
441,930
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,362
473,622
3,514,040
Broadline
Retail
0.8%
a
Amazon.com,
Inc.
...................................................
9,331
1,186,157
Macy's,
Inc.
........................................................
4,540
52,709
1,238,866
Building
Products
1.0%
a
Builders
FirstSource,
Inc.
.............................................
764
95,110
Carlisle
Cos.,
Inc.
...................................................
2,240
580,742
Fortune
Brands
Innovations,
Inc.
........................................
783
48,671
Johnson
Controls
International
plc
.......................................
13,447
715,515
Lennox
International,
Inc.
.............................................
154
57,664
Owens
Corning
.....................................................
536
73,116
1,570,818
Capital
Markets
0.9%
Cboe
Global
Markets,
Inc.
.............................................
348
54,361
Evercore,
Inc.,
A
....................................................
391
53,911
Janus
Henderson
Group
plc
...........................................
1,969
50,840
LPL
Financial
Holdings,
Inc.
...........................................
364
86,505
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
123
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Moody's
Corp.
......................................................
569
$
179,901
MSCI,
Inc.,
A
.......................................................
289
148,280
Nasdaq,
Inc.
.......................................................
14,229
691,387
SEI
Investments
Co.
.................................................
871
52,460
1,317,645
Chemicals
3.3%
Air
Products
and
Chemicals,
Inc.
........................................
4,657
1,319,794
Albemarle
Corp.
....................................................
2,892
491,756
CF
Industries
Holdings,
Inc.
...........................................
994
85,225
Ecolab,
Inc.
........................................................
3,774
639,315
Linde
plc
..........................................................
5,265
1,960,423
LyondellBasell
Industries
NV,
A
.........................................
1,358
128,603
NewMarket
Corp.
...................................................
114
51,874
Sherwin-Williams
Co.
(The)
............................................
1,374
350,439
5,027,429
Commercial
Services
&
Supplies
1.0%
Cintas
Corp.
.......................................................
1,764
848,501
a
Clean
Harbors,
Inc.
..................................................
324
54,225
a
Copart,
Inc.
........................................................
3,979
171,455
Republic
Services,
Inc.,
A
.............................................
767
109,305
Rollins,
Inc.
........................................................
1,334
49,798
Waste
Management,
Inc.
..............................................
2,088
318,295
1,551,579
Communications
Equipment
0.7%
a
Arista
Networks,
Inc.
.................................................
1,355
249,225
Cisco
Systems,
Inc.
.................................................
14,403
774,305
1,023,530
Construction
Materials
0.0%
†
Eagle
Materials,
Inc.
.................................................
288
47,958
Consumer
Finance
0.1%
OneMain
Holdings,
Inc.
...............................................
1,326
53,159
Synchrony
Financial
.................................................
2,059
62,944
116,103
Consumer
Staples
Distribution
&
Retail
1.0%
Albertsons
Cos.,
Inc.,
A
...............................................
2,453
55,806
Target
Corp.
.......................................................
6,212
686,861
Walmart,
Inc.
......................................................
5,304
848,268
1,590,935
Diversified
Consumer
Services
0.0%
†
a
Grand
Canyon
Education,
Inc.
..........................................
448
52,362
a
Diversified
Telecommunication
Services
0.4%
Verizon
Communications,
Inc.
..........................................
18,114
587,075
Electric
Utilities
0.2%
Hawaiian
Electric
Industries,
Inc.
........................................
3,868
47,615
Pinnacle
West
Capital
Corp.
...........................................
702
51,724
Southern
Co.
(The)
..................................................
3,413
220,889
320,228
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.
124
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Electrical
Equipment
0.6%
Eaton
Corp.
plc
.....................................................
857
$
182,781
Emerson
Electric
Co.
................................................
1,141
110,187
Hubbell,
Inc.,
B
.....................................................
288
90,262
nVent
Electric
plc
...................................................
10,985
582,095
965,325
Electronic
Equipment,
Instruments
&
Components
0.2%
a
Arrow
Electronics,
Inc.
...............................................
407
50,973
Avnet,
Inc.
........................................................
1,069
51,515
Crane
NXT
Co.
.....................................................
897
49,846
Jabil,
Inc.
.........................................................
747
94,787
National
Instruments
Corp.
............................................
914
54,493
301,614
Energy
Equipment
&
Services
0.0%
†
TechnipFMC
plc
....................................................
2,924
59,474
Entertainment
0.4%
a
Netflix,
Inc.
........................................................
1,444
545,254
a
Financial
Services
1.9%
a
Berkshire
Hathaway,
Inc.,
B
............................................
1,698
594,809
Mastercard,
Inc.,
A
..................................................
2,339
926,034
MGIC
Investment
Corp.
...............................................
3,095
51,656
Visa,
Inc.,
A
........................................................
5,847
1,344,868
Western
Union
Co.
(The)
..............................................
4,370
57,597
2,974,964
Food
Products
0.9%
Ingredion,
Inc.
......................................................
525
51,660
Lamb
Weston
Holdings,
Inc.
...........................................
652
60,284
McCormick
&
Co.,
Inc.
...............................................
8,755
662,228
Mondelez
International,
Inc.,
A
..........................................
9,060
628,764
1,402,936
Gas
Utilities
0.1%
Atmos
Energy
Corp.
.................................................
633
67,054
National
Fuel
Gas
Co.
................................................
1,024
53,156
120,210
Ground
Transportation
0.9%
JB
Hunt
Transport
Services,
Inc.
........................................
2,719
512,586
Landstar
System,
Inc.
................................................
290
51,313
Norfolk
Southern
Corp.
...............................................
2,802
551,798
Old
Dominion
Freight
Line,
Inc.
.........................................
433
177,158
Ryder
System,
Inc.
..................................................
539
57,646
a
Saia,
Inc.
.........................................................
156
62,189
Schneider
National,
Inc.,
B
............................................
1,886
52,223
1,464,913
Health
Care
Equipment
&
Supplies
4.0%
Abbott
Laboratories
..................................................
9,397
910,099
a
Align
Technology,
Inc.
................................................
263
80,299
Becton
Dickinson
&
Co.
...............................................
5,774
1,492,752
a
IDEXX
Laboratories,
Inc.
..............................................
366
160,041
a
Intuitive
Surgical,
Inc.
................................................
1,262
368,870
Medtronic
plc
......................................................
10,300
807,108
STERIS
plc
........................................................
240
52,661
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
125
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Stryker
Corp.
......................................................
8,233
$
2,249,832
6,121,662
Health
Care
Providers
&
Services
1.9%
Cardinal
Health,
Inc.
.................................................
1,413
122,677
Cencora,
Inc.
......................................................
316
56,871
Chemed
Corp.
.....................................................
107
55,608
CVS
Health
Corp.
...................................................
1,179
82,318
Encompass
Health
Corp.
.............................................
756
50,773
HCA
Healthcare,
Inc.
.................................................
1,076
264,674
Premier,
Inc.,
A
.....................................................
2,521
54,201
UnitedHealth
Group,
Inc.
..............................................
4,373
2,204,823
2,891,945
Health
Care
REITs
0.0%
†
Omega
Healthcare
Investors,
Inc.
.......................................
1,730
57,367
Hotels,
Restaurants
&
Leisure
2.1%
a
Booking
Holdings,
Inc.
...............................................
175
539,691
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................................
97
177,687
Darden
Restaurants,
Inc.
.............................................
414
59,293
Domino's
Pizza,
Inc.
.................................................
143
54,167
Marriott
International,
Inc.,
A
...........................................
519
102,015
McDonald's
Corp.
...................................................
6,583
1,734,225
Starbucks
Corp.
....................................................
2,958
269,977
Texas
Roadhouse,
Inc.,
A
.............................................
530
50,933
Yum!
Brands,
Inc.
...................................................
1,370
171,168
3,159,156
Household
Durables
0.4%
DR
Horton,
Inc.
.....................................................
1,636
175,821
Lennar
Corp.,
A
.....................................................
1,277
143,318
Lennar
Corp.,
B
....................................................
495
50,604
a
NVR,
Inc.
.........................................................
16
95,413
PulteGroup,
Inc.
....................................................
1,310
97,005
Toll
Brothers,
Inc.
...................................................
732
54,139
a
TopBuild
Corp.
.....................................................
192
48,307
664,607
Household
Products
1.4%
Colgate-Palmolive
Co.
...............................................
7,419
527,565
Procter
&
Gamble
Co.
(The)
...........................................
10,704
1,561,286
Spectrum
Brands
Holdings,
Inc.
........................................
660
51,711
2,140,562
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Vistra
Corp.
........................................................
1,721
57,103
Industrial
Conglomerates
1.0%
General
Electric
Co.
.................................................
3,600
397,980
Honeywell
International,
Inc.
...........................................
6,172
1,140,215
1,538,195
Industrial
REITs
0.1%
EastGroup
Properties,
Inc.
............................................
308
51,291
STAG
Industrial,
Inc.
.................................................
1,507
52,007
103,298
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)
Insurance
1.0%
Aon
plc,
A
.........................................................
667
$
216,255
a
Arch
Capital
Group
Ltd.
...............................................
1,631
130,007
Arthur
J
Gallagher
&
Co.
..............................................
899
204,909
Erie
Indemnity
Co.,
A
.................................................
1,486
436,572
Kinsale
Capital
Group,
Inc.
............................................
133
55,079
Marsh
&
McLennan
Cos.,
Inc.
..........................................
1,030
196,009
Primerica,
Inc.
......................................................
267
51,801
Reinsurance
Group
of
America,
Inc.
.....................................
382
55,462
RLI
Corp.
.........................................................
408
55,443
Unum
Group
.......................................................
1,094
53,814
White
Mountains
Insurance
Group
Ltd.
...................................
36
53,845
1,509,196
Interactive
Media
&
Services
1.8%
a
Alphabet,
Inc.,
A
....................................................
8,137
1,064,808
a
Alphabet,
Inc.,
C
....................................................
7,027
926,510
a
Meta
Platforms,
Inc.,
A
...............................................
2,753
826,478
2,817,796
IT
Services
1.2%
Accenture
plc,
A
....................................................
4,635
1,423,455
a
Akamai
Technologies,
Inc.
.............................................
508
54,122
Cognizant
Technology
Solutions
Corp.,
A
..................................
992
67,198
International
Business
Machines
Corp.
...................................
1,744
244,683
1,789,458
Life
Sciences
Tools
&
Services
1.1%
Danaher
Corp.
.....................................................
1,841
456,752
a
Medpace
Holdings,
Inc.
...............................................
221
53,511
West
Pharmaceutical
Services,
Inc.
......................................
3,011
1,129,757
1,640,020
Machinery
1.3%
Allison
Transmission
Holdings,
Inc.
......................................
887
52,386
Caterpillar,
Inc.
.....................................................
1,036
282,828
Donaldson
Co.,
Inc.
.................................................
4,810
286,868
Dover
Corp.
.......................................................
4,725
659,185
Graco,
Inc.
........................................................
692
50,433
Illinois
Tool
Works,
Inc.
...............................................
1,269
292,263
Lincoln
Electric
Holdings,
Inc.
..........................................
288
52,356
PACCAR,
Inc.
......................................................
2,845
241,882
Pentair
plc
........................................................
810
52,448
Snap-on,
Inc.
......................................................
250
63,765
2,034,414
Media
0.3%
Comcast
Corp.,
A
...................................................
8,911
395,114
Metals
&
Mining
0.3%
Nucor
Corp.
.......................................................
1,352
211,385
Reliance
Steel
&
Aluminum
Co.
.........................................
320
83,913
Southern
Copper
Corp.
...............................................
686
51,649
Steel
Dynamics,
Inc.
.................................................
930
99,715
United
States
Steel
Corp.
.............................................
1,698
55,151
501,813
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)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Rithm
Capital
Corp.
..................................................
5,310
$
49,330
Multi-Utilities
0.1%
Consolidated
Edison,
Inc.
.............................................
1,660
141,980
Office
REITs
0.1%
Cousins
Properties,
Inc.
..............................................
2,351
47,890
Kilroy
Realty
Corp.
..................................................
1,504
47,541
95,431
Oil,
Gas
&
Consumable
Fuels
2.4%
Chesapeake
Energy
Corp.
............................................
490
42,253
Chevron
Corp.
.....................................................
4,529
763,680
Devon
Energy
Corp.
.................................................
3,022
144,149
EOG
Resources,
Inc.
................................................
4,263
540,378
Exxon
Mobil
Corp.
...................................................
9,735
1,144,641
Marathon
Petroleum
Corp.
............................................
2,232
337,791
Ovintiv,
Inc.
........................................................
1,239
58,939
Phillips
66
.........................................................
1,843
221,436
Pioneer
Natural
Resources
Co.
.........................................
476
109,266
a
Southwestern
Energy
Co.
.............................................
8,265
53,309
Valero
Energy
Corp.
.................................................
1,719
243,600
3,659,442
Pharmaceuticals
3.1%
Eli
Lilly
&
Co.
......................................................
1,692
908,824
Johnson
&
Johnson
.................................................
12,127
1,888,780
Merck
&
Co.,
Inc.
...................................................
8,048
828,542
Organon
&
Co.
.....................................................
2,550
44,268
Pfizer,
Inc.
.........................................................
30,464
1,010,491
Zoetis,
Inc.,
A
......................................................
929
161,627
4,842,532
Professional
Services
0.1%
Broadridge
Financial
Solutions,
Inc.
......................................
292
52,283
Concentrix
Corp.
....................................................
692
55,436
107,719
Retail
REITs
0.2%
NNN
REIT,
Inc.
.....................................................
1,382
48,840
Simon
Property
Group,
Inc.
............................................
1,358
146,705
Spirit
Realty
Capital,
Inc.
..............................................
1,410
47,277
242,822
Semiconductors
&
Semiconductor
Equipment
5.5%
Analog
Devices,
Inc.
.................................................
9,875
1,729,014
Applied
Materials,
Inc.
................................................
4,450
616,103
Broadcom,
Inc.
.....................................................
1,084
900,349
Intel
Corp.
.........................................................
8,588
305,303
KLA
Corp.
.........................................................
758
347,664
Lam
Research
Corp.
.................................................
727
455,662
a
Lattice
Semiconductor
Corp.
...........................................
726
62,385
Microchip
Technology,
Inc.
............................................
2,449
191,144
NVIDIA
Corp.
......................................................
2,504
1,089,215
a
ON
Semiconductor
Corp.
.............................................
2,132
198,169
QUALCOMM,
Inc.
...................................................
5,196
577,068
Skyworks
Solutions,
Inc.
..............................................
664
65,464
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.
...............................................
11,676
$
1,856,601
8,394,141
Software
8.1%
a
Adobe,
Inc.
........................................................
1,053
536,925
a
Cadence
Design
Systems,
Inc.
.........................................
1,402
328,489
a
Dropbox,
Inc.,
A
....................................................
1,993
54,269
a
Fair
Isaac
Corp.
....................................................
118
102,486
a
Manhattan
Associates,
Inc.
............................................
354
69,972
Microsoft
Corp.
.....................................................
25,748
8,129,932
Oracle
Corp.
.......................................................
6,353
672,910
Roper
Technologies,
Inc.
..............................................
4,344
2,103,712
a
Synopsys,
Inc.
.....................................................
721
330,917
a
VMware,
Inc.,
A
.....................................................
479
79,744
12,409,356
Specialized
REITs
0.3%
EPR
Properties
.....................................................
1,217
50,554
Gaming
and
Leisure
Properties,
Inc.
.....................................
1,259
57,348
Public
Storage
.....................................................
752
198,167
VICI
Properties,
Inc.,
A
...............................................
5,139
149,545
455,614
Specialty
Retail
2.3%
Advance
Auto
Parts,
Inc.
..............................................
794
44,409
a
AutoNation,
Inc.
....................................................
340
51,476
Lowe's
Cos.,
Inc.
....................................................
7,747
1,610,137
Murphy
USA,
Inc.
...................................................
170
58,094
a
O'Reilly
Automotive,
Inc.
..............................................
336
305,377
Penske
Automotive
Group,
Inc.
.........................................
329
54,963
Ross
Stores,
Inc.
...................................................
7,941
896,936
TJX
Cos.,
Inc.
(The)
.................................................
5,330
473,730
a
Victoria's
Secret
&
Co.
...............................................
2,999
50,023
Williams-Sonoma,
Inc.
...............................................
388
60,295
3,605,440
Technology
Hardware,
Storage
&
Peripherals
2.7%
Apple,
Inc.
........................................................
22,587
3,867,120
Hewlett
Packard
Enterprise
Co.
.........................................
6,634
115,233
HP,
Inc.
...........................................................
4,645
119,376
NetApp,
Inc.
.......................................................
1,135
86,124
4,187,853
Textiles,
Apparel
&
Luxury
Goods
0.5%
a
Deckers
Outdoor
Corp.
...............................................
109
56,036
NIKE,
Inc.,
B
.......................................................
8,190
783,128
839,164
Tobacco
0.7%
Altria
Group,
Inc.
....................................................
10,032
421,846
Philip
Morris
International,
Inc.
.........................................
6,819
631,303
1,053,149
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.......................................................
1,121
61,251
MSC
Industrial
Direct
Co.,
Inc.,
A
........................................
537
52,707
United
Rentals,
Inc.
..................................................
280
124,480
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)
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
.......................................................
170
$
64,212
WW
Grainger,
Inc.
...................................................
1,405
972,035
1,274,685
Total
Common
Stocks
(Cost
$64,807,388)
......................................
101,209,281
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
31.8%
Domestic
Fixed
Income
23.5%
b
Franklin
U.S.
Core
Bond
ETF
..........................................
1,185,175
24,307,939
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,337,323
11,848,678
36,156,617
Domestic
Hybrid
8.3%
b
Franklin
Income
VIP
Fund,
Class
1
......................................
918,576
12,713,088
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$60,263,743)
................................................................
48,869,705
Total
Long
Term
Investments
(Cost
$125,071,131)
...............................
150,078,986
a
a
a
a
a
Short
Term
Investments
2.5%
a
Money
Market
Funds
2.5%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
..................
3,814,577
3,814,577
Total
Money
Market
Funds
(Cost
$3,814,577)
...................................
3,814,577
Total
Short
Term
Investments
(Cost
$3,814,577
)
.................................
3,814,577
a
Total
Investments
(Cost
$128,885,708)
100.1%
..................................
$153,893,563
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(124,858)
Net
Assets
100.0%
...........................................................
$153,768,705
†
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)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
At
September
30,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
171
.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
Dynamic
VIX
Backwardation
(BEFSDVB1
Index)
..
0%
Monthly
BZWS
11/27/23
4,000,000
$
(986)
Total
Return
Swap
Contracts
....................................................................
$(986)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Templeton
Developing
Markets
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.3%
Brazil
1.8%
TOTVS
SA
.....................
Software
124,565
$
669,078
Vale
SA
........................
Metals
&
Mining
261,048
3,509,584
4,178,662
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,089,238
523,763
Chile
0.9%
Banco
Santander
Chile,
ADR
.......
Banks
113,339
2,078,637
China
26.3%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
1,068,585
11,586,168
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
8,158
707,625
b
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
1,500,600
452,505
a
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
238,505
4,014,328
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
256,500
943,986
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
6,069,083
2,990,082
Chervon
Holdings
Ltd.
.............
Household
Durables
132,261
396,072
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
1,007,107
4,181,245
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,844,315
727,110
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
132,733
527,118
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,048,422
683,020
a,c
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
54,018
1,635,125
b
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
529,539
237,286
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
857,414
3,183,525
c
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
836,125
977,650
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
800,600
991,210
JD.com,
Inc.,
A
..................
Broadline
Retail
11,027
160,435
a,b
Meituan
Dianping,
B,
144A,
Reg
S
...
Hotels,
Restaurants
&
Leisure
128,959
1,866,895
NetEase,
Inc.
...................
Entertainment
118,286
2,371,858
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
689,322
1,063,018
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
427,906
2,427,009
a
Prosus
NV
.....................
Broadline
Retail
220,553
6,498,514
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
188,120
7,292,509
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
118,308
754,805
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,491,705
1,750,083
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
306,139
378,409
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
683,315
3,971,457
62,769,047
Hong
Kong
1.8%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
440,686
4,254,337
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
119,246
2,886,760
India
12.9%
ACC
Ltd.
.......................
Construction
Materials
58,772
1,420,490
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
21,931
1,874,755
Federal
Bank
Ltd.
................
Banks
1,048,123
1,852,755
HDFC
Bank
Ltd.
.................
Banks
237,735
4,360,368
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.
132
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Hindalco
Industries
Ltd.
............
Metals
&
Mining
114,818
$
677,775
ICICI
Bank
Ltd.
..................
Banks
1,160,969
13,301,991
Infosys
Ltd.
.....................
IT
Services
186,835
3,211,060
a
One
97
Communications
Ltd.
.......
Financial
Services
199,531
2,055,484
a
PB
Fintech
Ltd.
..................
Insurance
62,105
570,565
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
1,314,049
1,600,632
30,925,875
Indonesia
0.8%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
4,468,511
1,794,821
Mexico
2.0%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
511,176
4,284,985
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
1,928,563
370,661
4,655,646
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
44,913
1,011,441
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
392,963
982,563
Russia
0.0%
†
d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
d
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
—
South
Africa
0.7%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,477,507
1,766,629
South
Korea
19.7%
Doosan
Bobcat,
Inc.
..............
Machinery
58,605
2,206,934
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
57,926
1,544,036
KT
Skylife
Co.
Ltd.
...............
Media
92,351
408,043
L&F
Co.
Ltd.
....................
Electronic
Equipment,
Instruments
&
Components
3,617
460,554
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
51,367
1,405,526
LG
Chem
Ltd.
...................
Chemicals
1,893
691,510
LG
Corp.
.......................
Industrial
Conglomerates
100,725
6,246,942
NAVER
Corp.
...................
Interactive
Media
&
Services
52,540
7,837,529
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
265,165
13,374,511
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
119,318
6,192,821
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
10,470
3,947,691
Soulbrain
Co.
Ltd.
................
Chemicals
16,165
2,732,569
47,048,666
Switzerland
0.5%
a,b
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
46,220
1,078,768
Taiwan
14.4%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
750,023
2,419,337
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
243,719
5,576,348
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,517,176
24,758,233
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
101,440
1,653,085
34,407,003
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
133
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
2.4%
Kasikornbank
PCL
...............
Banks
886,285
$
3,043,441
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
827,422
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,332,420
824,640
Thai
Beverage
PCL
...............
Beverages
2,633,906
1,106,969
5,802,472
United
Arab
Emirates
0.5%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,486,790
1,276,694
United
Kingdom
1.2%
Unilever
plc
.....................
Personal
Care
Products
59,576
2,946,793
United
States
3.2%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
56,046
3,796,556
Genpact
Ltd.
....................
Professional
Services
109,353
3,958,579
7,755,135
Total
Common
Stocks
(Cost
$194,986,815)
.....................................
218,143,712
a
Preferred
Stocks
6.9%
Brazil
6.9%
Banco
Bradesco
SA,
ADR
..........
Banks
1,492,823
4,254,546
Itau
Unibanco
Holding
SA,
ADR
.....
Banks
862,177
4,629,890
e
Petroleo
Brasileiro
SA,
22.12%
......
Oil,
Gas
&
Consumable
Fuels
1,104,779
7,613,254
16,497,690
Total
Preferred
Stocks
(Cost
$16,750,374)
......................................
16,497,690
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
$211,737,189)
...............................
234,641,402
Short
Term
Investments
2.2%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.2%
United
States
2.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
.........
5,212,223
5,212,223
Total
Money
Market
Funds
(Cost
$5,212,223)
...................................
5,212,223
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.
134
See
Abbreviations
on
page
171
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
.........
10,150
$
10,150
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$10,150)
....................................................................
10,150
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$5,222,373
)
.................................
5,222,373
a
a
a
Total
Investments
(Cost
$216,959,562)
100.4%
..................................
$239,863,775
Other
Assets,
less
Liabilities
(0.4)%
...........................................
(836,188)
Net
Assets
100.0%
...........................................................
$239,027,587
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$7,977,572,
representing
3.3%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2023.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Templeton
Foreign
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
90.8%
Aerospace
&
Defense
3.9%
Dassault
Aviation
SA
...................................
France
75,298
$
14,181,700
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
7,209,350
19,315,038
33,496,738
Automobile
Components
5.5%
Continental
AG
.......................................
Germany
250,136
17,574,252
a
Forvia
SE
...........................................
France
817,984
16,827,978
Valeo
SE
............................................
France
731,396
12,550,132
46,952,362
Automobiles
2.7%
Honda
Motor
Co.
Ltd.
..................................
Japan
2,080,800
23,409,151
Banks
19.1%
HDFC
Bank
Ltd.
......................................
India
1,163,860
21,346,700
ING
Groep
NV
.......................................
Netherlands
1,516,717
19,989,487
Kasikornbank
PCL
....................................
Thailand
2,889,700
9,923,027
KB
Financial
Group,
Inc.,
ADR
...........................
South
Korea
475,106
19,531,608
Lloyds
Banking
Group
plc
...............................
United
Kingdom
48,328,052
25,969,107
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
586,529
15,401,059
Standard
Chartered
plc
.................................
United
Kingdom
3,080,961
28,334,928
b
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
444,300
21,827,433
162,323,349
Broadline
Retail
5.4%
a
Alibaba
Group
Holding
Ltd.
..............................
China
2,085,700
22,614,270
a
Prosus
NV
..........................................
China
616,743
18,172,108
b
Seria
Co.
Ltd.
........................................
Japan
348,800
5,134,673
45,921,051
Chemicals
1.8%
a,c
Covestro
AG,
144A,
Reg
S
..............................
Germany
280,659
15,091,710
Construction
Materials
2.0%
CRH
plc
............................................
United
States
302,965
16,702,350
Containers
&
Packaging
1.4%
b
Smurfit
Kappa
Group
plc
................................
Ireland
362,238
12,032,894
Energy
Equipment
&
Services
2.1%
SBM
Offshore
NV
.....................................
Netherlands
1,373,635
18,007,560
Financial
Services
1.6%
EXOR
NV
...........................................
Netherlands
156,810
13,868,973
Household
Durables
4.1%
Barratt
Developments
plc
...............................
United
Kingdom
2,355,500
12,628,289
Persimmon
plc
.......................................
United
Kingdom
1,039,335
13,610,529
Sony
Group
Corp.
.....................................
Japan
104,400
8,537,657
34,776,475
Industrial
Conglomerates
1.5%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
2,355,500
12,505,961
Insurance
2.9%
AIA
Group
Ltd.
.......................................
Hong
Kong
1,687,200
13,645,070
Prudential
plc
........................................
Hong
Kong
1,013,664
10,895,323
24,540,393
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.
136
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
0.7%
TBS
Holdings,
Inc.
....................................
Japan
371,900
$
6,253,378
Metals
&
Mining
2.8%
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
429,200
12,604,365
Wheaton
Precious
Metals
Corp.
..........................
Brazil
268,100
10,879,535
23,483,900
Oil,
Gas
&
Consumable
Fuels
12.3%
BP
plc
..............................................
United
Kingdom
7,037,142
45,357,242
Galp
Energia
SGPS
SA,
B
..............................
Portugal
1,020,598
15,116,508
Shell
plc
............................................
Netherlands
1,407,461
44,604,724
105,078,474
Pharmaceuticals
4.7%
AstraZeneca
plc
......................................
United
Kingdom
151,960
20,495,369
Bayer
AG
...........................................
Germany
398,000
19,112,813
39,608,182
Professional
Services
2.0%
Adecco
Group
AG
.....................................
Switzerland
408,870
16,792,654
Semiconductors
&
Semiconductor
Equipment
7.4%
Infineon
Technologies
AG
...............................
Germany
630,785
20,891,083
NXP
Semiconductors
NV
...............................
China
73,066
14,607,355
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
1,669,000
27,235,793
62,734,231
Technology
Hardware,
Storage
&
Peripherals
4.9%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
825,657
41,644,857
Tobacco
2.0%
Imperial
Brands
plc
....................................
United
Kingdom
849,862
17,239,247
Total
Common
Stocks
(Cost
$669,506,948)
.....................................
772,463,890
Short
Term
Investments
8.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
8.9%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
....
United
States
75,396,342
75,396,342
Total
Money
Market
Funds
(Cost
$75,396,342)
..................................
75,396,342
Total
Short
Term
Investments
(Cost
$75,396,342
)
................................
75,396,342
a
Total
Investments
(Cost
$744,903,290)
99.7%
...................................
$847,860,232
Other
Assets,
less
Liabilities
0.3%
.............................................
2,572,053
Net
Assets
100.0%
...........................................................
$850,432,285
a
a
a
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
137
See
Abbreviations
on
page
171
.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
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
September
30,
2023,
the
value
of
this
security
was
$15,091,710,
representing
1.8%
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),
September
30,
2023
Templeton
Global
Bond
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
75.1%
Australia
8.9%
New
South
Wales
Treasury
Corp.
,
Senior
Bond,
2%,
3/08/33
........
48,446,000
AUD
$
24,117,088
a
Senior
Bond,
Reg
S,
1.75%,
3/20/34
43,382,000
AUD
20,320,781
Queensland
Treasury
Corp.
,
Senior
Bond,
2%,
8/22/33
........
49,530,000
AUD
24,462,213
a
Senior
Bond,
144A,
Reg
S,
1.75%,
7/20/34
......................
52,103,000
AUD
24,269,573
Treasury
Corp.
of
Victoria
,
a
Senior
Bond,
Reg
S,
2.25%,
9/15/33
35,999,000
AUD
18,012,902
Senior
Bond,
2.25%,
11/20/34
.....
49,634,000
AUD
23,934,587
135,117,144
Brazil
6.6%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
233,800,000
BRL
45,562,057
10%,
1/01/31
..................
112,168,000
BRL
20,805,858
10%,
1/01/33
..................
45,024,000
BRL
8,183,935
F,
10%,
1/01/29
................
134,126,000
BRL
25,439,124
99,990,974
Colombia
5.9%
Colombia
Government
Bond,
Senior
Bond,
9.85%,
6/28/27
............
576,000,000
COP
132,821
Colombia
Titulos
de
Tesoreria
,
B,
7.5%,
8/26/26
...............
62,065,600,000
COP
14,000,265
B,
6%,
4/28/28
.................
28,988,600,000
COP
5,865,236
B,
7.75%,
9/18/30
..............
37,868,000,000
COP
7,756,457
B,
7%,
3/26/31
.................
17,210,500,000
COP
3,308,749
B,
7%,
6/30/32
.................
24,227,000,000
COP
4,481,449
B,
13.25%,
2/09/33
.............
95,554,000,000
COP
25,315,778
B,
7.25%,
10/18/34
.............
53,738,000,000
COP
9,591,781
B,
6.25%,
7/09/36
..............
10,374,000,000
COP
1,634,540
B,
9.25%,
5/28/42
..............
91,424,000,000
COP
17,832,525
89,919,601
Germany
2.8%
a
Bundesobligation,
Reg
S,
10/18/24
...
9,999,000
EUR
10,195,719
a
Bundesrepublik
Deutschland,
Reg
S,
6.25%,
1/04/24
................
9,804,000
EUR
10,437,321
a
Bundesschatzanweisungen,
Reg
S,
0.4%,
9/13/24
.................
21,697,000
EUR
22,266,503
42,899,543
Ghana
0.6%
b
Ghana
Government
Bond
,
PIK,
5%,
2/16/27
...............
24,154,527
GHS
1,296,227
PIK,
8.5%,
2/15/28
..............
24,172,344
GHS
1,143,592
PIK,
8.65%,
2/13/29
.............
23,816,765
GHS
1,004,038
PIK,
8.8%,
2/12/30
..............
23,834,308
GHS
906,190
PIK,
8.95%,
2/11/31
.............
21,783,338
GHS
775,906
PIK,
9.1%,
2/10/32
..............
21,799,359
GHS
738,003
PIK,
9.25%,
2/08/33
.............
21,815,380
GHS
710,791
PIK,
9.4%,
2/07/34
..............
16,584,610
GHS
525,587
PIK,
9.55%,
2/06/35
.............
16,596,780
GHS
516,089
PIK,
9.7%,
2/05/36
..............
16,608,951
GHS
510,379
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
139
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
b
Ghana
Government
Bond,
(continued)
PIK,
9.85%,
2/03/37
.............
16,621,122
GHS
$
507,607
PIK,
10%,
2/02/38
..............
16,633,293
GHS
507,118
9,141,527
India
4.9%
India
Government
Bond
,
Senior
Bond,
5.77%,
8/03/30
......
526,000,000
INR
5,846,908
Senior
Bond,
7.26%,
8/22/32
......
1,877,900,000
INR
22,615,764
Senior
Note,
7.1%,
4/18/29
.......
3,794,000,000
INR
45,390,012
73,852,684
Indonesia
9.0%
Indonesia
Government
Bond
,
FR68,
8.375%,
3/15/34
..........
283,972,000,000
IDR
20,501,106
FR73,
8.75%,
5/15/31
...........
7,058,000,000
IDR
512,108
FR82,
7%,
9/15/30
..............
7,166,000,000
IDR
469,631
FR87,
6.5%,
2/15/31
............
47,115,000,000
IDR
2,993,502
FR91,
6.375%,
4/15/32
..........
132,268,000,000
IDR
8,357,061
FR95,
6.375%,
8/15/28
..........
102,269,000,000
IDR
6,581,346
FR96,
7%,
2/15/33
..............
1,498,234,000,000
IDR
97,761,829
137,176,583
Malaysia
7.8%
Malaysia
Government
Bond
,
3.478%,
6/14/24
................
23,360,000
MYR
4,983,168
4.181%,
7/15/24
................
33,190,000
MYR
7,107,855
4.059%,
9/30/24
................
38,440,000
MYR
8,233,567
3.882%,
3/14/25
................
56,950,000
MYR
12,216,136
3.955%,
9/15/25
................
8,790,000
MYR
1,886,597
3.9%,
11/30/26
.................
68,750,000
MYR
14,759,534
3.892%,
3/15/27
................
5,820,000
MYR
1,247,512
3.502%,
5/31/27
................
9,330,000
MYR
1,972,075
3.899%,
11/16/27
...............
209,830,000
MYR
45,047,119
3.733%,
6/15/28
................
15,880,000
MYR
3,374,947
4.498%,
4/15/30
................
29,740,000
MYR
6,558,057
3.582%,
7/15/32
................
49,470,000
MYR
10,194,760
117,581,327
Mexico
4.0%
Mexican
Bonos
,
M,
10%,
11/20/36
...............
39,180,000
MXN
2,258,507
M,
Senior
Bond,
7.75%,
11/23/34
...
121,750,000
MXN
5,958,434
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
719,380,000
MXN
35,082,164
M,
Senior
Bond,
8.5%,
5/31/29
.....
114,900,000
MXN
6,168,686
M,
Senior
Bond,
8.5%,
11/18/38
....
71,820,000
MXN
3,634,522
M,
Senior
Bond,
7.75%,
11/13/42
...
154,590,000
MXN
7,148,507
60,250,820
Norway
4.3%
a
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
562,122,000
NOK
52,227,902
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.
140
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Norway
(continued)
a
Norway
Government
Bond,
(continued)
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
89,312,000
NOK
$
8,062,042
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
52,969,000
NOK
4,660,810
64,950,754
Panama
2.0%
Panama
Government
Bond
,
Senior
Bond,
2.252%,
9/29/32
.....
2,940,000
2,135,201
Senior
Bond,
6.4%,
2/14/35
.......
28,980,000
28,154,986
30,290,187
Singapore
4.5%
Singapore
Government
Bond
,
2.875%,
9/01/30
................
7,560,000
SGD
5,352,800
2.625%,
8/01/32
................
53,040,000
SGD
36,584,661
3.375%,
9/01/33
................
35,730,000
SGD
26,079,516
68,016,977
South
Korea
10.6%
Korea
Treasury
Bonds
,
1.375%,
9/10/24
................
39,851,910,000
KRW
28,852,945
2.125%,
6/10/27
................
38,800,000,000
KRW
26,963,635
c
3.25%,
3/10/28
................
64,086,000,000
KRW
46,141,710
c
3.5%,
9/10/28
.................
47,745,000,000
KRW
34,587,455
Senior
Note,
1.75%,
9/10/26
......
34,133,000,000
KRW
23,762,829
160,308,574
Thailand
3.2%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
745,020,000
THB
20,031,299
1%,
6/17/27
...................
570,140,000
THB
14,648,100
Senior
Note,
0.66%,
11/22/23
......
481,230,000
THB
13,116,850
47,796,249
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,208,553,941)
...........
1,137,292,944
U.S.
Government
and
Agency
Securities
13.3%
United
States
13.3%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
................
27,930,000
22,635,847
3.125%,
2/15/43
................
16,230,000
12,568,423
3.625%,
8/15/43
................
56,190,000
46,899,993
3.75%,
11/15/43
................
14,300,000
12,141,594
U.S.
Treasury
Notes,
3.5%,
2/15/33
...
117,400,000
107,732,844
201,978,701
Total
U.S.
Government
and
Agency
Securities
(Cost
$222,849,394)
................
201,978,701
Total
Long
Term
Investments
(Cost
$1,431,403,335)
.............................
1,339,271,645
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
141
a
a  
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.0%
†
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
November
Strike
Price
18.40
MXN,
Expires
11/01/23
.
1
67,835,000
$
258,395
258,395
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
February
Strike
Price
16.04
MXN,
Expires
2/01/24
..
1
33,918,000
33,843
33,843
Total
Options
Purchased
(Cost
$627,136)
......................................
292,238
Short
Term
Investments
10.1%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
4.6%
Germany
2.1%
d
Germany
Treasury
Bills
,
a
Reg
S,
10/18/23
................
26,962,000
EUR
28,458,167
a
Reg
S,
3/20/24
.................
3,483,000
EUR
3,618,986
32,077,153
Japan
2.5%
d
Japan
Treasury
Bills
,
2/20/24
.......
5,603,000,000
JPY
37,518,593
Total
Foreign
Government
and
Agency
Securities
(Cost
$74,107,679)
..............
69,595,746
Shares
Money
Market
Funds
5.5%
United
States
5.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
.........
83,967,005
83,967,005
Total
Money
Market
Funds
(Cost
$83,967,005)
..................................
83,967,005
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$158,074,684
)
...............................
153,562,751
a
a
a
Total
Investments
(Cost
$1,590,105,155)
98.5%
..................................
$1,493,126,634
Options
Written
(0.0)%
†
......................................................
(352,454)
Other
Assets,
less
Liabilities
1.5%
.............................................
22,758,968
Net
Assets
100.0%
...........................................................
$1,515,533,148
a
a
a
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
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(0.0)%
†
a
Puts
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
February
Strike
Price
16.76
MXN,
Expires
2/01/24
..
1
67,835,000
$
(352,454)
Total
Options
Written
(Premiums
received
$715,659)
............................
$
(352,454)
#
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
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2023,
the
aggregate
value
of
these
securities
was
$202,530,706,
representing
13.4%
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
Indian
Rupee
......
HSBK
Buy
241,380,400
2,932,933
10/05/23
$
—
$
(26,478)
Indian
Rupee
......
HSBK
Sell
241,380,400
2,905,397
10/05/23
—
(1,058)
Japanese
Yen
......
MSCO
Buy
4,678,000,000
32,799,989
10/05/23
—
(1,484,039)
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,235,864
10/10/23
—
(30,210)
Chilean
Peso
......
JPHQ
Buy
3,325,445,264
4,053,691
10/16/23
—
(322,215)
Chilean
Peso
......
JPHQ
Sell
3,325,445,264
4,063,379
10/16/23
331,904
—
South
Korean
Won
..
JPHQ
Buy
5,342,000,000
4,216,558
10/17/23
—
(263,868)
Mexican
Peso
......
CITI
Buy
106,418,000
5,019,214
10/23/23
1,065,021
—
Mexican
Peso
......
CITI
Sell
106,418,000
4,633,013
10/23/23
—
(1,451,222)
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
15,292,131
11/21/23
—
(430,130)
Japanese
Yen
......
BOFA
Buy
7,460,672,540
51,612,200
12/14/23
—
(1,074,843)
Japanese
Yen
......
DBAB
Buy
9,711,052,240
67,225,495
12/14/23
—
(1,444,440)
Japanese
Yen
......
GSCO
Buy
6,951,000,000
51,136,614
12/15/23
—
(4,042,832)
Indian
Rupee
......
HSBK
Buy
875,000,000
10,540,899
12/20/23
—
(52,808)
Indian
Rupee
......
JPHQ
Buy
1,431,342,200
17,169,376
12/20/23
—
(12,750)
Japanese
Yen
......
BNDP
Buy
14,877,674,660
102,166,254
12/20/23
—
(1,273,512)
Japanese
Yen
......
MSCO
Buy
2,196,400,000
15,084,025
12/20/23
—
(189,169)
Indian
Rupee
......
HSBK
Buy
241,380,400
2,892,793
1/08/24
—
(2,589)
Indian
Rupee
......
HSBK
Buy
242,055,750
2,903,461
2/12/24
—
(11,551)
Indian
Rupee
......
CITI
Buy
590,870,000
7,066,978
3/20/24
—
(24,146)
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
6,285,270
3/20/24
66,318
—
New
Zealand
Dollar
.
CITI
Buy
12,470,000
7,397,056
3/20/24
75,048
—
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
28,041,379
3/20/24
349,019
—
Singapore
Dollar
....
CITI
Buy
4,670,000
3,466,964
3/20/24
—
(22,732)
Singapore
Dollar
....
MSCO
Buy
10,540,000
7,818,098
3/20/24
—
(44,606)
Japanese
Yen
......
BOFA
Buy
4,218,690,870
29,571,645
3/21/24
—
(525,110)
Australian
Dollar
....
HSBK
Buy
77,360,000
50,002,023
3/25/24
30,581
—
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
At
September
30,
2023,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
171
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
MSCO
Buy
107,315,000
4,723,861
9/03/24
$
1,086,854
$
—
Mexican
Peso
......
MSCO
Sell
107,315,000
4,562,422
9/03/24
—
(1,248,294)
Total
Forward
Exchange
Contracts
...................................................
$3,004,745
$(13,978,602)
Net
unrealized
appreciation
(depreciation)
............................................
$(10,973,857)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.285%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
5/03/33
92,910,000
$
(7,987,851)
$
—
$
(7,987,851)
Receive
Fixed
3.847%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
8/31/33
39,360,000
(1,422,002)
—
(1,422,002)
Total
Interest
Rate
Swap
Contracts
...............................
$(9,409,853)
$
—
$(9,409,853)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2023
Templeton
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.5%
Aerospace
&
Defense
7.3%
BAE
Systems
plc
.....................................
United
Kingdom
620,771
$
7,542,894
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
4,599,891
12,323,867
Thales
SA
...........................................
France
44,138
6,203,001
26,069,762
Automobile
Components
3.9%
Continental
AG
.......................................
Germany
89,050
6,256,545
a
Forvia
SE
...........................................
France
109,657
2,255,919
Lear
Corp.
..........................................
United
States
40,060
5,376,052
13,888,516
Automobiles
1.4%
Honda
Motor
Co.
Ltd.
..................................
Japan
440,688
4,957,772
Banks
3.3%
Bank
of
America
Corp.
.................................
United
States
223,812
6,127,972
Lloyds
Banking
Group
plc
...............................
United
Kingdom
10,221,816
5,492,699
11,620,671
Beverages
3.4%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
154,728
8,577,122
Pernod
Ricard
SA
.....................................
France
21,969
3,657,445
12,234,567
Broadline
Retail
1.9%
a
Amazon.com,
Inc.
.....................................
United
States
54,245
6,895,624
Chemicals
2.7%
Albemarle
Corp.
......................................
United
States
21,479
3,652,289
DuPont
de
Nemours,
Inc.
...............................
United
States
79,361
5,919,537
9,571,826
Consumer
Staples
Distribution
&
Retail
3.3%
a
Dollar
Tree,
Inc.
......................................
United
States
49,112
5,227,973
Target
Corp.
.........................................
United
States
60,225
6,659,078
11,887,051
Electrical
Equipment
1.2%
Schneider
Electric
SE
..................................
United
States
26,013
4,286,536
Entertainment
2.0%
a
Walt
Disney
Co.
(The)
..................................
United
States
89,931
7,288,908
Financial
Services
1.4%
a
Jio
Financial
Services
Ltd.
...............................
India
226,945
631,899
b
Visa,
Inc.,
A
..........................................
United
States
19,335
4,447,243
5,079,142
Food
Products
2.1%
Danone
SA
..........................................
France
136,707
7,540,094
Ground
Transportation
2.4%
Union
Pacific
Corp.
....................................
United
States
41,345
8,419,082
Health
Care
Equipment
&
Supplies
2.4%
Medtronic
plc
........................................
United
States
108,405
8,494,616
Health
Care
Providers
&
Services
5.4%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
155,554
6,687,257
HCA
Healthcare,
Inc.
...................................
United
States
14,467
3,558,593
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
145
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
18,092
$
9,121,805
19,367,655
Hotels,
Restaurants
&
Leisure
4.6%
a
Booking
Holdings,
Inc.
.................................
United
States
1,269
3,913,532
Compass
Group
plc
...................................
United
Kingdom
163,269
3,973,902
Hyatt
Hotels
Corp.,
A
...................................
United
States
31,733
3,366,237
Starbucks
Corp.
......................................
United
States
57,926
5,286,906
16,540,577
Household
Durables
1.8%
Sony
Group
Corp.
.....................................
Japan
78,890
6,451,492
Industrial
Conglomerates
1.8%
Hitachi
Ltd.
..........................................
Japan
45,893
2,844,432
Honeywell
International,
Inc.
.............................
United
States
19,685
3,636,607
6,481,039
Insurance
1.4%
AIA
Group
Ltd.
.......................................
Hong
Kong
629,414
5,090,326
Interactive
Media
&
Services
3.6%
a
Alphabet,
Inc.,
A
......................................
United
States
99,694
13,045,957
IT
Services
1.6%
a
DXC
Technology
Co.
...................................
United
States
269,858
5,621,142
Leisure
Products
1.0%
a
YETI
Holdings,
Inc.
....................................
United
States
71,963
3,470,056
Life
Sciences
Tools
&
Services
1.7%
a
ICON
plc
............................................
United
States
25,226
6,211,903
Machinery
1.4%
Komatsu
Ltd.
........................................
Japan
181,508
4,895,642
Media
2.5%
Comcast
Corp.,
A
.....................................
United
States
204,797
9,080,699
Oil,
Gas
&
Consumable
Fuels
6.2%
BP
plc
..............................................
United
Kingdom
1,596,565
10,290,511
Reliance
Industries
Ltd.
.................................
India
226,945
6,390,043
Shell
plc
............................................
Netherlands
170,389
5,399,904
22,080,458
Personal
Care
Products
2.5%
Unilever
plc
..........................................
United
Kingdom
182,503
9,034,819
Pharmaceuticals
4.4%
Bayer
AG
...........................................
Germany
153,171
7,355,600
Johnson
&
Johnson
...................................
United
States
52,900
8,239,175
15,594,775
Professional
Services
1.1%
Adecco
Group
AG
.....................................
Switzerland
97,379
3,999,442
Semiconductors
&
Semiconductor
Equipment
5.9%
Applied
Materials,
Inc.
..................................
United
States
20,874
2,890,005
Infineon
Technologies
AG
...............................
Germany
186,980
6,192,625
Micron
Technology,
Inc.
.................................
United
States
99,633
6,778,033
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
60,390
5,247,891
21,108,554
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.
146
See
Abbreviations
on
page
170.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
2.0%
Microsoft
Corp.
.......................................
United
States
10,471
$
3,306,218
SAP
SE
............................................
Germany
28,666
3,710,410
7,016,628
Specialty
Retail
4.1%
b
Nitori
Holdings
Co.
Ltd.
.................................
Japan
51,070
5,694,265
TJX
Cos.,
Inc.
(The)
...................................
United
States
100,564
8,938,128
14,632,393
Technology
Hardware,
Storage
&
Peripherals
2.8%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
199,337
10,054,249
Total
Common
Stocks
(Cost
$305,782,316)
.....................................
338,011,973
Short
Term
Investments
4.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.8%
Royal
Bank
of
Canada,
5.3%,
10/02/23
.....................
Canada
17,000,000
17,000,000
Total
Time
Deposits
(Cost
$17,000,000)
........................................
17,000,000
Total
Short
Term
Investments
(Cost
$17,000,000
)
................................
17,000,000
a
Total
Investments
(Cost
$322,782,316)
99.3%
...................................
$355,011,973
Other
Assets,
less
Liabilities
0.7%
.............................................
2,556,027
Net
Assets
100.0%
...........................................................
$357,568,000
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2023.
Franklin
Templeton
Variable
Insurance
Products
Trust
147
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds
(Funds).
The
Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Shares
of
the
Funds
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in repurchase
agreements
and
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
148
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
September
30,
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
September
30,
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
$
12,713
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$281,629
$12,713
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
1,730,515
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,149,241
$
51,877
2,039
Wayne
Services
Legacy,
Inc.
...................
1/22/20
—
—
643,835
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
5,263,806
5,797,752
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
..............
$6,413,047
$5,849,629
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
149
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
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended September
30,
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
$
478,822
195,400
Blaize
Inc
..................................
8/23/23
195,400
195,400
64,369
Blaize,
Inc.,
10%,
12/09/24
.....................
1/19/23
64,368
64,375
1
Blaize,
Inc.,
12/09/25
.........................
1/19/23
6
—
1
Blaize,
Inc.,
8/23/33
..........................
8/23/23
—
—
8,275
Blaize,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
—
—
206,272
Blaize,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,154,000
323,100
26,474
Blaize,
Inc.,
D,
2/28/24
........................
3/01/21
-
11/09/21
—
—
82,758
Blaize,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
399,999
61,717
25,878
Databricks,
Inc.,
G
...........................
2/01/21
1,529,975
1,902,033
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
6,372,647
48,915
Newsela,
Inc.,
D
.............................
1/21/21
1,034,807
864,362
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,242
1,233,727
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$9,814,446
$11,496,183
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
14,792,309
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
114,768
$
—
1,472,041
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$115,861
$—
*
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
September
30,
2023.
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
150
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
September
30,
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
Non-Controlled
Affiliates
Dividends
Franklin
Income
VIP
Fund,
Class
1
.....................
$13,893,295
$1,494,509
$(1,345,400)
$(125,470)
$(1,203,846)
$12,713,088
918,576
$1,494,507
Franklin
U.S.
Core
Bond
ETF
..
27,245,261
—
(2,134,325)
(499,363)
(303,634)
24,307,939
1,185,175
582,445
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
5,320,470
24,185,915
(25,691,808)
—
—
3,814,577
3,814,577
141,678
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
...........
$13,168,638
$424,049
$(1,054,945)
$(324,005)
$(365,059)
$11,848,678
1,337,323
$425,407
Total
Affiliated
Securities
...
$59,627,664
$26,104,473
$(30,226,478)
$(948,838)
$(1,872,539)
$52,684,282
$2,644,037
    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,
5.019%
$15,109,675
$47,496,215
$(48,358,552)
$—
$—
$14,247,338
14,247,338
$485,846
Western
Asset
Premier
Institutional
Government
Reserves,
Class
Premium,
5.27%
.................
105,090
11,464,263
(11,569,353)
—
—
—
—
17,806
Western
Asset
Premier
Institutional
U.S.
Treasury
Reserves,
Class
Premium,
5.26%
.................
633,433
4,206,404
(4,839,837)
—
—
—
—
26,703
Total
Affiliated
Securities
...
$15,848,198
$63,166,882
$(64,767,742)
$—
$—
$14,247,338
$530,355
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$3,506,161
$32,843,791
$(34,676,678)
$—
$—
$1,673,274
1,673,274
$97,631
4.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
151
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,
5.019%
$28,168
$579,995
$(608,163)
$—
$—
$—
—
$835
Total
Affiliated
Securities
...
$3,534,329
$33,423,786
$(35,284,841)
$—
$—
$1,673,274
$98,466
Franklin
Global
Real
Estate
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$—
$4,231,000
$(4,231,000)
$—
$—
$—
—
$10,301
Total
Affiliated
Securities
...
$—
$4,231,000
$(4,231,000)
$—
$—
$—
$10,301
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$—
$1,863,000
$(1,863,000)
$—
$—
$—
—
$1,211
Total
Affiliated
Securities
...
$—
$1,863,000
$(1,863,000)
$—
$—
$—
$1,211
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$46,402,687
$532,722,401
$(539,520,291)
$—
$—
$39,604,797
39,604,797
$1,763,151
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$11,170,000
$37,369,000
$(48,539,000)
$—
$—
$—
—
$194,437
Total
Affiliated
Securities
...
$57,572,687
$570,091,401
$(588,059,291)
$—
$—
$39,604,797
$1,957,588
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
152
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,
5.019%
$578,000
$3,480,000
$(4,058,000)
$—
$—
$—
—
$7,948
Total
Affiliated
Securities
...
$578,000
$3,480,000
$(4,058,000)
$—
$—
$—
$7,948
Franklin
Mutual
Global
Discovery
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$—
$15,286,000
$(15,286,000)
$—
$—
$—
—
$12,029
Total
Affiliated
Securities
...
$—
$15,286,000
$(15,286,000)
$—
$—
$—
$12,029
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$61,564,833
$88,896,947
$(113,930,965)
$—
$—
$36,530,815
36,530,815
$1,833,984
Total
Affiliated
Securities
...
$61,564,833
$88,896,947
$(113,930,965)
$—
$—
$36,530,815
$1,833,984
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$42,407,898
$200,727,108
$(225,759,991)
$—
$—
$17,375,015
17,375,015
$990,046
Total
Affiliated
Securities
...
$42,407,898
$200,727,108
$(225,759,991)
$—
$—
$17,375,015
$990,046
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$23,592,470
$62,790,635
$(66,097,540)
$—
$—
$20,285,565
20,285,565
$743,149
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$204,218
$7,822,611
$(6,834,329)
$—
$—
$1,192,500
1,192,500
$8,147
Total
Affiliated
Securities
...
$23,796,688
$70,613,246
$(72,931,869)
$—
$—
$21,478,065
$751,296
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$18,501,151
$—
$(7,829,429)
$(1,336,728)
$1,817,045
$11,152,039
1,392,265
$961,112
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
18,252,570
47,712,163
(60,185,508)
—
—
5,779,225
5,779,225
554,256
Total
Affiliated
Securities
...
$36,753,721
$47,712,163
$(68,014,937)
$(1,336,728)
$1,817,045
$16,931,264
$1,515,368
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$6,418,109
$38,274,922
$(39,480,808)
$—
$—
$5,212,223
5,212,223
$308,203
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$—
$2,264,910
$(2,254,760)
$—
$—
$10,150
10,150
$1,119
Total
Affiliated
Securities
...
$6,418,109
$40,539,832
$(41,735,568)
$—
$—
$5,222,373
$309,322
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$35,603,799
$140,841,236
$(101,048,693)
$—
$—
$75,396,342
75,396,342
$1,607,315
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
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
September
30,
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
Foreign
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$10,342,950
$60,122,703
$(70,465,653)
$—
$—
$—
—
$49,858
Total
Affiliated
Securities
...
$45,946,749
$200,963,939
$(171,514,346)
$—
$—
$75,396,342
$1,657,173
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$154,512,860
$742,732,364
$(813,278,219)
$—
$—
$83,967,005
83,967,005
$3,812,887
Total
Affiliated
Securities
...
$154,512,860
$742,732,364
$(813,278,219)
$—
$—
$83,967,005
$3,812,887
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$2,240,460
$1,708,850
$(3,949,310)
$—
$—
$—
—
$1,331
Total
Affiliated
Securities
...
$2,240,460
$1,708,850
$(3,949,310)
$—
$—
$—
$1,331
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
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
4,769,002
$
2,731,295
$
—
$
7,500,297
Air
Freight
&
Logistics
...................
2,068,626
1,299,850
—
3,368,476
Automobile
Components
.................
409,149
2,126,068
—
2,535,217
Automobiles
..........................
2,398,709
2,345,420
—
4,744,129
Banks
...............................
8,493,353
8,336,118
—
16,829,471
Beverages
...........................
4,394,269
491,352
—
4,885,621
Biotechnology
.........................
4,915,690
2,121,818
—
7,037,508
Broadline
Retail
.......................
7,678,846
2,077,313
—
9,756,159
Building
Products
......................
1,224,042
712,782
—
1,936,824
Capital
Markets
........................
5,514,350
4,522,325
—
10,036,675
Chemicals
...........................
5,717,361
3,313,813
—
9,031,174
Commercial
Services
&
Supplies
...........
300,364
82,652
—
383,016
Communications
Equipment
..............
3,187,799
75,966
—
3,263,765
Construction
&
Engineering
...............
183,250
277,071
—
460,321
Construction
Materials
..................
1,300,401
858,313
—
2,158,714
Consumer
Finance
.....................
2,126,958
—
—
2,126,958
Consumer
Staples
Distribution
&
Retail
......
2,291,613
642,082
—
2,933,695
Containers
&
Packaging
.................
146,794
1,503,417
—
1,650,211
Diversified
Consumer
Services
............
97,832
47,981
—
145,813
Diversified
REITs
......................
—
110,116
—
110,116
Diversified
Telecommunication
Services
.....
—
745,648
—
745,648
Electric
Utilities
........................
2,589,157
550,365
—
3,139,522
Electrical
Equipment
....................
2,557,279
851,155
—
3,408,434
Electronic
Equipment,
Instruments
&
Components
..........................
3,304,952
329,324
—
3,634,276
Energy
Equipment
&
Services
.............
83,211
878,967
—
962,178
Entertainment
.........................
2,221,673
1,221,081
—
3,442,754
Financial
Services
......................
9,585,510
1,482,283
—
11,067,793
Food
Products
........................
756,219
965,431
—
1,721,650
Gas
Utilities
..........................
77,329
233,536
—
310,865
Ground
Transportation
..................
3,118,926
100,454
—
3,219,380
Health
Care
Equipment
&
Supplies
.........
6,906,972
3,730,945
—
10,637,917
Health
Care
Providers
&
Services
..........
9,651,288
117,921
—
9,769,209
Health
Care
REITs
.....................
80,711
—
—
80,711
Health
Care
Technology
.................
142,415
38,093
—
180,508
Hotels,
Restaurants
&
Leisure
.............
2,267,677
1,748,773
—
4,016,450
Household
Durables
....................
1,329,671
1,994,311
—
3,323,982
Household
Products
....................
802,705
—
—
802,705
Independent
Power
and
Renewable
Electricity
Producers
............................
220,912
52,745
—
273,657
Industrial
Conglomerates
................
964,438
1,001,496
—
1,965,934
Industrial
REITs
.......................
218,869
201,364
—
420,233
Insurance
............................
5,311,575
2,625,173
—
7,936,748
Interactive
Media
&
Services
..............
10,075,717
107,208
—
10,182,925
IT
Services
...........................
2,386,074
1,274,957
—
3,661,031
Leisure
Products
.......................
104,869
85,433
—
190,302
Life
Sciences
Tools
&
Services
............
4,086,858
1,580,575
—
5,667,433
Machinery
............................
5,392,849
1,876,173
—
7,269,022
Marine
Transportation
...................
—
193,956
—
193,956
Media
...............................
4,659,542
365,829
—
5,025,371
Metals
&
Mining
.......................
1,777,969
1,716,473
—
3,494,442
Multi-Utilities
..........................
2,988,104
285,476
—
3,273,580
Oil,
Gas
&
Consumable
Fuels
.............
9,175,513
6,142,360
—
15,317,873
Paper
&
Forest
Products
.................
—
99,466
—
99,466
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Passenger
Airlines
.....................
$
181,086
$
80,336
$
—
$
261,422
Personal
Care
Products
.................
1,496,367
1,017,767
—
2,514,134
Pharmaceuticals
.......................
7,272,585
6,196,700
—
13,469,285
Professional
Services
...................
1,198,117
2,226,413
—
3,424,530
Real
Estate
Management
&
Development
....
—
539,325
—
539,325
Retail
REITs
..........................
112,067
111,453
—
223,520
Semiconductors
&
Semiconductor
Equipment
.
16,673,956
4,571,873
—
21,245,829
Software
.............................
26,714,912
720,833
—
27,435,745
Specialized
REITs
......................
2,705,914
—
—
2,705,914
Specialty
Retail
........................
2,523,290
507,943
—
3,031,233
Technology
Hardware,
Storage
&
Peripherals
.
8,823,753
1,922,369
—
10,746,122
Textiles,
Apparel
&
Luxury
Goods
..........
1,326,370
1,518,900
—
2,845,270
Tobacco
.............................
—
993,018
—
993,018
Trading
Companies
&
Distributors
..........
1,507,967
1,469,119
—
2,977,086
Transportation
Infrastructure
..............
—
70,420
—
70,420
Water
Utilities
.........................
272,951
—
—
272,951
Wireless
Telecommunication
Services
.......
—
453,050
—
453,050
Management
Investment
Companies
.........
10,453,854
—
—
10,453,854
Preferred
Stocks
.........................
—
272,297
—
272,297
Rights
.................................
—
—
—
a
—
Limited
Partnerships
......................
1,939,821
—
—
1,939,821
Corporate
Bonds
........................
—
59,161,788
—
59,161,788
Foreign
Government
and
Agency
Securities
....
—
7,300,860
—
7,300,860
U.S.
Government
and
Agency
Securities
.......
—
93,079,575
—
93,079,575
Asset-Backed
Securities
...................
—
3,876,550
—
3,876,550
Commercial
Mortgage-Backed
Securities
......
—
3,577,163
—
3,577,163
Mortgage-Backed
Securities
................
—
28,868,017
—
28,868,017
Municipal
Bonds
.........................
—
1,102,730
—
1,102,730
Residential
Mortgage-Backed
Securities
.......
—
1,325,520
—
1,325,520
Options
purchased
.......................
4,156
—
—
4,156
Short
Term
Investments
...................
17,516,047
—
—
17,516,047
Total
Investments
in
Securities
...........
$250,780,605
$287,236,742
b
$—
$538,017,347
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$78,191
$—
$78,191
Futures
contracts
........................
833,391
—
—
833,391
Swap
contracts
.........................
—
303,317
—
303,317
Total
Other
Financial
Instruments
.........
$833,391
$381,508
$—
$1,214,899
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
13,680
$
—
$
—
$
13,680
Forward
exchange
contracts
................
—
156,838
—
156,838
Futures
contracts
........................
821,661
—
—
821,661
Swap
contracts
..........................
—
52,953
—
52,953
Total
Other
Financial
Instruments
.........
$835,341
$209,791
$—
$1,045,132
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,540,680
—
—
1,540,680
Automobile
Components
.................
164,455
—
—
164,455
Automobiles
..........................
4,307,037
—
—
4,307,037
Biotechnology
.........................
191,473
995,695
—
1,187,168
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Broadline
Retail
.......................
$
10,479,958
$
—
$
—
$
10,479,958
Capital
Markets
........................
2,444,662
—
—
2,444,662
Communications
Equipment
..............
96,011
—
—
96,011
Construction
&
Engineering
...............
1,389,369
—
—
1,389,369
Diversified
Consumer
Services
............
142,151
—
—
142,151
Electric
Utilities
........................
910,395
—
—
910,395
Electrical
Equipment
....................
312,968
—
—
312,968
Electronic
Equipment,
Instruments
&
Components
..........................
287,750
765,326
—
1,053,076
Energy
Equipment
&
Services
.............
2,122,048
—
—
2,122,048
Financial
Services
......................
6,198,247
462,633
—
6,660,880
Ground
Transportation
..................
1,016,885
—
—
1,016,885
Health
Care
Equipment
&
Supplies
.........
5,909,510
—
—
5,909,510
Health
Care
Providers
&
Services
..........
1,836,566
—
—
1,836,566
Health
Care
Technology
.................
627,643
—
—
627,643
Hotels,
Restaurants
&
Leisure
.............
765,647
—
—
765,647
Interactive
Media
&
Services
..............
6,958,650
—
—
6,958,650
IT
Services
...........................
4,254,587
—
—
4,254,587
Life
Sciences
Tools
&
Services
............
6,299,325
—
—
6,299,325
Media
...............................
159,582
—
—
159,582
Pharmaceuticals
.......................
2,614,673
—
—
2,614,673
Professional
Services
...................
1,175,142
—
—
1,175,142
Semiconductors
&
Semiconductor
Equipment
.
25,227,095
701,105
—
25,928,200
Software
.............................
39,864,904
93,630
—
39,958,534
Technology
Hardware,
Storage
&
Peripherals
.
2,904,064
—
—
2,904,064
Trading
Companies
&
Distributors
..........
131,519
—
—
131,519
Warrants
...............................
—
—
—
a
—
Short
Term
Investments
...................
1,673,274
—
—
1,673,274
Total
Investments
in
Securities
...........
$132,006,270
$3,018,389
c
$—
$135,024,659
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
REITs
......................
390,605
864,471
—
1,255,076
Diversified
Telecommunication
Services
.....
—
651,262
—
651,262
Health
Care
Providers
&
Services
..........
867,552
—
—
867,552
Health
Care
REITs
.....................
6,945,601
768,661
—
7,714,262
Hotel
&
Resort
REITs
...................
2,376,727
955,024
—
3,331,751
Industrial
REITs
.......................
11,748,441
5,425,111
—
17,173,552
Office
REITs
..........................
2,332,676
4,678,248
—
7,010,924
Real
Estate
Management
&
Development
....
731,891
12,910,570
—
13,642,461
Residential
REITs
......................
14,870,164
1,306,669
—
16,176,833
Retail
REITs
..........................
10,196,507
5,018,458
—
15,214,965
Specialized
REITs
......................
14,225,893
1,348,697
—
15,574,590
Short
Term
Investments
...................
—
402,141
—
402,141
Total
Investments
in
Securities
...........
$64,686,057
$34,329,312
d
$—
$99,015,369
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,142,020
—
—
1,142,020
Air
Freight
&
Logistics
...................
904,046
—
—
904,046
6. Fair
Value
Measurements 
(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
Growth
and
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Banks
...............................
$
2,830,476
$
—
$
—
$
2,830,476
Beverages
...........................
1,501,097
—
—
1,501,097
Capital
Markets
........................
3,371,456
—
—
3,371,456
Chemicals
...........................
129,271
258,904
—
388,175
Commercial
Services
&
Supplies
...........
88,356
—
—
88,356
Communications
Equipment
..............
972,518
—
—
972,518
Consumer
Finance
.....................
114,876
—
—
114,876
Consumer
Staples
Distribution
&
Retail
......
1,008,056
—
—
1,008,056
Diversified
Telecommunication
Services
.....
86,545
—
—
86,545
Electric
Utilities
........................
1,785,520
—
—
1,785,520
Electrical
Equipment
....................
945,657
—
—
945,657
Electronic
Equipment,
Instruments
&
Components
..........................
441,620
—
—
441,620
Financial
Services
......................
492,782
—
—
492,782
Food
Products
........................
419,176
—
—
419,176
Ground
Transportation
..................
489,962
—
—
489,962
Health
Care
Equipment
&
Supplies
.........
1,627,883
—
—
1,627,883
Health
Care
Providers
&
Services
..........
1,751,695
—
—
1,751,695
Health
Care
REITs
.....................
396,998
—
—
396,998
Hotels,
Restaurants
&
Leisure
.............
486,047
—
—
486,047
Household
Products
....................
1,245,644
—
—
1,245,644
Industrial
REITs
.......................
113,332
—
—
113,332
Insurance
............................
98,010
—
—
98,010
Life
Sciences
Tools
&
Services
............
1,007,008
—
—
1,007,008
Machinery
............................
496,232
—
—
496,232
Media
...............................
530,528
—
—
530,528
Oil,
Gas
&
Consumable
Fuels
.............
4,625,483
—
—
4,625,483
Pharmaceuticals
.......................
2,448,292
—
—
2,448,292
Residential
REITs
......................
479,221
—
—
479,221
Semiconductors
&
Semiconductor
Equipment
.
1,484,621
—
—
1,484,621
Software
.............................
1,086,739
—
—
1,086,739
Specialty
Retail
........................
896,688
—
—
896,688
Trading
Companies
&
Distributors
..........
268,965
—
—
268,965
Water
Utilities
.........................
265,680
—
—
265,680
Equity-Linked
Securities
...................
—
3,959,392
—
3,959,392
Convertible
Preferred
Stocks
................
971,949
—
—
971,949
Short
Term
Investments
...................
—
2,049,363
—
2,049,363
Total
Investments
in
Securities
...........
$37,004,449
$6,267,659
e
$—
$43,272,108
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
745,860,249
—
—
745,860,249
Equity-Linked
Securities
...................
—
341,157,024
—
341,157,024
Convertible
Preferred
Stocks
................
2,755,000
—
—
2,755,000
Corporate
Bonds
........................
—
1,487,192,022
—
1,487,192,022
U.S.
Government
and
Agency
Securities
.......
—
363,428,867
—
363,428,867
Asset-Backed
Securities
...................
—
12,926,041
—
12,926,041
Mortgage-Backed
Securities
................
—
1,335,400
—
1,335,400
Short
Term
Investments
...................
39,604,797
—
—
39,604,797
Total
Investments
in
Securities
...........
$788,220,046
$2,206,039,354
$—
$2,994,259,400
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
Income
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$4,850,165
$—
$—
$4,850,165
..............................................................
Total
Other
Financial
Instruments
.........
$4,850,165
$—
$—
$4,850,165
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
82,887,841
—
—
82,887,841
Short
Term
Investments
...................
—
523,167
—
523,167
Total
Investments
in
Securities
...........
$82,887,841
$523,167
$—
$83,411,008
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
6,207,465
—
6,207,465
Air
Freight
&
Logistics
...................
6,137,849
—
—
6,137,849
Automobile
Components
.................
—
7,235,778
12,713
7,248,491
Automobiles
..........................
7,531,865
—
—
7,531,865
Banks
...............................
7,287,255
16,409,314
—
23,696,569
Biotechnology
.........................
3,706,823
—
—
3,706,823
Building
Products
......................
6,580,002
—
—
6,580,002
Capital
Markets
........................
6,536,014
—
—
6,536,014
Chemicals
...........................
—
7,792,159
—
7,792,159
Consumer
Finance
.....................
7,246,723
—
—
7,246,723
Consumer
Staples
Distribution
&
Retail
......
—
7,521,555
—
7,521,555
Diversified
Telecommunication
Services
.....
—
11,025,748
—
11,025,748
Electrical
Equipment
....................
—
5,005,346
—
5,005,346
Energy
Equipment
&
Services
.............
7,727,140
—
—
7,727,140
Entertainment
.........................
14,213,098
—
—
14,213,098
Financial
Services
......................
23,830,504
—
—
23,830,504
Food
Products
........................
8,095,029
7,522,554
—
15,617,583
Health
Care
Equipment
&
Supplies
.........
8,687,303
—
—
8,687,303
Health
Care
Providers
&
Services
..........
24,776,229
8,988,436
—
33,764,665
Household
Durables
....................
2,383,577
—
—
2,383,577
Household
Products
....................
—
7,604,615
—
7,604,615
Industrial
Conglomerates
................
—
6,624,222
—
6,624,222
Insurance
............................
11,145,563
7,300,650
—
18,446,213
Interactive
Media
&
Services
..............
4,017,410
—
—
4,017,410
IT
Services
...........................
—
7,745,587
—
7,745,587
Machinery
............................
5,748,926
—
—
5,748,926
Media
...............................
10,580,750
—
—
10,580,750
Metals
&
Mining
.......................
—
6,391,814
—
6,391,814
Oil,
Gas
&
Consumable
Fuels
.............
8,318,398
18,748,679
—
27,067,077
Personal
Care
Products
.................
—
8,767,376
—
8,767,376
Pharmaceuticals
.......................
19,967,053
9,089,922
—
29,056,975
Real
Estate
Management
&
Development
....
7,008,206
—
—
7,008,206
Semiconductors
&
Semiconductor
Equipment
.
—
5,074,527
—
5,074,527
Software
.............................
7,012,660
—
—
7,012,660
Technology
Hardware,
Storage
&
Peripherals
.
—
7,688,736
—
7,688,736
Textiles,
Apparel
&
Luxury
Goods
..........
1,718,348
2,962,703
—
4,681,051
Tobacco
.............................
—
7,752,927
—
7,752,927
Trading
Companies
&
Distributors
..........
15,962,549
—
—
15,962,549
Corporate
Bonds
........................
—
2,807,976
—
2,807,976
Senior
Floating
Rate
Interests
...............
—
5,780,038
—
5,780,038
Companies
in
Liquidation
..................
—
—
—
a
—
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
Mutual
Global
Discovery
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
—
$
8,294,416
$
—
$
8,294,416
Total
Investments
in
Securities
...........
$226,219,274
$190,342,543
g
$12,713
$416,574,530
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$1,182,950
$—
$1,182,950
Futures
contracts
........................
155,784
—
—
155,784
Total
Other
Financial
Instruments
.........
$155,784
$1,182,950
$—
$1,338,734
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$42,507
$—
$42,507
..............................................................
Total
Other
Financial
Instruments
.........
$—
$42,507
$—
$42,507
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
35,512,174
—
—
35,512,174
Automobile
Components
.................
—
—
51,877
51,877
Automobiles
..........................
35,533,385
—
—
35,533,385
Banks
...............................
102,455,156
—
—
102,455,156
Biotechnology
.........................
19,261,922
—
—
19,261,922
Building
Products
......................
40,624,930
—
—
40,624,930
Capital
Markets
........................
33,523,739
—
—
33,523,739
Construction
&
Engineering
...............
10,349,256
—
—
10,349,256
Consumer
Finance
.....................
34,516,318
—
—
34,516,318
Containers
&
Packaging
.................
37,370,057
—
—
37,370,057
Diversified
Telecommunication
Services
.....
—
—
5,797,752
5,797,752
Electronic
Equipment,
Instruments
&
Components
..........................
40,519,724
—
—
40,519,724
Energy
Equipment
&
Services
.............
40,103,112
—
—
40,103,112
Entertainment
.........................
91,965,096
—
—
91,965,096
Financial
Services
......................
134,033,753
—
—
134,033,753
Food
Products
........................
48,481,228
—
—
48,481,228
Health
Care
Equipment
&
Supplies
.........
70,593,032
—
—
70,593,032
Health
Care
Providers
&
Services
..........
119,329,176
—
—
119,329,176
Household
Durables
....................
31,131,480
—
—
31,131,480
Insurance
............................
70,843,150
—
—
70,843,150
Interactive
Media
&
Services
..............
27,229,647
—
—
27,229,647
Machinery
............................
29,225,296
—
—
29,225,296
Media
...............................
93,121,213
—
—
93,121,213
Metals
&
Mining
.......................
11,043,200
—
—
11,043,200
Oil,
Gas
&
Consumable
Fuels
.............
98,314,955
41,338,589
—
139,653,544
Personal
Care
Products
.................
33,340,932
—
—
33,340,932
Pharmaceuticals
.......................
88,386,094
42,841,331
—
131,227,425
Professional
Services
...................
66,319,156
—
—
66,319,156
Real
Estate
Management
&
Development
....
46,847,256
—
—
46,847,256
Retail
REITs
..........................
42,481,344
—
—
42,481,344
Software
.............................
59,422,690
—
—
59,422,690
Specialty
Retail
........................
—
—
—
a
—
Textiles,
Apparel
&
Luxury
Goods
..........
23,946,507
—
—
23,946,507
Tobacco
.............................
—
39,195,830
—
39,195,830
Trading
Companies
&
Distributors
..........
32,790,055
—
—
32,790,055
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
Mutual
Shares
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Wireless
Telecommunication
Services
.......
$
41,391,497
$
—
$
—
$
41,391,497
Corporate
Bonds
........................
—
39,760,921
—
39,760,921
Senior
Floating
Rate
Interests
...............
—
55,512,911
—
55,512,911
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
73,500,000
—
73,500,000
Total
Investments
in
Securities
...........
$1,690,006,530
$292,149,582
h
$5,849,629
$1,988,005,741
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$467,365
$—
$467,365
Futures
contracts
........................
234,848
—
—
234,848
Total
Other
Financial
Instruments
.........
$234,848
$467,365
$—
$702,213
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$5,436,427
$—
$—
$5,436,427
Forward
exchange
contracts
................
—
22,495
—
22,495
Total
Other
Financial
Instruments
.........
$5,436,427
$22,495
$—
$5,458,922
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
1,303,926,154
—
—
1,303,926,154
Short
Term
Investments
...................
36,530,815
—
—
36,530,815
Total
Investments
in
Securities
...........
$1,340,456,969
$—
$—
$1,340,456,969
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
12,822,669
24,380,576
—
37,203,245
Automobile
Components
.................
42,296,651
—
—
42,296,651
Banks
...............................
123,617,894
—
—
123,617,894
Building
Products
......................
56,727,781
—
—
56,727,781
Capital
Markets
........................
7,992,341
—
—
7,992,341
Chemicals
...........................
30,090,310
15,361,424
—
45,451,734
Commercial
Services
&
Supplies
...........
6,561,519
—
—
6,561,519
Communications
Equipment
..............
12,962,666
—
—
12,962,666
Construction
&
Engineering
...............
30,244,945
—
—
30,244,945
Construction
Materials
..................
980,163
—
—
980,163
Consumer
Finance
.....................
4,912,488
—
—
4,912,488
Diversified
REITs
......................
9,693,262
—
—
9,693,262
Electric
Utilities
........................
4,720,147
—
—
4,720,147
Electrical
Equipment
....................
11,967,343
—
—
11,967,343
Electronic
Equipment,
Instruments
&
Components
..........................
32,901,836
—
—
32,901,836
Energy
Equipment
&
Services
.............
27,724,030
—
—
27,724,030
Food
Products
........................
42,382,882
—
—
42,382,882
Health
Care
Equipment
&
Supplies
.........
28,979,348
—
—
28,979,348
Hotel
&
Resort
REITs
...................
12,917,867
—
—
12,917,867
Hotels,
Restaurants
&
Leisure
.............
47,633,972
—
—
47,633,972
Household
Durables
....................
7,892,728
—
—
7,892,728
Industrial
REITs
.......................
2,655,648
—
—
2,655,648
Insurance
............................
67,555,359
—
—
67,555,359
Leisure
Products
.......................
40,476,710
—
—
40,476,710
Machinery
............................
30,459,497
—
—
30,459,497
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
Small
Cap
Value
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Metals
&
Mining
.......................
$
10,996,027
$
—
$
—
$
10,996,027
Multi-Utilities
..........................
3,104,455
—
—
3,104,455
Office
REITs
..........................
12,089,496
—
—
12,089,496
Oil,
Gas
&
Consumable
Fuels
.............
60,575,423
—
—
60,575,423
Paper
&
Forest
Products
.................
10,220,252
—
—
10,220,252
Professional
Services
...................
12,516,272
—
—
12,516,272
Real
Estate
Management
&
Development
....
3,619,881
—
—
3,619,881
Semiconductors
&
Semiconductor
Equipment
.
31,957,090
—
—
31,957,090
Software
.............................
34,719,163
—
—
34,719,163
Specialty
Retail
........................
7,781,773
—
—
7,781,773
Textiles,
Apparel
&
Luxury
Goods
..........
7,689,203
6,214,255
—
13,903,458
Trading
Companies
&
Distributors
..........
52,044,096
—
—
52,044,096
Short
Term
Investments
...................
17,375,015
—
—
17,375,015
Total
Investments
in
Securities
...........
$961,858,202
$45,956,255
i
$—
$1,007,814,457
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
10,598,074
—
—
10,598,074
Automobile
Components
.................
1,695,240
—
—
1,695,240
Beverages
...........................
1,973,400
—
—
1,973,400
Biotechnology
.........................
10,889,749
—
—
10,889,749
Building
Products
......................
6,898,940
—
—
6,898,940
Capital
Markets
........................
26,164,349
—
—
26,164,349
Chemicals
...........................
3,060,720
—
—
3,060,720
Commercial
Services
&
Supplies
...........
4,745,583
—
—
4,745,583
Communications
Equipment
..............
6,088,083
—
—
6,088,083
Containers
&
Packaging
.................
3,635,133
—
—
3,635,133
Electrical
Equipment
....................
5,777,894
—
—
5,777,894
Electronic
Equipment,
Instruments
&
Components
..........................
6,344,389
—
—
6,344,389
Energy
Equipment
&
Services
.............
2,336,850
—
—
2,336,850
Entertainment
.........................
4,005,168
—
—
4,005,168
Financial
Services
......................
4,866,383
—
—
4,866,383
Food
Products
........................
5,766,234
—
—
5,766,234
Ground
Transportation
..................
5,912,073
—
—
5,912,073
Health
Care
Equipment
&
Supplies
.........
21,880,207
—
—
21,880,207
Health
Care
Providers
&
Services
..........
2,797,815
—
—
2,797,815
Health
Care
Technology
.................
7,232,961
—
—
7,232,961
Hotels,
Restaurants
&
Leisure
.............
16,933,161
—
—
16,933,161
Household
Durables
....................
2,874,311
—
—
2,874,311
Industrial
REITs
.......................
2,791,720
—
—
2,791,720
Insurance
............................
3,145,434
—
—
3,145,434
Interactive
Media
&
Services
..............
9,337,770
—
—
9,337,770
IT
Services
...........................
14,058,928
—
—
14,058,928
Leisure
Products
.......................
—
—
6,372,647
6,372,647
Life
Sciences
Tools
&
Services
............
23,307,848
—
—
23,307,848
Machinery
............................
6,065,676
—
—
6,065,676
Media
...............................
1,376,080
—
—
1,376,080
Oil,
Gas
&
Consumable
Fuels
.............
11,202,860
—
—
11,202,860
Passenger
Airlines
.....................
3,096,900
—
—
3,096,900
Personal
Care
Products
.................
4,760,133
—
—
4,760,133
Pharmaceuticals
.......................
3,481,936
—
—
3,481,936
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
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Professional
Services
...................
$
20,967,992
$
—
$
—
$
20,967,992
Residential
REITs
......................
3,746,148
—
—
3,746,148
Semiconductors
&
Semiconductor
Equipment
.
15,087,305
—
—
15,087,305
Software
.............................
44,479,021
—
—
44,479,021
Specialized
REITs
......................
2,913,875
—
—
2,913,875
Specialty
Retail
........................
19,034,653
—
—
19,034,653
Textiles,
Apparel
&
Luxury
Goods
..........
3,316,246
—
—
3,316,246
Trading
Companies
&
Distributors
..........
5,797,304
—
—
5,797,304
Convertible
Preferred
Stocks
................
—
—
4,863,761
4,863,761
Warrants
...............................
—
—
—
a
—
Convertible
Bonds
.......................
—
—
195,400
195,400
Corporate
Bonds
........................
—
—
64,375
64,375
Short
Term
Investments
...................
21,478,065
—
—
21,478,065
Total
Investments
in
Securities
...........
$381,922,611
$—
$11,496,183
$393,418,794
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Media
...............................
59,812
—
—
59,812
Oil,
Gas
&
Consumable
Fuels
.............
3,168
2,390,284
—
2,393,452
Management
Investment
Companies
.........
—
11,152,039
—
11,152,039
Convertible
Bonds
.......................
—
726
—
726
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
2,553,549
—
2,553,549
Air
Freight
&
Logistics
...................
—
762,812
—
762,812
Automobile
Components
.................
—
2,684,199
—
2,684,199
Automobiles
..........................
—
684,916
—
684,916
Banks
...............................
—
17,676,644
—
17,676,644
Beverages
...........................
—
1,568,365
—
1,568,365
Biotechnology
.........................
—
1,643,454
—
1,643,454
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
2,310,481
—
2,310,481
Capital
Markets
........................
—
6,450,369
—
6,450,369
Chemicals
...........................
—
5,022,338
—
5,022,338
Commercial
Services
&
Supplies
...........
—
2,078,032
—
2,078,032
Construction
&
Engineering
...............
—
698,994
—
698,994
Construction
Materials
..................
—
702,321
—
702,321
Consumer
Finance
.....................
—
1,769,279
—
1,769,279
Consumer
Staples
Distribution
&
Retail
......
—
982,521
—
982,521
Containers
&
Packaging
.................
—
4,341,547
—
4,341,547
Distributors
...........................
—
504,665
—
504,665
Diversified
Consumer
Services
............
—
728,832
—
728,832
Diversified
REITs
......................
—
1,327,067
—
1,327,067
Diversified
Telecommunication
Services
.....
—
3,476,638
—
3,476,638
Electric
Utilities
........................
—
5,854,759
—
5,854,759
Electrical
Equipment
....................
—
972,815
—
972,815
Electronic
Equipment,
Instruments
&
Components
..........................
—
1,515,518
—
1,515,518
Energy
Equipment
&
Services
.............
—
371,840
—
371,840
Entertainment
.........................
—
1,880,301
—
1,880,301
Financial
Services
......................
—
1,106,421
—
1,106,421
Food
Products
........................
—
2,356,166
—
2,356,166
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
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Gas
Utilities
..........................
$
—
$
185,744
$
—
$
185,744
Ground
Transportation
..................
—
1,719,599
—
1,719,599
Health
Care
Equipment
&
Supplies
.........
—
1,742,825
—
1,742,825
Health
Care
Providers
&
Services
..........
—
6,428,588
—
6,428,588
Health
Care
REITs
.....................
—
498,296
—
498,296
Health
Care
Technology
.................
—
784,015
—
784,015
Hotel
&
Resort
REITs
...................
—
340,430
—
340,430
Hotels,
Restaurants
&
Leisure
.............
—
3,502,360
—
3,502,360
Household
Durables
....................
—
326,675
—
326,675
Household
Products
....................
—
733,184
—
733,184
Independent
Power
and
Renewable
Electricity
Producers
............................
—
3,660,516
—
3,660,516
Insurance
............................
—
3,680,914
—
3,680,914
Interactive
Media
&
Services
..............
—
1,404,700
—
1,404,700
IT
Services
...........................
—
3,747,668
—
3,747,668
Life
Sciences
Tools
&
Services
............
—
584,559
—
584,559
Machinery
............................
—
1,340,915
—
1,340,915
Media
...............................
—
4,317,379
—
4,317,379
Metals
&
Mining
.......................
—
2,616,896
—
2,616,896
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..............................
—
890,005
—
890,005
Multi-Utilities
..........................
—
1,610,017
—
1,610,017
Oil,
Gas
&
Consumable
Fuels
.............
—
15,807,659
—
15,807,659
Paper
&
Forest
Products
.................
—
883,566
—
883,566
Passenger
Airlines
.....................
—
1,455,658
—
1,455,658
Personal
Care
Products
.................
—
3,637,476
—
3,637,476
Pharmaceuticals
.......................
—
3,144,985
—
3,144,985
Real
Estate
Management
&
Development
....
—
398,374
—
398,374
Residential
REITs
......................
—
403,892
—
403,892
Software
.............................
—
419,181
—
419,181
Specialized
REITs
......................
—
783,155
—
783,155
Specialty
Retail
........................
—
519,756
—
519,756
Technology
Hardware,
Storage
&
Peripherals
.
—
160,722
—
160,722
Textiles,
Apparel
&
Luxury
Goods
..........
—
477,135
—
477,135
Tobacco
.............................
—
2,074,585
—
2,074,585
Trading
Companies
&
Distributors
..........
—
1,928,583
—
1,928,583
Transportation
Infrastructure
..............
—
115,592
—
115,592
Wireless
Telecommunication
Services
.......
—
1,468,819
—
1,468,819
Marketplace
Loans
.......................
—
—
4,292,551
4,292,551
Foreign
Government
and
Agency
Securities
....
—
5,442,471
—
5,442,471
U.S.
Government
and
Agency
Securities
.......
—
63,622,307
—
63,622,307
Asset-Backed
Securities
...................
—
12,779,456
—
12,779,456
Commercial
Mortgage-Backed
Securities
......
—
1,534,558
—
1,534,558
Mortgage-Backed
Securities
................
—
19,973,857
—
19,973,857
Residential
Mortgage-Backed
Securities
.......
—
9,055,421
—
9,055,421
Escrows
and
Litigation
Trusts
...............
—
18,225
—
a
18,225
Short
Term
Investments
...................
5,779,225
—
—
5,779,225
Total
Investments
in
Securities
...........
$5,842,205
$271,788,610
$4,292,551
$281,923,366
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$13,578
$—
$13,578
Swap
contracts
.........................
—
59,561
—
59,561
Total
Other
Financial
Instruments
.........
$—
$73,139
$—
$73,139
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
Strategic
Income
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$89,765
$—
$89,765
Swap
contracts
..........................
—
288,887
—
288,887
Futures
contracts
........................
261,744
—
—
261,744
Total
Other
Financial
Instruments
.........
$261,744
$378,652
$—
$640,396
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
f
Corporate
Bonds
........................
—
6,356,615
—
6,356,615
Foreign
Government
and
Agency
Securities
....
—
10,623,128
—
10,623,128
U.S.
Government
and
Agency
Securities
.......
—
80,686,235
—
80,686,235
Mortgage-Backed
Securities
................
—
410,620,910
—
410,620,910
Short
Term
Investments
...................
—
35,473,899
—
35,473,899
Total
Investments
in
Securities
...........
$—
$543,760,787
$—
$543,760,787
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
101,209,281
—
—
101,209,281
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
48,869,705
—
—
48,869,705
Short
Term
Investments
...................
3,814,577
—
—
3,814,577
Total
Investments
in
Securities
...........
$153,893,563
$—
$—
$153,893,563
Liabilities:
Other
Financial
Instruments:
Swap
contracts
..........................
$—
$986
$—
$986
..............................................................
Total
Other
Financial
Instruments
.........
$—
$986
$—
$986
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
4,178,662
$
—
$
—
$
4,178,662
Cambodia
............................
—
523,763
—
523,763
Chile
................................
2,078,637
—
—
2,078,637
China
...............................
6,221,360
56,547,687
—
62,769,047
Hong
Kong
...........................
—
4,254,337
—
4,254,337
Hungary
.............................
2,886,760
—
—
2,886,760
India
................................
—
30,925,875
—
30,925,875
Indonesia
............................
—
1,794,821
—
1,794,821
Mexico
..............................
4,655,646
—
—
4,655,646
Peru
................................
1,011,441
—
—
1,011,441
Philippines
............................
—
982,563
—
982,563
Russia
...............................
—
—
—
j
—
South
Africa
...........................
1,766,629
—
—
1,766,629
South
Korea
..........................
—
47,048,666
—
47,048,666
Switzerland
...........................
—
1,078,768
—
1,078,768
Taiwan
...............................
—
34,407,003
—
34,407,003
Thailand
.............................
—
5,802,472
—
5,802,472
United
Arab
Emirates
....................
—
1,276,694
—
1,276,694
United
Kingdom
........................
—
2,946,793
—
2,946,793
United
States
..........................
7,755,135
—
—
7,755,135
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
Templeton
Developing
Markets
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Preferred
Stocks
........................
$
16,497,690
$
—
$
—
$
16,497,690
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
5,222,373
—
—
5,222,373
Total
Investments
in
Securities
...........
$52,274,333
$187,589,442
k
$—
$239,863,775
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
33,496,738
$
—
$
33,496,738
Automobile
Components
.................
—
46,952,362
—
46,952,362
Automobiles
..........................
—
23,409,151
—
23,409,151
Banks
...............................
19,531,608
142,791,741
—
162,323,349
Broadline
Retail
.......................
—
45,921,051
—
45,921,051
Chemicals
...........................
—
15,091,710
—
15,091,710
Construction
Materials
..................
—
16,702,350
—
16,702,350
Containers
&
Packaging
.................
—
12,032,894
—
12,032,894
Energy
Equipment
&
Services
.............
—
18,007,560
—
18,007,560
Financial
Services
......................
—
13,868,973
—
13,868,973
Household
Durables
....................
—
34,776,475
—
34,776,475
Industrial
Conglomerates
................
—
12,505,961
—
12,505,961
Insurance
............................
—
24,540,393
—
24,540,393
Media
...............................
—
6,253,378
—
6,253,378
Metals
&
Mining
.......................
10,879,535
12,604,365
—
23,483,900
Oil,
Gas
&
Consumable
Fuels
.............
—
105,078,474
—
105,078,474
Pharmaceuticals
.......................
—
39,608,182
—
39,608,182
Professional
Services
...................
—
16,792,654
—
16,792,654
Semiconductors
&
Semiconductor
Equipment
.
14,607,355
48,126,876
—
62,734,231
Technology
Hardware,
Storage
&
Peripherals
.
—
41,644,857
—
41,644,857
Tobacco
.............................
—
17,239,247
—
17,239,247
Short
Term
Investments
...................
75,396,342
—
—
75,396,342
Total
Investments
in
Securities
...........
$120,414,840
$727,445,392
l
$—
$847,860,232
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
1,137,292,944
$
—
$
1,137,292,944
U.S.
Government
and
Agency
Securities
.......
—
201,978,701
—
201,978,701
Options
purchased
.......................
—
292,238
—
292,238
Short
Term
Investments
.....................
83,967,005
69,595,746
—
153,562,751
Total
Investments
in
Securities
...........
$83,967,005
$1,409,159,629
$—
$1,493,126,634
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
3,004,745
$
—
$
3,004,745
Total
Other
Financial
Instruments
.........
$—
$3,004,745
$—
$3,004,745
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
—
$
352,454
$
—
$
352,454
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
Templeton
Global
Bond
VIP
Fund
(continued)
Liabilities:
Forward
exchange
contracts
................
$
—
$
13,978,602
$
—
$
13,978,602
Swap
contracts
..........................
—
9,409,853
—
9,409,853
Total
Other
Financial
Instruments
.........
$—
$23,740,909
$—
$23,740,909
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
26,069,762
$
—
$
26,069,762
Automobile
Components
.................
5,376,052
8,512,464
—
13,888,516
Automobiles
..........................
—
4,957,772
—
4,957,772
Banks
...............................
6,127,972
5,492,699
—
11,620,671
Beverages
...........................
—
12,234,567
—
12,234,567
Broadline
Retail
.......................
6,895,624
—
—
6,895,624
Chemicals
...........................
9,571,826
—
—
9,571,826
Consumer
Staples
Distribution
&
Retail
......
11,887,051
—
—
11,887,051
Electrical
Equipment
....................
—
4,286,536
—
4,286,536
Entertainment
.........................
7,288,908
—
—
7,288,908
Financial
Services
......................
5,079,142
—
—
5,079,142
Food
Products
........................
—
7,540,094
—
7,540,094
Ground
Transportation
..................
8,419,082
—
—
8,419,082
Health
Care
Equipment
&
Supplies
.........
8,494,616
—
—
8,494,616
Health
Care
Providers
&
Services
..........
12,680,398
6,687,257
—
19,367,655
Hotels,
Restaurants
&
Leisure
.............
12,566,675
3,973,902
—
16,540,577
Household
Durables
....................
—
6,451,492
—
6,451,492
Industrial
Conglomerates
................
3,636,607
2,844,432
—
6,481,039
Insurance
............................
—
5,090,326
—
5,090,326
Interactive
Media
&
Services
..............
13,045,957
—
—
13,045,957
IT
Services
...........................
5,621,142
—
—
5,621,142
Leisure
Products
.......................
3,470,056
—
—
3,470,056
Life
Sciences
Tools
&
Services
............
6,211,903
—
—
6,211,903
Machinery
............................
—
4,895,642
—
4,895,642
Media
...............................
9,080,699
—
—
9,080,699
Oil,
Gas
&
Consumable
Fuels
.............
—
22,080,458
—
22,080,458
Personal
Care
Products
.................
—
9,034,819
—
9,034,819
Pharmaceuticals
.......................
8,239,175
7,355,600
—
15,594,775
Professional
Services
...................
—
3,999,442
—
3,999,442
Semiconductors
&
Semiconductor
Equipment
.
14,915,929
6,192,625
—
21,108,554
Software
.............................
3,306,218
3,710,410
—
7,016,628
Specialty
Retail
........................
8,938,128
5,694,265
—
14,632,393
Technology
Hardware,
Storage
&
Peripherals
.
—
10,054,249
—
10,054,249
Short
Term
Investments
...................
—
17,000,000
—
17,000,000
Total
Investments
in
Securities
...........
$170,853,160
$184,158,813
m
$—
$355,011,973
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$88,944,539,
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
$3,018,389,
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
$33,927,171,
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
$258,904,
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)
168
Quarterly
Schedules
of
Investments
f
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
g
Includes
foreign
securities
valued
at
$173,460,113,
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
$123,375,750,
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
$45,956,255,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
j
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
September
30,
2023.
k
Includes
foreign
securities
valued
at
$187,589,442,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
l
Includes
foreign
securities
valued
at
$727,445,392,
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
$167,158,813,
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)
169
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At September
30,
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
$
—
$
—
$
—
$
—
$
—
$
—
$
(828,389)
$
6,372,647
$
(828,389)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
679,820
—
—
—
—
—
—
184,542
864,362
184,542
Software
..........
3,620,472
—
—
—
—
—
—
378,927
3,999,399
378,927
Warrants
:
Software
..........
1,365
6
c
—
—
—
—
—
(1,371)
—
c
(1,371)
Convertible
Bonds
:
Software
..........
—
195,400
—
—
—
—
—
—
195,400
—
Corporate
Bonds
:
Software
..........
—
64,369
—
—
—
—
—
6
64,375
6
Total
Investments
in
Securities
............
$11,502,693
$259,775
$—
$—
$—
$—
$—
$(266,285)
$11,496,183
$(266,285)
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
10,829
(2,660,854)
—
—
—
(84,648)
85,872
4,292,551
(179,868)
Escrows
and
Litigation
Trusts
:
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$6,941,352
$10,829
$(2,660,854)
$—
$—
$—
$(84,648)
$85,872
$4,292,551
$(179,868)
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)
170
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
September
30,
2023,
are
as
follows:
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
...............
6,372,647
Market
comparables
Discount
for
lack
of
marketability
9.9%
Decrease
EV
/
revenue
multiple
4.5x
Increase
All
Other
Investments
.............
5,123,536
c,d
Total
..........................
$11,496,183
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
..............
$4,292,551
Discounted
cash
flow
Loss-adjusted
discount
rate
1.3%
-
18.2%
(8.4%)
Decrease
Projected
loss
rate
0.9%
-
63.2%
(20.2%)
Decrease
All
other
investments
.............
—
d
Total
..........................
$4,292,551
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
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
171
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
AED
Emirati
Dirham
AUD
Australian
Dollar
BRL
Brazilian
Real
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
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
ZAR
South
African
Rand
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
MCDX.NA.
Series
number
MCDX
North
America
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
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
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TIPS
Treasury
Inflation
Protected
Securities
T-Note
Treasury
Note
VIX
Market
Volatility
Index
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.