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
90
Franklin
U.S.
Government
Securities
VIP
Fund
121
Franklin
VolSmart
Allocation
VIP
Fund
125
Templeton
Developing
Markets
VIP
Fund
134
Templeton
Foreign
VIP
Fund
138
Templeton
Global
Bond
VIP
Fund
141
Templeton
Growth
VIP
Fund
148
Notes
to
Schedules
of
Investments
151
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
58.3%
Aerospace
&
Defense
1.6%
BAE
Systems
plc
...................................
United
Kingdom
32,966
$
547,345
BWX
Technologies,
Inc.
..............................
United
States
3,285
357,079
Curtiss-Wright
Corp.
.................................
United
States
1,192
391,798
Dassault
Aviation
SA
.................................
France
3,128
645,953
General
Electric
Co.
.................................
United
States
6,197
1,168,630
Howmet
Aerospace,
Inc.
..............................
United
States
840
84,210
Kongsberg
Gruppen
ASA
.............................
Norway
1,498
146,352
Leonardo
SpA
......................................
Italy
1,956
43,782
Lockheed
Martin
Corp.
...............................
United
States
1,548
904,899
MTU
Aero
Engines
AG
...............................
Germany
2,400
750,135
Northrop
Grumman
Corp.
.............................
United
States
3,884
2,051,024
RTX
Corp.
........................................
United
States
19,024
2,304,948
Saab
AB,
B
........................................
Sweden
2,280
48,592
Safran
SA
.........................................
France
220
51,776
9,496,523
Air
Freight
&
Logistics
0.2%
DSV
A/S
..........................................
Denmark
4,774
982,545
a
InPost
SA
.........................................
Poland
2,788
52,642
1,035,187
Automobile
Components
0.2%
BorgWarner,
Inc.
....................................
United
States
2,571
93,302
Cie
Generale
des
Etablissements
Michelin
SCA
............
France
4,529
183,954
Continental
AG
.....................................
Germany
8,829
572,205
Forvia
SE
.........................................
France
30,614
314,982
1,164,443
Automobiles
0.7%
General
Motors
Co.
..................................
United
States
17,810
798,600
Honda
Motor
Co.
Ltd.
................................
Japan
39,675
423,555
Mazda
Motor
Corp.
..................................
Japan
16,100
123,004
Stellantis
NV
.......................................
United
States
44,923
622,151
Subaru
Corp.
......................................
Japan
18,500
327,263
a
Tesla,
Inc.
.........................................
United
States
4,299
1,124,747
Toyota
Motor
Corp.
..................................
Japan
23,800
427,752
a
Volvo
Car
AB,
B
....................................
Sweden
18,491
50,910
3,897,982
Banks
3.0%
b
ABN
AMRO
Bank
NV,
CVA
,
144A,
Reg
S
.................
Netherlands
19,400
350,625
AIB
Group
plc
......................................
Ireland
50,441
288,968
Banco
de
Sabadell
SA
...............................
Spain
73,579
156,276
Bank
of
America
Corp.
...............................
United
States
37,048
1,470,065
BNP
Paribas
SA
....................................
France
1,703
116,873
Commonwealth
Bank
of
Australia
.......................
Australia
4,246
396,107
DBS
Group
Holdings
Ltd.
.............................
Singapore
2,200
65,154
Erste
Group
Bank
AG
................................
Austria
4,959
271,770
HDFC
Bank
Ltd.
....................................
India
27,064
557,490
HSBC
Holdings
plc
..................................
United
Kingdom
26,619
238,818
ING
Groep
NV
.....................................
Netherlands
56,262
1,020,854
Intesa
Sanpaolo
SpA
.................................
Italy
67,545
289,166
JPMorgan
Chase
&
Co.
...............................
United
States
21,506
4,534,755
KB
Financial
Group,
Inc.
..............................
South
Korea
4,466
273,216
Lloyds
Banking
Group
plc
.............................
United
Kingdom
938,611
738,078
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
5,100
52,366
NatWest
Group
plc
..................................
United
Kingdom
134,141
621,033
Shinhan
Financial
Group
Co.
Ltd.
.......................
South
Korea
12,321
518,116
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)
Standard
Chartered
plc
...............................
United
Kingdom
146,215
$
1,550,869
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
27,600
589,678
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
...............
Japan
61,466
776,315
UniCredit
SpA
......................................
Italy
16,759
735,814
US
Bancorp
.......................................
United
States
20,610
942,495
Wells
Fargo
&
Co.
...................................
United
States
11,790
666,017
17,220,918
Beverages
0.7%
Asahi
Group
Holdings
Ltd.
.............................
Japan
32,700
428,568
Coca-Cola
Consolidated,
Inc.
..........................
United
States
88
115,843
Coca-Cola
HBC
AG
.................................
Italy
6,229
222,095
Constellation
Brands,
Inc.,
A
...........................
United
States
1,161
299,178
Molson
Coors
Beverage
Co.,
B
.........................
United
States
2,777
159,733
a
Monster
Beverage
Corp.
..............................
United
States
19,930
1,039,748
PepsiCo,
Inc.
......................................
United
States
10,700
1,819,535
4,084,700
Biotechnology
1.0%
AbbVie,
Inc.
.......................................
United
States
7,514
1,483,865
Amgen,
Inc.
.......................................
United
States
1,418
456,894
CSL
Ltd.
..........................................
United
States
5,172
1,021,791
a
Exelixis,
Inc.
.......................................
United
States
5,080
131,826
a
Genmab
A/S
.......................................
Denmark
2,079
504,024
Gilead
Sciences,
Inc.
................................
United
States
11,812
990,318
a
Incyte
Corp.
.......................................
United
States
1,404
92,804
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
579
66,712
a
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
1,041
1,094,341
a
United
Therapeutics
Corp.
.............................
United
States
677
242,603
6,085,178
Broadline
Retail
1.9%
Alibaba
Group
Holding
Ltd.
............................
China
78,008
1,036,631
a
Amazon.com,
Inc.
...................................
United
States
40,905
7,621,829
a
MercadoLibre,
Inc.
..................................
Brazil
400
820,784
Next
plc
..........................................
United
Kingdom
3,085
404,154
Prosus
NV
........................................
China
18,221
796,371
Wesfarmers
Ltd.
....................................
Australia
1,849
89,802
10,769,571
Building
Products
0.4%
Cie
de
Saint-Gobain
SA
..............................
France
6,681
609,379
Kingspan
Group
plc
.................................
Ireland
3,009
282,237
Lennox
International,
Inc.
.............................
United
States
181
109,377
Masco
Corp.
.......................................
United
States
1,046
87,801
Owens
Corning
.....................................
United
States
1,358
239,714
Trane
Technologies
plc
...............................
United
States
2,456
954,721
2,283,229
Capital
Markets
1.7%
3i
Group
plc
.......................................
United
Kingdom
15,378
681,273
Affiliated
Managers
Group,
Inc.
.........................
United
States
500
88,900
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
2,987
214,646
BlackRock,
Inc.
.....................................
United
States
281
266,812
Blackstone,
Inc.
....................................
United
States
2,067
316,520
Charles
Schwab
Corp.
(The)
...........................
United
States
25,603
1,659,330
Deutsche
Bank
AG
..................................
Germany
10,709
185,407
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)
Evercore,
Inc.,
A
....................................
United
States
547
$
138,577
Hargreaves
Lansdown
plc
.............................
United
Kingdom
10,174
151,637
Intercontinental
Exchange,
Inc.
.........................
United
States
5,263
845,448
Intermediate
Capital
Group
plc
.........................
United
Kingdom
30,000
895,926
Jefferies
Financial
Group,
Inc.
..........................
United
States
2,759
169,816
Macquarie
Group
Ltd.
................................
Australia
8,179
1,308,925
Morgan
Stanley
.....................................
United
States
808
84,226
MSCI,
Inc.,
A
.......................................
United
States
128
74,615
Partners
Group
Holding
AG
............................
Switzerland
240
361,842
S&P
Global,
Inc.
....................................
United
States
2,284
1,179,960
SEI
Investments
Co.
.................................
United
States
1,572
108,767
Singapore
Exchange
Ltd.
.............................
Singapore
7,800
69,117
State
Street
Corp.
...................................
United
States
4,964
439,165
T
Rowe
Price
Group,
Inc.
.............................
United
States
3,786
412,409
Tradeweb
Markets,
Inc.,
A
.............................
United
States
2,995
370,392
10,023,710
Chemicals
1.8%
Air
Liquide
SA
......................................
France
1,283
247,783
Air
Products
and
Chemicals,
Inc.
........................
United
States
9,346
2,782,678
Albemarle
Corp.
....................................
United
States
4,356
412,557
BASF
SE
.........................................
Germany
1,715
90,908
CF
Industries
Holdings,
Inc.
...........................
United
States
1,038
89,061
DuPont
de
Nemours,
Inc.
.............................
United
States
4,263
379,876
Ecolab,
Inc.
........................................
United
States
1,434
366,143
Givaudan
SA
.......................................
Switzerland
123
674,845
LG
Chem
Ltd.
......................................
South
Korea
2,418
650,724
Linde
plc
..........................................
United
States
1,585
755,823
LyondellBasell
Industries
NV,
A
.........................
United
States
705
67,610
Nitto
Denko
Corp.
...................................
Japan
20,000
336,542
RPM
International,
Inc.
...............................
United
States
722
87,362
Sherwin-Williams
Co.
(The)
............................
United
States
5,760
2,198,419
Shin-Etsu
Chemical
Co.
Ltd.
...........................
Japan
12,000
501,450
Sika
AG
..........................................
Switzerland
2,600
861,810
10,503,591
Commercial
Services
&
Supplies
0.4%
Brambles
Ltd.
......................................
Australia
5,242
68,815
Cintas
Corp.
.......................................
United
States
1,300
267,644
Dai
Nippon
Printing
Co.
Ltd.
...........................
Japan
2,800
49,991
MSA
Safety,
Inc.
....................................
United
States
433
76,788
Republic
Services,
Inc.,
A
.............................
United
States
1,547
310,700
Securitas
AB,
B
.....................................
Sweden
60,886
773,000
Veralto
Corp.
.......................................
United
States
8,530
954,166
2,501,104
Communications
Equipment
0.6%
a
Arista
Networks,
Inc.
.................................
United
States
2,308
885,857
a
F5,
Inc.
...........................................
United
States
971
213,814
Motorola
Solutions,
Inc.
...............................
United
States
4,752
2,136,642
Telefonaktiebolaget
LM
Ericsson,
B
......................
Sweden
16,819
127,102
3,363,415
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
5,675
261,965
Eiffage
SA
.........................................
France
869
83,923
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
&
Engineering
(continued)
EMCOR
Group,
Inc.
.................................
United
States
692
$
297,927
643,815
Construction
Materials
0.5%
CRH
plc,
(GBP
Traded)
...............................
United
States
7,446
681,520
CRH
plc,
(USD
Traded)
...............................
United
States
1,100
102,014
Holcim
AG
........................................
United
States
1,964
192,340
Martin
Marietta
Materials,
Inc.
..........................
United
States
3,575
1,924,244
2,900,118
Consumer
Finance
0.6%
American
Express
Co.
...............................
United
States
8,100
2,196,720
Capital
One
Financial
Corp.
...........................
United
States
7,480
1,119,980
Synchrony
Financial
.................................
United
States
6,309
314,693
3,631,393
Consumer
Staples
Distribution
&
Retail
0.9%
Carrefour
SA
.......................................
France
75,881
1,293,997
Costco
Wholesale
Corp.
..............................
United
States
756
670,209
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
6,861
237,007
Kroger
Co.
(The)
....................................
United
States
11,072
634,426
Target
Corp.
.......................................
United
States
3,660
570,448
Tesco
plc
.........................................
United
Kingdom
125,904
604,549
Walmart,
Inc.
......................................
United
States
16,648
1,344,326
5,354,962
Containers
&
Packaging
0.3%
Packaging
Corp.
of
America
...........................
United
States
911
196,230
SIG
Group
AG
.....................................
Switzerland
33,000
735,732
Smurfit
WestRock
plc
................................
United
States
17,266
862,936
1,794,898
Diversified
Consumer
Services
0.0%
â€
H&R
Block,
Inc.
.....................................
United
States
2,332
148,198
Pearson
plc
.......................................
United
Kingdom
3,792
51,554
199,752
Diversified
REITs
0.0%
â€
Stockland
.........................................
Australia
47,460
171,206
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
.........................................
United
States
49,000
1,078,000
Deutsche
Telekom
AG
................................
Germany
20,245
594,634
Telenor
ASA
.......................................
Norway
17,375
222,315
Telia
Co.
AB
.......................................
Sweden
68,679
222,098
2,117,047
Electric
Utilities
0.8%
American
Electric
Power
Co.,
Inc.
.......................
United
States
2,170
222,642
BKW
AG
..........................................
Switzerland
616
111,704
Chubu
Electric
Power
Co.,
Inc.
.........................
Japan
6,300
74,034
Edison
International
.................................
United
States
22,095
1,924,254
Entergy
Corp.
......................................
United
States
693
91,206
Iberdrola
SA
.......................................
Spain
11,708
181,012
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
22,400
371,206
NextEra
Energy,
Inc.
.................................
United
States
10,442
882,662
NRG
Energy,
Inc.
...................................
United
States
3,803
346,453
PPL
Corp.
.........................................
United
States
2,980
98,578
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Southern
Co.
(The)
..................................
United
States
1,137
$
102,535
4,406,286
Electrical
Equipment
0.5%
ABB
Ltd.
..........................................
Switzerland
6,383
370,314
Acuity
Brands,
Inc.
..................................
United
States
481
132,462
AMETEK,
Inc.
......................................
United
States
1,677
287,958
Eaton
Corp.
plc
.....................................
United
States
4,961
1,644,274
Mitsubishi
Electric
Corp.
..............................
Japan
11,600
188,150
nVent
Electric
plc
...................................
United
States
1,300
91,338
Prysmian
SpA
......................................
Italy
6,251
454,854
3,169,350
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol
Corp.,
A
..................................
United
States
11,985
780,942
Jabil,
Inc.
.........................................
United
States
909
108,925
Keyence
Corp.
.....................................
Japan
200
95,846
TD
SYNNEX
Corp.
..................................
United
States
922
110,714
TDK
Corp.
........................................
Japan
24,000
306,563
Yokogawa
Electric
Corp.
..............................
Japan
6,100
156,301
1,559,291
Energy
Equipment
&
Services
0.1%
SBM
Offshore
NV
...................................
Netherlands
17,732
324,164
TechnipFMC
plc
....................................
United
Kingdom
3,678
96,474
a
Tecnicas
Reunidas
SA
...............................
Spain
15,377
203,675
Weatherford
International
plc
...........................
United
States
700
59,444
683,757
Entertainment
0.8%
Capcom
Co.
Ltd.
....................................
Japan
9,600
223,896
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
9,315
970,018
Electronic
Arts,
Inc.
..................................
United
States
4,113
589,969
a
Netflix,
Inc.
........................................
United
States
2,538
1,800,127
Nintendo
Co.
Ltd.
...................................
Japan
1,500
80,172
a
Spotify
Technology
SA
................................
United
States
1,814
668,513
Walt
Disney
Co.
(The)
................................
United
States
5,500
529,045
4,861,740
Financial
Services
2.1%
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
6,906
3,178,555
EXOR
NV
.........................................
Netherlands
2,674
286,689
Industrivarden
AB,
A
.................................
Sweden
3,829
141,621
Investor
AB,
B
......................................
Sweden
15,849
488,445
Mastercard,
Inc.,
A
..................................
United
States
4,475
2,209,755
MGIC
Investment
Corp.
...............................
United
States
4,742
121,395
a
PayPal
Holdings,
Inc.
................................
United
States
20,228
1,578,391
Visa,
Inc.,
A
........................................
United
States
14,891
4,094,280
12,099,131
Food
Products
0.3%
Archer-Daniels-Midland
Co.
...........................
United
States
1,519
90,745
Associated
British
Foods
plc
...........................
United
Kingdom
10,074
314,863
Bunge
Global
SA
...................................
United
States
2,403
232,226
Chocoladefabriken
Lindt
&
Spruengli
AG
..................
Switzerland
20
257,999
Ingredion,
Inc.
......................................
United
States
1,046
143,752
MEIJI
Holdings
Co.
Ltd.
...............................
Japan
4,900
122,552
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
5,818
$
584,665
Salmar
ASA
.......................................
Norway
867
45,483
b
WH
Group
Ltd.,
144A,
Reg
S
..........................
Hong
Kong
232,000
182,723
1,975,008
Gas
Utilities
0.0%
â€
Tokyo
Gas
Co.
Ltd.
..................................
Japan
9,000
209,623
Ground
Transportation
0.8%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
3,360
287,414
CSX
Corp.
........................................
United
States
4,498
155,316
Landstar
System,
Inc.
................................
United
States
589
111,245
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
987
196,058
Ryder
System,
Inc.
..................................
United
States
735
107,163
a
Uber
Technologies,
Inc.
...............................
United
States
14,264
1,072,082
Union
Pacific
Corp.
..................................
United
States
6,055
1,492,436
a
XPO,
Inc.
.........................................
United
States
11,710
1,258,942
4,680,656
Health
Care
Equipment
&
Supplies
1.6%
Abbott
Laboratories
..................................
United
States
2,491
283,999
Alcon,
Inc.,
(CHF
Traded)
.............................
United
States
9,000
900,722
Alcon,
Inc.,
(USD
Traded)
.............................
United
States
6,252
625,638
Becton
Dickinson
&
Co.
...............................
United
States
5,828
1,405,131
a
Boston
Scientific
Corp.
...............................
United
States
4,268
357,658
Cochlear
Ltd.
......................................
Australia
5,190
1,010,122
a
Demant
A/S
.......................................
Denmark
3,044
118,508
a
Edwards
Lifesciences
Corp.
...........................
United
States
2,448
161,544
a
Hologic,
Inc.
.......................................
United
States
3,935
320,545
Hoya
Corp.
........................................
Japan
4,100
567,825
a
IDEXX
Laboratories,
Inc.
..............................
United
States
315
159,144
a
Intuitive
Surgical,
Inc.
................................
United
States
4,101
2,014,698
Straumann
Holding
AG
...............................
Switzerland
309
50,545
Stryker
Corp.
......................................
United
States
3,589
1,296,562
9,272,641
Health
Care
Providers
&
Services
1.6%
a
Centene
Corp.
.....................................
United
States
1,213
91,315
Cigna
Group
(The)
..................................
United
States
252
87,303
CVS
Health
Corp.
...................................
United
States
17,270
1,085,938
Elevance
Health,
Inc.
................................
United
States
2,108
1,096,160
Fresenius
Medical
Care
AG
............................
Germany
1,673
71,095
a
Fresenius
SE
&
Co.
KGaA
.............................
Germany
1,429
54,522
McKesson
Corp.
....................................
United
States
4,739
2,343,056
a
Tenet
Healthcare
Corp.
...............................
United
States
1,329
220,880
UnitedHealth
Group,
Inc.
..............................
United
States
7,289
4,261,732
Universal
Health
Services,
Inc.,
B
.......................
United
States
990
226,720
9,538,721
Health
Care
REITs
0.0%
â€
Omega
Healthcare
Investors,
Inc.
.......................
United
States
3,741
152,259
Health
Care
Technology
0.1%
Pro
Medicus
Ltd.
....................................
Australia
569
70,045
a
Veeva
Systems,
Inc.,
A
...............................
United
States
1,349
283,115
353,160
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
0.9%
a
Airbnb,
Inc.,
A
......................................
United
States
1,449
$
183,748
Amadeus
IT
Group
SA
...............................
Spain
13,000
941,577
Aramark
..........................................
United
States
2,459
95,237
Aristocrat
Leisure
Ltd.
................................
Australia
4,944
199,640
Booking
Holdings,
Inc.
...............................
United
States
305
1,284,697
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
6,148
354,248
Domino's
Pizza,
Inc.
.................................
United
States
186
80,006
InterContinental
Hotels
Group
plc
.......................
United
Kingdom
4,837
526,790
b
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
...............
France
2,988
122,966
Sodexo
SA
........................................
France
935
76,661
Starbucks
Corp.
....................................
United
States
7,980
777,970
Texas
Roadhouse,
Inc.,
A
.............................
United
States
513
90,596
Wingstop,
Inc.
......................................
United
States
442
183,907
Zensho
Holdings
Co.
Ltd.
.............................
Japan
2,700
149,586
5,067,629
Household
Durables
0.5%
Barratt
Developments
plc
.............................
United
Kingdom
96,677
620,288
a
NVR,
Inc.
.........................................
United
States
29
284,542
Persimmon
plc
.....................................
United
Kingdom
35,367
778,340
PulteGroup,
Inc.
....................................
United
States
3,514
504,364
Sekisui
House
Ltd.
..................................
Japan
2,800
77,739
Taylor
Wimpey
plc
...................................
United
Kingdom
46,975
103,338
Toll
Brothers,
Inc.
...................................
United
States
1,683
260,007
2,628,618
Household
Products
0.2%
Colgate-Palmolive
Co.
...............................
United
States
8,260
857,471
Kimberly-Clark
Corp.
.................................
United
States
1,221
173,724
Procter
&
Gamble
Co.
(The)
...........................
United
States
466
80,711
1,111,906
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Meridian
Energy
Ltd.
.................................
New
Zealand
13,093
49,363
a,b
Orsted
A/S,
144A,
Reg
S
..............................
Denmark
15,927
1,054,891
RWE
AG
..........................................
Germany
1,568
57,132
Vistra
Corp.
........................................
United
States
5,290
627,077
1,788,463
Industrial
Conglomerates
0.3%
3M
Co.
...........................................
United
States
2,470
337,649
Hitachi
Ltd.
........................................
Japan
32,800
869,708
Siemens
AG
.......................................
Germany
1,660
335,861
Swire
Pacific
Ltd.,
A
.................................
Hong
Kong
6,000
51,164
1,594,382
Industrial
REITs
0.1%
Goodman
Group
....................................
Australia
14,659
373,991
Prologis,
Inc.
.......................................
United
States
2,035
256,980
630,971
Insurance
1.8%
Aegon
Ltd.
........................................
Netherlands
37,433
240,458
Aflac,
Inc.
.........................................
United
States
3,995
446,641
Ageas
SA/NV
......................................
Belgium
4,801
256,200
AIA
Group
Ltd.
.....................................
Hong
Kong
71,532
624,679
Allianz
SE
.........................................
Germany
212
69,737
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
American
International
Group,
Inc.
......................
United
States
1,128
$
82,603
AXA
SA
...........................................
France
1,612
62,062
Axis
Capital
Holdings
Ltd.
.............................
United
States
1,178
93,781
Hartford
Financial
Services
Group,
Inc.
(The)
..............
United
States
5,010
589,226
Japan
Post
Insurance
Co.
Ltd.
.........................
Japan
4,900
89,988
Loews
Corp.
.......................................
United
States
1,092
86,323
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
8,207
1,830,900
MS&AD
Insurance
Group
Holdings,
Inc.
..................
Japan
25,700
604,016
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
1,196
659,108
NN
Group
NV
......................................
Netherlands
6,874
343,017
Old
Republic
International
Corp.
........................
United
States
4,126
146,143
Progressive
Corp.
(The)
..............................
United
States
4,678
1,187,089
Prudential
plc,
(GBP
Traded)
...........................
Hong
Kong
56,060
520,121
Prudential
plc,
(HKD
Traded)
...........................
Hong
Kong
6,249
59,025
Sompo
Holdings,
Inc.
................................
Japan
13,500
304,280
Swiss
Re
AG
.......................................
United
States
4,791
662,976
Travelers
Cos.,
Inc.
(The)
.............................
United
States
6,377
1,492,983
10,451,356
Interactive
Media
&
Services
2.2%
Alphabet,
Inc.,
A
....................................
United
States
29,845
4,949,793
Alphabet,
Inc.,
C
....................................
United
States
7,576
1,266,632
b
Auto
Trader
Group
plc,
144A,
Reg
S
.....................
United
Kingdom
24,976
290,372
Meta
Platforms,
Inc.,
A
...............................
United
States
10,285
5,887,545
b
Scout24
SE,
144A,
Reg
S
.............................
Germany
6,700
576,908
12,971,250
IT
Services
0.6%
Accenture
plc,
A
....................................
Ireland
1,930
682,216
a
GoDaddy,
Inc.,
A
....................................
United
States
2,597
407,158
Keywords
Studios
plc
................................
Ireland
12,000
390,847
a
MongoDB,
Inc.,
A
...................................
United
States
465
125,713
NEC
Corp.
........................................
Japan
2,800
270,367
Otsuka
Corp.
......................................
Japan
5,100
125,945
a
Shopify,
Inc.,
A
.....................................
Canada
11,300
905,582
TE
Connectivity
plc
..................................
Ireland
4,320
652,277
3,560,105
Life
Sciences
Tools
&
Services
1.3%
Agilent
Technologies,
Inc.
.............................
United
States
2,595
385,306
Danaher
Corp.
.....................................
United
States
2,757
766,501
Eurofins
Scientific
SE
................................
Luxembourg
3,345
212,096
a
Evotec
SE
.........................................
Germany
40,000
286,537
Lonza
Group
AG
....................................
Switzerland
150
95,188
a
Medpace
Holdings,
Inc.
...............................
United
States
346
115,495
a
Mettler-Toledo
International,
Inc.
........................
United
States
736
1,103,779
Tecan
Group
AG
....................................
Switzerland
1,900
624,378
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
5,215
3,225,843
a
Waters
Corp.
......................................
United
States
470
169,148
West
Pharmaceutical
Services,
Inc.
......................
United
States
899
269,844
7,254,115
Machinery
1.7%
Allison
Transmission
Holdings,
Inc.
......................
United
States
1,380
132,577
Atlas
Copco
AB,
A
...................................
Sweden
29,419
570,197
CNH
Industrial
NV
...................................
United
States
92,164
1,023,020
Cummins,
Inc.
......................................
United
States
879
284,611
Deere
&
Co.
.......................................
United
States
2,470
1,030,805
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)
Machinery
(continued)
Illinois
Tool
Works,
Inc.
...............................
United
States
4,704
$
1,232,777
Ingersoll
Rand,
Inc.
..................................
United
States
4,966
487,463
Interroll
Holding
AG
..................................
Switzerland
225
682,987
Komatsu
Ltd.
......................................
Japan
13,200
369,505
Makita
Corp.
.......................................
Japan
6,200
209,431
Otis
Worldwide
Corp.
................................
United
States
8,459
879,229
Parker-Hannifin
Corp.
................................
United
States
2,132
1,347,040
Rational
AG
.......................................
Germany
151
154,177
Schindler
Holding
AG
................................
Switzerland
639
181,737
Trelleborg
AB,
B
....................................
Sweden
6,427
247,401
b
VAT
Group
AG,
144A,
Reg
S
...........................
Switzerland
1,050
536,969
Wartsila
OYJ
Abp
...................................
Finland
11,773
263,464
Xylem,
Inc.
........................................
United
States
2,662
359,450
9,992,840
Marine
Transportation
0.1%
Kawasaki
Kisen
Kaisha
Ltd.
...........................
Japan
3,800
59,236
Nippon
Yusen
KK
...................................
Japan
6,100
224,047
283,283
Media
0.4%
Comcast
Corp.,
A
...................................
United
States
49,822
2,081,065
Publicis
Groupe
SA
..................................
France
2,083
227,976
2,309,041
Metals
&
Mining
0.4%
BHP
Group
Ltd.
....................................
Australia
9,585
297,621
BlueScope
Steel
Ltd.
.................................
Australia
13,131
200,473
Fortescue
Ltd.
......................................
Australia
27,991
394,858
Freeport-McMoRan,
Inc.
..............................
United
States
8,492
423,921
JFE
Holdings,
Inc.
...................................
Japan
13,200
177,451
Reliance,
Inc.
......................................
United
States
869
251,323
Steel
Dynamics,
Inc.
.................................
United
States
2,499
315,074
voestalpine
AG
.....................................
Austria
3,217
83,599
2,144,320
Multi-Utilities
0.9%
Centrica
plc
.......................................
United
Kingdom
142,658
223,154
Engie
SA
.........................................
France
18,813
325,347
Public
Service
Enterprise
Group,
Inc.
....................
United
States
2,553
227,753
Sempra
...........................................
United
States
37,284
3,118,061
WEC
Energy
Group,
Inc.
..............................
United
States
11,820
1,136,848
5,031,163
Oil,
Gas
&
Consumable
Fuels
1.9%
BP
plc
............................................
United
States
296,680
1,547,461
Cheniere
Energy,
Inc.
................................
United
States
437
78,590
Chevron
Corp.
.....................................
United
States
9,561
1,408,049
ConocoPhillips
.....................................
United
States
24,193
2,547,039
Diamondback
Energy,
Inc.
.............................
United
States
422
72,753
DT
Midstream,
Inc.
..................................
United
States
1,501
118,069
ENEOS
Holdings,
Inc.
................................
Japan
48,700
266,622
Exxon
Mobil
Corp.
...................................
United
States
4,258
499,123
Galp
Energia
SGPS
SA,
B
............................
Portugal
13,085
244,938
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
24,400
176,921
Inpex
Corp.
........................................
Japan
11,900
161,100
Marathon
Oil
Corp.
..................................
United
States
8,007
213,226
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Marathon
Petroleum
Corp.
............................
United
States
4,870
$
793,372
Repsol
SA
.........................................
Spain
28,307
373,383
Shell
plc
..........................................
United
States
38,130
1,237,096
Targa
Resources
Corp.
...............................
United
States
538
79,629
TotalEnergies
SE
...................................
France
7,114
461,992
Valero
Energy
Corp.
.................................
United
States
5,444
735,103
11,014,466
Paper
&
Forest
Products
0.0%
â€
Mondi
plc
.........................................
Austria
5,844
111,486
Passenger
Airlines
0.0%
â€
Delta
Air
Lines,
Inc.
..................................
United
States
1,570
79,740
a
Qantas
Airways
Ltd.
.................................
Australia
11,129
56,816
Singapore
Airlines
Ltd.
...............................
Singapore
10,600
55,959
192,515
Personal
Care
Products
0.4%
Beiersdorf
AG
......................................
Germany
2,459
370,162
a
BellRing
Brands,
Inc.
.................................
United
States
1,328
80,636
Haleon
plc,
ADR
....................................
United
States
111,110
1,175,544
L'Oreal
SA
........................................
France
1,335
598,850
2,225,192
Pharmaceuticals
2.4%
AstraZeneca
plc
....................................
United
Kingdom
8,238
1,283,464
AstraZeneca
plc,
ADR
................................
United
Kingdom
5,014
390,641
Bristol-Myers
Squibb
Co.
..............................
United
States
18,727
968,935
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
21,500
710,146
Eli
Lilly
&
Co.
......................................
United
States
3,169
2,807,544
GSK
plc
..........................................
United
States
33,147
674,957
Hikma
Pharmaceuticals
plc
............................
Jordan
3,148
80,562
Ipsen
SA
..........................................
France
1,117
137,605
a
Jazz
Pharmaceuticals
plc
.............................
United
States
700
77,987
Johnson
&
Johnson
.................................
United
States
8,964
1,452,706
Merck
&
Co.,
Inc.
...................................
United
States
6,690
759,716
Novartis
AG
.......................................
Switzerland
9,282
1,068,752
Novo
Nordisk
A/S,
B
.................................
Denmark
11,814
1,401,287
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
9,200
522,516
Roche
Holding
AG
..................................
United
States
1,423
455,385
Roche
Holding
AG
..................................
United
States
241
82,508
Shionogi
&
Co.
Ltd.
..................................
Japan
19,200
275,197
Zoetis,
Inc.,
A
......................................
United
States
3,191
623,458
13,773,366
Professional
Services
0.5%
Adecco
Group
AG
...................................
Switzerland
16,092
548,807
Automatic
Data
Processing,
Inc.
........................
United
States
181
50,088
Experian
plc
.......................................
United
States
16,500
869,114
Leidos
Holdings,
Inc.
.................................
United
States
2,287
372,781
Recruit
Holdings
Co.
Ltd.
.............................
Japan
4,400
267,292
RELX
plc
.........................................
United
Kingdom
5,374
253,760
Robert
Half,
Inc.
....................................
United
States
1,793
120,866
Verisk
Analytics,
Inc.,
A
...............................
United
States
493
132,104
Wolters
Kluwer
NV
..................................
Netherlands
1,197
201,918
2,816,730
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)
Real
Estate
Management
&
Development
0.1%
CK
Asset
Holdings
Ltd.
...............................
Hong
Kong
12,500
$
54,420
Hulic
Co.
Ltd.
......................................
Japan
9,900
100,770
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
634
171,059
326,249
Residential
REITs
0.0%
â€
Camden
Property
Trust
...............................
United
States
757
93,512
Retail
REITs
0.2%
Klepierre
SA
.......................................
France
4,910
160,896
NNN
REIT,
Inc.
.....................................
United
States
1,910
92,616
Simon
Property
Group,
Inc.
............................
United
States
5,210
880,594
1,134,106
Semiconductors
&
Semiconductor
Equipment
5.2%
Applied
Materials,
Inc.
................................
United
States
4,555
920,338
a
ARM
Holdings
plc,
ADR
..............................
United
States
700
100,107
ASM
International
NV
................................
Netherlands
107
70,601
ASML
Holding
NV
...................................
Netherlands
1,694
1,409,298
ASML
Holding
NV,
ADR
..............................
Netherlands
1,701
1,417,359
BE
Semiconductor
Industries
NV
........................
Netherlands
1,590
202,808
Broadcom,
Inc.
.....................................
United
States
11,870
2,047,575
a
Cirrus
Logic,
Inc.
....................................
United
States
868
107,814
Disco
Corp.
........................................
Japan
4,250
1,119,490
Infineon
Technologies
AG
.............................
Germany
21,373
750,429
Intel
Corp.
.........................................
United
States
73,265
1,718,797
KLA
Corp.
.........................................
United
States
796
616,430
Lam
Research
Corp.
.................................
United
States
149
121,596
a
Lattice
Semiconductor
Corp.
...........................
United
States
1,726
91,599
Microchip
Technology,
Inc.
............................
United
States
19,980
1,604,194
Monolithic
Power
Systems,
Inc.
.........................
United
States
900
832,050
a
Nova
Ltd.
.........................................
Israel
2,720
566,685
NVIDIA
Corp.
......................................
United
States
101,934
12,378,865
NXP
Semiconductors
NV
.............................
China
1,737
416,897
QUALCOMM,
Inc.
...................................
United
States
3,686
626,804
SCREEN
Holdings
Co.
Ltd.
............................
Japan
1,800
126,570
STMicroelectronics
NV
...............................
Singapore
20,389
608,959
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
36,084
1,084,023
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........
Taiwan
4,410
765,885
Texas
Instruments,
Inc.
...............................
United
States
3,240
669,287
30,374,460
Software
5.2%
a
Adobe,
Inc.
........................................
United
States
3,316
1,716,958
a
AppLovin
Corp.,
A
...................................
United
States
4,069
531,208
a
Autodesk,
Inc.
......................................
United
States
1,962
540,492
a
Cadence
Design
Systems,
Inc.
.........................
United
States
2,560
693,837
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
2,241
432,087
a
Crowdstrike
Holdings,
Inc.,
A
...........................
United
States
550
154,258
a
CyberArk
Software
Ltd.
...............................
United
States
2,800
816,508
a
DocuSign,
Inc.,
A
...................................
United
States
3,139
194,901
a
Dropbox,
Inc.,
A
....................................
United
States
4,223
107,391
a
Fair
Isaac
Corp.
....................................
United
States
395
767,690
Gen
Digital,
Inc.
....................................
United
States
3,268
89,641
Intuit,
Inc.
.........................................
United
States
3,201
1,987,821
a
Kinaxis,
Inc.
.......................................
Canada
7,300
867,298
a
Manhattan
Associates,
Inc.
............................
United
States
869
244,519
Microsoft
Corp.
.....................................
United
States
26,771
11,519,561
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
(continued)
a
Monday.com
Ltd.
....................................
United
States
2,800
$
777,756
a
Nice
Ltd.,
ADR
.....................................
Israel
2,900
503,643
Oracle
Corp.
.......................................
United
States
5,669
965,998
a
Palo
Alto
Networks,
Inc.
..............................
United
States
2,557
873,983
a
PTC,
Inc.
.........................................
United
States
2,682
484,530
Sage
Group
plc
(The)
................................
United
Kingdom
25,205
346,248
Salesforce,
Inc.
.....................................
United
States
4,607
1,260,982
SAP
SE
..........................................
Germany
5,146
1,177,164
a
ServiceNow,
Inc.
....................................
United
States
1,299
1,161,813
a
Synopsys,
Inc.
.....................................
United
States
1,477
747,938
a
Tyler
Technologies,
Inc.
...............................
United
States
275
160,523
a
Workday,
Inc.,
A
....................................
United
States
3,700
904,317
a
Xero
Ltd.
..........................................
New
Zealand
3,185
329,268
a
Zoom
Video
Communications,
Inc.,
A
....................
United
States
1,248
87,036
30,445,369
Specialized
REITs
0.3%
American
Tower
Corp.
................................
United
States
4,486
1,043,264
Equinix,
Inc.
.......................................
United
States
822
729,632
Public
Storage
.....................................
United
States
273
99,337
VICI
Properties,
Inc.,
A
...............................
United
States
2,829
94,234
1,966,467
Specialty
Retail
0.9%
a
AutoZone,
Inc.
.....................................
United
States
27
85,051
Bath
&
Body
Works,
Inc.
..............................
United
States
3,856
123,084
Best
Buy
Co.,
Inc.
...................................
United
States
3,336
344,609
Dick's
Sporting
Goods,
Inc.
............................
United
States
882
184,074
Home
Depot,
Inc.
(The)
...............................
United
States
3,255
1,318,926
Industria
de
Diseno
Textil
SA
...........................
Spain
12,075
715,224
JD
Sports
Fashion
plc
................................
United
Kingdom
322,952
665,958
Murphy
USA,
Inc.
...................................
United
States
290
142,932
a
O'Reilly
Automotive,
Inc.
..............................
United
States
820
944,312
TJX
Cos.,
Inc.
(The)
.................................
United
States
2,097
246,481
Williams-Sonoma,
Inc.
...............................
United
States
1,898
294,038
5,064,689
Technology
Hardware,
Storage
&
Peripherals
2.0%
Apple,
Inc.
........................................
United
States
39,651
9,238,683
Brother
Industries
Ltd.
................................
Japan
6,600
129,433
HP,
Inc.
...........................................
United
States
9,323
334,416
Logitech
International
SA
.............................
Switzerland
807
72,276
NetApp,
Inc.
.......................................
United
States
3,453
426,480
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
24,683
1,143,831
Seiko
Epson
Corp.
..................................
Japan
5,900
109,135
11,454,254
Textiles,
Apparel
&
Luxury
Goods
0.7%
adidas
AG
.........................................
Germany
926
245,400
Asics
Corp.
........................................
Japan
20,600
432,738
a
Deckers
Outdoor
Corp.
...............................
United
States
2,303
367,213
Hermes
International
SCA
.............................
France
96
236,407
Kering
SA
.........................................
France
1,578
454,272
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
521
399,578
NIKE,
Inc.,
B
.......................................
United
States
4,578
404,695
Pandora
A/S
.......................................
Denmark
2,457
404,961
Puma
SE
.........................................
Germany
18,000
752,757
PVH
Corp.
........................................
United
States
643
64,834
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)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Ralph
Lauren
Corp.,
A
................................
United
States
573
$
111,087
Swatch
Group
AG
(The),
N
............................
Switzerland
1,506
64,542
3,938,484
Tobacco
0.3%
Altria
Group,
Inc.
....................................
United
States
17,243
880,083
Imperial
Brands
plc
..................................
United
Kingdom
9,967
289,952
Japan
Tobacco,
Inc.
.................................
Japan
9,900
288,652
1,458,687
Trading
Companies
&
Distributors
0.5%
AerCap
Holdings
NV
.................................
Ireland
5,642
534,410
Fastenal
Co.
.......................................
United
States
7,882
562,932
RS
Group
plc
......................................
United
Kingdom
61,000
663,054
Toyota
Tsusho
Corp.
.................................
Japan
18,300
334,569
WW
Grainger,
Inc.
...................................
United
States
902
937,007
3,031,972
Transportation
Infrastructure
0.0%
â€
b
Aena
SME
SA,
144A,
Reg
S
...........................
Spain
516
113,363
Getlink
SE
........................................
France
2,793
49,822
163,185
Water
Utilities
0.0%
â€
American
Water
Works
Co.,
Inc.
........................
United
States
1,453
212,487
Wireless
Telecommunication
Services
0.0%
â€
Tele2
AB,
B
........................................
Sweden
15,719
177,853
Vodafone
Group
plc
.................................
United
Kingdom
80,405
80,588
258,441
Total
Common
Stocks
(Cost
$223,242,216)
...................................
339,079,924
Preferred
Stocks
0.1%
Household
Products
0.0%
â€
c
Henkel
AG
&
Co.
KGaA,
2.19%
.........................
Germany
3,677
345,668
Life
Sciences
Tools
&
Services
0.1%
c
Sartorius
AG,
0.29%
.................................
Germany
1,278
359,380
Total
Preferred
Stocks
(Cost
$722,439)
.......................................
705,048
Units
Limited
Partnerships
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Enterprise
Products
Partners
LP
........................
United
States
63,354
1,844,235
1,844,235
Total
Limited
Partnerships
(Cost
$1,624,417)
.................................
1,844,235
Principal
Amount
*
Corporate
Bonds
11.5%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
..........................
United
States
20,000
18,519
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Boeing
Co.
(The),
(continued)
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
10,000
$
8,146
Senior
Bond,
3.5%,
3/01/39
..........................
United
States
200,000
152,428
b
Senior
Bond,
144A,
6.528%,
5/01/34
...................
United
States
200,000
214,729
Senior
Note,
4.875%,
5/01/25
........................
United
States
40,000
39,855
Senior
Note,
5.15%,
5/01/30
.........................
United
States
30,000
30,082
General
Dynamics
Corp.
,
Senior
Bond
,
4.25
%
,
4/01/50
.......
United
States
10,000
9,044
Howmet
Aerospace,
Inc.
,
Senior
Note,
3%,
1/15/29
...........................
United
States
150,000
142,357
Senior
Note,
4.85%,
10/15/31
........................
United
States
50,000
51,069
Lockheed
Martin
Corp.
,
Senior
Bond,
3.9%,
6/15/32
..........................
United
States
10,000
9,802
Senior
Bond,
4.15%,
6/15/53
.........................
United
States
50,000
44,129
Senior
Bond,
5.2%,
2/15/64
..........................
United
States
10,000
10,366
Northrop
Grumman
Corp.
,
Senior
Bond,
3.25%,
1/15/28
.........................
United
States
10,000
9,720
Senior
Bond,
5.25%,
5/01/50
.........................
United
States
190,000
194,231
Senior
Bond,
4.95%,
3/15/53
.........................
United
States
100,000
97,904
Senior
Note,
2.93%,
1/15/25
.........................
United
States
20,000
19,878
RTX
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.......................
United
States
20,000
19,955
Senior
Bond,
4.15%,
5/15/45
.........................
United
States
20,000
17,498
Senior
Bond,
3.125%,
7/01/50
........................
United
States
30,000
21,508
Senior
Bond,
2.82%,
9/01/51
.........................
United
States
125,000
83,699
Senior
Bond,
3.03%,
3/15/52
.........................
United
States
200,000
139,897
Senior
Note,
6%,
3/15/31
...........................
United
States
20,000
21,759
1,356,575
Air
Freight
&
Logistics
0.1%
FedEx
Corp.
,
Senior
Bond
,
2.4
%
,
5/15/31
.................
United
States
200,000
177,040
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.....
United
States
100,000
82,305
259,345
Automobiles
0.1%
Ford
Motor
Co.
,
Senior
Bond
,
6.1
%
,
8/19/32
...............
United
States
20,000
20,508
General
Motors
Co.
,
Senior
Bond
,
6.6
%
,
4/01/36
............
United
States
20,000
21,650
b
Hyundai
Capital
America
,
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
250,000
257,638
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
200,000
206,855
506,651
Banks
2.4%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
200,000
207,096
Bank
of
America
Corp.
,
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
.
United
States
80,000
77,842
Senior
Bond,
3.974%
to
2/06/29,
FRN
thereafter,
2/07/30
...
United
States
230,000
226,043
Senior
Bond,
1.922%
to
10/23/30,
FRN
thereafter,
10/24/31
.
United
States
200,000
172,386
Senior
Bond,
2.572%
to
10/19/31,
FRN
thereafter,
10/20/32
.
United
States
90,000
78,940
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
...
United
States
70,000
69,686
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
240,000
252,477
Senior
Bond,
5%,
1/21/44
...........................
United
States
20,000
20,360
Senior
Bond,
4.083%
to
3/19/50,
FRN
thereafter,
3/20/51
...
United
States
100,000
86,963
Senior
Note,
1.319%
to
6/18/25,
FRN
thereafter,
6/19/26
....
United
States
150,000
146,338
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
1,030,000
$
1,087,478
Sub.
Bond,
4%,
1/22/25
............................
United
States
20,000
19,941
Sub.
Bond,
4.25%,
10/22/26
.........................
United
States
100,000
99,974
Sub.
Bond,
2.482%
to
9/20/31,
FRN
thereafter,
9/21/36
.....
United
States
10,000
8,441
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
200,000
199,626
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
.............
Canada
30,000
29,528
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
3.45%,
4/11/25
.........................
Canada
50,000
49,667
Sub.
Bond,
4.588%
to
5/03/32,
FRN
thereafter,
5/04/37
.....
Canada
10,000
9,516
b
BNP
Paribas
SA
,
Senior
Non-Preferred
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
................................
France
200,000
199,243
Senior
Non-Preferred
Note,
144A,
1.675%
to
6/29/26,
FRN
thereafter,
6/30/27
.................................
France
200,000
190,690
Senior
Preferred
Note,
144A,
5.176%
to
1/08/29,
FRN
thereafter,
1/09/30
.................................
France
250,000
256,595
b
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
250,000
237,092
Citibank
NA
,
Senior
Note
,
5.438
%
,
4/30/26
................
United
States
750,000
764,866
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
...
United
States
510,000
459,108
Senior
Bond,
4.91%
to
5/23/32,
FRN
thereafter,
5/24/33
....
United
States
80,000
80,665
Senior
Bond,
2.904%
to
11/02/41,
FRN
thereafter,
11/03/42
..
United
States
30,000
22,620
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.....
United
States
40,000
39,677
Senior
Note,
4.658%
to
5/23/27,
FRN
thereafter,
5/24/28
....
United
States
120,000
121,037
Senior
Note,
5.174%
to
2/12/29,
FRN
thereafter,
2/13/30
....
United
States
300,000
308,247
Sub.
Bond,
5.5%,
9/13/25
...........................
United
States
10,000
10,064
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
40,000
40,062
Sub.
Bond,
5.3%,
5/06/44
...........................
United
States
20,000
20,363
b,d
Commonwealth
Bank
of
Australia
,
Senior
Note
,
144A,
FRN
,
5.58
%
,
(
SOFR
+
0.74
%
),
3/14/25
......................
Australia
230,000
230,236
b
Cooperatieve
Rabobank
UA
,
Senior
Non-Preferred
Note
,
144A,
3.649%
to
4/05/27,
FRN
thereafter
,
4/06/28
..............
Netherlands
250,000
245,493
b
Danske
Bank
A/S
,
Senior
Non-Preferred
Note,
144A,
5.705%
to
2/28/29,
FRN
thereafter,
3/01/30
.................................
Denmark
200,000
208,520
Senior
Preferred
Note,
144A,
5.427%
to
2/28/27,
FRN
thereafter,
3/01/28
.................................
Denmark
200,000
205,070
HSBC
Holdings
plc
,
Senior
Note,
1.645%
to
8/17/25,
FRN
thereafter,
4/18/26
....
United
Kingdom
525,000
515,385
Senior
Note,
4.755%
to
6/08/27,
FRN
thereafter,
6/09/28
....
United
Kingdom
200,000
201,473
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
....
United
States
1,200,000
1,178,495
Senior
Bond,
4.452%
to
12/04/28,
FRN
thereafter,
12/05/29
.
United
States
60,000
60,291
Senior
Bond,
2.545%
to
11/07/31,
FRN
thereafter,
11/08/32
..
United
States
30,000
26,399
Senior
Bond,
5.35%
to
5/31/33,
FRN
thereafter,
6/01/34
....
United
States
200,000
209,399
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
100,000
104,563
Senior
Bond,
3.109%
to
4/21/50,
FRN
thereafter,
4/22/51
...
United
States
20,000
14,790
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
....
United
States
80,000
78,739
Senior
Note,
4.565%
to
6/13/29,
FRN
thereafter,
6/14/30
....
United
States
60,000
60,554
Sub.
Bond,
3.625%,
12/01/27
........................
United
States
60,000
59,105
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.....
United
States
200,000
184,007
Sub.
Bond,
4.95%,
6/01/45
..........................
United
States
10,000
9,993
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
................
United
States
250,000
248,202
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)
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
200,000
$
209,265
PNC
Financial
Services
Group,
Inc.
(The)
,
e
T,
Junior
Sub.
Bond,
3.4%
to
9/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
230,000
210,637
Senior
Bond,
5.676%
to
1/21/34,
FRN
thereafter,
1/22/35
...
United
States
50,000
53,029
Senior
Note,
5.812%
to
6/11/25,
FRN
thereafter,
6/12/26
....
United
States
10,000
10,067
Senior
Note,
5.582%
to
6/11/28,
FRN
thereafter,
6/12/29
....
United
States
30,000
31,234
Royal
Bank
of
Canada
,
Senior
Bond,
3.875%,
5/04/32
........................
Canada
50,000
48,289
Senior
Note,
1.15%,
6/10/25
.........................
Canada
20,000
19,546
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
200,000
190,276
b
Societe
Generale
SA
,
Senior
Non-Preferred
Note,
144A,
2.625%,
1/22/25
........
France
250,000
247,904
Senior
Non-Preferred
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.................................
France
200,000
190,090
b
Standard
Chartered
plc
,
Senior
Bond
,
144A,
4.05
%
,
4/12/26
...
United
Kingdom
250,000
248,291
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
1.15
%
,
6/12/25
....
Canada
20,000
19,539
Truist
Financial
Corp.
,
Senior
Note,
5.9%
to
10/27/25,
FRN
thereafter,
10/28/26
....
United
States
150,000
151,973
Senior
Note,
6.047%
to
6/07/26,
FRN
thereafter,
6/08/27
....
United
States
20,000
20,530
b
UniCredit
SpA
,
Senior
Preferred
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
.............................
Italy
300,000
286,972
US
Bancorp
,
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
...
United
States
10,000
10,681
Senior
Note,
1.45%,
5/12/25
.........................
United
States
30,000
29,456
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
....
United
States
20,000
20,966
Senior
Note,
5.1%
to
7/22/29,
FRN
thereafter,
7/23/30
......
United
States
300,000
308,882
Wells
Fargo
&
Co.
,
Senior
Bond,
2.879%
to
10/29/29,
FRN
thereafter,
10/30/30
.
United
States
440,000
408,281
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
....
United
States
230,000
210,331
Senior
Bond,
5.389%
to
4/23/33,
FRN
thereafter,
4/24/34
...
United
States
450,000
466,960
Senior
Bond,
5.013%
to
4/03/50,
FRN
thereafter,
4/04/51
...
United
States
200,000
196,236
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
....
United
States
60,000
59,034
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.....
United
States
100,000
99,850
Senior
Note,
4.808%
to
7/24/27,
FRN
thereafter,
7/25/28
....
United
States
390,000
394,643
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
100,000
103,117
Sub.
Bond,
4.3%,
7/22/27
...........................
United
States
60,000
60,147
Sub.
Bond,
4.9%,
11/17/45
..........................
United
States
80,000
75,095
13,814,666
Beverages
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.7
%
,
2/01/36
......................
Belgium
100,000
100,449
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.75%,
1/23/29
.........................
Belgium
60,000
61,582
Senior
Bond,
3.5%,
6/01/30
..........................
Belgium
350,000
339,846
Senior
Bond,
4.35%,
6/01/40
.........................
Belgium
30,000
28,348
Senior
Bond,
5.8%,
1/23/59
..........................
Belgium
150,000
169,139
Coca-Cola
Co.
(The)
,
Senior
Bond
,
2.5
%
,
6/01/40
...........
United
States
10,000
7,573
Constellation
Brands,
Inc.
,
Senior
Bond,
4.9%,
5/01/33
..........................
United
States
200,000
202,194
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Beverages
(continued)
Constellation
Brands,
Inc.,
(continued)
Senior
Note,
4.35%,
5/09/27
.........................
United
States
10,000
$
10,030
919,161
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond,
5.05%,
3/15/34
.........................
United
States
20,000
20,898
Senior
Bond,
4.85%,
6/15/44
.........................
United
States
400,000
395,565
Senior
Bond,
4.75%,
3/15/45
.........................
United
States
100,000
97,364
Senior
Bond,
4.25%,
11/21/49
........................
United
States
40,000
35,856
Senior
Note,
2.6%,
11/21/24
.........................
United
States
100,000
99,662
Senior
Note,
2.95%,
11/21/26
........................
United
States
40,000
39,169
Senior
Note,
4.8%,
3/15/29
..........................
United
States
20,000
20,589
Senior
Note,
3.2%,
11/21/29
.........................
United
States
90,000
86,091
Senior
Note,
4.95%,
3/15/31
.........................
United
States
10,000
10,401
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
.........................
United
States
200,000
182,730
Senior
Bond,
5.25%,
3/02/33
.........................
United
States
100,000
104,144
Senior
Bond,
5.6%,
3/02/43
..........................
United
States
420,000
441,498
b
CSL
Finance
plc
,
Senior
Bond
,
144A,
5.106
%
,
4/03/34
.......
Australia
190,000
197,131
Gilead
Sciences,
Inc.
,
Senior
Bond,
5.25%,
10/15/33
........................
United
States
140,000
147,714
Senior
Bond,
4.75%,
3/01/46
.........................
United
States
10,000
9,577
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond,
1.75%,
9/15/30
.........................
United
States
200,000
172,867
Senior
Bond,
2.8%,
9/15/50
..........................
United
States
340,000
224,029
2,285,285
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond,
1.5%,
6/03/30
..........................
United
States
30,000
26,257
Senior
Bond,
3.6%,
4/13/32
..........................
United
States
70,000
67,676
Senior
Bond,
3.875%,
8/22/37
........................
United
States
30,000
28,227
Senior
Bond,
2.5%,
6/03/50
..........................
United
States
110,000
72,761
Senior
Bond,
4.25%,
8/22/57
.........................
United
States
10,000
9,059
Senior
Note,
1.2%,
6/03/27
..........................
United
States
60,000
56,076
b
Prosus
NV
,
Senior
Bond
,
144A,
3.68
%
,
1/21/30
.............
China
200,000
188,681
448,737
Building
Products
0.1%
Owens
Corning
,
Senior
Bond
,
5.7
%
,
6/15/34
...............
United
States
525,000
557,676
Capital
Markets
0.9%
BlackRock
Funding,
Inc.
,
Senior
Bond
,
5.25
%
,
3/14/54
.......
United
States
100,000
103,703
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
6.136%
to
8/23/33,
FRN
thereafter,
8/24/34
...
United
States
10,000
10,937
Senior
Note,
5.875%,
8/24/26
........................
United
States
40,000
41,177
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
5.371
%
,
9/09/27
...
Germany
150,000
154,455
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.5%,
1/23/25
..........................
United
States
225,000
223,999
Senior
Bond,
3.691%
to
6/04/27,
FRN
thereafter,
6/05/28
...
United
States
140,000
137,801
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
..
United
States
70,000
61,519
Senior
Bond,
5.851%
to
4/24/34,
FRN
thereafter,
4/25/35
...
United
States
235,000
252,605
Senior
Bond,
2.908%
to
7/20/41,
FRN
thereafter,
7/21/42
...
United
States
40,000
30,428
Senior
Note,
3.5%,
4/01/25
..........................
United
States
40,000
39,757
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)
Goldman
Sachs
Group,
Inc.
(The),
(continued)
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
200,000
$
190,688
Senior
Note,
2.64%
to
2/23/27,
FRN
thereafter,
2/24/28
.....
United
States
200,000
192,268
Senior
Note,
5.727%
to
4/24/29,
FRN
thereafter,
4/25/30
....
United
States
200,000
210,235
Sub.
Bond,
4.25%,
10/21/25
.........................
United
States
200,000
199,309
Sub.
Bond,
5.15%,
5/22/45
..........................
United
States
50,000
50,015
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
4.6
%
,
3/15/33
...
United
States
10,000
10,123
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
6.2
%
,
4/14/34
....
United
States
125,000
133,869
Morgan
Stanley
,
Senior
Bond,
3.591%,
7/22/28
........................
United
States
860,000
842,798
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
...
United
States
40,000
39,348
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
...
United
States
520,000
499,438
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
..
United
States
100,000
87,319
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
....
United
States
250,000
258,295
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
...
United
States
60,000
62,758
Senior
Bond,
5.32%
to
7/18/34,
FRN
thereafter,
7/19/35
....
United
States
30,000
31,165
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
....
United
States
50,000
49,227
b
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
100,000
103,038
UBS
AG
,
Senior
Note
,
1.25
%
,
8/07/26
....................
Switzerland
250,000
237,410
b
UBS
Group
AG
,
Senior
Bond,
144A,
2.095%
to
2/10/31,
FRN
thereafter,
2/11/32
Switzerland
225,000
191,729
Senior
Note,
144A,
1.305%
to
2/01/26,
FRN
thereafter,
2/02/27
Switzerland
250,000
239,217
Senior
Note,
144A,
6.327%
to
12/21/26,
FRN
thereafter,
12/22/27
........................................
Switzerland
300,000
312,303
d
Senior
Note,
144A,
FRN,
6.246%,
(1-year
CMT
T-Note
+
1.8%),
9/22/29
.........................................
Switzerland
200,000
212,387
5,209,320
Chemicals
0.2%
Albemarle
Corp.
,
Senior
Note
,
4.65
%
,
6/01/27
..............
United
States
100,000
100,516
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.....
United
States
100,000
98,235
Nutrien
Ltd.
,
Senior
Bond
,
2.95
%
,
5/13/30
.................
Canada
200,000
186,152
b
Solvay
Finance
America
LLC
,
Senior
Note
,
144A,
5.65
%
,
6/04/29
Belgium
200,000
208,386
Westlake
Corp.
,
Senior
Bond,
3.375%,
6/15/30
........................
United
States
200,000
189,131
Senior
Bond,
3.125%,
8/15/51
........................
United
States
250,000
169,277
951,697
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
No.
2
,
Senior
Bond,
3.7%,
4/01/27
..........................
United
States
10,000
9,934
Senior
Bond,
4%,
5/01/32
...........................
United
States
10,000
9,811
RELX
Capital,
Inc.
,
Senior
Bond
,
3
%
,
5/22/30
..............
United
Kingdom
300,000
281,053
Republic
Services,
Inc.
,
Senior
Bond
,
5
%
,
4/01/34
...........
United
States
200,000
206,063
Veralto
Corp.
,
Senior
Note
,
5.5
%
,
9/18/26
.................
United
States
250,000
255,748
Waste
Connections,
Inc.
,
Senior
Bond
,
5
%
,
3/01/34
..........
United
States
20,000
20,538
783,147
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.05
%
,
2/26/34
...........
United
States
230,000
241,634
Motorola
Solutions,
Inc.
,
Senior
Bond,
4.6%,
5/23/29
..........................
United
States
280,000
282,653
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)
Communications
Equipment
(continued)
Motorola
Solutions,
Inc.,
(continued)
Senior
Bond,
5.4%,
4/15/34
..........................
United
States
150,000
$
156,623
680,910
Consumer
Finance
0.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.4%,
10/29/33
.........................
Ireland
150,000
132,774
Senior
Note,
2.45%,
10/29/26
........................
Ireland
150,000
144,100
Senior
Note,
3%,
10/29/28
..........................
Ireland
300,000
283,484
American
Express
Co.
,
Senior
Note
,
4.05
%
,
5/03/29
.........
United
States
20,000
20,042
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.75
%
,
3/09/27
.....
United
States
435,000
429,523
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
5.4%,
4/06/26
..........................
United
States
240,000
243,006
Senior
Note,
4.9%,
10/06/29
.........................
United
States
125,000
125,180
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
......
United
States
200,000
201,553
Toyota
Motor
Credit
Corp.
,
Senior
Note
,
4.45
%
,
5/18/26
......
United
States
220,000
221,678
1,801,340
Consumer
Staples
Distribution
&
Retail
0.1%
Costco
Wholesale
Corp.
,
Senior
Bond
,
1.75
%
,
4/20/32
.......
United
States
20,000
17,043
Dollar
Tree,
Inc.
,
Senior
Bond
,
2.65
%
,
12/01/31
.............
United
States
200,000
172,110
Kroger
Co.
(The)
,
Senior
Bond,
5%,
9/15/34
...........................
United
States
20,000
20,174
Senior
Note,
4.7%,
8/15/26
..........................
United
States
150,000
151,048
Target
Corp.
,
Senior
Bond
,
2.95
%
,
1/15/52
................
United
States
350,000
248,303
Walmart,
Inc.
,
Senior
Note
,
1.5
%
,
9/22/28
.................
United
States
10,000
9,198
617,876
Containers
&
Packaging
0.0%
â€
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
..................
United
States
135,000
118,662
Diversified
REITs
0.1%
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.....
United
States
395,000
387,381
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
200,000
201,350
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/30
...................................
United
States
150,000
142,566
731,297
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
690,000
581,913
Senior
Bond,
3.5%,
9/15/53
..........................
United
States
20,000
14,705
Senior
Bond,
3.55%,
9/15/55
.........................
United
States
30,000
21,963
Senior
Bond,
3.65%,
9/15/59
.........................
United
States
10,000
7,262
Senior
Note,
1.65%,
2/01/28
.........................
United
States
20,000
18,442
Orange
SA
,
Senior
Bond
,
9
%
,
3/01/31
....................
France
100,000
123,761
Verizon
Communications,
Inc.
,
Senior
Bond,
2.55%,
3/21/31
.........................
United
States
200,000
178,650
Senior
Bond,
4.5%,
8/10/33
..........................
United
States
70,000
69,193
Senior
Bond,
2.85%,
9/03/41
.........................
United
States
200,000
150,515
Senior
Bond,
3.85%,
11/01/42
........................
United
States
100,000
85,508
b
Senior
Bond,
144A,
4.78%,
2/15/35
....................
United
States
75,000
74,923
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.,
(continued)
Senior
Note,
2.355%,
3/15/32
........................
United
States
640,000
$
551,578
1,878,413
Electric
Utilities
0.5%
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
20,000
17,584
b
Cleveland
Electric
Illuminating
Co.
(The)
,
Senior
Bond
,
144A,
3.5
%
,
4/01/28
....................................
United
States
10,000
9,663
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.......
United
States
200,000
169,431
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.......
United
States
200,000
228,675
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
5.4
%
,
4/01/53
.......
United
States
250,000
257,732
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
230,000
240,238
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.5
%
,
7/12/31
Italy
200,000
173,999
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
.........................
United
States
425,000
418,642
Senior
Bond,
5.625%,
6/15/35
........................
United
States
10,000
10,623
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
............
United
States
400,000
364,399
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.65
%
,
4/15/29
.......
United
States
20,000
19,659
b
Mid-Atlantic
Interstate
Transmission
LLC
,
Senior
Bond
,
144A,
4.1
%
,
5/15/28
....................................
United
States
10,000
9,929
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
2.5%,
2/01/31
..........................
United
States
10,000
8,765
Senior
Bond,
3.3%,
8/01/40
..........................
United
States
10,000
7,772
Senior
Bond,
3.5%,
8/01/50
..........................
United
States
10,000
7,248
Senior
Note,
2.1%,
8/01/27
..........................
United
States
10,000
9,374
Senior
Note,
3.3%,
12/01/27
.........................
United
States
250,000
241,326
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
..........
United
States
300,000
290,070
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
2.4
%
,
3/30/32
...
United
States
520,000
453,943
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
.............
United
States
150,000
155,834
3,094,906
Electrical
Equipment
0.0%
â€
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
11/02/42
................
United
States
10,000
9,161
Emerson
Electric
Co.
,
Senior
Bond
,
2.8
%
,
12/21/51
..........
United
States
60,000
41,289
50,450
Energy
Equipment
&
Services
0.0%
â€
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond
,
4.08
%
,
12/15/47
........................
United
States
285,000
242,165
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond,
4.9%,
8/15/34
..........................
United
States
100,000
103,474
Senior
Bond,
5.4%,
8/15/54
..........................
United
States
200,000
211,896
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
225,000
236,813
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
5.05%,
3/15/42
.........................
United
States
390,000
318,562
Senior
Bond,
5.141%,
3/15/52
........................
United
States
10,000
7,719
Senior
Note,
6.412%,
3/15/26
........................
United
States
10,000
10,006
Senior
Note,
3.755%,
3/15/27
........................
United
States
10,000
9,672
Senior
Note,
4.054%,
3/15/29
........................
United
States
10,000
9,476
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
(continued)
Warnermedia
Holdings,
Inc.,
(continued)
Senior
Note,
4.279%,
3/15/32
........................
United
States
20,000
$
17,773
925,391
Financial
Services
0.2%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
150,000
160,027
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
........
Portugal
200,000
184,112
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
..........................
United
States
270,000
260,953
Senior
Bond,
2.65%,
6/01/30
.........................
United
States
200,000
182,296
Global
Payments,
Inc.
,
Senior
Note
,
5.4
%
,
8/15/32
..........
United
States
100,000
102,709
Mastercard,
Inc.
,
Senior
Bond,
3.35%,
3/26/30
.........................
United
States
10,000
9,663
Senior
Bond,
3.85%,
3/26/50
.........................
United
States
40,000
33,861
b
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.....
Japan
250,000
216,034
PayPal
Holdings,
Inc.
,
Senior
Bond,
2.3%,
6/01/30
..........................
United
States
10,000
9,068
Senior
Bond,
4.4%,
6/01/32
..........................
United
States
10,000
10,031
Shell
International
Finance
BV
,
Senior
Bond,
2.75%,
4/06/30
.........................
United
States
50,000
46,605
Senior
Bond,
4%,
5/10/46
...........................
United
States
20,000
17,128
Senior
Bond,
3.25%,
4/06/50
.........................
United
States
30,000
22,281
Visa,
Inc.
,
Senior
Bond
,
4.3
%
,
12/14/45
...................
United
States
10,000
9,323
1,264,091
Food
Products
0.3%
Conagra
Brands,
Inc.
,
Senior
Bond
,
5.4
%
,
11/01/48
..........
United
States
250,000
247,597
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
...........
United
States
175,000
175,054
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note,
3.625%,
1/15/32
........................
United
States
200,000
182,975
Senior
Note,
5.75%,
4/01/33
.........................
United
States
200,000
207,341
b
Mars,
Inc.
,
Senior
Bond,
144A,
3.2%,
4/01/30
.....................
United
States
130,000
123,092
Senior
Bond,
144A,
4.75%,
4/20/33
....................
United
States
150,000
151,214
Senior
Bond,
144A,
2.375%,
7/16/40
...................
United
States
10,000
7,136
Mondelez
International,
Inc.
,
Senior
Bond,
4.75%,
8/28/34
.........................
United
States
200,000
201,625
Senior
Note,
1.5%,
5/04/25
..........................
United
States
20,000
19,606
Senior
Note,
4.75%,
2/20/29
.........................
United
States
250,000
255,663
1,571,303
Gas
Utilities
0.1%
Southern
California
Gas
Co.
,
Senior
Bond
,
6.35
%
,
11/15/52
...
United
States
350,000
405,992
Ground
Transportation
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
200,000
209,146
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
4.9%,
4/01/44
..........................
United
States
200,000
198,659
Senior
Bond,
2.875%,
6/15/52
........................
United
States
10,000
6,906
CSX
Corp.
,
Senior
Bond,
3.8%,
11/01/46
.........................
United
States
100,000
83,802
Senior
Bond,
4.75%,
11/15/48
........................
United
States
275,000
264,478
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
Union
Pacific
Corp.
,
Senior
Bond,
2.4%,
2/05/30
..........................
United
States
10,000
$
9,180
Senior
Bond,
2.891%,
4/06/36
........................
United
States
10,000
8,611
Senior
Bond,
3.839%,
3/20/60
........................
United
States
10,000
8,003
Senior
Bond,
3.75%,
2/05/70
.........................
United
States
10,000
7,584
Senior
Note,
2.15%,
2/05/27
.........................
United
States
10,000
9,592
805,961
Health
Care
Equipment
&
Supplies
0.1%
Baxter
International,
Inc.
,
Senior
Bond
,
2.539
%
,
2/01/32
......
United
States
500,000
433,792
Medtronic
Global
Holdings
SCA
,
Senior
Note
,
4.25
%
,
3/30/28
..
United
States
200,000
201,731
b
Solventum
Corp.
,
Senior
Bond,
144A,
5.6%,
3/23/34
.....................
United
States
100,000
103,597
Senior
Bond,
144A,
5.9%,
4/30/54
.....................
United
States
40,000
41,465
Senior
Note,
144A,
5.4%,
3/01/29
.....................
United
States
20,000
20,582
Senior
Note,
144A,
5.45%,
3/13/31
....................
United
States
30,000
30,938
832,105
Health
Care
Providers
&
Services
0.6%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
...........
United
States
200,000
174,534
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
................
United
States
200,000
179,190
Cigna
Group
(The)
,
Senior
Bond,
2.375%,
3/15/31
........................
United
States
100,000
88,212
Senior
Bond,
4.8%,
8/15/38
..........................
United
States
20,000
19,496
Senior
Bond,
4.9%,
12/15/48
.........................
United
States
20,000
18,849
Senior
Note,
3.05%,
10/15/27
........................
United
States
55,000
53,353
Senior
Note,
4.375%,
10/15/28
.......................
United
States
60,000
60,248
CVS
Health
Corp.
,
Senior
Bond,
3.875%,
7/20/25
........................
United
States
10,000
9,930
Senior
Bond,
4.3%,
3/25/28
..........................
United
States
30,000
29,925
Senior
Bond,
3.75%,
4/01/30
.........................
United
States
30,000
28,755
Senior
Bond,
2.125%,
9/15/31
........................
United
States
50,000
42,263
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
40,000
37,759
Senior
Bond,
5.3%,
12/05/43
.........................
United
States
500,000
482,138
Senior
Bond,
5.125%,
7/20/45
........................
United
States
100,000
93,227
Senior
Bond,
5.05%,
3/25/48
.........................
United
States
40,000
36,536
Senior
Bond,
4.25%,
4/01/50
.........................
United
States
20,000
16,159
Elevance
Health,
Inc.
,
Senior
Bond,
3.65%,
12/01/27
........................
United
States
20,000
19,723
Senior
Bond,
4.1%,
5/15/32
..........................
United
States
10,000
9,764
Senior
Bond,
5.1%,
1/15/44
..........................
United
States
400,000
396,016
Senior
Bond,
4.55%,
5/15/52
.........................
United
States
10,000
8,931
HCA,
Inc.
,
Senior
Bond,
4.5%,
2/15/27
..........................
United
States
408,000
408,589
Senior
Note,
3.625%,
3/15/32
........................
United
States
200,000
185,002
Humana,
Inc.
,
Senior
Bond
,
3.125
%
,
8/15/29
...............
United
States
90,000
84,971
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
200,000
212,861
Kaiser
Foundation
Hospitals
,
Senior
Bond
,
4.15
%
,
5/01/47
....
United
States
175,000
157,395
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
.........
United
States
300,000
270,628
UnitedHealth
Group,
Inc.
,
Senior
Bond,
2.75%,
5/15/40
.........................
United
States
30,000
22,981
Senior
Bond,
3.05%,
5/15/41
.........................
United
States
245,000
193,529
Senior
Bond,
3.25%,
5/15/51
.........................
United
States
10,000
7,414
Senior
Bond,
3.875%,
8/15/59
........................
United
States
30,000
23,948
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.,
(continued)
Senior
Note,
4%,
5/15/29
...........................
United
States
20,000
$
19,959
Senior
Note,
4.2%,
5/15/32
..........................
United
States
30,000
29,774
Senior
Note,
5.15%,
7/15/34
.........................
United
States
100,000
104,408
3,526,467
Health
Care
REITs
0.0%
â€
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond,
2.95%,
3/15/34
.........................
United
States
225,000
194,654
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
50,000
50,884
245,538
Health
Care
Technology
0.0%
â€
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
...........
United
States
100,000
106,371
Hotels,
Restaurants
&
Leisure
0.1%
Las
Vegas
Sands
Corp.
,
Senior
Note
,
6
%
,
8/15/29
..........
United
States
10,000
10,397
Marriott
International,
Inc.
,
Senior
Bond
,
5.3
%
,
5/15/34
.......
United
States
250,000
257,709
McDonald's
Corp.
,
Senior
Bond,
4.875%,
12/09/45
.......................
United
States
10,000
9,719
Senior
Bond,
4.2%,
4/01/50
..........................
United
States
30,000
25,966
Senior
Note,
1.45%,
9/01/25
.........................
United
States
40,000
38,954
Senior
Note,
2.125%,
3/01/30
........................
United
States
30,000
27,038
369,783
Household
Durables
0.0%
â€
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
150,000
145,626
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...................................
Mexico
500,000
443,432
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3
%
,
3/25/30
.......
United
States
10,000
9,582
453,014
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
.........................................
United
States
325,000
357,397
Industrial
Conglomerates
0.0%
â€
Honeywell
International,
Inc.
,
Senior
Bond
,
5
%
,
3/01/35
.......
United
States
30,000
31,240
Insurance
0.5%
b
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
.........
Hong
Kong
200,000
204,535
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
...........
United
States
200,000
175,096
American
International
Group,
Inc.
,
Senior
Bond
,
5.125
%
,
3/27/33
United
States
200,000
206,240
Aon
Corp.
,
Senior
Bond
,
2.8
%
,
5/15/30
...................
United
States
320,000
294,709
Aon
North
America,
Inc.
,
Senior
Bond
,
5.45
%
,
3/01/34
........
United
States
40,000
42,015
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.......
United
States
300,000
233,413
Arthur
J
Gallagher
&
Co.
,
Senior
Bond,
6.5%,
2/15/34
..........................
United
States
150,000
167,569
Senior
Bond,
5.45%,
7/15/34
.........................
United
States
200,000
208,535
Athene
Holding
Ltd.
,
Senior
Bond
,
6.25
%
,
4/01/54
...........
United
States
125,000
133,372
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.25%,
1/15/49
.........................
United
States
20,000
18,552
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Berkshire
Hathaway
Finance
Corp.,
(continued)
Senior
Bond,
3.85%,
3/15/52
.........................
United
States
200,000
$
169,026
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
.........
United
States
230,000
199,273
b
Guardian
Life
Global
Funding
,
Secured
Note
,
144A,
1.1
%
,
6/23/25
.........................................
United
States
10,000
9,762
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
....
United
States
250,000
239,708
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
.............
United
States
220,000
233,708
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
4.3
%
,
8/25/29
.........................................
United
States
150,000
150,611
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
0.95
%
,
6/24/25
...................................
United
States
10,000
9,742
b
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
150,000
156,885
b
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
.........................................
United
States
100,000
107,067
b
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
4.9
%
,
9/15/44
...............................
United
States
10,000
9,565
2,969,383
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond,
1.1%,
8/15/30
..........................
United
States
10,000
8,613
Senior
Bond,
1.9%,
8/15/40
..........................
United
States
10,000
7,146
Meta
Platforms,
Inc.
,
Senior
Bond,
4.75%,
8/15/34
.........................
United
States
30,000
30,633
Senior
Bond,
4.45%,
8/15/52
.........................
United
States
250,000
230,724
277,116
Machinery
0.1%
Deere
&
Co.
,
Senior
Bond,
3.1%,
4/15/30
..........................
United
States
10,000
9,503
Senior
Bond,
3.75%,
4/15/50
.........................
United
States
10,000
8,533
Ingersoll
Rand,
Inc.
,
Senior
Note
,
5.176
%
,
6/15/29
..........
United
States
140,000
144,889
Otis
Worldwide
Corp.
,
Senior
Note
,
2.056
%
,
4/05/25
.........
United
States
10,000
9,863
Westinghouse
Air
Brake
Technologies
Corp.
,
Senior
Bond
,
4.7
%
,
9/15/28
.........................................
United
States
180,000
182,334
355,122
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.05%,
3/30/29
..................
United
States
80,000
79,608
Senior
Secured
Bond,
2.8%,
4/01/31
...................
United
States
320,000
273,930
Senior
Secured
Bond,
4.4%,
4/01/33
...................
United
States
130,000
119,033
Senior
Secured
Bond,
6.55%,
6/01/34
..................
United
States
10,000
10,406
Senior
Secured
Bond,
5.375%,
4/01/38
.................
United
States
120,000
109,546
Senior
Secured
Bond,
3.5%,
3/01/42
...................
United
States
130,000
90,388
Senior
Secured
Bond,
3.9%,
6/01/52
...................
United
States
70,000
45,927
Senior
Secured
Bond,
5.5%,
4/01/63
...................
United
States
40,000
32,615
Senior
Secured
Note,
4.908%,
7/23/25
.................
United
States
14,000
13,981
Comcast
Corp.
,
Senior
Bond,
4.15%,
10/15/28
........................
United
States
70,000
70,129
Senior
Bond,
3.4%,
4/01/30
..........................
United
States
10,000
9,596
Senior
Bond,
4.25%,
10/15/30
........................
United
States
60,000
59,915
Senior
Bond,
4.25%,
1/15/33
.........................
United
States
300,000
295,185
Senior
Bond,
3.75%,
4/01/40
.........................
United
States
30,000
25,985
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Comcast
Corp.,
(continued)
Senior
Bond,
3.969%,
11/01/47
.......................
United
States
30,000
$
25,097
Senior
Bond,
2.887%,
11/01/51
.......................
United
States
40,000
26,904
Senior
Bond,
4.049%,
11/01/52
.......................
United
States
500,000
415,954
Senior
Bond,
2.937%,
11/01/56
.......................
United
States
20,000
13,084
Fox
Corp.
,
Senior
Bond,
6.5%,
10/13/33
.........................
United
States
20,000
21,895
Senior
Bond,
5.476%,
1/25/39
........................
United
States
40,000
40,374
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
United
States
10,000
9,902
1,789,454
Metals
&
Mining
0.1%
Barrick
North
America
Finance
LLC
,
Senior
Bond
,
5.7
%
,
5/30/41
Canada
20,000
21,124
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5
%
,
9/30/43
.....
Australia
20,000
20,072
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.......
United
States
20,000
20,105
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
......................
Australia
20,000
19,818
Senior
Note,
144A,
5.371%,
4/04/29
...................
Australia
200,000
206,852
Southern
Copper
Corp.
,
Senior
Bond
,
5.25
%
,
11/08/42
.......
Mexico
100,000
97,710
385,681
Multi-Utilities
0.1%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A,
Senior
Bond,
3.35%,
4/01/30
.....................
United
States
10,000
9,629
20B,
Senior
Bond,
3.95%,
4/01/50
.....................
United
States
10,000
8,569
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
150,000
153,229
b
Engie
SA
,
Senior
Note
,
144A,
5.25
%
,
4/10/29
..............
France
200,000
207,049
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
150,000
151,637
530,113
Oil,
Gas
&
Consumable
Fuels
1.0%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.75
%
,
1/15/30
...........
Norway
150,000
143,077
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
1.749%,
8/10/30
........................
United
States
40,000
34,919
Senior
Bond,
4.812%,
2/13/33
........................
United
States
200,000
202,755
Senior
Bond,
2.939%,
6/04/51
........................
United
States
40,000
27,212
b
Cameron
LNG
LLC
,
Senior
Secured
Bond,
144A,
2.902%,
7/15/31
............
United
States
20,000
17,968
Senior
Secured
Bond,
144A,
3.302%,
1/15/35
............
United
States
40,000
34,544
Canadian
Natural
Resources
Ltd.
,
Senior
Bond,
2.95%,
7/15/30
.........................
Canada
350,000
320,161
Senior
Bond,
6.25%,
3/15/38
.........................
Canada
140,000
150,486
b
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
....
United
States
50,000
51,770
Chevron
Corp.
,
Senior
Bond,
3.078%,
5/11/50
........................
United
States
20,000
14,657
Senior
Note,
1.995%,
5/11/27
........................
United
States
30,000
28,665
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Bond
,
144A,
6.036
%
,
11/15/33
..................................
United
States
50,000
53,381
ConocoPhillips
Co.
,
Senior
Bond
,
5.3
%
,
5/15/53
............
United
States
250,000
252,839
Continental
Resources,
Inc.
,
Senior
Bond,
4.9%,
6/01/44
..........................
United
States
110,000
94,144
Senior
Note,
4.375%,
1/15/28
........................
United
States
40,000
39,432
b
Senior
Note,
144A,
2.268%,
11/15/26
..................
United
States
40,000
37,925
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)
Coterra
Energy,
Inc.
,
Senior
Note,
3.9%,
5/15/27
..........................
United
States
30,000
$
29,563
Senior
Note,
4.375%,
3/15/29
........................
United
States
60,000
59,272
Devon
Energy
Corp.
,
Senior
Bond,
5.85%,
12/15/25
........................
United
States
10,000
10,104
Senior
Bond,
4.75%,
5/15/42
.........................
United
States
30,000
26,582
Senior
Bond,
5%,
6/15/45
...........................
United
States
120,000
107,226
Diamondback
Energy,
Inc.
,
Senior
Bond,
3.125%,
3/24/31
........................
United
States
10,000
9,122
Senior
Bond,
4.4%,
3/24/51
..........................
United
States
60,000
49,845
Senior
Note,
3.5%,
12/01/29
.........................
United
States
60,000
57,089
Energy
Transfer
LP
,
Senior
Bond,
4.95%,
6/15/28
.........................
United
States
40,000
40,690
Senior
Bond,
3.75%,
5/15/30
.........................
United
States
50,000
47,776
Senior
Bond,
5.55%,
5/15/34
.........................
United
States
310,000
321,192
Senior
Bond,
5.15%,
3/15/45
.........................
United
States
375,000
349,669
Senior
Bond,
6.25%,
4/15/49
.........................
United
States
50,000
52,608
Senior
Note,
2.9%,
5/15/25
..........................
United
States
20,000
19,756
Enterprise
Products
Operating
LLC
,
Senior
Bond,
4.15%,
10/16/28
........................
United
States
30,000
29,990
Senior
Bond,
2.8%,
1/31/30
..........................
United
States
60,000
55,995
Senior
Bond,
4.85%,
1/31/34
.........................
United
States
30,000
30,445
Senior
Bond,
6.125%,
10/15/39
.......................
United
States
375,000
414,912
Senior
Bond,
3.7%,
1/31/51
..........................
United
States
50,000
38,939
Senior
Bond,
5.375%
to
2/14/28,
FRN
thereafter,
2/15/78
...
United
States
10,000
9,578
H,
Senior
Bond,
6.65%,
10/15/34
.....................
United
States
10,000
11,388
EOG
Resources,
Inc.
,
Senior
Bond,
4.375%,
4/15/30
........................
United
States
30,000
30,235
Senior
Bond,
3.9%,
4/01/35
..........................
United
States
20,000
18,758
Senior
Bond,
4.95%,
4/15/50
.........................
United
States
30,000
28,959
EQT
Corp.
,
Senior
Bond
,
7
%
,
2/01/30
....................
United
States
10,000
10,925
Exxon
Mobil
Corp.
,
Senior
Bond,
3.482%,
3/19/30
........................
United
States
50,000
48,586
Senior
Bond,
4.227%,
3/19/40
........................
United
States
10,000
9,367
Senior
Bond,
3.452%,
4/15/51
........................
United
States
20,000
15,510
Kinder
Morgan,
Inc.
,
Senior
Bond
,
4.3
%
,
3/01/28
............
United
States
40,000
40,078
MPLX
LP
,
Senior
Bond,
4%,
3/15/28
...........................
United
States
20,000
19,729
Senior
Bond,
4.5%,
4/15/38
..........................
United
States
10,000
9,248
Senior
Bond,
5.5%,
2/15/49
..........................
United
States
100,000
97,429
Senior
Note,
2.65%,
8/15/30
.........................
United
States
300,000
270,092
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.6%,
3/15/46
..........................
United
States
60,000
64,609
Senior
Note,
5.2%,
8/01/29
..........................
United
States
150,000
152,602
ONEOK,
Inc.
,
Senior
Bond,
6.05%,
9/01/33
.........................
United
States
30,000
32,070
Senior
Bond,
6.625%,
9/01/53
........................
United
States
10,000
11,104
Senior
Note,
5.8%,
11/01/30
.........................
United
States
10,000
10,652
Pioneer
Natural
Resources
Co.
,
Senior
Note
,
2.15
%
,
1/15/31
..
United
States
60,000
52,729
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Bond
,
4.2
%
,
3/15/28
.........................................
United
States
250,000
248,730
Targa
Resources
Corp.
,
Senior
Bond,
4.95%,
4/15/52
.........................
United
States
10,000
9,010
Senior
Bond,
6.5%,
2/15/53
..........................
United
States
155,000
172,173
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
.........................................
United
States
30,000
$
27,482
TotalEnergies
Capital
SA
,
Senior
Bond,
4.724%,
9/10/34
........................
France
100,000
100,541
Senior
Bond,
5.275%,
9/10/54
........................
France
150,000
150,328
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
3.25
%
,
5/15/30
.........................................
United
States
50,000
46,853
b
Var
Energi
ASA
,
Senior
Bond,
144A,
8%,
11/15/32
.....................
Norway
200,000
232,148
Senior
Note,
144A,
7.5%,
1/15/28
.....................
Norway
200,000
214,357
Western
Midstream
Operating
LP
,
Senior
Note
,
3.1
%
,
2/01/25
..
United
States
10,000
9,924
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.75%,
6/15/27
.........................
United
States
60,000
59,125
Senior
Bond,
2.6%,
3/15/31
..........................
United
States
200,000
176,799
Senior
Bond,
5.15%,
3/15/34
.........................
United
States
30,000
30,342
Senior
Bond,
5.1%,
9/15/45
..........................
United
States
30,000
28,580
5,704,750
Passenger
Airlines
0.0%
â€
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
.............
United
States
104,376
103,758
Senior
Secured
Note,
144A,
4.75%,
10/20/28
............
United
States
30,000
29,973
133,731
Personal
Care
Products
0.0%
â€
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.......
United
States
250,000
235,233
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
.................
United
States
20,000
20,710
255,943
Pharmaceuticals
0.3%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
...........................
United
Kingdom
200,000
179,701
Senior
Bond,
4.375%,
11/16/45
.......................
United
Kingdom
450,000
421,253
b
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
200,000
197,426
Bristol-Myers
Squibb
Co.
,
Senior
Bond,
5.2%,
2/22/34
..........................
United
States
20,000
21,099
Senior
Bond,
5.55%,
2/22/54
.........................
United
States
10,000
10,602
Senior
Bond,
5.65%,
2/22/64
.........................
United
States
10,000
10,606
Senior
Note,
3.4%,
7/26/29
..........................
United
States
10,000
9,723
Senior
Note,
5.1%,
2/22/31
..........................
United
States
10,000
10,474
Eli
Lilly
&
Co.
,
Senior
Bond,
4.7%,
2/09/34
..........................
United
States
30,000
30,680
Senior
Bond,
4.6%,
8/14/34
..........................
United
States
10,000
10,161
Senior
Bond,
5.1%,
2/09/64
..........................
United
States
30,000
30,674
Johnson
&
Johnson
,
Senior
Bond
,
2.1
%
,
9/01/40
............
United
States
30,000
21,824
Merck
&
Co.,
Inc.
,
Senior
Bond,
1.45%,
6/24/30
.........................
United
States
10,000
8,675
Senior
Bond,
2.75%,
12/10/51
........................
United
States
30,000
20,306
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
280,000
285,502
Pfizer,
Inc.
,
Senior
Bond,
1.7%,
5/28/30
..........................
United
States
30,000
26,484
Senior
Bond,
2.55%,
5/28/40
.........................
United
States
30,000
22,497
Senior
Bond,
2.7%,
5/28/50
..........................
United
States
30,000
20,807
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)
Pharmaceuticals
(continued)
Royalty
Pharma
plc
,
Senior
Note
,
1.2
%
,
9/02/25
............
United
States
225,000
$
217,997
1,556,491
Residential
REITs
0.1%
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
............
United
States
480,000
418,200
Semiconductors
&
Semiconductor
Equipment
0.1%
Applied
Materials,
Inc.
,
Senior
Bond
,
1.75
%
,
6/01/30
.........
United
States
20,000
17,571
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
3.137
%
,
11/15/35
.......
United
States
50,000
42,776
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
..........................
United
States
10,000
10,136
Senior
Bond,
3.05%,
8/12/51
.........................
United
States
20,000
12,822
Senior
Note,
1.6%,
8/12/28
..........................
United
States
10,000
8,944
Senior
Note,
5.125%,
2/10/30
........................
United
States
10,000
10,220
KLA
Corp.
,
Senior
Bond
,
4.65
%
,
7/15/32
..................
United
States
10,000
10,237
Micron
Technology,
Inc.
,
Senior
Bond,
5.875%,
2/09/33
........................
United
States
10,000
10,685
Senior
Note,
5.3%,
1/15/31
..........................
United
States
10,000
10,394
NVIDIA
Corp.
,
Senior
Bond
,
3.7
%
,
4/01/60
................
United
States
20,000
16,484
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
2.7
%
,
5/01/25
.........................................
China
10,000
9,864
Texas
Instruments,
Inc.
,
Senior
Bond,
1.75%,
5/04/30
.........................
United
States
10,000
8,834
Senior
Bond,
3.875%,
3/15/39
........................
United
States
10,000
9,285
Senior
Bond,
4.15%,
5/15/48
.........................
United
States
20,000
17,842
TSMC
Arizona
Corp.
,
Senior
Bond
,
2.5
%
,
10/25/31
..........
Taiwan
200,000
177,187
373,281
Software
0.2%
Adobe,
Inc.
,
Senior
Bond
,
2.3
%
,
2/01/30
..................
United
States
20,000
18,384
Microsoft
Corp.
,
Senior
Bond
,
2.921
%
,
3/17/52
.............
United
States
270,000
198,422
Oracle
Corp.
,
Senior
Bond,
2.875%,
3/25/31
........................
United
States
50,000
45,511
Senior
Bond,
3.95%,
3/25/51
.........................
United
States
200,000
161,082
Senior
Bond,
5.375%,
9/27/54
........................
United
States
30,000
30,004
Senior
Note,
1.65%,
3/25/26
.........................
United
States
40,000
38,467
Senior
Note,
4.65%,
5/06/30
.........................
United
States
210,000
214,246
Salesforce,
Inc.
,
Senior
Bond,
3.7%,
4/11/28
..........................
United
States
20,000
19,893
Senior
Bond,
1.95%,
7/15/31
.........................
United
States
250,000
217,143
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
150,000
128,756
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
................
United
States
175,000
166,191
1,238,099
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
200,000
180,339
Senior
Bond,
4.1%,
1/15/52
..........................
United
States
200,000
152,999
Home
Depot,
Inc.
(The)
,
Senior
Bond,
2.7%,
4/15/30
..........................
United
States
10,000
9,306
Senior
Bond,
3.3%,
4/15/40
..........................
United
States
20,000
16,726
Senior
Bond,
3.35%,
4/15/50
.........................
United
States
30,000
23,077
Senior
Bond,
3.625%,
4/15/52
........................
United
States
200,000
161,055
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)
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The),
(continued)
Senior
Note,
2.5%,
4/15/27
..........................
United
States
10,000
$
9,667
Lowe's
Cos.,
Inc.
,
Senior
Bond,
4.5%,
4/15/30
..........................
United
States
10,000
10,132
Senior
Bond,
5.75%,
7/01/53
.........................
United
States
200,000
211,270
Senior
Note,
1.7%,
9/15/28
..........................
United
States
20,000
18,226
792,797
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
2.8
%
,
2/08/61
...................
United
States
500,000
334,602
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.4
%
,
4/15/34
United
States
200,000
208,792
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
100,000
99,825
643,219
Textiles,
Apparel
&
Luxury
Goods
0.0%
â€
NIKE,
Inc.
,
Senior
Bond,
2.85%,
3/27/30
.........................
United
States
10,000
9,422
Senior
Bond,
3.25%,
3/27/40
.........................
United
States
10,000
8,395
Senior
Note,
2.75%,
3/27/27
.........................
United
States
10,000
9,747
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
...............
United
States
100,000
108,472
136,036
Tobacco
0.1%
Altria
Group,
Inc.
,
Senior
Bond,
4.8%,
2/14/29
..........................
United
States
30,000
30,383
Senior
Bond,
6.875%,
11/01/33
.......................
United
States
30,000
33,903
Senior
Bond,
5.8%,
2/14/39
..........................
United
States
20,000
21,037
Senior
Bond,
5.95%,
2/14/49
.........................
United
States
50,000
52,501
BAT
Capital
Corp.
,
Senior
Bond,
6%,
2/20/34
...........................
United
Kingdom
20,000
21,386
Senior
Bond,
4.54%,
8/15/47
.........................
United
Kingdom
20,000
16,905
Senior
Note,
3.557%,
8/15/27
........................
United
Kingdom
14,000
13,717
Philip
Morris
International,
Inc.
,
Senior
Bond,
2.1%,
5/01/30
..........................
United
States
20,000
17,862
Senior
Bond,
5.375%,
2/15/33
........................
United
States
425,000
444,642
Senior
Bond,
5.25%,
2/13/34
.........................
United
States
10,000
10,389
Senior
Bond,
4.5%,
3/20/42
..........................
United
States
10,000
9,244
Senior
Note,
4.875%,
2/13/29
........................
United
States
10,000
10,256
682,225
Trading
Companies
&
Distributors
0.0%
â€
Air
Lease
Corp.
,
Senior
Note,
3.375%,
7/01/25
........................
United
States
20,000
19,770
Senior
Note,
5.3%,
2/01/28
..........................
United
States
10,000
10,276
30,046
Transportation
Infrastructure
0.0%
â€
b
DP
World
Ltd.
,
Senior
Bond
,
144A,
5.625
%
,
9/25/48
.........
United
Arab
Emirates
200,000
200,580
Wireless
Telecommunication
Services
0.2%
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.25%,
11/15/31
........................
United
States
50,000
43,157
Senior
Bond,
5.15%,
4/15/34
.........................
United
States
10,000
10,306
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
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Bond,
3%,
2/15/41
...........................
United
States
20,000
$
15,369
Senior
Bond,
3.3%,
2/15/51
..........................
United
States
100,000
72,652
Senior
Note,
3.5%,
4/15/25
..........................
United
States
20,000
19,861
Senior
Note,
2.625%,
2/15/29
........................
United
States
60,000
55,938
Senior
Note,
3.375%,
4/15/29
........................
United
States
450,000
432,250
Senior
Note,
3.875%,
4/15/30
........................
United
States
100,000
97,273
Vodafone
Group
plc
,
Senior
Bond,
6.15%,
2/27/37
.........................
United
Kingdom
36,000
39,689
Senior
Bond,
5.75%,
6/28/54
.........................
United
Kingdom
220,000
227,918
1,014,413
Total
Corporate
Bonds
(Cost
$67,573,396)
....................................
66,835,238
Foreign
Government
and
Agency
Securities
1.1%
b
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
.........................................
Supranational
f
200,000
186,150
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/31
.....................................
Brazil
630,000
BRL
104,357
10%,
1/01/33
.....................................
Brazil
780,000
BRL
127,397
10%,
1/01/35
.....................................
Brazil
1,870,000
BRL
300,261
Colombia
Government
Bond
,
Senior
Bond
,
3.25
%
,
4/22/32
....
Colombia
200,000
161,783
Colombia
Titulos
de
Tesoreria
,
B,
7%,
3/26/31
....................................
Colombia
630,000,000
COP
132,806
B,
9.25%,
5/28/42
.................................
Colombia
880,000,000
COP
184,619
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
.........................................
Mexico
300,000
259,463
Ecopetrol
SA
,
Senior
Bond
,
5.875
%
,
5/28/45
...............
Colombia
150,000
112,700
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
200,000
208,291
Israel
Government
Bond
,
Senior
Bond
,
2.75
%
,
7/03/30
.......
Israel
200,000
175,543
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
8%,
11/07/47
...................................
Mexico
4,697,300
g
MXN
201,987
M,
8%,
7/31/53
...................................
Mexico
12,330,000
g
MXN
525,273
M,
Senior
Bond,
8.5%,
11/18/38
.......................
Mexico
2,296,000
g
MXN
107,467
M,
Senior
Bond,
7.75%,
11/13/42
......................
Mexico
6,390,000
g
MXN
271,042
Mexico
Government
Bond
,
Senior
Bond
,
4.75
%
,
3/08/44
......
Mexico
450,000
382,176
New
Zealand
Government
Bond
,
2.75
%
,
5/15/51
............
New
Zealand
210,000
NZD
92,083
b
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.....
Indonesia
200,000
180,654
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
200,000
178,850
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.25
%
,
10/24/42
..................
Indonesia
200,000
192,435
b
Petroleos
del
Peru
SA
,
Senior
Bond
,
144A,
4.75
%
,
6/19/32
....
Peru
200,000
158,234
Petroleos
Mexicanos
,
Senior
Bond
,
6.95
%
,
1/28/60
..........
Mexico
170,000
122,026
South
Africa
Government
Bond
,
Senior
Bond,
6.5%,
2/28/41
..........................
South
Africa
4,340,000
ZAR
173,539
Senior
Bond,
8.75%,
2/28/48
.........................
South
Africa
3,300,000
ZAR
160,001
b
United
Kingdom
Gilt
,
Reg
S,
1.25%,
7/31/51
..............................
United
Kingdom
940,000
GBP
620,411
Reg
S,
4.375%,
7/31/54
.............................
United
Kingdom
500,000
GBP
645,661
Uruguay
Government
Bond
,
Senior
Bond
,
7.625
%
,
3/21/36
....
Uruguay
50,000
62,264
Total
Foreign
Government
and
Agency
Securities
(Cost
$6,070,883)
.............
6,027,473
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
18.5%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
150,000
$
120,477
U.S.
Treasury
Bonds
,
4.375%,
5/15/40
...................................
United
States
500,000
522,764
1.125%,
8/15/40
...................................
United
States
332,000
217,603
1.375%,
11/15/40
..................................
United
States
1,771,000
1,202,481
2%,
11/15/41
.....................................
United
States
50,000
36,782
2.75%,
8/15/42
...................................
United
States
205,000
168,981
4%,
11/15/42
.....................................
United
States
1,000,000
984,375
3.875%,
2/15/43
...................................
United
States
10,000
9,650
3.875%,
5/15/43
...................................
United
States
3,090,000
2,975,936
4.375%,
8/15/43
...................................
United
States
130,000
133,715
4.75%,
11/15/43
...................................
United
States
1,480,000
1,596,955
4.625%,
5/15/44
...................................
United
States
150,000
159,023
3.125%,
8/15/44
...................................
United
States
725,000
618,487
4.125%,
8/15/44
...................................
United
States
10,000
9,923
3%,
11/15/44
.....................................
United
States
240,000
200,325
2.5%,
5/15/46
....................................
United
States
945,000
712,571
2.25%,
8/15/46
...................................
United
States
3,109,000
2,226,700
2.75%,
11/15/47
...................................
United
States
90,000
70,102
3%,
2/15/48
......................................
United
States
270,000
219,681
3.375%,
11/15/48
..................................
United
States
3,300,000
2,860,945
3%,
2/15/49
......................................
United
States
3,503,000
2,837,019
2.25%,
8/15/49
...................................
United
States
150,000
103,975
1.25%,
5/15/50
...................................
United
States
1,710,000
915,518
1.375%,
8/15/50
...................................
United
States
1,705,000
939,748
2.375%,
5/15/51
...................................
United
States
950,000
670,548
2%,
8/15/51
......................................
United
States
1,350,000
869,933
1.875%,
11/15/51
..................................
United
States
1,885,000
1,174,812
2.25%,
2/15/52
...................................
United
States
710,000
484,312
3.625%,
2/15/53
...................................
United
States
155,000
140,983
3.625%,
5/15/53
...................................
United
States
1,755,000
1,597,598
4.125%,
8/15/53
...................................
United
States
410,000
408,414
4.75%,
11/15/53
...................................
United
States
135,000
149,159
4.25%,
2/15/54
...................................
United
States
340,000
346,587
U.S.
Treasury
Notes
,
0.375%,
11/30/25
..................................
United
States
4,050,000
3,890,689
0.375%,
1/31/26
...................................
United
States
8,000,000
7,646,562
0.75%,
3/31/26
...................................
United
States
300,000
286,957
3.75%,
4/15/26
...................................
United
States
3,920,000
3,920,689
0.75%,
5/31/26
...................................
United
States
320,000
304,837
0.875%,
6/30/26
...................................
United
States
1,175,000
1,119,578
1.875%,
7/31/26
...................................
United
States
389,000
376,692
1.25%,
12/31/26
...................................
United
States
3,615,000
3,433,262
2.375%,
5/15/27
...................................
United
States
3,140,000
3,045,248
0.5%,
6/30/27
....................................
United
States
6,535,000
6,013,221
3.25%,
6/30/27
...................................
United
States
1,330,000
1,318,986
2.25%,
11/15/27
...................................
United
States
3,500,000
3,364,170
0.75%,
1/31/28
...................................
United
States
310,000
282,724
1.125%,
2/29/28
...................................
United
States
8,700,000
8,021,672
1.25%,
4/30/28
...................................
United
States
2,575,000
2,375,136
3.5%,
4/30/28
....................................
United
States
223,000
222,499
3.125%,
11/15/28
..................................
United
States
820,000
805,826
1.5%,
11/30/28
....................................
United
States
250,000
230,039
1.375%,
12/31/28
..................................
United
States
150,000
137,127
3.75%,
12/31/28
...................................
United
States
500,000
503,447
2.625%,
2/15/29
...................................
United
States
4,000,000
3,846,719
3.25%,
6/30/29
...................................
United
States
1,500,000
1,478,584
4%,
10/31/29
.....................................
United
States
1,975,000
2,011,954
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
3.75%,
6/30/30
...................................
United
States
600,000
$
604,055
0.625%,
8/15/30
...................................
United
States
4,400,000
3,708,977
4.125%,
8/31/30
...................................
United
States
775,000
795,389
4.625%,
9/30/30
...................................
United
States
1,200,000
1,264,031
1.125%,
2/15/31
...................................
United
States
800,000
688,141
1.25%,
8/15/31
...................................
United
States
435,000
371,568
3.625%,
9/30/31
...................................
United
States
370,000
369,335
1.375%,
11/15/31
..................................
United
States
7,500,000
6,424,219
2.75%,
8/15/32
...................................
United
States
630,000
588,853
4.125%,
11/15/32
..................................
United
States
2,000,000
2,057,812
h
Index
Linked,
1.125%,
1/15/33
........................
United
States
100,000
101,932
3.375%,
5/15/33
...................................
United
States
1,750,000
1,701,841
3.875%,
8/15/33
...................................
United
States
2,390,000
2,409,886
4%,
2/15/34
......................................
United
States
380,000
386,620
4.375%,
5/15/34
...................................
United
States
1,000,000
1,047,578
h
Index
Linked,
1.875%,
7/15/34
........................
United
States
410,000
421,203
3.875%,
8/15/34
...................................
United
States
360,000
362,559
d
FRN,
4.718%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.125%),
7/31/25
.........................................
United
States
270,000
269,786
d
FRN,
4.763%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.17%),
10/31/25
........................................
United
States
2,120,000
2,119,060
d
FRN,
4.743%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.15%),
4/30/26
.........................................
United
States
1,540,000
1,538,136
d
FRN,
4.775%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.182%),
7/31/26
.........................................
United
States
275,000
274,687
Total
U.S.
Government
and
Agency
Securities
(Cost
$113,137,907)
..............
107,828,368
Asset-Backed
Securities
0.7%
Consumer
Finance
0.0%
â€
i
Northstar
Education
Finance,
Inc.
,
2007-1
,
A4
,
FRN
,
6.093
%
,
1/29/46
.
.........................................
United
States
125,000
124,836
Financial
Services
0.6%
b,j
AB
BSL
CLO
4
Ltd.
,
2023-4A
,
A
,
144A,
FRN
,
7.282
%
,
(
3-month
SOFR
+
2
%
),
4/20/36
.
..............................
United
States
100,000
100,663
b,j
Apex
Credit
CLO
Ltd.
,
2020-1A
,
A1RR
,
144A,
FRN
,
6.773
%
,
(
3-month
SOFR
+
1.45
%
),
4/20/35
.
....................
United
States
100,000
100,076
b,j
Birch
Grove
CLO
7
Ltd.
,
2023-7A
,
A1
,
144A,
FRN
,
7.082
%
,
(
3-month
SOFR
+
1.8
%
),
10/20/36
.
....................
United
States
100,000
100,680
b,j
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-4A
,
A1RR
,
144A,
FRN
,
6.563
%
,
(
3-month
SOFR
+
1.262
%
),
1/15/31
.
...
United
States
115,558
115,694
j
Centex
Home
Equity
Loan
Trust
,
2004-B
,
M1
,
FRN
,
5.614
%
,
(
1-month
SOFR
+
0.759
%
),
3/25/34
.
...................
United
States
123,642
123,145
b,j
Columbia
Cent
CLO
33
Ltd.
,
2024-33A
,
A1
,
144A,
FRN
,
6.899
%
,
(
3-month
SOFR
+
1.6
%
),
4/20/37
.
.....................
United
States
120,000
120,600
b
Dividend
Solar
Loans
LLC
,
2018-1
,
B
,
144A,
4.29
%
,
7/20/38
.
..
United
States
88,120
79,535
b,j
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
6.802
%
,
(
3-month
SOFR
+
1.52
%
),
4/20/37
.
....................
United
States
100,000
100,275
j
First
Frankin
Mortgage
Loan
Trust
,
2006-FF4
,
A3
,
FRN
,
4.712
%
,
(
1-month
SOFR
+
0.674
%
),
3/25/36
.
...................
United
States
11,563
11,543
b
Ford
Credit
Auto
Owner
Trust
,
2023-1
,
A
,
144A,
4.85
%
,
8/15/35
.
United
States
120,000
122,350
b
Jimmy
Johns
Funding
LLC
,
2017-1A
,
A2II
,
144A,
4.846
%
,
7/30/47
.
.........................................
United
States
118,000
116,529
b,j
MF1
Ltd.
,
2021-FL7
,
A
,
144A,
FRN
,
6.209
%
,
(
1-month
SOFR
+
1.194
%
),
10/16/36
.
.................................
United
States
78,924
78,628
b
Mosaic
Solar
Loan
Trust
,
2021-3A
,
B
,
144A,
1.92
%
,
6/20/52
.
...
United
States
129,862
96,913
b
MVW
LLC
,
2021-1WA
,
A
,
144A,
1.14
%
,
1/22/41
.
............
United
States
41,362
39,319
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,j
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
,
2021-40A
,
A
,
144A,
FRN
,
6.608
%
,
(
3-month
SOFR
+
1.322
%
),
4/16/33
.
...
United
States
496,338
$
496,699
b,j
New
Century
Home
Equity
Loan
Trust
,
2003-A
,
A
,
144A,
FRN
,
3.602
%
,
(
1-month
SOFR
+
0.834
%
),
10/25/33
.
............
United
States
134,742
133,627
b
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
490,000
452,163
b,j
Octagon
Investment
Partners
XXI
Ltd.
,
2014-1A
,
AAR3
,
144A,
FRN
,
6.378
%
,
(
3-month
SOFR
+
1.262
%
),
2/14/31
.
........
United
States
208,232
208,362
b,j
Palmer
Square
CLO
Ltd.
,
2014-1A
,
A1R2
,
144A,
FRN
,
6.677
%
,
(
3-month
SOFR
+
1.392
%
),
1/17/31
.
...................
United
States
42,480
42,518
b,j
Point
Au
Roche
Park
CLO
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.624
%
,
(
3-month
SOFR
+
1.342
%
),
7/20/34
.
...................
United
States
100,000
100,074
b,j
Reese
Park
CLO
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
6.693
%
,
(
3-month
SOFR
+
1.392
%
),
10/15/34
.
..................
United
States
180,000
180,121
b,j
Symphony
CLO
40
Ltd.
,
2023-40A
,
A1
,
144A,
FRN
,
6.941
%
,
(
3-month
SOFR
+
1.64
%
),
1/14/34
.
....................
United
States
160,000
160,347
b,j
Symphony
CLO
XV
Ltd.
,
2014-15A
,
AR3
,
144A,
FRN
,
6.627
%
,
(
3-month
SOFR
+
1.342
%
),
1/17/32
.
...................
United
States
219,693
220,045
b,j
Trestles
CLO
VII
Ltd.
,
2024-7A
,
A1
,
144A,
FRN
,
6.203
%
,
(
3-month
SOFR
+
1.38
%
),
10/25/37
.
...................
United
States
120,000
120,030
b,j,k
Whitebox
CLO
III
Ltd.
,
2021-3A
,
A1R
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.27
%
),
10/15/35
.
...................
United
States
120,000
120,000
3,539,936
a
a
a
a
a
a
Passenger
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
........................................
United
States
356,254
329,294
United
Airlines
Pass-Through
Trust
,
2016-1,
A,
3.45%,
7/07/28
...........................
United
States
63,064
58,767
2019-2,
A,
2.9%,
5/01/28
............................
United
States
80,208
73,584
2020-1,
B,
4.875%,
7/15/27
..........................
United
States
135,600
134,442
596,087
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$4,231,316)
..............................
4,260,859
Commercial
Mortgage-Backed
Securities
0.7%
Financial
Services
0.7%
BANK
,
2021-BN33
,
A5
,
2.556
%
,
5/15/64
..................
United
States
210,000
186,569
i
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
United
States
20,000
21,220
b,j
BPR
Trust
,
2022-OANA
,
A
,
144A,
FRN
,
6.995
%
,
(
1-month
SOFR
+
1.898
%
),
4/15/37
................................
United
States
150,000
150,686
b,j
BX
Commercial
Mortgage
Trust
,
2021-21M,
A,
144A,
FRN,
5.941%,
(1-month
SOFR
+
0.844%),
10/15/36
........................................
United
States
107,986
107,306
2021-VINO,
A,
144A,
FRN,
5.864%,
(1-month
SOFR
+
0.767%),
5/15/38
.........................................
United
States
108,143
107,600
2021-VOLT,
B,
144A,
FRN,
6.161%,
(1-month
SOFR
+
1.064%),
9/15/36
..................................
United
States
250,000
247,836
2022-LP2,
A,
144A,
FRN,
6.109%,
(1-month
SOFR
+
1.013%),
2/15/39
.........................................
United
States
174,624
173,765
2023-XL3,
A,
144A,
FRN,
6.858%,
(1-month
SOFR
+
1.761%),
12/09/40
........................................
United
States
77,459
77,824
2024-XL5,
A,
144A,
FRN,
6.488%,
(1-month
SOFR
+
1.392%),
3/15/41
.........................................
United
States
92,457
92,591
b,j
BX
Mortgage
Trust
,
2021-PAC,
A,
144A,
FRN,
5.901%,
(1-month
SOFR
+
0.804%),
10/15/36
........................................
United
States
230,000
228,055
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,j
BX
Mortgage
Trust,
(continued)
2022-MVRK,
A,
144A,
FRN,
6.564%,
(1-month
SOFR
+
1.467%),
3/15/39
..................................
United
States
114,040
$
112,480
b
BX
Trust
,
j
2021-BXMF,
A,
144A,
FRN,
5.847%,
(1-month
SOFR
+
0.75%),
10/15/26
........................................
United
States
80,803
80,142
2022-CLS,
A,
144A,
5.76%,
10/13/27
...................
United
States
100,000
101,090
j
2022-IND,
A,
144A,
FRN,
6.588%,
(1-month
SOFR
+
1.491%),
4/15/37
.........................................
United
States
289,372
289,539
j
2024-VLT4,
B,
144A,
FRN,
7.037%,
(1-month
SOFR
+
1.941%),
7/15/29
.........................................
United
States
100,000
100,201
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
70,000
68,496
Citigroup
Commercial
Mortgage
Trust
,
2016-P4
,
A2
,
2.45
%
,
7/10/49
.........................................
United
States
43,618
42,369
CSAIL
Commercial
Mortgage
Trust
,
2015-C3
,
A4
,
3.718
%
,
8/15/48
.........................................
United
States
50,000
49,406
GS
Mortgage
Securities
Trust
,
2016-GS2
,
A4
,
3.05
%
,
5/10/49
..
United
States
30,000
29,246
b,j
INTOWN
Mortgage
Trust
,
2022-STAY
,
A
,
144A,
FRN
,
7.586
%
,
(
1-month
SOFR
+
2.489
%
),
8/15/39
....................
United
States
130,000
130,593
b,j
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2022-
ACB
,
A
,
144A,
FRN
,
6.742
%
,
(
30-day
SOFR
Average
+
1.4
%
),
3/15/39
.........................................
United
States
150,000
149,762
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C31,
A3,
3.801%,
8/15/48
.......................
United
States
75,095
74,086
2015-C33,
A4,
3.77%,
12/15/48
.......................
United
States
122,000
120,557
2016-C1,
A5,
3.576%,
3/17/49
........................
United
States
102,000
100,339
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
72,911
71,171
i
MSWF
Commercial
Mortgage
Trust
,
2023-2
,
A5
,
FRN
,
6.014
%
,
12/15/56
........................................
United
States
100,000
110,332
b,j
MTN
Commercial
Mortgage
Trust
,
2022-LPFL
,
A
,
144A,
FRN
,
6.497
%
,
(
1-month
SOFR
+
1.397
%
),
3/15/39
.............
United
States
100,000
99,409
b,i
NJ
Trust
,
2023-GSP
,
A
,
144A,
FRN
,
6.697
%
,
1/06/29
.........
United
States
100,000
106,196
b,j
NYC
Trust
,
2024-3ELV
,
A
,
144A,
FRN
,
7.087
%
,
(
1-month
SOFR
+
1.991
%
),
8/15/29
..................................
United
States
100,000
100,642
b,j
PFP
Ltd.
,
2024-11
,
A
,
144A,
FRN
,
6.915
%
,
(
1-month
SOFR
+
1.832
%
),
9/17/39
..................................
United
States
100,000
99,849
b,j
SREIT
Trust
,
2021-MFP,
A,
144A,
FRN,
5.942%,
(
1-month
SOFR
+
0.845%),
11/15/38
........................................
United
States
133,961
133,364
2021-MFP2,
A,
144A,
FRN,
6.033%,
(1-month
SOFR
+
0.936%),
11/15/36
.................................
United
States
100,000
99,437
Wells
Fargo
Commercial
Mortgage
Trust
,
2015-C31
,
A4
,
3.695
%
,
11/15/48
........................................
United
States
40,000
39,499
WFRBS
Commercial
Mortgage
Trust
,
2014-C23
,
A5
,
3.917
%
,
10/15/57
........................................
United
States
54,021
53,832
3,755,489
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,720,649)
...............
3,755,489
Mortgage-Backed
Securities
5.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.8%
FHLMC
Gold
Pool,
30
Year,
4.5%,
1/01/49
................
United
States
300,465
302,364
FHLMC
Pool,
15
Year,
3%,
8/01/34
......................
United
States
32,784
31,733
FHLMC
Pool,
15
Year,
4%,
11/01/37
.....................
United
States
150,367
149,449
FHLMC
Pool,
20
Year,
1.5%,
11/01/40
-
7/01/41
............
United
States
223,097
185,284
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
20
Year,
2%,
10/01/40
-
4/01/42
..............
United
States
555,660
$
484,035
FHLMC
Pool,
20
Year,
3%,
5/01/42
-
9/01/42
...............
United
States
253,041
234,369
FHLMC
Pool,
30
Year,
2%,
6/01/50
-
8/01/52
...............
United
States
2,224,166
1,844,900
FHLMC
Pool,
30
Year,
2.5%,
12/01/50
-
4/01/52
............
United
States
2,258,292
1,972,337
FHLMC
Pool,
30
Year,
3%,
3/01/50
-
8/01/52
...............
United
States
789,379
718,236
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
-
8/01/52
.............
United
States
2,179,267
2,053,743
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
1/01/54
...............
United
States
1,025,534
992,791
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
-
10/01/52
...........
United
States
561,969
559,546
FHLMC
Pool,
30
Year,
5%,
9/01/52
-
10/01/52
..............
United
States
452,600
456,287
FHLMC
Pool,
30
Year,
5.5%,
12/01/52
-
6/01/53
............
United
States
352,031
357,255
FHLMC
Pool,
30
Year,
6%,
3/01/53
......................
United
States
86,963
89,441
FHLMC
Pool,
30
Year,
6.5%,
5/01/53
-
10/01/53
............
United
States
257,633
267,066
10,698,836
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.2%
FNMA,
2.5%,
9/01/61
-
6/01/62
.........................
United
States
249,276
209,730
FNMA,
4.76%,
6/01/29
...............................
United
States
100,000
102,864
FNMA,
15
Year,
2%,
8/01/36
-
12/01/36
...................
United
States
449,678
411,748
FNMA,
20
Year,
1.5%,
11/01/41
.........................
United
States
80,865
67,913
FNMA,
20
Year,
2%,
10/01/40
-
8/01/42
...................
United
States
452,599
394,066
FNMA,
20
Year,
2.5%,
12/01/40
-
5/01/42
.................
United
States
272,481
246,542
FNMA,
20
Year,
3.5%,
8/01/42
.........................
United
States
86,772
83,154
FNMA,
30
Year,
1.5%,
3/01/51
-
9/01/51
..................
United
States
256,842
203,565
FNMA,
30
Year,
2%,
5/01/51
-
3/01/52
....................
United
States
2,966,126
2,469,171
FNMA,
30
Year,
2.5%,
9/01/51
-
3/01/52
..................
United
States
3,184,165
2,771,230
FNMA,
30
Year,
3%,
9/01/50
-
6/01/52
....................
United
States
2,338,840
2,120,921
FNMA,
30
Year,
3.5%,
6/01/49
.........................
United
States
122,782
115,913
FNMA,
30
Year,
4%,
2/01/49
-
6/01/52
....................
United
States
452,115
438,952
FNMA,
30
Year,
4.5%,
2/01/50
-
11/01/52
.................
United
States
469,884
464,916
FNMA,
30
Year,
5%,
5/01/53
...........................
United
States
203,386
203,664
FNMA,
30
Year,
5.5%,
11/01/52
-
9/01/53
.................
United
States
861,008
872,892
FNMA,
30
Year,
6%,
6/01/53
-
8/01/53
....................
United
States
671,100
688,484
FNMA,
30
Year,
6.5%,
4/01/54
.........................
United
States
90,975
94,467
l
FNMA,
Single-family,
30
Year,
3%,
10/25/54
...............
United
States
100,000
89,766
l
FNMA,
Single-family,
30
Year,
5%,
10/25/54
...............
United
States
100,000
99,949
l
FNMA,
Single-family,
30
Year,
5.5%,
10/25/54
..............
United
States
200,000
202,347
l
FNMA,
Single-family,
30
Year,
6%,
10/25/54
...............
United
States
200,000
204,437
12,556,691
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.4%
GNMA
II,
2%,
2/20/51
-
4/20/51
.........................
United
States
147,816
122,377
GNMA
II,
30
Year,
2%,
3/20/51
.........................
United
States
90,003
75,289
GNMA
II,
30
Year,
2.5%,
12/20/51
.......................
United
States
79,194
68,695
GNMA
II,
30
Year,
4.5%,
9/20/52
........................
United
States
85,460
84,728
GNMA
II,
30
Year,
5%,
8/20/53
.........................
United
States
92,184
92,881
GNMA
II,
30
Year,
5.5%,
3/20/53
........................
United
States
90,094
91,640
GNMA
II,
30
Year,
6%,
1/20/54
.........................
United
States
94,550
97,539
GNMA
II,
Single-family,
30
Year,
2%,
10/20/50
-
10/15/54
......
United
States
1,224,391
1,039,566
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/50
-
6/20/52
......
United
States
835,048
736,744
GNMA
II,
Single-family,
30
Year,
3%,
2/20/51
-
11/20/51
.......
United
States
829,987
758,227
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/52
-
10/15/54
.....
United
States
682,067
640,916
GNMA
II,
Single-family,
30
Year,
4%,
8/20/46
-
8/20/48
.......
United
States
312,643
306,071
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/48
-
10/15/54
.....
United
States
363,144
360,735
GNMA
II,
Single-family,
30
Year,
5%,
8/20/52
-
10/15/54
......
United
States
776,540
779,067
GNMA
II,
Single-family,
30
Year,
5.5%,
2/20/53
-
7/20/54
......
United
States
1,698,714
1,717,564
GNMA
II,
Single-family,
30
Year,
6%,
5/20/54
-
10/15/54
......
United
States
912,128
929,185
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
6.5%,
5/20/54
.............
United
States
345,481
$
353,779
8,255,003
Total
Mortgage-Backed
Securities
(Cost
$32,443,137)
..........................
31,510,530
Municipal
Bonds
0.2%
California
0.2%
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
...........................
United
States
395,000
370,537
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
.................
United
States
485,000
371,190
GO,
2021,
Refunding,
2.856%,
8/01/49
.................
United
States
285,000
199,856
941,583
Ohio
0.0%
â€
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
.........................................
United
States
160,000
131,104
Total
Municipal
Bonds
(Cost
$1,308,690)
.....................................
1,072,687
Residential
Mortgage-Backed
Securities
0.2%
Financial
Services
0.2%
b
BRAVO
Residential
Funding
Trust
,
i
2022-NQM3,
A1,
144A,
FRN,
5.108%,
7/25/62
............
United
States
76,090
75,836
2023-NQM1,
A1,
144A,
5.757%,
1/25/63
................
United
States
79,290
79,679
b,j
Connecticut
Avenue
Securities
Trust
,
2022-R04
,
1M2
,
144A,
FRN
,
8.38
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
..........
United
States
120,000
125,143
b
Ellington
Financial
Mortgage
Trust
,
2023-1
,
A3
,
144A,
6.544
%
,
2/25/68
.........................................
United
States
119,487
120,179
b,j
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
6.93%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
...................................
United
States
71,866
72,240
2022-DNA3,
M1A,
144A,
FRN,
7.28%,
(30-day
SOFR
Average
+
2%),
4/25/42
....................................
United
States
56,394
57,155
b,i
GCAT
Trust
,
2024-INV1
,
1A2
,
144A,
FRN
,
5.5
%
,
1/25/54
......
United
States
93,496
93,355
b
Legacy
Mortgage
Asset
Trust
,
2021-GS3
,
A1
,
144A,
4.75
%
,
7/25/61
.........................................
United
States
94,331
93,738
b,i
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-INV2,
A1,
144A,
FRN,
6.5%,
2/25/54
...............
United
States
88,869
90,382
2024-INV3,
A1,
144A,
FRN,
6.5%,
6/25/54
...............
United
States
96,074
97,552
b,i
New
Residential
Mortgage
Loan
Trust
,
2018-3A
,
A1
,
144A,
FRN
,
4.5
%
,
5/25/58
....................................
United
States
70,001
69,313
b
OBX
Trust
,
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
.........
United
States
82,678
84,475
b,i
PRKCM
Trust
,
2021-AFC2
,
A1
,
144A,
FRN
,
2.071
%
,
11/25/56
..
United
States
77,560
68,579
b
SG
Residential
Mortgage
Trust
,
2022-2
,
A1
,
144A,
5.353
%
,
8/25/62
.........................................
United
States
107,989
108,111
b
Verus
Securitization
Trust
,
2022-6
,
A3
,
144A,
4.91
%
,
6/25/67
..
United
States
77,422
76,911
1,312,648
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$1,282,342)
................
1,312,648
Agency
Commercial
Mortgage-Backed
Securities
0.1%
Financial
Services
0.1%
m
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K105
,
X1
,
IO,
FRN
,
1.642
%
,
1/25/30
........................
United
States
2,282,523
150,411
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
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA
,
2014-6,
Z,
2.5%,
2/25/44
............................
United
States
130,524
$
116,092
2022-29,
KZ,
1.5%,
6/25/42
..........................
United
States
103,560
76,919
m
427,
C73,
IO,
3%,
12/25/48
..........................
United
States
497,614
80,466
GNMA
,
2021-21,
AH,
1.4%,
6/16/63
..........................
United
States
85,269
65,486
2021-77,
LC,
1.25%,
7/20/50
.........................
United
States
110,978
89,120
2023-92,
AH,
2%,
6/16/64
...........................
United
States
99,923
78,555
657,049
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$646,578)
.........
657,049
Total
Long
Term
Investments
(Cost
$456,003,970)
.............................
564,889,548
a
Short
Term
Investments
2.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.1%
n
Egypt
Treasury
Bills
,
k
4/01/25
.........................................
Egypt
13,500,000
EGP
245,174
7/01/25
.........................................
Egypt
14,000,000
EGP
242,337
487,511
Total
Foreign
Government
and
Agency
Securities
(Cost
$486,303)
..............
487,511
Shares
Money
Market
Funds
2.5%
o,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
...
United
States
11,602,750
11,602,750
p
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund,
4.94%
..........................................
United
States
1,824,453
1,824,453
p
JPMorgan
Prime
Money
Market
Fund,
5.29%
..............
United
States
1,100,230
1,100,615
Total
Money
Market
Funds
(Cost
$14,527,818)
................................
14,527,818
Total
Short
Term
Investments
(Cost
$15,014,121
)
..............................
15,015,329
a
Total
Investments
(Cost
$471,018,091)
99.7%
.................................
$579,904,877
Other
Assets,
less
Liabilities
0.3%
...........................................
1,947,895
Net
Assets
100.0%
.........................................................
$581,852,772
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
â€
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,
2024,
the
aggregate
value
of
these
securities
was
$23,137,041,
representing
4.0%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Perpetual
security
with
no
stated
maturity
date.
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,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
f
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
g
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
h
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
i
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
l
Security
purchased
on
a
to-be-announced
(TBA)
basis.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
o
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
8
$
2,325,700
12/20/24
$
(45,756)
S&P
500
E-Mini
Index
.........................
Long
12
3,488,550
12/20/24
32,029
Interest
rate
contracts
3-month
SOFR
..............................
Long
18
4,365,000
3/17/26
47,719
Long
Gilt
...................................
Long
8
1,052,847
12/27/24
(2,528)
U.S.
Treasury
10
Year
Notes
....................
Long
96
10,971,000
12/19/24
(
1,538)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
3
354,891
12/19/24
511
U.S.
Treasury
2
Year
Notes
.....................
Long
7
1,457,695
12/31/24
2,999
U.S.
Treasury
5
Year
Notes
.....................
Long
44
4,834,844
12/31/24
(4,793)
U.S.
Treasury
Ultra
Bonds
......................
Short
7
931,656
12/19/24
2,487
U.S.
Treasury
Ultra
Bonds
......................
Long
5
665,469
12/19/24
(499)
Total
Futures
Contracts
......................................................................
$30,631
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Chilean
Peso
......
HSBK
Buy
220,000,000
236,264
10/11/24
$
8,398
$
—
Chilean
Peso
......
HSBK
Sell
220,000,000
233,686
10/11/24
—
(10,976)
New
Zealand
Dollar
.
CITI
Buy
480,000
293,722
10/11/24
11,218
—
New
Zealand
Dollar
.
CITI
Sell
580,000
350,347
10/11/24
—
(18,121)
South
Korean
Won
..
CITI
Buy
660,000,000
487,860
10/28/24
13,131
—
South
Korean
Won
..
CITI
Sell
660,000,000
498,398
10/28/24
—
(2,593)
Mexican
Peso
......
CITI
Buy
16,400,000
844,897
10/29/24
—
(15,623)
Mexican
Peso
......
CITI
Sell
15,900,000
852,776
10/29/24
48,784
—
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,
2024,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Mexican
Peso
......
UBSW
Buy
800,000
41,388
10/29/24
$
—
$
(936)
Columbian
Peso
....
JPHQ
Buy
1,450,000,000
342,574
10/30/24
2,931
(1,378)
Columbian
Peso
....
JPHQ
Sell
2,750,000,000
667,330
10/30/24
14,673
—
Euro
.............
CITI
Sell
310,000
344,190
11/07/24
226
(1,692)
Euro
.............
HSBK
Sell
190,000
208,046
11/07/24
—
(3,808)
Euro
.............
JPHQ
Buy
3,150,000
3,432,967
11/07/24
79,346
—
Euro
.............
JPHQ
Sell
540,000
604,292
11/07/24
2,181
—
Euro
.............
UBSW
Buy
340,000
373,822
11/07/24
5,285
—
South
African
Rand
..
CITI
Buy
200,000
10,806
11/15/24
725
—
South
African
Rand
..
HSBK
Sell
4,900,000
264,737
11/15/24
—
(17,755)
Chinese
Yuan
......
JPHQ
Buy
5,170,000
744,897
11/27/24
—
(3,592)
Chinese
Yuan
......
JPHQ
Sell
720,000
101,905
11/27/24
—
(1,333)
Australian
Dollar
....
MSCO
Buy
2,040,000
1,387,261
12/06/24
24,140
—
British
Pound
......
CITI
Sell
120,000
157,701
12/12/24
—
(2,710)
British
Pound
......
HSBK
Sell
530,000
695,470
12/12/24
—
(13,009)
Japanese
Yen
......
JPHQ
Buy
262,000,000
1,857,886
12/13/24
—
(16,972)
Japanese
Yen
......
JPHQ
Sell
83,000,000
596,500
12/13/24
13,310
—
Chilean
Peso
......
HSBK
Buy
230,000,000
256,955
1/15/25
—
(1,284)
South
Korean
Won
..
CITI
Buy
630,000,000
482,478
2/03/25
—
(1,881)
Chilean
Peso
......
HSBK
Buy
100,000,000
111,431
2/14/25
—
(316)
Total
Forward
Exchange
Contracts
...................................................
$224,348
$(113,979)
Net
unrealized
appreciation
(depreciation)
............................................
$110,369
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.43
..
1.00%
Quarterly
12/20/29
3,442,000
$
78,006
$
77,407
$
599
Investment
Grade
CDX.NA.IG.43
..
1.00%
Quarterly
12/20/34
1,511,000
9,007
10,104
(1,097)
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$87,013
$87,511
$(498)
Total
Credit
Default
Swap
Contracts
....................................
$87,013
$
87,511
$(498)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
At
September
30,
2024,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.2%
.....
Annual
4/30/31
3,076,000
$
(168,766)
$
(38,071)
$
(130,696)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.15%
....
Annual
5/15/48
473,000
22,544
(156)
22,701
Total
Interest
Rate
Swap
Contracts
....................................
$(146,222)
$
(38,227)
$(107,995)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
99.5%
Aerospace
&
Defense
1.5%
a
Axon
Enterprise,
Inc.
.................................
United
States
6,380
$
2,549,448
Automobiles
1.4%
a
Tesla,
Inc.
.........................................
United
States
9,343
2,444,409
Banks
0.0%
â€
a
NU
Holdings
Ltd.
,
A
..................................
Brazil
3,810
52,006
Biotechnology
1.3%
a
Argenx
SE
........................................
Netherlands
707
382,302
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
733
109,444
a
Crinetics
Pharmaceuticals,
Inc.
.........................
United
States
2,282
116,610
a
Insmed,
Inc.
.......................................
United
States
1,802
131,546
a
Krystal
Biotech,
Inc.
.................................
United
States
1,047
190,586
a
Merus
NV
.........................................
Netherlands
1,965
98,171
a
Natera,
Inc.
........................................
United
States
6,180
784,551
a
United
Therapeutics
Corp.
.............................
United
States
864
309,615
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
170
79,064
2,201,889
Broadline
Retail
9.0%
a
Amazon.com,
Inc.
...................................
United
States
68,746
12,809,442
a
MercadoLibre,
Inc.
..................................
Brazil
1,372
2,815,289
15,624,731
Capital
Markets
1.4%
Moody's
Corp.
......................................
United
States
1,045
495,947
MSCI,
Inc.
,
A
.......................................
United
States
518
301,958
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
13,744
1,699,720
2,497,625
Communications
Equipment
0.4%
a
Arista
Networks,
Inc.
.................................
United
States
1,944
746,146
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
................................
United
States
4,812
1,434,698
Diversified
Consumer
Services
0.1%
a
Duolingo,
Inc.
,
A
....................................
United
States
689
194,312
Electrical
Equipment
0.0%
â€
Vertiv
Holdings
Co.
,
A
................................
United
States
760
75,612
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.
,
A
..................................
United
States
8,187
533,465
a
Celestica,
Inc.
......................................
Canada
1,661
84,910
Keyence
Corp.
.....................................
Japan
688
329,710
948,085
Energy
Equipment
&
Services
0.4%
Baker
Hughes
Co.
,
A
.................................
United
States
6,913
249,905
a
Oceaneering
International,
Inc.
.........................
United
States
6,720
167,126
TechnipFMC
plc
....................................
United
Kingdom
8,686
227,834
644,865
Entertainment
0.2%
a
Netflix,
Inc.
........................................
United
States
344
243,989
a
Spotify
Technology
SA
................................
United
States
349
128,617
372,606
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
4.4%
Mastercard,
Inc.
,
A
..................................
United
States
11,683
$
5,769,065
Visa,
Inc.
,
A
........................................
United
States
6,868
1,888,357
7,657,422
Ground
Transportation
0.9%
a
Uber
Technologies,
Inc.
...............................
United
States
20,609
1,548,972
Health
Care
Equipment
&
Supplies
3.5%
a
Boston
Scientific
Corp.
...............................
United
States
2,008
168,270
a
Globus
Medical,
Inc.
,
A
...............................
United
States
230
16,454
a
IDEXX
Laboratories,
Inc.
..............................
United
States
3,449
1,742,504
a
Intuitive
Surgical,
Inc.
................................
United
States
7,211
3,542,548
a
PROCEPT
BioRobotics
Corp.
..........................
United
States
3,687
295,403
Stryker
Corp.
......................................
United
States
357
128,970
a
TransMedics
Group,
Inc.
..............................
United
States
995
156,215
6,050,364
Health
Care
Providers
&
Services
0.6%
a
HealthEquity,
Inc.
...................................
United
States
3,527
288,685
UnitedHealth
Group,
Inc.
..............................
United
States
1,376
804,520
1,093,205
Health
Care
Technology
0.2%
Pro
Medicus
Ltd.
....................................
Australia
2,699
332,253
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
383
80,380
412,633
Hotels,
Restaurants
&
Leisure
1.2%
Booking
Holdings,
Inc.
...............................
United
States
276
1,162,545
a
DoorDash,
Inc.
,
A
...................................
United
States
4,825
688,672
a
MakeMyTrip
Ltd.
....................................
India
2,722
253,010
2,104,227
Interactive
Media
&
Services
9.1%
Alphabet,
Inc.
,
A
....................................
United
States
48,159
7,987,170
Meta
Platforms,
Inc.
,
A
...............................
United
States
13,747
7,869,333
15,856,503
IT
Services
1.8%
a
Gartner,
Inc.
.......................................
United
States
876
443,922
a
Shopify,
Inc.
,
A
.....................................
Canada
32,986
2,642,831
a
Wix.com
Ltd.
.......................................
Israel
210
35,106
3,121,859
Life
Sciences
Tools
&
Services
3.3%
Danaher
Corp.
.....................................
United
States
9,288
2,582,250
a,b
Tempus
AI,
Inc.
,
A
...................................
United
States
2,730
154,518
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
4,809
2,974,703
5,711,471
Media
0.0%
â€
a
Trade
Desk,
Inc.
(The)
,
A
..............................
United
States
633
69,408
Pharmaceuticals
3.0%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
6,910
538,358
Eli
Lilly
&
Co.
......................................
United
States
4,828
4,277,318
a
Intra-Cellular
Therapies,
Inc.
...........................
United
States
1,120
81,951
a
Ligand
Pharmaceuticals,
Inc.
...........................
United
States
493
49,344
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)
Pharmaceuticals
(continued)
Novo
Nordisk
A/S
,
ADR
...............................
Denmark
2,356
$
280,529
5,227,500
Professional
Services
0.1%
Verisk
Analytics,
Inc.
,
A
...............................
United
States
702
188,108
Semiconductors
&
Semiconductor
Equipment
26.2%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
10,977
1,801,106
Analog
Devices,
Inc.
.................................
United
States
13,758
3,166,679
a
ARM
Holdings
plc
,
ADR
..............................
United
States
667
95,388
ASM
International
NV
................................
Netherlands
1,383
912,530
ASML
Holding
NV
,
ADR
..............................
Netherlands
5,153
4,293,737
Broadcom,
Inc.
.....................................
United
States
10,965
1,891,463
Entegris,
Inc.
.......................................
United
States
1,402
157,767
Intel
Corp.
.........................................
United
States
3,414
80,092
KLA
Corp.
.........................................
United
States
3,433
2,658,550
Lam
Research
Corp.
.................................
United
States
3,459
2,822,821
Monolithic
Power
Systems,
Inc.
.........................
United
States
3,445
3,184,902
NVIDIA
Corp.
......................................
United
States
199,225
24,193,884
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
1,738
301,838
45,560,757
Software
25.7%
a
Appfolio,
Inc.
,
A
.....................................
United
States
1,724
405,830
a
AppLovin
Corp.
,
A
...................................
United
States
3,855
503,270
a
Aspen
Technology,
Inc.
...............................
United
States
168
40,122
a
Cadence
Design
Systems,
Inc.
.........................
United
States
13,742
3,724,494
Constellation
Software,
Inc.
............................
Canada
514
1,672,348
a
Datadog,
Inc.
,
A
....................................
United
States
3,054
351,393
a
Descartes
Systems
Group,
Inc.
(The)
....................
Canada
5,485
564,736
a
Fair
Isaac
Corp.
....................................
United
States
333
647,192
a
Guidewire
Software,
Inc.
..............................
United
States
700
128,058
a
HubSpot,
Inc.
......................................
United
States
2,227
1,183,873
Intuit,
Inc.
.........................................
United
States
6,871
4,266,891
a
Klaviyo,
Inc.
,
A
.....................................
United
States
2,765
97,826
a
Life360,
Inc.
.......................................
United
States
879
34,589
a,c
Lumine
Group,
Inc.
,
Reg
S
............................
Canada
3,589
83,863
a
Manhattan
Associates,
Inc.
............................
United
States
2,071
582,738
Microsoft
Corp.
.....................................
United
States
30,951
13,318,215
a
Monday.com
Ltd.
....................................
United
States
3,431
953,029
a
Palo
Alto
Networks,
Inc.
..............................
United
States
6,902
2,359,104
Roper
Technologies,
Inc.
..............................
United
States
2,414
1,343,246
Salesforce,
Inc.
.....................................
United
States
2,765
756,808
a
Samsara,
Inc.
,
A
....................................
United
States
1,408
67,753
a
ServiceNow,
Inc.
....................................
United
States
7,569
6,769,638
a
SPS
Commerce,
Inc.
.................................
United
States
885
171,841
a
Synopsys,
Inc.
.....................................
United
States
7,921
4,011,115
a
Tyler
Technologies,
Inc.
...............................
United
States
1,024
597,729
a
Workday,
Inc.
,
A
....................................
United
States
701
171,331
44,807,032
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple,
Inc.
........................................
United
States
17,164
3,999,212
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.......................................
United
States
1,416
101,131
Total
Common
Stocks
(Cost
$
73,935,234
)
....................................
173,296,236
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
173
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
Software
0.0%
a,d
Constellation
Software,
Inc.
,
3/31/40
.....................
Canada
341
$
—
Total
Warrants
(Cost
$
–
)
....................................................
—
Total
Long
Term
Investments
(Cost
$
73,935,234
)
..............................
173,296,236
a
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
1,166,909
1,166,909
Total
Money
Market
Funds
(Cost
$
1,166,909
)
.................................
1,166,909
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
137,500
137,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
137,500
)
...........................................................
137,500
Total
Short
Term
Investments
(Cost
$
1,304,409
)
...............................
1,304,409
a
Total
Investments
(Cost
$
75,239,643
)
100.2
%
.................................
$174,600,645
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(373,449)
Net
Assets
100.0%
.........................................................
$174,227,196
a
a
a
â€
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,
2024.
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,
2024,
the
value
of
this
security
was
$83,863,
representing
less
than
0.1%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
99.2%
Diversified
REITs
3.7%
British
Land
Co.
plc
(The)
.............................
United
Kingdom
214,359
$
1,249,111
KDX
Realty
Investment
Corp.
..........................
Japan
904
952,455
Star
Asia
Investment
Corp.
............................
Japan
2,188
811,770
Stockland
.........................................
Australia
313,435
1,130,677
4,144,013
Diversified
Telecommunication
Services
0.6%
a
Cellnex
Telecom
SA
,
144A
,
Reg
S
.......................
Spain
15,461
626,889
Health
Care
Providers
&
Services
1.2%
Chartwell
Retirement
Residences
.......................
Canada
116,725
1,344,752
Health
Care
REITs
9.2%
American
Healthcare
REIT,
Inc.
.........................
United
States
29,794
777,624
Sabra
Health
Care
REIT,
Inc.
..........................
United
States
52,944
985,288
Ventas,
Inc.
........................................
United
States
39,078
2,506,072
Welltower,
Inc.
.....................................
United
States
47,937
6,137,374
10,406,358
Hotel
&
Resort
REITs
2.3%
Host
Hotels
&
Resorts,
Inc.
............................
United
States
41,868
736,877
Japan
Hotel
REIT
Investment
Corp.
......................
Japan
1,896
945,058
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
8,452
906,392
2,588,327
Household
Durables
0.6%
Taylor
Wimpey
plc
...................................
United
Kingdom
314,411
691,656
Industrial
REITs
14.6%
Americold
Realty
Trust,
Inc.
............................
United
States
42,800
1,209,956
EastGroup
Properties,
Inc.
............................
United
States
6,374
1,190,791
GLP
J-Reit
........................................
Japan
783
723,615
Goodman
Group
....................................
Australia
140,743
3,590,735
LaSalle
Logiport
REIT
................................
Japan
612
611,461
Prologis,
Inc.
.......................................
United
States
48,669
6,145,921
Rexford
Industrial
Realty,
Inc.
..........................
United
States
32,706
1,645,439
Segro
plc
.........................................
United
Kingdom
118,845
1,393,027
16,510,945
Office
REITs
4.7%
BXP,
Inc.
..........................................
United
States
17,446
1,403,705
Cousins
Properties,
Inc.
..............................
United
States
34,677
1,022,278
Derwent
London
plc
.................................
United
Kingdom
28,603
918,612
Gecina
SA
........................................
France
10,516
1,210,916
Vornado
Realty
Trust
.................................
United
States
20,401
803,799
5,359,310
Real
Estate
Management
&
Development
12.6%
CapitaLand
Investment
Ltd.
............................
Singapore
470,492
1,137,587
Catena
AB
........................................
Sweden
18,843
1,076,750
Cibus
Nordic
Real
Estate
AB
publ
.......................
Sweden
35,500
616,213
a
CTP
NV
,
144A
,
Reg
S
................................
Netherlands
72,348
1,320,650
b
Fastighets
AB
Balder
,
B
...............................
Sweden
144,401
1,270,003
Mitsubishi
Estate
Co.
Ltd.
.............................
Japan
104,246
1,646,377
Mitsui
Fudosan
Co.
Ltd.
..............................
Japan
280,825
2,645,989
Sun
Hung
Kai
Properties
Ltd.
..........................
Hong
Kong
139,146
1,507,626
b
TAG
Immobilien
AG
..................................
Germany
58,806
1,090,087
Vonovia
SE
........................................
Germany
54,236
1,980,149
14,291,431
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
17.1%
American
Homes
4
Rent
,
A
............................
United
States
71,476
$
2,743,964
AvalonBay
Communities,
Inc.
..........................
United
States
16,853
3,796,138
Boardwalk
Real
Estate
Investment
Trust
..................
Canada
27,080
1,715,290
Camden
Property
Trust
...............................
United
States
23,590
2,914,073
Canadian
Apartment
Properties
REIT
....................
Canada
25,949
1,055,152
Comforia
Residential
REIT,
Inc.
.........................
Japan
294
664,240
Equity
LifeStyle
Properties,
Inc.
.........................
United
States
29,469
2,102,318
Killam
Apartment
Real
Estate
Investment
Trust
.............
Canada
70,679
1,097,018
UDR,
Inc.
.........................................
United
States
38,387
1,740,467
UNITE
Group
plc
(The)
...............................
United
Kingdom
120,095
1,512,610
19,341,270
Retail
REITs
15.6%
Brixmor
Property
Group,
Inc.
...........................
United
States
32,753
912,499
Carmila
SA
........................................
France
45,717
908,777
Frasers
Centrepoint
Trust
.............................
Singapore
673,071
1,202,637
Link
REIT
.........................................
Hong
Kong
66,692
332,477
NETSTREIT
Corp.
..................................
United
States
70,470
1,164,869
Realty
Income
Corp.
.................................
United
States
80,742
5,120,658
Regency
Centers
Corp.
...............................
United
States
31,067
2,243,969
Shaftesbury
Capital
plc
...............................
United
Kingdom
619,048
1,221,239
Simon
Property
Group,
Inc.
............................
United
States
13,865
2,343,462
SITE
Centers
Corp.
..................................
United
States
12,827
776,034
Vicinity
Ltd.
........................................
Australia
958,218
1,460,184
17,686,805
Specialized
REITs
17.0%
CubeSmart
........................................
United
States
29,353
1,580,072
Digital
Realty
Trust,
Inc.
..............................
United
States
25,617
4,145,599
Equinix,
Inc.
.......................................
United
States
5,346
4,745,270
Extra
Space
Storage,
Inc.
.............................
United
States
23,319
4,201,850
National
Storage
REIT
...............................
Australia
443,003
776,728
Shurgard
Self
Storage
Ltd.
............................
Belgium
18,369
860,672
VICI
Properties,
Inc.
,
A
...............................
United
States
88,215
2,938,442
19,248,633
Total
Common
Stocks
(Cost
$
75,132,870
)
....................................
112,240,389
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
173
.
Short
Term
Investments
0.7%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.7%
c
Joint
Repurchase
Agreement
,
4.809
%
,
10/01/24
(Maturity
Value
$
811,301
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$112,552)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$293,561)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$405,188)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
5/15/27
-
8/20/64;
U.S.
Government
Agency
Strips,
3/15/27
-
2/15/49;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/27;
and
U.S.
Treasury
Notes,
3.75%,
12/31/28
(valued
at
$
827,487
)
811,193
$
811,193
Total
Repurchase
Agreements
(Cost
$
811,193
)
................................
811,193
Total
Short
Term
Investments
(Cost
$
811,193
)
................................
811,193
a
Total
Investments
(Cost
$
75,944,063
)
99.9
%
..................................
$113,051,582
Other
Assets,
less
Liabilities
0.1
%
...........................................
146,539
Net
Assets
100.0%
.........................................................
$113,198,121
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,
2024,
the
aggregate
value
of
these
securities
was
$1,947,539,
representing
1.7%
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
84.9%
Aerospace
&
Defense
2.3%
L3Harris
Technologies,
Inc.
............................
United
States
1,010
$
240,249
RTX
Corp.
........................................
United
States
8,025
972,309
1,212,558
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
5,870
800,316
Banks
7.3%
Bank
of
America
Corp.
...............................
United
States
37,425
1,485,024
JPMorgan
Chase
&
Co.
...............................
United
States
11,475
2,419,618
3,904,642
Beverages
2.9%
Coca-Cola
Co.
(The)
.................................
United
States
9,984
717,450
PepsiCo,
Inc.
......................................
United
States
4,900
833,245
1,550,695
Capital
Markets
9.3%
Ares
Management
Corp.
,
A
............................
United
States
5,110
796,342
BlackRock,
Inc.
.....................................
United
States
740
702,638
Blackstone,
Inc.
....................................
United
States
4,900
750,337
Charles
Schwab
Corp.
(The)
...........................
United
States
12,725
824,707
Morgan
Stanley
.....................................
United
States
17,938
1,869,857
4,943,881
Chemicals
2.2%
Corteva,
Inc.
.......................................
United
States
5,390
316,878
Huntsman
Corp.
....................................
United
States
9,270
224,334
Linde
plc
..........................................
United
States
1,285
612,765
1,153,977
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
A
.............................
United
States
620
124,521
Communications
Equipment
1.7%
Cisco
Systems,
Inc.
.................................
United
States
17,430
927,625
Consumer
Finance
1.2%
American
Express
Co.
...............................
United
States
2,410
653,592
Consumer
Staples
Distribution
&
Retail
3.0%
Casey's
General
Stores,
Inc.
...........................
United
States
954
358,427
Target
Corp.
.......................................
United
States
1,438
224,127
Walmart,
Inc.
......................................
United
States
12,675
1,023,506
1,606,060
Electric
Utilities
5.0%
Duke
Energy
Corp.
..................................
United
States
10,775
1,242,357
Evergy,
Inc.
........................................
United
States
6,075
376,711
NextEra
Energy,
Inc.
.................................
United
States
5,645
477,172
PPL
Corp.
.........................................
United
States
18,060
597,425
2,693,665
Electrical
Equipment
3.3%
Eaton
Corp.
plc
.....................................
United
States
3,245
1,075,523
Emerson
Electric
Co.
................................
United
States
2,035
222,568
Hubbell,
Inc.
,
B
.....................................
United
States
1,118
478,895
1,776,986
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
0.5%
Apollo
Global
Management,
Inc.
........................
United
States
2,150
$
268,556
Food
Products
0.7%
Mondelez
International,
Inc.
,
A
..........................
United
States
5,130
377,927
Ground
Transportation
0.3%
Norfolk
Southern
Corp.
...............................
United
States
665
165,253
Health
Care
Equipment
&
Supplies
1.8%
a
Boston
Scientific
Corp.
...............................
United
States
2,720
227,936
Medtronic
plc
......................................
United
States
8,105
729,693
957,629
Health
Care
Providers
&
Services
4.3%
HCA
Healthcare,
Inc.
.................................
United
States
2,425
985,593
UnitedHealth
Group,
Inc.
..............................
United
States
2,228
1,302,667
2,288,260
Health
Care
REITs
1.5%
Ventas,
Inc.
........................................
United
States
12,710
815,092
Hotels,
Restaurants
&
Leisure
1.2%
McDonald's
Corp.
...................................
United
States
2,031
618,460
Household
Products
2.6%
Procter
&
Gamble
Co.
(The)
...........................
United
States
8,145
1,410,714
Industrial
REITs
0.7%
Prologis,
Inc.
.......................................
United
States
2,950
372,526
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
..............................
United
States
430
120,989
Interactive
Media
&
Services
0.6%
Alphabet,
Inc.
,
A
....................................
United
States
1,890
313,456
IT
Services
1.4%
TE
Connectivity
plc
..................................
Ireland
4,911
741,512
Life
Sciences
Tools
&
Services
2.2%
Danaher
Corp.
.....................................
United
States
1,440
400,349
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
1,285
794,862
1,195,211
Machinery
1.2%
Caterpillar,
Inc.
.....................................
United
States
950
371,564
Illinois
Tool
Works,
Inc.
...............................
United
States
965
252,898
624,462
Media
1.1%
Comcast
Corp.
,
A
...................................
United
States
14,235
594,596
Oil,
Gas
&
Consumable
Fuels
8.7%
Canadian
Natural
Resources
Ltd.
.......................
Canada
13,738
456,239
Chevron
Corp.
.....................................
United
States
11,845
1,744,413
EOG
Resources,
Inc.
................................
United
States
6,600
811,338
Shell
plc
,
ADR
......................................
United
States
12,610
831,629
Suncor
Energy,
Inc.
..................................
Canada
21,655
799,503
4,643,122
Pharmaceuticals
5.7%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
8,600
670,026
Johnson
&
Johnson
.................................
United
States
9,160
1,484,470
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)
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
...................................
United
States
7,920
$
899,395
3,053,891
Residential
REITs
1.4%
Mid-America
Apartment
Communities,
Inc.
................
United
States
4,715
749,214
Semiconductors
&
Semiconductor
Equipment
3.4%
Broadcom,
Inc.
.....................................
United
States
5,500
948,750
Texas
Instruments,
Inc.
...............................
United
States
4,140
855,200
1,803,950
Software
2.3%
Oracle
Corp.
.......................................
United
States
7,195
1,226,028
Specialty
Retail
2.4%
Lowe's
Cos.,
Inc.
....................................
United
States
3,080
834,218
Tractor
Supply
Co.
..................................
United
States
1,545
449,487
1,283,705
Trading
Companies
&
Distributors
0.8%
United
Rentals,
Inc.
..................................
United
States
510
412,962
Total
Common
Stocks
(Cost
$
28,232,852
)
....................................
45,386,033
Equity-Linked
Securities
9.2%
Capital
Markets
0.6%
b
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
7
%
,
12/09/24
.....................................
United
States
4,700
298,715
Chemicals
0.5%
b
Wells
Fargo
Bank
NA
into
Huntsman
Corp.
,
144A,
8.5
%
,
6/03/25
United
States
10,200
247,609
Consumer
Finance
0.8%
b
Wells
Fargo
Bank
NA
into
American
Express
Co.
,
144A,
4
%
,
3/03/25
.........................................
United
States
1,700
429,517
Consumer
Staples
Distribution
&
Retail
1.0%
b
Royal
Bank
of
Canada
into
Target
Corp.
,
144A,
7.5
%
,
12/13/24
.
United
States
2,200
335,287
b
UBS
AG
into
Casey's
General
Stores,
Inc.
,
144A,
5
%
,
4/23/25
..
United
States
600
207,227
542,514
Diversified
Telecommunication
Services
0.7%
b
Barclays
Bank
plc
into
Telenor
ASA
,
144A,
6
%
,
8/07/25
.......
Norway
2,400
366,215
Electrical
Equipment
0.7%
b
Merrill
Lynch
BV
into
Hubbell,
Inc.
,
144A,
6.5
%
,
7/10/25
......
United
States
900
367,772
Ground
Transportation
0.6%
b
Royal
Bank
of
Canada
into
Norfolk
Southern
Corp.
,
144A,
6
%
,
9/17/25
.........................................
United
States
1,200
301,132
Health
Care
Providers
&
Services
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
HCA
Healthcare,
Inc.
,
144A,
6
%
,
6/13/25
.................................
United
States
900
324,594
Industrial
REITs
0.6%
b
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
7
%
,
1/17/25
......
United
States
2,600
332,781
Interactive
Media
&
Services
0.5%
b
Jefferies
Financial
Group,
Inc.
into
Alphabet,
Inc.
,
144A,
7.5
%
,
4/16/25
.........................................
United
States
1,600
263,557
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Life
Sciences
Tools
&
Services
1.3%
b
Mizuho
Markets
Cayman
LP
into
Danaher
Corp.
,
144A,
5
%
,
5/15/25
.........................................
United
States
1,500
$
399,825
b
Royal
Bank
of
Canada
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
5.5
%
,
10/09/24
...................................
United
States
500
293,852
693,677
Machinery
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.
,
144A,
8
%
,
11/01/24
................................
United
States
1,200
378,835
Oil,
Gas
&
Consumable
Fuels
0.6%
b
Barclays
Bank
plc
into
Canadian
Natural
Resources
Ltd.
,
144A,
9
%
,
2/03/25
......................................
Canada
5,300
340,937
Total
Equity-Linked
Securities
(Cost
$
4,534,966
)
..............................
4,887,855
Convertible
Preferred
Stocks
3.0%
Electric
Utilities
1.5%
c
NextEra
Energy,
Inc.
,
6.926
%
..........................
United
States
16,905
783,716
Financial
Services
1.5%
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
11,985
814,860
Total
Convertible
Preferred
Stocks
(Cost
$
1,375,395
)
..........................
1,598,576
Total
Long
Term
Investments
(Cost
$
34,143,213
)
..............................
51,872,464
a
Short
Term
Investments
4.1%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
2.7%
d
Joint
Repurchase
Agreement
,
4.809
%
,
10/01/24
(Maturity
Value
$
1,459,518
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$202,479)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$528,112)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$728,927)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
5/15/27
-
8/20/64;
U.S.
Government
Agency
Strips,
3/15/27
-
2/15/49;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/27;
and
U.S.
Treasury
Notes,
3.75%,
12/31/28
(valued
at
$
1,488,637
)
......................................
1,459,323
1,459,323
Total
Repurchase
Agreements
(Cost
$
1,459,323
)
..............................
1,459,323
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
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.4%
Money
Market
Funds
1.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
723,000
$
723,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
723,000
)
...........................................................
723,000
Total
Short
Term
Investments
(Cost
$
2,182,323
)
...............................
2,182,323
a
Total
Investments
(Cost
$
36,325,536
)
101.2
%
.................................
$54,054,787
Other
Assets,
less
Liabilities
(
1.2
)
%
.........................................
(618,614)
Net
Assets
100.0%
.........................................................
$53,436,173
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$4,887,855,
representing
9.1%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2024.
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
that
date.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
29.3%
Aerospace
&
Defense
1.5%
Lockheed
Martin
Corp.
...............................
United
States
65,000
$
37,996,400
RTX
Corp.
........................................
United
States
90,000
10,904,400
48,900,800
Air
Freight
&
Logistics
0.4%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
100,000
13,634,000
Banks
2.2%
Bank
of
America
Corp.
...............................
United
States
600,000
23,808,000
Citigroup,
Inc.
......................................
United
States
150,000
9,390,000
Fifth
Third
Bancorp
..................................
United
States
200,000
8,568,000
JPMorgan
Chase
&
Co.
...............................
United
States
120,000
25,303,200
Truist
Financial
Corp.
................................
United
States
150,000
6,415,500
73,484,700
Beverages
1.4%
Coca-Cola
Co.
(The)
.................................
United
States
100,000
7,186,000
PepsiCo,
Inc.
......................................
United
States
230,000
39,111,500
46,297,500
Building
Products
0.5%
Johnson
Controls
International
plc
.......................
United
States
200,000
15,522,000
Capital
Markets
0.9%
Charles
Schwab
Corp.
(The)
...........................
United
States
100,000
6,481,000
Morgan
Stanley
.....................................
United
States
220,000
22,932,800
29,413,800
Chemicals
1.0%
Air
Products
and
Chemicals,
Inc.
........................
United
States
80,000
23,819,200
LyondellBasell
Industries
NV
,
A
.........................
United
States
110,000
10,549,000
34,368,200
Communications
Equipment
1.0%
Cisco
Systems,
Inc.
.................................
United
States
600,000
31,932,000
Consumer
Staples
Distribution
&
Retail
0.5%
Target
Corp.
.......................................
United
States
100,000
15,586,000
Containers
&
Packaging
0.2%
International
Paper
Co.
...............................
United
States
125,000
6,106,250
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
..........................
United
States
200,000
8,982,000
Electric
Utilities
3.2%
American
Electric
Power
Co.,
Inc.
.......................
United
States
100,000
10,260,000
Duke
Energy
Corp.
..................................
United
States
150,000
17,295,000
Edison
International
.................................
United
States
100,000
8,709,000
NextEra
Energy,
Inc.
.................................
United
States
332,379
28,095,997
Southern
Co.
(The)
..................................
United
States
360,000
32,464,800
Xcel
Energy,
Inc.
....................................
United
States
130,000
8,489,000
105,313,797
Energy
Equipment
&
Services
0.1%
Halliburton
Co.
.....................................
United
States
120,000
3,486,000
Ground
Transportation
0.6%
Union
Pacific
Corp.
..................................
United
States
75,000
18,486,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
0.3%
Medtronic
plc
......................................
United
States
100,000
$
9,003,000
Health
Care
Providers
&
Services
0.4%
CVS
Health
Corp.
...................................
United
States
200,000
12,576,000
Hotels,
Restaurants
&
Leisure
0.6%
McDonald's
Corp.
...................................
United
States
30,000
9,135,300
Starbucks
Corp.
....................................
United
States
120,000
11,698,800
20,834,100
Household
Products
1.0%
Procter
&
Gamble
Co.
(The)
...........................
United
States
200,000
34,640,000
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
...........................
United
States
45,391
9,382,774
Media
0.7%
Comcast
Corp.
,
A
...................................
United
States
575,000
24,017,750
Metals
&
Mining
0.8%
Rio
Tinto
plc
,
ADR
...................................
Australia
365,529
26,014,699
Multi-Utilities
1.0%
Dominion
Energy,
Inc.
................................
United
States
300,000
17,337,000
Sempra
...........................................
United
States
180,000
15,053,400
32,390,400
Oil,
Gas
&
Consumable
Fuels
4.1%
Chevron
Corp.
.....................................
United
States
350,000
51,544,500
ConocoPhillips
.....................................
United
States
150,000
15,792,000
Exxon
Mobil
Corp.
...................................
United
States
400,000
46,888,000
Shell
plc
,
ADR
......................................
United
States
200,000
13,190,000
TotalEnergies
SE
,
ADR
...............................
France
100,000
6,462,000
133,876,500
Pharmaceuticals
3.4%
a
Bausch
Health
Cos.,
Inc.
..............................
United
States
200,000
1,632,000
a
Endo,
Inc.
.........................................
United
States
187,928
4,788,405
Johnson
&
Johnson
.................................
United
States
350,000
56,721,000
Merck
&
Co.,
Inc.
...................................
United
States
150,000
17,034,000
Pfizer,
Inc.
.........................................
United
States
1,059,816
30,671,075
110,846,480
Semiconductors
&
Semiconductor
Equipment
1.4%
Analog
Devices,
Inc.
.................................
United
States
60,000
13,810,200
Micron
Technology,
Inc.
...............................
United
States
150,000
15,556,500
Texas
Instruments,
Inc.
...............................
United
States
75,000
15,492,750
44,859,450
Specialty
Retail
1.0%
Home
Depot,
Inc.
(The)
...............................
United
States
80,000
32,416,000
Tobacco
0.5%
Philip
Morris
International,
Inc.
.........................
United
States
130,000
15,782,000
Total
Common
Stocks
(Cost
$
717,423,275
)
...................................
958,152,200
Equity-Linked
Securities
12.8%
Aerospace
&
Defense
0.8%
b
Barclays
Bank
plc
into
Northrop
Grumman
Corp.
,
144A,
7
%
,
11/08/24
........................................
United
States
20,000
10,501,201
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)
Aerospace
&
Defense
(continued)
b
Barclays
Bank
plc
into
RTX
Corp.
,
144A,
7.5
%
,
10/16/25
......
United
States
98,000
$
11,659,516
b
Wells
Fargo
Bank
NA
into
Boeing
Co.
(The)
,
144A,
9
%
,
6/17/25
United
States
35,000
5,489,689
27,650,406
Air
Freight
&
Logistics
0.2%
b
J.P.
Morgan
Structured
Products
BV
into
United
Parcel
Service,
Inc.
,
144A,
9
%
,
10/22/24
............................
United
States
39,000
5,339,706
Banks
0.7%
b
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.
,
144A,
8.5
%
,
2/26/25
....................................
United
States
225,000
8,150,931
b
JPMorgan
Chase
Bank
NA
into
Truist
Financial
Corp.
,
144A,
9.5
%
,
3/02/26
....................................
United
States
168,000
7,194,422
b
Merrill
Lynch
International
&
Co.
CV
into
Fifth
Third
Bancorp
,
144A,
10
%
,
3/10/25
................................
United
States
160,000
6,093,666
21,439,019
Capital
Markets
0.3%
b
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley
,
144A,
9
%
,
7/14/25
......................................
United
States
100,000
10,070,574
Chemicals
0.5%
b
Barclays
Bank
plc
into
Air
Products
and
Chemicals,
Inc.
,
144A,
8.5
%
,
3/10/25
....................................
United
States
33,000
8,386,753
b
National
Bank
of
Canada
into
Albemarle
Corp.
,
144A,
12
%
,
3/31/25
.........................................
United
States
80,000
7,950,675
16,337,428
Communications
Equipment
0.2%
b
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.
,
144A,
8
%
,
9/17/25
.........................................
United
States
150,000
7,735,903
Consumer
Staples
Distribution
&
Retail
0.1%
b
UBS
AG
into
Target
Corp.
,
144A,
10
%
,
9/15/25
.............
United
States
28,200
4,231,173
Containers
&
Packaging
0.5%
b
BNP
Paribas
SA
into
International
Paper
Co.
,
144A,
9
%
,
10/20/25
United
States
125,000
6,093,517
b
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.
,
144A,
10
%
,
1/22/25
.....................................
United
States
215,000
8,931,886
15,025,403
Electric
Utilities
0.5%
b
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.
,
144A,
8
%
,
5/21/25
.........................................
United
States
205,000
16,263,903
Ground
Transportation
0.4%
b
Merrill
Lynch
BV
into
Union
Pacific
Corp.
,
144A,
8
%
,
11/05/24
..
United
States
55,000
12,928,054
Health
Care
Providers
&
Services
0.3%
b
Wells
Fargo
Bank
NA
into
UnitedHealth
Group,
Inc.
,
144A,
7
%
,
7/14/25
.........................................
United
States
17,000
8,865,071
Insurance
0.5%
b
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.
,
144A,
9
%
,
10/23/24
United
States
238,200
16,921,579
Interactive
Media
&
Services
0.3%
b
JPMorgan
Chase
Bank
NA
into
Alphabet,
Inc.
,
144A,
8
%
,
3/28/25
United
States
75,500
11,562,531
IT
Services
0.4%
b
Barclays
Bank
plc
into
International
Business
Machines
Corp.
,
144A,
8.5
%
,
6/09/25
...............................
United
States
75,000
14,342,988
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)
Metals
&
Mining
0.9%
b
BNP
Paribas
Issuance
BV
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
8/12/25
.....................................
United
States
350,000
$
16,622,992
b
Mizuho
Markets
Cayman
LP
into
Barrick
Gold
Corp.
,
144A,
9
%
,
7/01/25
.........................................
Canada
303,000
5,495,967
b
UBS
AG
into
Newmont
Corp.
,
144A,
11
%
,
1/16/25
...........
United
States
143,000
6,521,599
28,640,558
Oil,
Gas
&
Consumable
Fuels
0.6%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.
,
144A,
9
%
,
3/12/25
.................................
United
States
120,665
13,277,874
b
JPMorgan
Chase
Bank
NA
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
11/03/25
........................................
United
States
50,000
5,698,680
18,976,554
Pharmaceuticals
0.4%
b
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.
,
144A,
9.5
%
,
5/08/25
....................................
United
States
230,000
11,613,722
Semiconductors
&
Semiconductor
Equipment
3.1%
b
Barclays
Bank
plc
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
10/14/25
........................................
United
States
135,000
10,769,276
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.
,
144A,
10
%
,
10/03/24
....................................
United
States
364,780
8,550,660
b
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
11/12/24
...............................
United
States
146,000
11,724,910
b
National
Bank
of
Canada
into
Broadcom,
Inc.
,
144A,
11.5
%
,
5/13/25
.........................................
United
States
8,000
11,021,580
b
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.
,
144A,
8
%
,
6/11/25
.........................................
United
States
160,000
32,595,122
b
UBS
AG
into
Analog
Devices,
Inc.
,
144A,
9
%
,
9/17/25
........
United
States
34,000
7,705,097
b
Wells
Fargo
Bank
NA
into
Intel
Corp.
,
144A,
11
%
,
2/14/25
.....
United
States
350,000
8,767,309
b
Wells
Fargo
Bank
NA
into
QUALCOMM,
Inc.
,
144A,
10
%
,
10/22/25
........................................
United
States
68,500
11,536,194
102,670,148
Software
1.1%
b
Barclays
Bank
plc
into
Oracle
Corp.
,
144A,
8.5
%
,
2/05/25
.....
United
States
85,000
10,217,769
b
Merrill
Lynch
BV
into
Microsoft
Corp
,
144A,
7.5
%
,
10/06/25
....
United
States
25,600
10,975,381
b
UBS
AG
into
Oracle
Corp.
,
144A,
9
%
,
6/10/25
..............
United
States
105,000
14,500,348
35,693,498
Specialty
Retail
0.3%
b
J.P.
Morgan
Structured
Products
BV
into
Home
Depot,
Inc.
(The)
,
144A,
8
%
,
10/15/25
................................
United
States
25,000
9,665,712
Technology
Hardware,
Storage
&
Peripherals
0.7%
b
Barclays
Bank
plc
into
Dell
Technologies
Inc
,
144A,
12
%
,
9/03/25
United
States
75,000
8,755,815
b
Mizuho
Markets
Cayman
LP
into
Hewlett
Packard
Enterprise
Co.
,
144A,
9.5
%
,
9/30/25
...............................
United
States
400,000
7,517,090
b
UBS
AG
into
Apple,
Inc.
,
144A,
7
%
,
4/02/25
...............
United
States
39,000
7,418,807
23,691,712
Total
Equity-Linked
Securities
(Cost
$
412,444,784
)
............................
419,665,642
Convertible
Preferred
Stocks
0.5%
Chemicals
0.3%
Albemarle
Corp.
,
7.25
%
..............................
United
States
230,000
10,350,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Financial
Services
0.2%
a
FNMA
,
5.375
%
.....................................
United
States
475
$
5,842,500
a
Total
Convertible
Preferred
Stocks
(Cost
$
48,856,042
)
.........................
16,192,500
Principal
Amount
*
Corporate
Bonds
43.6%
Aerospace
&
Defense
1.9%
Boeing
Co.
(The)
,
Senior
Note
,
5.04
%
,
5/01/27
.........................
United
States
11,500,000
11,537,586
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
25,000,000
25,068,500
b
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/01/31
.........
Canada
4,250,000
4,498,349
b
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
.............
United
States
5,000,000
5,152,690
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
............
United
States
15,000,000
15,638,880
61,896,005
Automobile
Components
0.6%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
11,945,000
10,526,368
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
..
United
States
10,000,000
9,205,328
19,731,696
Automobiles
0.9%
Ford
Motor
Co.
,
Senior
Bond
,
3.25
%
,
2/12/32
.........................
United
States
3,000,000
2,555,849
Senior
Bond
,
6.1
%
,
8/19/32
..........................
United
States
7,000,000
7,177,622
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
.........................
United
States
5,000,000
5,159,472
Senior
Bond
,
5.15
%
,
4/01/38
.........................
United
States
13,500,000
12,948,202
27,841,145
Banks
3.9%
Bank
of
America
Corp.
,
c
AA
,
Junior
Sub.
Bond
,
6.1%
to
3/16/25,
FRN
thereafter
,
Perpetual
.......................................
United
States
8,000,000
8,031,048
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
.
United
States
5,000,000
4,865,140
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
6,500,000
6,470,849
Barclays
plc
,
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
15,000,000
15,692,005
Senior
Bond
,
7.437%
to
11/01/32,
FRN
thereafter
,
11/02/33
..
United
Kingdom
10,000,000
11,548,880
Senior
Note
,
5.501%
to
8/08/27,
FRN
thereafter
,
8/09/28
....
United
Kingdom
2,300,000
2,359,887
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
........................................
United
States
24,500,000
26,922,545
JPMorgan
Chase
&
Co.
,
c
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
5,000,000
5,373,955
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
3,000,000
3,337,745
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)
Banks
(continued)
Morgan
Stanley
Bank
NA
,
Senior
Note
,
4.952%
to
1/13/27,
FRN
thereafter
,
1/14/28
.................................
United
States
3,500,000
$
3,553,260
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
8,000,000
8,648,603
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
.................................
United
States
4,000,000
3,923,851
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
........................................
United
States
10,000,000
10,670,394
Wells
Fargo
&
Co.
,
Senior
Bond
,
5.557%
to
7/24/33,
FRN
thereafter
,
7/25/34
.................................
United
States
15,500,000
16,268,655
127,666,817
Biotechnology
0.3%
Amgen,
Inc.
,
Senior
Note
,
5.25
%
,
3/02/30
.................
United
States
10,000,000
10,436,961
Building
Products
0.6%
b
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
...................................
United
States
6,900,000
6,989,445
b
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
11,000,000
11,355,795
18,345,240
Capital
Markets
1.5%
Charles
Schwab
Corp.
(The)
,
Senior
Note
,
5.643%
to
5/18/28,
FRN
thereafter
,
5/19/29
.............................
United
States
7,000,000
7,311,161
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
.....................
United
States
17,000,000
19,199,424
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
8,650,000
9,622,446
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
....
United
States
5,700,000
5,889,121
Senior
Bond
,
6.627%
to
10/31/33,
FRN
thereafter
,
11/01/34
..
United
States
6,000,000
6,789,126
48,811,278
Chemicals
1.7%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
....
United
States
12,000,000
12,438,913
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
.........................................
Switzerland
8,000,000
7,914,326
b
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
....................................
United
States
10,000,000
8,775,198
b
,d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
7,300,000
7,893,833
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
...................
United
States
10,000,000
9,625,145
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
............
United
States
8,888,000
8,577,209
55,224,624
Commercial
Services
&
Supplies
0.5%
b
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
.........
United
States
15,000,000
14,866,249
Communications
Equipment
1.5%
b
CommScope
LLC
,
Senior
Note
,
144A,
8.25
%
,
3/01/27
....................
United
States
20,000,000
18,035,158
Senior
Note
,
144A,
7.125
%
,
7/01/28
...................
United
States
14,846,000
12,325,392
Senior
Secured
Note
,
144A,
6
%
,
3/01/26
................
United
States
7,000,000
6,816,250
b
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
......................
United
States
9,602,868
9,302,778
Senior
Bond
,
144A,
5
%
,
3/15/27
......................
United
States
2,500,000
2,094,830
48,574,408
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)
Consumer
Finance
2.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
5.3
%
,
1/19/34
..........................
Ireland
5,000,000
$
5,121,987
Capital
One
Financial
Corp.
,
Senior
Note
,
4.927%
to
5/09/27,
FRN
thereafter
,
5/10/28
....
United
States
10,398,356
10,524,553
Senior
Note
,
3.273%
to
2/28/29,
FRN
thereafter
,
3/01/30
....
United
States
7,000,000
6,582,728
Senior
Note
,
5.247%
to
7/25/29,
FRN
thereafter
,
7/26/30
....
United
States
6,070,000
6,175,678
Sub.
Bond
,
4.2
%
,
10/29/25
..........................
United
States
6,000,000
5,959,406
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.125
%
,
6/16/25
........................
United
States
20,000,000
19,996,853
Senior
Note
,
4.95
%
,
5/28/27
.........................
United
States
15,000,000
14,966,854
Senior
Note
,
7.35
%
,
3/06/30
.........................
United
States
1,500,000
1,625,006
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
6.4
%
,
1/09/33
.
United
States
5,000,000
5,333,431
76,286,496
Consumer
Staples
Distribution
&
Retail
0.1%
b
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
...........
United
States
3,000,000
2,529,188
Containers
&
Packaging
1.4%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
....................
United
States
10,700,000
7,986,109
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
............
United
States
10,000,000
9,024,000
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
...................
United
States
16,932,000
17,377,464
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/27
............
United
States
7,000,000
7,240,992
b
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
......
United
States
5,000,000
4,812,364
46,440,929
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
...........
United
States
10,000,000
10,049,240
Diversified
Telecommunication
Services
0.4%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
5/01/27
...................
United
States
3,000,000
2,954,869
Senior
Bond
,
144A,
5
%
,
2/01/28
......................
United
States
10,000,000
9,735,024
12,689,893
Electric
Utilities
1.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.25
%
,
3/15/34
.........................................
United
States
8,000,000
8,312,076
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
....
United
States
5,000,000
4,963,350
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
...........
United
States
10,000,000
10,722,426
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
10,505,000
10,175,902
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
4,700,000
5,063,630
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
2,800,000
2,947,694
42,185,078
Electrical
Equipment
0.2%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
5,000,000
5,351,071
Energy
Equipment
&
Services
0.5%
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
.........................................
United
States
14,500,000
15,119,825
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
................
United
States
15,000,000
15,371,860
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)
Food
Products
0.4%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
5.75
%
,
4/01/33
....................
United
States
8,000,000
$
8,293,640
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
..........
United
States
4,000,000
4,248,844
12,542,484
Ground
Transportation
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
....
United
Kingdom
4,500,000
4,380,772
Health
Care
Equipment
&
Supplies
0.9%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905
%
,
11/22/32
United
States
7,500,000
8,127,483
b
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
...................
United
States
4,000,000
3,927,691
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
............
United
States
17,000,000
16,109,446
28,164,620
Health
Care
Providers
&
Services
6.5%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
.............
United
States
10,000,000
9,792,669
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.875
%
,
4/15/29
..................
United
States
39,750,000
36,081,632
Senior
Note
,
144A,
6.875
%
,
4/01/28
...................
United
States
25,000,000
21,134,384
Senior
Secured
Note
,
144A,
8
%
,
12/15/27
...............
United
States
5,000,000
5,020,530
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
25,500,000
28,132,492
CVS
Health
Corp.
,
Senior
Bond
,
5.25
%
,
2/21/33
............
United
States
5,000,000
5,110,510
b
DaVita,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
2/15/31
....................
United
States
2,500,000
2,257,088
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
20,000,000
19,080,703
HCA,
Inc.
,
Senior
Bond
,
5.5
%
,
6/01/33
...................
United
States
10,000,000
10,387,778
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
...................
United
States
5,750,000
2,639,443
Senior
Secured
Note
,
144A,
5.5
%
,
9/01/28
..............
United
States
8,890,000
6,418,530
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25
%
,
2/01/27
........................
United
States
24,031,000
24,083,484
Senior
Note
,
6.125
%
,
10/01/28
.......................
United
States
19,400,000
19,570,332
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
12,500,000
12,719,900
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.......
United
States
10,000,000
10,626,010
213,055,485
Hotels,
Restaurants
&
Leisure
2.5%
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
6,250,000
6,533,631
b
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
...................
United
States
20,000,000
20,197,697
Senior
Note
,
144A,
10.5
%
,
6/01/30
....................
United
States
4,250,000
4,617,138
Expedia
Group,
Inc.
,
Senior
Note
,
5
%
,
2/15/26
.............
United
States
7,000,000
7,039,698
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
....................
United
States
4,100,000
3,822,483
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/29
............
United
States
7,000,000
6,689,047
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.....................
United
States
18,698,000
18,701,416
Senior
Bond
,
144A,
5.25
%
,
5/15/27
....................
United
States
6,000,000
6,008,670
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
..........................
United
States
8,250,000
8,362,789
81,972,569
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)
Independent
Power
and
Renewable
Electricity
Producers
0.7%
b
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
...................
United
States
10,000,000
$
9,868,225
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
..............
United
States
5,000,000
4,885,370
b
,c
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
7,800,000
7,968,901
22,722,496
Media
0.8%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
2,800,000
2,507,831
Senior
Note
,
144A,
7.5
%
,
6/01/29
.....................
United
States
7,000,000
6,034,868
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
............
United
States
5,582,436
5,492,155
b
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.....
United
States
5,000,000
4,837,942
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/27
...................................
United
States
8,500,000
8,533,397
27,406,193
Metals
&
Mining
1.2%
b
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
United
States
8,500,000
8,160,254
d
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
..............
Luxembourg
12,000,000
13,391,950
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...................
Australia
6,000,000
5,612,218
Senior
Note
,
144A,
5.875
%
,
4/15/30
...................
Australia
5,000,000
5,069,015
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
......
United
States
8,000,000
7,998,003
40,231,440
Oil,
Gas
&
Consumable
Fuels
2.5%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
......................
United
States
13,186,000
13,172,637
Senior
Note
,
144A,
8.125
%
,
1/15/27
...................
United
States
8,820,000
8,591,297
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
5,500,000
5,657,801
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
United
States
9,500,000
9,556,288
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.4
%
,
2/01/34
............
United
States
8,000,000
8,201,274
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.25
%
,
4/15/33
...
United
States
3,500,000
3,450,048
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625
%
,
9/01/30
....
United
States
6,000,000
6,476,856
b
Venture
Global
LNG,
Inc.
,
c
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
10,250,000
10,397,538
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
............
United
States
5,000,000
5,215,947
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.........................
United
States
7,053,000
6,669,930
Senior
Bond
,
5.65
%
,
3/15/33
.........................
United
States
5,000,000
5,236,815
82,626,431
Passenger
Airlines
1.3%
b
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
.........................................
United
States
5,000,000
5,308,196
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
8,750,000
8,732,215
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
13,687,000
13,674,836
b
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
Senior
Secured
Note
,
144A,
9.875
%
,
9/20/31
..............................
United
States
7,000,000
7,380,030
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
8,750,000
8,460,542
43,555,819
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)
Personal
Care
Products
0.2%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.......
United
States
8,500,000
$
7,997,923
Pharmaceuticals
1.1%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
....
Canada
6,374,000
6,323,199
b
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.........................................
United
States
10,000,000
9,350,000
b
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
4,000,000
4,291,132
d
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
...................................
Israel
10,000,000
10,430,530
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.......
United
States
6,028,000
5,971,105
36,365,966
Semiconductors
&
Semiconductor
Equipment
0.8%
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
2.45
%
,
2/15/31
....................
United
States
5,000,000
4,432,325
Senior
Bond
,
144A,
4.15
%
,
4/15/32
....................
United
States
10,000,000
9,705,049
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
........................
United
States
4,000,000
4,273,998
Senior
Note
,
6.75
%
,
11/01/29
........................
United
States
8,000,000
8,792,342
27,203,714
Software
0.9%
Oracle
Corp.
,
Senior
Bond
,
2.875
%
,
3/25/31
........................
United
States
15,000,000
13,653,333
Senior
Bond
,
6.25
%
,
11/09/32
........................
United
States
6,750,000
7,471,260
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
................
United
States
10,000,000
9,496,627
30,621,220
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond
,
2.9
%
,
1/15/30
..........................
United
States
8,000,000
7,401,531
Senior
Bond
,
5.65
%
,
3/15/33
.........................
United
States
5,000,000
5,285,281
Crown
Castle,
Inc.
,
Senior
Bond
,
3.3
%
,
7/01/30
.............
United
States
5,000,000
4,677,656
17,364,468
Specialty
Retail
0.4%
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
...............
United
States
13,000,000
13,411,965
Technology
Hardware,
Storage
&
Peripherals
0.5%
Hewlett
Packard
Enterprise
Co.
,
Senior
Bond
,
5
%
,
10/15/34
...
United
States
6,000,000
5,942,562
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
.....................
United
States
10,000,000
10,522,804
16,465,366
Tobacco
0.8%
BAT
Capital
Corp.
,
Senior
Bond
,
6.421
%
,
8/02/33
........................
United
Kingdom
6,000,000
6,592,681
Senior
Note
,
3.557
%
,
8/15/27
........................
United
Kingdom
10,000,000
9,798,194
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
9,000,000
9,339,063
25,729,938
Trading
Companies
&
Distributors
0.6%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
........................
United
States
12,800,000
12,715,154
b
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
...............
United
States
8,000,000
8,263,976
20,979,130
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
0.5%
Sprint
LLC
,
Senior
Note
,
7.625
%
,
3/01/26
.................
United
States
7,500,000
$
7,752,825
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.2
%
,
1/15/33
............
United
States
7,500,000
7,774,480
15,527,305
Total
Corporate
Bonds
(Cost
$
1,378,930,536
)
.................................
1,427,743,307
U.S.
Government
and
Agency
Securities
9.1%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
...................................
United
States
15,000,000
13,541,895
3
%,
8/15/52
......................................
United
States
40,000,000
32,157,812
3.625
%,
5/15/53
...................................
United
States
42,500,000
38,688,281
4.125
%,
8/15/53
...................................
United
States
21,000,000
20,918,789
U.S.
Treasury
Notes
,
4.375
%,
10/31/24
..................................
United
States
15,000,000
14,992,977
2.875
%,
5/15/32
...................................
United
States
130,000,000
122,921,095
2.75
%,
8/15/32
...................................
United
States
60,000,000
56,081,250
Total
U.S.
Government
and
Agency
Securities
(Cost
$
305,900,742
)
..............
299,302,099
Asset-Backed
Securities
0.4%
Passenger
Airlines
0.4%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.........................
United
States
5,029,458
5,137,620
2023-1
,
A
,
5.8
%
,
1/15/36
............................
United
States
6,159,239
6,488,322
11,625,942
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
11,188,697
)
.............................
11,625,942
Mortgage-Backed
Securities
2.0%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.0%
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
......................
United
States
16,604,791
16,612,229
FHLMC
Pool,
30
Year
,
5.5
%,
7/01/53
-
11/01/53
............
United
States
16,827,609
17,030,004
33,642,233
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.0%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
1,353,329
1,322,828
FNMA,
30
Year
,
5
%,
5/01/53
...........................
United
States
16,598,646
16,606,080
FNMA,
30
Year
,
5
%,
11/01/53
..........................
United
States
14,090,113
14,088,979
32,017,887
Total
Mortgage-Backed
Securities
(Cost
$
64,077,373
)
..........................
65,660,120
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,e
Endo,
Inc.,
Escrow
Account
............................
United
States
12,929,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
2,938,821,449
)
...........................
3,198,341,810
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
See
Abbreviations
on
page
173
.
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
48,999,962
$
48,999,962
Total
Money
Market
Funds
(Cost
$
48,999,962
)
................................
48,999,962
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
6,118,000
6,118,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
6,118,000
)
..........................................................
6,118,000
Total
Short
Term
Investments
(Cost
$
55,117,962
)
..............................
55,117,962
a
Total
Investments
(Cost
$
2,993,939,411
)
99.4
%
................................
$3,253,459,772
Other
Assets,
less
Liabilities
0.6
%
...........................................
20,000,305
Net
Assets
100.0%
.........................................................
$3,273,460,077
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$1,106,069,412,
representing
33.8%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2024.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
99.5%
Aerospace
&
Defense
1.9%
a
Axon
Enterprise,
Inc.
.................................
United
States
4,875
$
1,948,050
Beverages
0.5%
a
Monster
Beverage
Corp.
..............................
United
States
9,694
505,736
Biotechnology
1.2%
a
Vaxcyte,
Inc.
.......................................
United
States
10,572
1,208,062
Broadline
Retail
6.4%
a
Amazon.com,
Inc.
...................................
United
States
34,341
6,398,759
Building
Products
1.5%
Trane
Technologies
plc
...............................
United
States
3,862
1,501,275
Capital
Markets
3.5%
Ares
Management
Corp.
,
A
............................
United
States
10,401
1,620,892
MSCI,
Inc.
,
A
.......................................
United
States
1,266
737,989
S&P
Global,
Inc.
....................................
United
States
2,293
1,184,610
3,543,491
Chemicals
1.9%
Linde
plc
..........................................
United
States
3,882
1,851,171
Commercial
Services
&
Supplies
1.3%
Republic
Services,
Inc.
,
A
.............................
United
States
6,622
1,329,962
Construction
Materials
0.7%
Martin
Marietta
Materials,
Inc.
..........................
United
States
1,293
695,957
Electrical
Equipment
0.8%
Eaton
Corp.
plc
.....................................
United
States
2,500
828,600
Entertainment
2.0%
a
Netflix,
Inc.
........................................
United
States
1,934
1,371,728
a
ROBLOX
Corp.
,
A
...................................
United
States
15,243
674,655
2,046,383
Financial
Services
3.2%
Mastercard,
Inc.
,
A
..................................
United
States
6,460
3,189,948
Food
Products
0.9%
a
Freshpet,
Inc.
......................................
United
States
6,471
885,039
Ground
Transportation
2.1%
a
Uber
Technologies,
Inc.
...............................
United
States
20,418
1,534,617
Union
Pacific
Corp.
..................................
United
States
2,395
590,319
2,124,936
Health
Care
Equipment
&
Supplies
2.9%
a
Dexcom,
Inc.
.......................................
United
States
6,956
466,330
a
IDEXX
Laboratories,
Inc.
..............................
United
States
1,509
762,377
a
Intuitive
Surgical,
Inc.
................................
United
States
3,405
1,672,775
2,901,482
Health
Care
Providers
&
Services
3.1%
McKesson
Corp.
....................................
United
States
1,764
872,157
UnitedHealth
Group,
Inc.
..............................
United
States
3,826
2,236,986
3,109,143
Hotels,
Restaurants
&
Leisure
2.9%
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
31,644
1,823,327
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)
Hotels,
Restaurants
&
Leisure
(continued)
Wingstop,
Inc.
......................................
United
States
2,477
$
1,030,630
2,853,957
Household
Durables
0.6%
DR
Horton,
Inc.
.....................................
United
States
3,275
624,772
Interactive
Media
&
Services
10.3%
Alphabet,
Inc.
,
A
....................................
United
States
17,577
2,915,145
Meta
Platforms,
Inc.
,
A
...............................
United
States
11,596
6,638,014
a
Pinterest,
Inc.
,
A
....................................
United
States
23,164
749,819
10,302,978
IT
Services
1.4%
a
Gartner,
Inc.
.......................................
United
States
1,557
789,025
a
MongoDB,
Inc.
,
A
...................................
United
States
2,230
602,881
1,391,906
Life
Sciences
Tools
&
Services
3.1%
Danaher
Corp.
.....................................
United
States
4,433
1,232,463
a
Tempus
AI,
Inc.
,
A
...................................
United
States
1,600
90,560
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
1,384
856,101
West
Pharmaceutical
Services,
Inc.
......................
United
States
3,084
925,693
3,104,817
Machinery
0.7%
Parker-Hannifin
Corp.
................................
United
States
1,067
674,152
Personal
Care
Products
1.1%
a
BellRing
Brands,
Inc.
.................................
United
States
13,050
792,396
a
Oddity
Tech
Ltd.
,
A
..................................
Israel
8,154
329,258
1,121,654
Pharmaceuticals
3.6%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
9,886
770,218
Eli
Lilly
&
Co.
......................................
United
States
3,241
2,871,332
3,641,550
Professional
Services
2.2%
TransUnion
........................................
United
States
13,661
1,430,307
Verisk
Analytics,
Inc.
,
A
...............................
United
States
2,786
746,536
2,176,843
Real
Estate
Management
&
Development
0.7%
a
CoStar
Group,
Inc.
..................................
United
States
8,740
659,346
Semiconductors
&
Semiconductor
Equipment
14.7%
Analog
Devices,
Inc.
.................................
United
States
3,770
867,741
a
ARM
Holdings
plc
,
ADR
..............................
United
States
4,135
591,346
ASML
Holding
NV
,
ADR
..............................
Netherlands
627
522,448
Broadcom,
Inc.
.....................................
United
States
9,206
1,588,035
a
Lattice
Semiconductor
Corp.
...........................
United
States
10,886
577,720
Monolithic
Power
Systems,
Inc.
.........................
United
States
2,402
2,220,649
NVIDIA
Corp.
......................................
United
States
68,858
8,362,116
14,730,055
Software
18.4%
a
Adobe,
Inc.
........................................
United
States
834
431,829
a
Confluent,
Inc.
,
A
....................................
United
States
9,544
194,507
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
2,102
589,548
a
Datadog,
Inc.
,
A
....................................
United
States
2,404
276,604
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
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Fair
Isaac
Corp.
....................................
United
States
864
$
1,679,201
a
HubSpot,
Inc.
......................................
United
States
512
272,179
Intuit,
Inc.
.........................................
United
States
1,516
941,436
Microsoft
Corp.
.....................................
United
States
16,796
7,227,319
a
Monday.com
Ltd.
....................................
United
States
2,308
641,093
Oracle
Corp.
.......................................
United
States
6,856
1,168,262
Roper
Technologies,
Inc.
..............................
United
States
1,310
728,936
Salesforce,
Inc.
.....................................
United
States
2,595
710,278
a
ServiceNow,
Inc.
....................................
United
States
2,526
2,259,229
a
Synopsys,
Inc.
.....................................
United
States
2,692
1,363,202
18,483,623
Specialty
Retail
0.8%
a
AutoZone,
Inc.
.....................................
United
States
239
752,860
Technology
Hardware,
Storage
&
Peripherals
5.1%
Apple,
Inc.
........................................
United
States
21,946
5,113,418
Total
Common
Stocks
(Cost
$
35,100,509
)
....................................
99,699,925
Short
Term
Investments
0.5%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.5%
b
Joint
Repurchase
Agreement
,
4.809
%
,
10/01/24
(Maturity
Value
$
505,500
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$70,128)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$182,910)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$252,462)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
5/15/27
-
8/20/64;
U.S.
Government
Agency
Strips,
3/15/27
-
2/15/49;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/27;
and
U.S.
Treasury
Notes,
3.75%,
12/31/28
(valued
at
$
515,585
)
505,432
505,432
Total
Repurchase
Agreements
(Cost
$
505,432
)
................................
505,432
Total
Short
Term
Investments
(Cost
$
505,432
)
................................
505,432
a
Total
Investments
(Cost
$
35,605,941
)
100.0
%
.................................
$100,205,357
Other
Assets,
less
Liabilities
0.0
%
â€
..........................................
26,446
Net
Assets
100.0%
.........................................................
$100,231,803
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
â€
Rounds
to
less
than
0.1%
of
net
assets.
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
95.4%
Aerospace
&
Defense
1.5%
Airbus
SE
.........................................
France
44,705
$
6,543,448
Air
Freight
&
Logistics
1.9%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
59,515
8,114,275
Automobile
Components
3.3%
a
Aptiv
plc
..........................................
United
States
109,875
7,912,099
Denso
Corp.
.......................................
Japan
425,185
6,390,680
14,302,779
Banks
6.3%
Bank
of
America
Corp.
...............................
United
States
110,285
4,376,109
BNP
Paribas
SA
....................................
France
133,288
9,147,272
DBS
Group
Holdings
Ltd.
.............................
Singapore
241,233
7,144,228
JPMorgan
Chase
&
Co.
...............................
United
States
31,998
6,747,098
27,414,707
Building
Products
1.5%
Johnson
Controls
International
plc
.......................
United
States
83,524
6,482,298
Capital
Markets
1.7%
BlackRock,
Inc.
.....................................
United
States
8,025
7,619,818
Chemicals
1.7%
a,b
Covestro
AG
,
144A
,
Reg
S
............................
Germany
121,373
7,564,712
Consumer
Finance
1.6%
Capital
One
Financial
Corp.
...........................
United
States
47,278
7,078,935
Consumer
Staples
Distribution
&
Retail
1.9%
Seven
&
i
Holdings
Co.
Ltd.
............................
Japan
561,944
8,460,969
Containers
&
Packaging
0.6%
DS
Smith
plc
.......................................
United
Kingdom
403,073
2,492,782
Diversified
Telecommunication
Services
1.9%
Deutsche
Telekom
AG
................................
Germany
281,022
8,254,148
Electric
Utilities
1.3%
Entergy
Corp.
......................................
United
States
42,006
5,528,410
Electrical
Equipment
1.7%
Mitsubishi
Electric
Corp.
..............................
Japan
457,575
7,421,783
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
...................................
United
States
206,821
8,676,141
Entertainment
1.8%
Walt
Disney
Co.
(The)
................................
United
States
80,996
7,791,005
Financial
Services
5.7%
a
Fiserv,
Inc.
........................................
United
States
44,986
8,081,735
Global
Payments,
Inc.
................................
United
States
77,007
7,887,057
Voya
Financial,
Inc.
..................................
United
States
112,757
8,932,609
24,901,401
Food
Products
3.3%
Danone
SA
........................................
France
103,640
7,549,764
Kraft
Heinz
Co.
(The)
................................
United
States
199,565
7,006,727
14,556,491
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
2.2%
Medtronic
plc
......................................
United
States
107,420
$
9,671,023
Health
Care
Providers
&
Services
7.1%
CVS
Health
Corp.
...................................
United
States
122,215
7,684,879
Elevance
Health,
Inc.
................................
United
States
18,622
9,683,440
a
Fresenius
SE
&
Co.
KGaA
.............................
Germany
218,562
8,339,046
Humana,
Inc.
......................................
United
States
16,140
5,112,184
30,819,549
Household
Durables
1.3%
DR
Horton,
Inc.
.....................................
United
States
28,842
5,502,188
Household
Products
2.0%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
143,668
8,790,867
Industrial
Conglomerates
1.6%
Siemens
AG
.......................................
Germany
35,184
7,118,643
Insurance
6.0%
Everest
Group
Ltd.
..................................
United
States
22,758
8,917,267
NN
Group
NV
......................................
Netherlands
164,266
8,196,972
Prudential
plc
......................................
Hong
Kong
962,730
8,932,150
26,046,389
Interactive
Media
&
Services
1.8%
Tencent
Holdings
Ltd.
................................
China
142,662
7,932,705
IT
Services
1.2%
Capgemini
SE
......................................
France
25,145
5,429,309
Media
2.2%
a
Charter
Communications,
Inc.
,
A
........................
United
States
29,911
9,693,557
Metals
&
Mining
1.8%
Rio
Tinto
plc
.......................................
Australia
112,475
7,984,931
Oil,
Gas
&
Consumable
Fuels
4.2%
BP
plc
............................................
United
States
1,666,793
8,693,872
Hess
Corp.
........................................
United
States
15,259
2,072,172
Shell
plc
..........................................
United
States
235,413
7,637,778
18,403,822
Personal
Care
Products
2.9%
Haleon
plc
........................................
United
States
955,571
5,000,400
Kenvue,
Inc.
.......................................
United
States
322,680
7,463,588
12,463,988
Pharmaceuticals
7.4%
GSK
plc
..........................................
United
States
378,518
7,707,589
Merck
&
Co.,
Inc.
...................................
United
States
67,421
7,656,329
Novartis
AG
,
ADR
...................................
Switzerland
65,474
7,530,819
Roche
Holding
AG
..................................
United
States
28,652
9,169,134
32,063,871
Real
Estate
Management
&
Development
1.4%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
49,233
6,128,524
Semiconductors
&
Semiconductor
Equipment
1.6%
Renesas
Electronics
Corp.
............................
Japan
484,432
7,029,912
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)
Technology
Hardware,
Storage
&
Peripherals
1.5%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
140,478
$
6,509,871
Textiles,
Apparel
&
Luxury
Goods
4.2%
a
Capri
Holdings
Ltd.
..................................
United
States
71,233
3,023,129
Cie
Financiere
Richemont
SA
..........................
Switzerland
44,607
7,083,783
Kering
SA
.........................................
France
28,820
8,296,652
18,403,564
Tobacco
1.8%
British
American
Tobacco
plc
...........................
United
Kingdom
209,085
7,623,409
Trading
Companies
&
Distributors
3.5%
AerCap
Holdings
NV
.................................
Ireland
100,269
9,497,479
Ferguson
Enterprises,
Inc.
............................
United
States
28,503
5,659,841
15,157,320
Total
Common
Stocks
(Cost
$
315,860,984
)
...................................
415,977,544
Principal
Amount
*
Corporate
Bonds
0.7%
Media
0.1%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
............
United
States
490,000
487,599
Pharmaceuticals
0.4%
b
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
....................
United
States
1,707,000
1,602,307
Senior
Note
,
144A,
8.5
%
,
1/31/27
.....................
United
States
264,000
216,452
1,818,759
Specialty
Retail
0.2%
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.
United
States
1,374,000
806,214
Total
Corporate
Bonds
(Cost
$
3,286,775
)
.....................................
3,112,572
Senior
Floating
Rate
Interests
2.0%
c
Commercial
Services
&
Supplies
1.0%
Neptune
BidCo
US,
Inc.,
First
Lien,
CME
Term
Loan,
A
,
10.154
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................
United
States
2,362,791
2,215,708
Neptune
BidCo
US,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.404
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
................
United
States
2,174,743
2,047,368
4,263,076
a
a
a
a
a
a
Professional
Services
0.4%
c
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.46
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
1,967,441
1,952,863
Specialty
Retail
0.6%
c,d
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B
,
9.115
%
,
(
3-month
SOFR
+
4.25
%
),
4/17/28
.....................
United
States
3,420,107
2,713,855
Total
Senior
Floating
Rate
Interests
(Cost
$
8,993,065
)
.........................
8,929,794
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,e,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
966,000
$
—
Total
Companies
in
Liquidation
(Cost
$
–
)
....................................
—
Total
Long
Term
Investments
(Cost
$
328,140,824
)
.............................
428,019,910
a
Short
Term
Investments
1.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.8%
g
FHLB
,
10/01/24
.....................................
United
States
7,300,000
7,299,059
g
U.S.
Treasury
Bills
,
1/30/25
............................
United
States
500,000
492,702
Total
U.S.
Government
and
Agency
Securities
(Cost
$
7,792,244
)
................
7,791,761
Total
Short
Term
Investments
(Cost
$
7,792,244
)
...............................
7,791,761
a
Total
Investments
(Cost
$
335,933,068
)
99.9
%
.................................
$435,811,671
Other
Assets,
less
Liabilities
0.1
%
...........................................
351,810
Net
Assets
100.0%
.........................................................
$436,163,481
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$10,189,685,
representing
2.3%
of
net
assets.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
The
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,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
77
$
10,747,756
12/16/24
$
(
73,436
)
Total
Futures
Contracts
......................................................................
$(73,436)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
South
Korean
Won
..
HSBK
Buy
2,822,476,470
2,085,727
11/04/24
$
57,727
$
(
232
)
South
Korean
Won
..
HSBK
Sell
8,854,634,612
6,485,480
11/04/24
—
(
238,207
)
South
Korean
Won
..
UBSW
Sell
447,389,608
328,142
11/04/24
—
(
11,579
)
Japanese
Yen
......
UBSW
Sell
1,363,508,175
9,355,874
11/20/24
1,434
(
196,003
)
Euro
.............
BOFA
Sell
6,446,706
7,039,210
1/13/25
—
(
167,931
)
Euro
.............
HSBK
Sell
772,938
845,539
1/13/25
—
(
18,572
)
Euro
.............
UBSW
Buy
652,398
723,552
1/13/25
5,801
—
Euro
.............
UBSW
Sell
272,370
297,999
1/13/25
—
(
6,499
)
Euro
.............
WFLA
Sell
6,667,073
7,279,177
1/13/25
—
(
174,325
)
Total
Forward
Exchange
Contracts
...................................................
$64,962
$(813,348)
Net
unrealized
appreciation
(depreciation)
............................................
$(748,386)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
173
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
94.9%
Air
Freight
&
Logistics
1.8%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
283,275
$
38,621,713
Automobile
Components
1.2%
a
Aptiv
plc
..........................................
United
States
367,381
26,455,106
Automobiles
1.3%
General
Motors
Co.
..................................
United
States
596,970
26,768,135
Banks
7.5%
Bank
of
America
Corp.
...............................
United
States
1,504,610
59,702,925
JPMorgan
Chase
&
Co.
...............................
United
States
279,269
58,886,661
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
231,686
42,827,157
161,416,743
Building
Products
1.8%
Johnson
Controls
International
plc
.......................
United
States
494,599
38,385,828
Capital
Markets
1.8%
BlackRock,
Inc.
.....................................
United
States
39,944
37,927,227
Communications
Equipment
1.7%
Cisco
Systems,
Inc.
.................................
United
States
680,787
36,231,484
Construction
&
Engineering
1.5%
a
WillScot
Holdings
Corp.
...............................
United
States
846,111
31,813,774
Consumer
Finance
1.5%
Capital
One
Financial
Corp.
...........................
United
States
216,919
32,479,282
Consumer
Staples
Distribution
&
Retail
1.2%
Target
Corp.
.......................................
United
States
169,930
26,485,290
Containers
&
Packaging
2.2%
DS
Smith
plc
.......................................
United
Kingdom
1,916,721
11,853,854
International
Paper
Co.
...............................
United
States
702,614
34,322,694
46,176,548
Diversified
Telecommunication
Services
0.7%
a,b,c
Windstream
Holdings,
Inc.
.............................
United
States
643,835
14,503,792
Electric
Utilities
3.5%
Entergy
Corp.
......................................
United
States
277,712
36,549,676
PPL
Corp.
.........................................
United
States
1,164,067
38,507,337
75,057,013
Electronic
Equipment,
Instruments
&
Components
1.4%
a
Flex
Ltd.
..........................................
United
States
893,602
29,873,115
Energy
Equipment
&
Services
1.9%
Schlumberger
NV
...................................
United
States
953,137
39,984,097
Entertainment
2.1%
Walt
Disney
Co.
(The)
................................
United
States
470,710
45,277,595
Financial
Services
7.8%
Apollo
Global
Management,
Inc.
........................
United
States
285,352
35,643,318
a
Fiserv,
Inc.
........................................
United
States
277,765
49,900,482
Global
Payments,
Inc.
................................
United
States
421,998
43,221,035
Voya
Financial,
Inc.
..................................
United
States
489,908
38,810,512
167,575,347
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)
Food
Products
1.7%
Kraft
Heinz
Co.
(The)
................................
United
States
1,046,643
$
36,747,636
Health
Care
Equipment
&
Supplies
4.2%
Baxter
International,
Inc.
..............................
United
States
941,560
35,751,033
Medtronic
plc
......................................
United
States
588,147
52,950,875
88,701,908
Health
Care
Providers
&
Services
5.1%
CVS
Health
Corp.
...................................
United
States
643,074
40,436,493
Elevance
Health,
Inc.
................................
United
States
85,651
44,538,520
Humana,
Inc.
......................................
United
States
76,586
24,257,850
109,232,863
Household
Durables
1.4%
DR
Horton,
Inc.
.....................................
United
States
154,754
29,522,421
Insurance
3.6%
Everest
Group
Ltd.
..................................
United
States
103,267
40,463,109
Progressive
Corp.
(The)
..............................
United
States
142,799
36,236,674
76,699,783
Machinery
2.9%
Dover
Corp.
.......................................
United
States
172,439
33,063,454
Parker-Hannifin
Corp.
................................
United
States
46,665
29,483,880
62,547,334
Media
4.0%
a
Charter
Communications,
Inc.
,
A
........................
United
States
128,658
41,695,485
Comcast
Corp.
,
A
...................................
United
States
1,052,874
43,978,547
85,674,032
Metals
&
Mining
2.2%
Rio
Tinto
plc
.......................................
Australia
528,578
37,525,305
United
States
Steel
Corp.
.............................
United
States
273,510
9,663,108
47,188,413
Oil,
Gas
&
Consumable
Fuels
4.7%
Chevron
Corp.
.....................................
United
States
314,864
46,370,021
EOG
Resources,
Inc.
................................
United
States
366,367
45,037,495
Hess
Corp.
........................................
United
States
72,431
9,836,130
101,243,646
Personal
Care
Products
1.7%
Kenvue,
Inc.
.......................................
United
States
1,581,421
36,578,268
Pharmaceuticals
5.9%
GSK
plc
..........................................
United
States
2,162,467
44,033,325
Merck
&
Co.,
Inc.
...................................
United
States
366,091
41,573,294
Novartis
AG
,
ADR
...................................
Switzerland
349,707
40,223,299
125,829,918
Professional
Services
3.0%
KBR,
Inc.
.........................................
United
States
481,162
31,338,081
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
430,793
31,969,149
63,307,230
Real
Estate
Management
&
Development
1.6%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
277,917
34,595,108
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)
Retail
REITs
1.7%
Brixmor
Property
Group,
Inc.
...........................
United
States
1,317,261
$
36,698,891
Software
3.1%
Gen
Digital,
Inc.
....................................
United
States
1,227,386
33,667,198
Oracle
Corp.
.......................................
United
States
187,473
31,945,399
65,612,597
Specialized
REITs
2.1%
American
Tower
Corp.
................................
United
States
194,374
45,203,617
Tobacco
1.7%
British
American
Tobacco
plc
...........................
United
Kingdom
1,006,150
36,685,044
Trading
Companies
&
Distributors
3.4%
AerCap
Holdings
NV
.................................
Ireland
401,775
38,056,128
Ferguson
Enterprises,
Inc.
............................
United
States
175,671
34,882,990
72,939,118
Total
Common
Stocks
(Cost
$
1,488,104,009
)
..................................
2,030,039,916
Principal
Amount
*
Corporate
Bonds
0.4%
Media
0.1%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
............
United
States
2,352,000
2,340,477
Passenger
Airlines
0.0%
â€
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
.........................................
United
States
123,000
130,581
Pharmaceuticals
0.1%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
United
States
1,121,000
919,101
Specialty
Retail
0.2%
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.
United
States
6,870,000
4,031,069
Total
Corporate
Bonds
(Cost
$
7,729,885
)
.....................................
7,421,228
Senior
Floating
Rate
Interests
2.9%
e
Commercial
Services
&
Supplies
0.9%
Neptune
BidCo
US,
Inc.,
First
Lien,
CME
Term
Loan,
A
,
10.154
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................
United
States
11,152,430
10,458,191
Neptune
BidCo
US,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.404
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
................
United
States
10,432,039
9,821,035
20,279,226
a
a
a
a
a
a
e
Passenger
Airlines
0.8%
f
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
10.294
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
.............
United
States
8,000,000
8,236,640
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.209
%
,
(
6-month
SOFR
+
2.5
%
),
6/04/29
......................
United
States
8,346,176
8,294,013
16,530,653
a
a
a
a
a
a
Professional
Services
0.4%
e
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.46
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
8,885,651
8,819,808
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)
Software
0.2%
e
Quest
Software,
Inc.,
Second
Lien,
Initial
CME
Term
Loan
,
12.902
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
..............
United
States
13,032,127
$
4,736,396
Specialty
Retail
0.6%
e
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B
,
9.115
%
,
(
3-month
SOFR
+
4.25
%
),
4/17/28
.....................
United
States
15,816,366
12,550,286
Total
Senior
Floating
Rate
Interests
(Cost
$
71,158,026
)
........................
62,916,369
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
$
1,566,991,920
)
...........................
2,100,377,513
a
Short
Term
Investments
1.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.9%
h
FHLB
,
10/01/24
.....................................
United
States
40,200,000
40,194,819
h
U.S.
Treasury
Bills
,
1/09/25
............................
United
States
500,000
493,833
Total
U.S.
Government
and
Agency
Securities
(Cost
$
40,693,056
)
...............
40,688,652
Total
Short
Term
Investments
(Cost
$
40,693,056
)
..............................
40,688,652
a
Total
Investments
(Cost
$
1,607,684,976
)
100.1
%
..............................
$2,141,066,165
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(1,378,016)
Net
Assets
100.0%
.........................................................
$2,139,688,149
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
â€
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
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,
2024,
the
aggregate
value
of
these
securities
was
$5,080,751,
representing
0.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
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,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
112
$
9,361,800
12/16/24
$
(
203,977
)
Total
Futures
Contracts
......................................................................
$(203,977)
*
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
......
UBSW
Buy
368,000
492,347
11/18/24
$
—
$
(
379
)
British
Pound
......
WFLA
Buy
541,560
722,970
11/18/24
1,867
(
840
)
British
Pound
......
WFLA
Sell
4,872,570
6,438,346
11/18/24
—
(
75,649
)
Total
Forward
Exchange
Contracts
...................................................
$1,867
$(76,868)
Net
unrealized
appreciation
(depreciation)
............................................
$(75,001)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
173
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
98.8%
Aerospace
&
Defense
3.5%
General
Dynamics
Corp.
..............................
United
States
82,875
$
25,044,825
RTX
Corp.
........................................
United
States
246,000
29,805,360
54,850,185
Air
Freight
&
Logistics
1.3%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
143,425
19,554,564
Banks
2.0%
JPMorgan
Chase
&
Co.
...............................
United
States
150,625
31,760,788
Beverages
1.8%
PepsiCo,
Inc.
......................................
United
States
169,330
28,794,566
Biotechnology
1.5%
AbbVie,
Inc.
.......................................
United
States
115,500
22,808,940
Building
Products
3.3%
Carlisle
Cos.,
Inc.
...................................
United
States
55,300
24,871,175
Johnson
Controls
International
plc
.......................
United
States
343,000
26,620,230
51,491,405
Capital
Markets
4.1%
Charles
Schwab
Corp.
(The)
...........................
United
States
253,000
16,396,930
Morgan
Stanley
.....................................
United
States
171,225
17,848,494
Nasdaq,
Inc.
.......................................
United
States
403,600
29,466,836
63,712,260
Chemicals
7.2%
Air
Products
and
Chemicals,
Inc.
........................
United
States
69,650
20,737,591
Ecolab,
Inc.
........................................
United
States
97,000
24,767,010
Linde
plc
..........................................
United
States
111,950
53,384,477
Sherwin-Williams
Co.
(The)
............................
United
States
34,900
13,320,283
112,209,361
Commercial
Services
&
Supplies
1.8%
Cintas
Corp.
.......................................
United
States
140,550
28,936,434
Consumer
Staples
Distribution
&
Retail
3.8%
Casey's
General
Stores,
Inc.
...........................
United
States
19,150
7,194,846
Target
Corp.
.......................................
United
States
118,000
18,391,480
Walmart,
Inc.
......................................
United
States
411,500
33,228,625
58,814,951
Electric
Utilities
1.0%
NextEra
Energy,
Inc.
.................................
United
States
178,000
15,046,340
Electrical
Equipment
1.5%
nVent
Electric
plc
...................................
United
States
334,300
23,487,918
Financial
Services
2.7%
Visa,
Inc.
,
A
........................................
United
States
154,962
42,606,802
Food
Products
2.4%
McCormick
&
Co.,
Inc.
...............................
United
States
180,000
14,814,000
Mondelez
International,
Inc.
,
A
..........................
United
States
318,300
23,449,161
38,263,161
Ground
Transportation
0.8%
JB
Hunt
Transport
Services,
Inc.
........................
United
States
69,750
12,020,018
Health
Care
Equipment
&
Supplies
7.5%
Abbott
Laboratories
..................................
United
States
246,895
28,148,499
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)
Becton
Dickinson
&
Co.
...............................
United
States
120,500
$
29,052,550
STERIS
plc
........................................
United
States
39,800
9,653,092
Stryker
Corp.
......................................
United
States
139,300
50,323,518
117,177,659
Health
Care
Providers
&
Services
3.1%
UnitedHealth
Group,
Inc.
..............................
United
States
84,000
49,113,120
Hotels,
Restaurants
&
Leisure
2.0%
McDonald's
Corp.
...................................
United
States
105,000
31,973,550
Household
Products
3.1%
Colgate-Palmolive
Co.
...............................
United
States
160,800
16,692,648
Procter
&
Gamble
Co.
(The)
...........................
United
States
182,000
31,522,400
48,215,048
Industrial
Conglomerates
1.9%
Honeywell
International,
Inc.
...........................
United
States
146,000
30,179,660
Insurance
1.1%
Erie
Indemnity
Co.
,
A
.................................
United
States
32,900
17,760,078
IT
Services
2.7%
Accenture
plc
,
A
....................................
Ireland
117,825
41,648,781
Life
Sciences
Tools
&
Services
2.6%
Danaher
Corp.
.....................................
United
States
70,700
19,656,014
West
Pharmaceutical
Services,
Inc.
......................
United
States
71,201
21,371,692
41,027,706
Machinery
2.0%
Donaldson
Co.,
Inc.
.................................
United
States
133,197
9,816,619
Dover
Corp.
.......................................
United
States
113,475
21,757,696
31,574,315
Oil,
Gas
&
Consumable
Fuels
2.9%
Chevron
Corp.
.....................................
United
States
119,694
17,627,335
EOG
Resources,
Inc.
................................
United
States
113,261
13,923,175
Exxon
Mobil
Corp.
...................................
United
States
118,461
13,885,999
45,436,509
Pharmaceuticals
1.6%
Johnson
&
Johnson
.................................
United
States
155,229
25,156,412
Semiconductors
&
Semiconductor
Equipment
7.7%
Analog
Devices,
Inc.
.................................
United
States
176,994
40,738,709
Broadcom,
Inc.
.....................................
United
States
220,425
38,023,312
Texas
Instruments,
Inc.
...............................
United
States
204,000
42,140,280
120,902,301
Software
13.4%
Microsoft
Corp.
.....................................
United
States
310,500
133,608,150
Oracle
Corp.
.......................................
United
States
118,300
20,158,320
Roper
Technologies,
Inc.
..............................
United
States
102,275
56,909,901
210,676,371
Specialty
Retail
3.7%
Lowe's
Cos.,
Inc.
....................................
United
States
111,200
30,118,520
Ross
Stores,
Inc.
...................................
United
States
183,080
27,555,371
57,673,891
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)
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple,
Inc.
........................................
United
States
155,550
$
36,243,150
Textiles,
Apparel
&
Luxury
Goods
0.7%
NIKE,
Inc.
,
B
.......................................
United
States
131,925
11,662,170
Trading
Companies
&
Distributors
1.8%
WW
Grainger,
Inc.
...................................
United
States
26,900
27,943,989
Total
Common
Stocks
(Cost
$
588,846,533
)
...................................
1,548,722,403
Short
Term
Investments
1.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
19,054,767
19,054,767
Total
Money
Market
Funds
(Cost
$
19,054,767
)
................................
19,054,767
Total
Short
Term
Investments
(Cost
$
19,054,767
)
..............................
19,054,767
a
Total
Investments
(Cost
$
607,901,300
)
100.0
%
................................
$1,567,777,170
Other
Assets,
less
Liabilities
(0.0)
%
â€
.........................................
(791,145)
Net
Assets
100.0%
.........................................................
$1,566,986,025
a
a
a
â€
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
6.3%
Babcock
International
Group
plc
........................
United
Kingdom
2,334,656
$
14,749,196
Melrose
Industries
plc
................................
United
Kingdom
1,874,199
11,455,142
QinetiQ
Group
plc
...................................
United
Kingdom
5,538,692
33,379,562
Senior
plc
.........................................
United
Kingdom
6,448,089
13,173,526
72,757,426
Automobile
Components
0.5%
LCI
Industries
......................................
United
States
49,399
5,954,555
Banks
18.6%
Atlantic
Union
Bankshares
Corp.
........................
United
States
245,882
9,262,375
Camden
National
Corp.
...............................
United
States
218,459
9,026,726
Columbia
Banking
System,
Inc.
.........................
United
States
1,280,201
33,426,047
First
Bancorp
......................................
United
States
340,327
14,154,200
First
Commonwealth
Financial
Corp.
.....................
United
States
624,232
10,705,579
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
963,919
29,573,035
German
American
Bancorp,
Inc.
........................
United
States
298,868
11,581,135
Peoples
Bancorp,
Inc.
................................
United
States
301,326
9,066,899
Sandy
Spring
Bancorp,
Inc.
............................
United
States
253,823
7,962,428
Seacoast
Banking
Corp.
of
Florida
......................
United
States
445,983
11,885,447
SouthState
Corp.
...................................
United
States
327,969
31,872,027
TriCo
Bancshares
...................................
United
States
283,329
12,083,982
WSFS
Financial
Corp.
................................
United
States
496,203
25,301,391
215,901,271
Building
Products
2.5%
a
American
Woodmark
Corp.
............................
United
States
16,647
1,555,662
UFP
Industries,
Inc.
..................................
United
States
205,619
26,979,269
28,534,931
Capital
Markets
1.6%
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
335,994
18,614,068
Chemicals
4.8%
Ashland,
Inc.
.......................................
United
States
16,055
1,396,303
Avient
Corp.
.......................................
United
States
341,568
17,187,702
Elementis
plc
......................................
United
Kingdom
10,185,228
22,170,363
Olin
Corp.
.........................................
United
States
142,087
6,817,334
Tronox
Holdings
plc
.................................
United
States
523,451
7,658,088
55,229,790
Commercial
Services
&
Supplies
1.7%
HNI
Corp.
.........................................
United
States
362,059
19,493,257
Communications
Equipment
0.5%
a
Lumentum
Holdings,
Inc.
..............................
United
States
88,033
5,579,532
Construction
&
Engineering
5.1%
Primoris
Services
Corp.
...............................
United
States
378,992
22,011,855
Valmont
Industries,
Inc.
...............................
United
States
71,588
20,756,941
a
WillScot
Holdings
Corp.
...............................
United
States
425,142
15,985,339
58,754,135
Consumer
Finance
0.6%
Bread
Financial
Holdings,
Inc.
..........................
United
States
154,489
7,350,587
Diversified
REITs
1.0%
Alexander
&
Baldwin,
Inc.
.............................
United
States
583,283
11,199,034
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)
Electric
Utilities
0.7%
IDACORP,
Inc.
.....................................
United
States
83,441
$
8,601,933
Electrical
Equipment
2.5%
Regal
Rexnord
Corp.
................................
United
States
175,783
29,158,884
Electronic
Equipment,
Instruments
&
Components
5.5%
Benchmark
Electronics,
Inc.
...........................
United
States
308,936
13,692,044
a
Coherent
Corp.
.....................................
United
States
81,002
7,201,888
a
Knowles
Corp.
.....................................
United
States
1,606,009
28,956,342
a
Sanmina
Corp.
.....................................
United
States
210,252
14,391,749
64,242,023
Energy
Equipment
&
Services
2.1%
Hunting
plc
........................................
United
Kingdom
1,895,998
9,567,042
a
John
Wood
Group
plc
................................
United
Kingdom
5,590,157
9,496,259
TechnipFMC
plc
....................................
United
Kingdom
189,393
4,967,778
24,031,079
Food
Products
0.8%
Glanbia
plc
........................................
Ireland
501,451
8,825,780
Ground
Transportation
1.4%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
241,333
13,019,915
a
RXO,
Inc.
.........................................
United
States
135,587
3,796,436
16,816,351
Health
Care
Equipment
&
Supplies
1.1%
a
Envista
Holdings
Corp.
...............................
United
States
624,772
12,345,495
Hotel
&
Resort
REITs
0.2%
Sunstone
Hotel
Investors,
Inc.
..........................
United
States
225,594
2,328,130
Hotels,
Restaurants
&
Leisure
5.8%
Boyd
Gaming
Corp.
.................................
United
States
116,207
7,512,783
a
Brinker
International,
Inc.
.............................
United
States
376,416
28,807,116
Dalata
Hotel
Group
plc
...............................
Ireland
2,163,232
9,881,896
a
Hilton
Grand
Vacations,
Inc.
...........................
United
States
586,997
21,319,731
67,521,526
Household
Durables
2.1%
Century
Communities,
Inc.
............................
United
States
36,343
3,742,602
a
M/I
Homes,
Inc.
.....................................
United
States
44,736
7,665,961
Meritage
Homes
Corp.
...............................
United
States
42,624
8,740,904
a
Taylor
Morrison
Home
Corp.
,
A
.........................
United
States
66,493
4,671,798
24,821,265
Industrial
REITs
0.1%
STAG
Industrial,
Inc.
.................................
United
States
27,733
1,084,083
Insurance
5.9%
CNO
Financial
Group,
Inc.
............................
United
States
741,800
26,037,180
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
165,538
24,517,833
Horace
Mann
Educators
Corp.
.........................
United
States
513,515
17,947,349
a
TWFG,
Inc.
,
A
......................................
United
States
1,819
49,332
68,551,694
Leisure
Products
3.4%
BRP,
Inc.
..........................................
United
States
107,006
6,368,849
Brunswick
Corp.
....................................
United
States
28,477
2,386,942
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
(continued)
a
Mattel,
Inc.
........................................
United
States
1,623,896
$
30,935,219
39,691,010
Machinery
6.1%
a
Chart
Industries,
Inc.
.................................
United
States
189,995
23,585,979
Columbus
McKinnon
Corp.
............................
United
States
70,826
2,549,736
a
Gates
Industrial
Corp.
plc
.............................
United
States
606,566
10,645,234
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
1,524,440
33,080,348
Timken
Co.
(The)
...................................
United
States
6,663
561,624
70,422,921
Media
1.2%
Cable
One,
Inc.
.....................................
United
States
40,989
14,337,542
Metals
&
Mining
1.2%
Commercial
Metals
Co.
...............................
United
States
178,546
9,812,888
Ryerson
Holding
Corp.
...............................
United
States
224,746
4,474,693
14,287,581
Multi-Utilities
0.8%
Black
Hills
Corp.
....................................
United
States
144,835
8,852,315
Office
REITs
1.4%
Highwoods
Properties,
Inc.
............................
United
States
471,041
15,784,584
Oil,
Gas
&
Consumable
Fuels
2.3%
Veren,
Inc.
........................................
Canada
4,362,465
26,871,249
Paper
&
Forest
Products
0.6%
Louisiana-Pacific
Corp.
...............................
United
States
67,935
7,300,295
Professional
Services
0.8%
Kforce,
Inc.
........................................
United
States
142,021
8,727,190
Real
Estate
Management
&
Development
0.8%
Colliers
International
Group,
Inc.
........................
Canada
62,222
9,445,922
Retail
REITs
0.6%
Kite
Realty
Group
Trust
...............................
United
States
250,334
6,648,871
Semiconductors
&
Semiconductor
Equipment
1.3%
a
Cohu,
Inc.
.........................................
United
States
600,865
15,442,230
Software
2.9%
a
ACI
Worldwide,
Inc.
..................................
United
States
671,143
34,161,179
Specialty
Retail
0.8%
Group
1
Automotive,
Inc.
..............................
United
States
25,681
9,836,850
Textiles,
Apparel
&
Luxury
Goods
0.6%
Dr.
Martens
plc
.....................................
United
Kingdom
4,329,077
3,267,033
PVH
Corp.
........................................
United
States
35,006
3,529,655
6,796,688
Trading
Companies
&
Distributors
2.1%
Herc
Holdings,
Inc.
..................................
United
States
21,237
3,385,815
McGrath
RentCorp
..................................
United
States
197,173
20,758,373
24,144,188
Total
Common
Stocks
(Cost
$
892,883,598
)
...................................
1,140,447,444
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
173
.
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
22,325,407
$
22,325,407
Total
Money
Market
Funds
(Cost
$
22,325,407
)
................................
22,325,407
Total
Short
Term
Investments
(Cost
$
22,325,407
)
..............................
22,325,407
a
Total
Investments
(Cost
$
915,209,005
)
100.2
%
................................
$1,162,772,851
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(2,451,901)
Net
Assets
100.0%
.........................................................
$1,160,320,950
a
a
a
a
Non-income
producing.
b
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
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
96.2%
Aerospace
&
Defense
3.5%
a
Axon
Enterprise,
Inc.
.................................
United
States
24,000
$
9,590,400
TransDigm
Group,
Inc.
...............................
United
States
4,100
5,851,233
15,441,633
Banks
0.3%
Fifth
Third
Bancorp
..................................
United
States
33,800
1,447,992
Beverages
0.5%
a
Celsius
Holdings,
Inc.
................................
United
States
73,700
2,311,232
Biotechnology
2.4%
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
16,800
4,620,504
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
6,300
940,653
a
CG
oncology,
Inc.
...................................
United
States
38,400
1,448,832
a
Natera,
Inc.
........................................
United
States
11,400
1,447,230
a
Vaxcyte,
Inc.
.......................................
United
States
19,700
2,251,119
10,708,338
Building
Products
2.0%
Trane
Technologies
plc
...............................
United
States
22,700
8,824,171
Capital
Markets
9.0%
Ares
Management
Corp.
,
A
............................
United
States
67,100
10,456,864
Blue
Owl
Capital,
Inc.
,
A
..............................
United
States
277,800
5,378,208
LPL
Financial
Holdings,
Inc.
...........................
United
States
23,200
5,397,016
MSCI,
Inc.
,
A
.......................................
United
States
14,000
8,161,020
Nasdaq,
Inc.
.......................................
United
States
74,100
5,410,041
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
37,500
4,637,625
39,440,774
Commercial
Services
&
Supplies
0.8%
Republic
Services,
Inc.
,
A
.............................
United
States
17,400
3,494,616
Containers
&
Packaging
1.2%
Avery
Dennison
Corp.
................................
United
States
24,800
5,474,848
Electrical
Equipment
1.8%
AMETEK,
Inc.
......................................
United
States
25,700
4,412,947
Vertiv
Holdings
Co.
,
A
................................
United
States
34,200
3,402,558
7,815,505
Energy
Equipment
&
Services
0.7%
Halliburton
Co.
.....................................
United
States
111,500
3,239,075
Entertainment
1.5%
a
ROBLOX
Corp.
,
A
...................................
United
States
150,900
6,678,834
Financial
Services
1.3%
a
Block,
Inc.
,
A
.......................................
United
States
86,900
5,833,597
Food
Products
1.0%
a
Freshpet,
Inc.
......................................
United
States
32,900
4,499,733
Ground
Transportation
2.0%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
43,300
8,601,112
Health
Care
Equipment
&
Supplies
4.3%
a
Dexcom,
Inc.
.......................................
United
States
104,252
6,989,054
a
IDEXX
Laboratories,
Inc.
..............................
United
States
13,350
6,744,687
a
Penumbra,
Inc.
.....................................
United
States
27,160
5,277,460
19,011,201
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)
Health
Care
Providers
&
Services
0.7%
a
HealthEquity,
Inc.
...................................
United
States
36,400
$
2,979,340
Health
Care
Technology
1.6%
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
33,800
7,093,606
Hotels,
Restaurants
&
Leisure
6.6%
a
Cava
Group,
Inc.
....................................
United
States
51,400
6,365,890
a
DoorDash,
Inc.
,
A
...................................
United
States
59,600
8,506,708
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
29,100
5,139,060
Wingstop,
Inc.
......................................
United
States
15,600
6,490,848
Wynn
Resorts
Ltd.
..................................
United
States
24,500
2,349,060
28,851,566
Household
Durables
1.3%
a
NVR,
Inc.
.........................................
United
States
582
5,710,468
Industrial
REITs
0.9%
Terreno
Realty
Corp.
.................................
United
States
59,450
3,973,043
Insurance
1.3%
Arthur
J
Gallagher
&
Co.
..............................
United
States
20,900
5,880,633
Interactive
Media
&
Services
1.4%
a
Pinterest,
Inc.
,
A
....................................
United
States
189,500
6,134,115
IT
Services
5.5%
a
Cloudflare,
Inc.
,
A
...................................
United
States
54,300
4,392,327
a
EPAM
Systems,
Inc.
.................................
United
States
21,600
4,299,048
a
Gartner,
Inc.
.......................................
United
States
18,400
9,324,384
a
MongoDB,
Inc.
,
A
...................................
United
States
22,500
6,082,875
24,098,634
Leisure
Products
1.5%
a,b,c
Fanatics
Holdings,
Inc.
...............................
United
States
94,539
6,663,102
Life
Sciences
Tools
&
Services
2.7%
Agilent
Technologies,
Inc.
.............................
United
States
46,900
6,963,712
a
Repligen
Corp.
.....................................
United
States
32,500
4,836,650
11,800,362
Machinery
2.1%
IDEX
Corp.
........................................
United
States
19,350
4,150,575
Xylem,
Inc.
........................................
United
States
37,100
5,009,613
9,160,188
Media
1.9%
New
York
Times
Co.
(The)
,
A
...........................
United
States
78,100
4,347,827
a
Trade
Desk,
Inc.
(The)
,
A
..............................
United
States
35,800
3,925,470
8,273,297
Oil,
Gas
&
Consumable
Fuels
3.1%
Cheniere
Energy,
Inc.
................................
United
States
24,100
4,334,144
Hess
Corp.
........................................
United
States
30,600
4,155,480
Targa
Resources
Corp.
...............................
United
States
36,000
5,328,360
13,817,984
Personal
Care
Products
0.8%
a
BellRing
Brands,
Inc.
.................................
United
States
58,500
3,552,120
Pharmaceuticals
1.1%
a
Jazz
Pharmaceuticals
plc
.............................
United
States
41,900
4,668,079
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)
Professional
Services
5.4%
Paychex,
Inc.
......................................
United
States
67,600
$
9,071,244
TransUnion
........................................
United
States
49,800
5,214,060
Verisk
Analytics,
Inc.
,
A
...............................
United
States
34,700
9,298,212
23,583,516
Residential
REITs
0.9%
Equity
LifeStyle
Properties,
Inc.
.........................
United
States
56,700
4,044,978
Semiconductors
&
Semiconductor
Equipment
5.2%
ASM
International
NV
................................
Netherlands
3,800
2,507,313
a
Lattice
Semiconductor
Corp.
...........................
United
States
104,955
5,569,962
Monolithic
Power
Systems,
Inc.
.........................
United
States
7,450
6,887,525
a
Onto
Innovation,
Inc.
.................................
United
States
14,200
2,947,352
a
SiTime
Corp.
.......................................
United
States
28,800
4,939,488
22,851,640
Software
12.0%
a
Alkami
Technology,
Inc.
...............................
United
States
97,925
3,088,555
a
ANSYS,
Inc.
.......................................
United
States
13,600
4,333,368
a
Arteris,
Inc.
........................................
United
States
147,100
1,135,612
a
Confluent,
Inc.
,
A
....................................
United
States
137,700
2,806,326
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
17,000
4,767,990
a
Datadog,
Inc.
,
A
....................................
United
States
48,700
5,603,422
a
Fair
Isaac
Corp.
....................................
United
States
4,700
9,134,544
a
HubSpot,
Inc.
......................................
United
States
13,700
7,282,920
a
Manhattan
Associates,
Inc.
............................
United
States
6,500
1,828,970
a
Monday.com
Ltd.
....................................
United
States
13,400
3,722,118
a
Procore
Technologies,
Inc.
............................
United
States
26,100
1,610,892
a
Synopsys,
Inc.
.....................................
United
States
8,650
4,380,273
a
Tyler
Technologies,
Inc.
...............................
United
States
5,600
3,268,832
52,963,822
Specialty
Retail
5.4%
a
AutoZone,
Inc.
.....................................
United
States
900
2,835,036
a
Burlington
Stores,
Inc.
................................
United
States
25,100
6,613,348
Ross
Stores,
Inc.
...................................
United
States
46,400
6,983,664
Tractor
Supply
Co.
..................................
United
States
24,537
7,138,549
23,570,597
Trading
Companies
&
Distributors
2.5%
Fastenal
Co.
.......................................
United
States
108,500
7,749,070
United
Rentals,
Inc.
..................................
United
States
4,100
3,319,893
11,068,963
Total
Common
Stocks
(Cost
$
281,375,156
)
...................................
423,562,714
Convertible
Preferred
Stocks
1.7%
Diversified
Consumer
Services
0.2%
a,b,c
Newsela,
Inc.
,
D
....................................
United
States
48,915
917,251
a
Software
1.3%
a,b,c
Benchling,
Inc.
,
F
...................................
United
States
35,200
535,704
a,b,c
Blaize,
Inc.
,
D
......................................
United
States
206,272
1,234,519
a,b,c
Blaize,
Inc.
,
D-2
....................................
United
States
82,758
382,111
a,b,c
Databricks,
Inc.
,
G
..................................
United
States
25,878
1,788,937
a,b,c
OneTrust
LLC
,
C
....................................
United
States
82,367
1,452,467
5,393,738
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
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Trading
Companies
&
Distributors
0.2%
a,b,c
Anduril
Industries,
Inc.
,
F
..............................
United
States
45,571
$
990,559
a
Total
Convertible
Preferred
Stocks
(Cost
$
8,875,491
)
..........................
7,301,548
Warrants
Warrants
0.0%
â€
Software
0.0%
â€
a,b,c
Blaize,
Inc.
,
9/19/25
.................................
United
States
8,275
7,352
a,b,c
Blaize,
Inc.
,
12/09/25
.................................
United
States
1
—
a,b,c
Blaize,
Inc.
,
8/23/33
.................................
United
States
1
—
7,352
Total
Warrants
(Cost
$
6
)
....................................................
7,352
Principal
Amount
*
Convertible
Bonds
0.0%
â€
Software
0.0%
â€
b
,c
Blaize,
Inc.
,
10
%
,
1/03/25
.............................
United
States
195,400
195,400
Total
Convertible
Bonds
(Cost
$
195,400
)
.....................................
195,400
Corporate
Bonds
0.0%
â€
Software
0.0%
â€
b
,c
Blaize,
Inc.
,
10
%
,
12/31/25
............................
United
States
64,369
64,375
Total
Corporate
Bonds
(Cost
$
64,369
)
.......................................
64,375
Total
Long
Term
Investments
(Cost
$
290,510,422
)
.............................
431,131,389
a
Short
Term
Investments
2.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.2%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
9,738,072
9,738,072
Total
Money
Market
Funds
(Cost
$
9,738,072
)
.................................
9,738,072
Total
Short
Term
Investments
(Cost
$
9,738,072
)
...............................
9,738,072
a
Total
Investments
(Cost
$
300,248,494
)
100.1
%
................................
$440,869,461
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(683,013)
Net
Assets
100.0%
.........................................................
$440,186,448
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
â€
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
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,
2024
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
â€
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.
,
A
.......................
South
Africa
14,792,309
$
—
a,b,c
K2016470219
South
Africa
Ltd.
,
B
.......................
South
Africa
1,472,041
—
—
Hotels,
Restaurants
&
Leisure
0.0%
â€
b
24
Hour
Fitness
Worldwide,
Inc.
........................
United
States
4,744
142
Machinery
0.0%
â€
UTEX
Industries,
Inc.
................................
United
States
1,757
69,109
Oil,
Gas
&
Consumable
Fuels
0.0%
â€
b
Amplify
Energy
Corp.
................................
United
States
431
2,814
Birch
Permian
Holdings,
Inc.
...........................
United
States
4,478
32,325
35,139
Total
Common
Stocks
(Cost
$
1,107,368
)
.....................................
104,390
Management
Investment
Companies
0.5%
Capital
Markets
0.5%
a,b,d
Franklin
BSP
Real
Estate
Credit
BDC
....................
United
States
53,835
1,393,255
b
Total
Management
Investment
Companies
(Cost
$
1,371,083
)
...................
1,393,255
Preferred
Stocks
0.0%
â€
Hotels,
Restaurants
&
Leisure
0.0%
â€
b
24
Hour
Fitness
Worldwide,
Inc.
........................
United
States
11,237
1,686
b
Total
Preferred
Stocks
(Cost
$
169
)
..........................................
1,686
Warrants
Warrants
0.0%
Machinery
0.0%
a,b
UTEX
Industries,
Inc.
,
2/20/49
..........................
United
States
150
—
Total
Warrants
(Cost
$
132
)
.................................................
—
Principal
Amount
*
Corporate
Bonds
59.9%
Aerospace
&
Defense
1.1%
Boeing
Co.
(The)
,
Senior
Bond
,
3.625
%
,
2/01/31
........................
United
States
700,000
641,497
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
700,000
701,918
e
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
...........
Canada
600,000
628,312
Howmet
Aerospace,
Inc.
,
Senior
Note
,
4.85
%
,
10/15/31
.......
United
States
250,000
255,347
e
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/33
.....
United
States
900,000
913,423
3,140,497
Air
Freight
&
Logistics
0.2%
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
................
United
States
650,000
537,215
Automobile
Components
1.1%
e
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
....................
United
States
600,000
637,275
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
................
United
States
200,000
206,176
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
(continued)
e
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
5.875
%
,
6/01/29
...................
United
States
800,000
$
805,609
Senior
Bond
,
144A,
3.75
%
,
1/30/31
....................
United
States
300,000
272,982
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
600,000
528,742
e
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
SARL
,
Senior
Note
,
144A,
7.75
%
,
5/31/32
...............................
United
States
400,000
409,662
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
..
United
States
100,000
92,053
e
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
4/23/30
.........................................
Germany
400,000
403,674
3,356,173
Automobiles
0.3%
e
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
..
United
States
150,000
154,583
e
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
800,000
791,138
945,721
Banks
6.4%
e
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
250,000
258,870
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
300,000
265,261
Bank
of
America
Corp.
,
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
800,000
796,412
Senior
Note
,
4.376%
to
4/26/27,
FRN
thereafter
,
4/27/28
....
United
States
1,000,000
1,001,739
e
BNP
Paribas
SA
,
Senior
Non-Preferred
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
................................
France
400,000
398,486
Senior
Non-Preferred
Note
,
144A,
2.219%
to
6/08/25,
FRN
thereafter
,
6/09/26
.................................
France
500,000
490,493
Senior
Preferred
Note
,
144A,
5.176%
to
1/08/29,
FRN
thereafter
,
1/09/30
.................................
France
1,000,000
1,026,378
e
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
800,000
758,695
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
.........................................
United
States
1,600,000
1,614,410
HSBC
Holdings
plc
,
Senior
Bond
,
2.848%
to
6/03/30,
FRN
thereafter
,
6/04/31
...
United
Kingdom
800,000
728,513
Senior
Bond
,
2.357%
to
8/17/30,
FRN
thereafter
,
8/18/31
...
United
Kingdom
300,000
263,842
Senior
Note
,
4.18%
to
12/08/24,
FRN
thereafter
,
12/09/25
...
United
Kingdom
900,000
897,790
Senior
Note
,
5.21%
to
8/10/27,
FRN
thereafter
,
8/11/28
.....
United
Kingdom
550,000
561,303
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
3.2
%
,
6/15/26
..........................
United
States
1,213,000
1,195,789
Senior
Bond
,
2.522%
to
4/21/30,
FRN
thereafter
,
4/22/31
...
United
States
1,000,000
908,728
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
300,000
313,690
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
................
United
States
500,000
496,403
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
500,000
523,161
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
800,000
761,104
e
Societe
Generale
SA
,
Senior
Non-Preferred
Bond
,
144A,
2.889%
to
6/08/31,
FRN
thereafter
,
6/09/32
.................................
France
800,000
694,267
Senior
Non-Preferred
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.................................
France
700,000
665,315
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
1,000,000
$
1,016,188
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
................................
United
States
800,000
810,524
e
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
500,000
443,780
Wells
Fargo
&
Co.
,
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
.....
United
States
500,000
499,249
Senior
Note
,
6.303%
to
10/22/28,
FRN
thereafter
,
10/23/29
..
United
States
800,000
856,145
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
....
United
States
450,000
464,025
18,710,560
Beverages
0.3%
e
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
Canada
1,000,000
959,817
Biotechnology
0.4%
Amgen,
Inc.
,
Senior
Bond
,
4.2
%
,
3/01/33
..........................
United
States
400,000
388,730
Senior
Bond
,
5.25
%
,
3/02/33
.........................
United
States
700,000
729,006
e
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
200,000
187,512
1,305,248
Broadline
Retail
0.0%
â€
a
,e
,f
,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.....................................
South
Africa
1,036,360
—
a
,e
,f
,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
....................................
South
Africa
564,697
—
e
,h
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
100,000
102,696
102,696
Building
Products
0.8%
e
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
...................................
United
States
300,000
303,889
e
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
900,000
929,111
e
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
300,000
311,175
e
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
100,000
103,630
e
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.75
%
,
1/15/28
....................
United
States
500,000
490,177
Senior
Bond
,
144A,
3.375
%
,
1/15/31
...................
United
States
200,000
178,347
2,316,329
Capital
Markets
2.4%
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
5.371
%
,
9/09/27
...
Germany
800,000
823,757
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.383%
to
7/20/31,
FRN
thereafter
,
7/21/32
...
United
States
370,000
321,046
Senior
Note
,
5.7
%
,
11/01/24
.........................
United
States
500,000
500,220
Senior
Note
,
4.387%
to
6/14/26,
FRN
thereafter
,
6/15/27
....
United
States
300,000
300,756
Senior
Note
,
1.948%
to
10/20/26,
FRN
thereafter
,
10/21/27
..
United
States
1,000,000
953,439
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
........................
United
States
809,000
792,818
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
...
United
States
200,000
209,194
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
e
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
.............
United
States
1,200,000
$
1,057,242
e
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
250,000
257,594
e
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
United
States
300,000
319,695
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
.........................
Switzerland
400,000
401,176
e
Senior
Note
,
144A,
6.373%
to
7/14/25,
FRN
thereafter
,
7/15/26
Switzerland
300,000
303,325
e
Senior
Note
,
144A,
5.711%
to
1/11/26,
FRN
thereafter
,
1/12/27
Switzerland
700,000
709,661
6,949,923
Chemicals
1.9%
e
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
200,000
205,186
e
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
900,000
709,992
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
....
United
States
450,000
466,459
e
,h
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
300,000
306,750
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
........................................
Switzerland
400,000
338,544
e
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
800,000
763,350
e
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
United
Kingdom
800,000
EUR
890,413
e
,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
United
States
330,750
277,003
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
..................
Canada
100,000
102,034
e
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
300,000
324,404
e
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
....
Switzerland
800,000
798,049
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
.............
United
States
200,000
189,131
e
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
...
Brazil
100,000
90,481
5,461,796
Commercial
Services
&
Supplies
1.4%
e
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
700,000
715,643
e
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
.........
United
States
400,000
396,433
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
.............
United
States
1,000,000
951,092
e
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
400,000
403,818
e
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
.........
United
States
1,000,000
997,227
e
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
500,000
520,148
3,984,361
Construction
&
Engineering
0.3%
e
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...........
United
States
800,000
769,679
Construction
Materials
0.3%
e
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
........
United
States
700,000
744,964
Consumer
Finance
0.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.........................
Ireland
800,000
708,129
e
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
600,000
618,223
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
United
States
290,000
289,238
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
..........
United
States
600,000
636,310
2,251,900
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)
Consumer
Staples
Distribution
&
Retail
0.2%
e
Cencosud
SA
,
Senior
Note
,
144A,
5.95
%
,
5/28/31
...........
Chile
200,000
$
209,078
e
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...................
United
States
300,000
313,058
h
Senior
Note
,
144A,
5.75
%
,
4/15/33
....................
United
States
100,000
100,357
622,493
Containers
&
Packaging
1.3%
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
....................
United
States
600,000
447,819
Senior
Secured
Note
,
144A,
2.125
%
,
8/15/26
............
United
States
200,000
EUR
193,054
e
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
....
United
States
500,000
473,268
e
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/13/27
...................
United
States
75,000
75,423
Senior
Note
,
144A,
7.25
%
,
5/15/31
....................
United
States
200,000
205,716
e
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
...
United
States
500,000
479,392
e
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
........
United
States
800,000
814,102
e
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
....................................
Netherlands
700,000
697,889
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
..................
United
States
400,000
351,592
3,738,255
Distributors
0.2%
e
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
....................
Canada
300,000
319,878
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
.............
Canada
200,000
207,017
526,895
Diversified
Consumer
Services
0.3%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
800,000
751,712
Diversified
REITs
0.5%
e
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
400,000
373,230
Simon
Property
Group
LP
,
Senior
Bond
,
4.25
%
,
11/30/46
........................
United
States
800,000
698,308
Senior
Bond
,
3.25
%
,
9/13/49
.........................
United
States
700,000
510,758
1,582,296
Diversified
Telecommunication
Services
1.1%
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
..................
United
States
800,000
580,936
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
300,000
259,628
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
.............
France
300,000
303,502
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...............
France
600,000
610,897
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
......
Spain
150,000
136,447
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
..
United
States
1,000,000
861,840
e
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
400,000
356,140
3,109,390
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)
Electric
Utilities
1.9%
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
...........
United
States
600,000
$
541,584
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
100,000
104,451
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
................
United
States
1,300,000
1,280,552
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
.........................................
United
States
370,000
371,601
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..........................
United
States
400,000
359,033
Senior
Note
,
5.5
%
,
3/15/29
..........................
United
States
700,000
734,529
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
.
United
States
85,000
95,529
e
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
1,100,000
1,065,539
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
500,000
490,358
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
.............
United
States
500,000
519,448
5,562,624
Electrical
Equipment
0.4%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
.................
United
States
200,000
197,591
e
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
900,000
870,649
1,068,240
Electronic
Equipment,
Instruments
&
Components
0.7%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
900,000
849,364
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
800,000
801,572
e
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/01/32
..
United
States
300,000
313,460
1,964,396
Energy
Equipment
&
Services
0.6%
e
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
..
United
States
600,000
621,410
e
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
500,000
476,082
e
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
..
United
States
510,000
532,153
1,629,645
Entertainment
0.2%
e
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
5/01/29
................
France
300,000
EUR
351,922
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
............
France
32,323
33,622
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
....
United
States
300,000
284,292
669,836
Financial
Services
0.9%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
500,000
533,422
e
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
........
Ireland
400,000
428,993
e
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
United
States
700,000
700,675
e
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
........................................
United
States
600,000
588,411
e
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
..........
United
States
400,000
368,334
2,619,835
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)
Food
Products
1.1%
e
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
...
Mexico
200,000
$
161,349
e
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
100,000
105,137
e
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.....
United
States
900,000
909,449
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
...........
United
States
150,000
150,046
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
2.5
%
,
1/15/27
..........................
United
States
500,000
478,794
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
200,000
186,260
Senior
Note
,
3.625
%
,
1/15/32
........................
United
States
400,000
365,950
Mondelez
International,
Inc.
,
Senior
Bond
,
4.75
%
,
8/28/34
.....
United
States
600,000
604,875
e
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
2/15/32
United
States
300,000
309,287
3,271,147
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
..
United
States
300,000
217,334
Ground
Transportation
1.1%
e
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
200,000
209,146
e
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
1/15/30
..........................
United
States
700,000
716,597
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
..................
United
States
550,000
489,885
e
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
1,000,000
939,144
e
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
300,000
312,940
e
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
600,000
632,150
3,299,862
Health
Care
Equipment
&
Supplies
0.8%
e
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
800,000
847,000
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
......
United
States
500,000
460,325
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
United
States
500,000
505,517
e
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
United
States
600,000
664,653
2,477,495
Health
Care
Providers
&
Services
2.7%
Centene
Corp.
,
Senior
Note
,
4.25
%
,
12/15/27
........................
United
States
300,000
294,882
Senior
Note
,
2.45
%
,
7/15/28
.........................
United
States
100,000
92,178
Senior
Note
,
4.625
%
,
12/15/29
.......................
United
States
200,000
195,853
Senior
Note
,
3.375
%
,
2/15/30
........................
United
States
600,000
553,363
Senior
Note
,
2.625
%
,
8/01/31
........................
United
States
200,000
171,655
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.875
%
,
4/15/29
..................
United
States
100,000
90,772
Senior
Secured
Note
,
144A,
5.625
%
,
3/15/27
............
United
States
700,000
689,369
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
................
United
States
200,000
194,345
e
Concentra
Escrow
Issuer
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
200,000
210,552
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
.........................
United
States
400,000
340,776
Senior
Bond
,
5.3
%
,
6/01/33
..........................
United
States
500,000
511,134
Senior
Bond
,
2.7
%
,
8/21/40
..........................
United
States
600,000
426,315
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)
Health
Care
Providers
&
Services
(continued)
e
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
800,000
$
763,228
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
..........
United
States
150,000
118,398
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
...................
United
States
1,300,000
1,225,468
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
200,000
212,861
e
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
500,000
476,565
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
........................................
United
States
500,000
229,517
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
.........
United
States
200,000
180,418
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
.
United
States
900,000
915,833
7,893,482
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
5.25
%
,
5/15/36
.........................................
United
States
250,000
254,418
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
..........................
United
States
400,000
359,195
Senior
Bond
,
3.5
%
,
3/15/31
..........................
United
States
300,000
219,334
832,947
Health
Care
Technology
0.3%
e
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
5/15/30
..............
United
States
800,000
835,458
Hotel
&
Resort
REITs
0.4%
e
,h
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
200,000
201,494
e
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
700,000
723,930
e
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.......
United
States
400,000
383,744
1,309,168
Hotels,
Restaurants
&
Leisure
2.0%
e
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
700,000
646,118
e
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
Czech
Republic
600,000
632,684
e
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
........................................
United
States
900,000
856,677
e
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
500,000
466,156
Marriott
International,
Inc.
,
Senior
Bond
,
5.3
%
,
5/15/34
.......
United
States
250,000
257,709
e
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
.........................................
United
States
500,000
463,257
e
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
9/30/31
...................
United
States
100,000
101,375
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
600,000
615,485
e
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
5/01/32
.............
United
States
500,000
518,159
e
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
9/15/27
...................
United
States
300,000
300,001
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
300,000
304,014
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
10/01/29
..................
United
States
500,000
494,309
Senior
Note
,
144A,
7.125
%
,
2/15/31
...................
United
States
300,000
323,857
5,979,801
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)
Household
Durables
0.6%
e
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
........
United
States
800,000
$
857,233
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
640,000
621,339
e
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
200,000
194,914
1,673,486
Household
Products
0.3%
e
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
United
States
500,000
458,522
e
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
300,000
284,400
742,922
Independent
Power
and
Renewable
Electricity
Producers
1.4%
e
AES
Andes
SA
,
Senior
Note
,
144A,
6.3
%
,
3/15/29
...........
Chile
500,000
520,537
e
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...................................
Spain
900,000
892,107
e
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
.............
United
States
300,000
290,728
e
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
.........................................
United
States
500,000
458,300
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
.........................................
United
States
200,000
219,936
e
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
1,000,000
943,740
e
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
.........................................
United
States
800,000
872,526
4,197,874
Insurance
2.2%
e
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
300,000
313,528
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
500,000
514,985
e
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
.........
Hong
Kong
300,000
306,803
e
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
7.375
%
,
10/01/32
..................
United
States
100,000
101,510
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.............
United
States
600,000
610,163
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
200,000
205,675
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.......
United
States
1,000,000
778,044
e
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
200,000
210,520
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
200,000
206,125
e
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
...................
United
States
1,100,000
1,127,480
Secured
Note
,
144A,
4.3
%
,
8/25/29
....................
United
States
300,000
301,222
e
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
.........................................
United
States
600,000
615,926
e
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
700,000
732,129
e
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
.........................................
United
States
400,000
428,268
6,452,378
Interactive
Media
&
Services
0.3%
e
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
....
China
900,000
813,246
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
0.8%
e
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
.........................................
United
States
900,000
$
860,136
e
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
300,000
316,883
e
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
.....................
United
States
700,000
693,431
Senior
Note
,
144A,
3.625
%
,
6/15/29
...................
United
States
400,000
382,124
2,252,574
Life
Sciences
Tools
&
Services
0.2%
e
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
United
States
600,000
604,689
Machinery
0.7%
e
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
...........
Canada
400,000
376,984
e
Esab
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
.............
United
States
300,000
308,492
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
300,000
305,659
e
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25
%
,
10/01/31
United
States
300,000
307,875
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
.........
United
States
400,000
401,374
e
Terex
Corp.
,
Senior
Bond
,
144A,
6.25
%
,
10/15/32
...........
United
States
200,000
200,000
1,900,384
Media
2.0%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
...............................
United
States
1,300,000
1,112,840
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
400,000
358,262
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
............
United
States
200,000
196,765
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
............
United
States
200,000
209,307
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
...............
United
States
600,000
612,055
e
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.....
United
States
400,000
283,940
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
700,000
687,776
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
..................
United
States
1,200,000
1,313,727
e
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
500,000
519,179
e
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
...................
United
States
300,000
285,321
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
............
United
States
200,000
213,685
5,792,857
Metals
&
Mining
1.0%
e
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
........
United
States
300,000
303,672
e
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
....................
United
States
400,000
373,928
Senior
Note
,
144A,
6.375
%
,
8/15/32
...................
United
States
200,000
205,447
e
Indonesia
Asahan
Aluminium
PT
/
Mineral
Industri
Indonesia
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
...........
Indonesia
700,000
715,150
e
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
....................
United
States
300,000
291,111
Senior
Note
,
144A,
3.25
%
,
11/15/26
...................
United
States
300,000
289,761
e
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
..............
South
Korea
850,000
860,955
3,040,024
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)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
e
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
...............
United
States
800,000
$
781,986
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.......
United
States
1,150,000
1,137,133
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
600,000
612,916
1,750,049
Oil,
Gas
&
Consumable
Fuels
6.6%
e
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
............
Norway
900,000
802,489
e
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
..
United
States
598,000
618,240
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
..............
United
States
400,000
411,476
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
Canada
850,000
777,532
e
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
....
United
States
200,000
207,080
e
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
.........................................
United
States
700,000
728,946
e
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
7/01/28
...................
United
States
300,000
312,216
Senior
Note
,
144A,
8.625
%
,
11/01/30
..................
United
States
100,000
106,032
Senior
Note
,
144A,
8.75
%
,
7/01/31
....................
United
States
400,000
423,915
e
,h
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
200,000
205,793
e
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
......................................
United
States
800,000
810,026
e
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.....
United
States
700,000
663,140
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.........................
United
States
200,000
191,102
e
Senior
Note
,
144A,
6
%
,
2/01/29
......................
United
States
400,000
410,041
EnLink
Midstream
LLC
,
Senior
Bond
,
5.375
%
,
6/01/29
........................
United
States
1,100,000
1,128,653
e
Senior
Note
,
144A,
5.625
%
,
1/15/28
...................
United
States
100,000
102,723
e
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
United
States
100,000
103,008
e
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
...................................
United
Arab
Emirates
324,160
287,767
e
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
......
United
Kingdom
200,000
199,299
e
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
300,000
310,742
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
......................
United
States
500,000
487,233
Senior
Bond
,
144A,
6.25
%
,
4/15/32
....................
United
States
200,000
194,836
e
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
800,000
806,097
e
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625
%
,
8/15/29
.........................................
United
States
400,000
399,824
e
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
.....................
United
States
600,000
599,554
Senior
Note
,
144A,
6.25
%
,
4/15/33
....................
United
States
200,000
197,145
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
...................
United
States
1,500,000
1,350,463
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
.........................................
United
States
1,600,000
1,596,227
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6
%
,
4/15/27
...........................
United
States
500,000
502,036
Senior
Note
,
4.5
%
,
5/15/29
..........................
United
States
900,000
865,970
e
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
..........
Norway
1,000,000
1,160,738
e
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
300,000
279,156
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
............
United
States
300,000
283,740
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
e
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
700,000
$
739,624
e
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
......
United
States
400,000
423,392
e
Vital
Energy,
Inc.
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
.......
United
States
700,000
678,615
19,364,870
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
.........................
Brazil
700,000
645,494
DM3N
,
Senior
Bond
,
3.125
%
,
1/15/32
..................
Brazil
400,000
347,860
993,354
Passenger
Airlines
0.5%
e
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
900,000
899,251
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
...............................
United
States
460,000
457,276
e
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
United
States
143,097
140,913
1,497,440
Personal
Care
Products
1.0%
e
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.......
United
States
700,000
733,294
e
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.........................................
United
States
800,000
783,188
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
...
United
States
1,000,000
1,012,184
e
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.....
United
States
500,000
458,337
2,987,003
Pharmaceuticals
1.3%
e
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
889,000
877,560
e
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
400,000
429,113
e
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond
,
144A,
5.125
%
,
4/30/31
...................
United
States
300,000
282,835
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
............
United
States
700,000
673,671
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
345,000
351,779
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
............
United
States
500,000
387,382
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
...................................
Israel
900,000
893,491
3,895,831
Residential
REITs
0.2%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
...
United
States
500,000
446,345
Software
0.3%
e
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
800,000
781,070
Specialized
REITs
0.3%
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
.........
United
States
900,000
938,810
Specialty
Retail
0.1%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
.............
United
States
200,000
199,171
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)
Technology
Hardware,
Storage
&
Peripherals
0.6%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.4
%
,
4/15/34
United
States
900,000
$
939,563
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
500,000
499,125
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
............
United
States
200,000
178,806
1,617,494
Textiles,
Apparel
&
Luxury
Goods
0.7%
e
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
..........
United
States
800,000
864,275
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
...............
United
States
1,000,000
1,084,720
1,948,995
Tobacco
0.7%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
..............
United
States
1,200,000
1,134,493
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
800,000
836,973
1,971,466
Trading
Companies
&
Distributors
1.2%
e
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
8.625
%
,
5/15/32
United
States
700,000
735,244
e
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
........................................
United
States
900,000
845,751
e
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
500,000
518,302
e
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
500,000
517,349
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
700,000
724,051
Senior
Note
,
144A,
6.625
%
,
3/15/32
...................
United
States
100,000
104,285
3,444,982
Transportation
Infrastructure
0.0%
â€
e
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
.....................................
United
States
166,667
120,809
Wireless
Telecommunication
Services
0.9%
e
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
500,000
484,493
a
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
...............................
Bermuda
29,771
834
Zero
Cpn.,
11/17/33
...............................
Bermuda
242
160
Zero
Cpn.,
11/17/33
...............................
Bermuda
11,456
446
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3.3
%
,
2/15/51
..........................
United
States
500,000
363,261
Senior
Note
,
3.875
%
,
4/15/30
........................
United
States
1,300,000
1,264,551
e
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
600,000
641,625
2,755,370
Total
Corporate
Bonds
(Cost
$
177,889,355
)
...................................
174,464,669
Senior
Floating
Rate
Interests
2.6%
Air
Freight
&
Logistics
0.1%
i
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.354
%
,
(
3-month
SOFR
+
3.75
%
),
3/18/30
.....................
United
States
131,562
131,956
i
Automobile
Components
0.1%
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
8.615
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
........
United
States
36,795
35,655
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
Senior
Floating
Rate
Interests
(continued)
i
Automobile
Components
(continued)
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan
,
10.514
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
................
United
States
78,509
$
77,810
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan
,
14.014
%
,
(
3-month
SOFR
+
8.5
%
),
3/30/28
..............
United
States
107,744
102,626
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2024-1
Refinancing
CME
Term
Loan
,
8.845
%
,
(
1-month
SOFR
+
4
%
),
11/09/27
........................................
United
States
45,718
46,075
TI
Group
Automotive
Systems
LLC,
First
Lien,
2021
Refinancing
CME
Term
Loan,
B
,
8.21
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
United
States
30,826
30,903
293,069
a
a
a
a
a
a
Automobiles
0.0%
â€
i
American
Trailer
World
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.695
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
..............
United
States
78,730
71,502
Beverages
0.0%
â€
i
Triton
Water
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.115
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
..............
United
States
55,997
55,963
Broadline
Retail
0.0%
â€
i
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5
,
7.604
%
,
(
3-month
SOFR
+
3
%
),
6/20/31
.......................
Netherlands
51,238
51,462
i
Building
Products
0.1%
AZZ,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.345
%
,
(
1-month
SOFR
+
2.5
%
),
5/14/29
.............................
United
States
64,603
64,995
Cornerstone
Building
Brands,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
9.597
%
,
(
1-month
SOFR
+
4.5
%
),
5/15/31
...............
United
States
123,288
122,094
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
7.557
%
,
(
3-month
SOFR
+
2.5
%
),
8/04/31
..
United
States
35,503
35,474
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.095
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
.....................
United
States
42,521
42,579
Summit
Materials
LLC,
First
Lien,
CME
Term
Loan,
B2
,
7.054
%
,
(
3-month
SOFR
+
1.75
%
),
1/12/29
.....................
United
States
19,374
19,476
284,618
a
a
a
a
a
a
i
Capital
Markets
0.1%
AAL
Delaware
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.345
%
,
(
1-month
SOFR
+
3.5
%
),
7/30/31
...............
United
States
25,974
26,124
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
8.701
%
,
(
1-month
SOFR
+
3.5
%
),
7/31/28
...............
United
States
60,225
60,222
Citadel
Securities
LP,
First
Lien,
CME
Term
Loan
,
7.095
%
,
(
1-month
SOFR
+
2.25
%
),
7/29/30
.....................
United
States
42,527
42,549
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
4/07/28
...................................
United
States
25,861
25,842
First
Eagle
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
8.33
%
,
(
3-month
SOFR
+
3
%
),
3/05/29
.......................
United
States
119,700
118,840
Jane
Street
Group
LLC,
First
Lien,
2021
CME
Term
Loan
,
7.46
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
......................
United
States
42,520
42,529
316,106
a
a
a
a
a
a
i
Chemicals
0.2%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.854
%
,
(
3-month
SOFR
+
3.25
%
),
9/09/31
.....................
United
States
25,597
25,757
h
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.595
%
,
(
1-month
SOFR
+
3.75
%
),
4/06/29
.....................
United
States
39,898
39,915
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
Senior
Floating
Rate
Interests
(continued)
i
Chemicals
(continued)
Hexion
Holdings
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
9.771
%
,
(
3-month
SOFR
+
4.5
%
),
3/15/29
......................
United
States
75,941
$
75,487
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
12.383
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
71,411
64,687
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan
,
8.497
%
,
(
1-month
SOFR
+
3.25
%
),
2/18/30
..............
Luxembourg
84,339
84,399
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1
,
9.195
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
..............
United
States
42,082
42,147
LSF11
A5
Holdco
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.46
%
,
(
1-month
SOFR
+
3.5
%
),
10/16/28
..........
United
States
65,861
65,820
Nouryon
Finance
BV,
First
Lien,
2024
Dollar
CME
Term
Loan,
B2
,
8.821
%
,
(
3-month
SOFR
+
3.5
%
),
4/03/28
...............
Netherlands
52,084
52,268
PMHC
II,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.704
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................
United
States
109,829
107,369
SCIH
Salt
Holdings,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
8.755
%
,
(
3-month
SOFR
+
3.5
%
),
3/16/27
............
United
States
42,300
42,346
600,195
a
a
a
a
a
a
i
Commercial
Services
&
Supplies
0.2%
Allied
Universal
Holdco
LLC,
First
Lien,
Initial
US
Dollar
CME
Term
Loan
,
8.695
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
.....
United
States
66,734
66,158
APX
Group,
Inc.,
First
Lien,
Initial
Term
Loan
,
8.074
%
,
(
PRIME
+
1.75
%
),
7/07/28
...................................
United
States
53,732
53,804
CCI
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.604
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
......................
United
States
87,097
87,084
Pitney
Bowes,
Inc.,
First
Lien,
Refinancing
CME
Term
Loan,
B
,
8.96
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.................
United
States
127,361
127,813
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.256
%
,
(
3-month
SOFR
+
4
%
),
3/06/28
.......................
United
States
109,304
96,165
431,024
a
a
a
a
a
a
Communications
Equipment
0.0%
â€
i
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.21
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
.....................
United
States
46,043
44,709
i
Construction
&
Engineering
0.0%
â€
Chromalloy
Corp.,
First
Lien,
CME
Term
Loan
,
9.082
%
,
(
3-month
SOFR
+
3.75
%
),
3/27/31
............................
United
States
59,850
56,996
Radar
Bidco
SARL,
First
Lien,
USD
CME
Term
Loan,
B
,
9.568
%
,
(
3-month
SOFR
+
4.25
%
),
3/27/31
.....................
Luxembourg
49,875
50,109
107,105
a
a
a
a
a
a
i
Consumer
Finance
0.1%
h
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan
,
8.153
%
,
(
12-month
SOFR
+
3
%
),
7/18/31
...........
United
States
122,754
121,552
Nuvei
Technologies
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
7.955
%
,
(
1-month
SOFR
+
3
%
),
12/19/30
................
Canada
28,187
28,263
149,815
a
a
a
a
a
a
i
Containers
&
Packaging
0.1%
Berlin
Packaging
LLC,
First
Lien,
2024
Replacement
CME
Term
Loan
,
9.145
%
,
(
3-month
SOFR
+
3.75
%
),
6/09/31
.........
United
States
120,000
120,049
Charter
Next
Generation,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
12/01/27
.............
United
States
42,217
42,274
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
9.723
%
,
(
6-month
SOFR
+
4.725
%
),
2/09/26
......
Luxembourg
146,734
138,582
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
Senior
Floating
Rate
Interests
(continued)
i
Containers
&
Packaging
(continued)
Pactiv
Evergreen
Group
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B4
,
7.345
%
,
(
1-month
SOFR
+
2.5
%
),
9/25/28
.......
United
States
28,029
$
28,055
328,960
a
a
a
a
a
a
i
Diversified
Consumer
Services
0.0%
â€
Adtalem
Global
Education,
Inc.,
First
Lien,
Refinancing
CME
Term
Loan
,
7.595
%
,
(
1-month
SOFR
+
2.75
%
),
8/14/28
.........
United
States
29,412
29,472
WW
International,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.46
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
......................
United
States
64,646
17,828
47,300
a
a
a
a
a
a
Diversified
Telecommunication
Services
0.0%
â€
i
Altice
France
SA,
First
Lien,
CME
Term
Loan,
B14
,
10.801
%
,
(
3-month
SOFR
+
5.5
%
),
8/15/28
......................
France
26,424
19,884
Electric
Utilities
0.0%
â€
h,i
Alpha
Generation
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.947
%
,
(
12-month
SOFR
+
2.75
%
),
9/19/31
....................
United
States
60,000
60,086
Electrical
Equipment
0.0%
â€
i
Indicor
LLC,
First
Lien,
CME
Term
Loan,
C
,
7.854
%
,
(
3-month
SOFR
+
3.25
%
),
11/22/29
...........................
United
States
61,360
61,541
Entertainment
0.0%
â€
i
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
7.71
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
43,805
43,573
i
Food
Products
0.0%
â€
Primary
Products
Finance
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.971
%
,
(
3-month
SOFR
+
3.5
%
),
4/02/29
...............
United
States
74,072
74,200
Simply
Good
Foods
USA,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.455
%
,
(
1-month
SOFR
+
2.5
%
),
3/17/27
...............
United
States
7,703
7,733
81,933
a
a
a
a
a
a
i
Ground
Transportation
0.0%
â€
Albion
Financing
3
SARL,
First
Lien,
2024
Amended
USD
CME
Term
Loan
,
9.826
%
,
(
3-month
SOFR
+
4.25
%
),
8/17/29
.....
Luxembourg
14,218
14,325
Avis
Budget
Car
Rental
LLC,
First
Lien,
New
CME
Term
Loan,
C
,
7.945
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
................
United
States
71,562
71,697
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
7.865
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
................
United
States
21,872
21,925
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
C
,
7.865
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
................
United
States
6,686
6,702
114,649
a
a
a
a
a
a
i
Health
Care
Equipment
&
Supplies
0.0%
â€
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
CME
Term
Loan
,
7.095
%
,
(
1-month
SOFR
+
2.25
%
),
10/23/28
........
United
States
16,416
16,414
Medline
Borrower
LP,
First
Lien,
Initial
CME
Term
Loan
,
7.997
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
....................
United
States
36,501
36,557
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.),
First
Lien,
CME
Term
Loan
,
9.354
%
,
(
3-month
SOFR
+
4.75
%
),
12/15/27
..................................
United
States
39,798
39,898
92,869
a
a
a
a
a
a
i
Health
Care
Providers
&
Services
0.2%
ADMI
Corp.,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.335
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
.......
United
States
105,110
102,561
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
Senior
Floating
Rate
Interests
(continued)
i
Health
Care
Providers
&
Services
(continued)
Charlotte
Buyer,
Inc.,
First
Lien,
First
Refinancing
CME
Term
Loan
,
9.854
%
,
(
1-month
SOFR
+
4.75
%
),
2/11/28
.........
United
States
65,616
$
66,200
CNT
Holdings
I
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
8.752
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.....................
United
States
27,937
28,034
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan
,
8.852
%
,
(
3-month
SOFR
+
3.5
%
),
11/01/28
..............
United
States
67,692
51,937
Pacific
Dental
Services
LLC,
First
Lien,
CME
Term
Loan
,
8.092
%
,
(
1-month
SOFR
+
2.75
%
),
3/17/31
.....................
United
States
42,689
42,716
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B4
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
2/21/31
.....................
United
States
49,875
49,797
f
Radiology
Partners,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
PIK,
8.883
%
,
(
3-month
SOFR
+
3.5
%
),
1/31/29
...............
United
States
100,010
98,093
Surgery
Center
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.67
%
,
(
1-month
SOFR
+
2.75
%
),
12/19/30
.....
United
States
6,108
6,119
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.209
%
,
(
1-month
SOFR
+
4.25
%
),
10/02/28
.............
United
States
103,094
101,168
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.595
%
,
(
1-month
SOFR
+
2.75
%
),
10/22/29
.............
United
States
19,856
19,893
566,518
a
a
a
a
a
a
i
Hotels,
Restaurants
&
Leisure
0.3%
f
24
Hour
Fitness
Worldwide,
Inc.,
First
Lien,
Exit
CME
Term
Loan
,
PIK,
9.865
%
,
(
3-month
SOFR
+
5
%
),
12/29/25
............
United
States
245,240
108,314
Bally's
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.794
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
...........................
United
States
119,252
113,849
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
7.595
%
,
(
1-month
SOFR
+
2.75
%
),
2/06/30
...
United
States
49,868
49,965
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
7.875
%
,
(
3-month
SOFR
+
3.25
%
),
6/29/29
.......
United
States
43,492
43,399
Entain
plc,
First
Lien,
CME
Term
Loan,
B3
,
8.014
%
,
(
6-month
SOFR
+
2.75
%
),
10/31/29
...........................
United
Kingdom
49,875
49,948
Hilton
Grand
Vacations
Borrower
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.345
%
,
(
1-month
SOFR
+
2.5
%
),
8/02/28
..........
United
States
38,062
37,887
Ontario
Gaming
GTA
LP,
First
Lien,
CME
Term
Loan,
B
,
8.893
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
.....................
Canada
21,076
21,082
Raising
Cane's
Restaurants
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.014
%
,
(
1-month
SOFR
+
2
%
),
9/18/31
............
United
States
88,235
88,374
Raptor
Acquisition
Corp.,
First
Lien,
CME
Term
Loan,
B
,
9.015
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
......................
United
States
56,737
56,311
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan
,
8.318
%
,
(
3-month
SOFR
+
3
%
),
4/04/29
...
United
States
129,513
128,895
Whatabrands
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
7.595
%
,
(
1-month
SOFR
+
2.75
%
),
8/03/28
.....................
United
States
28,294
28,284
726,308
a
a
a
a
a
a
Household
Durables
0.0%
â€
i
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
8.571
%
,
(
3-month
SOFR
+
3.5
%
),
2/25/29
......................
Netherlands
21,176
21,057
i
Independent
Power
and
Renewable
Electricity
Producers
0.0%
â€
Calpine
Construction
Finance
Co.
LP,
First
Lien,
Refinancing
CME
Term
Loan
,
6.845
%
,
(
1-month
SOFR
+
2
%
),
7/19/30
...
United
States
50,000
49,729
Calpine
Corp.,
First
Lien,
CME
Term
Loan
,
6.845
%
,
(
1-month
SOFR
+
2
%
),
1/31/31
...............................
United
States
49,875
49,775
99,504
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Insurance
0.2%
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6
,
8.211
%
,
(
1-month
SOFR
+
3.25
%
),
11/06/30
...........................
United
States
29,634
$
29,402
AssuredPartners,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
8.345
%
,
(
1-month
SOFR
+
3.5
%
),
2/14/31
......................
United
States
82,325
82,340
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10
,
8.945
%
,
(
1-month
SOFR
+
4
%
),
8/21/28
.......................
United
States
25,077
24,705
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11
,
9.195
%
,
(
1-month
SOFR
+
4.25
%
),
8/21/28
.....................
United
States
9,148
9,028
Asurion
LLC,
Second
Lien,
New
CME
Term
Loan,
B4
,
10.21
%
,
(
1-month
SOFR
+
5.25
%
),
1/19/29
.....................
United
States
240,815
223,450
Broadstreet
Partners,
Inc.,
First
Lien,
CME
Term
Loan,
B4
,
8.494
%
,
(
12-month
SOFR
+
3.25
%
),
5/12/31
.............
United
States
122,913
122,564
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
9.094
%
,
(
3-month
SOFR
+
3
%
),
7/31/31
...
United
States
69,515
69,465
560,954
a
a
a
a
a
a
IT
Services
0.0%
â€
i
Fortress
Intermediate
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.595
%
,
(
1-month
SOFR
+
3.75
%
),
6/27/31
..............
United
States
21,964
21,950
Leisure
Products
0.0%
â€
i
GBT
US
III
LLC,
First
Lien,
Restatement
Date
CME
Term
Loan
,
8.279
%
,
(
3-month
SOFR
+
3
%
),
7/28/31
................
United
States
33,241
33,213
i
Machinery
0.1%
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.344
%
,
(
1-month
SOFR
+
4.5
%
),
9/28/28
......................
United
States
119,398
113,642
SunSource
Borrower,
Inc.,
First
Lien,
First
Refinancing
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
4
%
),
3/25/31
............
United
States
45,341
45,100
158,742
a
a
a
a
a
a
i
Media
0.1%
Cengage
Learning,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
9.538
%
,
(
6-month
SOFR
+
4.25
%
),
3/24/31
.....................
United
States
52,466
52,643
Gray
Television,
Inc.,
First
Lien,
CME
Term
Loan,
D
,
7.959
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................
United
States
81,176
75,073
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan
,
9.095
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
..............
United
States
26,665
26,528
154,244
a
a
a
a
a
a
Metals
&
Mining
0.0%
â€
i
Arsenal
AIC
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
8/19/30
.......
United
States
13,637
13,644
Oil,
Gas
&
Consumable
Fuels
0.0%
â€
i
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.844
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
84,293
84,473
i
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
10.294
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
.............
United
States
35,507
36,558
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.209
%
,
(
6-month
SOFR
+
2.5
%
),
6/04/29
......................
United
States
64,646
64,242
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
8.033
%
,
(
3-month
SOFR
+
2.75
%
),
2/22/31
.....................
United
States
53,065
53,231
154,031
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Pharmaceuticals
0.1%
Endo
Finance
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.783
%
,
(
3-month
SOFR
+
4.5
%
),
4/09/31
...............
United
States
184,729
$
184,786
Jazz
Financing
Lux
SARL,
First
Lien,
Dollar
CME
Term
Loan,
B2
,
7.095
%
,
(
1-month
SOFR
+
2.25
%
),
5/05/28
..............
United
States
65,421
65,427
Organon
&
Co.,
First
Lien,
Dollar
CME
Term
Loan
,
7.465
%
,
(
1-month
SOFR
+
2.5
%
),
5/19/31
......................
United
States
31,126
31,126
281,339
a
a
a
a
a
a
i
Professional
Services
0.1%
EAB
Global,
Inc.,
First
Lien,
CME
Term
Loan
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
8/16/28
............................
United
States
119,400
119,117
Soliant
Lower
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.595
%
,
(
1-month
SOFR
+
3.75
%
),
7/18/31
.........
United
States
42,365
42,471
161,588
a
a
a
a
a
a
i
Software
0.2%
Adeia,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.961
%
,
(
1-month
SOFR
+
3
%
),
6/08/28
...............................
United
States
114,861
115,077
Central
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.854
%
,
(
3-month
SOFR
+
3.25
%
),
7/06/29
.....................
United
States
60,000
59,450
h
ConnectWise
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.365
%
,
(
3-month
SOFR
+
3.5
%
),
9/29/28
......................
United
States
45,338
45,361
Genesys
Cloud
Services
Holdings
II
LLC,
First
Lien,
Dollar
CME
Term
Loan,
B4
,
8.423
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
..
United
States
62,396
62,594
h
Imprivata,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
8.752
%
,
(
3-month
SOFR
+
3.5
%
),
12/01/27
..............
United
States
28,869
29,020
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
8.451
%
,
(
1-month
SOFR
+
3.25
%
),
3/01/29
............................
United
States
66,907
66,755
Polaris
Newco
LLC,
First
Lien,
Dollar
CME
Term
Loan
,
9.514
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.......................
United
States
19,281
18,985
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan
,
9.595
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
....................
United
States
42,907
43,002
440,244
a
a
a
a
a
a
i
Specialty
Retail
0.2%
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan
,
8.393
%
,
(
3-month
SOFR
+
3.75
%
),
4/26/28
.....................
United
States
44,129
44,250
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan
,
10.945
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
......................
United
States
311,280
218,674
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B1
,
8.71
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
...............
United
States
46,700
46,753
RealTruck
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.46
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
......................
United
States
65,237
64,293
Restoration
Hardware,
Inc.,
First
Lien,
2022
Incremental
CME
Term
Loan
,
8.195
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
....
United
States
89,351
87,104
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C
,
8.095
%
,
(
1-month
SOFR
+
3.25
%
),
10/19/29
.............
United
States
80,312
79,825
540,899
a
a
a
a
a
a
i
Textiles,
Apparel
&
Luxury
Goods
0.0%
â€
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
8.748
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
60,037
58,940
Hanesbrands,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
8.595
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
.....................
United
States
63,690
63,690
122,630
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Transportation
Infrastructure
0.0%
â€
i
LaserShip,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.365
%
,
(
3-month
SOFR
+
4.5
%
),
5/08/28
......................
United
States
70,721
$
44,988
Total
Senior
Floating
Rate
Interests
(Cost
$
7,702,610
)
.........................
7,574,645
j
Marketplace
Loans
0.6%
a
Financial
Services
0.6%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
2,090,839
)
...................................
1,797,164
Foreign
Government
and
Agency
Securities
2.0%
e
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
.........................................
Supranational
k
1,400,000
1,303,050
e
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
......................................
Supranational
k
1,200,000
1,175,937
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
....
Colombia
5,315,000,000
COP
1,250,866
e
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
.........................................
Mexico
1,000,000
864,879
e
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
200,000
208,291
e
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
South
Korea
300,000
304,669
Petroleos
Mexicanos
,
Senior
Note
,
10
%
,
2/07/33
............
Mexico
300,000
318,137
e
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
Romania
500,000
500,335
Total
Foreign
Government
and
Agency
Securities
(Cost
$
6,955,452
)
.............
5,926,164
U.S.
Government
and
Agency
Securities
19.9%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
805,000
646,561
U.S.
Treasury
Bonds
,
3
%,
2/15/48
......................................
United
States
1,450,000
1,179,768
3.375
%,
11/15/48
..................................
United
States
500,000
433,476
U.S.
Treasury
Notes
,
1.75
%,
12/31/24
...................................
United
States
2,900,000
2,879,333
4.125
%,
1/31/25
...................................
United
States
3,250,000
3,244,630
1.5
%,
2/15/25
....................................
United
States
9,800,000
9,692,074
l
Index
Linked,
0.625
%,
1/15/26
........................
United
States
2,800,000
3,635,834
3.875
%,
1/15/26
...................................
United
States
3,050,000
3,052,025
4
%,
2/15/26
......................................
United
States
11,200,000
11,231,937
3.625
%,
5/15/26
...................................
United
States
400,000
399,414
2.25
%,
2/15/27
...................................
United
States
1,400,000
1,357,016
2.75
%,
7/31/27
...................................
United
States
3,850,000
3,764,729
3.875
%,
11/30/27
..................................
United
States
4,000,000
4,035,625
2.875
%,
5/15/28
...................................
United
States
2,500,000
2,440,723
3.125
%,
11/15/28
..................................
United
States
2,900,000
2,849,873
2.625
%,
2/15/29
...................................
United
States
1,000,000
961,680
3.5
%,
1/31/30
....................................
United
States
1,750,000
1,741,592
4.125
%,
8/31/30
...................................
United
States
2,600,000
2,668,402
2.875
%,
5/15/32
...................................
United
States
1,300,000
1,229,211
2.75
%,
8/15/32
...................................
United
States
500,000
467,344
Total
U.S.
Government
and
Agency
Securities
(Cost
$
57,637,286
)
...............
57,911,247
Asset-Backed
Securities
2.5%
Commercial
Services
&
Supplies
0.1%
e
,i
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
7.513
%
,
(
3-month
SOFR
+
2.212
%
),
7/15/31
.
...................
United
States
250,000
250,301
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.
110
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
2.4%
e
,i
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
7.013
%
,
(
3-month
SOFR
+
1.712
%
),
4/15/34
.
...........................
United
States
1,500,000
$
1,500,912
e
,m
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51
,
PT
,
144A,
FRN
,
12.992
%
,
1/15/45
..............
United
States
11,242
9,973
2019-52
,
PT
,
144A,
FRN
,
12.821
%
,
1/15/45
..............
United
States
10,942
10,182
2019-S8
,
PT
,
144A,
FRN
,
1.844
%
,
1/15/45
...............
United
States
4,432
3,698
2020-2
,
PT
,
144A,
FRN
,
13.372
%
,
3/15/45
...............
United
States
13,572
13,077
2020-7
,
PT
,
144A,
FRN
,
11.028
%
,
4/17/45
...............
United
States
9,103
8,487
e
,i
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
6.603
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
...................
United
States
2,400,000
2,412,450
e
Home
Partners
of
America
Trust
,
2021-2
,
B
,
144A,
2.302
%
,
12/17/26
....................
United
States
1,220,330
1,155,582
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.....................
United
States
437,066
400,907
e
,i
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
7.163
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
.................................
United
States
350,000
350,304
e
,i
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.533
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
.............
United
States
395,069
395,563
e
,m
Prosper
Pass-Thru
Trust
III
,
2020-PT1
,
A
,
144A,
FRN
,
1.217
%
,
3/15/26
...............
United
States
7,739
6,610
2020-PT2
,
A
,
144A,
FRN
,
5.416
%
,
4/15/26
...............
United
States
10,224
9,238
2020-PT3
,
A
,
144A,
FRN
,
7.183
%
,
5/15/26
...............
United
States
2,637
2,180
e
,m
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
18.234
%
,
2/15/26
.
.................................
United
States
4,816
4,627
e
,i
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
7.396
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
...........................
United
States
780,000
781,889
7,065,679
a
a
a
a
a
a
Passenger
Airlines
0.0%
â€
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
United
States
45,200
44,814
Total
Asset-Backed
Securities
(Cost
$
7,448,168
)
..............................
7,360,794
Commercial
Mortgage-Backed
Securities
1.2%
Financial
Services
1.2%
m
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
United
States
70,000
74,270
e
,i
BX
Commercial
Mortgage
Trust
,
2021-VOLT
,
A
,
144A,
FRN
,
5.911
%
,
(
1-month
SOFR
+
0.814
%
),
9/15/36
.........................................
United
States
250,000
248,570
2021-VOLT
,
B
,
144A,
FRN
,
6.161
%
,
(
1-month
SOFR
+
1.064
%
),
9/15/36
..................................
United
States
400,000
396,538
2022-LP2
,
A
,
144A,
FRN
,
6.109
%
,
(
1-month
SOFR
+
1.013
%
),
2/15/39
.........................................
United
States
721,274
717,723
CFCRE
Commercial
Mortgage
Trust
,
2016-C7
,
A3
,
3.839
%
,
12/10/54
........................................
United
States
280,000
273,983
Citigroup
Commercial
Mortgage
Trust
,
2016-P4
,
A2
,
2.45
%
,
7/10/49
.........................................
United
States
180,288
175,123
CSAIL
Commercial
Mortgage
Trust
,
2015-C3
,
A4
,
3.718
%
,
8/15/48
.........................................
United
States
220,000
217,386
GS
Mortgage
Securities
Trust
,
2016-GS2
,
A4
,
3.05
%
,
5/10/49
..
United
States
130,000
126,733
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C31
,
A3
,
3.801
%
,
8/15/48
.......................
United
States
325,412
321,041
2016-C1
,
A5
,
3.576
%
,
3/17/49
........................
United
States
424,000
417,094
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
JPMDB
Commercial
Mortgage
Securities
Trust
,
2017-C5
,
A4
,
3.414
%
,
3/15/50
...................................
United
States
292,983
$
285,990
Wells
Fargo
Commercial
Mortgage
Trust
,
2015-C31
,
A4
,
3.695
%
,
11/15/48
........................................
United
States
150,000
148,122
3,402,573
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
3,384,175
)
...............
3,402,573
Mortgage-Backed
Securities
12.3%
n
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
â€
FHLMC
,
6.348
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
United
States
3,851
3,910
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
4.7%
FHLMC
Gold
Pool,
30
Year
,
5
%,
4/01/34
-
8/01/35
...........
United
States
58,592
60,071
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
6/01/33
-
1/01/35
.........
United
States
33,099
34,059
FHLMC
Gold
Pool,
30
Year
,
6
%,
4/01/33
-
2/01/36
...........
United
States
45,724
47,397
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
11/01/27
-
7/01/32
........
United
States
3,144
3,277
FHLMC
Gold
Pool,
30
Year
,
7
%,
4/01/30
..................
United
States
636
661
FHLMC
Gold
Pool,
30
Year
,
7.5
%,
8/01/30
................
United
States
92
95
FHLMC
Pool,
30
Year
,
2
%,
3/01/52
......................
United
States
3,546,624
2,938,106
FHLMC
Pool,
30
Year
,
4
%,
6/01/52
......................
United
States
2,433,255
2,339,155
FHLMC
Pool,
30
Year
,
4.5
%,
8/01/52
.....................
United
States
5,602,617
5,516,596
FHLMC
Pool,
30
Year
,
5.5
%,
11/01/52
....................
United
States
2,715,428
2,748,232
13,687,649
n
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
â€
FNMA
,
6.892
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
United
States
22,030
22,697
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
7.6%
FNMA,
20
Year
,
5
%,
4/01/30
...........................
United
States
9,633
9,797
FNMA,
30
Year
,
3
%,
9/01/48
-
9/01/51
....................
United
States
1,661,896
1,516,880
FNMA,
30
Year
,
4
%,
2/01/49
...........................
United
States
513,907
503,891
FNMA,
30
Year
,
4.5
%,
5/01/48
.........................
United
States
1,094,842
1,091,915
FNMA,
30
Year
,
6
%,
8/01/53
...........................
United
States
2,626,465
2,686,435
FNMA,
30
Year
,
6.5
%,
5/01/31
-
10/01/37
.................
United
States
31,732
33,080
o
FNMA,
Single-family,
30
Year
,
2
%,
10/25/54
...............
United
States
10,860,000
8,979,850
o
FNMA,
Single-family,
30
Year
,
5
%,
10/25/54
...............
United
States
960,000
959,513
o
FNMA,
Single-family,
30
Year
,
5.5
%,
10/25/54
..............
United
States
6,260,000
6,333,466
22,114,827
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.0%
â€
GNMA
I,
Single-family,
30
Year
,
5
%,
11/15/33
-
7/15/34
.......
United
States
58,235
59,675
GNMA
I,
Single-family,
30
Year
,
7
%,
10/15/28
-
2/15/29
.......
United
States
6,886
6,923
GNMA
I,
Single-family,
30
Year
,
7.5
%,
9/15/30
..............
United
States
488
507
GNMA
II,
30
Year
,
6.5
%,
2/20/34
........................
United
States
1,148
1,131
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
11/20/33
.......
United
States
16,780
17,250
GNMA
II,
Single-family,
30
Year
,
6
%,
11/20/34
..............
United
States
25,499
26,764
GNMA
II,
Single-family,
30
Year
,
6.5
%,
4/20/31
-
1/20/33
......
United
States
9,592
9,969
GNMA
II,
Single-family,
30
Year
,
7.5
%,
1/20/28
-
4/20/32
......
United
States
2,670
2,752
124,971
Total
Mortgage-Backed
Securities
(Cost
$
36,215,681
)
..........................
35,954,054
Residential
Mortgage-Backed
Securities
2.5%
Financial
Services
2.5%
e
BRAVO
Residential
Funding
Trust
,
2019-1
,
A1C
,
144A,
3.5
%
,
3/25/58
.....................
United
States
16,819
16,718
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.
112
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
e
BRAVO
Residential
Funding
Trust,
(continued)
m
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
.................
United
States
246,699
$
235,990
e
,m
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
................
United
States
56,837
54,916
2019-INV2
,
A3
,
144A,
FRN
,
4
%
,
5/25/49
................
United
States
152,175
145,235
e
,m
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
.........................................
United
States
339,590
335,128
i
FHLMC
STACR
Debt
Notes
,
2015-DNA1
,
M3
,
FRN
,
8.695
%
,
(
30-day
SOFR
Average
+
3.414
%
),
10/25/27
.................................
United
States
4,514
4,514
2016-DNA2
,
M3
,
FRN
,
10.045
%
,
(
30-day
SOFR
Average
+
4.764
%
),
10/25/28
.................................
United
States
407,092
427,631
i
FNMA
Connecticut
Avenue
Securities
,
2015-C01
,
1M2
,
FRN
,
9.695
%
,
(
30-day
SOFR
Average
+
4.414
%
),
2/25/25
..................................
United
States
92,499
93,522
2015-C02
,
1M2
,
FRN
,
9.395
%
,
(
30-day
SOFR
Average
+
4.114
%
),
5/25/25
..................................
United
States
304,895
310,161
2015-C03
,
1M2
,
FRN
,
10.395
%
,
(
30-day
SOFR
Average
+
5.114
%
),
7/25/25
..................................
United
States
443,060
455,081
2016-C01
,
1M2
,
FRN
,
12.145
%
,
(
30-day
SOFR
Average
+
6.864
%
),
8/25/28
..................................
United
States
54,495
57,237
2017-C04
,
2M2
,
FRN
,
8.245
%
,
(
30-day
SOFR
Average
+
2.964
%
),
11/25/29
.................................
United
States
304,670
314,056
e
,m
J.P.
Morgan
Mortgage
Trust
,
2021-13
,
A4
,
144A,
FRN
,
2.5
%
,
4/25/52
.................
United
States
1,137,759
1,022,098
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
.................
United
States
365,861
326,981
2021-6
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
.................
United
States
670,675
602,003
e
,m
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
446,570
437,666
e
,m
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
.........
United
States
235,038
210,922
e
,m
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
802,837
716,059
e
,m
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
134,433
118,211
e
,m
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
1,404,919
1,264,284
7,148,413
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
7,876,115
)
................
7,148,413
Shares
a
Escrows
and
Litigation
Trusts
0.0%
â€
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
72,822
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
...................
United
States
243,000
4,860
Total
Escrows
and
Litigation
Trusts
(Cost
$
243,000
)
...........................
4,860
Total
Long
Term
Investments
(Cost
$
309,921,433
)
.............................
303,043,914
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
d,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
1,804,106
$
1,804,106
Total
Money
Market
Funds
(Cost
$
1,804,106
)
.................................
1,804,106
Total
Short
Term
Investments
(Cost
$
1,804,106
)
...............................
1,804,106
a
Total
Investments
(Cost
$
311,725,539
)
104.6
%
................................
$304,848,020
Other
Assets,
less
Liabilities
(
4.6
)
%
.........................................
(13,343,976)
Net
Assets
100.0%
.........................................................
$291,504,044
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
â€
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$124,040,369,
representing
42.6%
of
net
assets.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
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.
l
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
m
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
n
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
At
September
30,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.6%
Freedom
Financial
Asset
Management
LLC
APP-10114471.FP.FTS.B
,
13
.99
%
,
12/12/24
$
351
$
351
APP-11822354.FP.FTS.B
,
9
.49
%
,
12/18/24
1,981
1,987
APP-11746986.FP.FTS.B
,
18
.99
%
,
12/19/24
1,274
1,289
APP-11693771.FP.FTS.B
,
9
.74
%
,
2/06/25
.
937
937
APP-11695285.FP.FTS.B
,
9
.74
%
,
2/07/25
.
2,234
2,241
APP-13704982.FP.FTS.B
,
21
.99
%
,
5/25/25
2,648
2,700
APP-14969419.FP.FTS.B
,
9
.74
%
,
6/01/25
.
8,220
8,259
APP-11657858.FP.FTS.B
,
17
.49
%
,
12/16/25
6,581
6,880
APP-11752447.FP.FTS.B
,
9
.99
%
,
2/05/26
.
15,306
15,501
APP-11823715.FP.FTS.B
,
14
.99
%
,
2/05/26
9,534
9,731
APP-11795510.FP.FTS.B
,
12
.49
%
,
2/11/26
7,521
7,636
APP-11819292.FP.FTS.B
,
18
.99
%
,
2/12/26
6,079
6,303
APP-12232816.FP.FTS.B
,
15
.99
%
,
3/09/26
10,779
11,083
APP-14159522.FP.FTS.B
,
10
.34
%
,
6/15/26
10,574
10,731
APP-14167786.FP.FTS.B
,
10
.34
%
,
6/17/26
17,035
17,293
APP-14974854.FP.FTS.B
,
16
.49
%
,
7/10/26
10,395
10,657
APP-11124654.FP.FTS.B
,
19
.49
%
,
12/18/26
25,688
26,618
APP-11605924.FP.FTS.B
,
11
.74
%
,
12/20/26
24,188
24,594
APP-11749109.FP.FTS.B
,
17
.49
%
,
2/06/27
11,674
12,103
APP-11803939.FP.FTS.B
,
10
.99
%
,
2/10/27
18,869
19,195
APP-11806622.FP.FTS.B
,
18
.99
%
,
2/11/27
5,930
6,127
APP-11798689.FP.FTS.B
,
16
.99
%
,
2/12/27
11,432
11,696
APP-12249339.FP.FTS.B
,
19
.49
%
,
3/13/27
4,943
4,977
APP-12139734.FP.FTS.B
,
13
.49
%
,
3/14/27
9,151
9,346
APP-12106231.FP.FTS.B
,
11
.74
%
,
3/22/27
24,292
24,774
APP-13678387.FP.FTS.B
,
13
.84
%
,
4/03/27
8,951
9,092
APP-13685540.FP.FTS.B
,
13
.59
%
,
5/20/27
22,261
22,711
APP-13701830.FP.FTS.B
,
20
.24
%
,
5/21/27
19,404
20,273
APP-13668745.FP.FTS.B
,
23
.99
%
,
5/23/27
2,547
2,558
APP-13628442.FP.FTS.B
,
17
.99
%
,
5/24/27
10,983
11,373
APP-14967059.FP.FTS.B
,
11
.99
%
,
6/01/27
3,446
3,452
APP-14058204.FP.FTS.B
,
11
.59
%
,
6/05/27
8,126
8,253
APP-14057383.FP.FTS.B
,
11
.34
%
,
6/15/27
21,933
22,331
APP-14163864.FP.FTS.B
,
11
.34
%
,
6/19/27
24,359
24,826
APP-14867762.FP.FTS.B
,
14
.24
%
,
7/10/27
10,634
10,821
APP-14975701.FP.FTS.B
,
11
.74
%
,
7/15/27
12,481
12,700
APP-14837945.FP.FTS.B
,
18
.49
%
,
9/10/27
17,791
3,485
APP-14861817.FP.FTS.B
,
11
.99
%
,
11/05/27
13,959
14,184
419,068
LendingClub
Corp.
-
LCX
165313131.LC.FTS.B
,
11
.02
%
,
2/03/25
...
3,375
3,347
165954765.LC.FTS.B
,
20
.55
%
,
3/20/25
...
2,509
2,525
5,872
LendingClub
Corp.
-
LCX
PM
170676409.LC.FTS.B
,
17
.3
%
,
10/13/25
...
3,535
3,525
170715926.LC.FTS.B
,
16
.08
%
,
10/25/25
..
4,364
4,338
174329530.LC.FTS.B
,
20
.49
%
,
2/03/26
...
3,922
3,953
174350163.LC.FTS.B
,
18
.44
%
,
2/15/26
...
5,027
5,003
16,819
Prosper
Funding
LLC
1650965.PS.FTS.B
,
18
.41
%
,
11/05/24
....
542
542
1653314.PS.FTS.B
,
13
.2
%
,
11/09/24
....
199
199
1654279.PS.FTS.B
,
12
.4
%
,
11/11/24
.....
610
607
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1690251.PS.FTS.B
,
13
.66
%
,
12/22/24
...
$
898
$
895
1695034.PS.FTS.B
,
14
.89
%
,
1/13/25
....
593
592
1701351.PS.FTS.B
,
16
.1
%
,
1/13/25
.....
272
271
1702155.PS.FTS.B
,
15
.21
%
,
1/14/25
....
672
671
1688540.PS.FTS.B
,
12
.3
%
,
1/20/25
.....
1,320
1,310
1705446.PS.FTS.B
,
21
.69
%
,
1/20/25
....
290
293
1688531.PS.FTS.B
,
16
.02
%
,
1/26/25
....
2,475
2,474
1714693.PS.FTS.B
,
12
.4
%
,
2/15/25
.....
1,615
1,605
1708034.PS.FTS.B
,
20
.01
%
,
2/15/25
....
879
882
1721031.PS.FTS.B
,
20
.4
%
,
2/15/25
.....
680
–
1722483.PS.FTS.B
,
15
.4
%
,
2/16/25
.....
4,624
1,563
1718530.PS.FTS.B
,
24
.4
%
,
2/28/25
.....
909
917
1752829.PS.FTS.B
,
18
.09
%
,
4/11/25
....
479
477
1750364.PS.FTS.B
,
18
.5
%
,
4/15/25
.....
2,404
2,383
1759842.PS.FTS.B
,
22
.9
%
,
4/15/25
.....
1,134
1,138
1754544.PS.FTS.B
,
16
.1
%
,
4/18/25
.....
2,402
2,376
1605968.PS.FTS.B
,
14
.29
%
,
8/17/26
....
3,519
3,483
1605959.PS.FTS.B
,
18
.73
%
,
8/17/26
....
7,380
7,337
1624202.PS.FTS.B
,
11
.79
%
,
9/21/26
....
8,956
8,825
1644821.PS.FTS.B
,
16
.18
%
,
10/26/26
...
7,458
7,385
1645601.PS.FTS.B
,
26
.13
%
,
10/27/26
...
2,958
3,144
1657248.PS.FTS.B
,
10
.5
%
,
10/29/26
....
12,450
12,410
1646507.PS.FTS.B
,
16
%
,
11/02/26
......
8,537
8,451
1654273.PS.FTS.B
,
11
.4
%
,
11/05/26
.....
7,551
7,407
1661067.PS.FTS.B
,
12
.3
%
,
11/05/26
....
5,258
2,734
1661382.PS.FTS.B
,
16
.7
%
,
11/05/26
....
2,678
2,702
1660956.PS.FTS.B
,
18
.25
%
,
11/05/26
....
3,814
3,848
1651610.PS.FTS.B
,
10
.8
%
,
11/08/26
....
5,247
5,143
1645643.PS.FTS.B
,
18
.5
%
,
11/10/26
....
6,094
6,204
1647191.PS.FTS.B
,
16
.32
%
,
11/12/26
....
6,555
6,490
1660294.PS.FTS.B
,
15
.2
%
,
11/25/26
....
6,353
6,252
1686756.PS.FTS.B
,
20
.08
%
,
12/16/26
...
4,298
4,342
1674281.PS.FTS.B
,
21
%
,
12/17/26
......
1,486
1,529
1675325.PS.FTS.B
,
14
%
,
12/20/26
......
9,945
9,813
1673693.PS.FTS.B
,
12
.5
%
,
1/01/27
.....
7,918
7,772
1695804.PS.FTS.B
,
10
.8
%
,
1/04/27
.....
2,668
2,606
1701348.PS.FTS.B
,
11
.1
%
,
1/13/27
.....
2,677
2,623
1688537.PS.FTS.B
,
13
.7
%
,
1/13/27
.....
5,787
5,697
1702140.PS.FTS.B
,
11
.55
%
,
1/14/27
....
8,071
7,912
1701774.PS.FTS.B
,
19
.3
%
,
1/16/27
.....
4,697
4,733
1703079.PS.FTS.B
,
10
.5
%
,
1/18/27
.....
7,390
7,251
1704972.PS.FTS.B
,
24
.18
%
,
1/19/27
....
4,291
4,458
1692578.PS.FTS.B
,
13
.1
%
,
1/20/27
.....
2,176
2,135
1699192.PS.FTS.B
,
14
.6
%
,
1/20/27
.....
18,852
18,589
1694423.PS.FTS.B
,
15
%
,
1/24/27
.......
8,385
8,284
1702129.PS.FTS.B
,
12
.7
%
,
1/25/27
.....
3,816
3,749
1709019.PS.FTS.B
,
19
%
,
1/25/27
.......
6,996
7,110
1691666.PS.FTS.B
,
11
.88
%
,
2/08/27
....
4,507
4,410
1714696.PS.FTS.B
,
12
.6
%
,
2/15/27
.....
4,714
4,618
1711397.PS.FTS.B
,
18
.15
%
,
2/22/27
....
10,690
10,541
1752507.PS.FTS.B
,
25
.9
%
,
4/05/27
.....
4,607
4,717
1750201.PS.FTS.B
,
19
.9
%
,
4/06/27
.....
6,378
6,373
1750603.PS.FTS.B
,
14
.29
%
,
4/07/27
....
3,024
2,952
1743635.PS.FTS.B
,
13
.1
%
,
4/13/27
.....
6,998
6,826
1759809.PS.FTS.B
,
12
.5
%
,
4/15/27
.....
18,710
18,253
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
115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1753401.PS.FTS.B
,
16
.9
%
,
4/15/27
.....
$
9,509
$
9,510
1709558.PS.FTS.B
,
13
.4
%
,
11/30/27
....
12,889
–
1700734.PS.FTS.B
,
16
.2
%
,
1/17/28
.....
18,249
17,587
1716949.PS.FTS.B
,
11
.77
%
,
1/31/28
....
11,622
11,178
1627811.PS.FTS.B
,
13
.05
%
,
9/28/34
....
684
692
1628909.PS.FTS.B
,
17
.96
%
,
9/29/34
....
265
269
1656696.PS.FTS.B
,
11
.7
%
,
10/29/34
....
848
858
308,397
Upgrade,
Inc.
-
Card
992236828.UG.FTS.B
,
29
.49
%
,
4/01/25
..
6
6
992264434.UG.FTS.B
,
29
.49
%
,
4/02/25
..
6
6
992318841.UG.FTS.B
,
19
.99
%
,
4/03/25
..
219
218
992260350.UG.FTS.B
,
28
.98
%
,
4/03/25
..
26
13
992307437.UG.FTS.B
,
28
.98
%
,
4/03/25
..
76
76
992285081.UG.FTS.B
,
29
.49
%
,
4/03/25
..
1
1
992296038.UG.FTS.B
,
29
.49
%
,
4/03/25
..
167
–
992297505.UG.FTS.B
,
29
.49
%
,
4/03/25
..
2
2
992323515.UG.FTS.B
,
29
.49
%
,
4/03/25
..
22
23
992336856.UG.FTS.B
,
29
.49
%
,
4/03/25
..
10
10
992345330.UG.FTS.B
,
29
.49
%
,
4/03/25
..
128
130
992423485.UG.FTS.B
,
29
.49
%
,
4/03/25
..
8
8
992457494.UG.FTS.B
,
17
.99
%
,
4/04/25
..
149
149
992245824.UG.FTS.B
,
16
.99
%
,
4/05/25
..
20
20
992300496.UG.FTS.B
,
17
.99
%
,
4/05/25
..
11
11
992239267.UG.FTS.B
,
19
.21
%
,
4/05/25
..
488
495
992442455.UG.FTS.B
,
19
.21
%
,
4/05/25
..
562
568
992307969.UG.FTS.B
,
19
.8
%
,
4/05/25
...
13
13
992349565.UG.FTS.B
,
19
.8
%
,
4/05/25
...
114
114
992350427.UG.FTS.B
,
19
.8
%
,
4/05/25
...
244
247
992254243.UG.FTS.B
,
19
.99
%
,
4/05/25
..
58
59
992336548.UG.FTS.B
,
19
.99
%
,
4/05/25
..
374
380
992357555.UG.FTS.B
,
19
.99
%
,
4/05/25
..
47
49
992379889.UG.FTS.B
,
19
.99
%
,
4/05/25
..
305
306
992453559.UG.FTS.B
,
20
.46
%
,
4/05/25
..
3
3
992241765.UG.FTS.B
,
20
.97
%
,
4/05/25
..
121
123
992386629.UG.FTS.B
,
20
.97
%
,
4/05/25
..
986
1,002
992438360.UG.FTS.B
,
27
.99
%
,
4/05/25
..
51
51
992246882.UG.FTS.B
,
28
.98
%
,
4/05/25
..
347
359
992253878.UG.FTS.B
,
28
.98
%
,
4/05/25
..
224
224
992262040.UG.FTS.B
,
28
.98
%
,
4/05/25
..
56
57
992266496.UG.FTS.B
,
28
.98
%
,
4/05/25
..
29
29
992267371.UG.FTS.B
,
28
.98
%
,
4/05/25
..
326
335
992270480.UG.FTS.B
,
28
.98
%
,
4/05/25
..
42
43
992283659.UG.FTS.B
,
28
.98
%
,
4/05/25
..
68
69
992284271.UG.FTS.B
,
28
.98
%
,
4/05/25
..
539
552
992286835.UG.FTS.B
,
28
.98
%
,
4/05/25
..
27
28
992293208.UG.FTS.B
,
28
.98
%
,
4/05/25
..
52
52
992300547.UG.FTS.B
,
28
.98
%
,
4/05/25
..
34
35
992308269.UG.FTS.B
,
28
.98
%
,
4/05/25
..
36
37
992324031.UG.FTS.B
,
28
.98
%
,
4/05/25
..
206
211
992348005.UG.FTS.B
,
28
.98
%
,
4/05/25
..
134
137
992353271.UG.FTS.B
,
28
.98
%
,
4/05/25
..
305
–
992435220.UG.FTS.B
,
28
.98
%
,
4/05/25
..
32
32
992452469.UG.FTS.B
,
28
.98
%
,
4/05/25
..
76
77
992304458.UG.FTS.B
,
29
.46
%
,
4/05/25
..
25
25
992239318.UG.FTS.B
,
29
.49
%
,
4/05/25
..
32
33
992254667.UG.FTS.B
,
29
.49
%
,
4/05/25
..
94
95
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992256558.UG.FTS.B
,
29
.49
%
,
4/05/25
..
$
37
$
38
992256966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
188
192
992259460.UG.FTS.B
,
29
.49
%
,
4/05/25
..
8
8
992267222.UG.FTS.B
,
29
.49
%
,
4/05/25
..
99
36
992271134.UG.FTS.B
,
29
.49
%
,
4/05/25
..
47
7
992275086.UG.FTS.B
,
29
.49
%
,
4/05/25
..
137
141
992288356.UG.FTS.B
,
29
.49
%
,
4/05/25
..
144
148
992288429.UG.FTS.B
,
29
.49
%
,
4/05/25
..
44
46
992289258.UG.FTS.B
,
29
.49
%
,
4/05/25
..
47
47
992302260.UG.FTS.B
,
29
.49
%
,
4/05/25
..
51
52
992318568.UG.FTS.B
,
29
.49
%
,
4/05/25
..
31
32
992340414.UG.FTS.B
,
29
.49
%
,
4/05/25
..
48
48
992359163.UG.FTS.B
,
29
.49
%
,
4/05/25
..
37
38
992379445.UG.FTS.B
,
29
.49
%
,
4/05/25
..
67
69
992428186.UG.FTS.B
,
29
.49
%
,
4/05/25
..
821
835
992444794.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1,598
1,636
992445820.UG.FTS.B
,
29
.49
%
,
4/05/25
..
43
44
992455533.UG.FTS.B
,
29
.49
%
,
4/05/25
..
417
425
992273307.UG.FTS.B
,
28
.98
%
,
8/03/25
..
344
49
992278455.UG.FTS.B
,
29
.49
%
,
8/03/25
..
142
148
992304263.UG.FTS.B
,
29
.49
%
,
10/03/25
.
81
25
992302422.UG.FTS.B
,
29
.49
%
,
2/03/27
..
164
174
992330039.UG.FTS.B
,
22
.97
%
,
4/03/27
..
546
363
992293228.UG.FTS.B
,
28
.98
%
,
5/03/29
..
113
58
11,172
Upstart
Network,
Inc.
L2056491.UP.FTS.B
,
7
.95
%
,
11/16/24
....
90
89
L2055423.UP.FTS.B
,
8
.44
%
,
11/16/24
....
336
332
L2052610.UP.FTS.B
,
11
.6
%
,
11/16/24
....
195
192
L2057046.UP.FTS.B
,
15
.77
%
,
11/16/24
...
205
202
L2052838.UP.FTS.B
,
16
.45
%
,
11/16/24
...
103
102
L2053269.UP.FTS.B
,
18
.64
%
,
11/16/24
...
491
35
L2055155.UP.FTS.B
,
20
.16
%
,
11/16/24
...
338
334
FW2054947.UP.FTS.B
,
21
.35
%
,
11/16/24
.
134
133
FW2056543.UP.FTS.B
,
29
.23
%
,
11/16/24
.
112
111
L2057377.UP.FTS.B
,
13
.89
%
,
11/19/24
...
134
132
L2057081.UP.FTS.B
,
23
.41
%
,
11/28/24
...
175
173
L2242235.UP.FTS.B
,
6
.04
%
,
12/13/24
....
316
312
FW2242510.UP.FTS.B
,
7
.1
%
,
12/13/24
...
834
823
L2241803.UP.FTS.B
,
9
.3
%
,
12/13/24
....
1,888
1,860
L2241741.UP.FTS.B
,
14
.61
%
,
12/13/24
...
868
200
L2242679.UP.FTS.B
,
16
.66
%
,
12/13/24
...
421
414
L2241739.UP.FTS.B
,
23
.45
%
,
12/13/24
...
169
166
L2465958.UP.FTS.B
,
5
.34
%
,
1/19/25
....
534
526
L2464613.UP.FTS.B
,
5
.52
%
,
1/19/25
....
286
282
L2460890.UP.FTS.B
,
5
.68
%
,
1/19/25
....
1,129
1,113
L2465895.UP.FTS.B
,
5
.84
%
,
1/19/25
....
420
414
L2465121.UP.FTS.B
,
6
.53
%
,
1/19/25
....
1,894
1,867
L2464359.UP.FTS.B
,
6
.66
%
,
1/19/25
....
727
716
L2465247.UP.FTS.B
,
6
.82
%
,
1/19/25
....
111
109
L2466095.UP.FTS.B
,
7
.07
%
,
1/19/25
....
366
361
FW2465710.UP.FTS.B
,
7
.96
%
,
1/19/25
...
135
133
L2465847.UP.FTS.B
,
8
.05
%
,
1/19/25
....
3,693
3,636
L2465662.UP.FTS.B
,
11
.74
%
,
1/19/25
....
341
336
L2464723.UP.FTS.B
,
20
.66
%
,
1/19/25
....
697
687
L2465879.UP.FTS.B
,
21
.67
%
,
1/19/25
....
231
56
FW2676316.UP.FTS.B
,
6
.01
%
,
2/22/25
...
892
878
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.
116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2675522.UP.FTS.B
,
6
.74
%
,
2/22/25
...
$
90
$
89
L2675909.UP.FTS.B
,
9
.72
%
,
2/22/25
....
391
385
L2675302.UP.FTS.B
,
10
.61
%
,
2/22/25
....
1,359
1,336
L2675455.UP.FTS.B
,
14
.81
%
,
2/22/25
....
374
368
L2675462.UP.FTS.B
,
19
.44
%
,
2/22/25
....
469
411
FW2675588.UP.FTS.B
,
20
.36
%
,
2/22/25
..
416
411
L2675655.UP.FTS.B
,
20
.76
%
,
2/22/25
....
177
175
L2675586.UP.FTS.B
,
20
.97
%
,
2/22/25
....
1,563
1,541
FW2675117.UP.FTS.B
,
22
.39
%
,
2/22/25
..
198
195
FW2675719.UP.FTS.B
,
24
.19
%
,
2/22/25
..
487
481
FW2675613.UP.FTS.B
,
24
.49
%
,
2/22/25
..
1,817
756
FW2676140.UP.FTS.B
,
29
.13
%
,
2/22/25
..
259
256
L2981596.UP.FTS.B
,
7
.13
%
,
4/20/25
....
1,058
1,040
FW2982315.UP.FTS.B
,
15
.15
%
,
4/20/25
..
325
318
FW2465119.UP.FTS.B
,
19
.64
%
,
6/19/25
..
1,401
1,378
L2466210.UP.FTS.B
,
20
.93
%
,
6/19/25
....
5,711
5,612
L1914732.UP.FTS.B
,
17
.66
%
,
8/25/25
....
2,900
2,850
FW2676006.UP.FTS.B
,
24
.14
%
,
12/22/25
.
1,423
28
L1739715.UP.FTS.B
,
9
.65
%
,
9/20/26
....
11,459
11,137
L1739019.UP.FTS.B
,
13
.76
%
,
9/20/26
....
2,801
2,730
L1736636.UP.FTS.B
,
14
.78
%
,
9/20/26
....
6,848
6,676
FW1739526.UP.FTS.B
,
17
.22
%
,
9/20/26
..
4,031
3,972
L1738899.UP.FTS.B
,
19
.15
%
,
9/20/26
....
7,731
7,570
L1739140.UP.FTS.B
,
21
.45
%
,
9/20/26
....
1,648
1,071
L1739562.UP.FTS.B
,
22
.68
%
,
9/20/26
....
3,760
3,688
L1738904.UP.FTS.B
,
24
.36
%
,
9/20/26
....
3,894
2,516
L1915447.UP.FTS.B
,
20
.32
%
,
10/25/26
...
2,951
2,896
L1915560.UP.FTS.B
,
20
.46
%
,
10/25/26
...
2,705
2,657
L1914682.UP.FTS.B
,
21
.49
%
,
10/25/26
...
1,625
1,606
L1915468.UP.FTS.B
,
23
.09
%
,
10/25/26
...
2,814
2,767
FW1915175.UP.FTS.B
,
23
.46
%
,
10/25/26
.
599
591
L1897015.UP.FTS.B
,
23
.49
%
,
10/25/26
...
6,707
6,598
L1915604.UP.FTS.B
,
24
.04
%
,
10/25/26
...
618
609
L1915081.UP.FTS.B
,
25
.35
%
,
10/25/26
...
1,596
1,571
FW1908593.UP.FTS.B
,
28
.41
%
,
10/25/26
.
12,596
12,436
FW1915312.UP.FTS.B
,
31
.22
%
,
10/25/26
.
2,474
2,384
L2024110.UP.FTS.B
,
7
.78
%
,
11/16/26
....
8,641
8,388
L2052804.UP.FTS.B
,
9
.15
%
,
11/16/26
....
19,455
18,894
L2053787.UP.FTS.B
,
10
.61
%
,
11/16/26
...
2,493
2,423
FW2055257.UP.FTS.B
,
11
.51
%
,
11/16/26
.
5,873
425
L2052126.UP.FTS.B
,
12
.52
%
,
11/16/26
...
8,161
7,939
L2055857.UP.FTS.B
,
12
.9
%
,
11/16/26
....
6,148
5,981
L2054559.UP.FTS.B
,
14
.24
%
,
11/16/26
...
4,869
2,942
L2055412.UP.FTS.B
,
14
.29
%
,
11/16/26
...
1,578
1,535
FW2056157.UP.FTS.B
,
15
.18
%
,
11/16/26
.
4,735
4,655
FW2055789.UP.FTS.B
,
15
.22
%
,
11/16/26
.
7,913
7,703
L2052051.UP.FTS.B
,
15
.75
%
,
11/16/26
...
2,383
2,343
FW2053732.UP.FTS.B
,
16
.83
%
,
11/16/26
.
536
527
L2056373.UP.FTS.B
,
17
.2
%
,
11/16/26
....
4,846
4,767
L2056403.UP.FTS.B
,
18
.49
%
,
11/16/26
...
1,075
1,050
FW2055175.UP.FTS.B
,
19
.05
%
,
11/16/26
.
10,096
6,334
L2052101.UP.FTS.B
,
20
.05
%
,
11/16/26
...
13,975
13,673
L2056569.UP.FTS.B
,
22
.59
%
,
11/16/26
...
9,203
657
L2047823.UP.FTS.B
,
23
.05
%
,
11/16/26
...
2,509
2,459
L2053900.UP.FTS.B
,
23
.81
%
,
11/16/26
...
578
566
L2055855.UP.FTS.B
,
25
.11
%
,
11/16/26
...
1,161
1,139
L2056364.UP.FTS.B
,
25
.24
%
,
11/16/26
...
820
804
L2049616.UP.FTS.B
,
25
.29
%
,
11/16/26
...
708
694
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2052082.UP.FTS.B
,
25
.42
%
,
11/16/26
...
$
880
$
863
FW2054089.UP.FTS.B
,
26
.17
%
,
11/16/26
.
1,182
1,160
FW2056482.UP.FTS.B
,
26
.96
%
,
11/16/26
.
3,535
255
FW2046105.UP.FTS.B
,
29
.67
%
,
11/16/26
.
2,747
2,699
FW2057500.UP.FTS.B
,
30
.64
%
,
11/16/26
.
5,438
5,346
FW2054534.UP.FTS.B
,
31
.22
%
,
11/16/26
.
743
730
FW2057162.UP.FTS.B
,
32
.15
%
,
11/16/26
.
5,807
5,713
L2055269.UP.FTS.B
,
19
.56
%
,
11/20/26
...
12,563
12,286
L2242254.UP.FTS.B
,
7
.13
%
,
12/13/26
....
4,942
4,798
L2242685.UP.FTS.B
,
9
%
,
12/13/26
......
7,585
7,369
L2242651.UP.FTS.B
,
11
.78
%
,
12/13/26
...
7,841
7,619
L2241857.UP.FTS.B
,
11
.98
%
,
12/13/26
...
6,295
6,118
L2242098.UP.FTS.B
,
12
.31
%
,
12/13/26
...
3,683
3,579
L2242668.UP.FTS.B
,
12
.46
%
,
12/13/26
...
11,592
11,266
L2241756.UP.FTS.B
,
12
.69
%
,
12/13/26
...
3,015
1,244
L2241856.UP.FTS.B
,
13
.04
%
,
12/13/26
...
7,853
7,637
L2241825.UP.FTS.B
,
13
.8
%
,
12/13/26
....
14,603
14,218
L2242202.UP.FTS.B
,
14
.09
%
,
12/13/26
...
8,911
8,667
L2239758.UP.FTS.B
,
14
.15
%
,
12/13/26
...
6,178
6,008
L2241610.UP.FTS.B
,
15
.37
%
,
12/13/26
...
4,085
4,010
L2242447.UP.FTS.B
,
16
.94
%
,
12/13/26
...
3,048
2,978
L2241045.UP.FTS.B
,
17
.22
%
,
12/13/26
...
4,724
4,640
L2242791.UP.FTS.B
,
17
.38
%
,
12/13/26
...
8,361
8,169
L2241989.UP.FTS.B
,
17
.5
%
,
12/13/26
....
1,450
1,424
L2242430.UP.FTS.B
,
18
.29
%
,
12/13/26
...
920
906
L2242547.UP.FTS.B
,
18
.45
%
,
12/13/26
...
493
486
L2242119.UP.FTS.B
,
18
.59
%
,
12/13/26
...
2,534
2,491
FW2241711.UP.FTS.B
,
21
.36
%
,
12/13/26
.
7,546
7,386
L2230478.UP.FTS.B
,
21
.97
%
,
12/13/26
...
4,425
4,329
L2242489.UP.FTS.B
,
22
.19
%
,
12/13/26
...
12,698
12,426
L2241640.UP.FTS.B
,
22
.44
%
,
12/13/26
...
1,760
1,722
L2232043.UP.FTS.B
,
23
.76
%
,
12/13/26
...
3,270
3,204
L2242200.UP.FTS.B
,
24
.08
%
,
12/13/26
...
3,459
3,390
L2241600.UP.FTS.B
,
24
.51
%
,
12/13/26
...
2,076
2,032
L2242322.UP.FTS.B
,
25
.22
%
,
12/13/26
...
551
540
L2241994.UP.FTS.B
,
25
.4
%
,
12/13/26
....
1,063
1,040
L2242162.UP.FTS.B
,
25
.7
%
,
12/13/26
....
1,032
1,012
FW2241764.UP.FTS.B
,
27
.11
%
,
12/13/26
.
2,884
2,831
FW2242232.UP.FTS.B
,
27
.33
%
,
12/13/26
.
2,279
1,039
FW2242379.UP.FTS.B
,
28
.85
%
,
12/13/26
.
3,096
3,039
FW2242580.UP.FTS.B
,
31
.01
%
,
12/13/26
.
722
337
FW2241624.UP.FTS.B
,
31
.84
%
,
12/13/26
.
2,918
2,868
L2242361.UP.FTS.B
,
9
.11
%
,
12/15/26
....
5,728
5,626
L2240058.UP.FTS.B
,
26
.7
%
,
12/27/26
....
5,463
783
FW2465936.UP.FTS.B
,
5
.53
%
,
1/19/27
...
22,540
21,629
L2465582.UP.FTS.B
,
5
.92
%
,
1/19/27
....
1,707
1,644
L2465889.UP.FTS.B
,
6
.5
%
,
1/19/27
.....
3,043
2,922
L2464484.UP.FTS.B
,
6
.65
%
,
1/19/27
....
2,498
180
FW2466269.UP.FTS.B
,
6
.87
%
,
1/19/27
...
2,547
2,446
L2465776.UP.FTS.B
,
7
.08
%
,
1/19/27
....
7,659
7,355
FW2465536.UP.FTS.B
,
7
.64
%
,
1/19/27
...
10,297
10,004
L2465633.UP.FTS.B
,
8
.28
%
,
1/19/27
....
1,036
1,006
L2465717.UP.FTS.B
,
8
.6
%
,
1/19/27
.....
2,001
1,945
FW2464781.UP.FTS.B
,
9
.13
%
,
1/19/27
...
4,969
4,828
FW2465681.UP.FTS.B
,
9
.16
%
,
1/19/27
...
5,524
5,367
L2465458.UP.FTS.B
,
9
.24
%
,
1/19/27
....
1,259
1,233
L2465589.UP.FTS.B
,
9
.29
%
,
1/19/27
....
3,401
3,305
L2466129.UP.FTS.B
,
9
.84
%
,
1/19/27
....
10,551
10,252
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
117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2465666.UP.FTS.B
,
10
.14
%
,
1/19/27
....
$
1,323
$
1,286
FW2464664.UP.FTS.B
,
10
.42
%
,
1/19/27
..
4,249
4,129
L2463372.UP.FTS.B
,
11
.09
%
,
1/19/27
....
2,675
2,601
L2465414.UP.FTS.B
,
11
.1
%
,
1/19/27
.....
3,211
3,122
L2465634.UP.FTS.B
,
14
.68
%
,
1/19/27
....
4,609
4,500
FW2465337.UP.FTS.B
,
15
.21
%
,
1/19/27
..
1,115
1,096
L2465986.UP.FTS.B
,
15
.77
%
,
1/19/27
....
873
531
FW2466368.UP.FTS.B
,
16
.6
%
,
1/19/27
...
1,990
1,938
L2465805.UP.FTS.B
,
18
.87
%
,
1/19/27
....
12,699
12,499
L2466099.UP.FTS.B
,
19
.62
%
,
1/19/27
....
2,768
2,723
L2465928.UP.FTS.B
,
20
.32
%
,
1/19/27
....
1,771
1,736
L2466007.UP.FTS.B
,
21
.7
%
,
1/19/27
....
2,752
2,699
FW2466202.UP.FTS.B
,
23
.59
%
,
1/19/27
..
1,835
1,805
L2458881.UP.FTS.B
,
24
.14
%
,
1/19/27
....
2,723
2,677
L2466086.UP.FTS.B
,
25
.1
%
,
1/19/27
....
2,100
1,327
FW2465954.UP.FTS.B
,
25
.21
%
,
1/19/27
..
1,704
1,677
FW2465199.UP.FTS.B
,
25
.54
%
,
1/19/27
..
3,052
221
FW2465642.UP.FTS.B
,
25
.73
%
,
1/19/27
..
2,837
2,793
FW2464901.UP.FTS.B
,
27
.8
%
,
1/19/27
...
3,797
3,742
FW2466130.UP.FTS.B
,
28
.33
%
,
1/19/27
..
1,070
1,055
FW2465882.UP.FTS.B
,
28
.77
%
,
1/19/27
..
910
895
FW2464452.UP.FTS.B
,
30
.15
%
,
1/19/27
..
1,036
246
FW2465848.UP.FTS.B
,
30
.66
%
,
1/19/27
..
1,297
1,280
FW2464665.UP.FTS.B
,
30
.79
%
,
1/19/27
..
911
899
FW2465741.UP.FTS.B
,
30
.94
%
,
1/19/27
..
1,123
1,109
FW2466073.UP.FTS.B
,
30
.97
%
,
1/19/27
..
650
642
FW2465572.UP.FTS.B
,
30
.98
%
,
1/19/27
..
2,410
1,521
FW2466141.UP.FTS.B
,
32
%
,
1/19/27
....
4,064
4,014
FW1738592.UP.FTS.B
,
28
.44
%
,
2/20/27
..
3,772
3,715
L2635721.UP.FTS.B
,
6
%
,
2/22/27
.......
1,783
1,757
L2675715.UP.FTS.B
,
6
.52
%
,
2/22/27
....
5,236
5,023
FW2676020.UP.FTS.B
,
6
.82
%
,
2/22/27
...
3,994
3,832
FW2676337.UP.FTS.B
,
8
.57
%
,
2/22/27
...
6,436
6,251
FW2675837.UP.FTS.B
,
9
.42
%
,
2/22/27
...
3,781
3,673
FW2675651.UP.FTS.B
,
9
.54
%
,
2/22/27
...
3,687
3,583
FW2675315.UP.FTS.B
,
9
.86
%
,
2/22/27
...
15,531
15,097
FW2675769.UP.FTS.B
,
11
.04
%
,
2/22/27
..
18,746
18,218
FW2675417.UP.FTS.B
,
12
.04
%
,
2/22/27
..
4,744
4,612
FW2675303.UP.FTS.B
,
12
.76
%
,
2/22/27
..
8,454
8,220
L2676179.UP.FTS.B
,
13
.92
%
,
2/22/27
....
8,530
8,299
L2675483.UP.FTS.B
,
14
.22
%
,
2/22/27
....
2,624
2,553
L2675701.UP.FTS.B
,
15
.05
%
,
2/22/27
....
3,982
3,876
FW2675787.UP.FTS.B
,
15
.6
%
,
2/22/27
...
5,471
5,381
FW2676119.UP.FTS.B
,
15
.87
%
,
2/22/27
..
2,611
2,568
FW2674729.UP.FTS.B
,
15
.98
%
,
2/22/27
..
2,789
2,715
FW2675367.UP.FTS.B
,
16
.08
%
,
2/22/27
..
5,978
3,610
L2675286.UP.FTS.B
,
16
.53
%
,
2/22/27
....
9,135
8,987
FW2676101.UP.FTS.B
,
16
.63
%
,
2/22/27
..
6,372
6,270
FW2676275.UP.FTS.B
,
16
.64
%
,
2/22/27
..
13,222
7,959
FW2673151.UP.FTS.B
,
16
.69
%
,
2/22/27
..
2,927
2,880
L2676056.UP.FTS.B
,
17
.4
%
,
2/22/27
....
2,357
2,320
L2675889.UP.FTS.B
,
18
.95
%
,
2/22/27
....
31,151
18,830
FW2675506.UP.FTS.B
,
19
.13
%
,
2/22/27
..
6,516
6,390
FW2675598.UP.FTS.B
,
19
.23
%
,
2/22/27
..
3,599
3,530
L2676048.UP.FTS.B
,
19
.28
%
,
2/22/27
....
21,606
21,190
FW2675827.UP.FTS.B
,
19
.75
%
,
2/22/27
..
2,593
2,553
FW2675725.UP.FTS.B
,
19
.97
%
,
2/22/27
..
3,632
3,575
FW2676447.UP.FTS.B
,
21
.12
%
,
2/22/27
..
4,644
4,575
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2675752.UP.FTS.B
,
21
.22
%
,
2/22/27
....
$
2,152
$
154
L2676182.UP.FTS.B
,
21
.37
%
,
2/22/27
....
498
460
L2675531.UP.FTS.B
,
21
.9
%
,
2/22/27
....
9,758
9,576
L2675653.UP.FTS.B
,
22
.41
%
,
2/22/27
....
2,669
2,627
FW2674944.UP.FTS.B
,
22
.84
%
,
2/22/27
..
5,592
5,503
FW2675190.UP.FTS.B
,
23
.05
%
,
2/22/27
..
3,832
2,396
FW2675530.UP.FTS.B
,
23
.25
%
,
2/22/27
..
1,869
1,840
L2675554.UP.FTS.B
,
23
.55
%
,
2/22/27
....
6,245
6,149
FW2675485.UP.FTS.B
,
24
.08
%
,
2/22/27
..
2,830
1,774
FW2676351.UP.FTS.B
,
24
.32
%
,
2/22/27
..
3,693
847
FW2675911.UP.FTS.B
,
24
.61
%
,
2/22/27
..
1,892
1,864
L2676213.UP.FTS.B
,
25
.44
%
,
2/22/27
....
1,694
1,669
FW2676003.UP.FTS.B
,
25
.6
%
,
2/22/27
...
1,280
1,262
FW2675282.UP.FTS.B
,
26
.25
%
,
2/22/27
..
31,868
31,420
L2676015.UP.FTS.B
,
26
.95
%
,
2/22/27
....
610
599
FW2675720.UP.FTS.B
,
27
.06
%
,
2/22/27
..
2,125
2,096
FW2675330.UP.FTS.B
,
27
.13
%
,
2/22/27
..
2,126
2,097
FW2675561.UP.FTS.B
,
27
.52
%
,
2/22/27
..
4,653
4,591
FW2675991.UP.FTS.B
,
27
.58
%
,
2/22/27
..
1,706
400
FW2675198.UP.FTS.B
,
30
.64
%
,
2/22/27
..
4,591
4,536
FW2675958.UP.FTS.B
,
30
.93
%
,
2/22/27
..
930
915
FW2676100.UP.FTS.B
,
31
.11
%
,
2/22/27
..
1,152
1,133
FW2676065.UP.FTS.B
,
31
.64
%
,
2/22/27
..
6,570
4,167
FW2675468.UP.FTS.B
,
31
.91
%
,
2/22/27
..
5,157
5,098
FW2675534.UP.FTS.B
,
32
.24
%
,
2/22/27
..
5,975
5,908
FW2676248.UP.FTS.B
,
25
.38
%
,
3/05/27
..
2,169
2,138
L2057382.UP.FTS.B
,
22
.46
%
,
4/16/27
....
1,450
1,420
L2057372.UP.FTS.B
,
23
.63
%
,
4/16/27
....
4,710
2,892
FW2055364.UP.FTS.B
,
30
.66
%
,
4/16/27
..
5,435
789
FW2056081.UP.FTS.B
,
30
.81
%
,
4/16/27
..
1,378
1,362
L2980992.UP.FTS.B
,
5
.74
%
,
4/20/27
....
4,420
4,256
L2981847.UP.FTS.B
,
12
.88
%
,
4/20/27
....
5,782
5,645
FW2981800.UP.FTS.B
,
15
.54
%
,
4/20/27
..
12,254
7,224
L2981666.UP.FTS.B
,
17
.74
%
,
4/20/27
....
29,817
20,601
L2982362.UP.FTS.B
,
19
.25
%
,
4/20/27
....
1,381
1,365
FW2982412.UP.FTS.B
,
19
.87
%
,
4/20/27
..
7,647
7,542
FW2980149.UP.FTS.B
,
20
.02
%
,
4/20/27
..
3,559
3,517
FW2982427.UP.FTS.B
,
20
.52
%
,
4/20/27
..
15,095
14,787
FW2980976.UP.FTS.B
,
25
.24
%
,
4/20/27
..
9,729
9,637
FW2981812.UP.FTS.B
,
25
.87
%
,
4/20/27
..
2,148
2,127
L2981818.UP.FTS.B
,
25
.89
%
,
4/20/27
....
6,212
6,152
L2981438.UP.FTS.B
,
25
.94
%
,
4/20/27
....
2,018
1,999
FW2982630.UP.FTS.B
,
27
.01
%
,
4/20/27
..
2,235
2,215
FW2982476.UP.FTS.B
,
28
.13
%
,
4/20/27
..
20,502
20,327
FW2982596.UP.FTS.B
,
28
.27
%
,
4/20/27
..
1,027
1,018
FW2982248.UP.FTS.B
,
30
.44
%
,
4/20/27
..
3,592
850
FW2980005.UP.FTS.B
,
30
.65
%
,
4/20/27
..
1,028
1,021
FW2982470.UP.FTS.B
,
30
.66
%
,
4/20/27
..
1,604
1,592
FW2981459.UP.FTS.B
,
31
.69
%
,
4/20/27
..
6,606
6,561
L2981618.UP.FTS.B
,
6
.67
%
,
4/22/27
....
7,478
4,186
FW2982593.UP.FTS.B
,
14
.46
%
,
4/25/27
..
4,839
4,730
L2241971.UP.FTS.B
,
20
.32
%
,
5/13/27
....
2,444
973
L2242418.UP.FTS.B
,
25
.33
%
,
5/13/27
....
7,219
519
L2465861.UP.FTS.B
,
5
.83
%
,
6/19/27
....
16,448
3,123
FW2451492.UP.FTS.B
,
6
.07
%
,
6/19/27
...
27,744
26,503
FW2465871.UP.FTS.B
,
12
.64
%
,
6/19/27
..
5,561
5,391
L2465105.UP.FTS.B
,
22
.96
%
,
6/19/27
....
35,772
5,023
FW2464742.UP.FTS.B
,
26
.31
%
,
6/19/27
..
902
887
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.
118
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1739404.UP.FTS.B
,
26
.55
%
,
7/20/27
..
$
1,804
$
1,189
FW2676429.UP.FTS.B
,
14
.76
%
,
7/22/27
..
15,934
3,004
FW2676135.UP.FTS.B
,
19
.68
%
,
7/22/27
..
37,777
2,721
L2676160.UP.FTS.B
,
25
.17
%
,
7/22/27
....
9,238
9,093
FW2675109.UP.FTS.B
,
27
.79
%
,
7/22/27
..
5,283
3,193
FW2675392.UP.FTS.B
,
28
.93
%
,
7/22/27
..
1,599
113
L2465923.UP.FTS.B
,
24
.48
%
,
11/19/27
...
32,105
–
L2675381.UP.FTS.B
,
18
.91
%
,
12/22/27
...
10,398
10,058
L2982002.UP.FTS.B
,
25
.37
%
,
2/20/28
....
5,429
5,272
L1915199.UP.FTS.B
,
6
.41
%
,
10/25/34
....
1,013
1,001
FW1915250.UP.FTS.B
,
12
.04
%
,
10/25/34
.
1,679
1,658
L1914801.UP.FTS.B
,
12
.09
%
,
10/25/34
...
152
150
1,035,836
Total
Marketplace
Loans
(Cost
$
2,090,839
)
......
$1,797,164
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-119
At
September
30,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
September
30,
2024,
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
40
$
4,571,250
12/19/24
$
8,693
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
41
4,850,172
12/19/24
(
6,005
)
U.S.
Treasury
5
Year
Notes
.....................
Long
95
10,438,867
12/31/24
13,981
U.S.
Treasury
Long
Bonds
.....................
Short
25
3,104,688
12/19/24
4,650
U.S.
Treasury
Ultra
Bonds
......................
Long
8
1,064,750
12/19/24
(
2,012
)
Total
Futures
Contracts
......................................................................
$19,307
*
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
109,000,000
738,933
10/04/24
$
19,638
$
—
Japanese
Yen
......
JPHQ
Sell
109,000,000
695,676
10/04/24
—
(
62,895
)
Euro
.............
JPHQ
Sell
930,000
1,029,199
10/23/24
—
(
7,120
)
Euro
.............
JPHQ
Sell
370,000
412,416
11/22/24
—
(
363
)
Columbian
Peso
....
JPHQ
Sell
5,400,000,000
1,308,535
2/18/25
44,687
—
Total
Forward
Exchange
Contracts
...................................................
$64,325
$(70,378)
Net
unrealized
appreciation
(depreciation)
............................................
$(6,053)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)
(d)
Traded
Index
CDX.NA.HY.41
.
5.00%
Quarterly
12/20/28
7,750,000
$
603,093
$
(
2,360
)
$
605,453
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$603,093
$(2,360)
$605,453
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-120
See
Abbreviations
on
page
173
.
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
780,000
$
(
2,038
)
$
(
76,810
)
$
74,772
BB
Traded
Index
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
1,700,000
21,151
(
4,439
)
25,590
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$19,113
$(81,249)
$100,362
Total
Credit
Default
Swap
Contracts
....................................
$622,206
$
(
83,609
)
$705,815
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Franklin
U.S.
Government
Securities
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
0.7%
Oil,
Gas
&
Consumable
Fuels
0.7%
Reliance
Industries
Ltd.
,
Senior
Bond
,
2.512
%
,
1/15/26
........................
India
1,968,750
$
1,935,317
Senior
Note
,
1.87
%
,
1/15/26
.........................
India
1,105,263
1,083,394
Senior
Note
,
2.06
%
,
1/15/26
.........................
India
937,500
919,637
3,938,348
Total
Corporate
Bonds
(Cost
$
3,989,804
)
.....................................
3,938,348
Foreign
Government
and
Agency
Securities
0.1%
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
.........
Mexico
329,000
323,464
Total
Foreign
Government
and
Agency
Securities
(Cost
$
324,897
)
..............
323,464
U.S.
Government
and
Agency
Securities
13.8%
FHLB
,
2.625
%,
9/12/25
...............................
United
States
10,000,000
9,865,977
U.S.
International
Development
Finance
Corp.
(The)
,
4.01
%,
5/15/30
.........................................
United
States
1,080,000
1,077,713
U.S.
Treasury
Notes
,
2.25
%,
8/15/27
...................................
United
States
34,040,000
32,818,018
4
%,
7/31/29
......................................
United
States
24,000,000
24,460,313
0.625
%,
8/15/30
...................................
United
States
8,500,000
7,165,068
Total
U.S.
Government
and
Agency
Securities
(Cost
$
78,662,819
)
...............
75,387,089
Mortgage-Backed
Securities
77.8%
a
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.7%
FHLMC
,
7.06
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
.
United
States
43,454
44,585
FHLMC
,
6.478
%
-
7.535
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
3/01/36
-
4/01/40
........
United
States
3,476,608
3,569,635
3,614,220
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
10.7%
FHLMC
Gold
Pool,
15
Year
,
4.5
%,
3/01/25
-
4/01/25
.........
United
States
9,376
9,408
FHLMC
Gold
Pool,
20
Year
,
3.5
%,
3/01/32
................
United
States
772,497
759,996
FHLMC
Gold
Pool,
30
Year
,
3
%,
5/01/43
..................
United
States
128,188
119,070
FHLMC
Gold
Pool,
30
Year
,
3.5
%,
5/01/43
................
United
States
20,827
19,916
FHLMC
Gold
Pool,
30
Year
,
4
%,
9/01/40
-
12/01/41
..........
United
States
1,994,895
1,973,451
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
5/01/40
-
7/01/41
.........
United
States
579,999
587,012
FHLMC
Gold
Pool,
30
Year
,
5
%,
9/01/33
-
4/01/40
...........
United
States
1,796,684
1,851,152
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
7/01/33
-
5/01/38
.........
United
States
340,373
351,772
FHLMC
Gold
Pool,
30
Year
,
6
%,
7/01/28
-
8/01/35
...........
United
States
317,912
328,870
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
5/01/29
-
5/01/35
.........
United
States
83,932
87,593
FHLMC
Gold
Pool,
30
Year
,
7
%,
2/01/31
-
9/01/31
...........
United
States
25,803
26,856
FHLMC
Gold
Pool,
30
Year
,
8.5
%,
7/01/31
................
United
States
40,841
43,545
FHLMC
Pool,
30
Year
,
2
%,
1/01/51
......................
United
States
4,248,781
3,565,637
FHLMC
Pool,
30
Year
,
4
%,
11/01/45
.....................
United
States
7,079,961
6,915,646
FHLMC
Pool,
30
Year
,
4.5
%,
1/01/49
.....................
United
States
2,128,740
2,139,849
FHLMC
Pool,
30
Year
,
4.5
%,
10/01/52
....................
United
States
13,867,551
13,637,475
FHLMC
Pool,
30
Year
,
5
%,
12/01/52
.....................
United
States
13,416,059
13,432,773
FHLMC
Pool,
30
Year
,
5.5
%,
1/01/53
.....................
United
States
13,035,668
13,201,122
59,051,143
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
1.8%
FNMA
,
4.49
%
-
5.864
%,
(
COFI
11th
District
+/-
MBS
Margin),
6/01/26
-
11/01/36
.................................
United
States
18,366
18,173
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
a
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
(continued)
FNMA
,
7.256
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
....................
United
States
3,117,575
$
3,217,779
FNMA
,
5.868
%
-
7.471
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
......................
United
States
108,064
109,586
FNMA
,
5.845
%
-
7.674
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
8/01/25
-
3/01/37
United
States
173,791
175,004
FNMA
,
5.795
%
-
7.754
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
1/01/32
-
4/01/41
........
United
States
4,447,076
4,561,543
FNMA
,
3.884
%
-
8.043
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
10/01/25
-
12/01/40
................................
United
States
1,976,617
2,040,330
10,122,415
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
20.0%
FNMA
,
2.64
%,
7/01/25
...............................
United
States
2,206,969
2,171,835
FNMA
,
2.77
%,
4/01/25
...............................
United
States
3,500,000
3,455,595
FNMA
,
3.28
%,
7/01/27
...............................
United
States
4,000,000
3,926,901
FNMA
,
5.5
%,
4/01/34
................................
United
States
252,948
259,588
FNMA,
15
Year
,
2
%,
9/01/35
...........................
United
States
1,806,145
1,667,504
FNMA,
15
Year
,
3
%,
9/01/37
...........................
United
States
10,422,497
9,997,407
FNMA,
15
Year
,
5.5
%,
1/01/25
.........................
United
States
86
86
FNMA,
30
Year
,
2.5
%,
8/01/51
.........................
United
States
8,429,165
7,323,413
FNMA,
30
Year
,
2.5
%,
9/01/51
.........................
United
States
18,661,209
16,266,811
FNMA,
30
Year
,
2.5
%,
11/01/51
.........................
United
States
4,315,528
3,743,372
FNMA,
30
Year
,
2.5
%,
12/01/51
.........................
United
States
5,896,685
5,135,199
FNMA,
30
Year
,
2.5
%,
2/01/52
.........................
United
States
7,761,573
6,718,991
FNMA,
30
Year
,
3
%,
12/01/42
..........................
United
States
46,866
43,700
FNMA,
30
Year
,
3
%,
7/01/51
...........................
United
States
3,652,067
3,309,301
FNMA,
30
Year
,
3
%,
9/01/51
...........................
United
States
3,131,542
2,829,224
FNMA,
30
Year
,
3.5
%,
7/01/45
.........................
United
States
8,274,347
7,838,614
FNMA,
30
Year
,
4
%,
1/01/41
-
8/01/41
....................
United
States
1,945,391
1,923,636
FNMA,
30
Year
,
4
%,
9/01/52
...........................
United
States
14,043,938
13,497,957
FNMA,
30
Year
,
4.5
%,
8/01/40
-
6/01/41
..................
United
States
1,779,903
1,797,523
FNMA,
30
Year
,
5
%,
3/01/34
-
7/01/41
....................
United
States
1,144,696
1,178,023
FNMA,
30
Year
,
5.5
%,
12/01/32
-
8/01/35
.................
United
States
762,240
787,724
FNMA,
30
Year
,
5.5
%,
3/01/54
.........................
United
States
3,694,534
3,739,196
FNMA,
30
Year
,
6
%,
6/01/29
-
8/01/38
....................
United
States
554,722
574,540
FNMA,
30
Year
,
6
%,
8/01/53
...........................
United
States
10,782,800
11,029,005
FNMA,
30
Year
,
6.5
%,
12/01/29
-
9/01/36
.................
United
States
77,577
81,086
FNMA,
30
Year
,
7.5
%,
8/01/25
.........................
United
States
173
172
FNMA,
30
Year
,
9
%,
10/01/26
..........................
United
States
14,828
14,873
109,311,276
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
44.6%
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................
United
States
6,314,967
6,452,703
GNMA
I,
30
Year
,
5.5
%,
3/15/32
-
2/15/38
.................
United
States
188,088
194,712
GNMA
I,
30
Year
,
6
%,
7/15/29
-
11/15/38
..................
United
States
147,629
154,408
GNMA
I,
30
Year
,
6.5
%,
12/15/28
-
1/15/33
................
United
States
65,464
68,168
GNMA
I,
30
Year
,
7
%,
12/15/28
.........................
United
States
2,868
2,958
GNMA
I,
30
Year
,
7.5
%,
12/15/31
-
8/15/33
................
United
States
51,660
54,632
GNMA
I,
Single-family,
30
Year
,
3
%,
7/15/42
...............
United
States
194,721
182,030
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......
United
States
2,898,074
2,851,549
GNMA
I,
Single-family,
30
Year
,
4.5
%,
1/15/39
-
6/15/41
......
United
States
4,339,370
4,393,522
GNMA
I,
Single-family,
30
Year
,
5.5
%,
1/15/29
-
10/15/39
......
United
States
1,401,026
1,449,107
GNMA
I,
Single-family,
30
Year
,
6
%,
3/15/29
-
9/15/38
........
United
States
565,963
587,387
GNMA
I,
Single-family,
30
Year
,
6.5
%,
2/15/26
-
5/15/37
......
United
States
261,777
270,540
GNMA
I,
Single-family,
30
Year
,
7
%,
12/15/25
-
9/15/31
.......
United
States
20,255
20,724
GNMA
I,
Single-family,
30
Year
,
7.5
%,
11/15/26
-
2/15/27
......
United
States
850
854
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
I,
Single-family,
30
Year
,
8.5
%,
12/15/24
.............
United
States
5
$
5
GNMA
II,
Single-family,
30
Year
,
2
%,
10/20/50
..............
United
States
6,392,349
5,429,308
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............
United
States
4,535,544
3,848,531
GNMA
II,
Single-family,
30
Year
,
2
%,
12/20/51
..............
United
States
10,137,518
8,601,868
GNMA
II,
Single-family,
30
Year
,
2
%,
3/20/52
...............
United
States
6,445,711
5,471,327
GNMA
II,
Single-family,
30
Year
,
2.5
%,
6/20/51
.............
United
States
9,982,084
8,797,577
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............
United
States
4,224,719
3,726,722
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............
United
States
28,349,049
25,000,235
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............
United
States
9,343,616
8,237,687
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/42
-
9/20/45
......
United
States
2,739,502
2,542,954
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............
United
States
5,156,198
4,774,382
GNMA
II,
Single-family,
30
Year
,
3
%,
7/20/51
...............
United
States
14,043,301
12,819,022
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............
United
States
5,453,774
4,978,802
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
...............
United
States
13,455,664
12,281,148
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/51
..............
United
States
14,693,106
13,413,405
GNMA
II,
Single-family,
30
Year
,
3
%,
11/20/51
..............
United
States
17,215,034
15,707,096
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............
United
States
5,618,255
5,387,918
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/42
............
United
States
3,417,835
3,277,882
GNMA
II,
Single-family,
30
Year
,
3.5
%,
12/20/42
............
United
States
2,676,891
2,567,278
GNMA
II,
Single-family,
30
Year
,
3.5
%,
1/20/43
.............
United
States
4,579,859
4,392,459
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/47
.............
United
States
8,308,243
7,895,041
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............
United
States
13,857,477
13,142,568
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
-
10/20/47
.....
United
States
10,528,011
10,088,325
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
............
United
States
3,737,361
3,545,715
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/39
-
2/20/44
.......
United
States
6,050,532
5,991,244
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/39
-
10/20/44
....
United
States
8,203,433
8,297,960
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
6/20/44
.......
United
States
3,298,596
3,388,655
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/34
-
6/20/38
......
United
States
1,354,105
1,407,370
GNMA
II,
Single-family,
30
Year
,
5.5
%,
3/20/54
.............
United
States
5,418,173
5,473,308
GNMA
II,
Single-family,
30
Year
,
6
%,
4/20/28
-
7/20/39
.......
United
States
881,680
925,910
GNMA
II,
Single-family,
30
Year
,
6
%,
7/20/54
...............
United
States
10,703,354
10,892,157
GNMA
II,
Single-family,
30
Year
,
6.5
%,
12/20/27
-
4/20/32
.....
United
States
106,515
110,847
GNMA
II,
Single-family,
30
Year
,
6.5
%,
7/20/54
.............
United
States
5,305,855
5,433,954
GNMA
II,
Single-family,
30
Year
,
7
%,
5/20/32
...............
United
States
2,660
2,820
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/25
-
11/20/26
....
United
States
3,167
3,185
GNMA
II,
Single-family,
30
Year
,
8
%,
8/20/26
...............
United
States
457
463
244,538,422
Total
Mortgage-Backed
Securities
(Cost
$
465,601,135
)
.........................
426,637,476
Total
Long
Term
Investments
(Cost
$
548,578,655
)
.............................
506,286,377
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
See
Abbreviations
on
page
173
.
Short
Term
Investments
7.3%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
7.3%
b
Joint
Repurchase
Agreement
,
4.809
%
,
10/01/24
(Maturity
Value
$
39,793,787
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$5,520,592)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$14,398,984)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$19,874,211)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
5/15/27
-
8/20/64;
U.S.
Government
Agency
Strips,
3/15/27
-
2/15/49;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/27;
and
U.S.
Treasury
Notes,
3.75%,
12/31/28
(valued
at
$
40,587,715
)
.....................................
39,788,471
$
39,788,471
Total
Repurchase
Agreements
(Cost
$
39,788,471
)
.............................
39,788,471
Total
Short
Term
Investments
(Cost
$
39,788,471
)
..............................
39,788,471
a
Total
Investments
(Cost
$
588,367,126
)
99.7
%
.................................
$546,074,848
Other
Assets,
less
Liabilities
0.3
%
...........................................
1,964,400
Net
Assets
100.0%
.........................................................
$548,039,248
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
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).
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Franklin
VolSmart
Allocation
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
a
a
Shares
a
Value
a
Common
Stocks
65.5%
Aerospace
&
Defense
1.6%
Curtiss-Wright
Corp.
.................................................
177
$
58,178
General
Dynamics
Corp.
..............................................
3,091
934,100
Howmet
Aerospace,
Inc.
..............................................
1,222
122,505
Lockheed
Martin
Corp.
...............................................
428
250,192
RTX
Corp.
........................................................
9,274
1,123,638
2,488,613
Air
Freight
&
Logistics
0.4%
CH
Robinson
Worldwide,
Inc.
..........................................
539
59,489
United
Parcel
Service,
Inc.,
B
..........................................
4,035
550,132
609,621
Automobiles
0.4%
General
Motors
Co.
..................................................
3,771
169,092
a
Tesla,
Inc.
.........................................................
1,877
491,079
660,171
Banks
1.4%
Citigroup,
Inc.
......................................................
8,151
510,252
Citizens
Financial
Group,
Inc.
..........................................
1,643
67,478
JPMorgan
Chase
&
Co.
...............................................
7,116
1,500,480
2,078,210
Beverages
0.6%
Coca-Cola
Consolidated,
Inc.
..........................................
41
53,972
PepsiCo,
Inc.
......................................................
4,755
808,588
862,560
Biotechnology
2.2%
AbbVie,
Inc.
.......................................................
7,868
1,553,773
Amgen,
Inc.
.......................................................
2,276
733,350
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
450
473,058
a
United
Therapeutics
Corp.
.............................................
181
64,861
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,131
526,005
3,351,047
Broadline
Retail
1.1%
a
Amazon.com,
Inc.
...................................................
8,328
1,551,756
eBay,
Inc.
.........................................................
1,624
105,739
Macy's,
Inc.
........................................................
3,606
56,578
1,714,073
Building
Products
1.4%
Armstrong
World
Industries,
Inc.
........................................
442
58,092
Carlisle
Cos.,
Inc.
...................................................
1,744
784,364
Johnson
Controls
International
plc
.......................................
9,650
748,937
Lennox
International,
Inc.
.............................................
150
90,644
Masco
Corp.
.......................................................
892
74,874
Owens
Corning
.....................................................
374
66,018
Trane
Technologies
plc
...............................................
903
351,023
2,173,952
Capital
Markets
1.7%
Charles
Schwab
Corp.
(The)
...........................................
7,250
469,873
Evercore,
Inc.,
A
....................................................
228
57,762
Goldman
Sachs
Group,
Inc.
(The)
.......................................
586
290,134
Janus
Henderson
Group
plc
...........................................
1,498
57,029
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
65.5%
(continued)
Capital
Markets
(continued)
Jefferies
Financial
Group,
Inc.
..........................................
941
$
57,919
Moody's
Corp.
......................................................
682
323,670
Morgan
Stanley
.....................................................
4,910
511,818
Nasdaq,
Inc.
.......................................................
11,415
833,409
2,601,614
Chemicals
2.3%
Air
Products
and
Chemicals,
Inc.
........................................
1,965
585,059
CF
Industries
Holdings,
Inc.
...........................................
742
63,664
Eastman
Chemical
Co.
...............................................
572
64,035
Ecolab,
Inc.
........................................................
2,740
699,604
Linde
plc
..........................................................
3,145
1,499,725
LyondellBasell
Industries
NV,
A
.........................................
1,090
104,531
NewMarket
Corp.
...................................................
97
53,533
Sherwin-Williams
Co.
(The)
............................................
991
378,235
3,448,386
Commercial
Services
&
Supplies
1.1%
Cintas
Corp.
.......................................................
5,161
1,062,547
a
Clean
Harbors,
Inc.
..................................................
233
56,318
Republic
Services,
Inc.,
A
.............................................
827
166,094
Rollins,
Inc.
........................................................
1,103
55,790
Waste
Management,
Inc.
..............................................
1,733
359,771
1,700,520
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
.................................................
1,168
448,302
Juniper
Networks,
Inc.
................................................
1,422
55,430
Motorola
Solutions,
Inc.
...............................................
669
300,802
804,534
Construction
&
Engineering
0.1%
Comfort
Systems
USA,
Inc.
............................................
155
60,505
EMCOR
Group,
Inc.
.................................................
140
60,274
MDU
Resources
Group,
Inc.
...........................................
2,298
62,988
183,767
Construction
Materials
0.1%
CRH
plc
..........................................................
1,969
182,605
Consumer
Finance
0.1%
Synchrony
Financial
.................................................
1,940
96,767
Consumer
Staples
Distribution
&
Retail
2.4%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................................
711
58,643
Casey's
General
Stores,
Inc.
...........................................
705
264,876
Costco
Wholesale
Corp.
..............................................
1,046
927,300
Target
Corp.
.......................................................
3,325
518,235
Walmart,
Inc.
......................................................
22,807
1,841,665
3,610,719
Containers
&
Packaging
0.2%
Amcor
plc
.........................................................
4,888
55,381
Graphic
Packaging
Holding
Co.
.........................................
1,884
55,748
International
Paper
Co.
...............................................
1,350
65,947
Packaging
Corp.
of
America
...........................................
360
77,544
254,620
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
65.5%
(continued)
Diversified
Consumer
Services
0.1%
a
Grand
Canyon
Education,
Inc.
..........................................
385
$
54,612
H&R
Block,
Inc.
.....................................................
880
55,924
110,536
Diversified
Telecommunication
Services
0.9%
AT&T,
Inc.
.........................................................
26,565
584,430
Verizon
Communications,
Inc.
..........................................
16,776
753,410
1,337,840
Electric
Utilities
0.5%
Entergy
Corp.
......................................................
612
80,545
NextEra
Energy,
Inc.
.................................................
5,200
439,556
NRG
Energy,
Inc.
...................................................
716
65,228
Southern
Co.
(The)
..................................................
1,897
171,071
756,400
Electrical
Equipment
0.5%
Acuity
Brands,
Inc.
..................................................
225
61,963
nVent
Electric
plc
...................................................
9,525
669,226
731,189
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.,
A
..................................................
5,005
326,126
Avnet,
Inc.
........................................................
1,062
57,677
Corning,
Inc.
.......................................................
2,427
109,579
TD
SYNNEX
Corp.
..................................................
475
57,038
550,420
Entertainment
0.1%
a
Spotify
Technology
SA
................................................
258
95,081
a
Financial
Services
1.9%
a
Berkshire
Hathaway,
Inc.,
B
............................................
1,334
613,987
Mastercard,
Inc.,
A
..................................................
1,946
960,935
MGIC
Investment
Corp.
...............................................
2,191
56,089
Visa,
Inc.,
A
........................................................
4,365
1,200,157
Western
Union
Co.
(The)
..............................................
4,530
54,043
2,885,211
Food
Products
0.8%
Ingredion,
Inc.
......................................................
414
56,896
Kellanova
.........................................................
687
55,448
McCormick
&
Co.,
Inc.
...............................................
5,035
414,380
Mondelez
International,
Inc.,
A
..........................................
8,900
655,663
a
Pilgrim's
Pride
Corp.
.................................................
1,201
55,306
1,237,693
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
................................................
935
56,670
UGI
Corp.
.........................................................
2,222
55,595
112,265
Ground
Transportation
0.3%
JB
Hunt
Transport
Services,
Inc.
........................................
1,980
341,213
Ryder
System,
Inc.
..................................................
381
55,550
396,763
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
65.5%
(continued)
Health
Care
Equipment
&
Supplies
3.3%
Abbott
Laboratories
..................................................
6,950
$
792,369
Becton
Dickinson
&
Co.
...............................................
3,370
812,507
a
Boston
Scientific
Corp.
...............................................
5,286
442,967
a
Intuitive
Surgical,
Inc.
................................................
1,392
683,848
ResMed,
Inc.
......................................................
319
77,874
STERIS
plc
........................................................
1,200
291,048
Stryker
Corp.
......................................................
5,291
1,911,427
5,012,040
Health
Care
Providers
&
Services
1.9%
Chemed
Corp.
.....................................................
94
56,491
Cigna
Group
(The)
..................................................
999
346,093
a
DaVita,
Inc.
........................................................
361
59,179
Elevance
Health,
Inc.
................................................
407
211,640
Encompass
Health
Corp.
.............................................
585
56,534
HCA
Healthcare,
Inc.
.................................................
828
336,524
Quest
Diagnostics,
Inc.
...............................................
355
55,114
a
Tenet
Healthcare
Corp.
...............................................
429
71,300
UnitedHealth
Group,
Inc.
..............................................
2,863
1,673,939
Universal
Health
Services,
Inc.,
B
.......................................
288
65,955
2,932,769
Health
Care
REITs
0.0%
â€
Omega
Healthcare
Investors,
Inc.
.......................................
1,399
56,939
Hotel
&
Resort
REITs
0.0%
â€
Park
Hotels
&
Resorts,
Inc.
............................................
3,871
54,581
Hotels,
Restaurants
&
Leisure
1.5%
Booking
Holdings,
Inc.
...............................................
135
568,636
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................................
5,467
315,009
Domino's
Pizza,
Inc.
.................................................
140
60,220
Hilton
Worldwide
Holdings,
Inc.
.........................................
753
173,566
McDonald's
Corp.
...................................................
2,955
899,827
Royal
Caribbean
Cruises
Ltd.
..........................................
421
74,669
Texas
Roadhouse,
Inc.,
A
.............................................
327
57,748
Travel
+
Leisure
Co.
.................................................
1,320
60,826
Wingstop,
Inc.
......................................................
154
64,076
2,274,577
Household
Durables
0.6%
DR
Horton,
Inc.
.....................................................
1,347
256,967
Garmin
Ltd.
........................................................
685
120,581
Lennar
Corp.,
A
.....................................................
1,029
192,917
Lennar
Corp.,
B
....................................................
333
57,589
a
NVR,
Inc.
.........................................................
14
137,365
PulteGroup,
Inc.
....................................................
990
142,095
Toll
Brothers,
Inc.
...................................................
501
77,399
984,913
Household
Products
1.1%
Colgate-Palmolive
Co.
...............................................
7,659
795,081
Kimberly-Clark
Corp.
.................................................
596
84,799
Procter
&
Gamble
Co.
(The)
...........................................
5,100
883,320
1,763,200
Industrial
Conglomerates
0.5%
Honeywell
International,
Inc.
...........................................
4,105
848,545
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
65.5%
(continued)
Insurance
0.9%
Aflac,
Inc.
.........................................................
1,165
$
130,247
a
Arch
Capital
Group
Ltd.
...............................................
1,507
168,603
Axis
Capital
Holdings
Ltd.
.............................................
694
55,249
Chubb
Ltd.
........................................................
1,098
316,652
Erie
Indemnity
Co.,
A
.................................................
930
502,033
Hartford
Financial
Services
Group,
Inc.
(The)
..............................
934
109,848
Lincoln
National
Corp.
................................................
1,758
55,395
Reinsurance
Group
of
America,
Inc.
.....................................
282
61,439
1,399,466
Interactive
Media
&
Services
2.3%
Alphabet,
Inc.,
A
....................................................
6,651
1,103,068
Alphabet,
Inc.,
C
....................................................
5,605
937,100
Meta
Platforms,
Inc.,
A
...............................................
2,533
1,449,991
3,490,159
IT
Services
1.4%
Accenture
plc,
A
....................................................
3,310
1,170,019
Cognizant
Technology
Solutions
Corp.,
A
..................................
1,823
140,699
International
Business
Machines
Corp.
...................................
3,578
791,024
2,101,742
Life
Sciences
Tools
&
Services
0.8%
Danaher
Corp.
.....................................................
1,995
554,650
a
Medpace
Holdings,
Inc.
...............................................
173
57,748
West
Pharmaceutical
Services,
Inc.
......................................
1,995
598,819
1,211,217
Machinery
1.6%
Allison
Transmission
Holdings,
Inc.
......................................
596
57,258
Caterpillar,
Inc.
.....................................................
1,913
748,212
Cummins,
Inc.
......................................................
416
134,697
Donaldson
Co.,
Inc.
.................................................
3,770
277,849
Dover
Corp.
.......................................................
3,160
605,898
PACCAR,
Inc.
......................................................
2,272
224,201
Parker-Hannifin
Corp.
................................................
441
278,633
Westinghouse
Air
Brake
Technologies
Corp.
...............................
492
89,431
2,416,179
Marine
Transportation
0.0%
â€
a
Kirby
Corp.
........................................................
467
57,175
a
Media
0.1%
Fox
Corp.,
A
.......................................................
1,348
57,061
Fox
Corp.,
B
.......................................................
1,456
56,493
Omnicom
Group,
Inc.
................................................
557
57,588
171,142
Metals
&
Mining
0.1%
Royal
Gold,
Inc.
....................................................
395
55,418
Southern
Copper
Corp.
...............................................
556
64,313
Steel
Dynamics,
Inc.
.................................................
659
83,087
202,818
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
â€
Rithm
Capital
Corp.
..................................................
5,000
56,750
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Shares
a
Value
a
Common
Stocks
65.5%
(continued)
Multi-Utilities
0.1%
Public
Service
Enterprise
Group,
Inc.
....................................
1,407
$
125,518
Office
REITs
0.1%
Cousins
Properties,
Inc.
..............................................
1,970
58,075
Highwoods
Properties,
Inc.
............................................
1,745
58,475
Kilroy
Realty
Corp.
..................................................
1,561
60,411
176,961
Oil,
Gas
&
Consumable
Fuels
1.3%
APA
Corp.
.........................................................
2,061
50,412
Chevron
Corp.
.....................................................
3,375
497,036
Civitas
Resources,
Inc.
...............................................
938
47,529
Devon
Energy
Corp.
.................................................
1,273
49,800
Diamondback
Energy,
Inc.
.............................................
629
108,440
DT
Midstream,
Inc.
..................................................
702
55,219
EOG
Resources,
Inc.
................................................
3,175
390,303
Exxon
Mobil
Corp.
...................................................
6,370
746,691
Texas
Pacific
Land
Corp.
..............................................
64
56,623
Viper
Energy,
Inc.,
A
.................................................
1,175
53,004
2,055,057
Passenger
Airlines
0.1%
Delta
Air
Lines,
Inc.
..................................................
1,749
88,832
Pharmaceuticals
2.2%
Eli
Lilly
&
Co.
......................................................
1,030
912,518
Johnson
&
Johnson
.................................................
10,131
1,641,830
Merck
&
Co.,
Inc.
...................................................
7,125
809,115
Organon
&
Co.
.....................................................
2,718
51,995
3,415,458
Professional
Services
0.2%
a
CACI
International,
Inc.,
A
.............................................
114
57,520
Genpact
Ltd.
.......................................................
1,421
55,717
Leidos
Holdings,
Inc.
.................................................
606
98,778
SS&C
Technologies
Holdings,
Inc.
.......................................
746
55,361
267,376
Residential
REITs
0.1%
AvalonBay
Communities,
Inc.
..........................................
246
55,412
Essex
Property
Trust,
Inc.
.............................................
219
64,697
120,109
Retail
REITs
0.3%
Agree
Realty
Corp.
..................................................
758
57,100
NNN
REIT,
Inc.
.....................................................
1,179
57,170
Realty
Income
Corp.
.................................................
1,534
97,286
Simon
Property
Group,
Inc.
............................................
1,467
247,952
459,508
Semiconductors
&
Semiconductor
Equipment
7.4%
Analog
Devices,
Inc.
.................................................
5,854
1,347,415
Applied
Materials,
Inc.
................................................
3,175
641,509
Broadcom,
Inc.
.....................................................
12,399
2,138,828
a
Cirrus
Logic,
Inc.
....................................................
390
48,442
KLA
Corp.
.........................................................
615
476,262
Lam
Research
Corp.
.................................................
530
432,522
Microchip
Technology,
Inc.
............................................
2,017
161,945
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Shares
a
Value
a
Common
Stocks
65.5%
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Monolithic
Power
Systems,
Inc.
.........................................
88
$
81,356
NVIDIA
Corp.
......................................................
26,690
3,241,234
QUALCOMM,
Inc.
...................................................
4,175
709,959
Skyworks
Solutions,
Inc.
..............................................
690
68,151
Teradyne,
Inc.
......................................................
466
62,411
Texas
Instruments,
Inc.
...............................................
9,142
1,888,463
11,298,497
Software
6.6%
a
AppLovin
Corp.,
A
...................................................
798
104,179
a
Fair
Isaac
Corp.
....................................................
43
83,571
Microsoft
Corp.
.....................................................
16,835
7,244,100
Oracle
Corp.
.......................................................
6,124
1,043,530
Roper
Technologies,
Inc.
..............................................
2,870
1,596,983
10,072,363
Specialized
REITs
0.4%
EPR
Properties
.....................................................
1,176
57,671
Extra
Space
Storage,
Inc.
.............................................
368
66,310
Gaming
and
Leisure
Properties,
Inc.
.....................................
1,072
55,155
Iron
Mountain,
Inc.
..................................................
886
105,283
Lamar
Advertising
Co.,
A
..............................................
449
59,986
Public
Storage
.....................................................
630
229,238
VICI
Properties,
Inc.,
A
...............................................
1,853
61,724
635,367
Specialty
Retail
1.7%
Best
Buy
Co.,
Inc.
...................................................
755
77,991
Dick's
Sporting
Goods,
Inc.
............................................
284
59,271
Gap,
Inc.
(The)
.....................................................
2,507
55,279
Lowe's
Cos.,
Inc.
....................................................
3,110
842,344
Murphy
USA,
Inc.
...................................................
106
52,244
Ross
Stores,
Inc.
...................................................
5,140
773,621
TJX
Cos.,
Inc.
(The)
.................................................
4,507
529,753
Tractor
Supply
Co.
..................................................
307
89,316
Williams-Sonoma,
Inc.
...............................................
676
104,726
2,584,545
Technology
Hardware,
Storage
&
Peripherals
3.7%
Apple,
Inc.
........................................................
22,037
5,134,621
Dell
Technologies,
Inc.,
C
.............................................
781
92,580
Hewlett
Packard
Enterprise
Co.
.........................................
5,272
107,865
HP,
Inc.
...........................................................
4,314
154,743
NetApp,
Inc.
.......................................................
1,064
131,415
5,621,224
Textiles,
Apparel
&
Luxury
Goods
0.4%
Carter's,
Inc.
.......................................................
848
55,103
a
Crocs,
Inc.
........................................................
394
57,055
a
Deckers
Outdoor
Corp.
...............................................
723
115,282
NIKE,
Inc.,
B
.......................................................
3,720
328,848
Ralph
Lauren
Corp.,
A
................................................
326
63,202
619,490
Tobacco
0.5%
Altria
Group,
Inc.
....................................................
8,572
437,515
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Shares
a
Value
a
Common
Stocks
65.5%
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.
.........................................
3,075
$
373,305
810,820
Trading
Companies
&
Distributors
0.9%
Fastenal
Co.
.......................................................
2,377
169,765
United
Rentals,
Inc.
..................................................
263
212,959
Watsco,
Inc.
.......................................................
135
66,404
WW
Grainger,
Inc.
...................................................
933
969,210
1,418,338
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.
...................................................
1,393
287,460
Total
Common
Stocks
(Cost
$53,008,255)
......................................
100,126,312
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
31.9%
Domestic
Fixed
Income
23.5%
b
Franklin
U.S.
Core
Bond
ETF
..........................................
1,098,750
24,183,487
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,230,590
11,752,138
35,935,625
Domestic
Hybrid
8.4%
b
Franklin
Income
VIP
Fund,
Class
1
......................................
833,455
12,935,224
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$55,087,834)
................................................................
48,870,849
Total
Long
Term
Investments
(Cost
$108,096,089)
...............................
148,997,161
a
a
a
a
a
Short
Term
Investments
2.5%
a
Money
Market
Funds
2.5%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
...................
3,822,426
3,822,426
Total
Money
Market
Funds
(Cost
$3,822,426)
...................................
3,822,426
Total
Short
Term
Investments
(Cost
$3,822,426)
.................................
3,822,426
a
Total
Investments
(Cost
$111,918,515)
99.9%
...................................
$152,819,587
Other
Assets,
less
Liabilities
0.1%
.............................................
92,888
Net
Assets
100.0%
...........................................................
$152,912,475
â€
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
At
September
30,
2024,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
Dynamic
VIX
Backwardation
(BEFSDVB1
Index)
..
—
Monthly
BZWS
11/26/24
4,000,000
$
(988)
Total
Return
Swap
Contracts
....................................................................
$(988)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Templeton
Developing
Markets
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.3%
Brazil
2.1%
a
Hypera
SA
.....................
Pharmaceuticals
172,948
$
832,555
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
875,989
725,061
TOTVS
SA
.....................
Software
203,937
1,068,940
Vale
SA
........................
Metals
&
Mining
272,323
3,174,136
5,800,692
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,089,238
517,661
Chile
0.8%
Banco
Santander
Chile
,
ADR
.......
Banks
113,339
2,352,918
China
24.6%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
922,912
12,264,378
b
Alibaba
Group
Holding
Ltd.
,
ADR
....
Broadline
Retail
8,158
865,727
a
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
272,655
3,584,763
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
A
...........
Construction
Materials
395,900
765,028
c
Budweiser
Brewing
Co.
APAC
Ltd.
,
144A
,
Reg
S
..................
Beverages
3,184,391
4,202,195
China
Merchants
Bank
Co.
Ltd.
,
H
....
Banks
937,444
4,542,730
China
Resources
Building
Materials
Technology
Holdings
Ltd.
.........
Construction
Materials
2,307,037
641,822
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,048,422
632,367
a,b
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
53,817
1,096,252
c
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
529,539
314,109
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
A
....................
Chemicals
356,063
926,602
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
836,125
1,694,085
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
668,340
981,810
JD.com,
Inc.
,
A
..................
Broadline
Retail
11,027
221,178
a,c
Kuaishou
Technology
,
144A
,
Reg
S
...
Interactive
Media
&
Services
401,820
2,761,014
NetEase,
Inc.
...................
Entertainment
120,793
2,256,380
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
501,906
3,151,734
Prosus
NV
.....................
Broadline
Retail
266,020
11,626,722
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
210,144
11,685,034
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,638,467
2,460,348
d
Weichai
Power
Co.
Ltd.
,
H
.........
Machinery
11,232
20,529
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
306,139
500,134
a,c
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
775,388
1,714,267
68,909,208
Hong
Kong
2.1%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
396,390
5,917,478
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
113,238
3,486,442
India
12.1%
ACC
Ltd.
.......................
Construction
Materials
52,563
1,575,692
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
17,881
2,241,694
Federal
Bank
Ltd.
................
Banks
942,636
2,211,948
HDFC
Bank
Ltd.
.................
Banks
360,872
7,433,579
ICICI
Bank
Ltd.
..................
Banks
965,390
14,653,609
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Infosys
Ltd.
.....................
IT
Services
140,700
$
3,143,483
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
789,191
2,569,290
33,829,295
Indonesia
0.5%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
4,538,830
1,511,720
Italy
0.2%
a,b,c
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
32,691
634,221
Mexico
2.0%
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
751,590
5,325,322
a,c
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
1,928,563
196,889
5,522,211
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
44,198
1,154,894
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
428,462
1,214,293
Russia
0.0%
e
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
e
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
—
South
Africa
2.3%
Discovery
Ltd.
...................
Insurance
400,078
3,983,718
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,717,289
2,426,871
6,410,589
South
Korea
17.4%
d
Doosan
Bobcat,
Inc.
..............
Machinery
72,239
2,214,743
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
49,892
1,587,524
KT
Skylife
Co.
Ltd.
...............
Media
92,351
346,317
LG
Corp.
.......................
Industrial
Conglomerates
81,614
4,863,057
a
LigaChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
8,342
620,521
NAVER
Corp.
...................
Interactive
Media
&
Services
57,044
7,285,001
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
256,035
11,864,882
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
98,065
6,944,193
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
14,590
4,176,780
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
57,479
7,627,304
Soulbrain
Co.
Ltd.
................
Chemicals
8,453
1,421,847
48,952,169
Taiwan
17.7%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,106,499
6,490,609
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
242,028
756,720
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
181,729
6,672,736
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,156,116
34,731,647
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
57,067
1,119,172
49,770,884
Thailand
3.1%
Kasikornbank
PCL
...............
Banks
932,771
4,311,657
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
$
862,936
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
1,780,764
1,547,413
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,332,420
724,375
Thai
Beverage
PCL
...............
Beverages
2,633,906
1,095,341
8,541,722
United
Arab
Emirates
0.8%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,995,861
1,411,045
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
1,913,687
828,402
2,239,447
United
States
3.4%
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
54,281
4,189,408
Genpact
Ltd.
....................
Professional
Services
135,462
5,311,465
9,500,873
Total
Common
Stocks
(Cost
$
186,505,510
)
.....................................
256,266,717
a
Preferred
Stocks
5.8%
Brazil
5.8%
Banco
Bradesco
SA
,
ADR
..........
Banks
1,546,212
4,112,924
f
Itau
Unibanco
Holding
SA
,
ADR
,
2.98
%
Banks
804,099
5,347,258
f
Petroleo
Brasileiro
SA
,
8.81
%
.......
Oil,
Gas
&
Consumable
Fuels
1,021,528
6,751,069
16,211,251
Total
Preferred
Stocks
(Cost
$
16,041,331
)
......................................
16,211,251
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
82,304
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
202,546,841
)
...............................
272,477,968
Short
Term
Investments
2.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.9%
United
States
2.9%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
..........
8,154,198
8,154,198
Total
Money
Market
Funds
(Cost
$
8,154,198
)
...................................
8,154,198
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
8,154,198
)
.................................
8,154,198
a
a
a
Total
Investments
(Cost
$
210,701,039
)
100.0
%
..................................
$280,632,166
Other
Assets,
less
Liabilities
0.0
%
â€
............................................
67,645
Net
Assets
100.0%
...........................................................
$280,699,811
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
See
Abbreviations
on
page
173
.
â€
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,
2024.
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,
2024,
the
aggregate
value
of
these
securities
was
$9,822,695,
representing
3.5%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Templeton
Foreign
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.7%
Aerospace
&
Defense
1.6%
Dassault
Aviation
SA
.................................
France
68,387
$
14,122,379
Automobile
Components
2.8%
Continental
AG
.....................................
Germany
250,136
16,211,244
Forvia
SE
.........................................
France
817,984
8,416,096
24,627,340
Automobiles
1.8%
a
Honda
Motor
Co.
Ltd.
................................
Japan
1,538,100
16,420,143
Banks
16.2%
HDFC
Bank
Ltd.
....................................
India
869,949
17,920,022
ING
Groep
NV
.....................................
Netherlands
1,263,355
22,923,136
KB
Financial
Group,
Inc.
,
ADR
.........................
South
Korea
135,986
8,397,136
Lloyds
Banking
Group
plc
.............................
United
Kingdom
29,411,083
23,127,454
Shinhan
Financial
Group
Co.
Ltd.
.......................
South
Korea
392,131
16,489,673
Standard
Chartered
plc
...............................
United
Kingdom
3,165,317
33,573,792
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
1,023,900
21,875,765
144,306,978
Broadline
Retail
6.4%
Alibaba
Group
Holding
Ltd.
............................
China
2,297,500
30,530,982
Prosus
NV
........................................
China
616,743
26,955,490
57,486,472
Chemicals
4.4%
a
Albemarle
Corp.
....................................
United
States
101,297
9,593,839
b,c
Covestro
AG
,
144A
,
Reg
S
............................
Germany
215,997
13,462,262
LG
Chem
Ltd.
......................................
South
Korea
60,012
16,150,234
39,206,335
Commercial
Services
&
Supplies
2.7%
Securitas
AB
,
B
.....................................
Sweden
1,921,962
24,400,954
Construction
Materials
2.3%
CRH
plc
..........................................
United
States
225,516
20,641,119
Consumer
Staples
Distribution
&
Retail
2.2%
Carrefour
SA
.......................................
France
1,156,376
19,719,662
Containers
&
Packaging
2.7%
Smurfit
WestRock
plc
................................
United
States
484,636
24,221,588
Energy
Equipment
&
Services
1.5%
SBM
Offshore
NV
...................................
Netherlands
717,268
13,112,600
Household
Durables
4.8%
Barratt
Developments
plc
.............................
United
Kingdom
2,891,803
18,554,063
Persimmon
plc
.....................................
United
Kingdom
1,113,334
24,501,729
43,055,792
Independent
Power
and
Renewable
Electricity
Producers
2.7%
b,c
Orsted
A/S
,
144A
,
Reg
S
..............................
Denmark
365,865
24,232,301
Insurance
5.9%
AIA
Group
Ltd.
.....................................
Hong
Kong
1,779,800
15,542,740
Prudential
plc
......................................
Hong
Kong
1,839,126
17,063,297
Swiss
Re
AG
.......................................
United
States
141,890
19,634,666
52,240,703
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
3.0%
CNH
Industrial
NV
...................................
United
States
2,411,013
$
26,762,244
Media
1.1%
TBS
Holdings,
Inc.
..................................
Japan
371,900
10,178,323
Metals
&
Mining
1.9%
Antofagasta
plc
.....................................
Chile
626,825
16,897,244
Oil,
Gas
&
Consumable
Fuels
8.2%
BP
plc
............................................
United
States
7,089,711
36,979,420
Galp
Energia
SGPS
SA
,
B
............................
Portugal
416,554
7,797,485
Shell
plc
..........................................
United
States
878,452
28,500,641
73,277,546
Pharmaceuticals
3.1%
AstraZeneca
plc
....................................
United
Kingdom
180,019
28,046,617
Professional
Services
1.7%
Adecco
Group
AG
...................................
Switzerland
450,622
15,368,162
Semiconductors
&
Semiconductor
Equipment
9.6%
Infineon
Technologies
AG
.............................
Germany
689,424
24,206,422
NXP
Semiconductors
NV
.............................
China
50,618
12,148,826
STMicroelectronics
NV
...............................
Singapore
158,833
4,743,871
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,468,000
44,101,160
85,200,279
Specialty
Retail
2.4%
JD
Sports
Fashion
plc
................................
United
Kingdom
10,167,993
20,967,389
Technology
Hardware,
Storage
&
Peripherals
4.3%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
825,657
38,261,654
Textiles,
Apparel
&
Luxury
Goods
1.4%
Kering
SA
.........................................
France
43,067
12,398,055
Total
Common
Stocks
(Cost
$
652,129,320
)
...................................
845,151,879
Convertible
Preferred
Stocks
0.5%
Chemicals
0.5%
Albemarle
Corp.
,
7.25
%
..............................
United
States
100,000
4,500,000
Total
Convertible
Preferred
Stocks
(Cost
$
5,000,000
)
..........................
4,500,000
Total
Long
Term
Investments
(Cost
$
657,129,320
)
.............................
849,651,879
a
Short
Term
Investments
5.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.8%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
33,763,179
33,763,179
Total
Money
Market
Funds
(Cost
$
33,763,179
)
................................
33,763,179
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.6%
Money
Market
Funds
1.6%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
14,289,996
$
14,289,996
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
14,289,996
)
.........................................................
14,289,996
Total
Short
Term
Investments
(Cost
$
48,053,175
)
..............................
48,053,175
a
Total
Investments
(Cost
$
705,182,495
)
100.6
%
................................
$897,705,054
Other
Assets,
less
Liabilities
(
0.6
)
%
.........................................
(5,324,152)
Net
Assets
100.0%
.........................................................
$892,380,902
a
a
a
a
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2024.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$37,694,563,
representing
4.2%
of
net
assets.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Templeton
Global
Bond
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
74.9%
Australia
10.3%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2
%
,
3/08/33
........
48,446,000
AUD
$
27,487,443
a
Senior
Bond
,
Reg
S,
1.75
%
,
3/20/34
43,382,000
AUD
23,227,777
Queensland
Treasury
Corp.
,
Senior
Bond
,
2
%
,
8/22/33
........
49,530,000
AUD
27,706,242
a
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
7/20/34
......................
52,103,000
AUD
27,597,832
Treasury
Corp.
of
Victoria
,
Senior
Bond
,
2.25
%
,
11/20/34
.....
64,774,000
AUD
35,465,363
Senior
Bond
,
2
%
,
11/20/37
........
41,521,000
AUD
20,028,745
161,513,402
Brazil
10.0%
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/27
..................
233,800,000
BRL
41,149,803
10
%
,
1/01/31
..................
435,778,000
BRL
72,185,315
10
%
,
1/01/33
..................
77,554,000
BRL
12,666,839
F
,
10
%
,
1/01/29
................
182,536,000
BRL
31,154,552
157,156,509
Colombia
6.1%
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
............
576,000,000
COP
135,560
Colombia
Titulos
de
Tesoreria
,
B
,
7.5
%
,
8/26/26
...............
62,065,600,000
COP
14,584,711
B
,
6
%
,
4/28/28
.................
28,988,600,000
COP
6,281,262
B
,
7.75
%
,
9/18/30
..............
37,868,000,000
COP
8,385,898
B
,
7
%
,
3/26/31
.................
17,210,500,000
COP
3,628,031
B
,
7
%
,
6/30/32
.................
24,227,000,000
COP
4,931,364
B
,
13.25
%
,
2/09/33
.............
95,554,000,000
COP
26,963,751
B
,
7.25
%
,
10/18/34
.............
53,738,000,000
COP
10,601,381
B
,
6.25
%
,
7/09/36
..............
10,374,000,000
COP
1,808,162
B
,
9.25
%
,
5/28/42
..............
91,424,000,000
COP
19,180,231
96,500,351
Egypt
0.2%
a
Egypt
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
1/31/47
..
1,260,000
1,019,041
Senior
Bond
,
144A,
8.875
%
,
5/29/50
2,020,000
1,676,135
Senior
Bond
,
144A,
8.75
%
,
9/30/51
.
840,000
689,199
3,384,375
Germany
0.7%
a
Bundesobligation
,
Reg
S,
10/18/24
...
9,999,000
EUR
11,115,889
Ghana
0.5%
b
Ghana
Government
Bond
,
PIK,
8.35
%
,
2/16/27
.............
24,970,480
GHS
1,127,078
PIK,
8.5
%
,
2/15/28
..............
25,025,778
GHS
1,000,907
PIK,
8.65
%
,
2/13/29
.............
24,694,008
GHS
891,050
PIK,
8.8
%
,
2/12/30
..............
24,748,615
GHS
821,889
PIK,
8.95
%
,
2/11/31
.............
22,652,275
GHS
700,831
PIK,
9.1
%
,
2/10/32
..............
22,702,293
GHS
665,984
PIK,
9.25
%
,
2/08/33
.............
22,752,383
GHS
633,869
PIK,
9.4
%
,
2/07/34
..............
17,322,359
GHS
467,886
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
b
Ghana
Government
Bond,
(continued)
PIK,
9.55
%
,
2/06/35
.............
17,360,522
GHS
$
458,856
PIK,
9.7
%
,
2/05/36
..............
17,398,743
GHS
453,409
PIK,
9.85
%
,
2/03/37
.............
17,437,020
GHS
450,767
PIK,
10
%
,
2/02/38
..............
17,475,353
GHS
450,260
8,122,786
Hungary
0.1%
a
Hungary
Government
Bond
,
Senior
Bond
,
Reg
S,
1.5
%
,
11/17/50
......
1,650,000
EUR
1,044,826
India
5.3%
India
Government
Bond
,
Senior
Bond
,
5.77
%
,
8/03/30
......
526,000,000
INR
6,020,511
Senior
Bond
,
7.26
%
,
8/22/32
......
1,877,900,000
INR
23,197,196
Senior
Bond
,
7.18
%
,
8/14/33
......
1,998,500,000
INR
24,514,233
Senior
Note
,
7.1
%
,
4/18/29
.......
2,390,000,000
INR
28,999,608
82,731,548
Indonesia
4.3%
Indonesia
Government
Bond
,
FR73
,
8.75
%
,
5/15/31
...........
7,058,000,000
IDR
523,397
FR82
,
7
%
,
9/15/30
..............
7,166,000,000
IDR
489,584
FR87
,
6.5
%
,
2/15/31
............
47,115,000,000
IDR
3,136,913
FR91
,
6.375
%
,
4/15/32
..........
132,268,000,000
IDR
8,709,070
FR95
,
6.375
%
,
8/15/28
..........
7,169,000,000
IDR
476,421
FR96
,
7
%
,
2/15/33
..............
796,444,000,000
IDR
54,527,482
67,862,867
Israel
1.5%
a
Israel
Government
Bond
,
Senior
Bond
,
Reg
S,
1.5
%
,
1/16/29
.
21,722,000
EUR
21,929,462
Senior
Bond
,
Reg
S,
0.625
%
,
1/18/32
1,503,000
EUR
1,328,281
23,257,743
Malaysia
8.7%
Malaysia
Government
Bond
,
3.882
%
,
3/14/25
................
56,950,000
MYR
13,855,746
3.955
%
,
9/15/25
................
8,790,000
MYR
2,147,045
3.9
%
,
11/30/26
.................
68,750,000
MYR
16,900,064
3.892
%
,
3/15/27
................
5,820,000
MYR
1,430,897
3.502
%
,
5/31/27
................
56,390,000
MYR
13,734,308
3.899
%
,
11/16/27
...............
209,830,000
MYR
51,661,218
3.733
%
,
6/15/28
................
15,880,000
MYR
3,888,531
3.885
%
,
8/15/29
................
41,250,000
MYR
10,177,852
4.498
%
,
4/15/30
................
29,740,000
MYR
7,542,035
3.582
%
,
7/15/32
................
63,340,000
MYR
15,217,969
136,555,665
Mexico
3.8%
Mexican
Bonos
,
M
,
10
%
,
11/20/36
...............
39,180,000
MXN
2,086,045
M
,
Senior
Bond
,
7.75
%
,
11/23/34
...
121,750,000
MXN
5,553,074
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.5
%
,
5/26/33
...............
719,380,000
MXN
32,682,466
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mexico
(continued)
Mexican
Bonos
Desarr
Fixed
Rate,
(continued)
M
,
Senior
Bond
,
8.5
%
,
5/31/29
.....
114,900,000
MXN
$
5,698,014
M
,
Senior
Bond
,
8.5
%
,
11/18/38
....
71,820,000
MXN
3,361,627
M
,
Senior
Bond
,
7.75
%
,
11/13/42
...
234,940,000
MXN
9,965,360
59,346,586
Norway
4.5%
a
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
3/13/25
......................
89,312,000
NOK
8,367,777
Senior
Bond
,
144A,
Reg
S,
1.5
%
,
2/19/26
......................
587,368,000
NOK
54,100,746
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
2/17/27
......................
85,989,000
NOK
7,856,377
70,324,900
Panama
4.8%
Panama
Government
Bond
,
Senior
Bond
,
3.16
%
,
1/23/30
......
3,280,000
2,942,236
Senior
Bond
,
2.252
%
,
9/29/32
.....
7,860,000
6,097,000
Senior
Bond
,
3.298
%
,
1/19/33
.....
800,000
669,611
Senior
Bond
,
6.4
%
,
2/14/35
.......
29,180,000
29,875,451
Senior
Bond
,
6.7
%
,
1/26/36
.......
880,000
919,252
Senior
Bond
,
6.875
%
,
1/31/36
.....
5,230,000
5,497,866
Senior
Bond
,
8
%
,
3/01/38
........
25,610,000
28,985,359
74,986,775
Romania
3.0%
a
Romania
Government
Bond
,
Senior
Bond
,
144A,
7.125
%
,
1/17/33
11,200,000
12,269,376
Senior
Bond
,
144A,
6.375
%
,
1/30/34
25,290,000
26,381,870
Senior
Bond
,
144A,
6
%
,
5/25/34
....
8,130,000
8,262,885
46,914,131
Serbia
0.4%
Serbia
Treasury
Bonds
,
4.5
%
,
8/20/32
.
624,310,000
RSD
5,690,085
South
Africa
4.0%
South
Africa
Government
Bond
,
Senior
Bond
,
8.875
%
,
2/28/35
.....
241,490,000
ZAR
12,944,259
Senior
Bond
,
8.5
%
,
1/31/37
.......
509,160,000
ZAR
25,600,625
Senior
Bond
,
9
%
,
1/31/40
........
480,610,000
ZAR
24,351,382
62,896,266
South
Korea
4.5%
Korea
Treasury
Bonds
,
3.25
%
,
3/10/28
................
3,309,000,000
KRW
2,542,273
3.5
%
,
9/10/28
.................
87,596,910,000
KRW
67,992,196
70,534,469
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Uruguay
2.2%
c
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.875
%
,
7/02/40
1,380,329,009
UYU
$
34,512,622
Total
Foreign
Government
and
Agency
Securities
(Cost
$
1,170,256,604
)
...........
1,174,451,795
U.S.
Government
and
Agency
Securities
14.1%
United
States
14.1%
U.S.
Treasury
Bonds,
3.375
%,
8/15/42
................
27,930,000
25,215,008
3.125
%,
2/15/43
................
16,230,000
14,048,460
3.625
%,
8/15/43
................
56,190,000
52,054,767
3.75
%,
11/15/43
................
14,300,000
13,457,640
U.S.
Treasury
Notes
,
3.5
%,
2/15/33
...
117,400,000
115,377,602
220,153,477
Total
U.S.
Government
and
Agency
Securities
(Cost
$
223,185,356
)
................
220,153,477
Total
Long
Term
Investments
(Cost
$
1,393,441,960
)
.............................
1,394,605,272
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.5%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
149.50
JPY
,
Expires
2/05/25
..
1
96,825,000
697,795
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
October
Strike
Price
159.00
JPY
,
Expires
10/25/24
.
1
64,337,000
1,474
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
October
Strike
Price
159.00
JPY
,
Expires
10/25/24
.
1
64,550,000
1,479
700,748
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
December
Strike
Price
135.70
JPY
,
Expires
12/16/24
.
1
64,550,000
464,999
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
136.20
JPY
,
Expires
2/05/25
..
1
160,842,500
2,138,177
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
136.20
JPY
,
Expires
2/05/25
..
1
160,842,500
2,138,177
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
December
Strike
Price
140.60
JPY
,
Expires
12/16/24
.
1
129,100,000
2,165,049
6,906,402
Total
Options
Purchased
(Cost
$
10,248,783
)
....................................
7,607,150
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
Short
Term
Investments
8.5%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
8.5%
United
States
8.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
..........
132,647,328
$
132,647,328
Total
Money
Market
Funds
(Cost
$
132,647,328
)
.................................
132,647,328
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
132,647,328
)
...............................
132,647,328
a
a
a
Total
Investments
(Cost
$
1,536,338,071
)
98.0
%
..................................
$1,534,859,750
Options
Written
(
0.4
)
%
.......................................................
(5,804,836)
Other
Assets,
less
Liabilities
2.4
%
.............................................
38,476,023
Net
Assets
100.0%
...........................................................
$1,567,530,937
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.4)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
142.80
JPY
,
Expires
2/05/25
..
1
64,337,000
(
1,402,414
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
145.00
JPY
,
Expires
2/05/25
..
1
32,275,000
(
502,493
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
October
Strike
Price
146.00
JPY
,
Expires
10/25/24
.
1
64,550,000
(
340,759
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
January
Strike
Price
146.00
JPY
,
Expires
1/27/25
..
1
64,550,000
(
839,113
)
(
3,084,779
)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
December
Strike
Price
129.20
JPY
,
Expires
12/16/24
.
1
129,100,000
(
276,683
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
130.39
JPY
,
Expires
2/05/25
..
1
160,842,500
(
923,041
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
February
Strike
Price
130.39
JPY
,
Expires
2/05/25
..
1
160,842,500
(
923,041
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
December
Strike
Price
137.10
JPY
,
Expires
12/16/24
.
1
64,550,000
(
597,292
)
(
2,720,057
)
Total
Options
Written
(Premiums
received
$
7,507,645
)
...........................
$
(
5,804,836
)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
At
September
30,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2024,
the
aggregate
value
of
these
securities
was
$206,867,473,
representing
13.2%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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
2,886,117
10/03/24
$
—
$
(
5,231
)
Indian
Rupee
......
HSBK
Sell
241,380,400
2,882,154
10/03/24
1,268
—
Dinar
............
DBAB
Buy
793,386,000
7,442,785
10/15/24
105,507
—
Indian
Rupee
......
JPHQ
Buy
1,431,342,200
17,094,735
10/15/24
—
(
22,313
)
South
Korean
Won
..
JPHQ
Buy
5,342,000,000
3,874,524
10/15/24
178,099
—
Dinar
............
DBAB
Buy
767,137,117
7,211,196
10/21/24
87,910
—
Thai
Baht
.........
HSBK
Buy
562,923,699
15,755,593
10/24/24
1,636,464
—
Thai
Baht
.........
HSBK
Sell
562,923,699
16,165,284
10/24/24
—
(
1,226,772
)
Thai
Baht
.........
JPHQ
Buy
288,195,100
8,059,147
10/24/24
844,911
—
Thai
Baht
.........
JPHQ
Sell
288,195,100
8,285,039
10/24/24
—
(
619,019
)
Dinar
............
DBAB
Buy
337,808,788
3,225,675
10/29/24
—
(
11,195
)
Japanese
Yen
......
MSCO
Buy
11,597,830,000
81,340,335
10/29/24
35,235
(
354,557
)
Japanese
Yen
......
MSCO
Sell
8,753,330,000
61,381,109
10/29/24
358,713
(
127,290
)
Chilean
Peso
......
HSBK
Buy
6,783,000,000
7,081,337
11/04/24
463,910
—
Indian
Rupee
......
HSBK
Buy
242,055,750
2,881,342
11/04/24
2,809
—
Chilean
Peso
......
HSBK
Buy
5,512,400,000
5,905,405
11/13/24
226,121
—
Chilean
Peso
......
JPHQ
Buy
6,233,500,000
6,680,134
11/13/24
253,482
—
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
14,541,509
11/21/24
888,034
—
Japanese
Yen
......
MSCO
Buy
2,196,400,000
14,239,591
11/21/24
1,146,452
—
Mexican
Peso
......
HSBK
Buy
430,824,926
22,047,135
11/22/24
—
(
342,697
)
Mexican
Peso
......
BNDP
Buy
393,038,660
19,807,879
11/26/24
18,996
(
38,161
)
Mexican
Peso
......
HSBK
Buy
392,354,338
19,887,880
11/26/24
—
(
133,621
)
Dinar
............
DBAB
Buy
1,188,227,000
11,238,461
12/10/24
77,623
—
Chilean
Peso
......
JPHQ
Buy
8,189,100,000
8,754,838
12/16/24
351,597
—
Dinar
............
DBAB
Buy
719,514,309
6,836,487
12/18/24
16,325
—
Indian
Rupee
......
CITI
Buy
590,870,000
7,013,294
12/18/24
11,091
—
Indian
Rupee
......
HSBK
Buy
875,000,000
10,410,470
12/18/24
—
(
8,289
)
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,169,291
12/18/24
—
(
2,900
)
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
6,526,155
12/18/24
207,811
—
New
Zealand
Dollar
.
CITI
Buy
12,470,000
7,677,654
12/18/24
244,285
—
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
29,162,153
12/18/24
937,404
—
Indian
Rupee
......
HSBK
Buy
241,380,400
2,872,414
12/23/24
—
(
3,647
)
South
Korean
Won
..
MSCO
Buy
109,800,000,000
82,805,430
12/23/24
802,878
—
Japanese
Yen
......
BNDP
Buy
14,877,674,660
96,289,708
1/17/25
8,726,962
—
Japanese
Yen
......
DBAB
Buy
8,702,552,240
56,306,145
1/17/25
5,122,343
—
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
At
September
30,
2024
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
173.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Japanese
Yen
......
MSCO
Buy
7,594,242,000
53,844,597
1/29/25
$
—
$
(
172,664
)
Japanese
Yen
......
MSCO
Sell
2,163,299,000
15,133,305
1/29/25
—
(
155,704
)
Dinar
............
DBAB
Buy
578,763,000
5,492,673
3/10/25
25,843
—
Mexican
Peso
......
BNDP
Buy
142,834,437
6,910,082
3/10/25
167,193
—
Australian
Dollar
....
HSBK
Buy
71,050,000
48,559,236
3/25/25
578,304
—
Total
Forward
Exchange
Contracts
...................................................
$23,517,570
$(3,224,060)
Net
unrealized
appreciation
(depreciation)
............................................
$20,293,510
*
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
$
(
860,790
)
$
—
$
(
860,790
)
Total
Interest
Rate
Swap
Contracts
....................................
$(860,790)
$
—
$(860,790)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2024
Templeton
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.4%
Aerospace
&
Defense
8.9%
Airbus
SE
.........................................
France
48,327
$
7,073,598
BAE
Systems
plc
...................................
United
Kingdom
444,361
7,377,866
a
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
1,682,814
11,910,995
Thales
SA
.........................................
France
46,616
7,409,407
33,771,866
Automobiles
1.2%
b
Honda
Motor
Co.
Ltd.
................................
Japan
431,588
4,607,461
Banks
11.0%
Bank
of
America
Corp.
...............................
United
States
265,149
10,521,112
Lloyds
Banking
Group
plc
.............................
United
Kingdom
7,611,964
5,985,681
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
62,124
11,483,621
Royal
Bank
of
Canada
...............................
Canada
37,125
4,633,934
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
267,368
5,712,354
Wells
Fargo
&
Co.
...................................
United
States
53,893
3,044,416
41,381,118
Broadline
Retail
2.6%
a
Amazon.com,
Inc.
...................................
United
States
51,644
9,622,827
Capital
Markets
1.7%
Intercontinental
Exchange,
Inc.
.........................
United
States
39,704
6,378,051
Construction
Materials
1.2%
CRH
plc
..........................................
United
States
48,731
4,519,313
Consumer
Staples
Distribution
&
Retail
1.9%
Target
Corp.
.......................................
United
States
45,848
7,145,869
Electrical
Equipment
1.7%
a
GE
Vernova,
Inc.
....................................
United
States
25,320
6,456,094
Financial
Services
1.5%
b
Visa,
Inc.
,
A
........................................
United
States
20,936
5,756,353
Food
Products
1.0%
Danone
SA
........................................
France
53,257
3,879,562
Ground
Transportation
2.6%
Union
Pacific
Corp.
..................................
United
States
40,255
9,922,052
Health
Care
Equipment
&
Supplies
2.6%
Medtronic
plc
......................................
United
States
108,405
9,759,702
Health
Care
Providers
&
Services
5.0%
HCA
Healthcare,
Inc.
.................................
United
States
17,137
6,964,991
UnitedHealth
Group,
Inc.
..............................
United
States
20,512
11,992,956
18,957,947
Hotels,
Restaurants
&
Leisure
4.8%
Aramark
..........................................
United
States
117,059
4,533,695
Booking
Holdings,
Inc.
...............................
United
States
1,870
7,876,664
Hyatt
Hotels
Corp.
,
A
.................................
United
States
37,647
5,729,874
18,140,233
Household
Durables
1.4%
Barratt
Developments
plc
.............................
United
Kingdom
389,928
2,501,812
Persimmon
plc
.....................................
United
Kingdom
133,105
2,929,312
5,431,124
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Independent
Power
and
Renewable
Electricity
Producers
1.2%
a,c
Orsted
A/S
,
144A
,
Reg
S
..............................
Denmark
68,191
$
4,516,488
Insurance
1.0%
Swiss
Re
AG
.......................................
United
States
27,141
3,755,758
Interactive
Media
&
Services
2.9%
Alphabet,
Inc.
,
A
....................................
United
States
64,912
10,765,655
Life
Sciences
Tools
&
Services
3.5%
a
ICON
plc
..........................................
United
States
16,254
4,669,937
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
13,567
8,392,139
13,062,076
Machinery
2.0%
CNH
Industrial
NV
...................................
United
States
682,927
7,580,490
Metals
&
Mining
1.2%
Freeport-McMoRan,
Inc.
..............................
United
States
86,935
4,339,795
Oil,
Gas
&
Consumable
Fuels
5.3%
BP
plc
............................................
United
States
1,445,082
7,537,443
Reliance
Industries
Ltd.
...............................
India
197,248
6,941,323
Shell
plc
..........................................
United
States
166,880
5,414,282
19,893,048
Personal
Care
Products
3.0%
Unilever
plc
........................................
United
Kingdom
174,200
11,308,096
Pharmaceuticals
3.6%
AstraZeneca
plc
....................................
United
Kingdom
88,295
13,756,193
Professional
Services
0.8%
Adecco
Group
AG
...................................
Switzerland
87,399
2,980,685
Semiconductors
&
Semiconductor
Equipment
8.0%
Infineon
Technologies
AG
.............................
Germany
179,544
6,303,984
Micron
Technology,
Inc.
...............................
United
States
87,924
9,118,598
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
65,493
11,374,169
Tokyo
Electron
Ltd.
..................................
Japan
19,457
3,469,637
30,266,388
Software
6.5%
a
Adobe,
Inc.
........................................
United
States
13,171
6,819,680
Microsoft
Corp.
.....................................
United
States
26,559
11,428,338
SAP
SE
..........................................
Germany
27,160
6,212,936
24,460,954
Specialty
Retail
2.8%
TJX
Cos.,
Inc.
(The)
.................................
United
States
90,112
10,591,764
Technology
Hardware,
Storage
&
Peripherals
4.3%
Apple,
Inc.
........................................
United
States
33,743
7,862,119
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
182,615
8,462,536
16,324,655
Wireless
Telecommunication
Services
1.2%
T-Mobile
US,
Inc.
...................................
United
States
21,304
4,396,293
Total
Common
Stocks
(Cost
$
270,387,046
)
...................................
363,727,910
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
See
Abbreviations
on
page
173
.
Short
Term
Investments
4.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.7%
d
FHLB
,
10/01/24
.....................................
United
States
14,100,000
$
14,098,182
Total
U.S.
Government
and
Agency
Securities
(Cost
$
14,100,000
)
...............
14,098,182
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.2%
Money
Market
Funds
1.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.74
%
...
United
States
4,551,089
4,551,089
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
4,551,089
)
..........................................................
4,551,089
Total
Short
Term
Investments
(Cost
$
18,651,089
)
..............................
18,649,271
a
Total
Investments
(Cost
$
289,038,135
)
101.3
%
................................
$382,377,181
Other
Assets,
less
Liabilities
(
1.3
)
%
.........................................
(4,968,607)
Net
Assets
100.0%
.........................................................
$377,408,574
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2024.
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,
2024,
the
value
of
this
security
was
$4,516,488,
representing
1.2%
of
net
assets.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
151
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
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)
152
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,
2024,
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,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
643,835
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
$
5,263,806
$
14,503,792
Total
Restricted
Securities
(Value
is
0.7%
of
Net
Assets)
..............
$5,263,806
$14,503,792
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
45,571
Anduril
Industries,
Inc.,
F
......................
7/17/24
$
990,559
$
990,559
35,200
Benchling
,
Inc.,
F
............................
10/20/21
1,150,910
535,704
195,400
Blaize
,
Inc.,
10%,
1/03/25
......................
8/23/23
195,400
195,400
64,369
Blaize
,
Inc.,
10%,
12/31/25
.....................
1/19/23
64,369
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
—
7,352
206,272
Blaize
,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,154,000
1,234,519
82,758
Blaize
,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
399,999
382,111
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
4.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
September
30,
2024,
unfunded
commitments
were
as
follows:
5.
Investments
in
FT
Underlying
Funds
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended September
30,
2024,
were
as
follows:
Principal
Amount*/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
25,878
Databricks,
Inc.,
G
...........................
2/01/21
$
1,529,975
$
1,788,937
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
6,663,102
48,915
Newsela,
Inc.,
D
.............................
1/21/21
1,034,807
917,251
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,241
1,452,467
Total
Restricted
Securities
(Value
is
3.2%
of
Net
Assets)
..............
$10,805,005
$14,231,777
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.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
September
30,
2024.
Borrower
Unfunded
Commitment
Franklin
Strategic
Income
VIP
Fund
Froneri
International
Ltd.
$
116,788
$
116,788
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
6.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
September
30,
2024,
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
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Franklin
Income
VIP
Fund,
Class
1
$
12,043,626
$
689,965
$
(328,000)
$
(31,779)
$
561,412
$
12,935,224
833,455
$
689,964
a
Franklin
U.S.
Core
Bond
ETF
...
24,391,684
—
(635,934)
(125,275)
553,012
24,183,487
1,098,750
648,023
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.......
2,608,818
26,251,502
(25,037,894)
—
—
3,822,426
3,822,426
128,035
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
11,707,211
397,368
(323,000)
(87,560)
58,119
11,752,138
1,230,590
401,913
Total
Affiliated
Securities
....
$50,751,339
$27,338,835
$(26,324,828)
$(244,614)
$1,172,543
$52,693,275
$1,867,935
a
Dividend
income
includes
capital
gain
distributions
received,
if
any,
from
underlying
funds.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$13,390,903
$59,876,473
$(61,664,626)
$—
$—
$11,602,750
11,602,750
$457,210
Total
Affiliated
Securities
...
$13,390,903
$59,876,473
$(61,664,626)
$—
$—
$11,602,750
$457,210
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$1,788,799
$18,265,033
$(18,886,923)
$—
$—
$1,166,909
1,166,909
$45,868
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$955,273
$(817,773)
$—
$—
$137,500
137,500
$1,666
Total
Affiliated
Securities
...
$1,788,799
$19,220,306
$(19,704,696)
$—
$—
$1,304,409
$47,534
5.
Investments
in
FT
Underlying
Funds
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
Quarterly
Schedules
of
Investments
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$6,186,000
$(5,463,000)
$—
$—
$723,000
723,000
$17,153
Total
Affiliated
Securities
...
$—
$6,186,000
$(5,463,000)
$—
$—
$723,000
$17,153
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$104,664,771
$619,378,909
$(675,043,718)
$—
$—
$48,999,962
48,999,962
$2,469,688
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$51,652,000
$(45,534,000)
$—
$—
$6,118,000
6,118,000
$208,936
Total
Affiliated
Securities
...
$104,664,771
$671,030,909
$(720,577,718)
$—
$—
$55,117,962
$2,678,624
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$2,502,000
$(2,502,000)
$—
$—
$—
—
$2,197
Total
Affiliated
Securities
...
$—
$2,502,000
$(2,502,000)
$—
$—
$—
$2,197
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$39,323,497
$116,147,356
$(136,416,086)
$—
$—
$19,054,767
19,054,767
$1,092,745
Total
Affiliated
Securities
...
$39,323,497
$116,147,356
$(136,416,086)
$—
$—
$19,054,767
$1,092,745
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$23,892,595
$206,067,630
$(207,634,818)
$—
$—
$22,325,407
22,325,407
$705,997
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$12,507,000
$(12,507,000)
$—
$—
$—
—
$3,446
Total
Affiliated
Securities
...
$23,892,595
$218,574,630
$(220,141,818)
$—
$—
$22,325,407
$709,443
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$11,615,433
$57,452,827
$(59,330,188)
$—
$—
$9,738,072
9,738,072
$436,562
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$3,185,475
$20,742,839
$(23,928,314)
$—
$—
$—
—
$52,400
Total
Affiliated
Securities
...
$14,800,908
$78,195,666
$(83,258,502)
$—
$—
$9,738,072
$488,962
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
BSP
Real
Estate
Credit
BDC
..................
$—
$1,371,082
$—
$—
$22,173
$1,393,255
53,835
$—
Franklin
Floating
Rate
Income
Fund
..................
9,243,211
—
(9,031,462)
a
(1,084,209)
872,460
—
—
56,658
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
6,941,880
40,238,184
(45,375,958)
—
—
1,804,106
1,804,106
196,162
Total
Non-Controlled
Affiliates
$16,185,091
$41,609,266
$(54,407,420)
$(1,084,209)
$894,633
$3,197,361
$252,820
Total
Affiliated
Securities
...
$16,185,091
$41,609,266
$(54,407,420)
$(1,084,209)
$894,633
$3,197,361
$252,820
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$6,253,326
$31,434,449
$(29,533,577)
$—
$—
$8,154,198
8,154,198
$257,544
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Templeton
Developing
Markets
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$47,337
$1,570,561
$(1,617,898)
$—
$—
$—
—
$3,612
Total
Affiliated
Securities
...
$6,300,663
$33,005,010
$(31,151,475)
$—
$—
$8,154,198
$261,156
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$68,636,979
$127,621,749
$(162,495,549)
$—
$—
$33,763,179
33,763,179
$1,384,549
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$92,931,566
$(78,641,570)
$—
$—
$14,289,996
14,289,996
$119,380
Total
Affiliated
Securities
...
$68,636,979
$220,553,315
$(241,137,119)
$—
$—
$48,053,175
$1,503,929
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$100,787,690
$420,975,949
$(389,116,311)
$—
$—
$132,647,328
132,647,328
$3,550,525
Total
Affiliated
Securities
...
$100,787,690
$420,975,949
$(389,116,311)
$—
$—
$132,647,328
$3,550,525
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.74%
.
$—
$12,733,830
$(8,182,741)
$—
$—
$4,551,089
4,551,089
$14,373
Total
Affiliated
Securities
...
$—
$12,733,830
$(8,182,741)
$—
$—
$4,551,089
$14,373
a
Includes
in-kind
activity.
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
Quarterly
Schedules
of
Investments
7. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
September
30,
2024,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
7,262,588
$
2,233,935
$
—
$
9,496,523
Air
Freight
&
Logistics
...................
—
1,035,187
—
1,035,187
Automobile
Components
.................
93,302
1,071,141
—
1,164,443
Automobiles
..........................
1,923,347
1,974,635
—
3,897,982
Banks
...............................
8,389,647
8,831,271
—
17,220,918
Beverages
...........................
3,434,037
650,663
—
4,084,700
Biotechnology
.........................
4,559,363
1,525,815
—
6,085,178
Broadline
Retail
.......................
9,238,984
1,530,587
—
10,769,571
Building
Products
......................
1,391,613
891,616
—
2,283,229
Capital
Markets
........................
6,369,583
3,654,127
—
10,023,710
Chemicals
...........................
7,139,529
3,364,062
—
10,503,591
Commercial
Services
&
Supplies
...........
1,609,298
891,806
—
2,501,104
Communications
Equipment
..............
3,236,313
127,102
—
3,363,415
Construction
&
Engineering
...............
297,927
345,888
—
643,815
Construction
Materials
..................
2,026,258
873,860
—
2,900,118
Consumer
Finance
.....................
3,631,393
—
—
3,631,393
Consumer
Staples
Distribution
&
Retail
......
3,456,416
1,898,546
—
5,354,962
Containers
&
Packaging
.................
1,059,166
735,732
—
1,794,898
Diversified
Consumer
Services
............
148,198
51,554
—
199,752
Diversified
REITs
......................
—
171,206
—
171,206
Diversified
Telecommunication
Services
.....
1,522,413
594,634
—
2,117,047
Electric
Utilities
........................
3,668,330
737,956
—
4,406,286
Electrical
Equipment
....................
2,156,032
1,013,318
—
3,169,350
Electronic
Equipment,
Instruments
&
Components
..........................
1,000,581
558,710
—
1,559,291
Energy
Equipment
&
Services
.............
155,918
527,839
—
683,757
Entertainment
.........................
3,587,654
1,274,086
—
4,861,740
Financial
Services
......................
11,182,376
916,755
—
12,099,131
Food
Products
........................
512,206
1,462,802
—
1,975,008
Gas
Utilities
..........................
—
209,623
—
209,623
Ground
Transportation
..................
4,680,656
—
—
4,680,656
Health
Care
Equipment
&
Supplies
.........
6,624,919
2,647,722
—
9,272,641
Health
Care
Providers
&
Services
..........
9,413,104
125,617
—
9,538,721
Health
Care
REITs
.....................
152,259
—
—
152,259
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
159
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Technology
.................
$
283,115
$
70,045
$
—
$
353,160
Hotels,
Restaurants
&
Leisure
.............
3,127,070
1,940,559
—
5,067,629
Household
Durables
....................
1,048,913
1,579,705
—
2,628,618
Household
Products
....................
1,111,906
—
—
1,111,906
Independent
Power
and
Renewable
Electricity
Producers
............................
627,077
1,161,386
—
1,788,463
Industrial
Conglomerates
................
337,649
1,256,733
—
1,594,382
Industrial
REITs
.......................
256,980
373,991
—
630,971
Insurance
............................
5,955,689
4,495,667
—
10,451,356
Interactive
Media
&
Services
..............
12,103,970
867,280
—
12,971,250
IT
Services
...........................
3,163,793
396,312
—
3,560,105
Life
Sciences
Tools
&
Services
............
6,035,916
1,218,199
—
7,254,115
Machinery
............................
6,776,972
3,215,868
—
9,992,840
Marine
Transportation
...................
—
283,283
—
283,283
Media
...............................
2,081,065
227,976
—
2,309,041
Metals
&
Mining
.......................
990,318
1,154,002
—
2,144,320
Multi-Utilities
..........................
4,482,662
548,501
—
5,031,163
Oil,
Gas
&
Consumable
Fuels
.............
6,544,953
4,469,513
—
11,014,466
Paper
&
Forest
Products
.................
—
111,486
—
111,486
Passenger
Airlines
.....................
79,740
112,775
—
192,515
Personal
Care
Products
.................
1,256,180
969,012
—
2,225,192
Pharmaceuticals
.......................
7,080,987
6,692,379
—
13,773,366
Professional
Services
...................
675,839
2,140,891
—
2,816,730
Real
Estate
Management
&
Development
....
171,059
155,190
—
326,249
Residential
REITs
......................
93,512
—
—
93,512
Retail
REITs
..........................
973,210
160,896
—
1,134,106
Semiconductors
&
Semiconductor
Equipment
.
25,002,282
5,372,178
—
30,374,460
Software
.............................
28,592,689
1,852,680
—
30,445,369
Specialized
REITs
......................
1,966,467
—
—
1,966,467
Specialty
Retail
........................
3,683,507
1,381,182
—
5,064,689
Technology
Hardware,
Storage
&
Peripherals
.
9,999,579
1,454,675
—
11,454,254
Textiles,
Apparel
&
Luxury
Goods
..........
947,829
2,990,655
—
3,938,484
Tobacco
.............................
880,083
578,604
—
1,458,687
Trading
Companies
&
Distributors
..........
2,034,349
997,623
—
3,031,972
Transportation
Infrastructure
..............
—
163,185
—
163,185
Water
Utilities
.........................
212,487
—
—
212,487
Wireless
Telecommunication
Services
.......
177,853
80,588
—
258,441
Preferred
Stocks
.........................
—
705,048
—
705,048
Limited
Partnerships
......................
1,844,235
—
—
1,844,235
Corporate
Bonds
........................
—
66,835,238
—
66,835,238
Foreign
Government
and
Agency
Securities
....
—
6,027,473
—
6,027,473
U.S.
Government
and
Agency
Securities
.......
—
107,828,368
—
107,828,368
Asset-Backed
Securities
...................
—
4,260,859
—
4,260,859
Commercial
Mortgage-Backed
Securities
......
—
3,755,489
—
3,755,489
Mortgage-Backed
Securities
................
—
31,510,530
—
31,510,530
Municipal
Bonds
.........................
—
1,072,687
—
1,072,687
Residential
Mortgage-Backed
Securities
.......
—
1,312,648
—
1,312,648
Agency
Commercial
Mortgage-Backed
Securities
—
657,049
—
657,049
Short
Term
Investments
...................
14,527,818
487,511
—
15,015,329
Total
Investments
in
Securities
...........
$265,051,163
$314,853,714
a
$—
$579,904,877
7. 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
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$224,348
$—
$224,348
Futures
Contracts
.......................
85,745
—
—
85,745
Swap
Contracts
.........................
—
23,300
—
23,300
Total
Other
Financial
Instruments
.........
$85,745
$247,648
$—
$333,393
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$113,979
$—
$113,979
Futures
Contracts
........................
55,114
—
—
55,114
Swap
Contracts
.........................
—
131,793
—
131,793
Total
Other
Financial
Instruments
.........
$55,114
$245,772
$—
$300,886
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
2,549,448
$
—
$
—
$
2,549,448
Automobiles
..........................
2,444,409
—
—
2,444,409
Banks
...............................
52,006
—
—
52,006
Biotechnology
.........................
1,819,587
382,302
—
2,201,889
Broadline
Retail
.......................
15,624,731
—
—
15,624,731
Capital
Markets
........................
2,497,625
—
—
2,497,625
Communications
Equipment
..............
746,146
—
—
746,146
Construction
&
Engineering
...............
1,434,698
—
—
1,434,698
Diversified
Consumer
Services
............
194,312
—
—
194,312
Electrical
Equipment
....................
75,612
—
—
75,612
Electronic
Equipment,
Instruments
&
Components
..........................
618,375
329,710
—
948,085
Energy
Equipment
&
Services
.............
644,865
—
—
644,865
Entertainment
.........................
372,606
—
—
372,606
Financial
Services
......................
7,657,422
—
—
7,657,422
Ground
Transportation
..................
1,548,972
—
—
1,548,972
Health
Care
Equipment
&
Supplies
.........
6,050,364
—
—
6,050,364
Health
Care
Providers
&
Services
..........
1,093,205
—
—
1,093,205
Health
Care
Technology
.................
80,380
332,253
—
412,633
Hotels,
Restaurants
&
Leisure
.............
2,104,227
—
—
2,104,227
Interactive
Media
&
Services
..............
15,856,503
—
—
15,856,503
IT
Services
...........................
3,121,859
—
—
3,121,859
Life
Sciences
Tools
&
Services
............
5,711,471
—
—
5,711,471
Media
...............................
69,408
—
—
69,408
Pharmaceuticals
.......................
5,227,500
—
—
5,227,500
Professional
Services
...................
188,108
—
—
188,108
Semiconductors
&
Semiconductor
Equipment
.
44,648,227
912,530
—
45,560,757
Software
.............................
44,807,032
—
—
44,807,032
Technology
Hardware,
Storage
&
Peripherals
.
3,999,212
—
—
3,999,212
Trading
Companies
&
Distributors
..........
101,131
—
—
101,131
Warrants
...............................
—
—
—
b
—
Short
Term
Investments
...................
1,304,409
—
—
1,304,409
Total
Investments
in
Securities
...........
$172,643,850
$1,956,795
c
$—
$174,600,645
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
REITs
......................
—
4,144,013
—
4,144,013
Diversified
Telecommunication
Services
.....
—
626,889
—
626,889
7. 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
Global
Real
Estate
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Health
Care
Providers
&
Services
..........
$
1,344,752
$
—
$
—
$
1,344,752
Health
Care
REITs
.....................
10,406,358
—
—
10,406,358
Hotel
&
Resort
REITs
...................
1,643,269
945,058
—
2,588,327
Household
Durables
....................
—
691,656
—
691,656
Industrial
REITs
.......................
10,192,107
6,318,838
—
16,510,945
Office
REITs
..........................
4,148,394
1,210,916
—
5,359,310
Real
Estate
Management
&
Development
....
—
14,291,431
—
14,291,431
Residential
REITs
......................
17,164,420
2,176,850
—
19,341,270
Retail
REITs
..........................
12,561,491
5,125,314
—
17,686,805
Specialized
REITs
......................
17,611,233
1,637,400
—
19,248,633
Short
Term
Investments
...................
—
811,193
—
811,193
Total
Investments
in
Securities
...........
$75,072,024
$37,979,558
d
$—
$113,051,582
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
e
Common
Stocks
.........................
45,386,033
—
—
45,386,033
Equity-Linked
Securities
...................
—
4,887,855
—
4,887,855
Convertible
Preferred
Stocks
................
1,598,576
—
—
1,598,576
Short
Term
Investments
...................
723,000
1,459,323
—
2,182,323
Total
Investments
in
Securities
...........
$47,707,609
$6,347,178
$—
$54,054,787
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
e
Common
Stocks
.........................
958,152,200
—
—
958,152,200
Equity-Linked
Securities
...................
—
419,665,642
—
419,665,642
Convertible
Preferred
Stocks
:
Chemicals
...........................
10,350,000
—
—
10,350,000
Financial
Services
......................
—
5,842,500
—
5,842,500
Corporate
Bonds
........................
—
1,427,743,307
—
1,427,743,307
U.S.
Government
and
Agency
Securities
.......
—
299,302,099
—
299,302,099
Asset-Backed
Securities
...................
—
11,625,942
—
11,625,942
Mortgage-Backed
Securities
................
—
65,660,120
—
65,660,120
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
55,117,962
—
—
55,117,962
Total
Investments
in
Securities
...........
$1,023,620,162
$2,229,839,610
$—
$3,253,459,772
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
e
Common
Stocks
.........................
99,699,925
—
—
99,699,925
Short
Term
Investments
...................
—
505,432
—
505,432
Total
Investments
in
Securities
...........
$99,699,925
$505,432
$—
$100,205,357
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
6,543,448
—
6,543,448
Air
Freight
&
Logistics
...................
8,114,275
—
—
8,114,275
Automobile
Components
.................
7,912,099
6,390,680
—
14,302,779
Banks
...............................
11,123,207
16,291,500
—
27,414,707
Building
Products
......................
6,482,298
—
—
6,482,298
Capital
Markets
........................
7,619,818
—
—
7,619,818
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Chemicals
...........................
$
—
$
7,564,712
$
—
$
7,564,712
Consumer
Finance
.....................
7,078,935
—
—
7,078,935
Consumer
Staples
Distribution
&
Retail
......
—
8,460,969
—
8,460,969
Containers
&
Packaging
.................
—
2,492,782
—
2,492,782
Diversified
Telecommunication
Services
.....
—
8,254,148
—
8,254,148
Electric
Utilities
........................
5,528,410
—
—
5,528,410
Electrical
Equipment
....................
—
7,421,783
—
7,421,783
Energy
Equipment
&
Services
.............
8,676,141
—
—
8,676,141
Entertainment
.........................
7,791,005
—
—
7,791,005
Financial
Services
......................
24,901,401
—
—
24,901,401
Food
Products
........................
7,006,727
7,549,764
—
14,556,491
Health
Care
Equipment
&
Supplies
.........
9,671,023
—
—
9,671,023
Health
Care
Providers
&
Services
..........
22,480,503
8,339,046
—
30,819,549
Household
Durables
....................
5,502,188
—
—
5,502,188
Household
Products
....................
—
8,790,867
—
8,790,867
Industrial
Conglomerates
................
—
7,118,643
—
7,118,643
Insurance
............................
8,917,267
17,129,122
—
26,046,389
Interactive
Media
&
Services
..............
—
7,932,705
—
7,932,705
IT
Services
...........................
—
5,429,309
—
5,429,309
Media
...............................
9,693,557
—
—
9,693,557
Metals
&
Mining
.......................
—
7,984,931
—
7,984,931
Oil,
Gas
&
Consumable
Fuels
.............
2,072,172
16,331,650
—
18,403,822
Personal
Care
Products
.................
7,463,588
5,000,400
—
12,463,988
Pharmaceuticals
.......................
15,187,148
16,876,723
—
32,063,871
Real
Estate
Management
&
Development
....
6,128,524
—
—
6,128,524
Semiconductors
&
Semiconductor
Equipment
.
—
7,029,912
—
7,029,912
Technology
Hardware,
Storage
&
Peripherals
.
—
6,509,871
—
6,509,871
Textiles,
Apparel
&
Luxury
Goods
..........
3,023,129
15,380,435
—
18,403,564
Tobacco
.............................
—
7,623,409
—
7,623,409
Trading
Companies
&
Distributors
..........
15,157,320
—
—
15,157,320
Corporate
Bonds
........................
—
3,112,572
—
3,112,572
Senior
Floating
Rate
Interests
...............
—
8,929,794
—
8,929,794
Companies
in
Liquidation
..................
—
—
—
b
—
Short
Term
Investments
...................
—
7,791,761
—
7,791,761
Total
Investments
in
Securities
...........
$207,530,735
$228,280,936
f
$—
$435,811,671
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$64,962
$—
$64,962
Total
Other
Financial
Instruments
.........
$—
$64,962
$—
$64,962
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$813,348
$—
$813,348
Futures
Contracts
........................
73,436
—
—
73,436
Total
Other
Financial
Instruments
.........
$73,436
$813,348
$—
$886,784
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
38,621,713
—
—
38,621,713
Automobile
Components
.................
26,455,106
—
—
26,455,106
Automobiles
..........................
26,768,135
—
—
26,768,135
Banks
...............................
161,416,743
—
—
161,416,743
Building
Products
......................
38,385,828
—
—
38,385,828
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Capital
Markets
........................
$
37,927,227
$
—
$
—
$
37,927,227
Communications
Equipment
..............
36,231,484
—
—
36,231,484
Construction
&
Engineering
...............
31,813,774
—
—
31,813,774
Consumer
Finance
.....................
32,479,282
—
—
32,479,282
Consumer
Staples
Distribution
&
Retail
......
26,485,290
—
—
26,485,290
Containers
&
Packaging
.................
34,322,694
11,853,854
—
46,176,548
Diversified
Telecommunication
Services
.....
—
—
14,503,792
14,503,792
Electric
Utilities
........................
75,057,013
—
—
75,057,013
Electronic
Equipment,
Instruments
&
Components
..........................
29,873,115
—
—
29,873,115
Energy
Equipment
&
Services
.............
39,984,097
—
—
39,984,097
Entertainment
.........................
45,277,595
—
—
45,277,595
Financial
Services
......................
167,575,347
—
—
167,575,347
Food
Products
........................
36,747,636
—
—
36,747,636
Health
Care
Equipment
&
Supplies
.........
88,701,908
—
—
88,701,908
Health
Care
Providers
&
Services
..........
109,232,863
—
—
109,232,863
Household
Durables
....................
29,522,421
—
—
29,522,421
Insurance
............................
76,699,783
—
—
76,699,783
Machinery
............................
62,547,334
—
—
62,547,334
Media
...............................
85,674,032
—
—
85,674,032
Metals
&
Mining
.......................
9,663,108
37,525,305
—
47,188,413
Oil,
Gas
&
Consumable
Fuels
.............
101,243,646
—
—
101,243,646
Personal
Care
Products
.................
36,578,268
—
—
36,578,268
Pharmaceuticals
.......................
81,796,593
44,033,325
—
125,829,918
Professional
Services
...................
63,307,230
—
—
63,307,230
Real
Estate
Management
&
Development
....
34,595,108
—
—
34,595,108
Retail
REITs
..........................
36,698,891
—
—
36,698,891
Software
.............................
65,612,597
—
—
65,612,597
Specialized
REITs
......................
45,203,617
—
—
45,203,617
Tobacco
.............................
—
36,685,044
—
36,685,044
Trading
Companies
&
Distributors
..........
72,939,118
—
—
72,939,118
Corporate
Bonds
........................
—
7,421,228
—
7,421,228
Senior
Floating
Rate
Interests
...............
—
62,916,369
—
62,916,369
Companies
in
Liquidation
..................
—
—
—
b
—
Short
Term
Investments
...................
—
40,688,652
—
40,688,652
Total
Investments
in
Securities
...........
$1,885,438,596
$241,123,777
g
$14,503,792
$2,141,066,165
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,867
$—
$1,867
Total
Other
Financial
Instruments
.........
$—
$1,867
$—
$1,867
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$76,868
$—
$76,868
Futures
Contracts
........................
203,977
—
—
203,977
Total
Other
Financial
Instruments
.........
$203,977
$76,868
$—
$280,845
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
e
Common
Stocks
.........................
1,548,722,403
—
—
1,548,722,403
Short
Term
Investments
...................
19,054,767
—
—
19,054,767
Total
Investments
in
Securities
...........
$1,567,777,170
$—
$—
$1,567,777,170
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
13,173,526
$
59,583,900
$
—
$
72,757,426
Automobile
Components
.................
5,954,555
—
—
5,954,555
Banks
...............................
215,901,271
—
—
215,901,271
Building
Products
......................
28,534,931
—
—
28,534,931
Capital
Markets
........................
18,614,068
—
—
18,614,068
Chemicals
...........................
55,229,790
—
—
55,229,790
Commercial
Services
&
Supplies
...........
19,493,257
—
—
19,493,257
Communications
Equipment
..............
5,579,532
—
—
5,579,532
Construction
&
Engineering
...............
58,754,135
—
—
58,754,135
Consumer
Finance
.....................
7,350,587
—
—
7,350,587
Diversified
REITs
......................
11,199,034
—
—
11,199,034
Electric
Utilities
........................
8,601,933
—
—
8,601,933
Electrical
Equipment
....................
29,158,884
—
—
29,158,884
Electronic
Equipment,
Instruments
&
Components
..........................
64,242,023
—
—
64,242,023
Energy
Equipment
&
Services
.............
4,967,778
19,063,301
—
24,031,079
Food
Products
........................
8,825,780
—
—
8,825,780
Ground
Transportation
..................
16,816,351
—
—
16,816,351
Health
Care
Equipment
&
Supplies
.........
12,345,495
—
—
12,345,495
Hotel
&
Resort
REITs
...................
2,328,130
—
—
2,328,130
Hotels,
Restaurants
&
Leisure
.............
57,639,630
9,881,896
—
67,521,526
Household
Durables
....................
24,821,265
—
—
24,821,265
Industrial
REITs
.......................
1,084,083
—
—
1,084,083
Insurance
............................
68,551,694
—
—
68,551,694
Leisure
Products
.......................
39,691,010
—
—
39,691,010
Machinery
............................
70,422,921
—
—
70,422,921
Media
...............................
14,337,542
—
—
14,337,542
Metals
&
Mining
.......................
14,287,581
—
—
14,287,581
Multi-Utilities
..........................
8,852,315
—
—
8,852,315
Office
REITs
..........................
15,784,584
—
—
15,784,584
Oil,
Gas
&
Consumable
Fuels
.............
26,871,249
—
—
26,871,249
Paper
&
Forest
Products
.................
7,300,295
—
—
7,300,295
Professional
Services
...................
8,727,190
—
—
8,727,190
Real
Estate
Management
&
Development
....
9,445,922
—
—
9,445,922
Retail
REITs
..........................
6,648,871
—
—
6,648,871
Semiconductors
&
Semiconductor
Equipment
.
15,442,230
—
—
15,442,230
Software
.............................
34,161,179
—
—
34,161,179
Specialty
Retail
........................
9,836,850
—
—
9,836,850
Textiles,
Apparel
&
Luxury
Goods
..........
3,529,655
3,267,033
—
6,796,688
Trading
Companies
&
Distributors
..........
24,144,188
—
—
24,144,188
Short
Term
Investments
...................
22,325,407
—
—
22,325,407
Total
Investments
in
Securities
...........
$1,070,976,721
$91,796,130
h
$—
$1,162,772,851
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
15,441,633
—
—
15,441,633
Banks
...............................
1,447,992
—
—
1,447,992
Beverages
...........................
2,311,232
—
—
2,311,232
Biotechnology
.........................
10,708,338
—
—
10,708,338
Building
Products
......................
8,824,171
—
—
8,824,171
Capital
Markets
........................
39,440,774
—
—
39,440,774
Commercial
Services
&
Supplies
...........
3,494,616
—
—
3,494,616
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Containers
&
Packaging
.................
$
5,474,848
$
—
$
—
$
5,474,848
Electrical
Equipment
....................
7,815,505
—
—
7,815,505
Energy
Equipment
&
Services
.............
3,239,075
—
—
3,239,075
Entertainment
.........................
6,678,834
—
—
6,678,834
Financial
Services
......................
5,833,597
—
—
5,833,597
Food
Products
........................
4,499,733
—
—
4,499,733
Ground
Transportation
..................
8,601,112
—
—
8,601,112
Health
Care
Equipment
&
Supplies
.........
19,011,201
—
—
19,011,201
Health
Care
Providers
&
Services
..........
2,979,340
—
—
2,979,340
Health
Care
Technology
.................
7,093,606
—
—
7,093,606
Hotels,
Restaurants
&
Leisure
.............
28,851,566
—
—
28,851,566
Household
Durables
....................
5,710,468
—
—
5,710,468
Industrial
REITs
.......................
3,973,043
—
—
3,973,043
Insurance
............................
5,880,633
—
—
5,880,633
Interactive
Media
&
Services
..............
6,134,115
—
—
6,134,115
IT
Services
...........................
24,098,634
—
—
24,098,634
Leisure
Products
.......................
—
—
6,663,102
6,663,102
Life
Sciences
Tools
&
Services
............
11,800,362
—
—
11,800,362
Machinery
............................
9,160,188
—
—
9,160,188
Media
...............................
8,273,297
—
—
8,273,297
Oil,
Gas
&
Consumable
Fuels
.............
13,817,984
—
—
13,817,984
Personal
Care
Products
.................
3,552,120
—
—
3,552,120
Pharmaceuticals
.......................
4,668,079
—
—
4,668,079
Professional
Services
...................
23,583,516
—
—
23,583,516
Residential
REITs
......................
4,044,978
—
—
4,044,978
Semiconductors
&
Semiconductor
Equipment
.
20,344,327
2,507,313
—
22,851,640
Software
.............................
52,963,822
—
—
52,963,822
Specialty
Retail
........................
23,570,597
—
—
23,570,597
Trading
Companies
&
Distributors
..........
11,068,963
—
—
11,068,963
Convertible
Preferred
Stocks
................
—
—
7,301,548
7,301,548
Warrants
...............................
—
—
7,352
b
7,352
Convertible
Bonds
.......................
—
—
195,400
195,400
Corporate
Bonds
........................
—
—
64,375
64,375
Short
Term
Investments
...................
9,738,072
—
—
9,738,072
Total
Investments
in
Securities
...........
$424,130,371
$2,507,313
i
$14,231,777
$440,869,461
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
b
—
Hotels,
Restaurants
&
Leisure
.............
—
142
—
142
Machinery
............................
—
69,109
—
69,109
Oil,
Gas
&
Consumable
Fuels
.............
2,814
32,325
—
35,139
Management
Investment
Companies
.........
—
—
1,393,255
1,393,255
Preferred
Stocks
.........................
—
1,686
—
1,686
Warrants
...............................
—
—
—
b
—
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
3,140,497
—
3,140,497
Air
Freight
&
Logistics
...................
—
537,215
—
537,215
Automobile
Components
.................
—
3,356,173
—
3,356,173
Automobiles
..........................
—
945,721
—
945,721
Banks
...............................
—
18,710,560
—
18,710,560
Beverages
...........................
—
959,817
—
959,817
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Biotechnology
.........................
$
—
$
1,305,248
$
—
$
1,305,248
Broadline
Retail
.......................
—
102,696
—
b
102,696
Building
Products
......................
—
2,316,329
—
2,316,329
Capital
Markets
........................
—
6,949,923
—
6,949,923
Chemicals
...........................
—
5,461,796
—
5,461,796
Commercial
Services
&
Supplies
...........
—
3,984,361
—
3,984,361
Construction
&
Engineering
...............
—
769,679
—
769,679
Construction
Materials
..................
—
744,964
—
744,964
Consumer
Finance
.....................
—
2,251,900
—
2,251,900
Consumer
Staples
Distribution
&
Retail
......
—
622,493
—
622,493
Containers
&
Packaging
.................
—
3,738,255
—
3,738,255
Distributors
...........................
—
526,895
—
526,895
Diversified
Consumer
Services
............
—
751,712
—
751,712
Diversified
REITs
......................
—
1,582,296
—
1,582,296
Diversified
Telecommunication
Services
.....
—
3,109,390
—
3,109,390
Electric
Utilities
........................
—
5,562,624
—
5,562,624
Electrical
Equipment
....................
—
1,068,240
—
1,068,240
Electronic
Equipment,
Instruments
&
Components
..........................
—
1,964,396
—
1,964,396
Energy
Equipment
&
Services
.............
—
1,629,645
—
1,629,645
Entertainment
.........................
—
669,836
—
669,836
Financial
Services
......................
—
2,619,835
—
2,619,835
Food
Products
........................
—
3,271,147
—
3,271,147
Gas
Utilities
..........................
—
217,334
—
217,334
Ground
Transportation
..................
—
3,299,862
—
3,299,862
Health
Care
Equipment
&
Supplies
.........
—
2,477,495
—
2,477,495
Health
Care
Providers
&
Services
..........
—
7,893,482
—
7,893,482
Health
Care
REITs
.....................
—
832,947
—
832,947
Health
Care
Technology
.................
—
835,458
—
835,458
Hotel
&
Resort
REITs
...................
—
1,309,168
—
1,309,168
Hotels,
Restaurants
&
Leisure
.............
—
5,979,801
—
5,979,801
Household
Durables
....................
—
1,673,486
—
1,673,486
Household
Products
....................
—
742,922
—
742,922
Independent
Power
and
Renewable
Electricity
Producers
............................
—
4,197,874
—
4,197,874
Insurance
............................
—
6,452,378
—
6,452,378
Interactive
Media
&
Services
..............
—
813,246
—
813,246
IT
Services
...........................
—
2,252,574
—
2,252,574
Life
Sciences
Tools
&
Services
............
—
604,689
—
604,689
Machinery
............................
—
1,900,384
—
1,900,384
Media
...............................
—
5,792,857
—
5,792,857
Metals
&
Mining
.......................
—
3,040,024
—
3,040,024
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..............................
—
781,986
—
781,986
Multi-Utilities
..........................
—
1,750,049
—
1,750,049
Oil,
Gas
&
Consumable
Fuels
.............
—
19,364,870
—
19,364,870
Paper
&
Forest
Products
.................
—
993,354
—
993,354
Passenger
Airlines
.....................
—
1,497,440
—
1,497,440
Personal
Care
Products
.................
—
2,987,003
—
2,987,003
Pharmaceuticals
.......................
—
3,895,831
—
3,895,831
Residential
REITs
......................
—
446,345
—
446,345
Software
.............................
—
781,070
—
781,070
Specialized
REITs
......................
—
938,810
—
938,810
Specialty
Retail
........................
—
199,171
—
199,171
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
167
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Technology
Hardware,
Storage
&
Peripherals
.
$
—
$
1,617,494
$
—
$
1,617,494
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,948,995
—
1,948,995
Tobacco
.............................
—
1,971,466
—
1,971,466
Trading
Companies
&
Distributors
..........
—
3,444,982
—
3,444,982
Transportation
Infrastructure
..............
—
120,809
—
120,809
Wireless
Telecommunication
Services
.......
—
2,753,930
1,440
2,755,370
Senior
Floating
Rate
Interests
...............
—
7,574,645
—
7,574,645
Marketplace
Loans
.......................
—
—
1,797,164
1,797,164
Foreign
Government
and
Agency
Securities
....
—
5,926,164
—
5,926,164
U.S.
Government
and
Agency
Securities
.......
—
57,911,247
—
57,911,247
Asset-Backed
Securities
...................
—
7,360,794
—
7,360,794
Commercial
Mortgage-Backed
Securities
......
—
3,402,573
—
3,402,573
Mortgage-Backed
Securities
................
—
35,954,054
—
35,954,054
Residential
Mortgage-Backed
Securities
.......
—
7,148,413
—
7,148,413
Escrows
and
Litigation
Trusts
...............
—
4,860
—
b
4,860
Short
Term
Investments
...................
1,804,106
—
—
1,804,106
Total
Investments
in
Securities
...........
$1,806,920
$299,849,241
$3,191,859
$304,848,020
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$64,325
$—
$64,325
Futures
Contracts
.......................
27,324
—
—
27,324
Swap
Contracts
.........................
—
705,815
—
705,815
Unfunded
Loan
Commitments
..............
—
7
—
7
Total
Other
Financial
Instruments
.........
$27,324
$770,147
$—
$797,471
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$70,378
$—
$70,378
Futures
Contracts
........................
8,017
—
—
8,017
Total
Other
Financial
Instruments
.........
$8,017
$70,378
$—
$78,395
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
e
Corporate
Bonds
........................
—
3,938,348
—
3,938,348
Foreign
Government
and
Agency
Securities
....
—
323,464
—
323,464
U.S.
Government
and
Agency
Securities
.......
—
75,387,089
—
75,387,089
Mortgage-Backed
Securities
................
—
426,637,476
—
426,637,476
Short
Term
Investments
...................
—
39,788,471
—
39,788,471
Total
Investments
in
Securities
...........
$—
$546,074,848
$—
$546,074,848
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
e
Common
Stocks
.........................
100,126,312
—
—
100,126,312
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
48,870,849
—
—
48,870,849
Short
Term
Investments
...................
3,822,426
—
—
3,822,426
Total
Investments
in
Securities
...........
$152,819,587
$—
$—
$152,819,587
Liabilities:
Other
Financial
Instruments:
Swap
Contracts
.........................
$—
$988
$—
$988
Total
Other
Financial
Instruments
.........
$—
$988
$—
$988
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
168
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
5,800,692
$
—
$
—
$
5,800,692
Cambodia
............................
—
517,661
—
517,661
Chile
................................
2,352,918
—
—
2,352,918
China
...............................
16,764,730
52,144,478
—
68,909,208
Hong
Kong
...........................
—
5,917,478
—
5,917,478
Hungary
.............................
3,486,442
—
—
3,486,442
India
................................
—
33,829,295
—
33,829,295
Indonesia
............................
—
1,511,720
—
1,511,720
Italy
.................................
—
634,221
—
634,221
Mexico
..............................
5,522,211
—
—
5,522,211
Peru
................................
1,154,894
—
—
1,154,894
Philippines
............................
—
1,214,293
—
1,214,293
Russia
...............................
—
—
—
j
—
South
Africa
...........................
—
6,410,589
—
6,410,589
South
Korea
..........................
—
48,952,169
—
48,952,169
Taiwan
...............................
—
49,770,884
—
49,770,884
Thailand
.............................
—
8,541,722
—
8,541,722
United
Arab
Emirates
....................
2,239,447
—
—
2,239,447
United
States
..........................
9,500,873
—
—
9,500,873
Preferred
Stocks
........................
16,211,251
—
—
16,211,251
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
8,154,198
—
—
8,154,198
Total
Investments
in
Securities
...........
$71,187,656
$209,444,510
k
$—
$280,632,166
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
14,122,379
$
—
$
14,122,379
Automobile
Components
.................
—
24,627,340
—
24,627,340
Automobiles
..........................
—
16,420,143
—
16,420,143
Banks
...............................
8,397,136
135,909,842
—
144,306,978
Broadline
Retail
.......................
26,955,490
30,530,982
—
57,486,472
Chemicals
...........................
9,593,839
29,612,496
—
39,206,335
Commercial
Services
&
Supplies
...........
—
24,400,954
—
24,400,954
Construction
Materials
..................
—
20,641,119
—
20,641,119
Consumer
Staples
Distribution
&
Retail
......
—
19,719,662
—
19,719,662
Containers
&
Packaging
.................
24,221,588
—
—
24,221,588
Energy
Equipment
&
Services
.............
—
13,112,600
—
13,112,600
Household
Durables
....................
—
43,055,792
—
43,055,792
Independent
Power
and
Renewable
Electricity
Producers
............................
—
24,232,301
—
24,232,301
Insurance
............................
—
52,240,703
—
52,240,703
Machinery
............................
26,762,244
—
—
26,762,244
Media
...............................
—
10,178,323
—
10,178,323
Metals
&
Mining
.......................
—
16,897,244
—
16,897,244
Oil,
Gas
&
Consumable
Fuels
.............
—
73,277,546
—
73,277,546
Pharmaceuticals
.......................
—
28,046,617
—
28,046,617
Professional
Services
...................
—
15,368,162
—
15,368,162
Semiconductors
&
Semiconductor
Equipment
.
12,148,826
73,051,453
—
85,200,279
Specialty
Retail
........................
—
20,967,389
—
20,967,389
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
169
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Technology
Hardware,
Storage
&
Peripherals
.
$
—
$
38,261,654
$
—
$
38,261,654
Textiles,
Apparel
&
Luxury
Goods
..........
—
12,398,055
—
12,398,055
Convertible
Preferred
Stocks
................
4,500,000
—
—
4,500,000
Short
Term
Investments
...................
48,053,175
—
—
48,053,175
Total
Investments
in
Securities
...........
$160,632,298
$737,072,756
l
$—
$897,705,054
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
e
Foreign
Government
and
Agency
Securities
....
$
—
$
1,174,524,378
$
—
$
1,174,524,378
U.S.
Government
and
Agency
Securities
.......
—
220,153,477
—
220,153,477
Options
Purchased
.......................
—
7,607,150
—
7,607,150
Short
Term
Investments
...................
132,647,328
—
—
132,647,328
Total
Investments
in
Securities
...........
$132,647,328
$1,402,285,005
$—
$1,534,932,333
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$23,517,570
$—
$23,517,570
Swap
Contracts
.........................
—
—
—
—
Total
Other
Financial
Instruments
.........
$—
$23,517,570
$—
$23,517,570
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$5,804,836
$—
$5,804,836
Forward
Exchange
Contracts
...............
—
3,224,060
—
3,224,060
Swap
Contracts
.........................
—
860,790
—
860,790
Total
Other
Financial
Instruments
.........
$—
$9,889,686
$—
$9,889,686
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
33,771,866
$
—
$
33,771,866
Automobiles
..........................
—
4,607,461
—
4,607,461
Banks
...............................
29,683,083
11,698,035
—
41,381,118
Broadline
Retail
.......................
9,622,827
—
—
9,622,827
Capital
Markets
........................
6,378,051
—
—
6,378,051
Construction
Materials
..................
4,519,313
—
—
4,519,313
Consumer
Staples
Distribution
&
Retail
......
7,145,869
—
—
7,145,869
Electrical
Equipment
....................
6,456,094
—
—
6,456,094
Financial
Services
......................
5,756,353
—
—
5,756,353
Food
Products
........................
—
3,879,562
—
3,879,562
Ground
Transportation
..................
9,922,052
—
—
9,922,052
Health
Care
Equipment
&
Supplies
.........
9,759,702
—
—
9,759,702
Health
Care
Providers
&
Services
..........
18,957,947
—
—
18,957,947
Hotels,
Restaurants
&
Leisure
.............
18,140,233
—
—
18,140,233
Household
Durables
....................
—
5,431,124
—
5,431,124
Independent
Power
and
Renewable
Electricity
Producers
............................
—
4,516,488
—
4,516,488
Insurance
............................
—
3,755,758
—
3,755,758
Interactive
Media
&
Services
..............
10,765,655
—
—
10,765,655
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
170
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Life
Sciences
Tools
&
Services
............
$
13,062,076
$
—
$
—
$
13,062,076
Machinery
............................
7,580,490
—
—
7,580,490
Metals
&
Mining
.......................
4,339,795
—
—
4,339,795
Oil,
Gas
&
Consumable
Fuels
.............
—
19,893,048
—
19,893,048
Personal
Care
Products
.................
—
11,308,096
—
11,308,096
Pharmaceuticals
.......................
—
13,756,193
—
13,756,193
Professional
Services
...................
—
2,980,685
—
2,980,685
Semiconductors
&
Semiconductor
Equipment
.
20,492,767
9,773,621
—
30,266,388
Software
.............................
18,248,018
6,212,936
—
24,460,954
Specialty
Retail
........................
10,591,764
—
—
10,591,764
Technology
Hardware,
Storage
&
Peripherals
.
7,862,119
8,462,536
—
16,324,655
Wireless
Telecommunication
Services
.......
4,396,293
—
—
4,396,293
Short
Term
Investments
...................
4,551,089
14,098,182
—
18,649,271
Total
Investments
in
Securities
...........
$228,231,590
$154,145,591
m
$—
$382,377,181
a
Includes
foreign
securities
valued
at
$91,105,862,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$1,956,795,
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
$37,168,365,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
f
Includes
foreign
securities
valued
at
$208,446,809,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
g
Includes
foreign
securities
valued
at
$130,097,528,
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
$91,796,130,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
i
Includes
foreign
securities
valued
at
$2,507,313,
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,
2024.
k
Includes
foreign
securities
valued
at
$209,444,510,
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
$737,072,756,
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
$140,047,409,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
171
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At September
30,
2024,
the
reconciliations
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
$
6,610,010
$
—
$
—
$
—
$
—
$
—
$
—
$
53,092
$
6,663,102
$
53,092
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
901,223
—
—
—
—
—
—
16,028
917,251
16,028
Software
..........
5,004,113
—
—
—
—
—
—
389,625
5,393,738
389,625
Trading
Companies
&
Distributors
........
—
990,559
—
—
—
—
—
—
990,559
—
Warrants
:
Software
..........
1,418
d
—
—
d
—
—
—
—
5,934
7,352
d
5,934
Convertible
Bonds
:
Software
..........
195,400
—
—
—
—
—
—
—
195,400
—
Corporate
Bonds
:
Software
..........
64,375
—
—
—
—
—
—
—
64,375
—
Total
Investments
in
Securities
............
$12,776,539
$990,559
$—
$—
$—
$—
$—
$464,679
$14,231,777
$464,679
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Management
Investment
Companies
:
Capital
Markets
.....
—
1,371,083
—
—
—
—
—
22,172
1,393,255
22,172
Warrants
:
Machinery
.........
—
132
—
—
—
—
—
(132)
—
d
(132)
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Wireless
Telecommunication
Services
..........
—
—
(4,699)
6,192
—
744
3,388
(4,185)
1,440
(3,884)
Marketplace
Loans
:
Financial
Services
...
3,684,351
2,143
(1,964,466)
—
—
—
647
74,489
1,797,164
(92,380)
Escrows
and
Litigation
Trusts
:
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$3,684,351
$1,373,358
$(1,969,165)
$6,192
$—
$744
$4,035
$92,344
$3,191,859
$(74,224)
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
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
172
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2024,
are
as
follows:
Abbreviations
List
EV
-
Enterprise
value
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
...............
$6,663,102
Market
comparables
Discount
for
lack
of
marketability
9.4%
Decrease
Estimated
Revenue
$7.5
bil
Increase
EV
/
revenue
multiple
4.3x
Increase
All
Other
Investments
.............
7,568,675
c,d
Total
..........................
$14,231,777
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
..............
$1,797,164
Discounted
cash
flow
Loss-adjusted
discount
rate
2.0%
-
12.6%
(8.1%)
Decrease
Projected
loss
rate
0.4%
-
33.5%
(20.0%)
Decrease
All
other
investments
.............
1,394,695
c,d
Total
..........................
$3,191,859
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.
7. Fair
Value
Measurements
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
173
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
UBSW
UBS
AG
WFLA
Wells
Fargo
Bank
NA
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
CHF
Swiss
Franc
COP
Colombian
Peso
EGP
Egyptian
Pound
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
RSD
Serbian
Dinar
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
BDC
Business
Development
Company
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
IBOR
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
VIX
Market
Volatility
Index
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
4.96%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.