![[Edward D. Perkss avatar]](https://franklintempletonprod.widen.net/content/myluatiyuw/webp/Perks_Ed_500x500.png){kind=avatar}
Managed Fund Since 2002
Multi-Asset
Franklin Income VIP Fund
- A record of consistent dividends. For over 75 years, Franklin Income Fund has paid uninterrupted dividends. (as of June 30, 2025).
- Experienced portfolio management team. Portfolio managers Ed Perks, Brendan Circle, and Todd Brighton bring over 65 years of combined experience.
- Broad diversification and dynamic. Utilizes a flexible multi-asset approach to income generation that dynamically allocates across equities, fixed income, and hybrid securities.
Popular Documents
Total Net Assets
$3.26B
As of 11/30/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks to maximize income while maintaining prospects for capital appreciation. The fund may invest in equity and debt securities and may invest all of its assets in below investment grade debt securities.
- Benchmark
- Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index
- Fund Inception Date
- 01/24/1989
- Share Class Inception Date
- 01/06/1999
Identifiers
- Ticker
- —
- Fund Number
- 770
- CUSIP Code
- 355150418
- Bloomberg Code
- —
Top Asset Allocation
As of 11/30/2025 % of Total (Updated Monthly)
Fixed Income46.19% | |
Equity32.70% | |
Convertibles/Equity-Linked Notes17.90% | |
Cash & Cash Equivalents3.21% |
Additional Fund Info
- Asset Class
- Multi-Asset
- Morningstar Category
4 - Moderately Conservative Allocation
- Lipper Classification
- Flexible Portfolio Funds
- Investment Style
- Income
Manager and Commentary
About the Team
Franklin Income Investors
Franklin Income Investors has delivered consistent income for over 75 years. As pioneers in multi-asset income investing, our team takes a dynamic investment approach for investors seeking consistent income and growth.
Franklin Income Investors
![[Brendan Circles avatar]](https://franklintempletonprod.widen.net/content/qfyhqgdkcd/webp/Circle_Brendan_500x500.png){kind=avatar}
Managed Fund Since 2019
![[Todd Brightons avatar]](https://franklintempletonprod.widen.net/content/z1hwjxebpc/webp/Brighton_Todd_500x500.png){kind=avatar}
Managed Fund Since 2017
Latest Insights
November 11, 2025
August 4, 2025
May 5, 2025
February 5, 2025
Portfolio
Assets
As of11/30/2025 (Updated Monthly)
- Total Net Assets
- $3.26 Billion
Positions
As of 11/30/2025 (Updated Monthly)
Number of Issuers
- Fund
- 174
- Fund
- 102
- Fund
- 35
- Fund
- 53
- Fund
- 283
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Price to Book
- Fund
- 3.00x
- Fund
- 12.73x
- Fund
- 20.68x
- Fund
- 9.60 Years
- Fund
- 4.30 Years
Sector Allocation (Equity as a % of Total)
As of 11/30/2025 Equity as a % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Information Technology | 9.12% |
Health Care | 8.16% |
Energy | 6.55% |
Financials | 5.00% |
Consumer Staples | 4.96% |
Industrials | 4.86% |
Utilities | 4.79% |
Materials | 2.97% |
Consumer Discretionary | 2.83% |
Communication Services | 1.36% |
Sector Allocation (Fixed as a % of Total)
As of 11/30/2025 Fixed as a % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
High Yield Corporates | 21.99% |
Investment Grade Corporates | 11.56% |
U.S. Treasuries | 6.10% |
Mortgage-Backed Securities | 5.97% |
Floating-Rate Loans | 0.56% |
Holdings
As of 10/31/2025 (Updated Monthly)
Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO
Johnson & Johnson COM USD1
Chevron Corp COM USD.75
Exxon Mobil Corp COM NPV
PepsiCo Inc COM USD.017
Merck & Co Inc COM USD.5
Procter & Gamble Co/The COM NPV
Cisco Systems Inc COM NPV
NextEra Energy Inc COM USD.01
United States Treasury Note/Bond 3.625% 05/15/2053
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
06/13/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Documents
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Financial Statements and Other Information - Franklin Income VIP Fund | |||
| Annual Report - Franklin Income VIP Fund - Class 2 | |||
| Semi-Annual Report - Franklin Income VIP Fund - Class 2 | |||
| Semi-Annual Financial Statements and Other Information - Franklin Income VIP Fund | |||
| Prospectus - Franklin Templeton Variable Insurance Products | |||
| Summary Prospectus - Franklin Income VIP Fund | |||
| Statement of Additional Information - Franklin Templeton Variable Insurance Products | |||
| Fiscal Q1 Holdings - Franklin Templeton Variable Insurance Products | |||
| Fiscal Q3 Holdings - Franklin Templeton Variable Insurance Products |
Risks
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Depository receipts are subject to international investment risk and potentially negative effects from currency exchange rates, foreign taxation and differences in auditing and other financial standards. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Franklin Income VIP Fund is a series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts to serve as investment options for variable insurance products.
Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.
VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
50% USA High Div Yield + 25% High Yield Very Liquid + 25% US Agg Index is composed of the Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index.
The MSCI USA High Dividend Yield Index is designed to reflect the performance of mid- and large-cap equities (excluding REITs) with higher dividend income, which is sustainable and persistent, than average dividend yields of securities in the MSCI USA Index. The Bloomberg US High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index designed to track a more liquid component of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market. The Bloomberg US Aggregate Bond Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Bloomberg Indices.
Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.