Fixed Income

Franklin U.S. Government Securities VIP Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks income from U.S. government securities, primarily fixed and variable rate mortgage-backed securities, a substantial portion of which are Ginnie Maes.

Benchmark: Bloomberg US Government - Intermediate Index
Fund Inception Date: 03/14/1989
Share Class Inception Date: 03/14/1989

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.53%
Net Expense Ratio^2,3: 0.53%
12b-1 Fee: 0.00%

Identifiers

Ticker: —
Fund Number: 781
CUSIP Code: 355150871
Bloomberg Code: —

Top Sectors

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Monthly)

Top Sectors
Mortgage-Backed Securities77.11%
AA92.14%
U.S. Treasuries13.39%
U.S. Agency2.09%
Not Rated0.44%
Cash & Cash Equivalents7.41%

Additional Fund Info

Asset Class: Fixed Income
Morningstar Category⁴: Intermediate Government
Lipper Classification: N/A
Investment Style: Government

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 2024

Managed Fund Since 2019

Latest Insights

January 8, 2026

Flash Insights: Notes on Venezuela

January 6, 2026

Central Bank Watch: Steady as she goes

December 22, 2025

The road ahead: Trends, risks and opportunities

December 18, 2025

Emerging markets debt 2026 outlook

Portfolio

Assets

As of12/31/2025 (Updated Monthly)

Total Net Assets: $497.99 Million

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings

Fund: 669
Benchmark: 463

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Average Weighted Maturity

Fund: 18.32 Years
Benchmark: 3.93 Years

Effective Duration

Fund: 4.56 Years
Benchmark: 3.52 Years

Asset Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	92.59%
Cash & Cash Equivalents	7.41%

Holdings
As of 11/30/2025 (Updated Monthly)

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

UNITED STATES TREASURY NOTE/BOND 2.25% 08/15/2027

United States Treasury Note/Bond 4% 07/31/2029

GOVT NATL MORTG ASSN 2.5% 08/20/2051 GNMA

Fannie Mae Pool 2.5% 09/01/2051 FNMA

Freddie Mac Pool 4.5% 10/01/2052 FHLM

Fannie Mae Pool 4% 09/01/2052 FNMA

Freddie Mac Pool 5% 12/01/2052 FNL

GOVT NATL MORTG ASSN 3% 10/20/2051 GNMA

GOVT NATL MORTG ASSN 3.50% 09/20/2047 SF2 G2SF

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

Federal ID Number 94-3097187

For information on tax years prior to 2008, please contact us

2025 tax information will be available in early February

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Data not currently available.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Franklin U.S. Government Securities VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Franklin U.S. Government Securities VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Report - Franklin U.S. Government Securities VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin U.S. Government Securities VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin Templeton Variable Insurance Products	Download Document
Checkbox	Summary Prospectus - Franklin U.S. Government Securities VIP Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including 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. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. 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. These and other risks are discussed in the fund’s prospectus.

Important Information

Franklin U.S. Government Securities 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.

The Bloomberg U.S. Government Intermediate Index is the intermediate component of the Bloomberg U.S. Government Index, which includes public obligations of the U.S. Treasury with at least one year to final maturity and publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government.
Source: 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.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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