Franklin Income VIP Fund
Franklin Templeton Variable Insurance Products Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin Income VIP Fund is a conservative allocation fund. 0% of Franklin Income VIP Fund’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 92% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
Fund profile
As filed in the prospectus · 2026 Q2
To maximize income while maintaining prospects for capital appreciation.
The fund pursues a value-oriented approach, selecting undervalued debt and equity securities across sectors and geographies based on bottom-up analysis of cash flow, earnings potential, asset value and relative price; it expects to hold 20–30% in below-investment-grade debt but may reach 35%, and may allocate up to 25% to foreign securities and equity-linked notes. The manager shifts between asset classes and employs equity and interest-rate derivatives to enhance returns, hedge risks or gain efficient exposure. Because security selection depends on the manager's analysis of individual issuers' fundamentals and market mispricing, results will diverge from broad market indices.
| Share class | Expense ratio | As of |
|---|---|---|
| C000020129 | 0.47% | 2025 Q2 |
| C000020130 | 0.72% | 2025 Q2 |
| C000061791 | 0.82% | 2025 Q2 |
Portfolio turnover 41.45% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 54.88% |
| Stocks | 36.01% |
| Securitized | 5.50% |
| Loans | 1.39% |
| Cash & short-term | 0.94% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 24.1% |
| International | 13.2% |
| Financials | 10.3% |
| Health Care | 7.8% |
| 12 smaller | 44.6% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: CVS, American Airlines, Inc., Dexko Global, Inc., Venture Global Calcasieu Pass LLC, Alphabet, Inc. ×2, HONA, Caesars Entertainment, Inc.
Largest exited: U.S. Treasury Bills, Mizuho Markets Cayman LP into Exxon Mobil Corp., Mizuho Markets Cayman LP into Analog Devices, Inc., Mizuho Markets Cayman LP into Amgen, Inc., D, Wells Fargo Bank NA into CVS Health Corp., Dornoch Debt Merger Sub, Inc., Venture Global LNG, Inc.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 96.4% |
| Floating rate | 2.3% |
| Zero-coupon or unclassified | 1.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 22.1% |
| 1-3y | 8.1% |
| 3-5y | 20.7% |
| 5-10y | 34.4% |
| 10y+ | 14.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.52 yr |
| High yield | +0.68 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.12 yr | 6% |
| 5 yr | 0.85 yr | 40% |
| 10 yr | 0.48 yr | 22% |
| 30 yr | 0.69 yr | 32% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.12 yr | 5% |
| 5 yr | 0.89 yr | 40% |
| 10 yr | 0.50 yr | 23% |
| 30 yr | 0.69 yr | 31% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $157 | $76 |
| 1 yr | +0.12 | +0.04 | +0.08 | $14.1k | $24.9k |
| 5 yr | +0.85 | +0.47 | +0.42 | $155.8k | $138.7k |
| 10 yr | +0.48 | +0.34 | +0.16 | $112.8k | $53.6k |
| 30 yr | +0.69 | +0.67 | +0.02 | $220.0k | $7.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| PG | Procter & Gamble Co. (The)PG | 1.89% | $146.64 | $62.32M | 425.0K |
| XOM | Exxon Mobil Corp.XOM | 1.87% | $136.72 | $61.52M | 450.0K |
| CVX | Chevron Corp.CVX | 1.76% | $165.76 | $58.02M | 350.0K |
| CSCO | Cisco Systems, Inc.CSCO | 1.43% | $117.46 | $46.98M | 400.0K |
| SO | Southern Co. (The)SO | 1.31% | $95.71 | $43.07M | 450.0K |
| PEP | PepsiCo, Inc.PEP | 1.23% | $135.40 | $40.62M | 300.0K |
| UNP | Union Pacific Corp.UNP | 1.07% | $272.00 | $35.36M | 130.0K |
| HD | Home Depot, Inc. (The)HD | 1.07% | $352.68 | $35.27M | 100.0K |
| — | United States of America3.63% · due 2053-05-15 | 1.03% | — | $33.98M | — |
| APD | Air Products and Chemicals, Inc.APD | 1.02% | $293.18 | $33.72M | 115.0K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 13.67% of net assets, top 25 26.26%, across 204 issuers.
See more of this fund's book
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