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        <curCd>USD</curCd>
        <valUSD>540501.01000000</valUSD>
        <pctVal>1.272194060613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin FTSE Europe ETF ETF USD NPV TIS A/C#26349</name>
        <lei>549300MGO0V5Y80BBI27</lei>
        <title>Franklin FTSE Europe ETF ETF USD NPV TIS A/C#26349</title>
        <cusip>35473P652</cusip>
        <identifiers>
          <ticker value="FLEE"/>
          <other otherDesc="Internal Identifier" value="817192"/>
        </identifiers>
        <balance>54700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1198477.00000000</valUSD>
        <pctVal>2.820892640296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin Liberty U.S. Core Bond ETF ETF USD NPV TIS A/C# 28565</name>
        <lei>N/A</lei>
        <title>Franklin Liberty U.S. Core Bond ETF ETF USD NPV TIS A/C# 28565</title>
        <cusip>35473P553</cusip>
        <identifiers>
          <ticker value="FLCB"/>
          <other otherDesc="Internal Identifier" value="1006612"/>
        </identifiers>
        <balance>27493.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>720316.60000000</valUSD>
        <pctVal>1.695431614977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEMPLETON DEVELOPING MARKETS TRUST OEMF USD NPV CL R6 TIS A/C# 505</name>
        <lei>549300ZJC3KUG08IH343</lei>
        <title>TEMPLETON DEVELOPING MARKETS TRUST OEMF USD NPV CL R6 TIS A/C# 505</title>
        <cusip>88018W609</cusip>
        <identifiers>
          <ticker value="FDEVX"/>
          <other otherDesc="Internal Identifier" value="538724"/>
        </identifiers>
        <balance>84789.56200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1664419.10000000</valUSD>
        <pctVal>3.917595072379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin Liberty Systematic Style Premia ETF ETF USD NPV TIS A/C #28388</name>
        <lei>N/A</lei>
        <title>Franklin Liberty Systematic Style Premia ETF ETF USD NPV TIS A/C #28388</title>
        <cusip>35473P546</cusip>
        <identifiers>
          <ticker value="FLSP"/>
          <other otherDesc="Internal Identifier" value="1014598"/>
        </identifiers>
        <balance>8625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196689.68000000</valUSD>
        <pctVal>0.462954625524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FFAS-FRANKLIN EMERGING MARKET CORE EQUITY (IU) FUND OEMF USD NPV TIS A/C#28663</name>
        <lei>N/A</lei>
        <title>FFAS-FRANKLIN EMERGING MARKET CORE EQUITY (IU) FUND OEMF USD NPV TIS A/C#28663</title>
        <cusip>35473A598</cusip>
        <identifiers>
          <ticker value="FCEEX"/>
          <other otherDesc="Internal Identifier" value="998765"/>
        </identifiers>
        <balance>261888.20300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2576979.92000000</valUSD>
        <pctVal>6.065517895229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADAS</name>
        <lei>N/A</lei>
        <title>GINNIE MAE</title>
        <cusip>3617NN5K4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3617NN5K4"/>
        </identifiers>
        <balance>101.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101.92000000</valUSD>
        <pctVal>0.000239892278</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC Securities (USA) Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>101.92388291</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>103.96236057</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128286M7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128286M7"/>
        </identifiers>
        <balance>10512.62000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10512.62000000</valUSD>
        <pctVal>0.024743881099</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="2J5703FH5U5M97R1I237" name="BNP Paribas Securities Corp."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>10512.62363081</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>10739.88824913</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828Y87</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828Y87"/>
        </identifiers>
        <balance>2887.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2887.77000000</valUSD>
        <pctVal>0.006797034185</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="9J6MBOOO7BECTDTUZW19" name="Deutsche Bank Securities Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2887.77243071</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2945.52896926</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912834EP9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912834EP9"/>
        </identifiers>
        <balance>1650.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1650.18000000</valUSD>
        <pctVal>0.003884080059</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC Securities (USA) Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1650.18005555</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1683.18365666</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
