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      <regLei>549300PYEMTLTOE2MK86</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Dynatech Fund</seriesName>
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      <repPdEnd>2019-09-30</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <name>IDEXX LABORATORIES INC COM USD.1</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MOODY'S CORP COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MERCADOLIBRE INC COM USD NPV</name>
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        <name>MASTERCARD INC COM USD.0001 CL A</name>
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        <name>TYLER TECHNOLOGIES INC COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REPLIGEN CORP COM USD.01</name>
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          <ticker value="RGEN"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ABBOTT LABORATORIES COM NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Lightspeed POS Inc ORD CAD 1</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ADOBE INC COM USD 0.0001</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
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        <name>SBA COMMUNICATIONS CORP REIT USD NPV CLASS A</name>
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        <lei>549300HTIN2PD78UB763</lei>
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        <name>SHOPIFY INC ORD CAD NPV CL A</name>
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        <lei>HWUPKR0MPOU8FGXBT394</lei>
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        <name>ANSYS INC COM USD.01</name>
        <lei>549300VJV8H15Z5FJ571</lei>
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        <name>Smartsheet Inc COM USD NPV CL A</name>
        <lei>549300N9WF42OK9VL589</lei>
        <title>Smartsheet Inc COM USD NPV CL A</title>
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        <name>UNITEDHEALTH GROUP INC COM USD0.01</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC COM USD0.01</title>
        <cusip>91324P102</cusip>
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          <ticker value="UNH"/>
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        <curCd>USD</curCd>
        <valUSD>43464000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOEING CO COM USD5</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <cusip>097023105</cusip>
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          <ticker value="BA"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114141000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NIKE INC COM B NPV</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC COM B NPV</title>
        <cusip>654106103</cusip>
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          <ticker value="NKE"/>
          <other otherDesc="Internal Identifier" value="3790"/>
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        <curCd>USD</curCd>
        <valUSD>18784000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISA INC COM USD NPV CL A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC COM USD NPV CL A</title>
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          <ticker value="V"/>
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        <curCd>USD</curCd>
        <valUSD>215012500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tradeweb Markets Inc COM USD 0.01</name>
        <lei>N/A</lei>
        <title>Tradeweb Markets Inc COM USD 0.01</title>
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          <ticker value="TW"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERCONTINENTAL EXCHANGE INC COM USD.01</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>INTERCONTINENTAL EXCHANGE INC COM USD.01</title>
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          <ticker value="ICE"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>92270000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Elanco Animal Health Inc COM USD 1</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>Elanco Animal Health Inc COM USD 1</title>
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          <ticker value="ELAN"/>
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        <valUSD>26590000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WIX.COM LTD ORD USD.01</name>
        <lei>5493008P6N29Q1AG9464</lei>
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          <ticker value="WIX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ZOETIS INC COM USD.01</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
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          <ticker value="ZTS"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COUPA SOFTWARE INC COM USD.0001</name>
        <lei>549300Q95ICR2GFL2K37</lei>
        <title>COUPA SOFTWARE INC COM USD.0001</title>
        <cusip>22266L106</cusip>
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          <ticker value="COUP"/>
          <other otherDesc="Internal Identifier" value="647341"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THERMO FISHER SCIENTIFIC INC COM USD1</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>THERMO FISHER SCIENTIFIC INC COM USD1</title>
        <cusip>883556102</cusip>
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          <ticker value="TMO"/>
          <other otherDesc="Internal Identifier" value="30383"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VEEVA SYSTEMS INC COM USD.00001 CL A</name>
        <lei>549300YZEXPDB92M2F02</lei>
        <title>VEEVA SYSTEMS INC COM USD.00001 CL A</title>
        <cusip>922475108</cusip>
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          <ticker value="VEEV"/>
          <other otherDesc="Internal Identifier" value="561916"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TWILIO INC COM USD NPV CL A</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>TWILIO INC COM USD NPV CL A</title>
        <cusip>90138F102</cusip>
        <identifiers>
          <ticker value="TWLO"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NETFLIX INC COM USD.001</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC COM USD.001</title>
        <cusip>64110L106</cusip>
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          <ticker value="NFLX"/>
          <other otherDesc="Internal Identifier" value="236954"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WATERS CORP COM USD.01</name>
        <lei>5T547R1474YC9HOD8Q74</lei>
        <title>WATERS CORP COM USD.01</title>
        <cusip>941848103</cusip>
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          <ticker value="WAT"/>
          <other otherDesc="Internal Identifier" value="36174"/>
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        <balance>100000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RAYTHEON CO NEW COM NPV</name>
        <lei>YR6K3WJN0KKLUPZSNL57</lei>
        <title>RAYTHEON CO NEW COM NPV</title>
        <cusip>755111507</cusip>
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          <ticker value="RTN"/>
          <other otherDesc="Internal Identifier" value="209000"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>IQVIA HOLDINGS INC COM USD.01</name>
        <lei>549300W3R20NM4KQPH86</lei>
        <title>IQVIA HOLDINGS INC COM USD.01</title>
        <cusip>46266C105</cusip>
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          <ticker value="IQV"/>
          <other otherDesc="Internal Identifier" value="549154"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ETSY INC COM USD.001</name>
        <lei>54930089Q7XT501AEA40</lei>
        <title>ETSY INC COM USD.001</title>
        <cusip>29786A106</cusip>
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          <ticker value="ETSY"/>
          <other otherDesc="Internal Identifier" value="601688"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BECTON DICKINSON AND CO COM USD1</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>BECTON DICKINSON AND CO COM USD1</title>
        <cusip>075887109</cusip>
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          <ticker value="BDX"/>
          <other otherDesc="Internal Identifier" value="7116"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GUIDEWIRE SOFTWARE INC COM USD.0001</name>
        <lei>549300WXSG0J8IXZCK32</lei>
        <title>GUIDEWIRE SOFTWARE INC COM USD.0001</title>
        <cusip>40171V100</cusip>
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          <ticker value="GWRE"/>
          <other otherDesc="Internal Identifier" value="513145"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evotec SE ORD EUR NPV</name>
        <lei>529900F9KI6OYITO9B12</lei>
        <title>Evotec SE ORD EUR NPV</title>
        <cusip>000000000</cusip>
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          <isin value="DE0005664809"/>
          <other otherDesc="Internal Identifier" value="178811"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chewy Inc COM USD 0.01 CL A</name>
        <lei>N/A</lei>
        <title>Chewy Inc COM USD 0.01 CL A</title>
        <cusip>16679L109</cusip>
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          <ticker value="CHWY"/>
          <other otherDesc="Internal Identifier" value="989457"/>
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        <valUSD>813598.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ATLASSIAN CORP PLC ORD USD.1</name>
        <lei>549300AGBII4MWBVJY22</lei>
        <title>ATLASSIAN CORP PLC ORD USD.1</title>
        <cusip>G06242104</cusip>
        <identifiers>
          <ticker value="TEAM"/>
          <other otherDesc="Internal Identifier" value="619267"/>
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        <balance>500000.00000000</balance>
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        <valUSD>62720000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VERACYTE INC COM USD.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTUITIVE SURGICAL INC COM USD.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>XILINX INC COM USD0.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CADENCE DESIGN SYSTEMS INC COM USD0.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MongoDB Inc COM USD 0.0010</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY BROADBAND CORP COM USD NPV CL A</name>
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        <name>Alteryx Inc COM USD NPV</name>
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        <name>KEYENCE CORP ORD JPY NPV</name>
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        <name>HUBSPOT INC COM USD.001</name>
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        <fairValLevel>1</fairValLevel>
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        <lei>549300I8RX485XMK6836</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Network International Holdings PLC ORD GBP 1</name>
        <lei>213800XVRNKWENNLKK60</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TENCENT HOLDINGS LTD ORD HKD 0.000020</name>
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        <name>BAXTER INTERNATIONAL INC COM USD1</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <cusip>071813109</cusip>
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        <name>INTERXION HOLDING NV ORD USD NPV</name>
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        <title>INTERXION HOLDING NV ORD USD NPV</title>
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        <name>CONSTELLATION SOFTWARE INC ORD CAD NPV</name>
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        <name>ZENDESK INC COM USD.01</name>
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        <name>10X Genomics Inc COM USD 1 CL A</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10X Genomics Inc COM USD 1 CL A</title>
        <cusip>88025U109</cusip>
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        <name>MONOLITHIC POWER SYSTEMS INC COM USD1</name>
        <lei>529900TB7O85LSZ1XU31</lei>
        <title>MONOLITHIC POWER SYSTEMS INC COM USD1</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MERCURY SYSTEMS INC COM USD.01</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>MERCURY SYSTEMS INC COM USD.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>STRYKER CORP COM USD.1</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>STRYKER CORP COM USD.1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="CYYGQCGNHMHPSMRL3R97" name="HSBC Securities (USA) Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6288169.42208240</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6413933.41921885</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LQ1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LQ1"/>
        </identifiers>
        <balance>16680743.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16680743.67000000</valUSD>
        <pctVal>0.188543912141</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>16680743.66733920</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>17014360.15538200</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912796WE5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912796WE5"/>
        </identifiers>
        <balance>1809880.13600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1809880.13600000</valUSD>
        <pctVal>0.020457234287</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1809880.13609662</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1846080.58363645</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128286Q8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128286Q8"/>
        </identifiers>
        <balance>2719988.57500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2719988.57500000</valUSD>
        <pctVal>0.030744269983</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2719988.57485742</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2774392.62170521</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828X21</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828X21"/>
        </identifiers>
        <balance>2719158.71600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2719158.71600000</valUSD>
        <pctVal>0.030734890013</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2719158.71637161</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2773546.16474529</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828QN3</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828QN3"/>
        </identifiers>
        <balance>38386445.92000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38386445.92000000</valUSD>
        <pctVal>0.433885372866</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>38386445.92166120</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>39183808.57495820</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828UL2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828UL2"/>
        </identifiers>
        <balance>2666751.73400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2666751.73400000</valUSD>
        <pctVal>0.030142529289</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2666751.73445250</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2720090.96081310</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828VF4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828VF4"/>
        </identifiers>
        <balance>1262019.71400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1262019.71400000</valUSD>
        <pctVal>0.014264719774</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1262019.71393294</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1287262.09188787</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833X88</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833X88"/>
        </identifiers>
        <balance>2622050.85800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2622050.85800000</valUSD>
        <pctVal>0.029637271357</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2622050.85835249</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2674492.12933407</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U S TREASURY NOTE</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828X96</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828X96"/>
        </identifiers>
        <balance>2699926.64500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2699926.64500000</valUSD>
        <pctVal>0.030517508224</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>0.02343425</repurchaseRt>
          <maturityDt>2019-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2699926.64485367</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2753929.42156751</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>2019-10-30</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>
