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          <ccc>XXXXXXXX</ccc>
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      <regCik>0000837274</regCik>
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      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin VolSmart Allocation VIP Fund</seriesName>
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      <seriesLei>549300F0GLSXLHBC7574</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <liquidPref>0</liquidPref>
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        <name>FSS-FRANKLIN STRATEGIC INCOME FUND OEMF USD NPV CL R6 TIS A/C 4194</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="692317"/>
        </identifiers>
        <balance>19100000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3812.74000000</valUSD>
        <pctVal>-0.00205907233</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="N/A" floatingRtSpread="0" pmntAmt="19100000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="19100000.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <terminationDt>2020-02-21</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>19100000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3812.74</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACCENTURE PLC ORD A USD.00002</name>
        <lei>N/A</lei>
        <title>ACCENTURE PLC ORD A USD.00002</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B4BNMY34"/>
          <other otherDesc="Internal Identifier" value="213758"/>
        </identifiers>
        <balance>18600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3916602.00000000</valUSD>
        <pctVal>2.115163067850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEST PHARMACEUTICAL SERVICES INC COM USD.25</name>
        <lei>5493007NKRGM1RJQ1P16</lei>
        <title>WEST PHARMACEUTICAL SERVICES INC COM USD.25</title>
        <cusip>955306105</cusip>
        <identifiers>
          <ticker value="WST"/>
          <other otherDesc="Internal Identifier" value="32488"/>
        </identifiers>
        <balance>13500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2029455.00000000</valUSD>
        <pctVal>1.096008290825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALMART INC COM USD0.1</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>WALMART INC COM USD0.1</title>
        <cusip>931142103</cusip>
        <identifiers>
          <ticker value="WMT"/>
          <other otherDesc="Internal Identifier" value="1352"/>
        </identifiers>
        <balance>12290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1460543.60000000</valUSD>
        <pctVal>0.788767375828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHLUMBERGER LTD ORD USD0.01</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SCHLUMBERGER LTD ORD USD0.01</title>
        <cusip>806857108</cusip>
        <identifiers>
          <ticker value="SLB"/>
          <other otherDesc="Internal Identifier" value="1110"/>
        </identifiers>
        <balance>19900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>799980.00000000</valUSD>
        <pctVal>0.432029639728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROCTER &amp; GAMBLE CO COM NPV</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>PROCTER &amp; GAMBLE CO COM NPV</title>
        <cusip>742718109</cusip>
        <identifiers>
          <ticker value="PG"/>
          <other otherDesc="Internal Identifier" value="4513"/>
        </identifiers>
        <balance>14180.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1771082.00000000</valUSD>
        <pctVal>0.956473809831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAYTHEON CO NEW COM NPV</name>
        <lei>YR6K3WJN0KKLUPZSNL57</lei>
        <title>RAYTHEON CO NEW COM NPV</title>
        <cusip>755111507</cusip>
        <identifiers>
          <ticker value="RTN"/>
          <other otherDesc="Internal Identifier" value="209000"/>
        </identifiers>
        <balance>5500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1208570.00000000</valUSD>
        <pctVal>0.652688894330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOVER CORP COM USD1</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>DOVER CORP COM USD1</title>
        <cusip>260003108</cusip>
        <identifiers>
          <ticker value="DOV"/>
          <other otherDesc="Internal Identifier" value="29689"/>
        </identifiers>
        <balance>15244.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1757023.44000000</valUSD>
        <pctVal>0.948881476758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOWE'S COMPANIES INC COM USD.5</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOWE'S COMPANIES INC COM USD.5</title>
        <cusip>548661107</cusip>
        <identifiers>
          <ticker value="LOW"/>
          <other otherDesc="Internal Identifier" value="34083"/>
        </identifiers>
        <balance>6200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>742512.00000000</valUSD>
        <pctVal>0.400994014667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED PARCEL SERVICE INC COM B USD.01</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>UNITED PARCEL SERVICE INC COM B USD.01</title>
        <cusip>911312106</cusip>
        <identifiers>
          <ticker value="UPS"/>
          <other otherDesc="Internal Identifier" value="178470"/>
        </identifiers>
        <balance>9600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1123776.00000000</valUSD>
        <pctVal>0.606895847915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANALOG DEVICES INC COM USD.167</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>ANALOG DEVICES INC COM USD.167</title>
        <cusip>032654105</cusip>
        <identifiers>
          <ticker value="ADI"/>
          <other otherDesc="Internal Identifier" value="30788"/>
        </identifiers>
        <balance>26914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3198459.76000000</valUSD>
        <pctVal>1.727329955496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARLISLE COS INC COM USD1</name>
        <lei>XR64VGX1ZPX6G7ZN7Z11</lei>
        <title>CARLISLE COS INC COM USD1</title>
        <cusip>142339100</cusip>
        <identifiers>
          <ticker value="CSL"/>
          <other otherDesc="Internal Identifier" value="100351"/>
        </identifiers>
        <balance>5960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>964566.40000000</valUSD>
        <pctVal>0.520914615722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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"/>
      <explntrNote note="Dynamic VIX Backwardation represents a custom index comprised of a basket of underlying VIX futures. Investment of the notional into VIX futures is based on pre-defined triggers in the market volatility index at the close of market each day. At period end, these triggers had not been breached; therefore the notional was fully uninvested with no underlying instruments." noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</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>
