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          <ccc>XXXXXXXX</ccc>
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        <classId>C000020093</classId>
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      <regFileNumber>811-05583</regFileNumber>
      <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 Flex Cap Growth VIP Fund</seriesName>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
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      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FORTIVE CORP COM USD.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CME GROUP INC COM USD.01</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS INC COM USD.001 CL A</name>
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          <ticker value="CHTR"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sprout Social Inc COM USD 0.0001 CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DANAHER CORP COM USD.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
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        <issuerCat>RF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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

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        <name>SERVICENOW INC COM USD.001</name>
        <lei>549300HJTQM36M0E1G39</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</name>
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        <title>CROWN CASTLE INTERNATIONAL CORP REIT USD NPV</title>
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        <name>FACEBOOK INC COM USD NPV CL A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BOEING CO COM USD5</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BOEING CO COM USD5</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ALPHABET INC COM USD.001 CL C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC COM USD.001 CL C</title>
        <cusip>02079K107</cusip>
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        <name>Booking Holdings Inc COM USD.008</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc COM USD.008</title>
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        <name>WORKDAY INC COM USD.001 CL A</name>
        <lei>549300J0DYC0N31V7G13</lei>
        <title>WORKDAY INC COM USD.001 CL A</title>
        <cusip>98138H101</cusip>
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        <name>ANALOG DEVICES INC COM USD.167</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>ANALOG DEVICES INC COM USD.167</title>
        <cusip>032654105</cusip>
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          <ticker value="ADI"/>
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        <name>Chewy Inc COM USD 0.01 CL A</name>
        <lei>N/A</lei>
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        <cusip>16679L109</cusip>
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          <ticker value="CHWY"/>
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        <name>IDEXX LABORATORIES INC COM USD.1</name>
        <lei>OGMTXK0LUU1HKV2P0J84</lei>
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        <name>NEXTERA ENERGY INC COM USD.01</name>
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        <name>COSTCO WHOLESALE CORP COM USD.005</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>COSTCO WHOLESALE CORP COM USD.005</title>
        <cusip>22160K105</cusip>
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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"/>
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        <fairValLevel>1</fairValLevel>
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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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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bill.Com Holdings Inc COM USD 0.000010</name>
        <lei>549300IBF9VZZIGOZW63</lei>
        <title>Bill.Com Holdings Inc COM USD 0.000010</title>
        <cusip>090043100</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>NETFLIX INC COM USD.001</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC COM USD.001</title>
        <cusip>64110L106</cusip>
        <identifiers>
          <ticker value="NFLX"/>
          <other otherDesc="Internal Identifier" value="236954"/>
        </identifiers>
        <balance>5500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1779635.00000000</valUSD>
        <pctVal>1.371720336626</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>ILLUMINA INC COM USD.01</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>ILLUMINA INC COM USD.01</title>
        <cusip>452327109</cusip>
        <identifiers>
          <ticker value="ILMN"/>
          <other otherDesc="Internal Identifier" value="191240"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1326960.00000000</valUSD>
        <pctVal>1.022804124379</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>INTUITIVE SURGICAL INC COM USD.001</name>
        <lei>54930052SRG011710797</lei>
        <title>INTUITIVE SURGICAL INC COM USD.001</title>
        <cusip>46120E602</cusip>
        <identifiers>
          <ticker value="ISRG"/>
          <other otherDesc="Internal Identifier" value="203648"/>
        </identifiers>
        <balance>3960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2340954.00000000</valUSD>
        <pctVal>1.804377981388</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>VERISK ANALYTICS INC COM USD.001</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>VERISK ANALYTICS INC COM USD.001</title>
        <cusip>92345Y106</cusip>
        <identifiers>
          <ticker value="VRSK"/>
          <other otherDesc="Internal Identifier" value="453777"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1493400.00000000</valUSD>
        <pctVal>1.151093988777</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>COSTAR GROUP INC COM USD.01</name>
        <lei>N/A</lei>
        <title>COSTAR GROUP INC COM USD.01</title>
        <cusip>22160N109</cusip>
        <identifiers>
          <ticker value="CSGP"/>
          <other otherDesc="Internal Identifier" value="177549"/>
        </identifiers>
        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1196600.00000000</valUSD>
        <pctVal>0.922324271442</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>Alcon Inc ORD USD 0.04</name>
        <lei>549300LDT5AP8S0NBM78</lei>
        <title>Alcon Inc ORD USD 0.04</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0432492467"/>
          <other otherDesc="Internal Identifier" value="973725"/>
        </identifiers>
        <balance>24750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1400107.50000000</valUSD>
        <pctVal>1.079185299914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISA INC COM USD NPV CL A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC COM USD NPV CL A</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <ticker value="V"/>
          <other otherDesc="Internal Identifier" value="414858"/>
        </identifiers>
        <balance>26200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4922980.00000000</valUSD>
        <pctVal>3.794571236690</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>BECTON DICKINSON AND CO COM USD1</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>BECTON DICKINSON AND CO COM USD1</title>
        <cusip>075887109</cusip>
        <identifiers>
          <ticker value="BDX"/>
          <other otherDesc="Internal Identifier" value="7116"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1359850.00000000</valUSD>
        <pctVal>1.048155323851</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>AMAZON.COM INC COM USD.01</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON.COM INC COM USD.01</title>
        <cusip>023135106</cusip>
        <identifiers>
          <ticker value="AMZN"/>
          <other otherDesc="Internal Identifier" value="46337"/>
        </identifiers>
        <balance>4726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8732891.84000000</valUSD>
        <pctVal>6.731203496498</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>ROPER TECHNOLOGIES INC COM USD0.01</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROPER TECHNOLOGIES INC COM USD0.01</title>
        <cusip>776696106</cusip>
        <identifiers>
          <ticker value="ROP"/>
          <other otherDesc="Internal Identifier" value="30243"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1416920.00000000</valUSD>
        <pctVal>1.092144164041</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>MASTERCARD INC COM USD.0001 CL A</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC COM USD.0001 CL A</title>
        <cusip>57636Q104</cusip>
        <identifiers>
          <ticker value="MA"/>
          <other otherDesc="Internal Identifier" value="362159"/>
        </identifiers>
        <balance>24600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7345314.00000000</valUSD>
        <pctVal>5.661675901356</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>NIKE INC COM B NPV</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE INC COM B NPV</title>
        <cusip>654106103</cusip>
        <identifiers>
          <ticker value="NKE"/>
          <other otherDesc="Internal Identifier" value="3790"/>
        </identifiers>
        <balance>19800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2005938.00000000</valUSD>
        <pctVal>1.546151850583</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>NVIDIA CORP COM USD.001</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP COM USD.001</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <ticker value="NVDA"/>
          <other otherDesc="Internal Identifier" value="59301"/>
        </identifiers>
        <balance>9890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2327117.00000000</valUSD>
        <pctVal>1.793712595341</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"/>
    </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>
