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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <classId>C000020131</classId>
        <classId>C000020132</classId>
      </seriesClassInfo>

    </filerInfo>
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      <regFileNumber>811-05583</regFileNumber>
      <regCik>0000837274</regCik>
      <regLei>549300PIBKZH7YTTWU55</regLei>
      <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 Large Cap Growth VIP Fund</seriesName>
      <seriesId>S000007330</seriesId>
      <seriesLei>549300IGPXJX836OZC92</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
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      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <borrowers>
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      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNIVAR SOLUTIONS INC COM USD.0100</name>
        <lei>549300VSXHFQVR770L55</lei>
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        <cusip>91336L107</cusip>
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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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      <invstOrSec>
        <name>ASTRAZENECA PLC SPONSORED ADR</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC SPONSORED ADR</title>
        <cusip>046353108</cusip>
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          <ticker value="AZN"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WORKDAY INC COM USD.001 CL A</name>
        <lei>549300J0DYC0N31V7G13</lei>
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          <ticker value="WDAY"/>
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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>
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          <ticker value="RTN"/>
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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>GW PHARMACEUTICALS PLC SPONSORED ADR</name>
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          <ticker value="GWPH"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY BROADBAND CORP COM USD NPV CL C</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HONEYWELL INTERNATIONAL INC COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Guardant Health Inc COM USD 0.00001</name>
        <lei>N/A</lei>
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          <ticker value="GH"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ILLUMINA INC COM USD.01</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>ILLUMINA INC COM USD.01</title>
        <cusip>452327109</cusip>
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          <ticker value="ILMN"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <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"/>
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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>MONSTER BEVERAGE CORP COM USD NPV</name>
        <lei>52990090AP0E7HCB6F33</lei>
        <title>MONSTER BEVERAGE CORP COM USD NPV</title>
        <cusip>61174X109</cusip>
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          <ticker value="MNST"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MARKETAXESS HOLDINGS INC COM USD.003</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MARKETAXESS HOLDINGS INC COM USD.003</title>
        <cusip>57060D108</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DIAMONDBACK ENERGY INC COM USD.01</name>
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        <cusip>25278X109</cusip>
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          <ticker value="FANG"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NVIDIA CORP COM USD.001</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
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        <name>MASTERCARD INC COM USD.0001 CL A</name>
        <lei>AR5L2ODV9HN37376R084</lei>
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        <name>ALPHABET INC COM USD.001 CL A</name>
        <lei>5493006MHB84DD0ZWV18</lei>
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        <name>VERISK ANALYTICS INC COM USD.001</name>
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        <name>SALESFORCE.COM INC COM USD.001</name>
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        <name>CONSTELLATION BRANDS INC COM A USD.01</name>
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        <name>MONOLITHIC POWER SYSTEMS INC COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

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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>
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          <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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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>INTUIT INC COM USD.01</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>INTUIT INC COM USD.01</title>
        <cusip>461202103</cusip>
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          <ticker value="INTU"/>
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        <balance>2158.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>565244.94000000</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>FACEBOOK INC COM USD NPV CL A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>FACEBOOK INC COM USD NPV CL A</title>
        <cusip>30303M102</cusip>
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          <ticker value="FB"/>
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        <curCd>USD</curCd>
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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>FISERV INC COM USD.01</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>FISERV INC COM USD.01</title>
        <cusip>337738108</cusip>
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          <ticker value="FISV"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRANSUNION COM USD.01</name>
        <lei>549300ZS772LUNUMRB03</lei>
        <title>TRANSUNION COM USD.01</title>
        <cusip>89400J107</cusip>
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          <ticker value="TRU"/>
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        <balance>6864.00000000</balance>
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        <curCd>USD</curCd>
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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>Black Knight Inc COM USD 0.0001</name>
        <lei>549300TUSNXS3BFFML48</lei>
        <title>Black Knight Inc COM USD 0.0001</title>
        <cusip>09215C105</cusip>
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          <ticker value="BKI"/>
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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>NEVRO CORP COM USD.001</name>
        <lei>254900SH91I4BOYKUE38</lei>
        <title>NEVRO CORP COM USD.001</title>
        <cusip>64157F103</cusip>
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          <ticker value="NVRO"/>
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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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        <name>NOMAD FOODS LTD ORD USD NPV</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>NOMAD FOODS LTD ORD USD NPV</title>
        <cusip>G6564A105</cusip>
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          <ticker value="NOMD"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNION PACIFIC CORP COM USD2.5</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>UNION PACIFIC CORP COM USD2.5</title>
        <cusip>907818108</cusip>
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          <ticker value="UNP"/>
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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>ADOBE INC COM USD 0.0001</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>ADOBE INC COM USD 0.0001</title>
        <cusip>00724F101</cusip>
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          <ticker value="ADBE"/>
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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>CHARLES SCHWAB CORP COM USD0.01</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <cusip>808513105</cusip>
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          <ticker value="SCHW"/>
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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>SAGE THERAPEUTICS INC COM USD.0001</name>
        <lei>5493000JX4BJS9W6CN35</lei>
        <title>SAGE THERAPEUTICS INC COM USD.0001</title>
        <cusip>78667J108</cusip>
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          <ticker value="SAGE"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COSTAR GROUP INC COM USD.01</name>
        <lei>N/A</lei>
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        <cusip>22160N109</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Walt Disney Co/The COM USD.01</name>
        <lei>549300GZKULIZ0WOW665</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Elanco Animal Health Inc COM USD 1</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>Elanco Animal Health Inc COM USD 1</title>
        <cusip>28414H103</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IHS MARKIT LTD ORD USD.01</name>
        <lei>549300HLPTRASHS0E726</lei>
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        <name>VISA INC COM USD NPV CL A</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
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        <name>UNDER ARMOUR INC COM USD.0003 CLASS A</name>
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        <name>ZENDESK INC COM USD.01</name>
        <lei>549300SLI6BN94BKKO36</lei>
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        <name>AMAZON.COM INC COM USD.01</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
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        <name>INGEVITY CORP COM USD.01</name>
        <lei>5493009UTFC4B5IMGF87</lei>
        <title>INGEVITY CORP COM USD.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REATA PHARMACEUTICALS INC COM USD.001</name>
        <lei>5299005F094GH9QDDD80</lei>
        <title>REATA PHARMACEUTICALS INC COM USD.001</title>
        <cusip>75615P103</cusip>
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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>XILINX INC COM USD0.01</name>
        <lei>6EY4K7ZMF9UX1CU6KC79</lei>
        <title>XILINX INC COM USD0.01</title>
        <cusip>983919101</cusip>
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          <ticker value="XLNX"/>
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          </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>912828R77</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828R77"/>
        </identifiers>
        <balance>599562.32470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>599562.32470000</valUSD>
        <pctVal>0.518886534019</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>0.01536292</repurchaseRt>
          <maturityDt>2020-01-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>599562.32471852</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>612171.95244320</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>912828Q29</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828Q29"/>
        </identifiers>
        <balance>58208.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58208.21000000</valUSD>
        <pctVal>0.050375840999</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>0.01536292</repurchaseRt>
          <maturityDt>2020-01-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>58208.21365465</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>59372.46606904</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>9128285B2</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128285B2"/>
        </identifiers>
        <balance>115814.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115814.99000000</valUSD>
        <pctVal>0.100231179099</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>0.01536292</repurchaseRt>
          <maturityDt>2020-01-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>115814.99406846</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>118131.31329866</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>2020-01-29</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>
