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      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Small Cap Value VIP Fund</seriesName>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <fairValLevel>1</fairValLevel>
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        <name>MAPLE LEAF FOODS INC ORD CAD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MUELLER INDUSTRIES INC 6.00% 03/01/2027</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Livent Corp COM USD 0.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MINERALS TECHNOLOGIES INC COM USD.1</name>
        <lei>549300D3I1QU67GP6403</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CABOT CORP COM USD1</name>
        <lei>K05C0SER542GQ6VLRO68</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRYN MAWR BANK CORP COM USD1</name>
        <lei>4NOIGQXI7NPP6IUQF087</lei>
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        <cusip>117665109</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HOULIHAN LOKEY INC COM USD.001</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
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          <ticker value="HLI"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRUSTCO BANK CORP NY COM USD1</name>
        <lei>N/A</lei>
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          <ticker value="TRST"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MASONITE INTERNATIONAL CORP ORD USD NPV</name>
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          <ticker value="DOOR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATURAL GAS SERVICES GROUP INC COM USD.01</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp COM USD 1.33</name>
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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>POLYONE CORP COM NPV</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LAKELAND FINANCIAL CORP COM USD NPV</name>
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        <cusip>511656100</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SOUTH STATE CORP COM USD2.5</name>
        <lei>549300JZUANXM0YQ4W53</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GLACIER BANCORP INC COM USD1</name>
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          <ticker value="GBCI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>REGAL BELOIT CORP COM USD.01</name>
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        <name>TCF FINANCIAL CORP COM USD1</name>
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        <name>HURON CONSULTING GROUP INC COM USD.01</name>
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        <name>THOR INDUSTRIES INC COM USD1</name>
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        <name>HILLENBRAND INC COM USD NPV</name>
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        <name>PEOPLES BANCORP INC COM NPV</name>
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        <name>COLUMBIA BANKING SYSTEM INC COM USD1</name>
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        <name>Wyndham Hotels &amp; Resorts Inc COM USD 0.01</name>
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        <name>SELECTIVE INSURANCE GROUP INC COM USD2</name>
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        <name>INSTEEL INDUSTRIES INC COM USD1</name>
        <lei>52990026LKY4MOX3L174</lei>
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          <other otherDesc="Internal Identifier" value="32164"/>
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        <balance>390746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7451526.22000000</valUSD>
        <pctVal>0.768869468952</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>MKS INSTRUMENTS INC COM USD NPV</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS INSTRUMENTS INC COM USD NPV</title>
        <cusip>55306N104</cusip>
        <identifiers>
          <ticker value="MKSI"/>
          <other otherDesc="Internal Identifier" value="204819"/>
        </identifiers>
        <balance>22414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2538161.36000000</valUSD>
        <pctVal>0.261894640018</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>BOOT BARN HOLDINGS INC COM USD.0001</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>BOOT BARN HOLDINGS INC COM USD.0001</title>
        <cusip>099406100</cusip>
        <identifiers>
          <ticker value="BOOT"/>
          <other otherDesc="Internal Identifier" value="590590"/>
        </identifiers>
        <balance>293875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6335945.00000000</valUSD>
        <pctVal>0.653760655687</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>BRUNSWICK CORP COM USD.75</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>BRUNSWICK CORP COM USD.75</title>
        <cusip>117043109</cusip>
        <identifiers>
          <ticker value="BC"/>
          <other otherDesc="Internal Identifier" value="3974"/>
        </identifiers>
        <balance>327234.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20946248.34000000</valUSD>
        <pctVal>2.161292916677</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>OSHKOSH CORP COM USD.01</name>
        <lei>549300FEKNPCFSA2B506</lei>
        <title>OSHKOSH CORP COM USD.01</title>
        <cusip>688239201</cusip>
        <identifiers>
          <ticker value="OSK"/>
          <other otherDesc="Internal Identifier" value="30137"/>
        </identifiers>
        <balance>326000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23348120.00000000</valUSD>
        <pctVal>2.409124801474</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>JACK IN THE BOX INC COM USD.01</name>
        <lei>5493002OJW26P0SUUP68</lei>
        <title>JACK IN THE BOX INC COM USD.01</title>
        <cusip>466367109</cusip>
        <identifiers>
          <ticker value="JACK"/>
          <other otherDesc="Internal Identifier" value="29774"/>
        </identifiers>
        <balance>337791.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25026935.19000000</valUSD>
        <pctVal>2.582349682592</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>SPX FLOW INC COM USD.01</name>
        <lei>5493003YXEKRBINIEM78</lei>
        <title>SPX FLOW INC COM USD.01</title>
        <cusip>78469X107</cusip>
        <identifiers>
          <ticker value="FLOW"/>
          <other otherDesc="Internal Identifier" value="612925"/>
        </identifiers>
        <balance>367522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13760023.68000000</valUSD>
        <pctVal>1.419798010133</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>PLEXUS CORP COM USD.01</name>
        <lei>549300W7HCBI5YT25I79</lei>
        <title>PLEXUS CORP COM USD.01</title>
        <cusip>729132100</cusip>
        <identifiers>
          <ticker value="PLXS"/>
          <other otherDesc="Internal Identifier" value="195974"/>
        </identifiers>
        <balance>186573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13164590.88000000</valUSD>
        <pctVal>1.358359576285</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>JOHN BEAN TECHNOLOGIES CORP COM USD .01</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>JOHN BEAN TECHNOLOGIES CORP COM USD .01</title>
        <cusip>477839104</cusip>
        <identifiers>
          <ticker value="JBT"/>
          <other otherDesc="Internal Identifier" value="425133"/>
        </identifiers>
        <balance>52500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4516050.00000000</valUSD>
        <pctVal>0.465978762302</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>FARO TECHNOLOGIES INC COM USD.001</name>
        <lei>529900MFEFNOFP3YR823</lei>
        <title>FARO TECHNOLOGIES INC COM USD.001</title>
        <cusip>311642102</cusip>
        <identifiers>
          <ticker value="FARO"/>
          <other otherDesc="Internal Identifier" value="315463"/>
        </identifiers>
        <balance>3667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196551.20000000</valUSD>
        <pctVal>0.020280706569</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>HEARTLAND EXPRESS INC COM USD.01</name>
        <lei>5299005V45FZIQGLOG39</lei>
        <title>HEARTLAND EXPRESS INC COM USD.01</title>
        <cusip>422347104</cusip>
        <identifiers>
          <ticker value="HTLD"/>
          <other otherDesc="Internal Identifier" value="61143"/>
        </identifiers>
        <balance>30600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>637092.00000000</valUSD>
        <pctVal>0.065736947472</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>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
