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          <ccc>XXXXXXXX</ccc>
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      <regFileNumber>811-05583</regFileNumber>
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      <regLei>549300PIBKZH7YTTWU55</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 Large Cap Growth VIP Fund</seriesName>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY BROADBAND CORP COM USD NPV CL C</name>
        <lei>549300MIX43II8JLN536</lei>
        <title>LIBERTY BROADBAND CORP COM USD NPV CL C</title>
        <cusip>530307305</cusip>
        <identifiers>
          <ticker value="LBRDK"/>
          <other otherDesc="Internal Identifier" value="590844"/>
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        <balance>8450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1047462.00000000</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>
      <invstOrSec>
        <name>REPUBLIC SERVICES INC COM USD.01</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>REPUBLIC SERVICES INC COM USD.01</title>
        <cusip>760759100</cusip>
        <identifiers>
          <ticker value="RSG"/>
          <other otherDesc="Internal Identifier" value="55349"/>
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        <balance>4414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>362168.70000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALPHABET INC COM USD.001 CL A</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC COM USD.001 CL A</title>
        <cusip>02079K305</cusip>
        <identifiers>
          <ticker value="GOOGL"/>
          <other otherDesc="Internal Identifier" value="614214"/>
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        <balance>2582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3661405.10000000</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>
      <invstOrSec>
        <name>AUTODESK INC COM USD.01</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
        <title>AUTODESK INC COM USD.01</title>
        <cusip>052769106</cusip>
        <identifiers>
          <ticker value="ADSK"/>
          <other otherDesc="Internal Identifier" value="29469"/>
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        <balance>2384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>570228.96000000</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>UNION PACIFIC CORP COM USD2.5</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>UNION PACIFIC CORP COM USD2.5</title>
        <cusip>907818108</cusip>
        <identifiers>
          <ticker value="UNP"/>
          <other otherDesc="Internal Identifier" value="14100"/>
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        <balance>4556.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>770282.92000000</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>SBA COMMUNICATIONS CORP REIT USD NPV CLASS A</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP REIT USD NPV CLASS A</title>
        <cusip>78410G104</cusip>
        <identifiers>
          <ticker value="SBAC"/>
          <other otherDesc="Internal Identifier" value="657956"/>
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        <balance>13138.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3914072.96000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LAMB WESTON HOLDINGS INC COM USD1</name>
        <lei>5493005SMYID1D2OY946</lei>
        <title>LAMB WESTON HOLDINGS INC COM USD1</title>
        <cusip>513272104</cusip>
        <identifiers>
          <ticker value="LW"/>
          <other otherDesc="Internal Identifier" value="652321"/>
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        <balance>8805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>562903.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>
        <identifiers>
          <ticker value="BILL"/>
          <other otherDesc="Internal Identifier" value="1027999"/>
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        <balance>11169.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1007555.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>2283.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411556.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>
        <identifiers>
          <ticker value="INTU"/>
          <other otherDesc="Internal Identifier" value="29934"/>
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        <balance>2110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>624960.90000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>T-MOBILE US INC COM USD.0001</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T-MOBILE US INC COM USD.0001</title>
        <cusip>872590104</cusip>
        <identifiers>
          <ticker value="TMUS"/>
          <other otherDesc="Internal Identifier" value="547955"/>
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        <balance>15667.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1631718.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Okta Inc COM USD NPV CL A</name>
        <lei>549300N8J06I8MRHU620</lei>
        <title>Okta Inc COM USD NPV CL A</title>
        <cusip>679295105</cusip>
        <identifiers>
          <ticker value="OKTA"/>
          <other otherDesc="Internal Identifier" value="805044"/>
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        <balance>2697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>540020.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <cusip>92826C839</cusip>
        <identifiers>
          <ticker value="V"/>
          <other otherDesc="Internal Identifier" value="414858"/>
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        <balance>27490.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5310243.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASTRAZENECA PLC SPONSORED ADR</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC SPONSORED ADR</title>
        <cusip>046353108</cusip>
        <identifiers>
          <ticker value="AZN"/>
          <other otherDesc="Internal Identifier" value="30513"/>
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        <balance>16104.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>851740.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>7496.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>734982.80000000</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>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"/>
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        <balance>2184.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>808844.40000000</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>
        <name>INTERCONTINENTAL EXCHANGE INC COM USD.01</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>INTERCONTINENTAL EXCHANGE INC COM USD.01</title>
        <cusip>45866F104</cusip>
        <identifiers>
          <ticker value="ICE"/>
          <other otherDesc="Internal Identifier" value="348487"/>
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        <balance>16759.00000000</balance>
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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>GW PHARMACEUTICALS PLC SPONSORED ADR</name>
        <lei>213800ISBN5CNUZMHZ39</lei>
        <title>GW PHARMACEUTICALS PLC SPONSORED ADR</title>
        <cusip>36197T103</cusip>
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          <ticker value="GWPH"/>
          <other otherDesc="Internal Identifier" value="568070"/>
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        <balance>5361.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PTC INC COM USD.01</name>
        <lei>54930050SSMU8SKDJ030</lei>
        <title>PTC INC COM USD.01</title>
        <cusip>69370C100</cusip>
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          <ticker value="PTC"/>
          <other otherDesc="Internal Identifier" value="30149"/>
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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>HONEYWELL INTERNATIONAL INC COM USD1</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>HONEYWELL INTERNATIONAL INC COM USD1</title>
        <cusip>438516106</cusip>
        <identifiers>
          <ticker value="HON"/>
          <other otherDesc="Internal Identifier" value="14737"/>
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        <balance>6992.00000000</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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          <isCashCollateral>N</isCashCollateral>
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        <name>PTC THERAPEUTICS INC COM USD.001</name>
        <lei>549300UJLWOIWFDGB318</lei>
        <title>PTC THERAPEUTICS INC COM USD.001</title>
        <cusip>69366J200</cusip>
        <identifiers>
          <ticker value="PTCT"/>
          <other otherDesc="Internal Identifier" value="552507"/>
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        <balance>5995.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LK4</cusip>
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        <balance>1639.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1639.95000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1639.95000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1672.75000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LD0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LD0"/>
        </identifiers>
        <balance>0.00000100</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000100</valUSD>
        <pctVal>0.000000000000</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>0.00000100</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>0.00000100</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADAS</name>
        <lei>N/A</lei>
        <title>GINNIE MAE</title>
        <cusip>3617NN5K4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3617NN5K4"/>
        </identifiers>
        <balance>5347.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5347.03000000</valUSD>
        <pctVal>0.004389386146</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>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>5347.02786328</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>5453.96842055</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128285S5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128285S5"/>
        </identifiers>
        <balance>2710.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2710.14000000</valUSD>
        <pctVal>0.002224758599</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2710.14000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2764.34000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128285P1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128285P1"/>
        </identifiers>
        <balance>85882.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85882.86000000</valUSD>
        <pctVal>0.070501387862</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>85882.86000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>87600.55000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912803AU7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912803AU7"/>
        </identifiers>
        <balance>166.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166.02000000</valUSD>
        <pctVal>0.000136286104</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>166.02000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>169.34000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828Y87</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828Y87"/>
        </identifiers>
        <balance>151495.40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151495.40000000</valUSD>
        <pctVal>0.124362835085</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>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>151495.40232986</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>154525.36755552</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828V80</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828V80"/>
        </identifiers>
        <balance>44308.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44308.13000000</valUSD>
        <pctVal>0.036372620318</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>44308.13000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>45194.31000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912834EP9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912834EP9"/>
        </identifiers>
        <balance>86570.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86570.08000000</valUSD>
        <pctVal>0.071065527945</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>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>86570.08037530</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>88301.48198281</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912833LE8</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LE8"/>
        </identifiers>
        <balance>0.00000100</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000100</valUSD>
        <pctVal>0.000000000000</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>0.00000100</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>0.00000100</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>9128286M7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="9128286M7"/>
        </identifiers>
        <balance>551502.65000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551502.65000000</valUSD>
        <pctVal>0.452729476348</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."/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>551502.64943154</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>563425.17643584</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912803AY9</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912803AY9"/>
        </identifiers>
        <balance>1184.59000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1184.59000000</valUSD>
        <pctVal>0.000972431973</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1184.59000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1208.28000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912828ZX1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828ZX1"/>
        </identifiers>
        <balance>41287.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41287.06000000</valUSD>
        <pctVal>0.033892618745</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>41287.06000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>42112.82000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST</name>
        <lei>N/A</lei>
        <title>U S TREASURY NOTE</title>
        <cusip>912810EH7</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912810EH7"/>
        </identifiers>
        <balance>2.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2.25000000</valUSD>
        <pctVal>0.000001847028</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="RCNB6OTYUAMMP879YW96" name="BNP PARIBAS SA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.00065033</repurchaseRt>
          <maturityDt>2020-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2.25000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2.29000000</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>2020-07-30</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>
