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      <seriesName>Franklin Global Real Estate VIP Fund</seriesName>
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      <repPdEnd>2020-12-31</repPdEnd>
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        <name>MGM GROWTH PROPERTIES LLC REIT USD NPV CL A</name>
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      <invstOrSec>
        <name>INMOBILIARIA COLONIAL SA REIT EUR 2.5</name>
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      <invstOrSec>
        <name>NEW WORLD DEVELOPMENT CO LTD ORD HKD1</name>
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      <invstOrSec>
        <name>ORIX JREIT INC REIT JPY1</name>
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          <isin value="JP3040880001"/>
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        <name>KILROY REALTY CORP REIT USD.01</name>
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        <name>Derwent London PLC REIT GBP 0.05</name>
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        <name>BOSTON PROPERTIES INC REIT USD.01</name>
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        <name>FABEGE AB ORD SEK30.82</name>
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        <name>SUMMIT HOTEL PROPERTIES INC REIT USD NPV</name>
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        <name>EQUINIX INC REIT USD.001</name>
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        <name>GRAINGER PLC ORD GBP.05</name>
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        <name>CELLNEX TELECOM SA ORD EUR 0.25</name>
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        <name>EXTENDED STAY AMERICA INC UNEQ USD.01 (1 UNIT = 1 COM + 1 REIT)</name>
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        <name>Ichigo Office REIT Investment Corp REIT JPY NPV</name>
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        <name>GPT GROUP REIT AUD1</name>
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        <name>CK Asset Holdings Ltd ORD HKD1</name>
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        <name>PROLOGIS INC REIT USD.01</name>
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        <name>SPIRIT REALTY CAPITAL INC REIT USD.05</name>
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        <name>NOMURA REAL ESTATE HOLDINGS INC ORD JPY NPV</name>
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        <balance>50228.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Americold Realty Trust REIT USD 0.01</name>
        <lei>549300R7N1V5YV8MWH02</lei>
        <title>Americold Realty Trust REIT USD 0.01</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <ticker value="COLD"/>
          <other otherDesc="Internal Identifier" value="821465"/>
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        <balance>49935.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1812640.50000000</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>UDR INC REIT USD1</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR INC REIT USD1</title>
        <cusip>902653104</cusip>
        <identifiers>
          <ticker value="UDR"/>
          <other otherDesc="Internal Identifier" value="14823"/>
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        <balance>70750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2644635.00000000</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>
        <name>VONOVIA SE ORD EUR NPV</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>VONOVIA SE ORD EUR NPV</title>
        <cusip>D9581T100</cusip>
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          <ticker value="VNA"/>
          <other otherDesc="Internal Identifier" value="553819"/>
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        <balance>79309.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GECINA SA REIT EUR7.5</name>
        <lei>9695003E4MMA10IBTR26</lei>
        <title>GECINA SA REIT EUR7.5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0010040865"/>
          <other otherDesc="Internal Identifier" value="206251"/>
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        <balance>12073.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC STORAGE REIT USD.1</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE REIT USD.1</title>
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          <ticker value="PSA"/>
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        <curCd>USD</curCd>
        <valUSD>574134.88000000</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>VEREIT INC REIT USD.01</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT INC REIT USD.01</title>
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          <ticker value="VER"/>
          <other otherDesc="Internal Identifier" value="542070"/>
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        <balance>299165.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1923630.95000000</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>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQUITIES INC REIT USD.01</title>
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          <ticker value="ARE"/>
          <other otherDesc="Internal Identifier" value="46597"/>
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        <curCd>USD</curCd>
        <valUSD>4125693.00000000</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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      <invstOrSec>
        <name>PREMIER INVESTMENT CORP REIT JPY1</name>
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        <cusip>J7446X104</cusip>
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          <ticker value="8956"/>
          <other otherDesc="Internal Identifier" value="281891"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LINK REIT REIT HKD1</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>LINK REIT REIT HKD1</title>
        <cusip>000000000</cusip>
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          <isin value="HK0823032773"/>
          <other otherDesc="Internal Identifier" value="322384"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MITSUBISHI ESTATE CO LTD ORD JPY NPV</name>
        <lei>353800KOFMRGOXSJ5Z65</lei>
        <title>MITSUBISHI ESTATE CO LTD ORD JPY NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3899600005"/>
          <other otherDesc="Internal Identifier" value="28509"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPITALAND MALL TRUST REIT SGD1</name>
        <lei>54930031292WUTXF0L29</lei>
        <title>CAPITALAND MALL TRUST REIT SGD1</title>
        <cusip>000000000</cusip>
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          <isin value="SG1M51904654"/>
          <other otherDesc="Internal Identifier" value="281886"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MAPLETREE LOGISTICS TRUST REIT SGD NPV</name>
        <lei>549300M9EBZIYH387075</lei>
        <title>MAPLETREE LOGISTICS TRUST REIT SGD NPV</title>
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        <currencyConditional curCd="SGD" exchangeRt="1.39415000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UST</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>UST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>UST</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <transCat>Repurchase</transCat>
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        <name>UST</name>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>UST</name>
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        <title>U S TREASURY NOTE</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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            </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>912828Y87</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912828Y87"/>
        </identifiers>
        <balance>180336.21000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180336.21000000</valUSD>
        <pctVal>0.142937648389</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>180336.20545876</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>183942.99763241</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>6364.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6364.96000000</valUSD>
        <pctVal>0.005044979122</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>6364.96356006</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6492.26283126</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>912833LK4</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="912833LK4"/>
        </identifiers>
        <balance>837.66000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>837.66000000</valUSD>
        <pctVal>0.000663944032</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>837.66000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>854.41000000</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>43867.49000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43867.49000000</valUSD>
        <pctVal>0.034770143285</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>43867.49000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>44744.85000000</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>22631.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22631.83000000</valUSD>
        <pctVal>0.017938386078</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>22631.83000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>23084.47000000</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>605.07000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>605.07000000</valUSD>
        <pctVal>0.000479589112</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>605.07000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>617.17000000</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>84.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84.80000000</valUSD>
        <pctVal>0.000067213969</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>84.80000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>86.50000000</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>
    </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>
