<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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008 A000201 FRANKLIN ADVISERS, INC.
008 B000201 A
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008 D010201 SAN MATEO
008 D020201 CA
008 D030201 94403
008 D040201 7777
015 A000201 BANK OF AMERICA NT & SA
015 B000201 C
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015 A000202 CREDITANSTALT-BANKVEREIN
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015 A000203 NATIONAL AUSTRALIA BANK LTD.
015 B000203 S
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015 E040203 X
015 A000204 CITIBANK, N.A.
015 B000204 S
015 C010204 BUENOS AIRES
015 D010204 ARGENTINA
015 E040204 X
015 A000205 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 E040205 X
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<PAGE> PAGE 11
015 E040206 X
015 A000207 THE BANK OF N.T. BUTTERFIELD & SON LTD.
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015 D010207 BERMUDA
015 E040207 X
015 A000208 THE CANADA TRUST COMPANY
015 B000208 S
015 C010208 TORONTO
015 D010208 CANADA
015 E040208 X
015 A000209 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000209 S
015 C010209 SHANGHAI
015 D010209 CHINA
015 E040209 X
015 A000210 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000210 S
015 C010210 SHENZHEN
015 D010210 CHINA
015 E040210 X
015 A000211 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
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015 C010211 BOGOTA
015 D010211 COLOMBIA
015 E040211 X
015 A000212 UNIBANK
015 B000212 S
015 C010212 COPENHAGEN
015 D010212 DENMARK
015 E040212 X
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015 E040213 X
015 A000214 SOCIETE GENERALE
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015 D010214 FRANCE
015 E040214 X
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015 E040215 X
015 A000216 BARCLAYS BANK PLC
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<PAGE> PAGE 12
015 A000217 BARCLAYS BANK PLC
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015 E040217 X
015 A000218 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 C010218 BOMBAY
015 D010218 INDIA
015 E040218 X
015 A000219 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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015 C010219 JAKARTA
015 D010219 INDONESIA
015 E040219 X
015 A000220 CITIBANK, N.A.
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015 C010220 MILAN
015 D010220 ITALY
015 E040220 X
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015 D010221 JAPAN
015 E040221 X
015 A000222 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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015 D010223 LUXEMBOURG
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015 C010224 KUALA LUMPUR
015 D010224 MALAYSIA
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015 A000225 BANCO NACIONAL DE MEXICO
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015 A000226 KAS-ASSOCIATE N.V.
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<PAGE> PAGE 13
015 B000227 S
015 C010227 WELLINGTON
015 D010227 NEW ZEALAND
015 E040227 X
015 A000228 CHRISTIANIA BANK OG KREDITKASSE
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015 C010228 BERGEN
015 D010228 NORWAY
015 E040228 X
015 A000229 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 D010229 PAKISTAN
015 E040229 X
015 A000230 BANCO DE CREDITO DEL PERU
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015 C010230 LIMA
015 D010230 PERU
015 E040230 X
015 A000231 THE HONGKONG & SHANGHAI BANKING COPR., LTD.
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015 D010231 PHILIPPINES
015 E040231 X
015 A000232 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
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015 C010232 LISBON
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015 A000233 BARCLAYS BANK PLC
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 A000301 FRANKLIN ADVISERS, INC.
008 B000301 A
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008 D010301 SAN MATEO
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015 A000301 BANK OF AMERICA NT & SA
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<PAGE> PAGE 21
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015 A000309 CITIBANK, N.A.
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015 D010312 CHINA
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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008 A000401 FRANKLIN ADVISERS, INC.
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<PAGE> PAGE 30
015 A000401 BANK OF AMERICA NT & SA
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015 A000404 CITIBANK, N.A.
015 B000404 S
015 C010404 BUENOS AIRES
015 D010404 ARGENTINA
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015 A000405 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 E040407 X
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015 E040409 X
015 A000410 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 31
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015 A000411 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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015 A000432 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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015 D010747 TURKEY
015 E040747 X
015 A000748 THE BANK OF NEW YORK
015 B000748 S
015 C010748 LONDON
015 D010748 UNITED KINGDOM
015 E040748 X
015 A000749 CITIBANK, N.A.
015 B000749 S
015 C010749 CARACAS
015 D010749 VENEZUELA
015 E040749 X
015 A000750 CITIBANK DELAWARE
015 B000750 S
015 C010750 NEW CASTLE
015 C020750 DE
015 C030750 19720
015 C040750 2409
015 E010750 X
<PAGE> PAGE 55
028 A010700 211
028 A020700 42
028 A030700 0
028 A040700 11
028 B010700 209
028 B020700 43
028 B030700 0
028 B040700 23
028 C010700 456
028 C020700 45
028 C030700 0
028 C040700 16
028 D010700 249
028 D020700 47
028 D030700 0
028 D040700 43
028 E010700 335
028 E020700 49
028 E030700 0
028 E040700 34
028 F010700 334
028 F020700 51
028 F030700 0
028 F040700 9
028 G010700 1794
028 G020700 277
028 G030700 0
028 G040700 136
028 H000700 1794
029 000700 Y
030 A000700 32
030 B000700 4.25
030 C000700 0.00
031 A000700 2
031 B000700 0
032 000700 30
033 000700 0
034 000700 Y
035 000700 0
036 A000700 N
036 B000700 0
037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
<PAGE> PAGE 56
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 2
044 000700 16
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 100000
048 A020700 0.625
048 B010700 150000
048 B020700 0.500
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 250000
048 K020700 0.450
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 100
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 11.7
<PAGE> PAGE 57
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 2.2
062 M000700 2.8
062 N000700 6.8
062 O000700 0.0
062 P000700 41.9
062 Q000700 24.6
062 R000700 5.0
063 A000700 0
063 B000700 6.2
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
<PAGE> PAGE 58
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 4352
071 B000700 3071
071 C000700 6570
071 D000700 47
072 A000700 6
072 B000700 321
072 C000700 17
072 D000700 0
072 E000700 0
072 F000700 25
072 G000700 0
072 H000700 0
072 I000700 1
072 J000700 1
072 K000700 1
072 L000700 7
072 M000700 0
072 N000700 3
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 1
072 S000700 0
072 T000700 9
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 49
072 Y000700 39
072 Z000700 328
072AA000700 200
072BB000700 114
072CC010700 174
072CC020700 0
072DD010700 295
072DD020700 0
072EE000700 0
073 A010700 0.4020
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 28
074 B000700 1048
<PAGE> PAGE 59
074 C000700 198
074 D000700 6817
074 E000700 451
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 474
074 K000700 0
074 L000700 262
074 M000700 64
074 N000700 9342
074 O000700 367
074 P000700 8
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 3
074 S000700 0
074 T000700 8964
074 U010700 847
074 U020700 0
074 V010700 10.58
074 V020700 0.00
074 W000700 0.0000
074 X000700 280
074 Y000700 254
075 A000700 0
075 B000700 7848
076 000700 0.00
008 A000801 FRANKLIN ADVISERS, INC.
008 B000801 A
008 C000801 801-26292
008 D010801 SAN MATEO
008 D020801 CA
008 D030801 94403
008 D040801 7777
015 A000801 BANK OF AMERICA NT& SA
015 B000801 C
015 C010801 SAN FRANCISCO
015 C020801 CA
015 C030801 94104
015 C040801 1502
015 E010801 X
015 A000802 CITIBANK, N.A.
015 B000802 S
015 C010802 BUENOS AIRES
015 D010802 ARGENTINA
015 E040802 X
015 A000803 NATIONAL AUSTRALIA BANK LTD.
<PAGE> PAGE 60
015 B000803 S
015 C010803 MELBOURNE
015 D010803 AUSTRALIA
015 E040803 X
015 A000804 CREDITANSTALT-BANKVEREIN
015 B000804 S
015 C010804 VIENNA
015 D010804 AUSTRIA
015 E040804 X
015 A000805 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
015 B000805 S
015 C010805 DHAKA
015 D010805 BANGLADESH
015 E040805 X
015 A000806 BANQUE BRUSSELS LAMBERT
015 B000806 S
015 C010806 BRUSSELS
015 D010806 BELGIUM
015 E040806 X
015 A000807 THE BANK OF N.T. BUTTERFIELD & SON LTD.
015 B000807 S
015 C010807 HAMILTON
015 D010807 BERMUDA
015 E040807 X
015 A000808 CITIBANK, N.A.
015 B000808 S
015 C010808 SAO PAULO
015 D010808 BRAZIL
015 E040808 X
015 A000809 THE CANADA TRUST COMPANY
015 B000809 S
015 C010809 TORONTO
015 D010809 CANADA
015 E040809 X
015 A000810 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000810 S
015 C010810 SHANGHAI
015 D010810 CHINA
015 E040810 X
015 A000811 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000811 S
015 C010811 SHENZHEN
015 D010811 CHINA
015 E040811 X
015 A000812 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000812 S
015 C010812 BOGOTA
015 D010812 COLOMBIA
015 E040812 X
015 A000813 UNIBANK
015 B000813 S
<PAGE> PAGE 61
015 C010813 COPENHAGEN
015 D010813 DENMARK
015 E040813 X
015 A000814 KANSALLIS-OSAKE-PANKKI
015 B000814 S
015 C010814 HELSINKI
015 D010814 FINLAND
015 E040814 X
015 A000815 SOCIETE GENERALE
015 B000815 S
015 C010815 PARIS
015 D010815 FRANCE
015 E040815 X
015 A000816 BANK OF AMERICA FOREIGN DIVISION - FRANKFURT
015 B000816 S
015 C010816 FRANKFURT
015 D010816 GERMANY
015 E040816 X
015 A000817 BERLINER HANDELS - UND FRANKFURTER BANK
015 B000817 S
015 C010817 FRANKFURT
015 D010817 GERMANY
015 E040817 X
015 A000818 BARCLAYS BANK PLC
015 B000818 S
015 C010818 ATHENS
015 D010818 GREECE
015 E040818 X
015 A000819 BARCLAYS BANK PLC
015 B000819 S
015 C010819 HONG KONG
015 D010819 HONG KONG
015 E040819 X
015 A000820 CITIBANK, N.A.
015 B000820 S
015 C010820 BUDAPEST
015 D010820 HUNGARY
015 E040820 X
015 A000821 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
015 B000821 S
015 C010821 BOMBAY
015 D010821 INDIA
015 E040821 X
015 A000822 THE HONGKONG AND SHANGHAI BANKING CORP., LTD
015 B000822 S
015 C010822 JAKARTA
015 D010822 INDONESIA
015 E040822 X
015 A000823 BANK OF IRELAND
015 B000823 S
015 C010823 DUBLIN
<PAGE> PAGE 62
015 D010823 IRELAND
015 E040823 X
015 A000824 BANK LEUMI LE-ISREAL, B.M.
015 B000824 S
015 C010824 TEL AVIV
015 D010824 ISREAL
015 E040824 X
015 A000825 CITIBANK, N.A.
015 B000825 S
015 C010825 MILAN
015 D010825 ITALY
015 E040825 X
015 A000826 BARCLAYS TRUST AND BANKING CO.(JAPAN) LTD.
015 B000826 S
015 C010826 TOKYO
015 D010826 JAPAN
015 E040826 X
015 A000827 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000827 S
015 C010827 SEOUL
015 D010827 KOREA
015 E040827 X
015 A000828 CEDEL S.A. (DEPOSITORY)
015 B000828 S
015 C010828 LEXEMBOURG CITY
015 D010828 LUXEMBOURG
015 E040828 X
015 A000829 UNITED MALAYAN BANKING CORPORATION BERHAD
015 B000829 S
015 C010829 KUALA LUMPUR
015 D010829 MALAYSIA
015 E040829 X
015 A000830 BANCO NACIONAL DE MEXICO
015 B000830 S
015 C010830 MEXICO CITY
015 D010830 MEXICO
015 E040830 X
015 A000831 KAS-ASSOCIATIE N.V.
015 B000831 S
015 C010831 AMSTERDAM
015 D010831 NETHERLANDS
015 E040831 X
015 A000832 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000832 S
015 C010832 WELLINGTON
015 D010832 NEW ZEALAND
015 E040832 X
015 A000833 CHRISTIANIA BANK OG KREDITKASSE
015 B000833 S
015 C010833 BERGEN
015 D010833 NORWAY
<PAGE> PAGE 63
015 E040833 X
015 A000834 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
015 B000834 S
015 C010834 KARACHI
015 D010834 PAKISTAN
015 E040834 X
015 A000835 BANCO DE CREDITO DEL PERU
015 B000835 S
015 C010835 LIMA
015 D010835 PERU
015 E040835 X
015 A000836 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000836 S
015 C010836 MANILA
015 D010836 PHILIPPINES
015 E040836 X
015 A000837 CITIBANK, N.A.
015 B000837 S
015 C010837 WARSAW
015 D010837 POLAND
015 E040837 X
015 A000838 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000838 S
015 C010838 LISBON
015 D010838 PORTUGAL
015 E040838 X
015 A000839 BARCLAYS BANK PLC
015 B000839 S
015 C010839 SINGAPORE
015 D010839 SINGAPORE
015 E040839 X
015 A000840 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000840 S
015 C010840 JOHANNESBURG
015 D010840 SOUTH AFRICA
015 E040840 X
015 A000841 BANCO DE SANTANDER
015 B000841 S
015 C010841 MADRID
015 D010841 SPAIN
015 E040841 X
015 A000842 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000842 S
015 C010842 COLOMBO
015 D010842 SRI LANKA
015 E040842 X
015 A000843 SKANDINAVISKA ENSKILDA BANKEN
015 B000843 S
015 C010843 STOCKHOLM
015 D010843 SWEDEN
015 E040843 X
<PAGE> PAGE 64
015 A000844 SWISS BANK CORPORATION
015 B000844 S
015 C010844 ZURICH
015 D010844 SWITZERLAND
015 E040844 X
015 A000845 HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000845 S
015 C010845 TAIPEI
015 D010845 TAIWAN
015 E040845 X
015 A000846 BARCLAYS BANK PLC VIA BANGKOK BANK LTD.
015 B000846 S
015 C010846 BANGKOK
015 D010846 THAILAND
015 E040846 X
015 A000847 YAPI VE KREDI BANKASI A.S.
015 B000847 S
015 C010847 ISTANBUL
015 D010847 TURKEY
015 E040847 X
015 A000848 THE BANK OF NEW YORK
015 B000848 S
015 C010848 LONDON
015 D010848 UNITED KINGDOM
015 E040848 X
015 A000849 CITIBANK, N.A.
015 B000849 S
015 C010849 CARACAS
015 D010849 VENEZUELA
015 E040849 X
015 A000850 CITIBANK DELAWARE
015 B000850 S
015 C010850 NEW CASTLE
015 C020850 DE
015 C030850 19720
015 C040850 2409
015 E010850 X
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 1033
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 418
028 C020800 0
028 C030800 0
028 C040800 55
028 D010800 542
028 D020800 0
<PAGE> PAGE 65
028 D030800 0
028 D040800 80
028 E010800 1643
028 E020800 0
028 E030800 0
028 E040800 88
028 F010800 308
028 F020800 0
028 F030800 0
028 F040800 7
028 G010800 3944
028 G020800 0
028 G030800 0
028 G040800 230
028 H000800 3944
029 000800 Y
030 A000800 35
030 B000800 4.50
030 C000800 0.00
031 A000800 4
031 B000800 0
032 000800 31
033 000800 0
034 000800 Y
035 000800 0
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
039 000800 Y
040 000800 Y
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 100
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 2
044 000800 1
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.000
048 A010800 100000
048 A020800 0.625
048 B010800 150000
048 B020800 0.500
048 C010800 9750000
<PAGE> PAGE 66
048 C020800 0.450
048 D010800 2500000
048 D020800 0.440
048 E010800 2500000
048 E020800 0.420
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 15000000
048 K020800 0.400
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 100
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
<PAGE> PAGE 67
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 Y
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 Y
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 3795
071 B000800 306
<PAGE> PAGE 68
071 C000800 1847
071 D000800 17
072 A000800 6
072 B000800 10
072 C000800 11
072 D000800 0
072 E000800 0
072 F000800 5
072 G000800 0
072 H000800 0
072 I000800 1
072 J000800 0
072 K000800 0
072 L000800 0
072 M000800 0
072 N000800 1
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 1
072 S000800 0
072 T000800 2
072 U000800 2
072 V000800 0
072 W000800 1
072 X000800 13
072 Y000800 5
072 Z000800 13
072AA000800 37
072BB000800 9
072CC010800 0
072CC020800 176
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 5
074 B000800 301
074 C000800 0
074 D000800 16
074 E000800 0
074 F000800 3326
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 3
<PAGE> PAGE 69
074 M000800 24
074 N000800 3675
074 O000800 28
074 P000800 25
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 44
074 S000800 0
074 T000800 3578
074 U010800 362
074 U020800 0
074 V010800 9.89
074 V020800 0.00
074 W000800 0.0000
074 X000800 250
074 Y000800 0
075 A000800 0
075 B000800 1985
076 000800 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FIANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN CALIFORNIA GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 28,955,184
<INVESTMENTS-AT-VALUE> 32,043,862
<RECEIVABLES> 5,568,627
<ASSETS-OTHER> 301,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,914,487
<PAYABLE-FOR-SECURITIES> 722,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 449,155
<TOTAL-LIABILITIES> 1,171,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,085,092
<SHARES-COMMON-STOCK> 2,146,147
<SHARES-COMMON-PRIOR> 986,512
<ACCUMULATED-NII-CURRENT> 197,286
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,371,526
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,088,678
<NET-ASSETS> 36,742,582
<DIVIDEND-INCOME> 126,814
<INTEREST-INCOME> 152,441
<OTHER-INCOME> 0
<EXPENSES-NET> (30,574)
<NET-INVESTMENT-INCOME> 248,681
<REALIZED-GAINS-CURRENT> 3,374,800
<APPREC-INCREASE-CURRENT> 1,471,292
<NET-CHANGE-FROM-OPS> 5,094,773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (122,907)
<DISTRIBUTIONS-OF-GAINS> (533,836)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,568,042
<NUMBER-OF-SHARES-REDEEMED> (447,269)
<SHARES-REINVESTED> 38,862
<NET-CHANGE-IN-ASSETS> 22,898,315
<ACCUMULATED-NII-PRIOR> 71,512
<ACCUMULATED-GAINS-PRIOR> 530,562
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,177
<AVERAGE-NET-ASSETS> 25,722,219
<PER-SHARE-NAV-BEGIN> 14.030
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> 3.499
<PER-SHARE-DIVIDEND> (.099)
<PER-SHARE-DISTRIBUTIONS> (.430)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.120
<EXPENSE-RATIO> .240
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 180,864,950
<INVESTMENTS-AT-VALUE> 188,947,581
<RECEIVABLES> 17,713,987
<ASSETS-OTHER> 733,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 207,395,293
<PAYABLE-FOR-SECURITIES> 7,668,824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,343,184
<TOTAL-LIABILITIES> 11,012,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,727,345
<SHARES-COMMON-STOCK> 11,324,756
<SHARES-COMMON-PRIOR> 4,228,290
<ACCUMULATED-NII-CURRENT> 52,530
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,520,779
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,082,631
<NET-ASSETS> 196,383,285
<DIVIDEND-INCOME> 312,850
<INTEREST-INCOME> 382,597
<OTHER-INCOME> 0
<EXPENSES-NET> (616,454)
<NET-INVESTMENT-INCOME> 78,993
<REALIZED-GAINS-CURRENT> 12,537,374
<APPREC-INCREASE-CURRENT> 1,310,816
<NET-CHANGE-FROM-OPS> 13,927,183
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (75,705)
<DISTRIBUTIONS-OF-GAINS> (2,227,891)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,629,207
<NUMBER-OF-SHARES-REDEEMED> (2,656,488)
<SHARES-REINVESTED> 123,747
<NET-CHANGE-IN-ASSETS> 133,373,650
<ACCUMULATED-NII-PRIOR> 49,242
<ACCUMULATED-GAINS-PRIOR> 2,211,296
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 393,791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 719,822
<AVERAGE-NET-ASSETS> 133,742,656
<PER-SHARE-NAV-BEGIN> 14.900
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 2.756
<PER-SHARE-DIVIDEND> (0.014)
<PER-SHARE-DISTRIBUTIONS> (0.412)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.240
<EXPENSE-RATIO> 0.920
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 180,864,950
<INVESTMENTS-AT-VALUE> 188,947,581
<RECEIVABLES> 17,713,987
<ASSETS-OTHER> 733,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 207,395,293
<PAYABLE-FOR-SECURITIES> 7,668,824
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,343,184
<TOTAL-LIABILITIES> 11,012,008
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,727,345
<SHARES-COMMON-STOCK> 63,836
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 52,530
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,520,779
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,082,631
<NET-ASSETS> 196,383,285
<DIVIDEND-INCOME> 312,850
<INTEREST-INCOME> 382,597
<OTHER-INCOME> 0
<EXPENSES-NET> (616,454)
<NET-INVESTMENT-INCOME> 78,993
<REALIZED-GAINS-CURRENT> 12,537,374
<APPREC-INCREASE-CURRENT> 1,310,816
<NET-CHANGE-FROM-OPS> 13,927,183
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,896
<NUMBER-OF-SHARES-REDEEMED> (60)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 133,373,650
<ACCUMULATED-NII-PRIOR> 49,242
<ACCUMULATED-GAINS-PRIOR> 2,211,296
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 393,791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 719,822
<AVERAGE-NET-ASSETS> 537,723
<PER-SHARE-NAV-BEGIN> 17.940
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (0.720)
<PER-SHARE-DIVIDEND> (0.000)
<PER-SHARE-DISTRIBUTIONS> (0.000)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.220
<EXPENSE-RATIO> 1.700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 14,935,862
<INVESTMENTS-AT-VALUE> 18,037,924
<RECEIVABLES> 5,149,230
<ASSETS-OTHER> 53,105
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,240,259
<PAYABLE-FOR-SECURITIES> 759,513
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,414
<TOTAL-LIABILITIES> 773,927
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,505,828
<SHARES-COMMON-STOCK> 1,528,711
<SHARES-COMMON-PRIOR> 1,127,155
<ACCUMULATED-NII-CURRENT> 12,108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,846,308
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,102,088
<NET-ASSETS> 22,466,332
<DIVIDEND-INCOME> 26,240
<INTEREST-INCOME> 66,560
<OTHER-INCOME> 0
<EXPENSES-NET> (20,808)
<NET-INVESTMENT-INCOME> 71,992
<REALIZED-GAINS-CURRENT> 1,290,305
<APPREC-INCREASE-CURRENT> 2,510,106
<NET-CHANGE-FROM-OPS> 3,872,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (91,767)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 801,885
<NUMBER-OF-SHARES-REDEEMED> (407,063)
<SHARES-REINVESTED> 6,734
<NET-CHANGE-IN-ASSETS> 9,560,403
<ACCUMULATED-NII-PRIOR> 31,883
<ACCUMULATED-GAINS-PRIOR> 556,003
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,500
<AVERAGE-NET-ASSETS> 16,049,709
<PER-SHARE-NAV-BEGIN> 11.450
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 3.272
<PER-SHARE-DIVIDEND> (0.082)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.700
<EXPENSE-RATIO> 0.250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 109,638,643
<INVESTMENTS-AT-VALUE> 113,584,753
<RECEIVABLES> 9,615,292
<ASSETS-OTHER> 5,284
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,205,329
<PAYABLE-FOR-SECURITIES> 189,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268,094
<TOTAL-LIABILITIES> 457,844
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,644,392
<SHARES-COMMON-STOCK> 9,194,912
<SHARES-COMMON-PRIOR> 9,752,780
<ACCUMULATED-NII-CURRENT> 1,423,871
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,737,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,941,683
<NET-ASSETS> 122,747,485
<DIVIDEND-INCOME> 2,183,113
<INTEREST-INCOME> 260,700
<OTHER-INCOME> 0
<EXPENSES-NET> (677,228)
<NET-INVESTMENT-INCOME> 1,766,585
<REALIZED-GAINS-CURRENT> 1,738,826
<APPREC-INCREASE-CURRENT> 9,352,671
<NET-CHANGE-FROM-OPS> 12,858,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,813,634)
<DISTRIBUTIONS-OF-GAINS> (1,314,584)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,820,088
<NUMBER-OF-SHARES-REDEEMED> (2,592,988)
<SHARES-REINVESTED> 215,040
<NET-CHANGE-IN-ASSETS> 3,497,003
<ACCUMULATED-NII-PRIOR> 1,475,101
<ACCUMULATED-GAINS-PRIOR> 1,316,428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368,765
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677,228
<AVERAGE-NET-ASSETS> 121,956,834
<PER-SHARE-NAV-BEGIN> 12.230
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 1.146
<PER-SHARE-DIVIDEND> (0.189)
<PER-SHARE-DISTRIBUTIONS> (0.137)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.240
<EXPENSE-RATIO> 1.100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 109,638,643
<INVESTMENTS-AT-VALUE> 113,584,753
<RECEIVABLES> 9,615,292
<ASSETS-OTHER> 5,284
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,205,329
<PAYABLE-FOR-SECURITIES> 189,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 268,094
<TOTAL-LIABILITIES> 457,844
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 115,644,392
<SHARES-COMMON-STOCK> 73,657
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,423,871
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,737,539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,941,683
<NET-ASSETS> 122,747,485
<DIVIDEND-INCOME> 2,183,113
<INTEREST-INCOME> 260,700
<OTHER-INCOME> 0
<EXPENSES-NET> (677,228)
<NET-INVESTMENT-INCOME> 1,766,585
<REALIZED-GAINS-CURRENT> 1,738,826
<APPREC-INCREASE-CURRENT> 9,352,671
<NET-CHANGE-FROM-OPS> 12,858,082
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,181)
<DISTRIBUTIONS-OF-GAINS> (3,131)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,462
<NUMBER-OF-SHARES-REDEEMED> (4,229)
<SHARES-REINVESTED> 416
<NET-CHANGE-IN-ASSETS> 3,497,003
<ACCUMULATED-NII-PRIOR> 1,475,101
<ACCUMULATED-GAINS-PRIOR> 1,316,428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368,765
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677,228
<AVERAGE-NET-ASSETS> 534,291
<PER-SHARE-NAV-BEGIN> 12.230
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.210
<PER-SHARE-DIVIDEND> (0.183)
<PER-SHARE-DISTRIBUTIONS> (0.137)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.200
<EXPENSE-RATIO> 1.870
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN INSTITUTIONAL MIDCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 5,263,725
<INVESTMENTS-AT-VALUE> 6,561,967
<RECEIVABLES> 60,834
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,622,801
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,225,298
<SHARES-COMMON-STOCK> 522,378
<SHARES-COMMON-PRIOR> 517,359
<ACCUMULATED-NII-CURRENT> 35,372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63,889
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,298,242
<NET-ASSETS> 6,622,801
<DIVIDEND-INCOME> 48,469
<INTEREST-INCOME> 2,021
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 50,490
<REALIZED-GAINS-CURRENT> 139,178
<APPREC-INCREASE-CURRENT> 841,991
<NET-CHANGE-FROM-OPS> 1,031,659
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (56,910)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 5,019
<NET-CHANGE-IN-ASSETS> 1,031,659
<ACCUMULATED-NII-PRIOR> 41,792
<ACCUMULATED-GAINS-PRIOR> (75,289)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,539
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,227
<AVERAGE-NET-ASSETS> 6,264,518
<PER-SHARE-NAV-BEGIN> 10.810
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 1.880
<PER-SHARE-DIVIDEND> (0.110)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.680
<EXPENSE-RATIO> 0.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRELTY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN MIDCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 60,000
<INVESTMENTS-AT-VALUE> 60,000
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 6,000
<SHARES-COMMON-PRIOR> 6,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 60,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 60,000
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> .000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN STRATEGIC INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 7,167,982
<INVESTMENTS-AT-VALUE> 7,466,102
<RECEIVABLES> 1,783,367
<ASSETS-OTHER> 92,166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,341,635
<PAYABLE-FOR-SECURITIES> 366,963
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,928
<TOTAL-LIABILITIES> 377,891
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,547,719
<SHARES-COMMON-STOCK> 847,268
<SHARES-COMMON-PRIOR> 661,744
<ACCUMULATED-NII-CURRENT> 25,361
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94,972
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 295,692
<NET-ASSETS> 8,963,744
<DIVIDEND-INCOME> 16,921
<INTEREST-INCOME> 321,067
<OTHER-INCOME> 0
<EXPENSES-NET> (9,791)
<NET-INVESTMENT-INCOME> 328,197
<REALIZED-GAINS-CURRENT> 86,230
<APPREC-INCREASE-CURRENT> 173,827
<NET-CHANGE-FROM-OPS> 588,254
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (294,856)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,828
<NUMBER-OF-SHARES-REDEEMED> (13,031)
<SHARES-REINVESTED> 26,727
<NET-CHANGE-IN-ASSETS> 2,228,038
<ACCUMULATED-NII-PRIOR> 16,544
<ACCUMULATED-GAINS-PRIOR> (15,782)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,543
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,744
<AVERAGE-NET-ASSETS> 7,848,109
<PER-SHARE-NAV-BEGIN> 10.180
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 0.392
<PER-SHARE-DIVIDEND> (0.402)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.580
<EXPENSE-RATIO> 0.250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1995 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> FSS - FRANKLIN NATURAL RESOURCES FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> JUN-05-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 3,517,784
<INVESTMENTS-AT-VALUE> 3,341,619
<RECEIVABLES> 304,055
<ASSETS-OTHER> 29,461
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,675,135
<PAYABLE-FOR-SECURITIES> 28,258
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,887
<TOTAL-LIABILITIES> 97,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,713,181
<SHARES-COMMON-STOCK> 361,934
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,731
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,163
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (176,085)
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</TABLE>
NAME OF REGISTRANT:
Franklin Strategic Series
File No. 811-6243
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN STRATEGIC SERIES
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the
Franklin Natural Resources Fund (the "Fund"), a series
of Franklin Strategic Series (the "Trust"), does hereby
take the following actions and does hereby consent to
the following resolutions:
RESOLVED: That the terms and conditions of the Manage-
ment Agreement dated February 24, 1992, entered into
between Franklin Advisers, Inc. and the Trust, be, and it
hereby is, approved for the Fund.
RESOLVED: That the Distribution Plan pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as agreed
to and accepted by Franklin/Templeton Distributors, Inc.
and the Trust, to take effect at the time the Fund's Regis-
tration Statement under the Securities Act of 1933 is
declared effective by the U.S. Securities and Exchange Commission,
be, and it hereby is, approved for the Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
Dated: June 5, 1995 By:/s/H.E. Burns
Harmon E. Burns
Executive Vice President
NAME OF REGISTRANT:
Franklin Strategic Series
File No. 811-6243
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Class II shares
of Franklin Small Cap Growth Fund (the "Fund"), a
series of Franklin Strategic Series (the "Trust"), does
hereby take the following actions and does hereby consent
to the following resolution:
RESOLVED: That the Class II Distribution Plan pursuant to
Rule 12b-1 (under the Investment Company Act of 1940), as
agreed to and accepted by Franklin/Templeton Distributors,
Inc. and the Trust prior to the date below, be and it hereby
is, approved for the Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
/s/H.E. Burns
Dated as of: October 2, 1995 By: Harmon E. Burns
Executive Vice President
NAME OF REGISTRANT:
Franklin Strategic Series
File No. 811-6243
EXHIBIT ITEM No. 77I(b):
Terms of new or amended securities
The registrant issues two classes of shares in two of
its eight series: Franklin Small Cap Growth Fund - Class I
and Franklin Small Cap Growth Fund - Class II and Franklin
Global Utilities Fund - Class I and Franklin Global Util-
ities Fund - Class II. Shares of each class of a series
represent proportionate interests in the assets of the
series and have the same voting and other rights and pre-
ferences as the other classes and series of the Registrant
for matters that affect the Registrant as a whole.
