<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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<PAGE> PAGE 11
015 B000203 S
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015 C010204 BUENOS AIRES
015 D010204 ARGENTINA
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<PAGE> PAGE 12
015 A000213 MERITA BANK
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<PAGE> PAGE 13
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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
062 G000200 0.0
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062 P000200 0.0
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066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
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<PAGE> PAGE 20
070 N010200 Y
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070 O010200 Y
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070 P010200 Y
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070 Q010200 N
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070 R010200 Y
070 R020200 N
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<PAGE> PAGE 21
074 A000200 4523
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008 A000301 FRANKLIN ADVISERS, INC.
008 B000301 A
008 C000301 801-26292
008 D010301 SAN MATEO
008 D020301 CA
008 D030301 94403
008 D040301 7777
015 A000301 THE BANK OF NEW YORK
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10286
015 E010301 X
015 A000302 THE BANK OF BOSTON
015 B000302 S
015 C010302 BUENOS AIRES
015 D010302 ARGENTINA
015 E040302 X
<PAGE> PAGE 22
015 A000303 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
015 B000303 S
015 C010303 MELBOURNE
015 D010303 AUSTRALIA
015 E040303 X
015 A000304 GIROCREDIT BANK AG DER OSTERREICHISCHEN
015 B000304 S
015 C010304 VIENNA
015 D010304 AUSTRIA
015 E040304 X
015 A000305 STANDARD CHARTERED BANK PLC (SCB)
015 B000305 S
015 C010305 DHAKA
015 D010305 BANGLADESH
015 E040305 X
015 A000306 BANQUE BRUXELLES LAMBERT (BBL)
015 B000306 S
015 C010306 BRUSSELS
015 D010306 BELGIUM
015 E040306 X
015 A000307 THE BANK OF BOSTON
015 B000307 S
015 C010307 SAO PAULO
015 D010307 BRAZIL
015 E040307 X
015 A000308 THE ROYAL TRUST CORPORATION OF CANADA
015 B000308 S
015 C010308 MONTREAL
015 D010308 CANADA
015 E040308 X
015 A000309 THE BANK OF BOSTON
015 B000309 S
015 C010309 SANTIAGO
015 D010309 CHILE
015 E040309 X
015 A000310 BANCO DE CHILE
015 B000310 S
015 C010310 SANTIAGO
015 D010310 CHILE
015 E040310 X
015 A000311 STANDARD CHARTERED BANK
015 B000311 S
015 C010311 SHANGHAI
015 D010311 CHINA
015 E040311 X
015 A000312 STANDARD CHARTERED BANK
015 B000312 S
015 C010312 SHENZHEN
015 D010312 CHINA
015 E040312 X
015 A000313 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
<PAGE> PAGE 23
015 B000313 S
015 C010313 BOGOTA
015 D010313 COLOMBIA
015 E040313 X
015 A000314 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000314 S
015 C010314 PRAGUE
015 D010314 CZECH REPUBLIC
015 E040314 X
015 A000315 DEN DANSKE BANK
015 B000315 S
015 C010315 COPENHAGEN
015 D010315 DENMARK
015 E040315 X
015 A000316 CEDEL
015 B000316 S
015 C010316 LUXEMBOURG
015 D010316 EUROMARKET
015 E040316 X
015 A000317 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000317 S
015 C010317 LONDON
015 D010317 EUROMARKET
015 E040317 X
015 A000318 MERITA BANK (MB)
015 B000318 S
015 C010318 HELSINKI
015 D010318 FINLAND
015 E040318 X
015 A000319 BANQUE PARIBAS
015 B000319 S
015 C010319 PARIS
015 D010319 FRANCE
015 E040319 X
015 A000320 DRESDNER BANK AG
015 B000320 S
015 C010320 FRANKFURT
015 D010320 GERMANY
015 E040320 X
015 A000321 ALPHA CREDIT BANK A.E.
015 B000321 S
015 C010321 ATHENS
015 D010321 GREECE
015 E040321 X
015 A000322 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000322 S
015 C010322 HONG KONG
015 D010322 HONG KONG
015 E040322 X
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015 B000323 S
<PAGE> PAGE 24
015 C010323 BUDAPEST
015 D010323 HUNGARY
015 E040323 X
015 A000324 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000324 S
015 C010324 BOMBAY
015 D010324 INDIA
015 E040324 X
015 A000325 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000325 S
015 C010325 JAKARTA
015 D010325 INDONESIA
015 E040325 X
015 A000326 ALLIED IRISH BANK (ATB)
015 B000326 S
015 C010326 DUBLIN
015 D010326 IRELAND
015 E040326 X
015 A000327 ISRAEL DISCOUNT BANK
015 B000327 S
015 C010327 TEL AVIV
015 D010327 ISRAEL
015 E040327 X
015 A000328 BANCA COMMERCIALE ITALIANA (BCI)
015 B000328 S
015 C010328 MILAN
015 D010328 ITALY
015 E040328 X
015 A000329 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000329 S
015 C010329 TOKYO
015 D010329 JAPAN
015 E040329 X
015 A000330 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000330 S
015 C010330 KUALA LUMPUR
015 D010330 MALAYSIA
015 E040330 X
015 A000331 BANCO NACIONAL DE MEXICO
015 B000331 S
015 C010331 MEXICO CITY
015 D010331 MEXICO
015 E040331 X
015 A000332 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000332 S
015 C010332 CASABLANCA
015 D010332 MOROCCO
015 E040332 X
015 A000333 MEESPIERSON
015 B000333 S
015 C010333 AMSTERDAM
<PAGE> PAGE 25
015 D010333 NETHERLANDS
015 E040333 X
015 A000334 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
015 B000334 S
015 C010334 WELLINGTON
015 D010334 NEW ZEALAND
015 E040334 X
015 A000335 DEN NORSKE BANK A.S.
015 B000335 S
015 C010335 BERGEN/OSLO
015 D010335 NORWAY
015 E040335 X
015 A000336 STANDARD CHARTERED BANK (SCB)
015 B000336 S
015 C010336 KARACHI
015 D010336 PAKISTAN
015 E040336 X
015 A000337 CITIBANK, N.A.
015 B000337 S
015 C010337 LIMA
015 D010337 PERU
015 E040337 X
015 A000338 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000338 S
015 C010338 MANILA
015 D010338 PHILIPPINES
015 E040338 X
015 A000339 BANK HANDLOWY W WARSZAWIE S.A.
015 B000339 S
015 C010339 WARSAW
015 D010339 POLAND
015 E040339 X
015 A000340 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000340 S
015 C010340 LISBON
015 D010340 PORTUGAL
015 E040340 X
015 A000341 UNITED OVERSEAS BANK (UOB)
015 B000341 S
015 C010341 SINGAPORE
015 D010341 SINGAPORE
015 E040341 X
015 A000342 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000342 S
015 C010342 JOHANNESBURG
015 D010342 SOUTH AFRICA
015 E040342 X
015 A000343 SEOULBANK (SB)
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015 C010343 SEOUL
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<PAGE> PAGE 26
015 E040343 X
015 A000344 BANCO BILBAO VIZCAYA (BBV)
015 B000344 S
015 C010344 MADRID/BILBAO
015 D010344 SPAIN
015 E040344 X
015 A000345 STANDARD CHARTERED BANK (SCB)
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015 C010345 COLOMBO
015 D010345 SRI LANKA
015 E040345 X
015 A000346 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000346 S
015 C010346 STOCKHOLM
015 D010346 SWEDEN
015 E040346 X
015 A000347 UNION BANK OF SWITZERLAND (UBS)
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015 D010347 SWITZERLAND
015 E040347 X
015 A000348 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000348 S
015 C010348 TAIPEI
015 D010348 TAIWAN (ROC)
015 E040348 X
015 A000349 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000349 S
015 C010349 BANGKOK
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015 E040349 X
015 A000350 CITIBANK, N.A.
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015 A000351 THE BANK OF NEW YORK
015 B000351 S
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015 E040351 X
015 A000352 THE BANK OF BOSTON
015 B000352 S
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015 A000353 CITIBANK, N.A.
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015 C010353 CARACAS
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<PAGE> PAGE 27
015 A000354 BANK OF AMERICA
015 B000354 C
015 C010354 SAN FRANCISCO
015 C020354 CA
015 C030354 94104
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015 E010354 X
015 A000355 CITIBANK DELAWARE
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015 C040355 2409
015 E010355 X
024 000300 Y
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025 B000302 13-3299429
025 C000302 D
025 D000302 4500
025 A000303 FUJI SECURITIES INC
025 B000303 13-3038090
025 C000303 D
025 D000303 4500
025 A000304 SBCI SWISS BANK CORP
025 B000304 13-2639550
025 C000304 D
025 D000304 4458
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
070 M020300 Y
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<PAGE> PAGE 32
073 C000300 0.0000
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
008 C000401 801-26292
008 D010401 SAN MATEO
008 D020401 CA
008 D030401 94403
008 D040401 7777
015 A000401 THE BANK OF NEW YORK
015 B000401 C
015 C010401 NEW YORK
015 C020401 NY
015 C030401 10286
015 E010401 X
015 A000402 BANK OF AMERICA NT & SA
015 B000402 C
015 C010402 SAN FRANCISCO
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<PAGE> PAGE 33
015 C030402 94104
015 C040402 1502
015 E010402 X
015 A000403 THE BANK OF BOSTON
015 B000403 S
015 C010403 BUENOS AIRES
015 D010403 ARGENTINA
015 E040403 X
015 A000404 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
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015 C010404 MELBOURNE
015 D010404 AUSTRALIA
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015 A000405 GIROCREDIT BANK AG DER OSTERREICHISCHEN
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015 D010405 AUSTRIA
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015 C010406 DHAKA
015 D010406 BANGLADESH
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015 A000407 BANQUE BRUXELLES LAMBERT (BBL)
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015 A000408 THE BANK OF BOSTON
015 B000408 S
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015 D010408 BRAZIL
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015 A000409 THE ROYAL TRUST CORPORATION OF CANADA
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015 A000411 BANCO DE CHILE
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015 C010411 SANTIAGO
015 D010411 CHILE
015 E040411 X
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<PAGE> PAGE 34
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015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
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015 D010413 CHINA
015 E040413 X
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015 E040415 X
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<PAGE> PAGE 35
015 E040422 X
015 A000423 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000423 S
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015 A000424 CITIBANK, N.A.
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015 E040424 X
015 A000425 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 E040425 X
015 A000426 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 D010426 INDONESIA
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015 A000427 ALLIED IRISH BANK (ATB)
015 B000427 S
015 C010427 DUBLIN
015 D010427 IRELAND
015 E040427 X
015 A000428 ISRAEL DISCOUNT BANK
015 B000428 S
015 C010428 TEL AVIV
015 D010428 ISRAEL
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015 A000429 BANCA COMMERCIALE ITALIANA (BCI)
015 B000429 S
015 C010429 MILAN
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015 E040429 X
015 A000430 YASUDA TRUST AND BANKING COMPANY LTD.
015 B000430 S
015 C010430 TOKYO
015 D010430 JAPAN
015 E040430 X
015 A000431 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000431 S
015 C010431 KUALA LUMPUR
015 D010431 MALAYSIA
015 E040431 X
015 A000432 BANCO NACIONAL DE MEXICO
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015 C010432 MEXICO CITY
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015 E040432 X
<PAGE> PAGE 36
015 A000433 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000433 S
015 C010433 CASABLANCA
015 D010433 MOROCCO
015 E040433 X
015 A000434 MEESPIERSON
015 B000434 S
015 C010434 AMSTERDAM
015 D010434 NETHERLANDS
015 E040434 X
015 A000435 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
015 B000435 S
015 C010435 WELLINGTON
015 D010435 NEW ZEALAND
015 E040435 X
015 A000436 DEN NORSKE BANK A.S.
015 B000436 S
015 C010436 BERGEN/OSLO
015 D010436 NORWAY
015 E040436 X
015 A000437 STANDARD CHARTERED BANK (SCB)
015 B000437 S
015 C010437 KARACHI
015 D010437 PAKISTAN
015 E040437 X
015 A000438 CITIBANK, N.A.
015 B000438 S
015 C010438 LIMA
015 D010438 PERU
015 E040438 X
015 A000439 THE HONGKONG & SHANGHAI BANKING CORP,. LTD.
015 B000439 S
015 C010439 MANILA
015 D010439 PHILIPPINES
015 E040439 X
015 A000440 BANK HANDLOWY W WARSZAWIE S.A.
015 B000440 S
015 C010440 WARSAW
015 D010440 POLAND
015 E040440 X
015 A000441 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000441 S
015 C010441 LISBON
015 D010441 PORTUGAL
015 E040441 X
015 A000442 UNITED OVERSEAS BANK (UOB)
015 B000442 S
015 C010442 SINGAPORE
015 D010442 SINGAPORE
015 E040442 X
015 A000443 STANDARD BANK FO SOUTH AFRICA LTD (SBSA)
<PAGE> PAGE 37
015 B000443 S
015 C010443 JOHANNESBURG
015 D010443 SOUTH AFRICA
015 E040443 X
015 A000444 SEOULBANK (SB)
015 B000444 S
015 C010444 SEOUL
015 D010444 SOUTH KOREA
015 E040444 X
015 A000445 BANCO BILBAO VIZCAYA (BBV)
015 B000445 S
015 C010445 MADRID/BILBAO
015 D010445 SPAIN
015 E040445 X
015 A000446 STANDARD CHARTERED BANK (SCB)
015 B000446 S
015 C010446 COLOMBO
015 D010446 SRI LANKA
015 E040446 X
015 A000447 SKANDINIVISKA ENSKILDA BANKEN (SEB)
015 B000447 S
015 C010447 STOCKHOLM
015 D010447 SWEDEN
015 E040447 X
015 A000448 UNION BANK OF SWITZERLAND (UBS)
015 B000448 S
015 C010448 ZURICH
015 D010448 SWITZERLAND
015 E040448 X
015 A000449 THE HONKONG & SHANGHAI BANKING CORP., LTD.
015 B000449 S
015 C010449 TAIPEI
015 D010449 TAIWAN (R.O.C.)
015 E040449 X
015 A000450 SIAM COMMERCIAL BANK PUBLIC COMPANY LTD (SCB)
015 B000450 S
015 C010450 BANGKOK
015 D010450 THAILAND
015 E040450 X
015 A000451 CITIBANK, N.A.
015 B000451 S
015 C010451 ISTANBUL
015 D010451 TURKEY
015 E040451 X
015 A000452 THE BANK OF NEW YORK
015 B000452 S
015 C010452 LONDON
015 D010452 UNITED KINGDOM
015 E040452 X
015 A000453 THE BANK OF BOSTON
015 B000453 S
<PAGE> PAGE 38
015 C010453 MONTEVIDEO
015 D010453 URUGUAY
015 E040453 X
015 A000454 CITIBANK, N.A.
015 B000454 S
015 C010454 CARACAS
015 D010454 VENEZUELA
015 E040454 X
015 A000455 CITIBANK DELAWARE
015 B000455 C
015 C010455 NEW CASTLE
015 C020455 DE
015 C030455 19720
015 C040455 2409
015 E010455 X
024 000400 Y
025 A000401 DONALDSON, LUFKIN & JENRETTE
025 B000401 13-2741729
025 C000401 D
025 D000401 1926
025 A000402 BEAR, STEARNS & CO INC
025 B000402 13-3299429
025 C000402 D
025 D000402 1926
025 A000403 FUJI SECURITIES INC
025 B000403 13-3038090
025 C000403 D
025 D000403 1926
025 A000404 SBCI SWISS BANK CORP
025 B000404 13-2639550
025 C000404 D
025 D000404 1907
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 2495
028 A020400 0
028 A030400 0
028 A040400 3116
028 B010400 1273
028 B020400 3091
028 B030400 0
028 B040400 2364
028 C010400 3055
028 C020400 0
028 C030400 0
028 C040400 3953
028 D010400 3197
028 D020400 0
028 D030400 0
<PAGE> PAGE 39
028 D040400 2730
028 E010400 1926
028 E020400 0
028 E030400 0
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028 F010400 2440
028 F020400 0
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028 G010400 14386
028 G020400 3091
028 G030400 0
028 G040400 23567
028 H000400 14386
029 000400 Y
030 A000400 372
030 B000400 4.50
030 C000400 0.00
031 A000400 20
031 B000400 0
032 000400 352
033 000400 0
034 000400 Y
035 000400 0
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 313
044 000400 178
045 000400 Y
046 000400 N
047 000400 Y
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048 A020400 0.625
048 B010400 150000
048 B020400 0.500
048 C010400 9750000
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<PAGE> PAGE 40
048 D010400 2500000
048 D020400 0.440
048 E010400 2500000
048 E020400 0.420
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 15000000
048 K020400 0.400
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 N
054 L000400 Y
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
<PAGE> PAGE 41
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
<PAGE> PAGE 42
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 61030
071 B000400 78686
071 C000400 120836
071 D000400 51
072 A000400 12
072 B000400 561
072 C000400 4449
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072 L000400 23
072 M000400 2
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072 S000400 4
072 T000400 313
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072AA000400 10315
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<PAGE> PAGE 43
074 A000400 0
074 B000400 9609
074 C000400 0
074 D000400 1765
074 E000400 280
074 F000400 159681
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1023
074 M000400 1289
074 N000400 173647
074 O000400 2681
074 P000400 183
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074 R010400 0
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074 S000400 0
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074 U010400 11709
074 U020400 191
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008 A000501 FRANKLIN ADVISERS, INC.
008 B000501 A
008 C000501 801-26292
008 D010501 SAN MATEO
008 D020501 CA
008 D030501 94403
008 D040501 7777
008 A000502 DELETE
015 A000501 THE BANK OF NEW YORK
015 B000501 C
015 C010501 NEW YORK
015 C020501 NY
015 C030501 10826
015 E010501 X
015 A000502 THE BANK OF BOSTON
015 B000502 S
015 C010502 BUENOS AIRES
015 D010502 ARGENTINA
<PAGE> PAGE 44
015 E040502 X
015 A000503 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
015 B000503 S
015 C010503 MELBOURNE
015 D010503 AUSTRALIA
015 E040503 X
015 A000504 GIROCREDIT BANK AG DER OSTERREICHISCHEN
015 B000504 S
015 C010504 VIENNA
015 D010504 AUSTRIA
015 E040504 X
015 A000505 STANDARD CHARTERED BANK PLC (SCB)
015 B000505 S
015 C010505 DHAKA
015 D010505 BANGLADESH
015 E040505 X
015 A000506 BANQUE BRUXELLES LAMBERT (BBL)
015 B000506 S
015 C010506 BRUSSELS
015 D010506 BELGIUM
015 E040506 X
015 A000507 THE BANK OF BOSTON
015 B000507 S
015 C010507 SAO PAULO
015 D010507 BRAZIL
015 E040507 X
015 A000508 THE ROYAL TRUST CORPORATION OF CANADA
015 B000508 S
015 C010508 MONTREAL
015 D010508 CANADA
015 E040508 X
015 A000509 THE BANK OF BOSTON
015 B000509 S
015 C010509 SANTIAGO
015 D010509 CHILE
015 E040509 X
015 A000510 BANCO DE CHILE
015 B000510 S
015 C010510 SANTIAGO
015 D010510 CHILE
015 E040510 X
015 A000511 STANDARD CHARTERED BANK
015 B000511 S
015 C010511 SHANGHAI
015 D010511 CHINA
015 E040511 X
015 A000512 STANDARD CHARTERED BANK
015 B000512 S
015 C010512 SHENZHEN
015 D010512 CHINA
015 E040512 X
<PAGE> PAGE 45
015 A000513 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000513 S
015 C010513 BOGOTA
015 D010513 COLOMBIA
015 E040513 X
015 A000514 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000514 S
015 C010514 PRAGUE
015 D010514 CZECH REPUBLIC
015 E040514 X
015 A000515 DEN DANSKE BANK
015 B000515 S
015 C010515 COPENHAGEN
015 D010515 DENMARK
015 E040515 X
015 A000516 CEDEL
015 B000516 S
015 C010516 LUXEMBOURG
015 D010516 EUROMARKET
015 E040516 X
015 A000517 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000517 S
015 C010517 LONDON
015 D010517 EUROMARKET
015 E040517 X
015 A000518 MERITA BANK (MB)
015 B000518 S
015 C010518 HELSINKI
015 D010518 FINLAND
015 E040518 X
015 A000519 BANQUE PARIBAS
015 B000519 S
015 C010519 PARIS
015 D010519 FRANCE
015 E040519 X
015 A000520 DRESDNER BANK AG
015 B000520 S
015 C010520 FRANKFURT
015 D010520 GERMANY
015 E040520 X
015 A000521 ALPHA CREDIT BANK A.E.
015 B000521 S
015 C010521 ATHENS
015 D010521 GREECE
015 E040521 X
015 A000522 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000522 S
015 C010522 HONG KONG
015 D010522 HONG KONG
015 E040522 X
015 A000523 CITIBANK, N.A.
<PAGE> PAGE 46
015 B000523 S
015 C010523 BUDAPEST
015 D010523 HUNGARY
015 E040523 X
015 A000524 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000524 S
015 C010524 BOMBAY
015 D010524 INDIA
015 E040524 X
015 A000525 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000525 S
015 C010525 JAKARTA
015 D010525 INDONESIA
015 E040525 X
015 A000526 ALLIED IRISH BANK (ATB)
015 B000526 S
015 C010526 DUBLIN
015 D010526 IRELAND
015 E040526 X
015 A000527 ISRAEL DISCOUNT BANK
015 B000527 S
015 C010527 TEL AVIV
015 D010527 ISRAEL
015 E040527 X
015 A000528 BANCA COMMERCIALE ITALIANA (BCI)
015 B000528 S
015 C010528 MILAN
015 D010528 ITALY
015 E040528 X
015 A000529 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000529 S
015 C010529 TOKYO
015 D010529 JAPAN
015 E040529 X
015 A000530 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000530 S
015 C010530 KUALA LUMPUR
015 D010530 MALAYSIA
015 E040530 X
015 A000531 BANCO NACIONAL DE MEXICO
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015 C010531 MEXICO CITY
015 D010531 MEXICO
015 E040531 X
015 A000532 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000532 S
015 C010532 CASABLANCA
015 D010532 MOROCCO
015 E040532 X
015 A000533 MEESPIERSON
015 B000533 S
<PAGE> PAGE 47
015 C010533 AMSTERDAM
015 D010533 NETHERLANDS
015 E040533 X
015 A000534 AUSTRALIA & NEW ZEALAND BANKING GRP LTD (ANZ)
015 B000534 S
015 C010534 WELLINGTON
015 D010534 NEW ZEALAND
015 E040534 X
015 A000535 DEN NORSKE BANK A.S.
015 B000535 S
015 C010535 BERGEN/OSLO
015 D010535 NORWAY
015 E040535 X
015 A000536 STANDARD CHARTERED BANK (SCB)
015 B000536 S
015 C010536 KARACHI
015 D010536 PAKISTAN
015 E040536 X
015 A000537 CITIBANK, N.A.
015 B000537 S
015 C010537 LIMA
015 D010537 PERU
015 E040537 X
015 A000538 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000538 S
015 C010538 MANILA
015 D010538 PHILIPPINES
015 E040538 X
015 A000539 BANK HANDLOWY W WARSZAWIE S.A.
015 B000539 S
015 C010539 WARSAW
015 D010539 POLAND
015 E040539 X
015 A000540 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
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015 C010540 LISBON
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015 B000541 S
015 C010541 SINGAPORE
015 D010541 SINGAPORE
015 E040541 X
015 A000542 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
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015 C010542 JOHANNESBURG
015 D010542 SOUTH AFRICA
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<PAGE> PAGE 48
015 D010543 SOUTH KOREA
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015 C010544 MADRID/BILBAO
015 D010544 SPAIN
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015 C010545 COLOMBO
015 D010545 SRI LANKA
015 E040545 X
015 A000546 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000546 S
015 C010546 STOCKHOLM
015 D010546 SWEDEN
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015 B000548 S
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015 B000549 S
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015 B000550 S
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015 B000552 S
015 C010552 MONTEVIDEO
015 D010552 URUGUAY
015 E040552 X
015 A000553 CITIBANK, N.A.
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<PAGE> PAGE 49
015 E040553 X
015 A000554 BANK OF AMERICA
015 B000554 C
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015 C030554 94104
015 E010554 X
015 A000555 CITIBANK DELAWARE
015 B000555 C
015 C010555 NEW CASTLE
015 C020555 DE
015 C030555 19720
015 C040555 2409
015 E010555 X
024 000500 Y
025 A000501 DONALDSON, LUFKIN & JENRETTE
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025 B000502 13-3299429
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025 A000503 FUJI SECURITIES INC
025 B000503 13-3038090
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025 A000504 SBCI SWISS BANK CORP
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<PAGE> PAGE 50
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<PAGE> PAGE 51
048 E020500 0.000
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<PAGE> PAGE 52
062 H000500 0.0
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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032 000600 0
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<PAGE> PAGE 57
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053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 Y
054 C000600 Y
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054 E000600 Y
054 F000600 Y
054 G000600 Y
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054 J000600 N
054 K000600 Y
054 L000600 Y
054 M000600 Y
054 N000600 Y
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
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060 A000600 Y
060 B000600 Y
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<PAGE> PAGE 58
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066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
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070 A020600 N
070 B010600 Y
070 B020600 N
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070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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008 B000701 A
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008 D010701 SAN MATEO
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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015 C010804 BUENOS AIRES
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<PAGE> PAGE 72
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015 D010807 BANGLADESH
015 E040807 X
015 A000808 BANQUE BRUXELLES LAMBERT
015 B000808 S
015 C010808 BRUSSELS
015 D010808 BELGIUM
015 E040808 X
015 A000809 THE BANK OF BOSTON
015 B000809 S
015 C010809 SAO PAULO
015 D010809 BRAZIL
015 E040809 X
015 A000810 THE ROYAL TRUST CORPORATION OF CANADA
015 B000810 S
015 C010810 MONTREAL
015 D010810 CANADA
015 E040810 X
015 A000811 THE BANK OF BOSTON
015 B000811 S
015 C010811 SANTIAGO
015 D010811 CHILE
015 E040811 X
015 A000812 BANCO DE CHILE
015 B000812 S
015 C010812 SANTIAGO
015 D010812 CHILE
015 E040812 X
015 A000813 STANDARD CHARTERED BANK
015 B000813 S
015 C010813 SHANGHAI
015 D010813 CHINA
015 E040813 X
015 A000814 STANDARD CHARTERED BANK
015 B000814 S
015 C010814 SHENZHEN
015 D010814 CHINA
015 E040814 X
015 A000815 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000815 S
<PAGE> PAGE 73
015 C010815 BOGOTA
015 D010815 COLOMBIA
015 E040815 X
015 A000816 CESKOSLOVENSKA OBCHODNI BANKA
015 B000816 S
015 C010816 PRAHA (PRAGUE)
015 D010816 CZECH REPUBLIC
015 E040816 X
015 A000817 DEN DANSKE BANK
015 B000817 S
015 C010817 COPENHAGEN
015 D010817 DENMARK
015 E040817 X
015 A000818 CEDEL
015 B000818 S
015 C010818 LUXEMBOURG
015 D010818 EUROMARKET
015 E040818 X
015 A000819 FIRST CHICAGO CLEARING CENTER
015 B000819 S
015 C010819 LONDON
015 D010819 EUROMARKET
015 E040819 X
015 A000820 MERITA BANK
015 B000820 S
015 C010820 HELSINKI
015 D010820 FINLAND
015 E040820 X
015 A000821 BANQUE PARIBAS
015 B000821 S
015 C010821 PARIS
015 D010821 FRANCE
015 E040821 X
015 A000822 DRESDNER BANK AG
015 B000822 S
015 C010822 FRANKFURT
015 D010822 GERMANY
015 E040822 X
015 A000823 ALPHA CREDIT BANK A.E.
015 B000823 S
015 C010823 ATHENS
015 D010823 GREECE
015 E040823 X
015 A000824 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000824 S
015 C010824 HONG KONG
015 D010824 HONG KONG
015 E040824 X
015 A000825 CITIBANK, N.A.
015 B000825 S
015 C010825 BUDAPEST
<PAGE> PAGE 74
015 D010825 HUNGARY
015 E040825 X
015 A000826 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000826 S
015 C010826 BOMBAY
015 D010826 INDIA
015 E040826 X
015 A000827 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000827 S
015 C010827 JAKARTA
015 D010827 INDONESIA
015 E040827 X
015 A000828 ALLIED IRISH BANK
015 B000828 S
015 C010828 DUBLIN
015 D010828 IRELAND
015 E040828 X
015 A000829 ISRAEL DISCOUNT BANK
015 B000829 S
015 C010829 TEL AVIV
015 D010829 ISRAEL
015 E040829 X
015 A000830 BANCA COMMERCIALE ITALIANA
015 B000830 S
015 C010830 MILAN
015 D010830 ITALY
015 E040830 X
015 A000831 YASUDA TRUST AND BANKING COMPANY LTD.
015 B000831 S
015 C010831 TOKYO
015 D010831 JAPAN
015 E040831 X
015 A000832 THE HONGKONG BANK MALAYSIA BERHAD
015 B000832 S
015 C010832 KUALA LUMPUR
015 D010832 MALAYSIA
015 E040832 X
015 A000833 BANCO NACIONAL DE MEXICO
015 B000833 S
015 C010833 MEXICO CITY
015 D010833 MEXICO
015 E040833 X
015 A000834 BANQUE COMMERCIALE DU MAROC
015 B000834 S
015 C010834 CASABLANCA
015 D010834 MOROCCO
015 E040834 X
015 A000835 MEESPIERSON
015 B000835 S
015 C010835 AMSTERDAM
015 D010835 NETHERLANDS
<PAGE> PAGE 75
015 E040835 X
015 A000836 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000836 S
015 C010836 WELLINGTON
015 D010836 NEW ZEALAND
015 E040836 X
015 A000837 DEN NORSKE BANK A.S.
015 B000837 S
015 C010837 OSLO
015 D010837 NORWAY
015 E040837 X
015 A000838 STANDARD CHARTERED BANK
015 B000838 S
015 C010838 KARACHI
015 D010838 PAKISTAN
015 E040838 X
015 A000839 CITIBANK N.A.
015 B000839 S
015 C010839 LIMA
015 D010839 PERU
015 E040839 X
015 A000840 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000840 S
015 C010840 MANILA
015 D010840 PHILIPPINES
015 E040840 X
015 A000841 BANK HANDLOWY W WARSZAWIE S.A.
015 B000841 S
015 C010841 WARSAW
015 D010841 POLAND
015 E040841 X
015 A000842 BANCO COMMERCIAL PORTUGUES, S.A.
015 B000842 S
015 C010842 LISBON
015 D010842 PORTUGAL
015 E040842 X
015 A000843 UNITED OVERSEAS BANK
015 B000843 S
015 C010843 SINGAPORE
015 D010843 SINGAPORE
015 E040843 X
015 A000844 STANDARD CHARTERED BANK OF SOUTH AFRICA, LTD.
015 B000844 S
015 C010844 JOHANNESBURG
015 D010844 SOUTH AFRICA
015 E040844 X
015 A000845 SEOUL BANK
015 B000845 S
015 C010845 SEOUL
015 D010845 SOUTH KOREA
015 E040845 X
<PAGE> PAGE 76
015 A000846 BANCO BILBOA VIZCAYA
015 B000846 S
015 C010846 BILBOA
015 D010846 SPAIN
015 E040846 X
015 A000847 STANDARD CHARTERED BANK
015 B000847 S
015 C010847 COLOMBO
015 D010847 SRI LANKA
015 E040847 X
015 A000848 SKANDINAVISKA ENSKILDA BANKEN
015 B000848 S
015 C010848 STOCKHOLM
015 D010848 SWEDEN
015 E040848 X
015 A000849 UNION BANK OF SWITZERLAND
015 B000849 S
015 C010849 ZURICH
015 D010849 SWITZERLAND
015 E040849 X
015 A000850 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000850 S
015 C010850 TAIPEI
015 D010850 TAIWAN
015 E040850 X
015 A000851 THE SIAM COMMERCIAL BANK PUBLIC CO., LTD.
015 B000851 S
015 C010851 BANGKOK
015 D010851 THAILAND
015 E040851 X
015 A000852 CITIBANK N.A.
015 B000852 S
015 C010852 ISTANBUL
015 D010852 TURKEY
015 E040852 X
015 A000853 THE BANK OF NEW YORK
015 B000853 S
015 C010853 LONDON
015 D010853 UNITED KINGDOM
015 E040853 X
015 A000854 THE BANK OF BOSTON
015 B000854 S
015 C010854 MONTEVIDEO
015 D010854 URUGUAY
015 E040854 X
015 A000855 CITIBANK N.A.
015 B000855 S
015 C010855 CARACAS
015 D010855 VENEZUELA
015 E040855 X
024 000800 Y
<PAGE> PAGE 77
025 A000801 DONALDSON, LUFKIN & JENRETTE
025 B000801 13-2741729
025 C000801 D
025 D000801 218
025 A000802 BEAR, STEARNS & CO INC
025 B000802 13-3299429
025 C000802 D
025 D000802 218
025 A000803 FUJI SECURITIES INC
025 B000803 13-3038090
025 C000803 D
025 D000803 218
025 A000804 SBCI SWISS BANK CORP
025 B000804 13-2639550
025 C000804 D
025 D000804 216
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 304
028 A020800 0
028 A030800 0
028 A040800 19
028 B010800 622
028 B020800 51
028 B030800 0
028 B040800 887
028 C010800 1048
028 C020800 0
028 C030800 0
028 C040800 676
028 D010800 734
028 D020800 0
028 D030800 0
028 D040800 496
028 E010800 1516
028 E020800 0
028 E030800 0
028 E040800 231
028 F010800 3394
028 F020800 0
028 F030800 0
028 F040800 549
028 G010800 7618
028 G020800 51
028 G030800 0
028 G040800 2858
028 H000800 7618
029 000800 Y
030 A000800 136
<PAGE> PAGE 78
030 B000800 4.50
030 C000800 0.00
031 A000800 15
031 B000800 0
032 000800 121
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 8
044 000800 24
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
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
<PAGE> PAGE 79
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
054 A000800 Y
054 B000800 Y
054 C000800 Y
054 D000800 Y
054 E000800 Y
054 F000800 Y
054 G000800 Y
054 H000800 N
054 I000800 N
054 J000800 N
054 K000800 Y
054 L000800 Y
054 M000800 Y
054 N000800 Y
054 O000800 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
063 A000800 0
063 B000800 0.0
<PAGE> PAGE 80
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 Y
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
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 9169
071 B000800 1808
071 C000800 3062
071 D000800 59
<PAGE> PAGE 81
072 A000800 11
072 B000800 21
072 C000800 51
072 D000800 0
072 E000800 0
072 F000800 21
072 G000800 0
072 H000800 0
072 I000800 3
072 J000800 0
072 K000800 1
072 L000800 10
072 M000800 0
072 N000800 5
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 5
072 S000800 2
072 T000800 10
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 58
072 Y000800 25
072 Z000800 39
072AA000800 266
072BB000800 46
072CC010800 1182
072CC020800 0
072DD010800 23
072DD020800 0
072EE000800 34
073 A010800 0.0630
073 A020800 0.0000
073 B000800 0.0940
073 C000800 0.0000
074 A000800 0
074 B000800 1089
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 8913
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 102
074 K000800 0
074 L000800 140
074 M000800 0
074 N000800 10244
<PAGE> PAGE 82
074 O000800 323
074 P000800 8
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 4
074 S000800 0
074 T000800 9909
074 U010800 754
074 U020800 0
074 V010800 13.14
074 V020800 0.00
074 W000800 0.0000
074 X000800 998
074 Y000800 140
075 A000800 0
075 B000800 3693
076 000800 0.00
038 000900 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES APRIL 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN CALIFORNIA GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 54,652,175
<INVESTMENTS-AT-VALUE> 66,082,963
<RECEIVABLES> 15,492,016
<ASSETS-OTHER> 252,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,827,547
<PAYABLE-FOR-SECURITIES> 574,164
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,617
<TOTAL-LIABILITIES> 652,781
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,665,950
<SHARES-COMMON-STOCK> 4,445,434
<SHARES-COMMON-PRIOR> 986,512
<ACCUMULATED-NII-CURRENT> 192,438
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 885,590
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,430,788
<NET-ASSETS> 81,174,766
<DIVIDEND-INCOME> 400,647
<INTEREST-INCOME> 445,941
<OTHER-INCOME> 0
<EXPENSES-NET> (282,185)
<NET-INVESTMENT-INCOME> 564,403
<REALIZED-GAINS-CURRENT> 4,257,109
<APPREC-INCREASE-CURRENT> 9,813,402
<NET-CHANGE-FROM-OPS> 14,634,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (443,477)
<DISTRIBUTIONS-OF-GAINS> (3,902,081)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,272,379
<NUMBER-OF-SHARES-REDEEMED> (1,065,789)
<SHARES-REINVESTED> 252,332
<NET-CHANGE-IN-ASSETS> 67,330,499
<ACCUMULATED-NII-PRIOR> 71,512
<ACCUMULATED-GAINS-PRIOR> 530,562
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 249,784
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 436,224
<AVERAGE-NET-ASSETS> 39,861,396
<PER-SHARE-NAV-BEGIN> 14.030
<PER-SHARE-NII> .200
<PER-SHARE-GAIN-APPREC> 6.032
<PER-SHARE-DIVIDEND> (.227)
<PER-SHARE-DISTRIBUTIONS> (1.775)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.260
<EXPENSE-RATIO> .710
<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 APRIL 30, 1996 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> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 353,014,154
<INVESTMENTS-AT-VALUE> 410,530,379
<RECEIVABLES> 76,456,061
<ASSETS-OTHER> 4,526,277
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 491,512,717
<PAYABLE-FOR-SECURITIES> 21,946,979
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 551,779
<TOTAL-LIABILITIES> 22,498,758
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 395,273,599
<SHARES-COMMON-STOCK> 22,525,659
<SHARES-COMMON-PRIOR> 4,228,290
<ACCUMULATED-NII-CURRENT> 124,074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,100,061
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,516,225
<NET-ASSETS> 469,013,959
<DIVIDEND-INCOME> 940,536
<INTEREST-INCOME> 1,307,833
<OTHER-INCOME> 0
<EXPENSES-NET> (2,098,916)
<NET-INVESTMENT-INCOME> 149,453
<REALIZED-GAINS-CURRENT> 28,802,833
<APPREC-INCREASE-CURRENT> 50,744,410
<NET-CHANGE-FROM-OPS> 79,696,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (75,813)
<DISTRIBUTIONS-OF-GAINS> (14,723,317)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,446,021
<NUMBER-OF-SHARES-REDEEMED> (6,926,491)
<SHARES-REINVESTED> 777,839
<NET-CHANGE-IN-ASSETS> 406,004,324
<ACCUMULATED-NII-PRIOR> 49,242
<ACCUMULATED-GAINS-PRIOR> 2,211,296
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,174,738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,155,045
<AVERAGE-NET-ASSETS> 212,814,562
<PER-SHARE-NAV-BEGIN> 14.900
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 6.230
<PER-SHARE-DIVIDEND> (0.014)
<PER-SHARE-DISTRIBUTIONS> (1.376)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.750
<EXPENSE-RATIO> 0.970
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1996 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> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 353,014,154
<INVESTMENTS-AT-VALUE> 410,530,379
<RECEIVABLES> 76,456,061
<ASSETS-OTHER> 4,526,277
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 491,512,717
<PAYABLE-FOR-SECURITIES> 21,946,979
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 551,779
<TOTAL-LIABILITIES> 22,498,758
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 395,273,599
<SHARES-COMMON-STOCK> 1,225,769
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 124,074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,100,061
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,516,225
<NET-ASSETS> 469,013,959
<DIVIDEND-INCOME> 940,536
<INTEREST-INCOME> 1,307,833
<OTHER-INCOME> 0
<EXPENSES-NET> (2,098,916)
<NET-INVESTMENT-INCOME> 149,453
<REALIZED-GAINS-CURRENT> 28,802,833
<APPREC-INCREASE-CURRENT> 50,744,410
<NET-CHANGE-FROM-OPS> 79,696,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (189,559)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,260,870
<NUMBER-OF-SHARES-REDEEMED> (44,275)
<SHARES-REINVESTED> 9,174
<NET-CHANGE-IN-ASSETS> 406,004,324
<ACCUMULATED-NII-PRIOR> 49,242
<ACCUMULATED-GAINS-PRIOR> 2,211,296
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,174,738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,155,045
<AVERAGE-NET-ASSETS> 212,814,562
<PER-SHARE-NAV-BEGIN> 17.940
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> 2.714
<PER-SHARE-DIVIDEND> (0.000)
<PER-SHARE-DISTRIBUTIONS> (0.964)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.660
<EXPENSE-RATIO> 1.760
<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 APRIL 30, 1996 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> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 72,870,451
<INVESTMENTS-AT-VALUE> 90,520,217
<RECEIVABLES> 25,095,673
<ASSETS-OTHER> 3,144,978
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,760,868
<PAYABLE-FOR-SECURITIES> 9,756,161
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,317
<TOTAL-LIABILITIES> 9,846,478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,045,330
<SHARES-COMMON-STOCK> 5,630,910
<SHARES-COMMON-PRIOR> 1,127,155
<ACCUMULATED-NII-CURRENT> 67,625
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,154,213
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,647,222
<NET-ASSETS> 108,914,390
<DIVIDEND-INCOME> 83,578
<INTEREST-INCOME> 325,098
<OTHER-INCOME> 0
<EXPENSES-NET> (241,718)
<NET-INVESTMENT-INCOME> 166,958
<REALIZED-GAINS-CURRENT> 3,447,321
<APPREC-INCREASE-CURRENT> 17,055,240
<NET-CHANGE-FROM-OPS> 20,669,519
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (164,339)
<DISTRIBUTIONS-OF-GAINS> (1,815,988)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,717,773
<NUMBER-OF-SHARES-REDEEMED> (1,336,633)
<SHARES-REINVESTED> 122,615
<NET-CHANGE-IN-ASSETS> 96,008,461
<ACCUMULATED-NII-PRIOR> 31,883
<ACCUMULATED-GAINS-PRIOR> 556,003
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 208,494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384,721
<AVERAGE-NET-ASSETS> 33,212,453
<PER-SHARE-NAV-BEGIN> 11.450
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 8.955
<PER-SHARE-DIVIDEND> (0.124)
<PER-SHARE-DISTRIBUTIONS> (1.051)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.340
<EXPENSE-RATIO> .730
<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> 127,835,500
<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> 1,161,850
<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 APRIL 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN MIDCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 5,796,554
<INVESTMENTS-AT-VALUE> 6,994,705
<RECEIVABLES> 640,743
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,635,448
<PAYABLE-FOR-SECURITIES> 56,973
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,863
<TOTAL-LIABILITIES> 60,836
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,342,833
<SHARES-COMMON-STOCK> 531,781
<SHARES-COMMON-PRIOR> 517,359
<ACCUMULATED-NII-CURRENT> 26,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,006,649
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,198,151
<NET-ASSETS> 7,574,612
<DIVIDEND-INCOME> 87,873
<INTEREST-INCOME> 16,035
<OTHER-INCOME> 0
<EXPENSES-NET> (10,619)
<NET-INVESTMENT-INCOME> 93,289
<REALIZED-GAINS-CURRENT> 1,148,280
<APPREC-INCREASE-CURRENT> 741,900
<NET-CHANGE-FROM-OPS> 1,983,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (108,102)
<DISTRIBUTIONS-OF-GAINS> (66,342)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 14,422
<NET-CHANGE-IN-ASSETS> 1,983,469
<ACCUMULATED-NII-PRIOR> 41,792
<ACCUMULATED-GAINS-PRIOR> (75,289)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62,957
<AVERAGE-NET-ASSETS> 6,582,732
<PER-SHARE-NAV-BEGIN> 10.810
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 3.585
<PER-SHARE-DIVIDEND> (0.208)
<PER-SHARE-DISTRIBUTIONS> (0.127)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.240
<EXPENSE-RATIO> 0.160
<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 APRIL 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN MIDCAP SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<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> 60,000
<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> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.000
<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 INFOMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1996 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> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 12,193,719
<INVESTMENTS-AT-VALUE> 12,646,228
<RECEIVABLES> 947,459
<ASSETS-OTHER> 354,918
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,948,605
<PAYABLE-FOR-SECURITIES> 921,058
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,011
<TOTAL-LIABILITIES> 927,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,382,509
<SHARES-COMMON-STOCK> 1,208,880
<SHARES-COMMON-PRIOR> 661,744
<ACCUMULATED-NII-CURRENT> 59,325
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 119,947
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 459,755
<NET-ASSETS> 13,021,536
<DIVIDEND-INCOME> 42,914
<INTEREST-INCOME> 771,902
<OTHER-INCOME> 0
<EXPENSES-NET> (23,214)
<NET-INVESTMENT-INCOME> 791,602
<REALIZED-GAINS-CURRENT> 184,113
<APPREC-INCREASE-CURRENT> 337,890
<NET-CHANGE-FROM-OPS> 1,313,605
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (703,892)
<DISTRIBUTIONS-OF-GAINS> (93,313)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 570,808
<NUMBER-OF-SHARES-REDEEMED> (92,840)
<SHARES-REINVESTED> 69,168
<NET-CHANGE-IN-ASSETS> 6,285,830
<ACCUMULATED-NII-PRIOR> 16,544
<ACCUMULATED-GAINS-PRIOR> (15,782)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,336
<AVERAGE-NET-ASSETS> 9,285,360
<PER-SHARE-NAV-BEGIN> 10.180
<PER-SHARE-NII> 0.850
<PER-SHARE-GAIN-APPREC> 0.670
<PER-SHARE-DIVIDEND> (0.823)
<PER-SHARE-DISTRIBUTIONS> (0.107)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.770
<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 APRIL 30, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 081
<NAME> FSS - FRANKLIN NATURAL RESOURCES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 7,731,109
<INVESTMENTS-AT-VALUE> 8,913,068
<RECEIVABLES> 1,330,801
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,243,869
<PAYABLE-FOR-SECURITIES> 322,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,111
<TOTAL-LIABILITIES> 335,001
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,524,399
<SHARES-COMMON-STOCK> 754,261
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,048
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 186,460
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,181,961
<NET-ASSETS> 9,908,868
<DIVIDEND-INCOME> 50,586
<INTEREST-INCOME> 21,250
<OTHER-INCOME> 0
<EXPENSES-NET> (33,152)
<NET-INVESTMENT-INCOME> 38,684
<REALIZED-GAINS-CURRENT> 220,235
<APPREC-INCREASE-CURRENT> 1,181,961
<NET-CHANGE-FROM-OPS> 1,440,880
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,636
<DISTRIBUTIONS-OF-GAINS> 33,775
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,022,068
<NUMBER-OF-SHARES-REDEEMED> (272,680)
<SHARES-REINVESTED> 4,873
<NET-CHANGE-IN-ASSETS> 9,908,868
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,007
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,217
<AVERAGE-NET-ASSETS> 4,104,631
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 3.217
<PER-SHARE-DIVIDEND> (0.063)
<PER-SHARE-DISTRIBUTIONS> (0.094)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.140
<EXPENSE-RATIO> 0.990
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
REGISTRANT:
FRANKLIN STRATEGIC SERIES
File No. 811-6243
EXHIBIT - Item 77M: Mergers
Pursuant to an Agreement and Plan of Reorganization between the
registrant on behalf of the Franklin Global Utilities Fund ("Franklin
Utilities") and Templeton Global Utilities, Inc. ("Templeton Utilities"),
the Franklin Utilities series of the registrant acquired all of the assets
Templeton Utilities on March 29, 1996, in exchange solely for shares
of beneficial interest of the Franklin Utilities series of the registrant
and the distribution, pursuant to the Agreement and Plan of
Reorganization, of Franklin Utilities' shares of beneficial interest to
the shareholders of Templeton Utilities.
nsar\cust\exm.doc October 27, 1994
??
REGISTRANT:
FRANKLIN STRATEGIC SERIES
File No. 811-6243
EXHIBIT - Item 77C:
Submission of matters to a vote of security holders.
FRANKLIN STRATEGIC SERIES
ACTION BY WRITTEN CONSENT OF SOLE SHAREHOLDER
Pursuant to the provisions of Article V, Section 4 of the Agreement
and Declaration of Trust of Franklin Strategic Series (the "Trust"), the
undersigned, being the sole shareholder of the Franklin Institutional
MidCap Growth Fund series (the "Fund") of the Trust, hereby approves
the following resolution with the same force and effect as if the resolution
had been approved at a meeting held in person:
RESOLVED: That the investment management agreement to be
entered intobetween the Trust on behalf of the Fund and Franklin Advisers,
Inc. be, and it hereby is,approved for the Fund.
Executed by the undersigned as of the 1st day of January, 1996.
FRANKLIN RESOURCES, INC.
By:\s\ H. E. Burns
Name: Harmon E. Burns
Title: Executive Vice President
AGREE\0196196.CON
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of Franklin Strategic Series:
In planning and performing our audit of the financial statements and financial
highlights of the funds comprising the Franklin Strategic Series
for the year ended April 30, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Franklin Strategic Series is responsible
for establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial statements
and financial highlights being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses, as defined above, as of
April 30, 1996.
This report is intended solely for the information and use of management of
the Franklin Strategic Series and the Securities and Exchange
Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
June 7, 1996
