FRANKLIN STRATEGIC SERIES
497, 1998-04-21
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199 STKP1

                         SUPPLEMENT DATED APRIL 21, 1998
                              TO THE PROSPECTUS OF
                        FRANKLIN GLOBAL HEALTH CARE FUND
                             DATED SEPTEMBER 1, 1997

The prospectus is amended as follows:

I. The following  paragraph is added to the end of the section "Group  Purchases
Class I Only" found under "How Do I Buy Shares?  - Sales Charge  Reductions  and
Waivers":

 A  qualified  group  does not  include a 403(b)  plan that only  allows  salary
 deferral   contributions.   403(b)  plans  that  only  allow  salary   deferral
 contributions  and that purchased Class I shares of the Fund at a reduced sales
 charge under the group purchase privilege before February 1, 1998, however, may
 continue to do so.

II. The first two paragraphs and the first waiver category in the section "Sales
Charge Waivers," found under "How Do I Buy Shares? - Sales Charge Reductions and
Waivers," are replaced with the following:

 SALES CHARGE  WAIVERS.  If one of the following sales charge waivers applies to
 you or your  purchase of Fund shares,  you may buy shares of the Fund without a
 front-end sales charge or a Contingent  Deferred Sales Charge. All of the sales
 charge waivers  listed below apply to purchases of Class I shares only,  except
 for items 1 and 4 which also apply to Class II purchases.

 Certain distributions,  payments or redemption proceeds that you receive may be
 used to buy  shares of the Fund  without a sales  charge if you  reinvest  them
 within 365 days of their payment or redemption date. They include:

 1. Dividend and capital gain  distributions from any Franklin Templeton Fund or
 a real  estate  investment  trust  (REIT)  sponsored  or  advised  by  Franklin
 Properties,  Inc. The  distributions  generally  must be reinvested in the same
 class of shares.  Certain exceptions apply,  however,  to Class II shareholders
 who chose to reinvest their  distributions in Class I shares of the Fund before
 November 17, 1997, and to Advisor Class or Class Z  shareholders  of a Franklin
 Templeton  Fund who may reinvest their  distributions  in Class I shares of the
 Fund.

III. The  following  new category 5 is added to the list of sales charge  waiver
categories  in the section  "Sales  Charge  Waivers,"  found under "How Do I Buy
Shares? - Sales Charge Reductions and Waivers." The waiver  categories  numbered
five through 15 in the prospectus are renumbered accordingly:

 5. Redemption  proceeds from the sale of Class A shares of any of the Templeton
 Global Strategy Funds if you are a qualified investor.

 If you paid a contingent  deferred  sales charge when you redeemed your Class A
 shares from a Templeton  Global  Strategy  Fund,  a Contingent  Deferred  Sales
 Charge will apply to your purchase of Fund shares and a new Contingency  Period
 will begin. We will,  however,  credit your Fund account with additional shares
 based on the  contingent  deferred  sales charge you paid and the amount of the
 redemption proceeds that you reinvest.

 If you  immediately  placed your  redemption  proceeds in a Franklin  Templeton
 money fund,  you may reinvest  them as described  above.  The proceeds  must be
 reinvested within 365 days from the date they are redeemed from the money fund.

IV. The section  "Retirement  Plans," found under "How Do I Buy Shares?  - Sales
Charge Reductions and Waivers," is replaced in its entirety with the following:

 RETIREMENT  PLANS.  Retirement plans that (i) are sponsored by an employer with
 at least 100  employees,  or (ii) have plan  assets of $1 million  or more,  or
 (iii) agree to invest at least $500,000 in the Franklin  Templeton Funds over a
 13 month  period  may buy Class I shares  without  a  front-end  sales  charge.
 Retirement plans that are not Qualified  Retirement Plans, SIMPLEs or SEPs must
 also meet the  requirements  described  under "Group  Purchases - Class I Only"
 above to be able to buy Class I shares without a front-end sales charge. We may
 enter into a special  arrangement with a Securities  Dealer,  based on criteria
 established  by the Fund, to add together  certain small  Qualified  Retirement
 Plan accounts for the purpose of meeting these requirements.

 For  retirement  plan  accounts  opened on or after May 1, 1997,  a  Contingent
 Deferred  Sales Charge may apply if the retirement  plan is transferred  out of
 the Franklin  Templeton  Funds or terminated  within 365 days of the retirement
 plan account's  initial purchase in the Franklin  Templeton  Funds.  Please see
 "How Do I Sell Shares? - Contingent Deferred Sales Charge" for details.

V. The  following  paragraph  is added at the end of the  section  "How Do I Buy
Shares?":

   FOR INVESTORS OUTSIDE THE U.S.

 The  distribution  of this  prospectus  and the  offering of Fund shares may be
 limited in many jurisdictions. An investor who wishes to buy shares of the Fund
 should determine,  or have a broker-dealer  determine,  the applicable laws and
 regulations  of  the  relevant  jurisdiction.  Investors  are  responsible  for
 compliance  with tax,  currency  exchange or other  regulations  applicable  to
 redemption and purchase  transactions in any  jurisdiction to which they may be
 subject.  Investors should consult appropriate tax and legal advisors to obtain
 information on the rules applicable to these transactions.

VI. The sections  "Contingent  Deferred Sales Charge - Class I" and  "Contingent
Deferred Sales Charge - Class II," found under "May I Exchange Shares for Shares
of Another Fund? - Will Sales Charges Apply to My Exchange?",  are replaced with
the following:

 CONTINGENT  DEFERRED  SALES  CHARGE.  For  accounts  with  shares  subject to a
 Contingent  Deferred  Sales Charge,  we will first  exchange any shares in your
 account that are not subject to the charge. If there are not enough of these to
 meet your exchange  request,  we will exchange  shares subject to the charge in
 the order they were purchased.

 If you  exchange  Class I shares  into one of our  money  funds,  the time your
 shares  are held in that fund  will not count  towards  the  completion  of any
 Contingency  Period.  If you exchange  your Class II shares for shares of Money
 Fund II, however, the time your shares are held in that fund will count towards
 the completion of any Contingency Period.

VII.  The  following  replaces the second  paragraph  found under "How Do I Sell
Shares? - Contingent Deferred Sales Charge:"

 Certain  retirement  plan  accounts  opened on or after May 1,  1997,  and that
 qualify  to buy Class I shares  without a  front-end  sales  charge may also be
 subject  to a  Contingent  Deferred  Sales  Charge  if the  retirement  plan is
 transferred out of the Franklin  Templeton Funds or terminated  within 365 days
 of the account's initial purchase in the Franklin Templeton Funds.

VIII.  Under "What  Distributions  Might I Receive from the Fund? - Distribution
Options," the  references in the first two paragraphs to the ability of Class II
shareholders to reinvest or direct their  distributions to Class I shares of the
Fund or another Franklin Templeton Fund are deleted and the following  paragraph
is added to the section:

 Distributions  may be  reinvested  only in the same class of shares,  except as
 follows: (i) Class II shareholders who chose to reinvest their distributions in
 Class I shares of the Fund or another  Franklin  Templeton Fund before November
 17, 1997,  may continue to do so; and (ii) Class II  shareholders  may reinvest
 their distributions in shares of any Franklin Templeton money fund.

IX. The  following  definitions  are  revised or added,  as  applicable,  to the
"Useful Terms and Definitions" section:

 CONTINGENCY  PERIOD - For Class I shares,  the 12 month  period  during which a
 Contingent   Deferred  Sales  Charge  may  apply.  For  Class  II  shares,  the
 contingency  period is 18 months.  The holding period for Class I begins on the
 first day of the month in which you buy shares.  Regardless  of when during the
 month you buy  Class I shares,  they will age one month on the last day of that
 month and each following  month.  The holding period for Class II begins on the
 day you buy your shares. For example, if you buy Class II shares on the 18th of
 the  month,  they will age one month on the 18th day of the next month and each
 following month.

 SIMPLE  (Savings  Incentive  Match Plan for Employees) - An employer  sponsored
 salary deferral plan established under section 408(p) of the Code



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