<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
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<PAGE> PAGE 12
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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
015 A000414 MERITA BANK PLC
015 B000414 S
015 C010414 HELSINKI
015 D010414 FINLAND
015 E040414 X
015 A000415 PARIBAS
015 B000415 S
015 C010415 PARIS
015 D010415 FRANCE
015 E040415 X
015 A000416 DRESDNER BANK AG
015 B000416 S
015 C010416 FRANKFURT/MAIN
015 D010416 GERMANY
015 E040416 X
015 A000417 PARIBAS
015 B000417 S
015 C010417 ATHENS
015 D010417 GREECE
015 E040417 X
015 A000418 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000418 S
015 C010418 HONG KONG
015 D010418 HONG KONG
015 E040418 X
015 A000419 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000419 S
015 C010419 MUMBAI
015 D010419 INDIA
015 E040419 X
015 A000420 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000420 S
015 C010420 JAKARTA
015 D010420 INDONESIA
015 E040420 X
015 A000421 ALLIED IRISH BANKS, PLC
015 B000421 S
015 C010421 DUBLIN
015 D010421 IRELAND
015 E040421 X
015 A000422 BANCA COMMERCIALE ITALIANA
015 B000422 S
015 C010422 MILAN
015 D010422 ITALY
015 E040422 X
015 A000423 BANK OF TOKYO MITSUBISHI
015 B000423 S
015 C010423 TOKYO
015 D010423 JAPAN
015 E040423 X
015 A000424 BANQUE ET CAISSE D EPARGNE DE L ETAT
<PAGE> PAGE 19
015 B000424 S
015 C010424 LUXEMBOURG CITY
015 D010424 LUXEMBOURG
015 E040424 X
015 A000425 HSBC BANK MALAYSIA BERHAD
015 B000425 S
015 C010425 KUALA LUMPUR
015 D010425 MALAYSIA
015 E040425 X
015 A000426 BANCO NACIONAL DE MEXICO
015 B000426 S
015 C010426 MEXICO CITY
015 D010426 MEXICO
015 E040426 X
015 A000427 MEESPIERSON
015 B000427 S
015 C010427 AMSTERDAM
015 D010427 NETHERLANDS
015 E040427 X
015 A000428 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000428 S
015 C010428 WELLINGTON
015 D010428 NEW ZEALAND
015 E040428 X
015 A000429 DEN NORSKE BANK ASA
015 B000429 S
015 C010429 OSLO
015 D010429 NORWAY
015 E040429 X
015 A000430 STANDARD CHARTERED BANK
015 B000430 S
015 C010430 KARACHI
015 D010430 PAKISTAN
015 E040430 X
015 A000431 CITIBANK, N.A.
015 B000431 S
015 C010431 LIMA
015 D010431 PERU
015 E040431 X
015 A000432 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000432 S
015 C010432 PASIG CITY MANILA
015 D010432 PHILIPPINES
015 E040432 X
015 A000433 BANK HANDLOWY W WARSZAWIE S.A.
015 B000433 S
015 C010433 WARSAW
015 D010433 POLAND
015 E040433 X
015 A000434 BANCO COMERCIAL PORTUGUES, S.A.
015 B000434 S
<PAGE> PAGE 20
015 C010434 LISBON
015 D010434 PORTUGAL
015 E040434 X
015 A000435 UNITED OVERSEAS BANK LIMITED
015 B000435 S
015 C010435 SINGAPORE
015 D010435 SINGAPORE
015 E040435 X
015 A000436 STANDARD CORPORATE AND MERCHANT BANK
015 B000436 S
015 C010436 JOHANNESBURG
015 D010436 SOUTH AFRICA
015 E040436 X
015 A000437 STANDARD CHARTERED BANK
015 B000437 S
015 C010437 SEOUL
015 D010437 SOUTH KOREA
015 E040437 X
015 A000438 BANCO BILBAO VIZCAYA
015 B000438 S
015 C010438 MADRID
015 D010438 SPAIN
015 E040438 X
015 A000439 STANDARD CHARTERED BANK
015 B000439 S
015 C010439 COLOMBO
015 D010439 SRI LANKA
015 E040439 X
015 A000440 SKANDINAVISKA ENSKILDA BANKEN
015 B000440 S
015 C010440 STOCKHOLM
015 D010440 SWEDEN
015 E040440 X
015 A000441 UBS AG
015 B000441 S
015 C010441 ZURICH
015 D010441 SWITZERLAND
015 E040441 X
015 A000442 STANDARD CHARTERED BANK
015 B000442 S
015 C010442 BANGKOK
015 D010442 THAILAND
015 E040442 X
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
<PAGE> PAGE 21
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
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 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 82332
071 B000400 99066
071 C000400 204497
071 D000400 40
072 A000400 6
<PAGE> PAGE 22
074 N000400 247339
074 T000400 240151
075 A000400 0
075 B000400 220729
015 A000501 BANKBOSTON, N.A.
015 B000501 S
015 C010501 BUENOS AIRES
015 D010501 ARGENTINA
015 E040501 X
015 A000502 NATIONAL AUSTRALIA BANK LIMITED
015 B000502 S
015 C010502 MELBOURNE
015 D010502 AUSTRALIA
015 E040502 X
015 A000503 BANQUE BRUXELLES LAMBERT
015 B000503 S
015 C010503 BRUSSELS
015 D010503 BELGIUM
015 E040503 X
015 A000504 ROYAL BANK OF CANADA
015 B000504 S
015 C010504 MONTREAL
015 D010504 CANADA
015 E040504 X
015 A000505 DEN DANSKE BANK
015 B000505 S
015 C010505 COPENHAGEN
015 D010505 DENMARK
015 E040505 X
015 A000506 FIRST CHICAGO CLEARING CENTRE
015 B000506 S
015 C010506 LONDON
015 D010506 EUROMARKET
015 E040506 X
015 A000507 CEDEL
015 B000507 S
015 C010507 LUXEMBOURG CITY
015 D010507 EUROMARKET
015 E040507 X
015 A000508 EUROCLEAR
015 B000508 S
015 C010508 BRUSSELS
015 D010508 EASDAQ
015 E040508 X
015 A000509 MERITA BANK PLC
015 B000509 S
015 C010509 HELSINKI
015 D010509 FINLAND
015 E040509 X
015 A000510 PARIBAS
015 B000510 S
<PAGE> PAGE 23
015 C010510 PARIS
015 D010510 FRANCE
015 E040510 X
015 A000511 DRESDNER BANK AG
015 B000511 S
015 C010511 FRANKFURT/MAIN
015 D010511 GERMANY
015 E040511 X
015 A000512 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000512 S
015 C010512 HONG KONG
015 D010512 HONG KONG
015 E040512 X
015 A000513 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000513 S
015 C010513 JAKARTA
015 D010513 INDONESIA
015 E040513 X
015 A000514 ALLIED IRISH BANKS, PLC
015 B000514 S
015 C010514 DUBLIN
015 D010514 IRELAND
015 E040514 X
015 A000515 BANK OF TOKYO MITSUBISHI
015 B000515 S
015 C010515 TOKYO
015 D010515 JAPAN
015 E040515 X
015 A000516 BANQUE ET CAISSE D EPARGNE DE L ETAT
015 B000516 S
015 C010516 LUXEMBOURG CITY
015 D010516 LUXEMBOURG
015 E040516 X
015 A000517 HSBC BANK MALAYSIA BERHAD
015 B000517 S
015 C010517 KUALA LUMPUR
015 D010517 MALAYSIA
015 E040517 X
015 A000518 BANCO NACIONAL DE MEXICO
015 B000518 S
015 C010518 MEXICO CITY
015 D010518 MEXICO
015 E040518 X
015 A000519 MEESPIERSON
015 B000519 S
015 C010519 AMSTERDAM
015 D010519 NETHERLANDS
015 E040519 X
015 A000520 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000520 S
015 C010520 WELLINGTON
<PAGE> PAGE 24
015 D010520 NEW ZEALAND
015 E040520 X
015 A000521 THE BANK OF NEW YORK
015 B000521 C
015 C010521 NEW YORK
015 C020521 NY
015 C030521 10286
015 E010521 X
015 A000522 STANDARD CHARTERED BANK
015 B000522 S
015 C010522 KARACHI
015 D010522 PAKISTAN
015 E040522 X
015 A000523 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000523 S
015 C010523 PASIG CITY MANILA
015 D010523 PHILIPPINES
015 E040523 X
015 A000524 BANCO COMERCIAL PORTUGUES, S.A.
015 B000524 S
015 C010524 LISBON
015 D010524 PORTUGAL
015 E040524 X
015 A000525 UNITED OVERSEAS BANK LIMITED
015 B000525 S
015 C010525 SINGAPORE
015 D010525 SINGAPORE
015 E040525 X
015 A000526 STANDARD CORPORATE AND MERCHANT BANK
015 B000526 S
015 C010526 JOHANNESBURG
015 D010526 SOUTH AFRICA
015 E040526 X
015 A000527 BANCO BILBAO VIZCAYA
015 B000527 S
015 C010527 MADRID
015 D010527 SPAIN
015 E040527 X
015 A000528 SKANDINAVISKA ENSKILDA BANKEN
015 B000528 S
015 C010528 STOCKHOLM
015 D010528 SWEDEN
015 E040528 X
015 A000529 UBS AG
015 B000529 S
015 C010529 ZURICH
015 D010529 SWITZERLAND
015 E040529 X
015 A000530 STANDARD CHARTERED BANK
015 B000530 S
015 C010530 BANGKOK
<PAGE> PAGE 25
015 D010530 THAILAND
015 E040530 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
029 000500 Y
030 A000500 102
030 B000500 5.75
030 C000500 0.00
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
071 A000500 11725
071 B000500 10920
071 C000500 32315
071 D000500 34
072 A000500 6
072 Y000500 0
072 Z000500 -41
072AA000500 1983
072BB000500 1855
072CC010500 4737
072CC020500 0
072DD010500 85
072DD020500 0
072EE000500 0
073 A010500 0.0400
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
<PAGE> PAGE 26
074 N000500 40803
074 T000500 40535
075 A000500 0
075 B000500 35582
015 A000701 THE BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
015 A000702 BANKBOSTON, N.A.
015 B000702 S
015 C010702 BUENOS AIRES
015 D010702 ARGENTINA
015 E040702 X
015 A000703 NATIONAL AUSTRALIA BANK LIMITED
015 B000703 S
015 C010703 MELBOURNE
015 D010703 AUSTRALIA
015 E040703 X
015 A000704 BANK AUSTRIA AG
015 B000704 S
015 C010704 VIENNA
015 D010704 AUSTRIA
015 E040704 X
015 A000705 BANQUE BRUXELLES LAMBERT
015 B000705 S
015 C010705 BRUSSELS
015 D010705 BELGIUM
015 E040705 X
015 A000706 BANKBOSTON, N.A.
015 B000706 S
015 C010706 SAO PAULO
015 D010706 BRAZIL
015 E040706 X
015 A000707 ROYAL BANK OF CANADA
015 B000707 S
015 C010707 MONTREAL
015 D010707 CANADA
015 E040707 X
015 A000708 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000708 S
015 C010708 PRAHA
015 D010708 CZECH REPUBLIC
015 E040708 X
015 A000709 DEN DANSKE BANK
015 B000709 S
015 C010709 COPENHAGEN
015 D010709 DENMARK
015 E040709 X
015 A000710 MERITA BANK PLC
<PAGE> PAGE 27
015 B000710 S
015 C010710 HELSINKI
015 D010710 FINLAND
015 E040710 X
015 A000711 PARIBAS
015 B000711 S
015 C010711 PARIS
015 D010711 FRANCE
015 E040711 X
015 A000712 DRESDNER BANK AG
015 B000712 S
015 C010712 FRANKFURT/MAIN
015 D010712 GERMANY
015 E040712 X
015 A000713 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000713 S
015 C010713 HONG KONG
015 D010713 HONG KONG
015 E040713 X
015 A000714 CITIBANK BUDAPEST RT.
015 B000714 S
015 C010714 BUDAPEST
015 D010714 HUNGARY
015 E040714 X
015 A000715 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000715 S
015 C010715 JAKARTA
015 D010715 INDONESIA
015 E040715 X
015 A000716 ALLIED IRISH BANKS, PLC
015 B000716 S
015 C010716 DUBLIN
015 D010716 IRELAND
015 E040716 X
015 A000717 BANCA COMMERCIALE ITALIANA
015 B000717 S
015 C010717 MILAN
015 D010717 ITALY
015 E040717 X
015 A000718 BANK OF TOKYO MITSUBISHI
015 B000718 S
015 C010718 TOKYO
015 D010718 JAPAN
015 E040718 X
015 A000719 BANQUE ET CAISSE D EPARGNE DE L ETAT
015 B000719 S
015 C010719 LUXEMBOURG CITY
015 D010719 LUXEMBOURG
015 E040719 X
015 A000720 HSBC BANK MALAYSIA BERHAD
015 B000720 S
<PAGE> PAGE 28
015 C010720 KUALA LUMPUR
015 D010720 MALAYSIA
015 E040720 X
015 A000721 BANCO NACIONAL DE MEXICO
015 B000721 S
015 C010721 MEXICO CITY
015 D010721 MEXICO
015 E040721 X
015 A000722 MEESPIERSON
015 B000722 S
015 C010722 AMSTERDAM
015 D010722 NETHERLANDS
015 E040722 X
015 A000723 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000723 S
015 C010723 WELLINGTON
015 D010723 NEW ZEALAND
015 E040723 X
015 A000724 STANDARD CHARTERED BANK
015 B000724 S
015 C010724 KARACHI
015 D010724 PAKISTAN
015 E040724 X
015 A000725 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000725 S
015 C010725 PASIG CITY MANILA
015 D010725 PHILIPPINES
015 E040725 X
015 A000726 BANK HANDLOWY W WARSZAWIE S.A.
015 B000726 S
015 C010726 WARSAW
015 D010726 POLAND
015 E040726 X
015 A000727 BANCO COMERCIAL PORTUGUES, S.A.
015 B000727 S
015 C010727 LISBON
015 D010727 PORTUGAL
015 E040727 X
015 A000728 UNITED OVERSEAS BANK LIMITED
015 B000728 S
015 C010728 SINGAPORE
015 D010728 SINGAPORE
015 E040728 X
015 A000729 STANDARD CORPORATE AND MERCHANT BANK
015 B000729 S
015 C010729 JOHANNESBURG
015 D010729 SOUTH AFRICA
015 E040729 X
015 A000730 BANCO BILBAO VIZCAYA
015 B000730 S
015 C010730 MADRID
<PAGE> PAGE 29
015 D010730 SPAIN
015 E040730 X
015 A000731 STANDARD CHARTERED BANK
015 B000731 S
015 C010731 COLOMBO
015 D010731 SRI LANKA
015 E040731 X
015 A000732 SKANDINAVISKA ENSKILDA BANKEN
015 B000732 S
015 C010732 STOCKHOLM
015 D010732 SWEDEN
015 E040732 X
015 A000733 UBS AG
015 B000733 S
015 C010733 ZURICH
015 D010733 SWITZERLAND
015 E040733 X
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
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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 5.5
062 M000700 5.5
062 N000700 13.6
062 O000700 0.0
062 P000700 36.6
062 Q000700 33.0
062 R000700 5.8
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
<PAGE> PAGE 30
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 Y
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070 Q020700 N
070 R010700 Y
070 R020700 Y
071 A000700 98923
071 B000700 68398
071 C000700 291321
071 D000700 23
072 A000700 6
072 Y000700 301
072 Z000700 12042
072AA000700 1606
072BB000700 6848
072CC010700 0
072CC020700 15474
072DD010700 10078
072DD020700 1736
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
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074 B000700 0
074 C000700 0
074 D000700 303855
074 E000700 19375
074 F000700 440
074 G000700 0
074 H000700 0
074 I000700 18962
074 J000700 3208
074 K000700 0
074 L000700 6811
074 M000700 0
<PAGE> PAGE 31
074 N000700 352651
074 O000700 7900
074 P000700 223
074 Q000700 0
074 R010700 0
074 R020700 0
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074 R040700 1840
074 S000700 0
074 T000700 342688
074 U010700 28041
074 U020700 5915
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 17953
074 Y000700 11412
075 A000700 0
075 B000700 307943
015 A000801 THE BANK OF NEW YORK
015 B000801 C
015 C010801 NEW YORK
015 C020801 NY
015 C030801 10286
015 E010801 X
015 A000802 BANKBOSTON, N.A.
015 B000802 S
015 C010802 BUENOS AIRES
015 D010802 ARGENTINA
015 E040802 X
015 A000803 NATIONAL AUSTRALIA BANK LIMITED
015 B000803 S
015 C010803 MELBOURNE
015 D010803 AUSTRALIA
015 E040803 X
015 A000804 BANK AUSTRIA AG
015 B000804 S
015 C010804 VIENNA
015 D010804 AUSTRIA
015 E040804 X
015 A000805 BANQUE BRUXELLES LAMBERT
015 B000805 S
015 C010805 BRUSSELS
015 D010805 BELGIUM
015 E040805 X
015 A000806 ROYAL BANK OF CANADA
015 B000806 S
015 C010806 MONTREAL
015 D010806 CANADA
015 E040806 X
015 A000807 DEN DANSKE BANK
<PAGE> PAGE 32
015 B000807 S
015 C010807 COPENHAGEN
015 D010807 DENMARK
015 E040807 X
015 A000808 FIRST CHICAGO CLEARING CENTRE
015 B000808 S
015 C010808 LONDON
015 D010808 EUROMARKET
015 E040808 X
015 A000809 CEDEL
015 B000809 S
015 C010809 LUXEMBOURG CITY
015 D010809 EUROMARKET
015 E040809 X
015 A000810 EUROCLEAR
015 B000810 S
015 C010810 BRUSSELS
015 D010810 EASDAQ
015 E040810 X
015 A000811 MERITA BANK PLC
015 B000811 S
015 C010811 HELSINKI
015 D010811 FINLAND
015 E040811 X
015 A000812 PARIBAS
015 B000812 S
015 C010812 PARIS
015 D010812 FRANCE
015 E040812 X
015 A000813 DRESDNER BANK AG
015 B000813 S
015 C010813 FRANKFURT/MAIN
015 D010813 GERMANY
015 E040813 X
015 A000814 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000814 S
015 C010814 HONG KONG
015 D010814 HONG KONG
015 E040814 X
015 A000815 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000815 S
015 C010815 JAKARTA
015 D010815 INDONESIA
015 E040815 X
015 A000816 ALLIED IRISH BANKS, PLC
015 B000816 S
015 C010816 DUBLIN
015 D010816 IRELAND
015 E040816 X
015 A000817 BANK OF TOKYO MITSUBISHI
015 B000817 S
<PAGE> PAGE 33
015 C010817 TOKYO
015 D010817 JAPAN
015 E040817 X
015 A000818 BANQUE ET CAISSE D EPARGNE L ETAT
015 B000818 S
015 C010818 LUXEMBOURG CITY
015 D010818 LUXEMBOURG
015 E040818 X
015 A000819 HSBC BANK MALAYSIA BERHAD
015 B000819 S
015 C010819 KUALA LUMPUR
015 D010819 MALAYSIA
015 E040819 X
015 A000820 BANCO NACIONAL DE MEXICO
015 B000820 S
015 C010820 MEXICO CITY
015 D010820 MEXICO
015 E040820 X
015 A000821 MEESPIERSON
015 B000821 S
015 C010821 AMSTERDAM
015 D010821 NETHERLANDS
015 E040821 X
015 A000822 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000822 S
015 C010822 WELLINGTON
015 D010822 NEW ZEALAND
015 E040822 X
015 A000823 STANDARD CHARTERED BANK
015 B000823 S
015 C010823 KARACHI
015 D010823 PAKISTAN
015 E040823 X
015 A000824 CITIBANK, N.A.
015 B000824 S
015 C010824 LIMA
015 D010824 PERU
015 E040824 X
015 A000825 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000825 S
015 C010825 PASIG CITY MANILA
015 D010825 PHILIPPINES
015 E040825 X
015 A000826 BANCO COMERCIAL PORTUGUES, S.A.
015 B000826 S
015 C010826 LISBON
015 D010826 PORTUGAL
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015 A000827 UNITED OVERSEAS BANK LIMITED
015 B000827 S
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<PAGE> PAGE 34
015 D010827 SINGAPORE
015 E040827 X
015 A000828 STANDARD CORPORATE AND MERCHANT BANK
015 B000828 S
015 C010828 JOHANNESBURG
015 D010828 SOUTH AFRICA
015 E040828 X
015 A000829 BANCO BILBAO VIZCAYA
015 B000829 S
015 C010829 MADRID
015 D010829 SPAIN
015 E040829 X
015 A000830 STANDARD CHARTERED BANK
015 B000830 S
015 C010830 COLOMBO
015 D010830 SRI LANKA
015 E040830 X
015 A000831 SKANDINAVISKA ENSKILDA BANKEN
015 B000831 S
015 C010831 STOCKHOLM
015 D010831 SWEDEN
015 E040831 X
015 A000832 UBS AG
015 B000832 S
015 C010832 ZURICH
015 D010832 SWITZERLAND
015 E040832 X
029 000800 Y
030 A000800 78
030 B000800 5.75
030 C000800 0.00
031 A000800 12
031 B000800 0
032 000800 66
033 000800 0
034 000800 Y
035 000800 0
036 A000800 N
036 B000800 0
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
<PAGE> PAGE 35
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
071 A000800 14342
071 B000800 14106
071 C000800 41962
071 D000800 34
072 A000800 6
074 N000800 41536
074 T000800 39460
075 A000800 0
075 B000800 44963
015 A000901 THE BANK OF NEW YORK
015 B000901 C
015 C010901 NEW YORK
015 C020901 NY
015 C030901 10286
015 E010901 X
015 A000902 BANKBOSTON, N.A.
015 B000902 S
015 C010902 BUENOS AIRES
015 D010902 ARGENTINA
015 E040902 X
015 A000903 NATIONAL AUSTRALIA BANK LIMITED
015 B000903 S
015 C010903 MELBOURNE
015 D010903 AUSTRALIA
015 E040903 X
015 A000904 BANK AUSTRIA AG
015 B000904 S
015 C010904 VIENNA
015 D010904 AUSTRIA
015 E040904 X
015 A000905 BANQUE BRUXELLES LAMBERT
015 B000905 S
015 C010905 BRUSSELS
015 D010905 BELGIUM
015 E040905 X
015 A000906 BANKBOSTON, N.A.
015 B000906 S
015 C010906 SAO PAULO
015 D010906 BRAZIL
015 E040906 X
015 A000907 ROYAL BANK OF CANADA
015 B000907 S
015 C010907 MONTREAL
015 D010907 CANADA
015 E040907 X
<PAGE> PAGE 36
015 A000908 DEN DANSKE BANK
015 B000908 S
015 C010908 COPENHAGEN
015 D010908 DENMARK
015 E040908 X
015 A000909 FIRST CHICAGO CLEARING CENTRE
015 B000909 S
015 C010909 LONDON
015 D010909 EUROMARKET
015 E040909 X
015 A000910 CEDEL
015 B000910 S
015 C010910 LUXEMBOURG CITY
015 D010910 EUROMARKET
015 E040910 X
015 A000911 EUROCLEAR
015 B000911 S
015 C010911 BRUSSELS
015 D010911 EASDAQ
015 E040911 X
015 A000912 MERITA BANK PLC
015 B000912 S
015 C010912 HELSINKI
015 D010912 FINLAND
015 E040912 X
015 A000913 PARIBAS
015 B000913 S
015 C010913 PARIS
015 D010913 FRANCE
015 E040913 X
015 A000914 DRESDNER BANK AG
015 B000914 S
015 C010914 FRANKFURT
015 D010914 GERMANY
015 E040914 X
015 A000915 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000915 S
015 C010915 HONG KONG
015 D010915 HONG KONG
015 E040915 X
015 A000916 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000916 S
015 C010916 JAKARTA
015 D010916 INDONESIA
015 E040916 X
015 A000917 ALLIED IRISH BANKS, PLC
015 B000917 S
015 C010917 DUBLIN
015 D010917 IRELAND
015 E040917 X
015 A000918 BANCA COMMERCIALE ITALIANA
<PAGE> PAGE 37
015 B000918 S
015 C010918 MILAN
015 D010918 ITALY
015 E040918 X
015 A000919 BANK OF TOKYO MITSUBISHI
015 B000919 S
015 C010919 TOKYO
015 D010919 JAPAN
015 E040919 X
015 A000920 BANQUE ET CAISSE D EPARGNE DE L ETAT
015 B000920 S
015 C010920 LUXEMBOURG CITY
015 D010920 LUXEMBOURG
015 E040920 X
015 A000921 HSBC BANK MALAYSIA BERHAD
015 B000921 S
015 C010921 KUALA LUMPUR
015 D010921 MALAYSIA
015 E040921 X
015 A000922 BANCO NACIONAL DE MEXICO
015 B000922 S
015 C010922 MEXICO CITY
015 D010922 MEXICO
015 E040922 X
015 A000923 MEESPIERSON
015 B000923 S
015 C010923 AMSTERDAM
015 D010923 NETHERLANDS
015 E040923 X
015 A000924 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000924 S
015 C010924 WELLINGTON
015 D010924 NEW ZEALAND
015 E040924 X
015 A000925 STANDARD CHARTERED BANK
015 B000925 S
015 C010925 KARACHI
015 D010925 PAKISTAN
015 E040925 X
015 A000926 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000926 S
015 C010926 PASIG CITY MANILA
015 D010926 PHILIPPINES
015 E040926 X
015 A000927 BANCO COMERCIAL PORTUGUES, S.A.
015 B000927 S
015 C010927 LISBON
015 D010927 PORTUGAL
015 E040927 X
015 A000928 UNITED OVERSEAS BANK LIMITED
015 B000928 S
<PAGE> PAGE 38
015 C010928 SINGAPORE
015 D010928 SINGAPORE
015 E040928 X
015 A000929 STANDARD CORPORATE AND MERCHANT BANK
015 B000929 S
015 C010929 JOHANNESBURG
015 D010929 SOUTH AFRICA
015 E040929 X
015 A000930 STANDARD CHARTERED BANK
015 B000930 S
015 C010930 SEOUL
015 D010930 SOUTH KOREA
015 E040930 X
015 A000931 BANCO BILBAO VIZCAYA
015 B000931 S
015 C010931 MADRID
015 D010931 SPAIN
015 E040931 X
015 A000932 SKANDINAVISKA ENSKILDA BANKEN
015 B000932 S
015 C010932 STOCKHOLM
015 D010932 SWEDEN
015 E040932 X
015 A000933 UBS AG
015 B000933 S
015 C010933 ZURICH
015 D010933 SWITZERLAND
015 E040933 X
024 000900 Y
025 A000901 SALOMON SMITH BARNEY
025 B000901 13-1912900
025 C000901 E
025 D000901 1576
025 A000902 DELETE
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
<PAGE> PAGE 39
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
071 A000900 31859
071 B000900 17883
071 C000900 60857
071 D000900 29
072 A000900 6
074 N000900 78986
074 T000900 74779
075 A000900 0
075 B000900 64167
015 A001001 THE BANK OF NEW YORK
015 B001001 C
015 C011001 NEW YORK
015 C021001 NY
015 C031001 10286
015 E011001 X
015 A001002 BANKBOSTON, N.A.
015 B001002 S
015 C011002 BUENOS AIRES
015 D011002 ARGENTINA
015 E041002 X
015 A001003 NATIONAL AUSTRALIA BANK LIMITED
015 B001003 S
015 C011003 MELBOURNE
015 D011003 AUSTRALIA
015 E041003 X
015 A001004 BANK AUSTRIA AG
015 B001004 S
015 C011004 VIENNA
015 D011004 AUSTRIA
015 E041004 X
015 A001005 BANQUE BRUXELLES LAMBERT
015 B001005 S
015 C011005 BRUSSELS
015 D011005 BELGIUM
015 E041005 X
015 A001006 ROYAL BANK OF CANADA
015 B001006 S
015 C011006 MONTREAL
015 D011006 CANADA
015 E041006 X
015 A001007 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B001007 S
015 C011007 PRAHA
<PAGE> PAGE 40
015 D011007 CZECH REPUBLIC
015 E041007 X
015 A001008 DEN DANSKE BANK
015 B001008 S
015 C011008 COPENHAGEN
015 D011008 DENMARK
015 E041008 X
015 A001009 FIRST CHICAGO CLEARING CENTRE
015 B001009 S
015 C011009 LONDON
015 D011009 EUROMARKET
015 E041009 X
015 A001010 CEDEL
015 B001010 S
015 C011010 LUXEMBOURG CITY
015 D011010 EUROMARKET
015 E041010 X
015 A001011 EUROCLEAR
015 B001011 S
015 C011011 BRUSSELS
015 D011011 EASDAQ
015 E041011 X
015 A001012 MERITA BANK PLC
015 B001012 S
015 C011012 HELSINKI
015 D011012 FINLAND
015 E041012 X
015 A001013 PARIBAS
015 B001013 S
015 C011013 PARIS
015 D011013 FRANCE
015 E041013 X
015 A001014 DRESDNER BANK AG
015 B001014 S
015 C011014 FRANKFURT/MAIN
015 D011014 GERMANY
015 E041014 X
015 A001015 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B001015 S
015 C011015 HONG KONG
015 D011015 HONG KONG
015 E041015 X
015 A001016 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B001016 S
015 C011016 JAKARTA
015 D011016 INDONESIA
015 E041016 X
015 A001017 ALLIED IRISH BANKS, PLC
015 B001017 S
015 C011017 DUBLIN
015 D011017 IRELAND
<PAGE> PAGE 41
015 E041017 X
015 A001018 BANK OF TOKYO MITSUBISHI
015 B001018 S
015 C011018 TOKYO
015 D011018 JAPAN
015 E041018 X
015 A001019 BANQUE ET CAISSE D EPARGNE DE L ETAT
015 B001019 S
015 C011019 LUXEMBOURG CITY
015 D011019 LUXEMBOURG
015 E041019 X
015 A001020 HSBC BANK MALAYSIA BERHAD
015 B001020 S
015 C011020 KUALA LUMPUR
015 D011020 MALAYSIA
015 E041020 X
015 A001021 BANCO NACIONAL DE MEXICO
015 B001021 S
015 C011021 MEXICO CITY
015 D011021 MEXICO
015 E041021 X
015 A001022 MEESPIERSON
015 B001022 S
015 C011022 AMSTERDAM
015 D011022 NETHERLANDS
015 E041022 X
015 A001023 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B001023 S
015 C011023 WELLINGTON
015 D011023 NEW ZEALAND
015 E041023 X
015 A001024 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B001024 S
015 C011024 PASIG CITY MANILA
015 D011024 PHILIPPINES
015 E041024 X
015 A001025 BANCO COMERCIAL PORTUGUES, S.A.
015 B001025 S
015 C011025 LISBON
015 D011025 PORTUGAL
015 E041025 X
015 A001026 UNITED OVERSEAS BANK LIMITED
015 B001026 S
015 C011026 SINGAPORE
015 D011026 SINGAPORE
015 E041026 X
015 A001027 STANDARD CORPORATE AND MERCHANT BANK
015 B001027 S
015 C011027 JOHANNESBURG
015 D011027 SOUTH AFRICA
015 E041027 X
<PAGE> PAGE 42
015 A001028 BANCO BILBAO VIZCAYA
015 B001028 S
015 C011028 MADRID
015 D011028 SPAIN
015 E041028 X
015 A001029 SKANDINAVISKA ENSKILDA BANKEN
015 B001029 S
015 C011029 STOCKHOLM
015 D011029 SWEDEN
015 E041029 X
015 A001030 UBS AG
015 B001030 S
015 C011030 ZURICH
015 D011030 SWITZERLAND
015 E041030 X
042 A001000 0
042 B001000 0
042 C001000 100
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 129
044 001000 0
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
<PAGE> PAGE 43
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 Y
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 Y
070 Q021000 N
070 R011000 Y
070 R021000 Y
071 A001000 57688
071 B001000 57072
071 C001000 74148
071 D001000 77
072 A001000 6
072 Y001000 0
072 Z001000 -363
072AA001000 14527
072BB001000 9930
072CC011000 19280
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 0
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
<PAGE> PAGE 44
074 F001000 88892
074 G001000 0
074 H001000 0
074 I001000 10877
074 J001000 1458
074 K001000 0
074 L001000 415
074 M001000 1682
074 N001000 103324
074 O001000 1780
074 P001000 131
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 155
074 S001000 0
074 T001000 101258
074 U011000 3204
074 U021000 0
074 V011000 31.60
074 V021000 0.00
074 W001000 0.0000
074 X001000 14486
074 Y001000 4802
075 A001000 0
075 B001000 84304
029 001100 N
030 A001100 0
030 B001100 0.00
030 C001100 0.00
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
070 A011100 Y
070 A021100 Y
<PAGE> PAGE 45
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 Y
070 Q021100 N
070 R011100 Y
070 R021100 Y
071 A001100 1075
071 B001100 602
071 C001100 604
071 D001100 100
072 A001100 6
074 N001100 1569
074 T001100 1195
075 A001100 0
075 B001100 1084
028 A011200 0
028 A021200 0
028 A031200 0
028 A041200 0
028 B011200 9628
028 B021200 0
028 B031200 0
028 B041200 6
<PAGE> PAGE 46
028 C011200 5718
028 C021200 0
028 C031200 0
028 C041200 454
028 D011200 3186
028 D021200 0
028 D031200 0
028 D041200 70
028 E011200 2853
028 E021200 0
028 E031200 0
028 E041200 94
028 F011200 3838
028 F021200 0
028 F031200 0
028 F041200 2150
028 G011200 25223
028 G021200 0
028 G031200 0
028 G041200 2774
028 H001200 3173
029 001200 Y
030 A001200 47
030 B001200 5.75
030 C001200 0.00
054 A001200 Y
054 B001200 Y
054 C001200 Y
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 Y
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 N
054 L001200 Y
054 M001200 Y
054 N001200 N
054 O001200 Y
055 A001200 Y
055 B001200 N
056 001200 N
057 001200 N
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
<PAGE> PAGE 47
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 Y
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
<PAGE> PAGE 48
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 Y
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 27455
071 B001200 7347
071 C001200 13968
071 D001200 53
072 A001200 5
074 N001200 25578
074 O001200 768
074 P001200 11
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 108
074 S001200 0
074 T001200 24691
074 U011200 538
074 U021200 1662
074 V011200 0.00
074 V021200 0.00
074 W001200 0.0000
074 X001200 850
074 Y001200 2576
075 A001200 0
075 B001200 15989
028 A011300 0
028 A021300 0
028 A031300 0
028 A041300 0
028 B011300 3271
028 B021300 0
028 B031300 0
028 B041300 0
028 C011300 15343
028 C021300 0
028 C031300 0
028 C041300 380
028 D011300 3358
028 D021300 0
028 D031300 0
028 D041300 3821
028 E011300 7062
028 E021300 0
028 E031300 0
028 E041300 486
<PAGE> PAGE 49
028 F011300 13523
028 F021300 0
028 F031300 0
028 F041300 1399
028 G011300 42557
028 G021300 0
028 G031300 0
028 G041300 6086
028 H001300 3439
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 Y
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
063 A001300 0
063 B001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
<PAGE> PAGE 50
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 N
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 Y
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 47375
071 B001300 16296
071 C001300 17870
071 D001300 91
072 A001300 4
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 40969
074 G001300 0
074 H001300 0
074 I001300 6914
074 J001300 328
074 K001300 17
074 L001300 801
074 M001300 60
074 N001300 49089
074 O001300 2485
074 P001300 14
<PAGE> PAGE 51
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 224
074 S001300 0
074 T001300 46366
074 U011300 693
074 U021300 2133
074 V011300 0.00
074 V021300 0.00
074 W001300 0.0000
074 X001300 1592
074 Y001300 1092
075 A001300 0
075 B001300 21577
071 A003100 0
071 B003100 0
071 C003100 0
071 D003100 0
072 A003100 0
071 A003200 0
071 B003200 0
071 C003200 0
071 D003200 0
072 A003200 0
SIGNATURE KIMBERLEY MONASTERIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN CALIFORNIA GROWTH FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 793,674,849
<INVESTMENTS-AT-VALUE> 1,272,813,259
<RECEIVABLES> 28,612,548
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,301,425,807
<PAYABLE-FOR-SECURITIES> 8,727,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,055,159
<TOTAL-LIABILITIES> 12,782,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 814,844,467
<SHARES-COMMON-STOCK> 31,280,822
<SHARES-COMMON-PRIOR> 30,235,845
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (576,397)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,763,420)
<ACCUM-APPREC-OR-DEPREC> 479,138,410
<NET-ASSETS> 1,288,643,060
<DIVIDEND-INCOME> 4,735,536
<INTEREST-INCOME> 604,606
<OTHER-INCOME> 0
<EXPENSES-NET> (5,790,976)
<NET-INVESTMENT-INCOME> (450,834)
<REALIZED-GAINS-CURRENT> 56,141,199
<APPREC-INCREASE-CURRENT> 249,865,743
<NET-CHANGE-FROM-OPS> 305,556,108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,378,785)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,482,603
<NUMBER-OF-SHARES-REDEEMED> (12,525,101)
<SHARES-REINVESTED> 87,475
<NET-CHANGE-IN-ASSETS> 346,078,416
<ACCUMULATED-NII-PRIOR> 2,370,910
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (60,904,619)
<GROSS-ADVISORY-FEES> (2,418,205)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,790,976)
<AVERAGE-NET-ASSETS> 1,061,409,551
<PER-SHARE-NAV-BEGIN> 25.820
<PER-SHARE-NII> .010<F2>
<PER-SHARE-GAIN-APPREC> 8.250<F2>
<PER-SHARE-DIVIDEND> (.080)<F3>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 34.000
<EXPENSE-RATIO> .960<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME IN THE AMOUNT OF $.02.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN CALIFORNIA GROWTH FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 793,674,849
<INVESTMENTS-AT-VALUE> 1,272,813,259
<RECEIVABLES> 28,612,548
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,301,425,807
<PAYABLE-FOR-SECURITIES> 8,727,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,055,159
<TOTAL-LIABILITIES> 12,782,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 814,844,467
<SHARES-COMMON-STOCK> 309,901
<SHARES-COMMON-PRIOR> 103,179
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (576,397)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,763,420)
<ACCUM-APPREC-OR-DEPREC> 479,138,410
<NET-ASSETS> 1,288,643,060
<DIVIDEND-INCOME> 4,735,536
<INTEREST-INCOME> 604,606
<OTHER-INCOME> 0
<EXPENSES-NET> (5,790,976)
<NET-INVESTMENT-INCOME> (450,834)
<REALIZED-GAINS-CURRENT> 56,141,199
<APPREC-INCREASE-CURRENT> 249,865,743
<NET-CHANGE-FROM-OPS> 305,556,108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,812)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 213,786
<NUMBER-OF-SHARES-REDEEMED> (7,430)
<SHARES-REINVESTED> 366
<NET-CHANGE-IN-ASSETS> 346,078,416
<ACCUMULATED-NII-PRIOR> 2,370,910
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (60,904,619)
<GROSS-ADVISORY-FEES> (2,418,205)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,790,976)
<AVERAGE-NET-ASSETS> 1,061,409,551
<PER-SHARE-NAV-BEGIN> 25.750
<PER-SHARE-NII> (.100)<F2>
<PER-SHARE-GAIN-APPREC> 8.200<F2>
<PER-SHARE-DIVIDEND> (.070)<F3>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 33.780
<EXPENSE-RATIO> 1.710<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME IN THE AMOUNT OF $.01.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN CALIFORNIA GROWTH FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 793,674,849
<INVESTMENTS-AT-VALUE> 1,272,813,259
<RECEIVABLES> 28,612,548
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,301,425,807
<PAYABLE-FOR-SECURITIES> 8,727,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,055,159
<TOTAL-LIABILITIES> 12,782,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 814,844,467
<SHARES-COMMON-STOCK> 6,372,067
<SHARES-COMMON-PRIOR> 6,215,360
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (576,397)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,763,420)
<ACCUM-APPREC-OR-DEPREC> 479,138,410
<NET-ASSETS> 1,288,643,060
<DIVIDEND-INCOME> 4,735,536
<INTEREST-INCOME> 604,606
<OTHER-INCOME> 0
<EXPENSES-NET> (5,790,976)
<NET-INVESTMENT-INCOME> (450,834)
<REALIZED-GAINS-CURRENT> 56,141,199
<APPREC-INCREASE-CURRENT> 249,865,743
<NET-CHANGE-FROM-OPS> 305,556,108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (107,876)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 851,443
<NUMBER-OF-SHARES-REDEEMED> (698,569)
<SHARES-REINVESTED> 3,833
<NET-CHANGE-IN-ASSETS> 346,078,416
<ACCUMULATED-NII-PRIOR> 2,370,910
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (60,904,619)
<GROSS-ADVISORY-FEES> (2,418,205)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,790,976)
<AVERAGE-NET-ASSETS> 1,061,409,551
<PER-SHARE-NAV-BEGIN> 25.630
<PER-SHARE-NII> (.100)<F2>
<PER-SHARE-GAIN-APPREC> 8.200<F2>
<PER-SHARE-DIVIDEND> (.020)<F3>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 33.710
<EXPENSE-RATIO> 1.710<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME IN THE AMOUNT OF $.004.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN STRATEGIC INCOME FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 360,394,225
<INVESTMENTS-AT-VALUE> 342,632,269
<RECEIVABLES> 10,005,278
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 352,651,328
<PAYABLE-FOR-SECURITIES> 7,900,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,063,117
<TOTAL-LIABILITIES> 9,963,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 367,263,404
<SHARES-COMMON-STOCK> 28,041,149
<SHARES-COMMON-PRIOR> 22,844,778
<ACCUMULATED-NII-CURRENT> 988,772
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,793,785)
<ACCUM-APPREC-OR-DEPREC> (17,770,424)
<NET-ASSETS> 342,687,967
<DIVIDEND-INCOME> 791,547
<INTEREST-INCOME> 12,499,740
<OTHER-INCOME> 0
<EXPENSES-NET> (1,249,643)
<NET-INVESTMENT-INCOME> 12,041,644
<REALIZED-GAINS-CURRENT> (5,242,454)
<APPREC-INCREASE-CURRENT> (15,474,376)
<NET-CHANGE-FROM-OPS> (8,675,186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,078,269)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,724,984
<NUMBER-OF-SHARES-REDEEMED> (4,127,491)
<SHARES-REINVESTED> 598,878
<NET-CHANGE-IN-ASSETS> 54,588,448
<ACCUMULATED-NII-PRIOR> 761,552
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,925,585)
<GROSS-ADVISORY-FEES> (793,027)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,550,215)
<AVERAGE-NET-ASSETS> 307,943,492
<PER-SHARE-NAV-BEGIN> 10.840
<PER-SHARE-NII> .410<F2>
<PER-SHARE-GAIN-APPREC> (.750)<F2>
<PER-SHARE-DIVIDEND> (.410)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.090
<EXPENSE-RATIO> .760<F1>
<FN>
<F1>ANNUALIZED. EXPENSES EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS .96%
<F2>BASED ON AVERAGE SHARES OUTSTANDING
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 072
<NAME> FRANKLIN STRATEGIC INCOME FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 360,394,225
<INVESTMENTS-AT-VALUE> 342,632,269
<RECEIVABLES> 10,005,278
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 352,651,328
<PAYABLE-FOR-SECURITIES> 7,900,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,063,117
<TOTAL-LIABILITIES> 9,963,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 367,263,404
<SHARES-COMMON-STOCK> 950,865
<SHARES-COMMON-PRIOR> 394,213
<ACCUMULATED-NII-CURRENT> 988,772
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,793,785)
<ACCUM-APPREC-OR-DEPREC> (17,770,424)
<NET-ASSETS> 342,687,967
<DIVIDEND-INCOME> 791,547
<INTEREST-INCOME> 12,499,740
<OTHER-INCOME> 0
<EXPENSES-NET> (1,249,643)
<NET-INVESTMENT-INCOME> 12,041,644
<REALIZED-GAINS-CURRENT> (5,242,454)
<APPREC-INCREASE-CURRENT> (15,474,376)
<NET-CHANGE-FROM-OPS> (8,675,186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (256,794)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 576,427
<NUMBER-OF-SHARES-REDEEMED> (36,571)
<SHARES-REINVESTED> 16,796
<NET-CHANGE-IN-ASSETS> 54,588,448
<ACCUMULATED-NII-PRIOR> 761,552
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,925,585)
<GROSS-ADVISORY-FEES> (793,027)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,550,215)
<AVERAGE-NET-ASSETS> 307,943,492
<PER-SHARE-NAV-BEGIN> 10.860
<PER-SHARE-NII> .380<F2>
<PER-SHARE-GAIN-APPREC> (.740)<F2>
<PER-SHARE-DIVIDEND> (.390)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.110
<EXPENSE-RATIO> 1.160<F1>
<FN>
<F1>ANNUALIZED. EXPENSES EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 1.34%
<F2>BASED ON AVERAGE SHARES OUTSTANDING
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 073
<NAME> FRANKLIN STRATEGIC INCOME FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 360,394,225
<INVESTMENTS-AT-VALUE> 342,632,269
<RECEIVABLES> 10,005,278
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 352,651,328
<PAYABLE-FOR-SECURITIES> 7,900,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,063,117
<TOTAL-LIABILITIES> 9,963,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 367,263,404
<SHARES-COMMON-STOCK> 3,998,586
<SHARES-COMMON-PRIOR> 3,344,523
<ACCUMULATED-NII-CURRENT> 988,772
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,793,785)
<ACCUM-APPREC-OR-DEPREC> (17,770,424)
<NET-ASSETS> 342,687,967
<DIVIDEND-INCOME> 791,547
<INTEREST-INCOME> 12,499,740
<OTHER-INCOME> 0
<EXPENSES-NET> (1,249,643)
<NET-INVESTMENT-INCOME> 12,041,644
<REALIZED-GAINS-CURRENT> (5,242,454)
<APPREC-INCREASE-CURRENT> (15,474,376)
<NET-CHANGE-FROM-OPS> (8,675,186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,411,704)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,069,007
<NUMBER-OF-SHARES-REDEEMED> (496,495)
<SHARES-REINVESTED> 81,551
<NET-CHANGE-IN-ASSETS> 54,588,448
<ACCUMULATED-NII-PRIOR> 761,552
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,925,585)
<GROSS-ADVISORY-FEES> (793,027)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,550,215)
<AVERAGE-NET-ASSETS> 307,943,492
<PER-SHARE-NAV-BEGIN> 10.840
<PER-SHARE-NII> .390<F2>
<PER-SHARE-GAIN-APPREC> (.750)<F2>
<PER-SHARE-DIVIDEND> (.390)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.090
<EXPENSE-RATIO> 1.160<F1>
<FN>
<F1>ANNUALIZED. EXPENSES EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 1.36%
<F2>BASED ON AVERAGE SHARES OUTSTANDING
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 074
<NAME> FRANKLIN STRATEGIC INCOME FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 360,394,225
<INVESTMENTS-AT-VALUE> 342,632,269
<RECEIVABLES> 10,005,278
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 352,651,328
<PAYABLE-FOR-SECURITIES> 7,900,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,063,117
<TOTAL-LIABILITIES> 9,963,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 367,263,404
<SHARES-COMMON-STOCK> 965,237
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 988,772
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,793,785)
<ACCUM-APPREC-OR-DEPREC> (17,770,424)
<NET-ASSETS> 342,687,967
<DIVIDEND-INCOME> 791,547
<INTEREST-INCOME> 12,499,740
<OTHER-INCOME> 0
<EXPENSES-NET> (1,249,643)
<NET-INVESTMENT-INCOME> 12,041,644
<REALIZED-GAINS-CURRENT> (5,242,454)
<APPREC-INCREASE-CURRENT> (15,474,376)
<NET-CHANGE-FROM-OPS> (8,675,186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (67,657)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 959,091
<NUMBER-OF-SHARES-REDEEMED> (606)
<SHARES-REINVESTED> 6,752
<NET-CHANGE-IN-ASSETS> 54,588,448
<ACCUMULATED-NII-PRIOR> 761,552
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,925,585)
<GROSS-ADVISORY-FEES> (793,027)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,550,215)
<AVERAGE-NET-ASSETS> 307,943,492
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> .170<F2>
<PER-SHARE-GAIN-APPREC> (.050)<F2>
<PER-SHARE-DIVIDEND> (.140)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.090
<EXPENSE-RATIO> .500<F1>
<FN>
<F1>ANNUALIZED. EXPENSES EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS .62%
<F2>BASED ON AVERAGE SHARES OUTSTANDING
<F3>FOR THE PERIOD AUGUST 12, 1999(EFFECTIVE DATE) TO OCTOBER 31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN MIDCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 29,632,120
<INVESTMENTS-AT-VALUE> 40,431,305
<RECEIVABLES> 372,107
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,803,412
<PAYABLE-FOR-SECURITIES> 169,025
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,743
<TOTAL-LIABILITIES> 268,768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,219,944
<SHARES-COMMON-STOCK> 2,218,348
<SHARES-COMMON-PRIOR> 2,098,874
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (35,359)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,449,128)
<ACCUM-APPREC-OR-DEPREC> 10,799,185
<NET-ASSETS> 40,534,642
<DIVIDEND-INCOME> 160,881
<INTEREST-INCOME> 19,971
<OTHER-INCOME> 0
<EXPENSES-NET> (222,262)
<NET-INVESTMENT-INCOME> (41,410)
<REALIZED-GAINS-CURRENT> 128,277
<APPREC-INCREASE-CURRENT> 4,737,333
<NET-CHANGE-FROM-OPS> 4,824,200
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (85,009)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,074,320
<NUMBER-OF-SHARES-REDEEMED> (958,395)
<SHARES-REINVESTED> 3,549
<NET-CHANGE-IN-ASSETS> 6,633,710
<ACCUMULATED-NII-PRIOR> 91,060
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,577,405)
<GROSS-ADVISORY-FEES> (111,942)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (222,262)
<AVERAGE-NET-ASSETS> 35,582,394
<PER-SHARE-NAV-BEGIN> 16.150
<PER-SHARE-NII> (.020)<F2>
<PER-SHARE-GAIN-APPREC> 2.180<F2>
<PER-SHARE-DIVIDEND> (.040)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.270
<EXPENSE-RATIO> 1.240<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN GLOBAL UTILITIES FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 191,623,570
<INVESTMENTS-AT-VALUE> 243,594,986
<RECEIVABLES> 3,743,925
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 247,338,911
<PAYABLE-FOR-SECURITIES> 5,880,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,306,560
<TOTAL-LIABILITIES> 7,187,476
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,896,836
<SHARES-COMMON-STOCK> 11,435,768
<SHARES-COMMON-PRIOR> 11,774,467
<ACCUMULATED-NII-CURRENT> 1,058,909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,224,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,971,600
<NET-ASSETS> 240,151,434
<DIVIDEND-INCOME> 2,537,422
<INTEREST-INCOME> 69,728
<OTHER-INCOME> 0
<EXPENSES-NET> (1,213,857)
<NET-INVESTMENT-INCOME> 1,393,293
<REALIZED-GAINS-CURRENT> 17,449,825
<APPREC-INCREASE-CURRENT> 13,128,636
<NET-CHANGE-FROM-OPS> 31,971,754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,036,561)
<DISTRIBUTIONS-OF-GAINS> 1
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,444,631
<NUMBER-OF-SHARES-REDEEMED> (1,932,416)
<SHARES-REINVESTED> 149,086
<NET-CHANGE-IN-ASSETS> 23,441,204
<ACCUMULATED-NII-PRIOR> 2,918,850
<ACCUMULATED-GAINS-PRIOR> 18,774,263
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (592,143)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,213,857)
<AVERAGE-NET-ASSETS> 220,728,525
<PER-SHARE-NAV-BEGIN> 16.970
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> 2.460
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.290
<EXPENSE-RATIO> 1.040<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN GLOBAL UTILITIES FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 191,623,570
<INVESTMENTS-AT-VALUE> 243,594,986
<RECEIVABLES> 3,743,925
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 247,338,911
<PAYABLE-FOR-SECURITIES> 5,880,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,306,560
<TOTAL-LIABILITIES> 7,187,476
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,896,836
<SHARES-COMMON-STOCK> 21,584
<SHARES-COMMON-PRIOR> 4,668
<ACCUMULATED-NII-CURRENT> 1,058,909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,224,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,971,600
<NET-ASSETS> 240,151,434
<DIVIDEND-INCOME> 2,537,422
<INTEREST-INCOME> 69,728
<OTHER-INCOME> 0
<EXPENSES-NET> (1,213,857)
<NET-INVESTMENT-INCOME> 1,393,293
<REALIZED-GAINS-CURRENT> 17,449,825
<APPREC-INCREASE-CURRENT> 13,128,636
<NET-CHANGE-FROM-OPS> 31,971,754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,672)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,758
<NUMBER-OF-SHARES-REDEEMED> (909)
<SHARES-REINVESTED> 67
<NET-CHANGE-IN-ASSETS> 23,441,204
<ACCUMULATED-NII-PRIOR> 2,918,850
<ACCUMULATED-GAINS-PRIOR> 18,774,263
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (592,143)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,213,857)
<AVERAGE-NET-ASSETS> 220,728,525
<PER-SHARE-NAV-BEGIN> 16.920
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> 2.470
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.170
<EXPENSE-RATIO> 1.780<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> FRANKLIN GLOBAL UTILITIES FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 191,623,570
<INVESTMENTS-AT-VALUE> 243,594,986
<RECEIVABLES> 3,743,925
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 247,338,911
<PAYABLE-FOR-SECURITIES> 5,880,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,306,560
<TOTAL-LIABILITIES> 7,187,476
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,896,836
<SHARES-COMMON-STOCK> 999,728
<SHARES-COMMON-PRIOR> 997,701
<ACCUMULATED-NII-CURRENT> 1,058,909
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,224,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,971,600
<NET-ASSETS> 240,151,434
<DIVIDEND-INCOME> 2,537,422
<INTEREST-INCOME> 69,728
<OTHER-INCOME> 0
<EXPENSES-NET> (1,213,857)
<NET-INVESTMENT-INCOME> 1,393,293
<REALIZED-GAINS-CURRENT> 17,449,825
<APPREC-INCREASE-CURRENT> 13,128,636
<NET-CHANGE-FROM-OPS> 31,971,754
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (215,000)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119,357
<NUMBER-OF-SHARES-REDEEMED> (127,323)
<SHARES-REINVESTED> 9,993
<NET-CHANGE-IN-ASSETS> 23,441,204
<ACCUMULATED-NII-PRIOR> 2,918,850
<ACCUMULATED-GAINS-PRIOR> 18,774,263
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (592,143)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,213,857)
<AVERAGE-NET-ASSETS> 220,728,525
<PER-SHARE-NAV-BEGIN> 16.850
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> 2.440
<PER-SHARE-DIVIDEND> (.220)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.120
<EXPENSE-RATIO> 1.780<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN SMALL CAP GROWTH FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,749,979,502
<INVESTMENTS-AT-VALUE> 6,640,349,644
<RECEIVABLES> 720,864,371
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,361,214,015
<PAYABLE-FOR-SECURITIES> 32,714,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 351,571,834
<TOTAL-LIABILITIES> 384,286,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,018,006,877
<SHARES-COMMON-STOCK> 185,024,287
<SHARES-COMMON-PRIOR> 172,471,799
<ACCUMULATED-NII-CURRENT> 7,685,728
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60,864,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,890,370,142
<NET-ASSETS> 6,976,927,517
<DIVIDEND-INCOME> 13,295,799
<INTEREST-INCOME> 14,669,033
<OTHER-INCOME> 0
<EXPENSES-NET> (29,107,372)
<NET-INVESTMENT-INCOME> (1,142,540)
<REALIZED-GAINS-CURRENT> 173,249,886
<APPREC-INCREASE-CURRENT> 1,236,479,949
<NET-CHANGE-FROM-OPS> 1,408,587,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 117,500,149
<NUMBER-OF-SHARES-REDEEMED> (104,947,661)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,792,873,025
<ACCUMULATED-NII-PRIOR> 8,828,268
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (112,385,116)
<GROSS-ADVISORY-FEES> (12,865,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (29,107,372)
<AVERAGE-NET-ASSETS> 5,721,172,702
<PER-SHARE-NAV-BEGIN> 24.650
<PER-SHARE-NII> .010<F2>
<PER-SHARE-GAIN-APPREC> 6.440<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 31.100
<EXPENSE-RATIO> .910<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN SMALL CAP GROWTH FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,749,979,502
<INVESTMENTS-AT-VALUE> 6,640,349,644
<RECEIVABLES> 720,864,371
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,361,214,015
<PAYABLE-FOR-SECURITIES> 32,714,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 351,571,834
<TOTAL-LIABILITIES> 384,286,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,018,006,877
<SHARES-COMMON-STOCK> 32,509,593
<SHARES-COMMON-PRIOR> 31,445,648
<ACCUMULATED-NII-CURRENT> 7,685,728
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60,864,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,890,370,142
<NET-ASSETS> 6,976,927,517
<DIVIDEND-INCOME> 13,295,799
<INTEREST-INCOME> 14,669,033
<OTHER-INCOME> 0
<EXPENSES-NET> (29,107,372)
<NET-INVESTMENT-INCOME> (1,142,540)
<REALIZED-GAINS-CURRENT> 173,249,886
<APPREC-INCREASE-CURRENT> 1,236,479,949
<NET-CHANGE-FROM-OPS> 1,408,587,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,910,340
<NUMBER-OF-SHARES-REDEEMED> (2,846,395)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,792,873,025
<ACCUMULATED-NII-PRIOR> 8,828,268
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (112,385,116)
<GROSS-ADVISORY-FEES> (12,865,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (29,107,372)
<AVERAGE-NET-ASSETS> 5,721,172,702
<PER-SHARE-NAV-BEGIN> 24.320
<PER-SHARE-NII> (.090)<F2>
<PER-SHARE-GAIN-APPREC> 6.340<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 30.570
<EXPENSE-RATIO> 1.660<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE OUTSTANDING SHARES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> FRANKLIN SMALL CAP GROWTH FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,749,979,502
<INVESTMENTS-AT-VALUE> 6,640,349,644
<RECEIVABLES> 720,864,371
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,361,214,015
<PAYABLE-FOR-SECURITIES> 32,714,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 351,571,834
<TOTAL-LIABILITIES> 384,286,498
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,018,006,877
<SHARES-COMMON-STOCK> 7,306,822
<SHARES-COMMON-PRIOR> 6,794,290
<ACCUMULATED-NII-CURRENT> 7,685,728
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 60,864,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,890,370,142
<NET-ASSETS> 6,976,927,517
<DIVIDEND-INCOME> 13,295,799
<INTEREST-INCOME> 14,669,033
<OTHER-INCOME> 0
<EXPENSES-NET> (29,107,372)
<NET-INVESTMENT-INCOME> (1,142,540)
<REALIZED-GAINS-CURRENT> 173,249,886
<APPREC-INCREASE-CURRENT> 1,236,479,949
<NET-CHANGE-FROM-OPS> 1,408,587,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,399,428
<NUMBER-OF-SHARES-REDEEMED> (1,886,896)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,792,873,025
<ACCUMULATED-NII-PRIOR> 8,828,268
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (112,385,116)
<GROSS-ADVISORY-FEES> (12,865,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (29,107,372)
<AVERAGE-NET-ASSETS> 5,721,172,702
<PER-SHARE-NAV-BEGIN> 24.730
<PER-SHARE-NII> .040<F2>
<PER-SHARE-GAIN-APPREC> 6.480<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 31.250
<EXPENSE-RATIO> .660<F1>
<FN>
<F1>ANNUALIZED
<F2>BASED ON AVERAGE OUTSTANDING SHARES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 81,150,467
<INVESTMENTS-AT-VALUE> 77,418,664
<RECEIVABLES> 1,668,181
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,086,845
<PAYABLE-FOR-SECURITIES> 243,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 605,014
<TOTAL-LIABILITIES> 848,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,192,883
<SHARES-COMMON-STOCK> (786,842)
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (381,463)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,841,534)
<ACCUM-APPREC-OR-DEPREC> (3,731,804)
<NET-ASSETS> 78,238,082
<DIVIDEND-INCOME> 318,979
<INTEREST-INCOME> 65,503
<OTHER-INCOME> 0
<EXPENSES-NET> (764,625)
<NET-INVESTMENT-INCOME> (380,143)
<REALIZED-GAINS-CURRENT> (2,170,308)
<APPREC-INCREASE-CURRENT> 5,279,288
<NET-CHANGE-FROM-OPS> 2,728,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,320)
<DISTRIBUTIONS-OF-GAINS> (115)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,884,428
<NUMBER-OF-SHARES-REDEEMED> (4,671,227)
<SHARES-REINVESTED> (43)
<NET-CHANGE-IN-ASSETS> (9,968,724)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,670,983)
<GROSS-ADVISORY-FEES> (258,586)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (764,625)
<AVERAGE-NET-ASSETS> 83,964,947
<PER-SHARE-NAV-BEGIN> 13.880
<PER-SHARE-NII> (.060)
<PER-SHARE-GAIN-APPREC> (96.620)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> (82.800)
<EXPENSE-RATIO> 1.700<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 81,150,467
<INVESTMENTS-AT-VALUE> 77,418,664
<RECEIVABLES> 1,668,181
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,086,845
<PAYABLE-FOR-SECURITIES> 243,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 605,014
<TOTAL-LIABILITIES> 848,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,192,883
<SHARES-COMMON-STOCK> 22,316
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (381,463)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,841,534)
<ACCUM-APPREC-OR-DEPREC> (3,731,804)
<NET-ASSETS> 78,238,082
<DIVIDEND-INCOME> 318,979
<INTEREST-INCOME> 65,503
<OTHER-INCOME> 0
<EXPENSES-NET> (764,625)
<NET-INVESTMENT-INCOME> (380,143)
<REALIZED-GAINS-CURRENT> (2,170,308)
<APPREC-INCREASE-CURRENT> 5,279,288
<NET-CHANGE-FROM-OPS> 2,728,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,400
<NUMBER-OF-SHARES-REDEEMED> (84)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,968,724)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,670,983)
<GROSS-ADVISORY-FEES> (258,586)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (764,625)
<AVERAGE-NET-ASSETS> 83,964,947
<PER-SHARE-NAV-BEGIN> 13.840
<PER-SHARE-NII> (.110)
<PER-SHARE-GAIN-APPREC> 10.010
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 23.740
<EXPENSE-RATIO> 2.460<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 81,150,467
<INVESTMENTS-AT-VALUE> 77,418,664
<RECEIVABLES> 1,668,181
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,086,845
<PAYABLE-FOR-SECURITIES> 243,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 605,014
<TOTAL-LIABILITIES> 848,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,192,883
<SHARES-COMMON-STOCK> (108,866)
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (381,463)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,841,534)
<ACCUM-APPREC-OR-DEPREC> (3,731,804)
<NET-ASSETS> 78,238,082
<DIVIDEND-INCOME> 318,979
<INTEREST-INCOME> 65,503
<OTHER-INCOME> 0
<EXPENSES-NET> (764,625)
<NET-INVESTMENT-INCOME> (380,143)
<REALIZED-GAINS-CURRENT> (2,170,308)
<APPREC-INCREASE-CURRENT> 5,279,288
<NET-CHANGE-FROM-OPS> 2,728,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (128)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 134,618
<NUMBER-OF-SHARES-REDEEMED> (243,486)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (9,968,724)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,670,983)
<GROSS-ADVISORY-FEES> (258,586)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (764,625)
<AVERAGE-NET-ASSETS> 83,964,947
<PER-SHARE-NAV-BEGIN> 13.710
<PER-SHARE-NII> (.110)
<PER-SHARE-GAIN-APPREC> (128.960)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> (115.360)
<EXPENSE-RATIO> 2.460<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 091
<NAME> FRANKLIN BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 66,967,767
<INVESTMENTS-AT-VALUE> 77,118,651
<RECEIVABLES> 1,867,085
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,985,736
<PAYABLE-FOR-SECURITIES> 3,968,781
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,559
<TOTAL-LIABILITIES> 4,206,340
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,397,064
<SHARES-COMMON-STOCK> 4,828,849
<SHARES-COMMON-PRIOR> 3,809,111
<ACCUMULATED-NII-CURRENT> 51,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,180,218
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,150,918
<NET-ASSETS> 74,779,396
<DIVIDEND-INCOME> 360,327
<INTEREST-INCOME> 23,530
<OTHER-INCOME> 0
<EXPENSES-NET> (403,452)
<NET-INVESTMENT-INCOME> (19,595)
<REALIZED-GAINS-CURRENT> 1,104,822
<APPREC-INCREASE-CURRENT> 3,867,947
<NET-CHANGE-FROM-OPS> 4,953,174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,226,362
<NUMBER-OF-SHARES-REDEEMED> (1,206,624)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,898,931
<ACCUMULATED-NII-PRIOR> 70,790
<ACCUMULATED-GAINS-PRIOR> 1,075,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (237,660)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (442,903)
<AVERAGE-NET-ASSETS> 64,167,445
<PER-SHARE-NAV-BEGIN> 14.410
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> 1.080<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 15.490
<EXPENSE-RATIO> 1.250<F1>
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.39%
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 83,800,374
<INVESTMENTS-AT-VALUE> 99,769,028
<RECEIVABLES> 3,555,126
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,324,154
<PAYABLE-FOR-SECURITIES> 1,779,688
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 286,387
<TOTAL-LIABILITIES> 2,066,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,314,854
<SHARES-COMMON-STOCK> 3,204,025
<SHARES-COMMON-PRIOR> 2,966,401
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 337,181
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,968,661
<NET-ASSETS> 101,258,079
<DIVIDEND-INCOME> 169,370
<INTEREST-INCOME> 84,085
<OTHER-INCOME> 0
<EXPENSES-NET> (616,072)
<NET-INVESTMENT-INCOME> (362,617)
<REALIZED-GAINS-CURRENT> 4,597,267
<APPREC-INCREASE-CURRENT> 19,280,295
<NET-CHANGE-FROM-OPS> 23,514,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 717,889
<NUMBER-OF-SHARES-REDEEMED> (480,265)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31,808,234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (7,680)
<OVERDIST-NET-GAINS-PRIOR> (4,260,086)
<GROSS-ADVISORY-FEES> (254,349)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (616,072)
<AVERAGE-NET-ASSETS> 84,304,466
<PER-SHARE-NAV-BEGIN> 23.410
<PER-SHARE-NII> (.120)
<PER-SHARE-GAIN-APPREC> 8.310
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 31.600
<EXPENSE-RATIO> 1.460<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 081
<NAME> FRANKLIN NATURAL RESOURCES FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 41,028,099
<INVESTMENTS-AT-VALUE> 41,134,856
<RECEIVABLES> 400,904
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,535,760
<PAYABLE-FOR-SECURITIES> 313,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,762,517
<TOTAL-LIABILITIES> 2,076,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,921,759
<SHARES-COMMON-STOCK> 2,995,361
<SHARES-COMMON-PRIOR> 3,321,951
<ACCUMULATED-NII-CURRENT> 35,113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,604,129)
<ACCUM-APPREC-OR-DEPREC> 106,772
<NET-ASSETS> 39,459,516
<DIVIDEND-INCOME> 241,669<F3>
<INTEREST-INCOME> 15,614
<OTHER-INCOME> 0
<EXPENSES-NET> (222,391)
<NET-INVESTMENT-INCOME> 34,892
<REALIZED-GAINS-CURRENT> 1,103,104
<APPREC-INCREASE-CURRENT> (1,705,470)
<NET-CHANGE-FROM-OPS> (567,895)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (249,794)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,719,431
<NUMBER-OF-SHARES-REDEEMED> (2,063,371)
<SHARES-REINVESTED> 17,350
<NET-CHANGE-IN-ASSETS> (4,873,641)
<ACCUMULATED-NII-PRIOR> 252,338
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6,706,833)
<GROSS-ADVISORY-FEES> (137,367)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (325,865)
<AVERAGE-NET-ASSETS> 44,963,233
<PER-SHARE-NAV-BEGIN> 13.250
<PER-SHARE-NII> .010<F2>
<PER-SHARE-GAIN-APPREC> (.130)<F2>
<PER-SHARE-DIVIDEND> (.080)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.050
<EXPENSE-RATIO> .990<F1>
<FN>
<F1>ANNUALIZED
<F2>EXPENSE RATIO EXCLUDING WAIVER 1.12%
<F3>NET OF FOREIGN TAXES AND FEES OF $5,593
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 082
<NAME> FRANKLIN NATURAL RESOURCES FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 41,028,099
<INVESTMENTS-AT-VALUE> 41,134,856
<RECEIVABLES> 400,904
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,535,760
<PAYABLE-FOR-SECURITIES> 313,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,762,517
<TOTAL-LIABILITIES> 2,076,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,921,759
<SHARES-COMMON-STOCK> 27,265
<SHARES-COMMON-PRIOR> 23,405
<ACCUMULATED-NII-CURRENT> 35,113
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,604,129)
<ACCUM-APPREC-OR-DEPREC> 106,772
<NET-ASSETS> 39,459,516
<DIVIDEND-INCOME> 241,669<F3>
<INTEREST-INCOME> 15,614
<OTHER-INCOME> 0
<EXPENSES-NET> (222,391)
<NET-INVESTMENT-INCOME> 34,892
<REALIZED-GAINS-CURRENT> 1,103,104
<APPREC-INCREASE-CURRENT> (1,705,470)
<NET-CHANGE-FROM-OPS> (567,895)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,323)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,486
<NUMBER-OF-SHARES-REDEEMED> (6,793)
<SHARES-REINVESTED> 167
<NET-CHANGE-IN-ASSETS> (4,873,641)
<ACCUMULATED-NII-PRIOR> 252,338
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6,706,833)
<GROSS-ADVISORY-FEES> (137,367)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (325,865)
<AVERAGE-NET-ASSETS> 44,963,233
<PER-SHARE-NAV-BEGIN> 13.630
<PER-SHARE-NII> .030<F2>
<PER-SHARE-GAIN-APPREC> (.120)<F2>
<PER-SHARE-DIVIDEND> (.090)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.450
<EXPENSE-RATIO> .650<F1>
<FN>
<F1>ANNUALIZED
<F2>EXPENSE RATIO EXCLUDING WAIVER 1.12%
<F3>NET OF FOREIGN TAXES AND FEES OF $5,593
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 111
<NAME> U.S. LONG-SHORT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 960,414
<INVESTMENTS-AT-VALUE> 1,095,987
<RECEIVABLES> 72,350
<ASSETS-OTHER> 400,733
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,569,070
<PAYABLE-FOR-SECURITIES> 53,619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 320,009
<TOTAL-LIABILITIES> 373,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,000,000
<SHARES-COMMON-STOCK> 100,000
<SHARES-COMMON-PRIOR> 100,000
<ACCUMULATED-NII-CURRENT> 20,851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,320
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,271
<NET-ASSETS> 1,195,442
<DIVIDEND-INCOME> 7,228<F4>
<INTEREST-INCOME> 8,360
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 15,588
<REALIZED-GAINS-CURRENT> (1,888)
<APPREC-INCREASE-CURRENT> 153,522
<NET-CHANGE-FROM-OPS> 167,222
<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> 167,222
<ACCUMULATED-NII-PRIOR> 5,263
<ACCUMULATED-GAINS-PRIOR> 5,208
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,355)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,709)
<AVERAGE-NET-ASSETS> 1,083,871
<PER-SHARE-NAV-BEGIN> 10.280
<PER-SHARE-NII> .150<F2>
<PER-SHARE-GAIN-APPREC> 1.520<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.950
<EXPENSE-RATIO> .000<F1>
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.43%
<F2>BASED ON AVERAGE SHARES OUTSTANDING
<F3>FOR THE PERIOD MAY 28, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999
<F4>NET OF FOREIGN TAXES AND FEES OF $42
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 121
<NAME> LARGE CAP GROWTH FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 22,549,311
<INVESTMENTS-AT-VALUE> 25,056,984
<RECEIVABLES> 456,337
<ASSETS-OTHER> 65,016
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,578,337
<PAYABLE-FOR-SECURITIES> 768,054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,442
<TOTAL-LIABILITIES> 887,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,449,007
<SHARES-COMMON-STOCK> 537,760
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,512)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (254,327)
<ACCUM-APPREC-OR-DEPREC> 2,507,673
<NET-ASSETS> 24,690,841
<DIVIDEND-INCOME> 54,779
<INTEREST-INCOME> 5,811
<OTHER-INCOME> 0
<EXPENSES-NET> (72,102)
<NET-INVESTMENT-INCOME> (11,512)
<REALIZED-GAINS-CURRENT> (254,327)
<APPREC-INCREASE-CURRENT> 2,507,673
<NET-CHANGE-FROM-OPS> 2,241,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 578,286
<NUMBER-OF-SHARES-REDEEMED> (40,526)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,690,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (104,455)
<AVERAGE-NET-ASSETS> 15,988,944
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.010)<F2>
<PER-SHARE-GAIN-APPREC> 1.240<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.230
<EXPENSE-RATIO> 1.210<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 1.71%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 7, 1999 (EFFECTIVE DATE) TO OCTOBER
31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 122
<NAME> LARGE CAP GROWTH FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 22,549,311
<INVESTMENTS-AT-VALUE> 25,056,984
<RECEIVABLES> 456,337
<ASSETS-OTHER> 65,016
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,578,337
<PAYABLE-FOR-SECURITIES> 768,054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,442
<TOTAL-LIABILITIES> 887,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,449,007
<SHARES-COMMON-STOCK> 87,169
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,512)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (254,327)
<ACCUM-APPREC-OR-DEPREC> 2,507,673
<NET-ASSETS> 24,690,841
<DIVIDEND-INCOME> 54,779
<INTEREST-INCOME> 5,811
<OTHER-INCOME> 0
<EXPENSES-NET> (72,102)
<NET-INVESTMENT-INCOME> (11,512)
<REALIZED-GAINS-CURRENT> (254,327)
<APPREC-INCREASE-CURRENT> 2,507,673
<NET-CHANGE-FROM-OPS> 2,241,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,129
<NUMBER-OF-SHARES-REDEEMED> (8,960)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,690,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (104,455)
<AVERAGE-NET-ASSETS> 15,988,944
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.040)<F2>
<PER-SHARE-GAIN-APPREC> 1.240<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.200
<EXPENSE-RATIO> 1.850<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENT BY
AFFILIATE 2.35%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 7, 1999 (EFFECTIVE DATE) TO OCTOBER
31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 123
<NAME> LARGE CAP GROWTH FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 22,549,311
<INVESTMENTS-AT-VALUE> 25,056,984
<RECEIVABLES> 456,337
<ASSETS-OTHER> 65,016
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,578,337
<PAYABLE-FOR-SECURITIES> 768,054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,442
<TOTAL-LIABILITIES> 887,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,449,007
<SHARES-COMMON-STOCK> 603,094
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,512)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (254,327)
<ACCUM-APPREC-OR-DEPREC> 2,507,673
<NET-ASSETS> 24,690,841
<DIVIDEND-INCOME> 54,779
<INTEREST-INCOME> 5,811
<OTHER-INCOME> 0
<EXPENSES-NET> (72,102)
<NET-INVESTMENT-INCOME> (11,512)
<REALIZED-GAINS-CURRENT> (254,327)
<APPREC-INCREASE-CURRENT> 2,507,673
<NET-CHANGE-FROM-OPS> 2,241,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 626,980
<NUMBER-OF-SHARES-REDEEMED> (23,886)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,690,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (104,455)
<AVERAGE-NET-ASSETS> 15,988,944
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.040)<F2>
<PER-SHARE-GAIN-APPREC> 1.230<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.190
<EXPENSE-RATIO> 1.860<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENT BY
AFFILIATE 2.36%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 7, 1999 (EFFECTIVE DATE) TO OCTOBER
31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 124
<NAME> LARGE CAP GROWTH FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 22,549,311
<INVESTMENTS-AT-VALUE> 25,056,984
<RECEIVABLES> 456,337
<ASSETS-OTHER> 65,016
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,578,337
<PAYABLE-FOR-SECURITIES> 768,054
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,442
<TOTAL-LIABILITIES> 887,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,449,007
<SHARES-COMMON-STOCK> 971,914
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,512)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (254,327)
<ACCUM-APPREC-OR-DEPREC> 2,507,673
<NET-ASSETS> 24,690,841
<DIVIDEND-INCOME> 54,779
<INTEREST-INCOME> 5,811
<OTHER-INCOME> 0
<EXPENSES-NET> (72,102)
<NET-INVESTMENT-INCOME> (11,512)
<REALIZED-GAINS-CURRENT> (254,327)
<APPREC-INCREASE-CURRENT> 2,507,673
<NET-CHANGE-FROM-OPS> 2,241,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,156,946
<NUMBER-OF-SHARES-REDEEMED> (185,032)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,690,842
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (30,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (104,455)
<AVERAGE-NET-ASSETS> 15,988,944
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> 1.240<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.240
<EXPENSE-RATIO> .890<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 1.39%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 7, 1999 (EFFECTIVE DATE) TO OCTOBER
31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 131
<NAME> AGGRESSIVE GROWTH FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 40,202,007
<INVESTMENTS-AT-VALUE> 47,883,144
<RECEIVABLES> 1,145,830
<ASSETS-OTHER> 60,109
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,089,083
<PAYABLE-FOR-SECURITIES> 2,485,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,875
<TOTAL-LIABILITIES> 2,723,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,470,992
<SHARES-COMMON-STOCK> 693,359
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (22,228)
<ACCUMULATED-NET-GAINS> 2,235,952
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,681,137
<NET-ASSETS> 46,365,853
<DIVIDEND-INCOME> 51,916
<INTEREST-INCOME> 6,120
<OTHER-INCOME> 0
<EXPENSES-NET> (80,264)
<NET-INVESTMENT-INCOME> (22,228)
<REALIZED-GAINS-CURRENT> 2,235,952
<APPREC-INCREASE-CURRENT> 7,681,137
<NET-CHANGE-FROM-OPS> 9,894,861
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,091,554
<NUMBER-OF-SHARES-REDEEMED> (398,195)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,365,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (35,234)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109,532)
<AVERAGE-NET-ASSETS> 21,576,690
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.020)<F2>
<PER-SHARE-GAIN-APPREC> 6.410<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.390
<EXPENSE-RATIO> 1.230<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 1.61%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 23, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 132
<NAME> AGGRESSIVE GROWTH FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 40,202,007
<INVESTMENTS-AT-VALUE> 47,883,144
<RECEIVABLES> 1,145,830
<ASSETS-OTHER> 60,109
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,089,083
<PAYABLE-FOR-SECURITIES> 2,485,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,875
<TOTAL-LIABILITIES> 2,723,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,470,992
<SHARES-COMMON-STOCK> 91,153
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (22,228)
<ACCUMULATED-NET-GAINS> 2,235,952
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,681,137
<NET-ASSETS> 46,365,853
<DIVIDEND-INCOME> 51,916
<INTEREST-INCOME> 6,120
<OTHER-INCOME> 0
<EXPENSES-NET> (80,264)
<NET-INVESTMENT-INCOME> (22,228)
<REALIZED-GAINS-CURRENT> 2,235,952
<APPREC-INCREASE-CURRENT> 7,681,137
<NET-CHANGE-FROM-OPS> 9,894,861
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,933
<NUMBER-OF-SHARES-REDEEMED> (780)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,365,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (35,234)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109,532)
<AVERAGE-NET-ASSETS> 21,576,690
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.050)<F2>
<PER-SHARE-GAIN-APPREC> 6.440<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.390
<EXPENSE-RATIO> 1.800<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 2.18%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 23, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 133
<NAME> AGGRESSIVE GROWTH FUND - CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 40,202,007
<INVESTMENTS-AT-VALUE> 47,883,144
<RECEIVABLES> 1,145,830
<ASSETS-OTHER> 60,109
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,089,083
<PAYABLE-FOR-SECURITIES> 2,485,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,875
<TOTAL-LIABILITIES> 2,723,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,470,992
<SHARES-COMMON-STOCK> 244,141
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (22,228)
<ACCUMULATED-NET-GAINS> 2,235,952
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,681,137
<NET-ASSETS> 46,365,853
<DIVIDEND-INCOME> 51,916
<INTEREST-INCOME> 6,120
<OTHER-INCOME> 0
<EXPENSES-NET> (80,264)
<NET-INVESTMENT-INCOME> (22,228)
<REALIZED-GAINS-CURRENT> 2,235,952
<APPREC-INCREASE-CURRENT> 7,681,137
<NET-CHANGE-FROM-OPS> 9,894,861
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 256,136
<NUMBER-OF-SHARES-REDEEMED> (11,995)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,365,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (35,234)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109,532)
<AVERAGE-NET-ASSETS> 21,576,690
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.050)<F2>
<PER-SHARE-GAIN-APPREC> 6.430<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.380
<EXPENSE-RATIO> 1.830<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 2.21%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 23, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES OCTOBER 31, 1999 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 134
<NAME> AGGRESSIVE GROWTH FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS<F3>
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 40,202,007
<INVESTMENTS-AT-VALUE> 47,883,144
<RECEIVABLES> 1,145,830
<ASSETS-OTHER> 60,109
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,089,083
<PAYABLE-FOR-SECURITIES> 2,485,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237,875
<TOTAL-LIABILITIES> 2,723,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,470,992
<SHARES-COMMON-STOCK> 1,797,836
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (22,228)
<ACCUMULATED-NET-GAINS> 2,235,952
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,681,137
<NET-ASSETS> 46,365,853
<DIVIDEND-INCOME> 51,916
<INTEREST-INCOME> 6,120
<OTHER-INCOME> 0
<EXPENSES-NET> (80,264)
<NET-INVESTMENT-INCOME> (22,228)
<REALIZED-GAINS-CURRENT> 2,235,952
<APPREC-INCREASE-CURRENT> 7,681,137
<NET-CHANGE-FROM-OPS> 9,894,861
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,842,176
<NUMBER-OF-SHARES-REDEEMED> (44,340)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,365,853
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (35,234)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (109,532)
<AVERAGE-NET-ASSETS> 21,576,690
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (.010)<F2>
<PER-SHARE-GAIN-APPREC> 6.420<F2>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.410
<EXPENSE-RATIO> .900<F1>
<FN>
<F1>ANNUALIZED; EXPENSES EXCLUDING WAIVER AND PAYMENTS
BY AFFILIATE 1.28%.
<F2>BASED ON AVERAGE SHARES OUTSTANDING.
<F3>FOR THE PERIOD JUNE 23, 1999 (EFFECTIVE DATE) TO OCTOBER 31, 1999.
98p</FN>
</TABLE>
NAME OF 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 its series Franklin Strategic Income
Fund ("Strategic Income Fund"), and Franklin Managed Trust
("Managed Trust"), on behalf of its series Franklin Investment
Grade Income Fund ("Investment Grade Fund"), the Strategic
Income Fund acquired all of the assets Investment Grade Fund
on August 12, 1999, in exchange solely for shares of common
stock of the Strategic Income Fund and the distribution,
pursuant to the Agreement and Plan of Reorganization, of
the Strategic Income Fund's shares of beneficial interest to
the shareholders Investment Grade Fund.
wpdoc2\nsar\1999\194-77m - 1999.doc
11/16/99
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
Large 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 resolutions:
RESOLVED: That the terms and conditions of the Investment
Advisory Agreement dated May 18, 1999 entered into between
Franklin Advisers, Inc. and the Trust, 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.
By: /s/ Harmon E. Burns
Harmon E. Burns
Executive Vice President
Dated: June 4, 1999
wpdoc2\nsar\1999\461-77c - 1999.doc
11/16/99
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 Aggressive 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 resolutions:
RESOLVED: That the terms and conditions of the Investment
Advisory Agreement dated May 18, 1999 entered into between
Franklin Advisers, Inc. and the Trust, 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.
By: /s/ Harmon E. Burns
Harmon E. Burns
Executive Vice President
Dated: June 22, 1999
wpdoc2\nsar\1999\462-77c - 1999.doc
11/16/99
