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<PAGE> PAGE 2
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054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
<PAGE> PAGE 21
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
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
<PAGE> PAGE 22
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 22946
071 B000500 16187
071 C000500 26992
071 D000500 60
072 A000500 12
072 B000500 199
072 C000500 274
072 D000500 0
072 E000500 0
072 F000500 200
072 G000500 0
072 H000500 0
072 I000500 65
072 J000500 0
072 K000500 8
072 L000500 6
072 M000500 0
072 N000500 21
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 2
072 S000500 0
072 T000500 79
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 381
072 Y000500 0
072 Z000500 92
072AA000500 2860
072BB000500 4410
072CC010500 0
072CC020500 72
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.1600
<PAGE> PAGE 23
073 C000500 0.0000
074 A000500 0
074 B000500 2825
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 31080
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 129
074 M000500 0
074 N000500 34034
074 O000500 0
074 P000500 45
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 88
074 S000500 0
074 T000500 33901
074 U010500 2099
074 U020500 0
074 V010500 16.15
074 V020500 0.00
074 W000500 0.0000
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074 Y000500 172
075 A000500 0
075 B000500 30732
076 000500 0.00
024 000700 Y
025 A000701 MORGAN STANLEY & CO., INC.
025 B000701 13-2655998
025 C000701 D
025 D000701 2034
025 A000702 DELETE
025 D000702 0
025 D000703 0
025 D000704 0
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025 D000706 0
025 D000707 0
025 D000708 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
<PAGE> PAGE 24
041 000700 Y
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 100000
048 A020700 0.625
048 B010700 150000
048 B020700 0.500
048 C010700 0
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048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 250000
048 K020700 0.450
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 Y
054 M000700 Y
054 N000700 N
054 O000700 Y
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 6.9
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
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<PAGE> PAGE 25
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 2.0
062 N000700 15.3
062 O000700 0.0
062 P000700 32.9
062 Q000700 37.0
062 R000700 6.2
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 Y
071 A000700 226223
071 B000700 105260
071 C000700 216211
071 D000700 49
072 A000700 12
074 N000700 297281
<PAGE> PAGE 26
074 T000700 288100
075 A000700 0
075 B000700 237163
024 000800 N
025 D000801 0
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 2547
028 A020800 0
028 A030800 0
028 A040800 3564
028 B010800 2264
028 B020800 132
028 B030800 0
028 B040800 4370
028 C010800 3919
028 C020800 0
028 C030800 0
028 C040800 2711
028 D010800 2059
028 D020800 0
028 D030800 0
028 D040800 4470
028 E010800 7484
028 E020800 0
028 E030800 0
028 E040800 4863
028 F010800 6119
028 F020800 0
028 F030800 0
028 F040800 6568
028 G010800 24392
028 G020800 132
028 G030800 0
028 G040800 26546
028 H000800 2426
029 000800 Y
030 A000800 271
030 B000800 5.75
030 C000800 0.00
034 000800 Y
035 000800 4
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
<PAGE> PAGE 27
039 000800 N
040 000800 Y
041 000800 Y
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.000
048 A010800 100000
048 A020800 0.625
048 B010800 150000
048 B020800 0.500
048 C010800 9750000
048 C020800 0.450
048 D010800 2500000
048 D020800 0.440
048 E010800 2500000
048 E020800 0.420
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 15000000
048 K020800 0.400
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
<PAGE> PAGE 28
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 Y
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 28376
071 B000800 33337
071 C000800 38329
071 D000800 74
072 A000800 12
072 B000800 251
072 C000800 543
072 D000800 0
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072 F000800 256
072 G000800 0
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072 I000800 145
072 J000800 2
072 K000800 19
072 L000800 11
072 M000800 1
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072 O000800 0
<PAGE> PAGE 29
072 P000800 0
072 Q000800 0
072 R000800 2
072 S000800 1
072 T000800 128
072 U000800 0
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072 W000800 3
072 X000800 598
072 Y000800 203
072 Z000800 399
072AA000800 4127
072BB000800 10224
072CC010800 0
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072DD010800 424
072DD020800 11
072EE000800 0
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073 A020800 0.1900
073 B000800 0.0000
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074 N000800 46235
074 O000800 1695
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074 R020800 0
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074 R040800 163
074 S000800 0
074 T000800 44333
074 U010800 3322
074 U020800 23
074 V010800 13.25
074 V020800 13.63
074 W000800 0.0000
074 X000800 10805
074 Y000800 1302
075 A000800 0
075 B000800 41034
024 000900 Y
025 A000901 CHARLES SCHWAB & CO., INC.
025 B000901 94-1737782
025 C000901 E
025 D000901 659
025 A000902 MERRILL LYNCH & CO., INC.
025 B000902 13-5674085
025 C000902 E
025 D000902 596
025 A000903 SALOMON SMITH BARNEY
<PAGE> PAGE 30
025 B000903 13-1912900
025 C000903 E
025 D000903 764
025 D000904 0
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028 C040900 774
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028 D040900 1191
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030 C000900 0.00
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<PAGE> PAGE 31
062 K000900 0.0
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024 001000 N
025 D001001 0
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<PAGE> PAGE 32
028 B021000 0
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<PAGE> PAGE 33
045 001000 Y
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<PAGE> PAGE 34
059 001000 Y
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066 E001000 N
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067 001000 N
068 A001000 N
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070 A011000 Y
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070 C011000 Y
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<PAGE> PAGE 35
070 I011000 Y
070 I021000 N
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070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
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070 M021000 Y
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<PAGE> PAGE 36
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<PAGE> PAGE 37
SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 642,611,049
<INVESTMENTS-AT-VALUE> 871,883,716
<RECEIVABLES> 83,999,795
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 955,883,511
<PAYABLE-FOR-SECURITIES> 7,889,941
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,428,926
<TOTAL-LIABILITIES> 13,318,867
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 30,235,845
<SHARES-COMMON-PRIOR> 28,882,609
<ACCUMULATED-NII-CURRENT> 2,370,910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,904,619)
<ACCUM-APPREC-OR-DEPREC> 229,272,667
<NET-ASSETS> 942,564,644
<DIVIDEND-INCOME> 8,133,002
<INTEREST-INCOME> 3,904,360
<OTHER-INCOME> 0
<EXPENSES-NET> (9,541,709)
<NET-INVESTMENT-INCOME> 2,495,653
<REALIZED-GAINS-CURRENT> (60,726,763)
<APPREC-INCREASE-CURRENT> 115,471,275
<NET-CHANGE-FROM-OPS> 57,240,165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,374,577)
<DISTRIBUTIONS-OF-GAINS> (15,717,424)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (15,966,155)
<SHARES-REINVESTED> 825,009
<NET-CHANGE-IN-ASSETS> 98,609,560
<ACCUMULATED-NII-PRIOR> 1,171,577
<ACCUMULATED-GAINS-PRIOR> 21,746,042
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,066,764)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9,541,709)
<AVERAGE-NET-ASSETS> 849,612,602
<PER-SHARE-NAV-BEGIN> 24.970
<PER-SHARE-NII> .100
<PER-SHARE-GAIN-APPREC> 1.420
<PER-SHARE-DIVIDEND> (.140)
<PER-SHARE-DISTRIBUTIONS> (.530)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 25.820
<EXPENSE-RATIO> 1.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR <F1>
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 642,611,049
<INVESTMENTS-AT-VALUE> 871,883,716
<RECEIVABLES> 83,999,795
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 955,883,511
<PAYABLE-FOR-SECURITIES> 7,889,941
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,428,926
<TOTAL-LIABILITIES> 13,318,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 771,825,686
<SHARES-COMMON-STOCK> 103,179
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,370,910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,904,619)
<ACCUM-APPREC-OR-DEPREC> 229,272,667
<NET-ASSETS> 942,564,644
<DIVIDEND-INCOME> 8,133,002
<INTEREST-INCOME> 3,904,360
<OTHER-INCOME> 0
<EXPENSES-NET> (9,541,709)
<NET-INVESTMENT-INCOME> 2,495,653
<REALIZED-GAINS-CURRENT> (60,726,763)
<APPREC-INCREASE-CURRENT> 115,471,275
<NET-CHANGE-FROM-OPS> 57,240,165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,431
<NUMBER-OF-SHARES-REDEEMED> (252)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 98,609,560
<ACCUMULATED-NII-PRIOR> 1,171,577
<ACCUMULATED-GAINS-PRIOR> 21,746,042
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,066,764)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9,541,709)
<AVERAGE-NET-ASSETS> 849,612,602
<PER-SHARE-NAV-BEGIN> 24.310
<PER-SHARE-NII> (.010)
<PER-SHARE-GAIN-APPREC> 1.450
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 25.750
<EXPENSE-RATIO> 1.750<F2>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 1999 (effective date) TO APRIL 30, 1999
<F2>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 642,611,049
<INVESTMENTS-AT-VALUE> 871,883,716
<RECEIVABLES> 83,999,795
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 955,883,511
<PAYABLE-FOR-SECURITIES> 7,889,941
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,428,926
<TOTAL-LIABILITIES> 13,318,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 771,825,686
<SHARES-COMMON-STOCK> 6,215,360
<SHARES-COMMON-PRIOR> 4,944,822
<ACCUMULATED-NII-CURRENT> 2,370,910
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (60,904,619)
<ACCUM-APPREC-OR-DEPREC> 229,272,667
<NET-ASSETS> 942,564,644
<DIVIDEND-INCOME> 8,133,002
<INTEREST-INCOME> 3,904,360
<OTHER-INCOME> 0
<EXPENSES-NET> (9,541,709)
<NET-INVESTMENT-INCOME> 2,495,653
<REALIZED-GAINS-CURRENT> (60,726,763)
<APPREC-INCREASE-CURRENT> 115,471,275
<NET-CHANGE-FROM-OPS> 57,240,165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (606)
<DISTRIBUTIONS-OF-GAINS> (3,127,611)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,010,549
<NUMBER-OF-SHARES-REDEEMED> (1,868,591)
<SHARES-REINVESTED> 128,580
<NET-CHANGE-IN-ASSETS> 98,609,560
<ACCUMULATED-NII-PRIOR> 1,171,577
<ACCUMULATED-GAINS-PRIOR> 21,746,042
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,066,764)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9,541,709)
<AVERAGE-NET-ASSETS> 849,612,602
<PER-SHARE-NAV-BEGIN> 24.810
<PER-SHARE-NII> (.070)
<PER-SHARE-GAIN-APPREC> 1.420
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.530)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 25.630
<EXPENSE-RATIO> 1.750
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 270,535,514
<INVESTMENTS-AT-VALUE> 268,847,708
<RECEIVABLES> 28,432,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 297,280,615
<PAYABLE-FOR-SECURITIES> 7,798,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,382,798
<TOTAL-LIABILITIES> 9,181,096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,989,087
<SHARES-COMMON-STOCK> 22,844,778
<SHARES-COMMON-PRIOR> 14,831,268
<ACCUMULATED-NII-CURRENT> 761,552
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,925,585)
<ACCUM-APPREC-OR-DEPREC> (1,725,535)
<NET-ASSETS> 288,099,519
<DIVIDEND-INCOME> 746,731
<INTEREST-INCOME> 19,572,342
<OTHER-INCOME> 0
<EXPENSES-NET> (1,462,006)
<NET-INVESTMENT-INCOME> 18,857,067
<REALIZED-GAINS-CURRENT> (2,094,444)
<APPREC-INCREASE-CURRENT> (3,978,010)
<NET-CHANGE-FROM-OPS> 12,784,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,526,206)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,954,299
<NUMBER-OF-SHARES-REDEEMED> (7,896,393)
<SHARES-REINVESTED> 955,604
<NET-CHANGE-IN-ASSETS> 121,466,121
<ACCUMULATED-NII-PRIOR> 131,047
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (134,177)
<GROSS-ADVISORY-FEES> (1,308,242)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,442,113)
<AVERAGE-NET-ASSETS> 237,162,672
<PER-SHARE-NAV-BEGIN> 11.240
<PER-SHARE-NII> .860
<PER-SHARE-GAIN-APPREC> (.430)
<PER-SHARE-DIVIDEND> (.830)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.840
<EXPENSE-RATIO> .580<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER .99%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR <F1>
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 270,535,514
<INVESTMENTS-AT-VALUE> 268,847,708
<RECEIVABLES> 28,432,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 297,280,615
<PAYABLE-FOR-SECURITIES> 7,798,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,382,798
<TOTAL-LIABILITIES> 9,181,096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,989,087
<SHARES-COMMON-STOCK> 394,213
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 761,552
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,925,585)
<ACCUM-APPREC-OR-DEPREC> (1,725,535)
<NET-ASSETS> 288,099,519
<DIVIDEND-INCOME> 746,731
<INTEREST-INCOME> 19,572,342
<OTHER-INCOME> 0
<EXPENSES-NET> (1,462,006)
<NET-INVESTMENT-INCOME> 18,857,067
<REALIZED-GAINS-CURRENT> (2,094,444)
<APPREC-INCREASE-CURRENT> (3,978,010)
<NET-CHANGE-FROM-OPS> 12,784,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,549)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 392,984
<NUMBER-OF-SHARES-REDEEMED> (852)
<SHARES-REINVESTED> 2,081
<NET-CHANGE-IN-ASSETS> 121,466,121
<ACCUMULATED-NII-PRIOR> 131,047
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (134,177)
<GROSS-ADVISORY-FEES> (1,308,242)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,442,113)
<AVERAGE-NET-ASSETS> 237,162,672
<PER-SHARE-NAV-BEGIN> 10.760
<PER-SHARE-NII> .291
<PER-SHARE-GAIN-APPREC> .070
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.860
<EXPENSE-RATIO> .980<F2>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 1999(EFFECTIVE DATE) TO APRIL 30, 1999.
<F2>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.39%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 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> YEAR <F1>
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 270,535,514
<INVESTMENTS-AT-VALUE> 268,847,708
<RECEIVABLES> 28,432,907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 297,280,615
<PAYABLE-FOR-SECURITIES> 7,798,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,382,798
<TOTAL-LIABILITIES> 9,181,096
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 290,989,087
<SHARES-COMMON-STOCK> 3,344,523
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 761,552
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,925,585)
<ACCUM-APPREC-OR-DEPREC> (1,725,535)
<NET-ASSETS> 288,099,519
<DIVIDEND-INCOME> 746,731
<INTEREST-INCOME> 19,572,342
<OTHER-INCOME> 0
<EXPENSES-NET> (1,462,006)
<NET-INVESTMENT-INCOME> 18,857,067
<REALIZED-GAINS-CURRENT> (2,094,444)
<APPREC-INCREASE-CURRENT> (3,978,010)
<NET-CHANGE-FROM-OPS> 12,784,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,362,771)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,660,567
<NUMBER-OF-SHARES-REDEEMED> (397,638)
<SHARES-REINVESTED> 81,594
<NET-CHANGE-IN-ASSETS> 121,466,121
<ACCUMULATED-NII-PRIOR> 131,047
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (134,177)
<GROSS-ADVISORY-FEES> (1,308,242)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,442,113)
<AVERAGE-NET-ASSETS> 237,162,672
<PER-SHARE-NAV-BEGIN> 11.190
<PER-SHARE-NII> .760
<PER-SHARE-GAIN-APPREC> (.400)
<PER-SHARE-DIVIDEND> (.710)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.840
<EXPENSE-RATIO> .980<F2>
<FN>
<F1>FOR THE PERIOD MAY 1, 1998(EFFECTIVE DATE) TO APRIL 30, 1999.
<F2>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.39%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN MIDCAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 25,018,148
<INVESTMENTS-AT-VALUE> 31,080,000
<RECEIVABLES> 2,954,251
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,034,251
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 133,318
<TOTAL-LIABILITIES> 133,318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,325,427
<SHARES-COMMON-STOCK> 2,098,874
<SHARES-COMMON-PRIOR> 1,711,958
<ACCUMULATED-NII-CURRENT> 92,018
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,578,364)
<ACCUM-APPREC-OR-DEPREC> 6,061,852
<NET-ASSETS> 33,900,933
<DIVIDEND-INCOME> 274,569
<INTEREST-INCOME> 198,932
<OTHER-INCOME> 0
<EXPENSES-NET> (381,483)
<NET-INVESTMENT-INCOME> 92,018
<REALIZED-GAINS-CURRENT> (1,550,328)
<APPREC-INCREASE-CURRENT> 72,048
<NET-CHANGE-FROM-OPS> (1,386,262)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (347,614)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,510,866
<NUMBER-OF-SHARES-REDEEMED> (1,140,923)
<SHARES-REINVESTED> 16,973
<NET-CHANGE-IN-ASSETS> 4,037,271
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 319,578
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (199,753)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (381,483)
<AVERAGE-NET-ASSETS> 30,732,003
<PER-SHARE-NAV-BEGIN> 17.440
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> (1.170)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.160)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.150
<EXPENSE-RATIO> 1.240
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS - A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 167,465,933
<INVESTMENTS-AT-VALUE> 206,309,419
<RECEIVABLES> 12,002,546
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 218,311,965
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,601,735
<TOTAL-LIABILITIES> 1,601,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,174,153
<SHARES-COMMON-STOCK> 11,774,467
<SHARES-COMMON-PRIOR> 13,050,797
<ACCUMULATED-NII-CURRENT> 2,918,850
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,774,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,842,964
<NET-ASSETS> 216,710,230
<DIVIDEND-INCOME> 5,238,168
<INTEREST-INCOME> 484,945
<OTHER-INCOME> 0
<EXPENSES-NET> (2,433,382)
<NET-INVESTMENT-INCOME> 3,289,731
<REALIZED-GAINS-CURRENT> 18,511,777
<APPREC-INCREASE-CURRENT> (15,631,278)
<NET-CHANGE-FROM-OPS> 6,170,230
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,419,109)
<DISTRIBUTIONS-OF-GAINS> (9,673,260)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,575,785
<NUMBER-OF-SHARES-REDEEMED> (4,540,259)
<SHARES-REINVESTED> 688,144
<NET-CHANGE-IN-ASSETS> (26,207,757)
<ACCUMULATED-NII-PRIOR> 1,555,065
<ACCUMULATED-GAINS-PRIOR> 11,322,847
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,225,638)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,433,382)
<AVERAGE-NET-ASSETS> 220,249,088
<PER-SHARE-NAV-BEGIN> 17.360
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> .310
<PER-SHARE-DIVIDEND> (.190)
<PER-SHARE-DISTRIBUTIONS> (.780)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.970
<EXPENSE-RATIO> 1.050
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS - B
<S> <C>
<PERIOD-TYPE> YEAR <F1>
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 167,465,933
<INVESTMENTS-AT-VALUE> 206,309,419
<RECEIVABLES> 12,002,546
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 218,311,965
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,601,735
<TOTAL-LIABILITIES> 1,601,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,174,153
<SHARES-COMMON-STOCK> 4,668
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,918,850
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,774,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,842,964
<NET-ASSETS> 216,710,230
<DIVIDEND-INCOME> 5,238,168
<INTEREST-INCOME> 484,945
<OTHER-INCOME> 0
<EXPENSES-NET> (2,433,382)
<NET-INVESTMENT-INCOME> 3,289,731
<REALIZED-GAINS-CURRENT> 18,511,777
<APPREC-INCREASE-CURRENT> (15,631,278)
<NET-CHANGE-FROM-OPS> 6,170,230
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,668
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (26,207,757)
<ACCUMULATED-NII-PRIOR> 1,555,065
<ACCUMULATED-GAINS-PRIOR> 11,322,847
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,225,638)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,433,382)
<AVERAGE-NET-ASSETS> 220,249,088
<PER-SHARE-NAV-BEGIN> 15.840
<PER-SHARE-NII> .020
<PER-SHARE-GAIN-APPREC> 1.060
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.920
<EXPENSE-RATIO> 1.800<F2>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 1999 (EFFECTIVE DATE) TO APRIL 30, 1999.
<F2>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS - C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 167,465,933
<INVESTMENTS-AT-VALUE> 206,309,419
<RECEIVABLES> 12,002,546
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 218,311,965
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,601,735
<TOTAL-LIABILITIES> 1,601,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,174,153
<SHARES-COMMON-STOCK> 997,701
<SHARES-COMMON-PRIOR> 946,226
<ACCUMULATED-NII-CURRENT> 2,918,850
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,774,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,842,964
<NET-ASSETS> 216,710,230
<DIVIDEND-INCOME> 5,238,168
<INTEREST-INCOME> 484,945
<OTHER-INCOME> 0
<EXPENSES-NET> (2,433,382)
<NET-INVESTMENT-INCOME> 3,289,731
<REALIZED-GAINS-CURRENT> 18,511,777
<APPREC-INCREASE-CURRENT> (15,631,278)
<NET-CHANGE-FROM-OPS> 6,170,230
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (75,113)
<DISTRIBUTIONS-OF-GAINS> (818,825)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 348,707
<NUMBER-OF-SHARES-REDEEMED> (348,295)
<SHARES-REINVESTED> 51,063
<NET-CHANGE-IN-ASSETS> (26,207,757)
<ACCUMULATED-NII-PRIOR> 1,555,065
<ACCUMULATED-GAINS-PRIOR> 11,322,847
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,225,638)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,433,382)
<AVERAGE-NET-ASSETS> 220,249,088
<PER-SHARE-NAV-BEGIN> 17.250
<PER-SHARE-NII> .140
<PER-SHARE-GAIN-APPREC> .320
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> (.780)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.850
<EXPENSE-RATIO> 1.800
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS - A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 4,036,417,790
<INVESTMENTS-AT-VALUE> 4,690,307,983
<RECEIVABLES> 643,512,661
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,333,820,644
<PAYABLE-FOR-SECURITIES> 14,883,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,882,413
<TOTAL-LIABILITIES> 149,766,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,633,721,147
<SHARES-COMMON-STOCK> 172,471,799
<SHARES-COMMON-PRIOR> 152,638,807
<ACCUMULATED-NII-CURRENT> 8,828,268
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (112,385,116)
<ACCUM-APPREC-OR-DEPREC> 653,890,193
<NET-ASSETS> 5,184,054,492
<DIVIDEND-INCOME> 26,580,078
<INTEREST-INCOME> 29,500,709
<OTHER-INCOME> 0
<EXPENSES-NET> (47,216,265)
<NET-INVESTMENT-INCOME> 8,864,522
<REALIZED-GAINS-CURRENT> (109,863,505)
<APPREC-INCREASE-CURRENT> 7,888,123
<NET-CHANGE-FROM-OPS> (93,110,860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24,920,845)
<DISTRIBUTIONS-OF-GAINS> (31,374,289)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,810,259
<NUMBER-OF-SHARES-REDEEMED> (144,463,351)
<SHARES-REINVESTED> 2,486,084
<NET-CHANGE-IN-ASSETS> 375,691,704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 62,459,516
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,630,510)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47,216,265)
<AVERAGE-NET-ASSETS> 4,528,002,855
<PER-SHARE-NAV-BEGIN> 25.930
<PER-SHARE-NII> .060
<PER-SHARE-GAIN-APPREC> (1.020)
<PER-SHARE-DIVIDEND> (.140)
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.650
<EXPENSE-RATIO> .940
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS - C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 4,036,417,790
<INVESTMENTS-AT-VALUE> 4,690,307,983
<RECEIVABLES> 643,512,661
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,333,820,644
<PAYABLE-FOR-SECURITIES> 14,883,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,882,413
<TOTAL-LIABILITIES> 149,766,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,633,721,147
<SHARES-COMMON-STOCK> 31,445,648
<SHARES-COMMON-PRIOR> 28,598,878
<ACCUMULATED-NII-CURRENT> 8,828,268
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (112,385,116)
<ACCUM-APPREC-OR-DEPREC> 653,890,193
<NET-ASSETS> 5,184,054,492
<DIVIDEND-INCOME> 26,580,078
<INTEREST-INCOME> 29,500,709
<OTHER-INCOME> 0
<EXPENSES-NET> (47,216,265)
<NET-INVESTMENT-INCOME> 8,864,522
<REALIZED-GAINS-CURRENT> (109,863,505)
<APPREC-INCREASE-CURRENT> 7,888,123
<NET-CHANGE-FROM-OPS> (93,110,860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (6,067,928)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,842,560
<NUMBER-OF-SHARES-REDEEMED> (11,256,132)
<SHARES-REINVESTED> 260,342
<NET-CHANGE-IN-ASSETS> 375,691,704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 62,459,516
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,630,510)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47,216,265)
<AVERAGE-NET-ASSETS> 4,528,002,855
<PER-SHARE-NAV-BEGIN> 25.590
<PER-SHARE-NII> (.090)
<PER-SHARE-GAIN-APPREC> (1.000)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.320
<EXPENSE-RATIO> 1.690
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> FRANKLIN SMALL CAP GROWTH FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 4,036,417,790
<INVESTMENTS-AT-VALUE> 4,690,307,983
<RECEIVABLES> 643,512,661
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,333,820,644
<PAYABLE-FOR-SECURITIES> 14,883,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,882,413
<TOTAL-LIABILITIES> 149,766,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,633,721,147
<SHARES-COMMON-STOCK> 6,794,290
<SHARES-COMMON-PRIOR> 4,563,483
<ACCUMULATED-NII-CURRENT> 8,828,268
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (112,385,116)
<ACCUM-APPREC-OR-DEPREC> 653,890,193
<NET-ASSETS> 5,184,054,492
<DIVIDEND-INCOME> 26,580,078
<INTEREST-INCOME> 29,500,709
<OTHER-INCOME> 0
<EXPENSES-NET> (47,216,265)
<NET-INVESTMENT-INCOME> 8,864,522
<REALIZED-GAINS-CURRENT> (109,863,505)
<APPREC-INCREASE-CURRENT> 7,888,123
<NET-CHANGE-FROM-OPS> (93,110,860)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,373,343)
<DISTRIBUTIONS-OF-GAINS> (1,280,976)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,726,880
<NUMBER-OF-SHARES-REDEEMED> (4,591,816)
<SHARES-REINVESTED> 95,743
<NET-CHANGE-IN-ASSETS> 375,691,704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 62,459,516
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,630,510)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47,216,265)
<AVERAGE-NET-ASSETS> 4,528,002,855
<PER-SHARE-NAV-BEGIN> 26.010
<PER-SHARE-NII> .100
<PER-SHARE-GAIN-APPREC> (1.000)
<PER-SHARE-DIVIDEND> (.200)
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.730
<EXPENSE-RATIO> .690
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND CLASS - A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 92,395,797
<INVESTMENTS-AT-VALUE> 83,384,705
<RECEIVABLES> 7,435,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,820,061
<PAYABLE-FOR-SECURITIES> 1,210,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,402,755
<TOTAL-LIABILITIES> 2,613,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,888,881
<SHARES-COMMON-STOCK> 5,349,171
<SHARES-COMMON-PRIOR> 9,156,408
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,670,983)
<ACCUM-APPREC-OR-DEPREC> (9,011,092)
<NET-ASSETS> 88,206,806
<DIVIDEND-INCOME> 283,632
<INTEREST-INCOME> 587,206
<OTHER-INCOME> 0
<EXPENSES-NET> (2,020,681)
<NET-INVESTMENT-INCOME> (1,149,843)
<REALIZED-GAINS-CURRENT> (14,678,519)
<APPREC-INCREASE-CURRENT> (32,520,914)
<NET-CHANGE-FROM-OPS> (48,349,276)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (98,214)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,005,885
<NUMBER-OF-SHARES-REDEEMED> (12,818,888)
<SHARES-REINVESTED> 5,766
<NET-CHANGE-IN-ASSETS> (113,658,829)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 116,079
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (824,463)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,020,681)
<AVERAGE-NET-ASSETS> 140,122,668
<PER-SHARE-NAV-BEGIN> 19.280
<PER-SHARE-NII> (.160)
<PER-SHARE-GAIN-APPREC> (5.230)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.010)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.880
<EXPENSE-RATIO> 1.340
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND CLASS - B
<S> <C>
<PERIOD-TYPE> YEAR <F1>
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 92,395,797
<INVESTMENTS-AT-VALUE> 83,384,705
<RECEIVABLES> 7,435,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,820,061
<PAYABLE-FOR-SECURITIES> 1,210,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,402,755
<TOTAL-LIABILITIES> 2,613,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,888,881
<SHARES-COMMON-STOCK> 15,036
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,670,983)
<ACCUM-APPREC-OR-DEPREC> (9,011,092)
<NET-ASSETS> 88,206,806
<DIVIDEND-INCOME> 283,632
<INTEREST-INCOME> 587,206
<OTHER-INCOME> 0
<EXPENSES-NET> (2,020,681)
<NET-INVESTMENT-INCOME> (1,149,843)
<REALIZED-GAINS-CURRENT> (14,678,519)
<APPREC-INCREASE-CURRENT> (32,520,914)
<NET-CHANGE-FROM-OPS> (48,349,276)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,040
<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (113,658,829)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 116,079
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (824,463)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,020,681)
<AVERAGE-NET-ASSETS> 140,122,668
<PER-SHARE-NAV-BEGIN> 16.970
<PER-SHARE-NII> (.030)
<PER-SHARE-GAIN-APPREC> (3.100)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.840
<EXPENSE-RATIO> 1.840<F2>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 1999 (EFFECTIVE DATE) TO APRIL 30, 1999.
<F2>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND CLASS - C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 92,395,797
<INVESTMENTS-AT-VALUE> 83,384,705
<RECEIVABLES> 7,435,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,820,061
<PAYABLE-FOR-SECURITIES> 1,210,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,402,755
<TOTAL-LIABILITIES> 2,613,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,888,881
<SHARES-COMMON-STOCK> 1,002,602
<SHARES-COMMON-PRIOR> 1,321,101
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,670,983)
<ACCUM-APPREC-OR-DEPREC> (9,011,092)
<NET-ASSETS> 88,206,806
<DIVIDEND-INCOME> 283,632
<INTEREST-INCOME> 587,206
<OTHER-INCOME> 0
<EXPENSES-NET> (2,020,681)
<NET-INVESTMENT-INCOME> (1,149,843)
<REALIZED-GAINS-CURRENT> (14,678,519)
<APPREC-INCREASE-CURRENT> (32,520,914)
<NET-CHANGE-FROM-OPS> (48,349,276)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (16,744)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 375,736
<NUMBER-OF-SHARES-REDEEMED> (695,236)
<SHARES-REINVESTED> 1,001
<NET-CHANGE-IN-ASSETS> (113,658,829)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 116,079
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (824,463)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,020,681)
<AVERAGE-NET-ASSETS> 140,122,668
<PER-SHARE-NAV-BEGIN> 19.170
<PER-SHARE-NII> (.290)
<PER-SHARE-GAIN-APPREC> (5.160)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.010)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.710
<EXPENSE-RATIO> 2.070
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 091
<NAME> FRANKLIN BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 43,957,346
<INVESTMENTS-AT-VALUE> 50,236,368
<RECEIVABLES> 8,149,419
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58,385,787
<PAYABLE-FOR-SECURITIES> 3,275,081
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,241
<TOTAL-LIABILITIES> 3,505,322
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,451,308
<SHARES-COMMON-STOCK> 3,809,111
<SHARES-COMMON-PRIOR> 1,351,240
<ACCUMULATED-NII-CURRENT> 70,790
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,075,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,282,971
<NET-ASSETS> 54,880,465
<DIVIDEND-INCOME> 276,198
<INTEREST-INCOME> 214,910
<OTHER-INCOME> 0
<EXPENSES-NET> (341,072)
<NET-INVESTMENT-INCOME> 150,036
<REALIZED-GAINS-CURRENT> 1,499,458
<APPREC-INCREASE-CURRENT> 3,974,888
<NET-CHANGE-FROM-OPS> 5,624,382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (126,476)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,618,266
<NUMBER-OF-SHARES-REDEEMED> (1,168,867)
<SHARES-REINVESTED> 8,472
<NET-CHANGE-IN-ASSETS> 38,044,345
<ACCUMULATED-NII-PRIOR> 51,383
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (428,215)
<GROSS-ADVISORY-FEES> (205,441)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (412,461)
<AVERAGE-NET-ASSETS> 27,395,465
<PER-SHARE-NAV-BEGIN> 12.460
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> 1.970
<PER-SHARE-DIVIDEND> (.060)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.410
<EXPENSE-RATIO> 1.250<F1>
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER 1.51%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 67,620,572
<INVESTMENTS-AT-VALUE> 64,225,287
<RECEIVABLES> 5,781,101
<ASSETS-OTHER> 4,646,849
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,653,237
<PAYABLE-FOR-SECURITIES> 1,613,906
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,589,486
<TOTAL-LIABILITIES> 5,203,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,021,565
<SHARES-COMMON-STOCK> 2,966,401
<SHARES-COMMON-PRIOR> 2,735,059
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,260,086)
<ACCUM-APPREC-OR-DEPREC> (3,311,634)
<NET-ASSETS> 69,449,845
<DIVIDEND-INCOME> 2,550
<INTEREST-INCOME> 798,570
<OTHER-INCOME> 0
<EXPENSES-NET> (1,086,772)
<NET-INVESTMENT-INCOME> (285,652)
<REALIZED-GAINS-CURRENT> (2,905,988)
<APPREC-INCREASE-CURRENT> (5,962,288)
<NET-CHANGE-FROM-OPS> (9,153,928)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,272,491)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,483,341
<NUMBER-OF-SHARES-REDEEMED> (1,293,474)
<SHARES-REINVESTED> 41,475
<NET-CHANGE-IN-ASSETS> (4,096,312)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (89,289)
<GROSS-ADVISORY-FEES> (445,914)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,086,772)
<AVERAGE-NET-ASSETS> 71,338,557
<PER-SHARE-NAV-BEGIN> 26.890
<PER-SHARE-NII> (.100)
<PER-SHARE-GAIN-APPREC> (2.960)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.420)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 23.410
<EXPENSE-RATIO> 1.520
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 081
<NAME> FRANKLIN NATURAL RESOURCES FUND CLASS - A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 39,093,017
<INVESTMENTS-AT-VALUE> 40,905,245
<RECEIVABLES> 5,290,798
<ASSETS-OTHER> 38,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,234,847
<PAYABLE-FOR-SECURITIES> 1,694,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206,721
<TOTAL-LIABILITIES> 1,901,690
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,976,952
<SHARES-COMMON-STOCK> 3,321,951
<SHARES-COMMON-PRIOR> 4,028,477
<ACCUMULATED-NII-CURRENT> 253,594
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,709,653)
<ACCUM-APPREC-OR-DEPREC> 1,812,264
<NET-ASSETS> 44,333,157
<DIVIDEND-INCOME> 542,680
<INTEREST-INCOME> 251,180
<OTHER-INCOME> 0
<EXPENSES-NET> (394,993)
<NET-INVESTMENT-INCOME> 398,867
<REALIZED-GAINS-CURRENT> (6,100,355)
<APPREC-INCREASE-CURRENT> (4,510,191)
<NET-CHANGE-FROM-OPS> (10,211,679)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (424,272)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,435,836
<NUMBER-OF-SHARES-REDEEMED> (4,175,956)
<SHARES-REINVESTED> 33,594
<NET-CHANGE-IN-ASSETS> (18,832,878)
<ACCUMULATED-NII-PRIOR> 293,376
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (612,877)
<GROSS-ADVISORY-FEES> (256,117)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (598,305)
<AVERAGE-NET-ASSETS> 41,033,736
<PER-SHARE-NAV-BEGIN> 15.460
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> (2.210)
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.250
<EXPENSE-RATIO> .970<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 1.47%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 082
<NAME> FRANKLIN NATURAL RESOURCES FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 39,093,017
<INVESTMENTS-AT-VALUE> 40,905,245
<RECEIVABLES> 5,290,798
<ASSETS-OTHER> 38,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,234,847
<PAYABLE-FOR-SECURITIES> 1,694,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 206,721
<TOTAL-LIABILITIES> 1,901,690
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,976,952
<SHARES-COMMON-STOCK> 23,405
<SHARES-COMMON-PRIOR> 57,638
<ACCUMULATED-NII-CURRENT> 253,594
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6,709,653)
<ACCUM-APPREC-OR-DEPREC> 1,812,264
<NET-ASSETS> 44,333,157
<DIVIDEND-INCOME> 542,680
<INTEREST-INCOME> 251,180
<OTHER-INCOME> 0
<EXPENSES-NET> (394,993)
<NET-INVESTMENT-INCOME> 398,867
<REALIZED-GAINS-CURRENT> (6,100,355)
<APPREC-INCREASE-CURRENT> (4,510,191)
<NET-CHANGE-FROM-OPS> (10,211,679)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,798)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 117,744
<NUMBER-OF-SHARES-REDEEMED> (152,874)
<SHARES-REINVESTED> 897
<NET-CHANGE-IN-ASSETS> (18,832,878)
<ACCUMULATED-NII-PRIOR> 293,376
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (612,877)
<GROSS-ADVISORY-FEES> (256,117)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (598,305)
<AVERAGE-NET-ASSETS> 41,033,736
<PER-SHARE-NAV-BEGIN> 15.480
<PER-SHARE-NII> .190
<PER-SHARE-GAIN-APPREC> (1.850)
<PER-SHARE-DIVIDEND> (.190)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.630
<EXPENSE-RATIO> .650<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 1.15%
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
Franklin Strategic Series:
In planning and performing our audit of
the financial statements of Franklin
Strategic Series for the year ended
April 30, 1999, we considered its internal
control, including controls over
safeguarding securities, in order to
determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with
the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of Franklin Strategic
Series is responsible for establishing
and maintaining internal control. In
fulfilling this responsibility, estimates
and judgments by management are required
to assess the expected benefits and related
costs of controls. Generally, controls
that are relevant to an audit pertain to
the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity
with generally accepted accounting
principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal
control, errors or irregularities may occur
and not be detected. Also, projection of
any evaluation of internal control to
future periods is subject to the risk that
it may become inadequate because of changes
in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in
internal control that might be material
weaknesses under standards established by
the American Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation
of any specific internal control component
does not reduce to a relatively low level
the risk that errors or irregularities in
amounts that would be material in relation
to the financial statements being audited
may occur and not be detected within a
timely period by employees in the normal
course of performing their assigned
functions. However, we noted no matters
involving internal control, including
controls over safeguarding securities
that we consider to be material weaknesses
as defined above as of April 30, 1999.
This report is intended solely for the
information and use of management and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco,
California
June 4, 1999
NAME OF REGISTRANT:
Franklin Strategic Series
File No. 811-6243
EXHIBIT ITEM No. 77I(b): Terms of new or
amended securities
The Franklin California Growth Fund, Franklin
Strategic Income Fund, Franklin Global Health
Care Fund, and Franklin Global Utilities Fund
(series of the registrant) currently offer three
classes of shares, Class A, Class B, and Class C.
Before January 1, 1999, Class A shares were
designated Class I and Class C shares were
designated Class II. The Franklin California
Growth Fund, Franklin Strategic Income Fund,
Franklin Global Health Care Fund, and Franklin
Global Utilities Fund series began offering Class
B shares on January 1, 1999. The Registrant may
offer additional classes of shares in the future.
The full title of each class of Franklin
California Growth Fund, Franklin Strategic
Income Fund, Franklin Global Health Care Fund,
and Franklin Global Utilities Fund is:
* Franklin California Growth Fund - Class A
* Franklin California Growth Fund - Class B
* Franklin California Growth Fund - Class C
* Franklin Strategic Income Fund - Class A
* Franklin Strategic Income Fund - Class B
* Franklin Strategic Income Fund - Class C
* Franklin Global Health Care Fund - Class A
* Franklin Global Health Care Fund - Class B
* Franklin Global Health Care Fund - Class C
* Franklin Global Utilities Fund - Class A
* Franklin Global Utilities Fund - Class B
* Franklin Global Utilities Fund - Class C
Shares of each class represent proportionate
interests in the Registrant's assets. On
matters that affect the Registrant as a whole,
each class has the same voting and other rights
and preferences as any other class. On matters
that affect only one class, only shareholders
of that class may vote. Each class votes
separately on matters affecting only that class,
or expressly required to be voted on separately
by state or federal law. Shares of each class
of a series have the same voting and other
rights and preferences as the other classes
and series of the trust for matters that affect
the trust as a whole. Additional series may be
offered in the future.
wpdoc2\nsar\1999\fss-77i.doc 6/1/99
