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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Insmed, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sartorius Stedim Biotech</name>
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        <name>Danish Krone</name>
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        <name>Candid, Inc.</name>
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        <name>Lycia LLC</name>
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        <name>Abivax SA</name>
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        <name>CG oncology, Inc.</name>
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        <name>Assembly Biosciences, Inc.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Spyre Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Verastem, Inc.</name>
        <lei>549300IY0EFBIU8NQC81</lei>
        <title>Verastem, Inc.</title>
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        <lei>N/A</lei>
        <title>Alto Neuroscience, Inc.</title>
        <cusip>02157Q109</cusip>
        <identifiers>
          <isin value="US02157Q1094"/>
          <other otherDesc="Inhouse Asset ID" value="1324662"/>
        </identifiers>
        <balance>165070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2555283.60000000</valUSD>
        <pctVal>0.250859676311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Engene Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Engene Holdings, Inc.</title>
        <cusip>29286M105</cusip>
        <identifiers>
          <isin value="CA29286M1059"/>
          <other otherDesc="Inhouse Asset ID" value="1327608"/>
        </identifiers>
        <balance>214220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2041516.60000000</valUSD>
        <pctVal>0.200421664922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2021313.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Terns Pharmaceuticals, Inc.</name>
        <lei>254900S1ZDQMF4MYP709</lei>
        <title>Terns Pharmaceuticals, Inc.</title>
        <cusip>880881107</cusip>
        <identifiers>
          <isin value="US8808811074"/>
          <other otherDesc="Inhouse Asset ID" value="1132676"/>
        </identifiers>
        <balance>770542.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26660753.20000000</valUSD>
        <pctVal>2.617364240112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Strategic Series</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
