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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AutoZone, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Axon Enterprise, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BWX Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Burlington Stores, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Carvana Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Casey's General Stores, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cava Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CG oncology, Inc.</name>
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        <title>CG oncology, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cheniere Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cloudflare, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Comfort Systems USA, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Databricks, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Datadog, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dexcom, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DoorDash, Inc.</name>
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        <name>Equity LifeStyle Properties, Inc.</name>
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        <name>Fair Isaac Corp.</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <name>Fastenal Co.</name>
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        <name>Fifth Third Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OneTrust LLC</name>
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        <name>Phononic, Inc.</name>
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        <title>Phononic, Inc., Series H-S</title>
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        <fairValLevel>3</fairValLevel>
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        <name>Guidewire Software, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hilton Worldwide Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Howmet Aerospace, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IDEXX Laboratories, Inc.</name>
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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>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ionis Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jones Lang LaSalle, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LPL Financial Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lattice Semiconductor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MSCI, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Manhattan Associates, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marriott International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Monolithic Power Systems, Inc.</name>
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        <name>NVR, Inc.</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Natera, Inc.</name>
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        <name>New York Times Co. (The)</name>
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        <name>Old Dominion Freight Line, Inc.</name>
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        <name>Onto Innovation, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paymentus Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Performance Food Group Co.</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>Performance Food Group Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Tractor Supply Co.</name>
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        <name>Vertiv Holdings Co.</name>
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        <name>Vistra Corp.</name>
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        <name>Phononic Devices, Inc.</name>
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        <balance>513050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1824398.10000000</valUSD>
        <pctVal>0.051619906995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fanatics Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Fanatics Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1138870"/>
        </identifiers>
        <balance>793714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39685700.00000000</valUSD>
        <pctVal>1.122875617477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phononic, Inc.</name>
        <lei>N/A</lei>
        <title>Phononic, Inc., Series H-S, Class S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1400311"/>
        </identifiers>
        <balance>66234.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>81015.12000000</valUSD>
        <pctVal>0.002292258997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.31000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Phononic, Inc.</name>
              <title>Phononic, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <other otherDesc="N/A" value="N/A"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phononic, Inc.</name>
        <lei>N/A</lei>
        <title>Phononic, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1444140"/>
        </identifiers>
        <balance>66234.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79753.98000000</valUSD>
        <pctVal>0.002256576034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.31000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Phononic, Inc.</name>
              <title>Phononic, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="N/A"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plaid, Inc.</name>
        <lei>N/A</lei>
        <title>Plaid, Inc., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1454024"/>
        </identifiers>
        <balance>30940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7493067.67000000</valUSD>
        <pctVal>0.212010446754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="EUR"/>
        </identifiers>
        <balance>145.66999999</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>170.97000000</valUSD>
        <pctVal>0.000004837461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credo Technology Group Holding Ltd.</name>
        <lei>N/A</lei>
        <title>Credo Technology Group Holding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG254571055"/>
          <other otherDesc="Inhouse Asset ID" value="1186479"/>
        </identifiers>
        <balance>166730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29012687.30000000</valUSD>
        <pctVal>0.820891131230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascendis Pharma A/S</name>
        <lei>549300B66JN3W3J8GH73</lei>
        <title>Ascendis Pharma A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060615755"/>
          <other otherDesc="Inhouse Asset ID" value="1608785"/>
        </identifiers>
        <balance>72761.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16689918.18000000</valUSD>
        <pctVal>0.472228086741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
          <other otherDesc="Inhouse Asset ID" value="62906"/>
        </identifiers>
        <balance>410701.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108326495.76000000</valUSD>
        <pctVal>3.065012858930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phononic, Inc.</name>
        <lei>N/A</lei>
        <title>Phononic, Inc., Series H-S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1357310"/>
        </identifiers>
        <balance>66234.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82304.08000000</valUSD>
        <pctVal>0.002328729105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.31000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Phononic, Inc.</name>
              <title>Phononic, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <other otherDesc="N/A" value="N/A"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phononic, Inc.</name>
        <lei>N/A</lei>
        <title>Phononic, Inc., Series H-S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1357314"/>
        </identifiers>
        <balance>23970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32190.70000000</valUSD>
        <pctVal>0.000910810496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anduril Industries, Inc.</name>
        <lei>N/A</lei>
        <title>Anduril Industries, Inc., Series F</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1369855"/>
        </identifiers>
        <balance>414483.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28578602.85000000</valUSD>
        <pctVal>0.808609053685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blaize Events &amp; Media, Inc.</name>
        <lei>N/A</lei>
        <title>Blaize Events &amp; Media, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1429224"/>
        </identifiers>
        <balance>114420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blaize Events &amp; Media, Inc.</name>
        <lei>N/A</lei>
        <title>Blaize Events &amp; Media, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1429225"/>
        </identifiers>
        <balance>113948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blaize Events &amp; Media, Inc.</name>
        <lei>N/A</lei>
        <title>Blaize Events &amp; Media, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1429226"/>
        </identifiers>
        <balance>114800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blaize Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Blaize Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1429223"/>
        </identifiers>
        <balance>114150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</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>2026-06-01</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>
</edgarSubmission>
