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      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Biotechnology Discovery Fund</seriesName>
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      <repPdEnd>2020-04-30</repPdEnd>
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      <invstOrSec>
        <name>89bio Inc COM USD 1</name>
        <lei>N/A</lei>
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          <ticker value="ETNB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>uniQure NV ORD USD.05</name>
        <lei>N/A</lei>
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          <ticker value="QURE"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CARA THERAPEUTICS INC COM USD.001</name>
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          <ticker value="CARA"/>
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        <fairValLevel>1</fairValLevel>
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        <name>COLLEGIUM PHARMACEUTICAL INC COM USD.001</name>
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          <ticker value="COLL"/>
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        <name>IOVANCE BIOTHERAPEUTICS INC COM USD.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>LogicBio Therapeutics Inc COM USD 0.0001</name>
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        <name>Principia Biopharma Inc COM USD 0.0001</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GLOBAL BLOOD THERAPEUTICS INC COM USD.001</name>
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          <ticker value="GBT"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ILLUMINA INC COM USD.01</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SAGE THERAPEUTICS INC COM USD.0001</name>
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          <ticker value="SAGE"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REGENERON PHARMACEUTICALS INC COM USD.001</name>
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          <ticker value="REGN"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Constellation Pharmaceuticals Inc COM USD 0.0001</name>
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        <cusip>210373106</cusip>
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          <ticker value="CNST"/>
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        <name>Gossamer Bio Inc COM USD 0.0001</name>
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        <name>BIOMARIN PHARMACEUTICAL INC COM USD.001</name>
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        <name>Applied Therapeutics Inc COM USD 0.0001</name>
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        <lei>62QBXGPJ34PQ72Z12S66</lei>
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          <ticker value="RARE"/>
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        <name>Relmada Therapeutics Inc COM USD 1</name>
        <lei>549300217EASRZ9JSF81</lei>
        <title>Relmada Therapeutics Inc COM USD 1</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Black Diamond Therapeutics Inc COM USD 1</name>
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        <cusip>09203E105</cusip>
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          <ticker value="BDTX"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ASSEMBLY BIOSCIENCES INC COM USD.001</name>
        <lei>N/A</lei>
        <title>ASSEMBLY BIOSCIENCES INC COM USD.001</title>
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        <name>Bridgebio Pharma Inc COM USD 1</name>
        <lei>54930028YG89VTY2J114</lei>
        <title>Bridgebio Pharma Inc COM USD 1</title>
        <cusip>10806X102</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>REATA PHARMACEUTICALS INC COM USD.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Arcus Biosciences Inc COM USD 0.0001</name>
        <lei>N/A</lei>
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          <ticker value="RCUS"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ADMA BIOLOGICS INC COM USD.0001</name>
        <lei>N/A</lei>
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        <cusip>000899104</cusip>
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          <ticker value="ADMA"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Rocket Pharmaceuticals Inc COM USD.01</name>
        <lei>549300R7VV82YUIN4Y93</lei>
        <title>Rocket Pharmaceuticals Inc COM USD.01</title>
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          <ticker value="RCKT"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Trevi Therapeutics Inc COM USD 1</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Zentalis Pharmaceuticals Inc COM USD 1</name>
        <lei>N/A</lei>
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        <cusip>98943L107</cusip>
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          <ticker value="ZNTL"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASCENDIS PHARMA A/S SPONSORED ADR</name>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SAREPTA THERAPEUTICS INC COM USD.0001</name>
        <lei>549300IKDPIED8J8IG21</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GW PHARMACEUTICALS PLC SPONSORED ADR</name>
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        <name>Viela Bio Inc COM USD 1</name>
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        <name>BLUEPRINT MEDICINES CORP COM USD.001</name>
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        <name>Zymeworks Inc ORD USD 1</name>
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        <name>AURINIA PHARMACEUTICALS INC ORD USD NPV</name>
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        <name>REVOLUTION Medicines Inc COM USD 1</name>
        <lei>549300JU3X0LBCQ65892</lei>
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        <name>Optinose Inc COM USD 0.001</name>
        <lei>549300CPBME7Z3CYMN16</lei>
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        <name>EyePoint Pharmaceuticals Inc COM USD.01</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IMMUNOMEDICS INC COM USD.01</name>
        <lei>5493007ZU7DDO8PSIM59</lei>
        <title>IMMUNOMEDICS INC COM USD.01</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MINERVA NEUROSCIENCES INC COM USD.0001</name>
        <lei>54930017PANCHC5LYH79</lei>
        <title>MINERVA NEUROSCIENCES INC COM USD.0001</title>
        <cusip>603380106</cusip>
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          <ticker value="NERV"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SpringWorks Therapeutics Inc COM USD 1</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRUE NORTH THERAPEUTICS INC ESCROW ACCOUNT **REF SM#647457**</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>MORPHOSYS AG SPONSORED ADR</name>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MIRATI THERAPEUTICS INC COM USD NPV</name>
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        <cusip>60468T105</cusip>
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          <ticker value="MRTX"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NEUROCRINE BIOSCIENCES INC COM USD.001</name>
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          <ticker value="NBIX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GILEAD SCIENCES INC COM USD0.001</name>
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          <ticker value="GILD"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ORIC Pharmaceuticals Inc COM USD.0001</name>
        <lei>N/A</lei>
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        <cusip>68622P109</cusip>
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          <ticker value="ORIC"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRECISION BIOSCIENCES INC COM USD1 180 DAYS LOCKUP *EXPIRE PERIOD 3/01/20*</name>
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        <title>PRECISION BIOSCIENCES INC COM USD1 180 DAYS LOCKUP *EXPIRE PERIOD 3/01/20*</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FATE THERAPEUTICS INC COM USD.001</name>
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        <cusip>31189P102</cusip>
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          <ticker value="FATE"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BLUEBIRD BIO INC COM USD.01</name>
        <lei>N/A</lei>
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        <cusip>09609G100</cusip>
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          <ticker value="BLUE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Beam Therapeutics Inc COM USD 0.01</name>
        <lei>N/A</lei>
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        <cusip>07373V105</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Autolus Therapeutics PLC SPONSORED ADR</name>
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        <title>Autolus Therapeutics PLC SPONSORED ADR</title>
        <cusip>05280R100</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ACADIA PHARMACEUTICALS INC COM USD.0001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REVANCE THERAPEUTICS INC COM USD.001</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <lei>529900J4GJHPEPQ23205</lei>
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        <cusip>04335A105</cusip>
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        <lei>549300UJLWOIWFDGB318</lei>
        <title>PTC THERAPEUTICS INC COM USD.001</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VERTEX PHARMACEUTICALS INC COM USD.01</name>
        <lei>54930015RAQRRZ5ZGJ91</lei>
        <title>VERTEX PHARMACEUTICALS INC COM USD.01</title>
        <cusip>92532F100</cusip>
        <identifiers>
          <ticker value="VRTX"/>
          <other otherDesc="Internal Identifier" value="43691"/>
        </identifiers>
        <balance>339700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85332640.00000000</valUSD>
        <pctVal>7.251458393264</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>Alector Inc COM USD 0.0001</name>
        <lei>549300Z8RQOIY1JMHC25</lei>
        <title>Alector Inc COM USD 0.0001</title>
        <cusip>014442107</cusip>
        <identifiers>
          <ticker value="ALEC"/>
          <other otherDesc="Internal Identifier" value="960216"/>
        </identifiers>
        <balance>135600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3352032.00000000</valUSD>
        <pctVal>0.284851383724</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>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
