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      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHS/Community Health Systems, Inc.</name>
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        <title>CHS/Community Health Systems, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Golden Nugget, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bausch Health Cos., Inc.</name>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
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        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
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        <balance>174000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mauser Packaging Solutions Holding Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <balance>100000.00000000</balance>
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        <valUSD>121106.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57497.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>CHS/Community Health Systems, Inc.</name>
        <lei>5493007X5NC5XI1BB106</lei>
        <title>CHS/Community Health Systems, Inc.</title>
        <cusip>12543DBE9</cusip>
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          <isin value="US12543DBE94"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378515.63000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
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        <valUSD>53457.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chesapeake Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Chesapeake Energy Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Cleveland-Cliffs, Inc.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
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        <invCountry>US</invCountry>
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        <name>Sprint Communications, Inc.</name>
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        <name>MPH Acquisition Holdings LLC</name>
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        <name>Par Pharmaceutical, Inc.</name>
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        <name>WESCO Distribution, Inc.</name>
        <lei>549300I2CEZJG9N4AH67</lei>
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        <name>Tenet Healthcare Corp.</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>United Airlines Pass-Through Trust, Series 2020-1, Class A</title>
        <cusip>90931GAA7</cusip>
        <identifiers>
          <isin value="US90931GAA76"/>
          <other otherDesc="Inhouse Asset ID" value="1130873"/>
        </identifiers>
        <balance>97582.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109845.56000000</valUSD>
        <pctVal>3.029204239728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
        <cusip>37045VAV2</cusip>
        <identifiers>
          <isin value="US37045VAV27"/>
          <other otherDesc="Inhouse Asset ID" value="1068501"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119118.71000000</valUSD>
        <pctVal>3.284929325891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc.</title>
        <cusip>737446AN4</cusip>
        <identifiers>
          <isin value="US737446AN44"/>
          <other otherDesc="Inhouse Asset ID" value="679666"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115676.00000000</valUSD>
        <pctVal>3.189989924351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp.</name>
        <lei>N/A</lei>
        <title>Calumet Specialty Products Partners LP / Calumet Finance Corp.</title>
        <cusip>131477AQ4</cusip>
        <identifiers>
          <isin value="US131477AQ49"/>
          <other otherDesc="Inhouse Asset ID" value="627242"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107100.95000000</valUSD>
        <pctVal>2.953516298873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
        <cusip>64110LAS5</cusip>
        <identifiers>
          <isin value="US64110LAS51"/>
          <other otherDesc="Inhouse Asset ID" value="942368"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85506.00000000</valUSD>
        <pctVal>2.357993693347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
        <cusip>674599DY8</cusip>
        <identifiers>
          <isin value="US674599DY89"/>
          <other otherDesc="Inhouse Asset ID" value="1087700"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>58125.00000000</valUSD>
        <pctVal>1.602909543491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Univision Communications, Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc.</title>
        <cusip>914906AS1</cusip>
        <identifiers>
          <isin value="US914906AS13"/>
          <other otherDesc="Inhouse Asset ID" value="597350"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>110310.75000000</valUSD>
        <pctVal>3.042032755694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179VQT0</cusip>
        <identifiers>
          <isin value="US36179VQT07"/>
          <other otherDesc="Inhouse Asset ID" value="1094362"/>
        </identifiers>
        <balance>126021.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131318.91000000</valUSD>
        <pctVal>3.621373489547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
        </identifiers>
        <balance>57902.84000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57902.84000000</valUSD>
        <pctVal>1.596783050860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISH DBS Corp.</name>
        <lei>N/A</lei>
        <title>DISH DBS Corp.</title>
        <cusip>25470XAJ4</cusip>
        <identifiers>
          <isin value="US25470XAJ46"/>
          <other otherDesc="Inhouse Asset ID" value="530689"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114804.80000000</valUSD>
        <pctVal>3.165964895632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2021-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Strategic Series</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>
