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      <invstOrSec>
        <name>Tourmaline Oil Corp.</name>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Xylem, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Antofagasta plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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      <invstOrSec>
        <name>TechnipFMC plc</name>
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        <name>Cadeler A/S</name>
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        <name>Solaris Energy Infrastructure, Inc.</name>
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        <name>Phillips 66</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GE Vernova, Inc.</name>
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        <title>GE Vernova, Inc.</title>
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        <name>Trican Well Service Ltd.</name>
        <lei>5493003PMAE3KEW1DL91</lei>
        <title>Trican Well Service Ltd.</title>
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        <name>Cactus, Inc.</name>
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        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
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        <name>Cheniere Energy, Inc.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
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        <name>Capstone Copper Corp.</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>Capstone Copper Corp.</title>
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        <name>Redwood Materials, Inc.</name>
        <lei>5493008UYCX7OTNK6D78</lei>
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        <name>Glencore plc</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore plc</title>
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        <name>Lindian Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Lindian Resources Ltd.</title>
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        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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      <invstOrSec>
        <name>Ranger Energy Services, Inc.</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>Ranger Energy Services, Inc., Class A</title>
        <cusip>75282U104</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
        <cusip>969457100</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Nutrien Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Huntsman Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tamboran Resources Corp.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>Albemarle Corp.</name>
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        <name>Enbridge, Inc.</name>
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        <name>Corteva, Inc.</name>
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        <name>Hudbay Minerals, Inc.</name>
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        <name>Canadian Dollar</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ranger Energy Services, Inc.</name>
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        <name>Teck Resources Ltd.</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Air Products and Chemicals, Inc.</name>
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        <name>Alamos Gold, Inc.</name>
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        <name>Neo Performance Materials, Inc.</name>
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        <name>Matador Resources Co.</name>
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        <name>Oil States International, Inc.</name>
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        <name>Aclara Resources, Inc.</name>
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        <name>Ball Corp.</name>
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        <name>SLB Ltd.</name>
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        <title>SLB Ltd.</title>
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        <invCountry>CW</invCountry>

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        <name>IperionX Ltd.</name>
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        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
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      <invstOrSec>
        <name>EQT Corp.</name>
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      <invstOrSec>
        <name>Chevron Corp.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TC Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Halliburton Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TotalEnergies SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bunge Global SA</name>
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        <name>ERO Copper Corp.</name>
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        <name>Coterra Energy, Inc.</name>
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        <name>B2Gold Corp.</name>
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        <name>Precision Drilling Corp.</name>
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        <name>Badger Meter, Inc.</name>
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        <name>T1 Energy, Inc.</name>
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        <name>Valterra Platinum Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>South32 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baker Hughes Co.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equinox Gold Corp.</name>
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        <title>Equinox Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cameco Corp.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Fortress Energy, Inc.</name>
        <lei>254900EICTYTCHA5X705</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Technip Energies NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anglo American plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crown Holdings, Inc.</name>
        <lei>NYLWZIOY8PUNIT4JOE22</lei>
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      <invstOrSec>
        <name>Albemarle Corp.</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <title>Franklin Institutional U.S. Government Money Market Fund</title>
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        <invCountry>US</invCountry>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <name>Lundin Mining Corp.</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp.</title>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
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        <name>Liberty Energy, Inc.</name>
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        <name>Select Water Solutions, Inc.</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>Select Water Solutions, Inc., Class A</title>
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        <name>MP Materials Corp.</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP Materials Corp.</title>
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        <name>Agnico Eagle Mines Ltd.</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
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        <invCountry>CA</invCountry>
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        <name>Suncor Energy, Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc.</title>
        <cusip>867224107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Packaging Corp. of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>Packaging Corp. of America</title>
        <cusip>695156109</cusip>
        <identifiers>
          <isin value="US6951561090"/>
          <other otherDesc="Inhouse Asset ID" value="182106"/>
        </identifiers>
        <balance>8400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1644384.00000000</valUSD>
        <pctVal>0.461156253922</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>Ivanhoe Electric, Inc.</name>
        <lei>N/A</lei>
        <title>Ivanhoe Electric, Inc.</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
          <other otherDesc="Inhouse Asset ID" value="1202551"/>
        </identifiers>
        <balance>56101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>829733.79000000</valUSD>
        <pctVal>0.232693170421</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>Brazilian Rare Earths Ltd.</name>
        <lei>9845008972A00C4E4C60</lei>
        <title>Brazilian Rare Earths Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000305815"/>
          <other otherDesc="Inhouse Asset ID" value="1365641"/>
        </identifiers>
        <balance>581286.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52835090"/>
        <valUSD>2175518.66000000</valUSD>
        <pctVal>0.610109339172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Linde plc</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
          <other otherDesc="Inhouse Asset ID" value="1239901"/>
        </identifiers>
        <balance>15700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6567310.00000000</valUSD>
        <pctVal>1.841757203883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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>2025-12-01</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>
