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        <name>Jade Biosciences, Inc.</name>
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        <name>Alto Neuroscience, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>Amylyx Pharmaceuticals, Inc.</name>
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        <name>Apogee Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Arcutis Biotherapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Argenx SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Artiva Biotherapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Artiva Biotherapeutics, Inc.</title>
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          <isin value="US04317A1079"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Aura Biosciences, Inc.</name>
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        <name>Avalo Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bicara Therapeutics, Inc.</name>
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        <name>BeOne Medicines Ltd.</name>
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        <name>Benitec Biopharma, Inc.</name>
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        <name>BioNTech SE</name>
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        <name>BioAge Labs, Inc.</name>
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        <title>BioAge Labs, Inc.</title>
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        <name>Sanofi SA</name>
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        <name>Bridgebio Pharma, Inc.</name>
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        <name>Cardiff Oncology, Inc.</name>
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        <name>CG oncology, Inc.</name>
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        <title>CG oncology, Inc.</title>
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        <name>Context Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Context Therapeutics, Inc.</title>
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      <invstOrSec>
        <name>Contineum Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Contineum Therapeutics, Inc., Class A</title>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Inventiva SACA</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Mineralys Therapeutics, Inc.</name>
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        <name>Mirum Pharmaceuticals, Inc.</name>
        <lei>254900YZKR40F7F27K81</lei>
        <title>Mirum Pharmaceuticals, Inc.</title>
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        <name>Neurocrine Biosciences, Inc.</name>
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        <name>Nuvalent, Inc.</name>
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        <name>Olema Pharmaceuticals, Inc.</name>
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        <name>ORIC Pharmaceuticals, Inc.</name>
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        <name>Oruka Therapeutics, Inc.</name>
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        <name>PTC Therapeutics, Inc.</name>
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        <name>Palisade Bio, Inc.</name>
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        <name>Palisade Bio, Inc.</name>
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        <name>Phathom Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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        <name>Praxis Precision Medicines, Inc.</name>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
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        <name>Relay Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Revolution Medicines, Inc.</name>
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        <name>Benitec Biopharma, Inc.</name>
        <lei>N/A</lei>
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        <name>Satellos Bioscience, Inc.</name>
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        <name>Sensei Biotherapeutics, Inc.</name>
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        <name>ARS Pharmaceuticals, Inc.</name>
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        <name>Sionna Therapeutics, Inc.</name>
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        <name>Solid Biosciences, Inc.</name>
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        <name>SpyGlass Pharma, Inc.</name>
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        <title>SpyGlass Pharma, Inc.</title>
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        <name>Structure Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Structure Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Syndax Pharmaceuticals, Inc.</name>
        <lei>529900OF94TRHKZVBS87</lei>
        <title>Syndax Pharmaceuticals, Inc.</title>
        <cusip>87164F105</cusip>
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      <invstOrSec>
        <name>Tango Therapeutics, Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ultragenyx Pharmaceutical, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vaxcyte, Inc.</name>
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          <isin value="US92243G1085"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VeraDermics, Inc.</name>
        <lei>N/A</lei>
        <title>VeraDermics, Inc.</title>
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          <isin value="US9229671048"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Verastem, Inc.</name>
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        <title>Verastem, Inc.</title>
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          <isin value="US92337C2035"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vertex Pharmaceuticals, Inc.</name>
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          <isin value="US92532F1003"/>
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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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        <name>Xenon Pharmaceuticals, Inc.</name>
        <lei>549300XV44Q9Z1MIPQ03</lei>
        <title>Xenon Pharmaceuticals, Inc.</title>
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          <isin value="CA98420N1050"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zentalis Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Zentalis Pharmaceuticals, Inc.</title>
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          <isin value="US98943L1070"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IN8bio, Inc.</name>
        <lei>549300H68IVCRKSGSL94</lei>
        <title>IN8bio, Inc., Series C</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Achieve Life Sciences, Inc.</name>
        <lei>549300V82ZKZDTAU0A46</lei>
        <title>Achieve Life Sciences, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Assembly Biosciences, Inc.</name>
        <lei>5299007Y1X8RBDFT8C40</lei>
        <title>Assembly Biosciences, Inc., Series A</title>
        <cusip>N/A</cusip>
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        <balance>44450.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Assembly Biosciences, Inc.</name>
        <lei>5299007Y1X8RBDFT8C40</lei>
        <title>Assembly Biosciences, Inc., Series B</title>
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        <balance>44450.00000000</balance>
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        <fairValLevel>3</fairValLevel>
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        <name>Sensei Biotherapeutics, Inc.</name>
        <lei>8945002MP2CXKAENWU30</lei>
        <title>Sensei Biotherapeutics, Inc., Series B</title>
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        <assetCat>EP</assetCat>
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        <name>Candid Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Candid Therapeutics, Inc.</title>
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        <name>Acumen Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Acumen Pharmaceuticals, Inc.</title>
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        <name>Obsidian Therapeutics, Inc.</name>
        <lei>N/A</lei>
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        <name>Ray Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Ray Therapeutics, Inc., Series B</title>
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        <name>Achieve Life Sciences, Inc.</name>
        <lei>549300V82ZKZDTAU0A46</lei>
        <title>Achieve Life Sciences, Inc.</title>
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        <name>Achieve Life Sciences, Inc.</name>
        <lei>549300V82ZKZDTAU0A46</lei>
        <title>Achieve Life Sciences, Inc.</title>
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        <name>Oruka Therapeutics, Inc.</name>
        <lei>529900TG7O4ESUDMGI54</lei>
        <title>Oruka Therapeutics, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Contineum Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Contineum Therapeutics, Inc., Class A</title>
        <cusip>21217B100</cusip>
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        <balance>295058.00000000</balance>
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        <assetCat>EC</assetCat>
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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>Spyre Therapeutics, Inc.</name>
        <lei>52990017AIJPRH3HQH40</lei>
        <title>Spyre Therapeutics, Inc.</title>
        <cusip>00773J202</cusip>
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          <isin value="US00773J2024"/>
          <other otherDesc="Inhouse Asset ID" value="630868"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16379000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Structure Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Structure Therapeutics, Inc.</title>
        <cusip>86366E106</cusip>
        <identifiers>
          <isin value="US86366E1064"/>
          <other otherDesc="Inhouse Asset ID" value="1236609"/>
        </identifiers>
        <balance>34633.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1435537.85000000</valUSD>
        <pctVal>0.138566793027</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>Alto Neuroscience, Inc.</name>
        <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>4235696.20000000</valUSD>
        <pctVal>0.408855007669</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>Satellos Bioscience, Inc.</name>
        <lei>529900EN243BZ5QC9N39</lei>
        <title>Satellos Bioscience, Inc.</title>
        <cusip>80401L803</cusip>
        <identifiers>
          <isin value="CA80401L8033"/>
          <other otherDesc="Inhouse Asset ID" value="1414384"/>
        </identifiers>
        <balance>96830.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>766313.91000000</valUSD>
        <pctVal>0.073969251985</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vicore Pharma Holding AB</name>
        <lei>549300KTNBPTZLF01130</lei>
        <title>Vicore Pharma Holding AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0007577895"/>
          <other otherDesc="Inhouse Asset ID" value="1169744"/>
        </identifiers>
        <balance>1307598.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.23275000"/>
        <valUSD>1413428.07000000</valUSD>
        <pctVal>0.136432623378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sartorius Stedim Biotech</name>
        <lei>52990006IVXY7GCSSR39</lei>
        <title>Sartorius Stedim Biotech</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013154002"/>
          <other otherDesc="Inhouse Asset ID" value="326852"/>
        </identifiers>
        <balance>10100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>1866598.31000000</valUSD>
        <pctVal>0.180175354963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danish Krone</name>
        <lei>N/A</lei>
        <title>Danish Krone</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="DKK"/>
        </identifiers>
        <balance>739.99000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="DKK" exchangeRt="6.36715000"/>
        <valUSD>116.22000000</valUSD>
        <pctVal>0.000011218257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin Institutional U.S. Government Money Market Fund</name>
        <lei>N/A</lei>
        <title>Franklin Institutional U.S. Government Money Market Fund</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
        </identifiers>
        <balance>31626763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31626763.00000000</valUSD>
        <pctVal>3.052806390818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="31626763.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alkermes plc</name>
        <lei>N/A</lei>
        <title>Alkermes plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B56GVS15"/>
          <other otherDesc="Inhouse Asset ID" value="502975"/>
        </identifiers>
        <balance>232937.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7852306.27000000</valUSD>
        <pctVal>0.757952078868</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>
      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <other otherDesc="Inhouse Asset ID" value="1225976"/>
        </identifiers>
        <balance>102531.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19211233.47000000</valUSD>
        <pctVal>1.854384412111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JATT II Acquisition Corp.</name>
        <lei>N/A</lei>
        <title>JATT II Acquisition Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG507651092"/>
          <other otherDesc="Inhouse Asset ID" value="1608948"/>
        </identifiers>
        <balance>146753.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1542374.03000000</valUSD>
        <pctVal>0.148879267088</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>Jazz Pharmaceuticals plc</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>Jazz Pharmaceuticals plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B4Q5ZN47"/>
          <other otherDesc="Inhouse Asset ID" value="514264"/>
        </identifiers>
        <balance>283073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57469480.46000000</valUSD>
        <pctVal>5.547301733829</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>
      <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>129742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29760219.96000000</valUSD>
        <pctVal>2.872636370850</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>Newamsterdam Pharma Co. NV</name>
        <lei>984500B6549TF6E14D36</lei>
        <title>Newamsterdam Pharma Co. NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL00150012L7"/>
          <other otherDesc="Inhouse Asset ID" value="1366410"/>
        </identifiers>
        <balance>187726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5361454.56000000</valUSD>
        <pctVal>0.517520011290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4639776.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>uniQure NV</name>
        <lei>724500RPCTZLFYJZ3S98</lei>
        <title>uniQure NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010696654"/>
          <other otherDesc="Inhouse Asset ID" value="569776"/>
        </identifiers>
        <balance>175121.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3493663.95000000</valUSD>
        <pctVal>0.337229568322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carmot Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Carmot Therapeutics, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1324740"/>
        </identifiers>
        <balance>83100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>534288.96000000</valUSD>
        <pctVal>0.051572800910</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>Lycia LLC</name>
        <lei>N/A</lei>
        <title>Lycia LLC, Series C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1349243"/>
        </identifiers>
        <balance>859370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3017588.38000000</valUSD>
        <pctVal>0.291275875793</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>Candid, Inc.</name>
        <lei>N/A</lei>
        <title>Candid, Inc., Series B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1383625"/>
        </identifiers>
        <balance>1519609.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2372462.20000000</valUSD>
        <pctVal>0.229004396249</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>
    </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>
