Exhibit (b)

                                CERTIFICATIONS


                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURSUANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Jimmy D. Gambill,  Chief Executive Officer of the FRANKLIN STRATEGIC MORTGAGE
PORTFOLIO (the  "Registrant"),  certify,  pursuant to 18 U.S.C.  Section 1350 as
adopted pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002, that, to my
knowledge:

     1.   The  periodic  report on Form N-CSR of the  Registrant  for the period
          ended   9/30/2007   (the  "Form  N-CSR")   fully   complies  with  the
          requirements of Section 13(a) or 15(d) of the Securities  Exchange Act
          of 1934; and

     2.   The information  contained in the Form N-CSR fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Registrant.

Dated:  11/27/07

                            /s/ JIMMY D. GAMBILL

                            Jimmy D. Gambill
                            Chief Executive Officer - Finance and Administration










                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURSUANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Galen G. Vetter,  Chief Financial Officer of the FRANKLIN  STRATEGIC MORTGAGE
PORTFOLIO (the  "Registrant"),  certify,  pursuant to 18 U.S.C.  Section 1350 as
adopted pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002, that, to my
knowledge:

     1.   The  periodic  report on Form N-CSR of the  Registrant  for the period
          ended   9/30/2007   (the  "Form  N-CSR")   fully   complies  with  the
          requirements of Section 13(a) or 15(d) of the Securities  Exchange Act
          of 1934; and

     2.   The information  contained in the Form N-CSR fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Registrant.

Dated:  11/27/07

                                    /s/ GALEN G. VETTER

                                    Galen G. Vetter
                                    Chief Financial Officer