2025-05-1274200011100_FranklinGrowthOpportunitiesFund_ClassA


Franklin Biotechnology Discovery Fund
Class A [FBDIX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Biotechnology Discovery Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$99	1.01%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class A shares of Franklin Biotechnology Discovery Fund returned -3.64%. The Fund compares its performance to the NASDAQ Biotechnology Index and the S&P 500 Index, which returned 2.36% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweighting and stock selection in the health care services industry, where the shares of lead contributor Guardant Health more than doubled in value.
↑	Underweighting and stock selection in the life sciences tools and services industry, where the Fund had no exposure to numerous index component companies that sustained double-digit percentage losses.
↑	Exceptionally high one-year returns for several overweighted or off-benchmark holdings in the biotechnology and pharmaceuticals industries, including key contributors Insmed, Benitec Biopharma, Arcutis Biotherapeutics, PTC Therapeutics, uniQure (purchased during the period), ARS Pharmaceuticals and Argenx. Notably, the Fund’s lack of investment in poor-performing index component company Moderna boosted relative returns more than any of these actively-held contributors.


Top detractors from performance:
↓	Stock selection and overall declines in the biotechnology industry (averaging just over 79% of the portfolio), while biotech firms tracked by the benchmark index appreciated; several overweight or off-benchmark holdings sustained double-digit percentage losses, including Cullinan Therapeutics, Day One Biopharmaceuticals, HilleVax, and Spyre Therapeutics.
↓	Underweighting in Gilead Sciences, Alnylam Pharmaceuticals and other biotech stocks that posted exceptional gains, as well as the Fund’s lack of investment in Summit Therapeutics, which saw a roughly sixfold increase on the benchmark index.
↓	Stock selection in the pharmaceuticals industry (averaging 13.4% of total net assets), where EyePoint Pharmaceuticals, Contineum Therapeutics and Alto Neuroscience were among the key detractors. Elsewhere in the portfolio, a substantial loss for off-index bioprocessing and laboratory supplies specialist Avantor was a key hindrance in the life sciences tools and services industry.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	-3.64	2.16	1.93
Class A (with sales charge)	-8.93	1.01	1.36
Russell 3000 Index	11.40	15.12	11.68
NASDAQ Biotechnology Index	2.36	1.78	1.99
S&P 500 Index	12.10	15.61	12.32

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$707,416,266
Total Number of Portfolio Holdings^*	95
Total Management Fee Paid	$5,096,357
Portfolio Turnover Rate	21.87%

*	Does not include derivatives, except purchased options, if any.


Franklin Biotechnology Discovery Fund
Class C [FBTDX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$172	1.76%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class C shares of Franklin Biotechnology Discovery Fund returned -4.36%. The Fund compares its performance to the NASDAQ Biotechnology Index and the S&P 500 Index, which returned 2.36% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweighting and stock selection in the health care services industry, where the shares of lead contributor Guardant Health more than doubled in value.
↑	Underweighting and stock selection in the life sciences tools and services industry, where the Fund had no exposure to numerous index component companies that sustained double-digit percentage losses.
↑	Exceptionally high one-year returns for several overweighted or off-benchmark holdings in the biotechnology and pharmaceuticals industries, including key contributors Insmed, Benitec Biopharma, Arcutis Biotherapeutics, PTC Therapeutics, uniQure (purchased during the period), ARS Pharmaceuticals and Argenx. Notably, the Fund’s lack of investment in poor-performing index component company Moderna boosted relative returns more than any of these actively-held contributors.


Top detractors from performance:
↓	Stock selection and overall declines in the biotechnology industry (averaging just over 79% of the portfolio), while biotech firms tracked by the benchmark index appreciated; several overweight or off-benchmark holdings sustained double-digit percentage losses, including Cullinan Therapeutics, Day One Biopharmaceuticals, HilleVax, and Spyre Therapeutics.
↓	Underweighting in Gilead Sciences, Alnylam Pharmaceuticals and other biotech stocks that posted exceptional gains, as well as the Fund’s lack of investment in Summit Therapeutics, which saw a roughly sixfold increase on the benchmark index.
↓	Stock selection in the pharmaceuticals industry (averaging 13.4% of total net assets), where EyePoint Pharmaceuticals, Contineum Therapeutics and Alto Neuroscience were among the key detractors. Elsewhere in the portfolio, a substantial loss for off-index bioprocessing and laboratory supplies specialist Avantor was a key hindrance in the life sciences tools and services industry.


Franklin Biotechnology Discovery Fund
Class R6 [FRBRX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$65	0.66%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Biotechnology Discovery Fund returned -3.31%. The Fund compares its performance to the NASDAQ Biotechnology Index and the S&P 500 Index, which returned 2.36% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweighting and stock selection in the health care services industry, where the shares of lead contributor Guardant Health more than doubled in value.
↑	Underweighting and stock selection in the life sciences tools and services industry, where the Fund had no exposure to numerous index component companies that sustained double-digit percentage losses.
↑	Exceptionally high one-year returns for several overweighted or off-benchmark holdings in the biotechnology and pharmaceuticals industries, including key contributors Insmed, Benitec Biopharma, Arcutis Biotherapeutics, PTC Therapeutics, uniQure (purchased during the period), ARS Pharmaceuticals and Argenx. Notably, the Fund’s lack of investment in poor-performing index component company Moderna boosted relative returns more than any of these actively-held contributors.


Top detractors from performance:
↓	Stock selection and overall declines in the biotechnology industry (averaging just over 79% of the portfolio), while biotech firms tracked by the benchmark index appreciated; several overweight or off-benchmark holdings sustained double-digit percentage losses, including Cullinan Therapeutics, Day One Biopharmaceuticals, HilleVax, and Spyre Therapeutics.
↓	Underweighting in Gilead Sciences, Alnylam Pharmaceuticals and other biotech stocks that posted exceptional gains, as well as the Fund’s lack of investment in Summit Therapeutics, which saw a roughly sixfold increase on the benchmark index.
↓	Stock selection in the pharmaceuticals industry (averaging 13.4% of total net assets), where EyePoint Pharmaceuticals, Contineum Therapeutics and Alto Neuroscience were among the key detractors. Elsewhere in the portfolio, a substantial loss for off-index bioprocessing and laboratory supplies specialist Avantor was a key hindrance in the life sciences tools and services industry.


Franklin Biotechnology Discovery Fund
Advisor Class [FTDZX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$75	0.76%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Biotechnology Discovery Fund returned -3.41%. The Fund compares its performance to the NASDAQ Biotechnology Index and the S&P 500 Index, which returned 2.36% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweighting and stock selection in the health care services industry, where the shares of lead contributor Guardant Health more than doubled in value.
↑	Underweighting and stock selection in the life sciences tools and services industry, where the Fund had no exposure to numerous index component companies that sustained double-digit percentage losses.
↑	Exceptionally high one-year returns for several overweighted or off-benchmark holdings in the biotechnology and pharmaceuticals industries, including key contributors Insmed, Benitec Biopharma, Arcutis Biotherapeutics, PTC Therapeutics, uniQure (purchased during the period), ARS Pharmaceuticals and Argenx. Notably, the Fund’s lack of investment in poor-performing index component company Moderna boosted relative returns more than any of these actively-held contributors.


Top detractors from performance:
↓	Stock selection and overall declines in the biotechnology industry (averaging just over 79% of the portfolio), while biotech firms tracked by the benchmark index appreciated; several overweight or off-benchmark holdings sustained double-digit percentage losses, including Cullinan Therapeutics, Day One Biopharmaceuticals, HilleVax, and Spyre Therapeutics.
↓	Underweighting in Gilead Sciences, Alnylam Pharmaceuticals and other biotech stocks that posted exceptional gains, as well as the Fund’s lack of investment in Summit Therapeutics, which saw a roughly sixfold increase on the benchmark index.
↓	Stock selection in the pharmaceuticals industry (averaging 13.4% of total net assets), where EyePoint Pharmaceuticals, Contineum Therapeutics and Alto Neuroscience were among the key detractors. Elsewhere in the portfolio, a substantial loss for off-index bioprocessing and laboratory supplies specialist Avantor was a key hindrance in the life sciences tools and services industry.


Franklin Core Plus Bond Fund
Class A [FRSTX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Core Plus Bond Fund (previously known as Franklin Strategic Income Fund) for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$88	0.85%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2024, Class A shares of Franklin Core Plus Bond Fund returned 6.98%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 8.02% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight allocation to high-yield (HY) corporate bonds, senior secured floating-rate bank loans and collateralized loan obligations.
↑	Security selection in investment-grade (IG) corporate bonds.
↑	Exposure to the two- and five-year portions of the yield curve.


Top detractors from performance:
↓	Exposure to the 10-, 20- and 30-year portions of the yield curve.
↓	Underweight allocation to agency mortgage-backed securities (MBS).
↓	Security selection in HY corporate bonds.

Use of derivatives and the impact on performance:

The Fund utilized bond futures to manage duration exposure and high-yield credit default swap (CDS) to manage the Fund’s credit exposure. In aggregate, these instruments detracted slightly from performance.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	6.98	3.37	2.00
Class A (with sales charge)	2.91	2.57	1.61
Bloomberg U.S. Aggregate Index	8.02	-0.67	1.54

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective December 11, 2024, the Fund changed its name and adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$2,468,245,569
Total Number of Portfolio Holdings^*	719
Total Management Fee Paid	$10,452,494
Portfolio Turnover Rate	156.08%

*	Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?

Effective December 11, 2024, the Fund changed its name from the “Franklin Strategic Income Fund” to the “Franklin Core Plus Bond Fund”.

In addition, effective November 12, 2024, the Fund’s investment strategies were revised to reflect: (i) the Fund’s new core plus strategy, which means that the Fund invests primarily in investment-grade securities, but also may invest up to 30% of its assets in below investment-grade securities to potentially increase returns; and (ii) the Fund’s targeted average portfolio duration, which, under normal market conditions, is estimated to be within one and a half years of the average portfolio duration of the Fund’s benchmark, the Bloomberg U.S. Aggregate Index. Effective December 11, 2024, in connection with the Fund’s name change, the Fund added a principal investment policy to reflect that, under normal market conditions, the Fund invests at least 80% of its net assets in bonds including derivative instruments or other investments that have economic characteristics similar to bonds.

Also, effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.

Finally, effective January 1, 2025, the investment manager agreed to waive fees and/or reimburse operating expenses (excluding the Rule 12b-1 fees, acquired fund fees and expenses, and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.58% for each share class except Class R6 and 0.48% for Class R6.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by September 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.


Franklin Core Plus Bond Fund
Class C [FSGCX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$130	1.26%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2024, Class C shares of Franklin Core Plus Bond Fund returned 6.53%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 8.02% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight allocation to high-yield (HY) corporate bonds, senior secured floating-rate bank loans and collateralized loan obligations.
↑	Security selection in investment-grade (IG) corporate bonds.
↑	Exposure to the two- and five-year portions of the yield curve.


Top detractors from performance:
↓	Exposure to the 10-, 20- and 30-year portions of the yield curve.
↓	Underweight allocation to agency mortgage-backed securities (MBS).
↓	Security selection in HY corporate bonds.

Use of derivatives and the impact on performance:

HOW HAS THE FUND CHANGED?

Effective December 11, 2024, the Fund changed its name from the “Franklin Strategic Income Fund” to the “Franklin Core Plus Bond Fund”.

Also, effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING


Franklin Core Plus Bond Fund
Class R [FKSRX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$114	1.10%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2024, Class R shares of Franklin Core Plus Bond Fund returned 6.62%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 8.02% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight allocation to high-yield (HY) corporate bonds, senior secured floating-rate bank loans and collateralized loan obligations.
↑	Security selection in investment-grade (IG) corporate bonds.
↑	Exposure to the two- and five-year portions of the yield curve.


Top detractors from performance:
↓	Exposure to the 10-, 20- and 30-year portions of the yield curve.
↓	Underweight allocation to agency mortgage-backed securities (MBS).
↓	Security selection in HY corporate bonds.

Use of derivatives and the impact on performance:

HOW HAS THE FUND CHANGED?

Effective December 11, 2024, the Fund changed its name from the “Franklin Strategic Income Fund” to the “Franklin Core Plus Bond Fund”.

Also, effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING


Franklin Core Plus Bond Fund
Class R6 [FGKNX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$52	0.50%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2024, Class R6 shares of Franklin Core Plus Bond Fund returned 7.35%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 8.02% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight allocation to high-yield (HY) corporate bonds, senior secured floating-rate bank loans and collateralized loan obligations.
↑	Security selection in investment-grade (IG) corporate bonds.
↑	Exposure to the two- and five-year portions of the yield curve.


Top detractors from performance:
↓	Exposure to the 10-, 20- and 30-year portions of the yield curve.
↓	Underweight allocation to agency mortgage-backed securities (MBS).
↓	Security selection in HY corporate bonds.

Use of derivatives and the impact on performance:

HOW HAS THE FUND CHANGED?

Effective December 11, 2024, the Fund changed its name from the “Franklin Strategic Income Fund” to the “Franklin Core Plus Bond Fund”.

Also, effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING


Franklin Core Plus Bond Fund
Advisor Class [FKSAX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$62	0.60%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2024, Advisor Class shares of Franklin Core Plus Bond Fund returned 7.24%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 8.02% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight allocation to high-yield (HY) corporate bonds, senior secured floating-rate bank loans and collateralized loan obligations.
↑	Security selection in investment-grade (IG) corporate bonds.
↑	Exposure to the two- and five-year portions of the yield curve.


Top detractors from performance:
↓	Exposure to the 10-, 20- and 30-year portions of the yield curve.
↓	Underweight allocation to agency mortgage-backed securities (MBS).
↓	Security selection in HY corporate bonds.

Use of derivatives and the impact on performance:

HOW HAS THE FUND CHANGED?

Effective December 11, 2024, the Fund changed its name from the “Franklin Strategic Income Fund” to the “Franklin Core Plus Bond Fund”.

Also, effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING


Franklin Growth Opportunities Fund
Class A [FGRAX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$92	0.89%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class A shares of Franklin Growth Opportunities Fund returned 7.85%. The Fund compares its performance to the Russell 3000 Growth Index and the S&P 500 Index, which returned 14.07% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials and communication services sectors. Axon Enterprise, a law enforcement technology company, was a leading relative contributor in the industrials sector. A focus on force enhancement, efficiency and artificial intelligence (AI) technology from domestic and international police agencies have been growth drivers for Axon. In the communication services sector, the Fund benefited from a lack of certain index component stocks that fared poorly over the period.
↑	At the stock level, a below-index weighting in Microsoft helped relative returns in the information technology (IT) sector. The software giant’s cloud computing platform Azure continued to be profitable for the company but saw a moderation in growth.
↑	The IT sector also benefited from an investment in Fair Isaac—a credit scoring and data analytics provider. Pricing power and strong customer demand in its credit scoring business lifted the stock to a record high over the period. The company has a dominant position in mortgage scoring and is a vital component of the credit scoring process.


Top detractors from performance:
↓	Stock selection in the consumer discretionary sector was a driver of negative relative returns over the period, led lower by an underweight in Tesla. Stock performance for the electric carmaker was driven, in part, by positive market sentiment and increased expectations for growth following the 2024 presidential election and announcements on progress with their self-driving car, robotaxi and humanoid robot strategies.
↓	Stock selection in the IT sector had an adverse effect on relative performance. Underweights in Broadcom and Apple accounted for a large share of the Fund’s relative decline but added to absolute returns. Semiconductor company Broadcom saw significant growth in AI revenue supported by strong demand for its AI chips.
↓	Apple’s stock reached an all-time high in mid-July 2024 following the company’s announcement of Apple Intelligence, a software update that brings AI features across its products. The technology giant also announced a record US$110 billion share buyback program, making it the largest buyback in U.S. corporate history.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	7.85	11.45	11.08
Class A (with sales charge)	1.91	10.20	10.45
Russell 3000 Index	11.40	15.12	11.68
Russell 3000 Growth Index	14.07	16.71	14.72
S&P 500 Index	12.10	15.61	12.32

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$4,160,453,860
Total Number of Portfolio Holdings^*	85
Total Management Fee Paid	$24,439,109
Portfolio Turnover Rate	27.59%

*	Does not include derivatives, except purchased options, if any.


Franklin Growth Opportunities Fund
Class C [FKACX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$170	1.64%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class C shares of Franklin Growth Opportunities Fund returned 7.03%. The Fund compares its performance to the Russell 3000 Growth Index and the S&P 500 Index, which returned 14.07% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials and communication services sectors. Axon Enterprise, a law enforcement technology company, was a leading relative contributor in the industrials sector. A focus on force enhancement, efficiency and artificial intelligence (AI) technology from domestic and international police agencies have been growth drivers for Axon. In the communication services sector, the Fund benefited from a lack of certain index component stocks that fared poorly over the period.
↑	At the stock level, a below-index weighting in Microsoft helped relative returns in the information technology (IT) sector. The software giant’s cloud computing platform Azure continued to be profitable for the company but saw a moderation in growth.
↑	The IT sector also benefited from an investment in Fair Isaac—a credit scoring and data analytics provider. Pricing power and strong customer demand in its credit scoring business lifted the stock to a record high over the period. The company has a dominant position in mortgage scoring and is a vital component of the credit scoring process.


Top detractors from performance:
↓	Stock selection in the consumer discretionary sector was a driver of negative relative returns over the period, led lower by an underweight in Tesla. Stock performance for the electric carmaker was driven, in part, by positive market sentiment and increased expectations for growth following the 2024 presidential election and announcements on progress with their self-driving car, robotaxi and humanoid robot strategies.
↓	Stock selection in the IT sector had an adverse effect on relative performance. Underweights in Broadcom and Apple accounted for a large share of the Fund’s relative decline but added to absolute returns. Semiconductor company Broadcom saw significant growth in AI revenue supported by strong demand for its AI chips.
↓	Apple’s stock reached an all-time high in mid-July 2024 following the company’s announcement of Apple Intelligence, a software update that brings AI features across its products. The technology giant also announced a record US$110 billion share buyback program, making it the largest buyback in U.S. corporate history.


Franklin Growth Opportunities Fund
Class R [FKARX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$118	1.14%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R shares of Franklin Growth Opportunities Fund returned 7.57%. The Fund compares its performance to the Russell 3000 Growth Index and the S&P 500 Index, which returned 14.07% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials and communication services sectors. Axon Enterprise, a law enforcement technology company, was a leading relative contributor in the industrials sector. A focus on force enhancement, efficiency and artificial intelligence (AI) technology from domestic and international police agencies have been growth drivers for Axon. In the communication services sector, the Fund benefited from a lack of certain index component stocks that fared poorly over the period.
↑	At the stock level, a below-index weighting in Microsoft helped relative returns in the information technology (IT) sector. The software giant’s cloud computing platform Azure continued to be profitable for the company but saw a moderation in growth.
↑	The IT sector also benefited from an investment in Fair Isaac—a credit scoring and data analytics provider. Pricing power and strong customer demand in its credit scoring business lifted the stock to a record high over the period. The company has a dominant position in mortgage scoring and is a vital component of the credit scoring process.


Top detractors from performance:
↓	Stock selection in the consumer discretionary sector was a driver of negative relative returns over the period, led lower by an underweight in Tesla. Stock performance for the electric carmaker was driven, in part, by positive market sentiment and increased expectations for growth following the 2024 presidential election and announcements on progress with their self-driving car, robotaxi and humanoid robot strategies.
↓	Stock selection in the IT sector had an adverse effect on relative performance. Underweights in Broadcom and Apple accounted for a large share of the Fund’s relative decline but added to absolute returns. Semiconductor company Broadcom saw significant growth in AI revenue supported by strong demand for its AI chips.
↓	Apple’s stock reached an all-time high in mid-July 2024 following the company’s announcement of Apple Intelligence, a software update that brings AI features across its products. The technology giant also announced a record US$110 billion share buyback program, making it the largest buyback in U.S. corporate history.


Franklin Growth Opportunities Fund
Class R6 [FOPPX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$59	0.57%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Growth Opportunities Fund returned 8.19%. The Fund compares its performance to the Russell 3000 Growth Index and the S&P 500 Index, which returned 14.07% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials and communication services sectors. Axon Enterprise, a law enforcement technology company, was a leading relative contributor in the industrials sector. A focus on force enhancement, efficiency and artificial intelligence (AI) technology from domestic and international police agencies have been growth drivers for Axon. In the communication services sector, the Fund benefited from a lack of certain index component stocks that fared poorly over the period.
↑	At the stock level, a below-index weighting in Microsoft helped relative returns in the information technology (IT) sector. The software giant’s cloud computing platform Azure continued to be profitable for the company but saw a moderation in growth.
↑	The IT sector also benefited from an investment in Fair Isaac—a credit scoring and data analytics provider. Pricing power and strong customer demand in its credit scoring business lifted the stock to a record high over the period. The company has a dominant position in mortgage scoring and is a vital component of the credit scoring process.


Top detractors from performance:
↓	Stock selection in the consumer discretionary sector was a driver of negative relative returns over the period, led lower by an underweight in Tesla. Stock performance for the electric carmaker was driven, in part, by positive market sentiment and increased expectations for growth following the 2024 presidential election and announcements on progress with their self-driving car, robotaxi and humanoid robot strategies.
↓	Stock selection in the IT sector had an adverse effect on relative performance. Underweights in Broadcom and Apple accounted for a large share of the Fund’s relative decline but added to absolute returns. Semiconductor company Broadcom saw significant growth in AI revenue supported by strong demand for its AI chips.
↓	Apple’s stock reached an all-time high in mid-July 2024 following the company’s announcement of Apple Intelligence, a software update that brings AI features across its products. The technology giant also announced a record US$110 billion share buyback program, making it the largest buyback in U.S. corporate history.


Franklin Growth Opportunities Fund
Advisor Class [FRAAX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$67	0.64%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Growth Opportunities Fund returned 8.12%. The Fund compares its performance to the Russell 3000 Growth Index and the S&P 500 Index, which returned 14.07% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials and communication services sectors. Axon Enterprise, a law enforcement technology company, was a leading relative contributor in the industrials sector. A focus on force enhancement, efficiency and artificial intelligence (AI) technology from domestic and international police agencies have been growth drivers for Axon. In the communication services sector, the Fund benefited from a lack of certain index component stocks that fared poorly over the period.
↑	At the stock level, a below-index weighting in Microsoft helped relative returns in the information technology (IT) sector. The software giant’s cloud computing platform Azure continued to be profitable for the company but saw a moderation in growth.
↑	The IT sector also benefited from an investment in Fair Isaac—a credit scoring and data analytics provider. Pricing power and strong customer demand in its credit scoring business lifted the stock to a record high over the period. The company has a dominant position in mortgage scoring and is a vital component of the credit scoring process.


Top detractors from performance:
↓	Stock selection in the consumer discretionary sector was a driver of negative relative returns over the period, led lower by an underweight in Tesla. Stock performance for the electric carmaker was driven, in part, by positive market sentiment and increased expectations for growth following the 2024 presidential election and announcements on progress with their self-driving car, robotaxi and humanoid robot strategies.
↓	Stock selection in the IT sector had an adverse effect on relative performance. Underweights in Broadcom and Apple accounted for a large share of the Fund’s relative decline but added to absolute returns. Semiconductor company Broadcom saw significant growth in AI revenue supported by strong demand for its AI chips.
↓	Apple’s stock reached an all-time high in mid-July 2024 following the company’s announcement of Apple Intelligence, a software update that brings AI features across its products. The technology giant also announced a record US$110 billion share buyback program, making it the largest buyback in U.S. corporate history.


Franklin Natural Resources Fund
Class A [FRNRX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Natural Resources Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$96	0.99%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class A shares of Franklin Natural Resources Fund returned -6.87%. The Fund compares its performance to the S&P North American Natural Resources Sector Index and the S&P Global Natural Resources Index, which returned -3.60% and -6.73%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the oilfield services industry, where robust gains for off-benchmark positions in Technip Energies and Ranger Energy Services were most beneficial. Portfolio underweighting in poor-performing integrated oil and gas companies such as Chevron and Exxon Mobil further buoyed the Fund’s energy sector results.
↑	Among metals and mining companies, exceptionally strong one-year gains for the Fund’s overweighted stakes in gold producers such as Alamos Gold and Newmont. Similarly elevated returns were seen with select contributors in the diversified metals and mining industry, led by a heavily-overweighted position in rare earths mining and processing company MP Materials.
↑	Off-benchmark investments in the fertilizers and agricultural chemicals industry, where Corteva and Nutrien were standout contributors; and in the industrial gases industry, where Air Products and Chemicals was the best of two holdings that added to both relative and absolute returns.


Top detractors from performance:
↓	Allocation in the oil and gas storage and transportation industry, where the Fund maintained much lighter-than-index exposures to Enbridge, Cheniere Energy and other energy pipeline/infrastructure companies that saw their equity values appreciate significantly on the back of expected natural gas demand to power artificial intelligence (AI) focused data centers.
↓	Keeping roughly seven times the benchmark’s modest exposure to underperforming diversified metals and mining companies, including several that suffered double-digit percentage declines. Overweighting in copper-focused miners was also detrimental as key detractor ERO Copper and all other related holdings shed considerable equity value despite long-term expectations for healthy demand from electrification trends.
↓	Off-benchmark renewable energy plays had a tough year amid shifting supply/demand, geopolitical and policy-related dynamics. Key detractors were Albemarle (battery-grade lithium mining), Fluence Energy (digital renewable energy storage solutions; sold by period-end), and some of Fluence’s green energy-focused peers in the electrical components and equipment industry.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	-6.87	18.07	0.64
Class A (with sales charge)	-11.99	16.74	0.07
Russell 3000 Index	11.40	15.12	11.68
S&P North American Natural Resources Sector Index	-3.60	18.67	3.94
S&P Global Natural Resources Index	-6.73	12.53	5.27

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$293,885,401
Total Number of Portfolio Holdings^*	91
Total Management Fee Paid	$1,743,418
Portfolio Turnover Rate	19.72%

*	Does not include derivatives, except purchased options, if any.


Franklin Natural Resources Fund
Class C [FNCRX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$167	1.74%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class C shares of Franklin Natural Resources Fund returned -7.58%. The Fund compares its performance to the S&P North American Natural Resources Sector Index and the S&P Global Natural Resources Index, which returned -3.60% and -6.73%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the oilfield services industry, where robust gains for off-benchmark positions in Technip Energies and Ranger Energy Services were most beneficial. Portfolio underweighting in poor-performing integrated oil and gas companies such as Chevron and Exxon Mobil further buoyed the Fund’s energy sector results.
↑	Among metals and mining companies, exceptionally strong one-year gains for the Fund’s overweighted stakes in gold producers such as Alamos Gold and Newmont. Similarly elevated returns were seen with select contributors in the diversified metals and mining industry, led by a heavily-overweighted position in rare earths mining and processing company MP Materials.
↑	Off-benchmark investments in the fertilizers and agricultural chemicals industry, where Corteva and Nutrien were standout contributors; and in the industrial gases industry, where Air Products and Chemicals was the best of two holdings that added to both relative and absolute returns.


Top detractors from performance:
↓	Allocation in the oil and gas storage and transportation industry, where the Fund maintained much lighter-than-index exposures to Enbridge, Cheniere Energy and other energy pipeline/infrastructure companies that saw their equity values appreciate significantly on the back of expected natural gas demand to power artificial intelligence (AI) focused data centers.
↓	Keeping roughly seven times the benchmark’s modest exposure to underperforming diversified metals and mining companies, including several that suffered double-digit percentage declines. Overweighting in copper-focused miners was also detrimental as key detractor ERO Copper and all other related holdings shed considerable equity value despite long-term expectations for healthy demand from electrification trends.
↓	Off-benchmark renewable energy plays had a tough year amid shifting supply/demand, geopolitical and policy-related dynamics. Key detractors were Albemarle (battery-grade lithium mining), Fluence Energy (digital renewable energy storage solutions; sold by period-end), and some of Fluence’s green energy-focused peers in the electrical components and equipment industry.


Franklin Natural Resources Fund
Class R6 [FNCSX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$60	0.62%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Natural Resources Fund returned -6.56%. The Fund compares its performance to the S&P North American Natural Resources Sector Index and the S&P Global Natural Resources Index, which returned -3.60% and -6.73%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the oilfield services industry, where robust gains for off-benchmark positions in Technip Energies and Ranger Energy Services were most beneficial. Portfolio underweighting in poor-performing integrated oil and gas companies such as Chevron and Exxon Mobil further buoyed the Fund’s energy sector results.
↑	Among metals and mining companies, exceptionally strong one-year gains for the Fund’s overweighted stakes in gold producers such as Alamos Gold and Newmont. Similarly elevated returns were seen with select contributors in the diversified metals and mining industry, led by a heavily-overweighted position in rare earths mining and processing company MP Materials.
↑	Off-benchmark investments in the fertilizers and agricultural chemicals industry, where Corteva and Nutrien were standout contributors; and in the industrial gases industry, where Air Products and Chemicals was the best of two holdings that added to both relative and absolute returns.


Top detractors from performance:
↓	Allocation in the oil and gas storage and transportation industry, where the Fund maintained much lighter-than-index exposures to Enbridge, Cheniere Energy and other energy pipeline/infrastructure companies that saw their equity values appreciate significantly on the back of expected natural gas demand to power artificial intelligence (AI) focused data centers.
↓	Keeping roughly seven times the benchmark’s modest exposure to underperforming diversified metals and mining companies, including several that suffered double-digit percentage declines. Overweighting in copper-focused miners was also detrimental as key detractor ERO Copper and all other related holdings shed considerable equity value despite long-term expectations for healthy demand from electrification trends.
↓	Off-benchmark renewable energy plays had a tough year amid shifting supply/demand, geopolitical and policy-related dynamics. Key detractors were Albemarle (battery-grade lithium mining), Fluence Energy (digital renewable energy storage solutions; sold by period-end), and some of Fluence’s green energy-focused peers in the electrical components and equipment industry.


Franklin Natural Resources Fund
Advisor Class [FNRAX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$72	0.74%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Natural Resources Fund returned -6.68%. The Fund compares its performance to the S&P North American Natural Resources Sector Index and the S&P Global Natural Resources Index, which returned -3.60% and -6.73%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the oilfield services industry, where robust gains for off-benchmark positions in Technip Energies and Ranger Energy Services were most beneficial. Portfolio underweighting in poor-performing integrated oil and gas companies such as Chevron and Exxon Mobil further buoyed the Fund’s energy sector results.
↑	Among metals and mining companies, exceptionally strong one-year gains for the Fund’s overweighted stakes in gold producers such as Alamos Gold and Newmont. Similarly elevated returns were seen with select contributors in the diversified metals and mining industry, led by a heavily-overweighted position in rare earths mining and processing company MP Materials.
↑	Off-benchmark investments in the fertilizers and agricultural chemicals industry, where Corteva and Nutrien were standout contributors; and in the industrial gases industry, where Air Products and Chemicals was the best of two holdings that added to both relative and absolute returns.


Top detractors from performance:
↓	Allocation in the oil and gas storage and transportation industry, where the Fund maintained much lighter-than-index exposures to Enbridge, Cheniere Energy and other energy pipeline/infrastructure companies that saw their equity values appreciate significantly on the back of expected natural gas demand to power artificial intelligence (AI) focused data centers.
↓	Keeping roughly seven times the benchmark’s modest exposure to underperforming diversified metals and mining companies, including several that suffered double-digit percentage declines. Overweighting in copper-focused miners was also detrimental as key detractor ERO Copper and all other related holdings shed considerable equity value despite long-term expectations for healthy demand from electrification trends.
↓	Off-benchmark renewable energy plays had a tough year amid shifting supply/demand, geopolitical and policy-related dynamics. Key detractors were Albemarle (battery-grade lithium mining), Fluence Energy (digital renewable energy storage solutions; sold by period-end), and some of Fluence’s green energy-focused peers in the electrical components and equipment industry.


Franklin Small Cap Growth Fund
Class A [FSGRX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$102	1.04%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class A shares of Franklin Small Cap Growth Fund returned -3.25%. The Fund compares its performance to the Russell 2000 Growth Index and the S&P 500 Index, which returned 2.42% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials sector was a driver of positive relative performance led by a position in Kratos Defense & Security. The defense contractor scored several lucrative contracts over the period, spotlighting the company’s continued growth and innovation in defense and security solutions.
↑	In the financials sector, Paymentus Holdings is an out-of-benchmark position that significantly contributed to returns. The bill payment services company has seen strong demand for its advanced payment platform and has onboarded several new, large enterprise clients.
↑	SiTime was a leading contributor in the information technology (IT) sector. The semiconductor manufacturer commands a significant portion of the precision timing industry and continued to see strong profit growth from its high-value applications and differentiated product offerings.


Top detractors from performance:
↓	At the sector level, relative returns were hurt most by stock selection in the health care sector, particularly in the biotechnology and health care equipment and supplies industries. Stock selection and an overweight in the IT sector also meaningfully detracted from relative results. Within IT, Onto innovation shares were hampered by a misalignment of supply-chain costs and inventory levels over the period.
↓	In the financials sector, relative performance was hindered by a position in global payments software company Flywire, which faced foreign exchange headwinds and student visa restrictions over the period.
↓	In the energy sector, Liberty Energy was a relative detractor as slower global economic growth and trade uncertainty curbed energy demand. Notable leadership changes at the company also introduced some uncertainty that added to the stock’s decline.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	-3.25	7.33	7.01
Class A (with sales charge)	-8.58	6.12	6.41
Russell 3000 Index	11.40	15.12	11.68
Russell 2000 Growth Index	2.42	7.60	6.39
S&P 500 Index	12.10	15.61	12.32

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$2,278,348,128
Total Number of Portfolio Holdings^*	124
Total Management Fee Paid	$16,586,955
Portfolio Turnover Rate	16.31%

*	Does not include derivatives, except purchased options, if any.


Franklin Small Cap Growth Fund
Class C [FCSGX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$175	1.79%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class C shares of Franklin Small Cap Growth Fund returned -3.98%. The Fund compares its performance to the Russell 2000 Growth Index and the S&P 500 Index, which returned 2.42% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials sector was a driver of positive relative performance led by a position in Kratos Defense & Security. The defense contractor scored several lucrative contracts over the period, spotlighting the company’s continued growth and innovation in defense and security solutions.
↑	In the financials sector, Paymentus Holdings is an out-of-benchmark position that significantly contributed to returns. The bill payment services company has seen strong demand for its advanced payment platform and has onboarded several new, large enterprise clients.
↑	SiTime was a leading contributor in the information technology (IT) sector. The semiconductor manufacturer commands a significant portion of the precision timing industry and continued to see strong profit growth from its high-value applications and differentiated product offerings.


Top detractors from performance:
↓	At the sector level, relative returns were hurt most by stock selection in the health care sector, particularly in the biotechnology and health care equipment and supplies industries. Stock selection and an overweight in the IT sector also meaningfully detracted from relative results. Within IT, Onto innovation shares were hampered by a misalignment of supply-chain costs and inventory levels over the period.
↓	In the financials sector, relative performance was hindered by a position in global payments software company Flywire, which faced foreign exchange headwinds and student visa restrictions over the period.
↓	In the energy sector, Liberty Energy was a relative detractor as slower global economic growth and trade uncertainty curbed energy demand. Notable leadership changes at the company also introduced some uncertainty that added to the stock’s decline.


Franklin Small Cap Growth Fund
Class R [FSSRX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$127	1.29%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R shares of Franklin Small Cap Growth Fund returned -3.50%. The Fund compares its performance to the Russell 2000 Growth Index and the S&P 500 Index, which returned 2.42% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials sector was a driver of positive relative performance led by a position in Kratos Defense & Security. The defense contractor scored several lucrative contracts over the period, spotlighting the company’s continued growth and innovation in defense and security solutions.
↑	In the financials sector, Paymentus Holdings is an out-of-benchmark position that significantly contributed to returns. The bill payment services company has seen strong demand for its advanced payment platform and has onboarded several new, large enterprise clients.
↑	SiTime was a leading contributor in the information technology (IT) sector. The semiconductor manufacturer commands a significant portion of the precision timing industry and continued to see strong profit growth from its high-value applications and differentiated product offerings.


Top detractors from performance:
↓	At the sector level, relative returns were hurt most by stock selection in the health care sector, particularly in the biotechnology and health care equipment and supplies industries. Stock selection and an overweight in the IT sector also meaningfully detracted from relative results. Within IT, Onto innovation shares were hampered by a misalignment of supply-chain costs and inventory levels over the period.
↓	In the financials sector, relative performance was hindered by a position in global payments software company Flywire, which faced foreign exchange headwinds and student visa restrictions over the period.
↓	In the energy sector, Liberty Energy was a relative detractor as slower global economic growth and trade uncertainty curbed energy demand. Notable leadership changes at the company also introduced some uncertainty that added to the stock’s decline.


Franklin Small Cap Growth Fund
Class R6 [FSMLX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$64	0.65%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Small Cap Growth Fund returned -2.88%. The Fund compares its performance to the Russell 2000 Growth Index and the S&P 500 Index, which returned 2.42% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials sector was a driver of positive relative performance led by a position in Kratos Defense & Security. The defense contractor scored several lucrative contracts over the period, spotlighting the company’s continued growth and innovation in defense and security solutions.
↑	In the financials sector, Paymentus Holdings is an out-of-benchmark position that significantly contributed to returns. The bill payment services company has seen strong demand for its advanced payment platform and has onboarded several new, large enterprise clients.
↑	SiTime was a leading contributor in the information technology (IT) sector. The semiconductor manufacturer commands a significant portion of the precision timing industry and continued to see strong profit growth from its high-value applications and differentiated product offerings.


Top detractors from performance:
↓	At the sector level, relative returns were hurt most by stock selection in the health care sector, particularly in the biotechnology and health care equipment and supplies industries. Stock selection and an overweight in the IT sector also meaningfully detracted from relative results. Within IT, Onto innovation shares were hampered by a misalignment of supply-chain costs and inventory levels over the period.
↓	In the financials sector, relative performance was hindered by a position in global payments software company Flywire, which faced foreign exchange headwinds and student visa restrictions over the period.
↓	In the energy sector, Liberty Energy was a relative detractor as slower global economic growth and trade uncertainty curbed energy demand. Notable leadership changes at the company also introduced some uncertainty that added to the stock’s decline.


Franklin Small Cap Growth Fund
Advisor Class [FSSAX]
Annual Shareholder Report \| April 30, 2025

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$78	0.79%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Small Cap Growth Fund returned -3.05%. The Fund compares its performance to the Russell 2000 Growth Index and the S&P 500 Index, which returned 2.42% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection in the industrials sector was a driver of positive relative performance led by a position in Kratos Defense & Security. The defense contractor scored several lucrative contracts over the period, spotlighting the company’s continued growth and innovation in defense and security solutions.
↑	In the financials sector, Paymentus Holdings is an out-of-benchmark position that significantly contributed to returns. The bill payment services company has seen strong demand for its advanced payment platform and has onboarded several new, large enterprise clients.
↑	SiTime was a leading contributor in the information technology (IT) sector. The semiconductor manufacturer commands a significant portion of the precision timing industry and continued to see strong profit growth from its high-value applications and differentiated product offerings.


Top detractors from performance:
↓	At the sector level, relative returns were hurt most by stock selection in the health care sector, particularly in the biotechnology and health care equipment and supplies industries. Stock selection and an overweight in the IT sector also meaningfully detracted from relative results. Within IT, Onto innovation shares were hampered by a misalignment of supply-chain costs and inventory levels over the period.
↓	In the financials sector, relative performance was hindered by a position in global payments software company Flywire, which faced foreign exchange headwinds and student visa restrictions over the period.
↓	In the energy sector, Liberty Energy was a relative detractor as slower global economic growth and trade uncertainty curbed energy demand. Notable leadership changes at the company also introduced some uncertainty that added to the stock’s decline.


Franklin Small-Mid Cap Growth Fund
Class A [FRSGX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A	$85	0.84%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class A shares of Franklin Small-Mid Cap Growth Fund returned 2.27%. The Fund compares its performance to the Russell Midcap Growth Index and the S&P 500 Index, which returned 13.65% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection and an overweight in the industrials sector where Axon Enterprise was a leading relative contributor. A focus on supporting police budgets, lack of significant competition and minimal tariff exposure have been tailwinds for the law enforcement technology company.
↑	In the consumer discretionary sector, DoorDash was a leading individual contributor at the stock level. The food delivery company has dramatically improved its profitability year-over-year helped by DashPass subscriber growth and repeat orders.
↑	In the communication services sector, Roblox, a developer of an online game platform and game creation system, reported business improvements that included stronger bookings and continued cost discipline. Management also stated that artificial intelligence (AI) was being deployed across its platform for more efficient content creation and enhanced user experience.


Top detractors from performance:
↓	Stock selection in the information technology (IT) sector meaningfully detracted from relative returns over the period. This was due to stock selection and an underweight in the software industry, where an underweight in strong-performing shares of Applovin detracted from relative returns. Company revenue grew substantially following the introduction of an AI-powered software update that improves marketing and monetization of content.
↓	In the IT services industry, database specialist MongoDB faced several challenges that included a one-time revenue headwind that impacted the company’s overall financial performance. Worsening economic conditions led the company to downgrade its guidance for fiscal full-year 2025, which further pressured the stock.
↓	A challenging market environment also weighed on the shares of Blaize Holdings, which was another relative detractor in the IT sector. The company specializes in AI-enabled edge computing solutions and went public in January 2025.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	2.27	8.58	8.11
Class A (with sales charge)	-3.35	7.36	7.51
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
S&P 500 Index	12.10	15.61	12.32

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,531,973,205
Total Number of Portfolio Holdings^*	99
Total Management Fee Paid	$17,655,085
Portfolio Turnover Rate	33.86%

*	Does not include derivatives, except purchased options, if any.


Franklin Small-Mid Cap Growth Fund
Class C [FRSIX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C	$160	1.59%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class C shares of Franklin Small-Mid Cap Growth Fund returned 1.52%. The Fund compares its performance to the Russell Midcap Growth Index and the S&P 500 Index, which returned 13.65% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection and an overweight in the industrials sector where Axon Enterprise was a leading relative contributor. A focus on supporting police budgets, lack of significant competition and minimal tariff exposure have been tailwinds for the law enforcement technology company.
↑	In the consumer discretionary sector, DoorDash was a leading individual contributor at the stock level. The food delivery company has dramatically improved its profitability year-over-year helped by DashPass subscriber growth and repeat orders.
↑	In the communication services sector, Roblox, a developer of an online game platform and game creation system, reported business improvements that included stronger bookings and continued cost discipline. Management also stated that artificial intelligence (AI) was being deployed across its platform for more efficient content creation and enhanced user experience.


Top detractors from performance:
↓	Stock selection in the information technology (IT) sector meaningfully detracted from relative returns over the period. This was due to stock selection and an underweight in the software industry, where an underweight in strong-performing shares of Applovin detracted from relative returns. Company revenue grew substantially following the introduction of an AI-powered software update that improves marketing and monetization of content.
↓	In the IT services industry, database specialist MongoDB faced several challenges that included a one-time revenue headwind that impacted the company’s overall financial performance. Worsening economic conditions led the company to downgrade its guidance for fiscal full-year 2025, which further pressured the stock.
↓	A challenging market environment also weighed on the shares of Blaize Holdings, which was another relative detractor in the IT sector. The company specializes in AI-enabled edge computing solutions and went public in January 2025.


Franklin Small-Mid Cap Growth Fund
Class R [FSMRX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R	$110	1.09%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R shares of Franklin Small-Mid Cap Growth Fund returned 2.04%. The Fund compares its performance to the Russell Midcap Growth Index and the S&P 500 Index, which returned 13.65% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection and an overweight in the industrials sector where Axon Enterprise was a leading relative contributor. A focus on supporting police budgets, lack of significant competition and minimal tariff exposure have been tailwinds for the law enforcement technology company.
↑	In the consumer discretionary sector, DoorDash was a leading individual contributor at the stock level. The food delivery company has dramatically improved its profitability year-over-year helped by DashPass subscriber growth and repeat orders.
↑	In the communication services sector, Roblox, a developer of an online game platform and game creation system, reported business improvements that included stronger bookings and continued cost discipline. Management also stated that artificial intelligence (AI) was being deployed across its platform for more efficient content creation and enhanced user experience.


Top detractors from performance:
↓	Stock selection in the information technology (IT) sector meaningfully detracted from relative returns over the period. This was due to stock selection and an underweight in the software industry, where an underweight in strong-performing shares of Applovin detracted from relative returns. Company revenue grew substantially following the introduction of an AI-powered software update that improves marketing and monetization of content.
↓	In the IT services industry, database specialist MongoDB faced several challenges that included a one-time revenue headwind that impacted the company’s overall financial performance. Worsening economic conditions led the company to downgrade its guidance for fiscal full-year 2025, which further pressured the stock.
↓	A challenging market environment also weighed on the shares of Blaize Holdings, which was another relative detractor in the IT sector. The company specializes in AI-enabled edge computing solutions and went public in January 2025.


Franklin Small-Mid Cap Growth Fund
Class R6 [FMGGX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6	$51	0.50%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Small-Mid Cap Growth Fund returned 2.61%. The Fund compares its performance to the Russell Midcap Growth Index and the S&P 500 Index, which returned 13.65% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection and an overweight in the industrials sector where Axon Enterprise was a leading relative contributor. A focus on supporting police budgets, lack of significant competition and minimal tariff exposure have been tailwinds for the law enforcement technology company.
↑	In the consumer discretionary sector, DoorDash was a leading individual contributor at the stock level. The food delivery company has dramatically improved its profitability year-over-year helped by DashPass subscriber growth and repeat orders.
↑	In the communication services sector, Roblox, a developer of an online game platform and game creation system, reported business improvements that included stronger bookings and continued cost discipline. Management also stated that artificial intelligence (AI) was being deployed across its platform for more efficient content creation and enhanced user experience.


Top detractors from performance:
↓	Stock selection in the information technology (IT) sector meaningfully detracted from relative returns over the period. This was due to stock selection and an underweight in the software industry, where an underweight in strong-performing shares of Applovin detracted from relative returns. Company revenue grew substantially following the introduction of an AI-powered software update that improves marketing and monetization of content.
↓	In the IT services industry, database specialist MongoDB faced several challenges that included a one-time revenue headwind that impacted the company’s overall financial performance. Worsening economic conditions led the company to downgrade its guidance for fiscal full-year 2025, which further pressured the stock.
↓	A challenging market environment also weighed on the shares of Blaize Holdings, which was another relative detractor in the IT sector. The company specializes in AI-enabled edge computing solutions and went public in January 2025.


Franklin Small-Mid Cap Growth Fund
Advisor Class [FSGAX]
Annual Shareholder Report \| April 30, 2025

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Advisor Class	$60	0.59%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Small-Mid Cap Growth Fund returned 2.52%. The Fund compares its performance to the Russell Midcap Growth Index and the S&P 500 Index, which returned 13.65% and 12.10%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Stock selection and an overweight in the industrials sector where Axon Enterprise was a leading relative contributor. A focus on supporting police budgets, lack of significant competition and minimal tariff exposure have been tailwinds for the law enforcement technology company.
↑	In the consumer discretionary sector, DoorDash was a leading individual contributor at the stock level. The food delivery company has dramatically improved its profitability year-over-year helped by DashPass subscriber growth and repeat orders.
↑	In the communication services sector, Roblox, a developer of an online game platform and game creation system, reported business improvements that included stronger bookings and continued cost discipline. Management also stated that artificial intelligence (AI) was being deployed across its platform for more efficient content creation and enhanced user experience.


Top detractors from performance:
↓	Stock selection in the information technology (IT) sector meaningfully detracted from relative returns over the period. This was due to stock selection and an underweight in the software industry, where an underweight in strong-performing shares of Applovin detracted from relative returns. Company revenue grew substantially following the introduction of an AI-powered software update that improves marketing and monetization of content.
↓	In the IT services industry, database specialist MongoDB faced several challenges that included a one-time revenue headwind that impacted the company’s overall financial performance. Worsening economic conditions led the company to downgrade its guidance for fiscal full-year 2025, which further pressured the stock.
↓	A challenging market environment also weighed on the shares of Blaize Holdings, which was another relative detractor in the IT sector. The company specializes in AI-enabled edge computing solutions and went public in January 2025.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mary C. Choksi as the Audit Committee’s financial expert. Mary C. Choksi is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending April 30, 2024 and April 30, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $399,408 in April 30, 2024 and $433,006 in April 30, 2025.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in April 30, 2024 and $0 in April 30, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in April 30, 2024 and $60,750 in April 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2024 and $0 in April 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $158,426 in April 30, 2024 and $0 in April 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 Reports and professional fees relating to security counts.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Registrant’s Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $228,426 in April 30, 2024 and $377,023 in April 30, 2025.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Biotechnology

Discovery

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$132.38

$112.50

$101.90

$163.50

$150.48

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.44)

(0.48)

(0.47)

(0.75)

(0.99)

Net

realized

and

unrealized

gains

(losses)

...........

(3.94)

20.36

11.21

(43.17)

38.85

Total

from

investment

operations

....................

(4.38)

19.88

10.74

(43.92)

37.86

Less

distributions

from:

Net

investment

income

..........................

—

(0.14)

(1.01)

—

Net

realized

gains

.............................

(11.76)

—

(16.67)

(24.84)

Total

distributions

...............................

(11.76)

—

(0.14)

(17.68)

(24.84)

Net

asset

value,

end

year

.......................

$116.24

$132.38

$112.50

$101.90

$163.50

Total

return

...................................

(3.64)%

17.67%

10.58%

(28.56)%

24.26%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.02%

1.05%

1.06%

1.04%

0.98%

Expenses

net

waiver

and

payments

affiliates

.......

1.01%

1.04%

1.06%

1.04%

d,e

0.97%

Net

investment

(loss)

............................

(0.33)%

(0.41)%

(0.45)%

(0.54)%

(0.58)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$588,965

$705,301

$686,534

$705,915

$1,160,451

Portfolio

turnover

rate

............................

21.87%

35.87%

24.08%

26.25%

47.30%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Biotechnology

Discovery

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$121.21

$103.78

$94.59

$152.95

$143.00

Income

from

investment

operations

Net

investment

(loss)

..........................

(1.31)

(1.26)

(1.16)

(1.51)

(2.16)

Net

realized

and

unrealized

gains

(losses)

...........

(3.51)

18.69

10.35

(40.18)

36.95

Total

from

investment

operations

....................

(4.82)

17.43

9.19

(41.69)

34.79

Less

distributions

from:

Net

realized

gains

.............................

(11.76)

—

(16.67)

(24.84)

Net

asset

value,

end

year

.......................

$104.63

$121.21

$103.78

$94.59

$152.95

Total

return

...................................

(4.36)%

16.80%

9.75%

(29.00)%

23.33%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.77%

1.80%

1.81%

1.66%

1.73%

Expenses

net

waiver

and

payments

affiliates

.......

1.76%

1.79%

1.81%

1.66%

d,e

1.72%

Net

investment

(loss)

............................

(1.07)%

(1.16)%

(1.20)%

(1.16)%

(1.32)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$17,197

$27,332

$29,573

$33,905

$64,801

Portfolio

turnover

rate

............................

21.87%

35.87%

24.08%

26.25%

47.30%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Biotechnology

Discovery

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$140.93

$119.33

$108.06

$172.21

$156.99

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.04

(0.06)

(0.08)

(0.23)

(0.45)

Net

realized

and

unrealized

gains

(losses)

...........

(4.28)

21.66

11.94

(45.64)

40.51

Total

from

investment

operations

....................

(4.24)

21.60

11.86

(45.87)

40.06

Less

distributions

from:

Net

investment

income

..........................

—

(0.59)

(1.61)

—

Net

realized

gains

.............................

(11.76)

—

(16.67)

(24.84)

Total

distributions

...............................

(11.76)

—

(0.59)

(18.28)

(24.84)

Net

asset

value,

end

year

.......................

$124.93

$140.93

$119.33

$108.06

$172.21

Total

return

....................................

(3.31)%

18.10%

11.03%

(28.29)%

24.67%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.76%

0.80%

0.74%

0.71%

Expenses

net

waiver

and

payments

affiliates

.......

0.66%

0.68%

0.65%

0.66%

0.64%

Net

investment

income

(loss)

......................

0.03%

(0.05)%

(0.08)%

(0.16)%

(0.25)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$6,758

$10,333

$11,692

$9,614

$16,721

Portfolio

turnover

rate

............................

21.87%

35.87%

24.08%

26.25%

47.30%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Biotechnology

Discovery

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$138.67

$117.54

$106.46

$169.95

$155.30

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.09)

(0.19)

(0.22)

(0.42)

(0.59)

Net

realized

and

unrealized

gains

(losses)

...........

(4.20)

21.32

11.72

(44.99)

40.08

Total

from

investment

operations

....................

(4.29)

21.13

11.50

(45.41)

39.49

Less

distributions

from:

Net

investment

income

..........................

—

(0.42)

(1.41)

—

Net

realized

gains

.............................

(11.76)

—

(16.67)

(24.84)

Total

distributions

...............................

(11.76)

—

(0.42)

(18.08)

(24.84)

Net

asset

value,

end

year

.......................

$122.62

$138.67

$117.54

$106.46

$169.95

Total

return

....................................

(3.41)%

17.98%

10.86%

(28.39)%

24.56%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.77%

0.80%

0.81%

0.79%

0.73%

Expenses

net

waiver

and

payments

affiliates

.......

0.76%

0.79%

0.81%

0.79%

c,d

0.72%

Net

investment

(loss)

............................

(0.07)%

(0.15)%

(0.20)%

(0.29)%

(0.33)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$94,497

$131,350

$110,607

$110,726

$206,375

Portfolio

turnover

rate

............................

21.87%

35.87%

24.08%

26.25%

47.30%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Biotechnology

Discovery

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

96.7%

Biotechnology

81.4%

a,b

Abivax

ADR

....................................

France

497,692

3,543,567

Achieve

Life

Sciences,

Inc.

............................

United

States

897,273

2,332,910

Acumen

Pharmaceuticals,

Inc.

.........................

United

States

826,400

933,832

Akebia

Therapeutics,

Inc.

.............................

United

States

895,000

2,156,950

Alector,

Inc.

........................................

United

States

271,025

325,230

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

60,889

16,028,420

Amgen,

Inc.

.......................................

United

States

179,411

52,194,248

AnaptysBio,

Inc.

....................................

United

States

128,979

2,865,913

Apogee

Therapeutics,

Inc.

.............................

United

States

155,539

6,104,906

a,b

Applied

Therapeutics,

Inc.

.............................

United

States

740,200

302,890

Arcutis

Biotherapeutics,

Inc.

...........................

United

States

965,545

14,396,276

Argenx

ADR

....................................

Netherlands

44,836

28,925,497

ARS

Pharmaceuticals,

Inc.

............................

United

States

654,375

9,141,619

a,b

Artiva

Biotherapeutics,

Inc.

............................

South

Korea

192,871

460,962

Ascendis

Pharma

A/S

ADR

...........................

Denmark

203,340

34,657,270

Aura

Biosciences,

Inc.

................................

United

States

780,216

4,548,659

Benitec

Biopharma,

Inc.

..............................

Australia

1,218,454

16,558,790

Bridgebio

Pharma,

Inc.

...............................

United

States

135,675

5,204,493

a,b

CAMP4

Therapeutics

Corp.

............................

United

States

180,166

318,894

a,c

Carmot

Therapeutics,

Inc.

.............................

United

States

83,100

400,031

Centessa

Pharmaceuticals

plc

ADR

.....................

United

States

678,965

9,308,610

oncology,

Inc.

...................................

United

States

211,553

5,699,238

Cogent

Biosciences,

Inc.

..............................

United

States

481,629

2,509,287

Crinetics

Pharmaceuticals,

Inc.

.........................

United

States

228,926

7,643,839

Cullinan

Therapeutics,

Inc.

............................

United

States

483,951

4,007,114

Cytokinetics,

Inc.

....................................

United

States

41,200

1,765,008

Day

One

Biopharmaceuticals,

Inc.

.......................

United

States

851,469

6,624,429

Dyne

Therapeutics,

Inc.

..............................

United

States

288,652

3,403,207

Engene

Holdings,

Inc.

................................

Canada

272,359

1,127,566

a,b

Engene

Holdings,

Inc.

................................

Canada

108,678

449,927

Gilead

Sciences,

Inc.

................................

United

States

502,212

53,505,666

a,b

HilleVax,

Inc.

.......................................

United

States

691,356

1,341,231

IN8bio,

Inc.

........................................

United

States

2,090,200

353,244

Insmed,

Inc.

.......................................

United

States

227,140

16,354,080

Jade

Biosciences,

Inc.

...............................

United

States

724,637

6,884,051

Janux

Therapeutics,

Inc.

..............................

United

States

186,502

6,191,866

Jasper

Therapeutics,

Inc.

.............................

United

States

195,441

1,072,971

Kura

Oncology,

Inc.

..................................

United

States

281,882

1,849,146

Kyverna

Therapeutics,

Inc.

............................

United

States

244,900

565,719

a,c,d

Lycia

Therapeutics,

Inc.

............................

Japan

859,370

1,311,980

Merus

.........................................

Netherlands

499,698

22,741,256

Mineralys

Therapeutics,

Inc.

...........................

United

States

645,332

9,170,168

Mirum

Pharmaceuticals,

Inc.

...........................

United

States

215,190

9,350,005

Neurocrine

Biosciences,

Inc.

...........................

United

States

159,830

17,212,093

Newamsterdam

Pharma

Co.

........................

Netherlands

92,300

1,765,699

Nuvalent,

Inc.

....................................

United

States

56,254

4,317,495

Olema

Pharmaceuticals,

Inc.

...........................

United

States

772,189

3,984,495

ORIC

Pharmaceuticals,

Inc.

...........................

United

States

363,283

2,074,346

Oruka

Therapeutics,

Inc.

..............................

United

States

249,964

2,609,624

Praxis

Precision

Medicines,

Inc.

........................

United

States

113,704

4,279,819

PTC

Therapeutics,

Inc.

...............................

United

States

440,811

21,970,020

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

59,922

35,878,897

Sarepta

Therapeutics,

Inc.

............................

United

States

83,578

5,215,267

Satellos

Bioscience,

Inc.

..............................

Canada

1,161,960

547,856

a,b

Sionna

Therapeutics,

Inc.

.............................

United

States

181,100

2,178,633

Soleno

Therapeutics,

Inc.

.............................

United

States

9,500

711,170

Solid

Biosciences,

Inc.

...............................

United

States

449,300

1,487,183

Spyre

Therapeutics,

Inc.

..............................

United

States

273,800

4,169,974

Franklin

Strategic

Series

Schedule

Investments

Franklin

Biotechnology

Discovery

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

(continued)

Biotechnology

(continued)

Syndax

Pharmaceuticals,

Inc.

..........................

United

States

462,649

6,546,483

Ultragenyx

Pharmaceutical,

Inc.

........................

United

States

82,007

3,196,633

uniQure

........................................

Netherlands

696,400

10,278,864

Vaxcyte,

Inc.

.......................................

United

States

210,139

7,531,382

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

111,026

56,567,747

Xenon

Pharmaceuticals,

Inc.

...........................

Canada

93,364

3,566,505

Zealand

Pharma

A/S

...............................

Denmark

69,700

4,929,612

575,650,762

Health

Care

Providers

Services

2.1%

Guardant

Health,

Inc.

................................

United

States

323,366

15,272,576

Life

Sciences

Tools

Services

1.6%

Avantor,

Inc.

.......................................

United

States

383,929

4,987,238

Sartorius

Stedim

Biotech

..............................

France

10,100

2,383,507

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

8,579

3,680,391

11,051,136

Pharmaceuticals

11.6%

a,b

Alto

Neuroscience,

Inc.

...............................

United

States

263,900

657,111

Alto

Neuroscience,

Inc.

...............................

United

States

165,070

411,024

AstraZeneca

plc

ADR

................................

United

Kingdom

205,062

14,721,401

Context

Therapeutics,

Inc.

.............................

United

States

1,479,200

1,282,466

Contineum

Therapeutics,

Inc.

........................

United

States

572,025

2,351,023

Eli

Lilly

Co.

......................................

United

States

19,571

17,593,351

EyePoint

Pharmaceuticals,

Inc.

.........................

United

States

1,036,629

7,069,810

Jazz

Pharmaceuticals

plc

.............................

United

States

237,159

27,738,117

a,b

MBX

Biosciences,

Inc.

...............................

United

States

163,009

1,709,964

Ocular

Therapeutix,

Inc.

..............................

United

States

410,100

3,403,830

Structure

Therapeutics,

Inc.

ADR

.......................

United

States

193,854

5,234,058

Terns

Pharmaceuticals,

Inc.

...........................

United

States

31,256

103,145

82,275,300

Total

Common

Stocks

(Cost

468,055,083

)

...................................

684,249,774

Convertible

Preferred

Stocks

0.2%

Biotechnology

0.2%

a,c,d

Candid

Therapeutics,

Inc.

...........................

United

States

1,519,609

1,275,136

Total

Convertible

Preferred

Stocks

(Cost

1,823,531

)

..........................

1,275,136

Preferred

Stocks

0.3%

Life

Sciences

Tools

Services

0.3%

Sartorius

.32

.................................

Germany

9,200

2,388,270

Total

Preferred

Stocks

(Cost

4,184,034

)

.....................................

2,388,270

Warrants

0.7%

Biotechnology

0.7%

a,c,d

Achieve

Life

Sciences,

Inc.

8/31/27

.....................

United

States

2,181,025

210,672

Benitec

Biopharma,

Inc.

2/20/49

........................

Australia

310,881

4,224,842

a,c,d

IN8bio,

Inc.

10/04/27

..............................

United

States

2,090,200

79,051

4,514,565

Franklin

Strategic

Series

Schedule

Investments

Franklin

Biotechnology

Discovery

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Warrants

Value

Warrants

(continued)

Pharmaceuticals

0.0%

†

Nuvation

Bio,

Inc.

7/07/27

............................

United

States

115,266

28,816

Total

Warrants

(Cost

599,960

)

..............................................

4,543,381

Escrows

and

Litigation

Trusts

0.0%

a,c

Sanofi

SA,

Escrow

Account

............................

France

2,333,755

—

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

.................................

—

Total

Long

Term

Investments

(Cost

474,662,608

)

.............................

692,456,561

Short

Term

Investments

3.4%

Country

Value

Money

Market

Funds

2.5%

f,g

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

17,698,635

Total

Money

Market

Funds

(Cost

17,698,635

)

................................

17,698,635

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

f,g

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

6,416,814

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

6,416,814

)

..........................................................

6,416,814

Total

Short

Term

Investments

(Cost

24,115,449

)

..............................

24,115,449

Total

Investments

(Cost

498,778,057

)

101.3

................................

$716,572,010

Other

Assets,

less

Liabilities

(

1.3

)

.........................................

(9,155,744)

Net

Assets

100.0%

.........................................................

$707,416,266

See

Abbreviations

page

188.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

portion

all

the

security

loan

April

30,

2025.

See

Note

(

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

Variable

rate

security.

The

rate

shown

represents

the

yield

period

end.

See

Note

(

)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

(

)

regarding

securities

loan.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Core

Plus

Bond

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021*

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$8.10

$8.23

$8.55

$9.44

$8.67

Income

from

investment

operations

Net

investment

income

.........................

0.38

0.37

0.36

0.29

0.37

Net

realized

and

unrealized

gains

(losses)

...........

0.18

(0.12)

(0.31)

(0.84)

0.75

Total

from

investment

operations

....................

0.56

0.25

0.05

(0.55)

1.12

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.38)

(0.37)

(0.34)

(0.35)

Net

asset

value,

end

year

.......................

$8.27

$8.10

$8.23

$8.55

$9.44

Total

return

...................................

6.98%

3.12%

0.73%

(6.07)%

13.05%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.90%

0.94%

0.90%

0.88%

Expenses

net

waiver

and

payments

affiliates

.......

0.85%

0.91%

0.89%

0.84%

0.86%

Net

investment

income

...........................

4.64%

4.55%

4.34%

3.11%

3.93%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,989,034

$2,079,060

$2,285,374

$2,609,533

$2,862,068

Portfolio

turnover

rate

............................

156.08%

65.73%

69.77%

52.98%

111.72%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

84.71%

55.51%

e,f

69.77%

41.46%

54.21%

e,f

Includes

the

consolidated

operations

Holdings

Corporation

from

May

2020

through

April

27,

2021.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

3(h)

for

prior

year

information.

See

Note

1(h)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$8.11

$8.23

$8.55

$9.44

$8.67

Income

from

investment

operations

Net

investment

income

.........................

0.35

0.34

0.32

0.25

0.33

Net

realized

and

unrealized

gains

(losses)

...........

0.17

(0.12)

(0.30)

(0.84)

0.75

Total

from

investment

operations

....................

0.52

0.22

0.02

(0.59)

1.08

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.34)

(0.30)

(0.31)

Net

asset

value,

end

year

.......................

$8.28

$8.11

$8.23

$8.55

$9.44

Total

return

...................................

6.53%

2.80%

0.30%

(6.48)%

12.58%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.30%

1.34%

1.29%

1.28%

Expenses

net

waiver

and

payments

affiliates

.......

1.26%

1.31%

1.29%

1.24%

1.26%

Net

investment

income

...........................

4.24%

4.14%

3.92%

2.70%

3.51%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$49,796

$64,894

$100,037

$171,374

$387,589

Portfolio

turnover

rate

............................

156.08%

65.73%

69.77%

52.98%

111.72%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

84.71%

55.51%

e,f

69.77%

41.46%

54.21%

e,f

Includes

the

consolidated

operations

Holdings

Corporation

from

May

2020

through

April

27,

2021.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

3(h)

for

prior

year

information.

See

Note

1(h)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$8.06

$8.19

$8.51

$9.40

$8.63

Income

from

investment

operations

Net

investment

income

.........................

0.36

0.35

0.33

0.27

0.34

Net

realized

and

unrealized

gains

(losses)

...........

0.18

(0.12)

(0.30)

(0.85)

0.76

Total

from

investment

operations

....................

0.54

0.23

0.03

(0.58)

1.10

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.36)

(0.35)

(0.31)

(0.33)

Net

asset

value,

end

year

.......................

$8.23

$8.06

$8.19

$8.51

$9.40

Total

return

....................................

6.62%

2.87%

0.48%

(6.33)%

12.83%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.15%

1.19%

1.15%

1.13%

Expenses

net

waiver

and

payments

affiliates

.......

1.10%

1.16%

1.14%

1.09%

1.11%

Net

investment

income

...........................

4.39%

4.30%

4.09%

2.86%

3.68%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$34,949

$36,034

$40,939

$48,447

$59,366

Portfolio

turnover

rate

............................

156.08%

65.73%

69.77%

52.98%

111.72%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

84.71%

55.51%

d,e

69.77%

41.46%

54.21%

d,e

Includes

the

consolidated

operations

Holdings

Corporation

from

May

2020

through

April

27,

2021.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

3(h)

for

prior

year

information.

See

Note

1(h)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$8.11

$8.24

$8.56

$9.45

$8.68

Income

from

investment

operations

Net

investment

income

.........................

0.41

0.40

0.39

0.32

0.40

Net

realized

and

unrealized

gains

(losses)

...........

0.18

(0.12)

(0.31)

(0.84)

0.75

Total

from

investment

operations

....................

0.59

0.28

0.08

(0.52)

1.15

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.41)

(0.40)

(0.37)

(0.38)

Net

asset

value,

end

year

.......................

$8.28

$8.11

$8.24

$8.56

$9.45

Total

return

....................................

7.35%

3.49%

1.12%

(5.72)%

13.45%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.56%

0.58%

0.55%

0.54%

Expenses

net

waiver

and

payments

affiliates

.......

0.50%

0.55%

0.51%

0.48%

0.50%

Net

investment

income

...........................

4.99%

4.92%

4.73%

3.47%

4.30%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$130,729

$133,098

$132,950

$136,184

$132,736

Portfolio

turnover

rate

............................

156.08%

65.73%

69.77%

52.98%

111.72%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

84.71%

55.51%

d,e

69.77%

41.46%

54.21%

d,e

Includes

the

consolidated

operations

Holdings

Corporation

from

May

2020

through

April

27,

2021.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

3(h)

for

prior

year

information.

See

Note

1(h)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$8.11

$8.24

$8.56

$9.45

$8.68

Income

from

investment

operations

Net

investment

income

.........................

0.41

0.39

0.38

0.31

0.39

Net

realized

and

unrealized

gains

(losses)

...........

0.17

(0.12)

(0.31)

(0.84)

0.75

Total

from

investment

operations

....................

0.58

0.27

0.07

(0.53)

1.14

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.40)

(0.39)

(0.36)

(0.37)

Net

asset

value,

end

year

.......................

$8.28

$8.11

$8.24

$8.56

$9.45

Total

return

....................................

7.24%

3.37%

0.98%

(5.83)%

13.32%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.65%

0.69%

0.65%

0.63%

Expenses

net

waiver

and

payments

affiliates

.......

0.60%

0.66%

0.64%

0.59%

0.61%

Net

investment

income

...........................

4.89%

4.80%

4.59%

3.36%

4.18%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$263,738

$272,301

$311,142

$390,465

$462,624

Portfolio

turnover

rate

............................

156.08%

65.73%

69.77%

52.98%

111.72%

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

....

84.71%

55.51%

d,e

69.77%

41.46%

54.21%

d,e

Includes

the

consolidated

operations

Holdings

Corporation

from

May

2020

through

April

27,

2021.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

3(h)

for

prior

year

information.

See

Note

1(h)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Core

Plus

Bond

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

0.0%

†

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.

.......................

South

Africa

125,940,079

—

a,b,c

K2016470219

South

Africa

Ltd.

.......................

South

Africa

12,532,821

—

Hotels,

Restaurants

Leisure

0.0%

†

Hour

Fitness

Worldwide,

Inc.

........................

United

States

290,577

12,349

Machinery

0.0%

†

UTEX

Industries,

Inc.

................................

United

States

16,788

750,386

Oil,

Gas

Consumable

Fuels

0.0%

†

Amplify

Energy

Corp.

................................

United

States

5,288

13,749

Birch

Permian

Holdings,

Inc.

...........................

United

States

46,176

262,049

275,798

Total

Common

Stocks

(Cost

12,356,573

)

....................................

1,038,533

Management

Investment

Companies

1.0%

Capital

Markets

1.0%

a,d,e

Franklin

BSP

Real

Estate

Debt

BDC

.....................

United

States

892,886

24,292,230

Total

Management

Investment

Companies

(Cost

23,230,313

)

..................

24,292,230

Warrants

0.0%

†

Machinery

0.0%

†

a,b

UTEX

Industries,

Inc.

2/20/49

..........................

United

States

1,440

1,787

Oil,

Gas

Consumable

Fuels

0.0%

a,b

Canvas

Energy,

Inc.

10/01/25

..........................

United

States

—

Software

0.0%

a,b,c

WorkCapital

BSD

SARL

2/13/26

........................

Luxembourg

6,000,000

—

Total

Warrants

(Cost

751,272

)

..............................................

1,787

Principal

Amount

Corporate

Bonds

50.5%

Aerospace

Defense

1.0%

Axon

Enterprise,

Inc.

Senior

Note

144A,

6.125

3/15/30

...................

United

States

1,000,000

1,019,904

Senior

Note

144A,

6.25

3/15/33

....................

United

States

750,000

766,295

Boeing

Co.

(The)

Senior

Bond

3.625

2/01/31

........................

United

States

5,000,000

4,674,166

Senior

Note

5.15

5/01/30

.........................

United

States

8,100,000

8,180,448

Bombardier,

Inc.

Senior

Note

144A,

6/01/32

...........

Canada

4,825,000

4,887,634

Efesto

Bidco

SpA

Efesto

LLC

Senior

Secured

Note

144A,

7.5

2/15/32

...............................

Italy

3,600,000

3,576,438

Howmet

Aerospace,

Inc.

Senior

Note

4.85

10/15/31

.......

United

States

2,100,000

2,111,540

25,216,425

Air

Freight

Logistics

0.0%

†

FedEx

Corp.

Senior

Bond

144A,

4.05

2/15/48

...........

United

States

1,200,000

866,607

Automobile

Components

0.3%

Adient

Global

Holdings

Ltd.

Senior

Note

144A,

7.5

2/15/33

.....................

United

States

650,000

616,462

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Automobile

Components

(continued)

Adient

Global

Holdings

Ltd.,

(continued)

Senior

Secured

Note

144A,

4/15/28

................

United

States

2,000,000

2,019,366

Allison

Transmission,

Inc.

Senior

Bond

144A,

5.875

6/01/29

United

States

5,000,000

5,001,746

7,637,574

Automobiles

0.1%

Hyundai

Capital

America

Senior

Note

144A,

5.35

3/19/29

United

States

1,300,000

1,310,637

Jaguar

Land

Rover

Automotive

plc

Senior

Note

144A,

5.5

7/15/29

.........................................

United

Kingdom

1,525,000

1,463,247

2,773,884

Banks

6.1%

ABN

AMRO

Bank

Senior

Non-Preferred

Note

144A,

6.339%

9/17/26,

FRN

thereafter

9/18/27

.....................

Netherlands

2,100,000

2,147,039

Banco

Santander

Sub.

Bond

2.749

12/03/30

.........

Spain

3,000,000

2,631,350

Bank

America

Corp.

Senior

Bond

2.299%

7/20/31,

FRN

thereafter

7/21/32

...

United

States

3,500,000

3,008,967

Senior

Bond

4.571%

4/26/32,

FRN

thereafter

4/27/33

...

United

States

8,000,000

7,754,600

Senior

Note

4.376%

4/26/27,

FRN

thereafter

4/27/28

....

United

States

9,500,000

9,487,142

BNP

Paribas

Senior

Preferred

Note

144A,

5.176%

1/08/29,

FRN

thereafter

1/09/30

......................

France

6,500,000

6,591,874

BPCE

Senior

Non-Preferred

Note

144A,

2.045%

10/18/26,

FRN

thereafter

10/19/27

............................

France

7,900,000

7,605,147

Citigroup,

Inc.

Senior

Bond

4.412%

3/30/30,

FRN

thereafter

3/31/31

...

United

States

5,600,000

5,499,779

Senior

Note

5.61%

9/28/25,

FRN

thereafter

9/29/26

.....

United

States

15,500,000

15,554,562

HSBC

Holdings

plc

Senior

Bond

2.848%

6/03/30,

FRN

thereafter

6/04/31

...

United

Kingdom

8,300,000

7,506,596

Senior

Note

5.21%

8/10/27,

FRN

thereafter

8/11/28

.....

United

Kingdom

5,850,000

5,923,614

JPMorgan

Chase

Co.

Senior

Bond

2.522%

4/21/30,

FRN

thereafter

4/22/31

...

United

States

9,400,000

8,509,761

Senior

Bond

1.953%

2/03/31,

FRN

thereafter

2/04/32

...

United

States

3,400,000

2,920,335

Senior

Bond

5.336%

1/22/34,

FRN

thereafter

1/23/35

...

United

States

2,500,000

2,521,858

Mizuho

Financial

Group,

Inc.

Senior

Note

5.778%

7/05/28,

FRN

thereafter

7/06/29

.............................

Japan

5,100,000

5,282,738

Royal

Bank

Canada

Senior

Note

5.2

8/01/28

..........

Canada

1,800,000

1,848,696

Santander

Group

Holdings

plc

Senior

Note

1.673%

6/23/26,

FRN

thereafter

6/14/27

......................

United

Kingdom

6,700,000

6,468,248

Societe

Generale

Senior

Non-Preferred

Bond

144A,

2.889%

6/08/31,

FRN

thereafter

6/09/32

.................................

France

7,500,000

6,506,133

Senior

Non-Preferred

Note

144A,

1.792%

6/08/26,

FRN

thereafter

6/09/27

.................................

France

7,200,000

6,966,608

Toronto-Dominion

Bank

(The)

Senior

Note

4.693

9/15/27

...

Canada

9,900,000

9,991,538

Truist

Financial

Corp.

Senior

Note

5.9%

10/27/25,

FRN

thereafter

10/28/26

................................

United

States

7,900,000

7,946,226

UniCredit

SpA

Senior

Preferred

Bond

144A,

3.127%

6/02/31,

FRN

thereafter

6/03/32

.............................

Italy

5,300,000

4,748,682

Wells

Fargo

Co.

Senior

Note

6.303%

10/22/28,

FRN

thereafter

10/23/29

United

States

7,400,000

7,811,572

Senior

Note

5.198%

1/22/29,

FRN

thereafter

1/23/30

....

United

States

4,400,000

4,489,507

149,722,572

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Beverages

0.2%

Primo

Water

Holdings,

Inc.

Triton

Water

Holdings,

Inc.

Senior

Secured

Note

144A,

4.375

4/30/29

..................

United

States

5,000,000

4,750,746

Biotechnology

0.4%

Amgen,

Inc.

Senior

Bond

4.2

3/01/33

..........................

United

States

4,000,000

3,789,761

Senior

Bond

5.25

3/02/33

.........................

United

States

6,600,000

6,671,624

10,461,385

Broadline

Retail

0.2%

K2016470219

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

.....................................

South

Africa

10,914,248

—

K2016470260

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

....................................

South

Africa

4,807,777

—

Wayfair

LLC

Senior

Secured

Note

144A,

7.25

10/31/29

....

United

States

4,500,000

4,121,533

Building

Products

0.3%

EMRLD

Borrower

Emerald

Co-Issuer,

Inc.

Senior

Secured

Note

144A,

6.625

12/15/30

........................

United

States

1,000,000

1,015,359

Miter

Brands

Acquisition

Holdco,

Inc.

MIWD

Borrower

LLC

Senior

Secured

Note

144A,

6.75

4/01/32

..............

United

States

2,900,000

2,903,897

Quikrete

Holdings,

Inc.

Senior

Note

144A,

6.75

3/01/33

....................

United

States

500,000

502,308

Senior

Secured

Note

144A,

6.375

3/01/32

............

United

States

1,000,000

1,006,481

Standard

Building

Solutions,

Inc.

Senior

Note

144A,

6.5

8/15/32

.........................................

United

States

1,600,000

1,621,350

7,049,395

Capital

Markets

3.3%

Deutsche

Bank

Senior

Preferred

Note

5.371

9/09/27

...

Germany

7,800,000

7,997,257

Goldman

Sachs

Group,

Inc.

(The)

Senior

Bond

2.383%

7/20/31,

FRN

thereafter

7/21/32

...

United

States

6,500,000

5,601,194

Senior

Bond

5.536%

1/27/35,

FRN

thereafter

1/28/36

...

United

States

9,800,000

9,900,392

Senior

Note

4.387%

6/14/26,

FRN

thereafter

6/15/27

....

United

States

3,400,000

3,395,126

Senior

Note

1.948%

10/20/26,

FRN

thereafter

10/21/27

United

States

3,000,000

2,890,394

Jane

Street

Group

JSG

Finance,

Inc.

Senior

Secured

Note

144A,

6.125

11/01/32

.............................

United

States

4,650,000

4,574,529

Morgan

Stanley

Senior

Bond

3.591

7/22/28

........................

United

States

10,000,000

9,789,298

Senior

Bond

1.794%

2/12/31,

FRN

thereafter

2/13/32

...

United

States

5,000,000

4,218,462

Senior

Bond

5.466%

1/17/34,

FRN

thereafter

1/18/35

...

United

States

1,900,000

1,919,965

MSCI,

Inc.

Senior

Bond

144A,

3.25

8/15/33

.............

United

States

11,800,000

10,107,485

Prologis

Targeted

Logistics

Fund

Senior

Note

144A,

5.25

4/01/29

...................................

United

States

2,400,000

2,467,923

StoneX

Group,

Inc.

Senior

Secured

Note

144A,

7.875

3/01/31

United

States

2,600,000

2,709,387

UBS

Group

Senior

Note

4.55

4/17/26

.........................

Switzerland

4,000,000

4,004,192

Senior

Note

144A,

2.193%

6/04/25,

FRN

thereafter

6/05/26

Switzerland

1,000,000

997,470

Senior

Note

144A,

6.373%

7/14/25,

FRN

thereafter

7/15/26

Switzerland

3,050,000

3,058,777

Senior

Note

144A,

5.711%

1/11/26,

FRN

thereafter

1/12/27

Switzerland

8,150,000

8,204,503

81,836,354

Chemicals

0.8%

Avient

Corp.

Senior

Note

144A,

6.25

11/01/31

...........

United

States

1,500,000

1,485,217

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Chemicals

(continued)

Braskem

Idesa

SAPI

Senior

Secured

Bond

144A,

6.99

2/20/32

.........................................

Mexico

3,500,000

2,522,355

Celanese

Holdings

LLC

Senior

Note

6.415

7/15/27

....

United

States

3,085,000

3,112,777

Cerdia

Finanz

GmbH

Senior

Secured

Note

144A,

9.375

10/03/31

........................................

Germany

2,000,000

2,017,500

Element

Solutions,

Inc.

Senior

Note

144A,

3.875

9/01/28

...

United

States

6,600,000

6,246,080

Rain

Carbon,

Inc.

Senior

Secured

Note

144A,

12.25

9/01/29

United

States

2,800,000

2,850,198

Yara

International

ASA

Senior

Bond

144A,

3.148

6/04/30

...

Brazil

1,400,000

1,284,058

19,518,185

Commercial

Services

Supplies

0.6%

Prime

Security

Services

Borrower

LLC

Prime

Finance,

Inc.

Senior

Secured

Note

144A,

3.375

8/31/27

.............

United

States

6,000,000

5,729,187

Donnelley

Sons

Co.

Senior

Secured

Note

144A,

9.5

8/01/29

.........................................

United

States

3,000,000

2,859,799

Waste

Pro

USA,

Inc.

Senior

Note

144A,

2/01/33

........

United

States

800,000

818,225

Wrangler

Holdco

Corp.

Senior

Note

144A,

6.625

4/01/32

...

Canada

4,600,000

4,726,721

14,133,932

Construction

Engineering

0.2%

Arcosa,

Inc.

Senior

Note

144A,

4.375

4/15/29

...................

United

States

4,600,000

4,329,006

Senior

Note

144A,

6.875

8/15/32

...................

United

States

400,000

407,974

4,736,980

Consumer

Finance

1.7%

AerCap

Ireland

Capital

DAC

AerCap

Global

Aviation

Trust

Senior

Bond

3.4

10/29/33

.........................

Ireland

7,700,000

6,622,193

American

Express

Co.

Senior

Bond

5.442%

1/29/35,

FRN

thereafter

1/30/36

.................................

United

States

10,000,000

10,097,239

Capital

One

Financial

Corp.

Senior

Bond

5.268%

5/09/32,

FRN

thereafter

5/10/33

.............................

United

States

8,600,000

8,456,099

FirstCash,

Inc.

Senior

Note

144A,

6.875

3/01/32

.........

United

States

6,000,000

6,146,229

OneMain

Finance

Corp.

Senior

Bond

5.375

11/15/29

.......................

United

States

2,300,000

2,201,526

Senior

Note

1/15/29

...........................

United

States

4,600,000

4,793,424

PROG

Holdings,

Inc.

Senior

Note

144A,

11/15/29

.......

United

States

3,300,000

3,045,441

41,362,151

Consumer

Staples

Distribution

Retail

0.2%

Cencosud

Senior

Note

144A,

5.95

5/28/31

...........

Chile

600,000

610,993

Foods,

Inc.

Senior

Note

144A,

6.875

9/15/28

...................

United

States

3,300,000

3,386,684

Senior

Note

144A,

5.75

4/15/33

....................

United

States

1,400,000

1,374,811

5,372,488

Containers

Packaging

0.5%

Clydesdale

Acquisition

Holdings,

Inc.

Senior

Secured

Note

144A,

6.75

4/15/32

...............................

United

States

3,300,000

3,376,947

Intelligent

Packaging

Ltd.

Finco,

Inc.

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

Senior

Secured

Note

144A,

9/15/28

....

Canada

850,000

844,972

Sealed

Air

Corp.

Senior

Note

144A,

6.125

2/01/28

........

United

States

4,000,000

4,033,016

Trivium

Packaging

Finance

Senior

Secured

Note

144A,

5.5

8/15/26

....................................

Netherlands

2,000,000

1,982,282

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Containers

Packaging

(continued)

WRKCo,

Inc.

Senior

Bond

6/15/33

..................

United

States

3,600,000

3,077,956

13,315,173

Distributors

0.1%

Global

Holdings,

Inc.

Senior

Note

144A,

7.75

3/15/31

....................

Canada

2,700,000

2,834,282

Senior

Secured

Note

144A,

6.75

3/15/28

.............

Canada

950,000

969,814

3,804,096

Diversified

Consumer

Services

0.3%

Grand

Canyon

University

Secured

Note

5.125

10/01/28

....

United

States

7,500,000

7,077,687

Diversified

REITs

0.4%

Global

Net

Lease,

Inc.

Global

Net

Lease

Operating

Partnership

Senior

Note

144A,

3.75

12/15/27

.................

United

States

5,000,000

4,701,875

VICI

Properties

Senior

Note

5.625

4/01/35

...........

United

States

5,000,000

4,953,013

9,654,888

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

Senior

Bond

2.55

12/01/33

........................

United

States

5,000,000

4,127,761

Senior

Bond

3.65

9/15/59

.........................

United

States

4,000,000

2,648,698

Iliad

Holding

SASU

Senior

Secured

Note

144A,

10/15/28

...............

France

2,000,000

2,026,154

Senior

Secured

Note

144A,

4/15/32

................

France

2,075,000

2,105,880

Verizon

Communications,

Inc.

Senior

Note

2.355

3/15/32

United

States

8,400,000

7,172,596

18,081,089

Electric

Utilities

2.5%

California

Buyer

Ltd.

Atlantica

Sustainable

Infrastructure

plc

Senior

Note

144A,

6.375

2/15/32

....................

United

Kingdom

1,400,000

1,376,367

Duke

Energy

Corp.

Senior

Bond

2.45

6/01/30

.........................

United

States

6,200,000

5,572,099

Senior

Bond

3.75

9/01/46

.........................

United

States

1,600,000

1,157,194

Duke

Energy

Ohio,

Inc.

Senior

Bond

5.25

4/01/33

........

United

States

1,000,000

1,016,683

Exelon

Corp.

Senior

Bond

4.05

4/15/30

.........................

United

States

13,400,000

13,052,356

Senior

Bond

4.45

4/15/46

.........................

United

States

1,400,000

1,132,487

NRG

Energy,

Inc.

Senior

Note

144A,

5.75

7/15/29

........

United

States

5,000,000

5,001,479

Pacific

Gas

and

Electric

Co.

Senior

Secured

Bond

3.25

6/01/31

.........................................

United

States

6,000,000

5,355,689

Southern

Co.

(The)

Senior

Bond

4.4

7/01/46

..........................

United

States

5,000,000

4,054,275

Senior

Note

5.5

3/15/29

..........................

United

States

6,100,000

6,333,268

Virginia

Electric

and

Power

Co.

Senior

Bond

6.35

11/30/37

United

States

820,000

879,411

Vistra

Operations

Co.

LLC

Senior

Note

144A,

4.375

5/01/29

...................

United

States

5,000,000

4,814,103

Senior

Secured

Bond

144A,

4.3

7/15/29

..............

United

States

6,000,000

5,870,939

Xcel

Energy,

Inc.

Senior

Bond

4.6

6/01/32

..........................

United

States

2,900,000

2,795,168

Senior

Bond

5.45

8/15/33

.........................

United

States

4,500,000

4,519,862

62,931,380

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Electrical

Equipment

0.1%

Eaton

Corp.

Senior

Bond

4.15

3/15/33

.................

United

States

1,900,000

1,825,721

Electronic

Equipment,

Instruments

Components

0.8%

CDW

LLC

CDW

Finance

Corp.

Senior

Note

3.25

2/15/29

United

States

5,000,000

4,662,103

Flex

Ltd.

Senior

Bond

4.875

5/12/30

..................

United

States

7,100,000

6,993,656

TTM

Technologies,

Inc.

Senior

Note

144A,

3/01/29

......

United

States

4,000,000

3,722,519

Zebra

Technologies

Corp.

Senior

Note

144A,

6.5

6/01/32

United

States

3,400,000

3,419,146

18,797,424

Energy

Equipment

Services

0.4%

Aris

Water

Holdings

LLC

Senior

Note

144A,

7.25

4/01/30

United

States

1,900,000

1,887,215

Kodiak

Gas

Services

LLC

Senior

Note

144A,

7.25

2/15/29

United

States

5,000,000

5,082,863

Transocean,

Inc.

Senior

Secured

Note

144A,

8.75

2/15/30

United

States

4,000,000

3,913,101

10,883,179

Entertainment

0.2%

Banijay

Entertainment

SAS

Senior

Secured

Note

144A,

5/01/29

................

France

2,800,000

EUR

3,307,392

Senior

Secured

Note

144A,

8.125

5/01/29

............

France

308,809

316,798

Warnermedia

Holdings,

Inc.

Senior

Note

4.054

3/15/29

....

United

States

2,100,000

1,962,233

5,586,423

Financial

Services

0.8%

Cia

Securitizadora

Creditos

Financeiros

Vert-Fintech

Senior

Secured

Note

FRN

14.9

(

BZDIOVRA

5.75

2/14/24

.........................................

Brazil

11,513,000

BRL

—

Corebridge

Financial,

Inc.

Senior

Note

6.05

9/15/33

.......

United

States

4,900,000

5,103,916

Freedom

Mortgage

Holdings

LLC

Senior

Note

144A,

8.375

4/01/32

.........................................

United

States

2,575,000

2,520,964

GGAM

Finance

Ltd.

Senior

Note

144A,

5.875

3/15/30

.....

Ireland

2,000,000

1,991,060

Jefferson

Capital

Holdings

LLC

Senior

Note

144A,

8.25

5/15/30

.........................................

United

States

3,900,000

3,929,663

Nationstar

Mortgage

Holdings,

Inc.

Senior

Bond

144A,

5.75

11/15/31

........................................

United

States

5,800,000

5,827,695

19,373,298

Food

Products

1.1%

Bimbo

Bakeries

USA,

Inc.

Senior

Bond

144A,

5/17/51

...

Mexico

2,000,000

1,447,265

Darling

Ingredients,

Inc.

Senior

Note

144A,

6/15/30

.....

United

States

4,000,000

3,992,698

JBS

USA

Holding

Lux

SARL

JBS

USA

Food

Co.

JBS

Lux

Co.

SARL

Senior

Note

2.5

1/15/27

..........................

United

States

4,800,000

4,633,547

Senior

Note

2/02/29

...........................

United

States

1,500,000

1,411,126

Senior

Note

3.625

1/15/32

........................

United

States

3,500,000

3,168,848

Mars,

Inc.

Senior

Note

144A,

5.2

3/01/35

...............

United

States

8,580,000

8,617,307

Post

Holdings,

Inc.

Senior

Secured

Note

144A,

6.25

2/15/32

United

States

3,100,000

3,127,898

26,398,689

Gas

Utilities

0.1%

Piedmont

Natural

Gas

Co.,

Inc.

Senior

Bond

3.35

6/01/50

United

States

2,800,000

1,817,737

Ground

Transportation

0.6%

Ashtead

Capital,

Inc.

Senior

Bond

144A,

5.8

4/15/34

......

United

Kingdom

900,000

902,361

CSX

Corp.

Senior

Bond

4.1

3/15/44

..................

United

States

1,600,000

1,317,263

First

Student

Bidco,

Inc.

First

Transit

Parent,

Inc.

Senior

Secured

Note

144A,

7/31/29

.....................

United

States

4,000,000

3,702,523

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Ground

Transportation

(continued)

Watco

Cos.

LLC

Watco

Finance

Corp.

Senior

Note

144A,

7.125

8/01/32

...................................

United

States

2,800,000

2,796,635

XPO,

Inc.

Senior

Note

144A,

7.125

2/01/32

.............

United

States

5,000,000

5,127,468

13,846,250

Health

Care

Equipment

Supplies

0.7%

Bausch

Lomb

Corp.

Senior

Secured

Note

144A,

8.375

10/01/28

........................................

United

States

7,000,000

7,280,350

Baxter

International,

Inc.

Senior

Note

2.272

12/01/28

......

United

States

4,700,000

4,338,006

Neogen

Food

Safety

Corp.

Senior

Note

144A,

8.625

7/20/30

United

States

5,600,000

5,659,360

17,277,716

Health

Care

Providers

Services

2.5%

Centene

Corp.

Senior

Note

4.25

12/15/27

........................

United

States

3,000,000

2,933,792

Senior

Note

2.45

7/15/28

.........................

United

States

2,300,000

2,116,230

Senior

Note

4.625

12/15/29

.......................

United

States

2,300,000

2,219,605

Senior

Note

3.375

2/15/30

........................

United

States

1,400,000

1,276,343

Senior

Note

2.625

8/01/31

........................

United

States

5,300,000

4,480,623

CHS/Community

Health

Systems,

Inc.

Senior

Secured

Note

144A,

5.625

3/15/27

............

United

States

3,700,000

3,611,386

Senior

Secured

Note

144A,

1/15/29

................

United

States

3,300,000

3,077,954

Senior

Secured

Note

144A,

10.875

1/15/32

...........

United

States

1,000,000

1,033,758

Concentra

Health

Services,

Inc.

Senior

Note

144A,

6.875

7/15/32

.........................................

United

States

1,500,000

1,537,570

CVS

Health

Corp.

Senior

Bond

1.75

8/21/30

.........................

United

States

4,000,000

3,420,278

Senior

Bond

5.3

6/01/33

..........................

United

States

3,000,000

2,980,478

Senior

Bond

2.7

8/21/40

..........................

United

States

6,300,000

4,278,801

DaVita,

Inc.

Senior

Note

144A,

4.625

6/01/30

...........

United

States

8,000,000

7,446,762

Elevance

Health,

Inc.

Senior

Bond

3.7

9/15/49

..........

United

States

1,400,000

992,576

HCA,

Inc.

Senior

Bond

3.5

9/01/30

...................

United

States

11,900,000

11,126,953

Icon

Investments

Six

DAC

Senior

Secured

Bond

5/08/34

United

States

460,000

459,647

Kedrion

SpA

Senior

Secured

Note

144A,

6.5

9/01/29

......

Italy

5,000,000

4,796,899

MPH

Acquisition

Holdings

LLC

Senior

Secured

Note

144A,

5.75

12/31/30

............

United

States

441,136

342,352

Senior

Secured

Note

144A,

PIK,

11.5

12/31/30

.........

United

States

675,154

613,375

Senior

Secured

Note

144A,

PIK,

6.75

3/31/31

.........

United

States

3,783,708

2,531,941

61,277,323

Health

Care

REITs

0.2%

Alexandria

Real

Estate

Equities,

Inc.

Senior

Bond

5.25

5/15/36

.........................................

United

States

2,200,000

2,117,747

MPT

Operating

Partnership

MPT

Finance

Corp.

Senior

Bond

3.5

3/15/31

..........................

United

States

4,000,000

2,655,082

Senior

Secured

Note

144A,

8.5

2/15/32

..............

United

States

600,000

610,082

5,382,911

Hotel

Resort

REITs

0.4%

Pebblebrook

Hotel

PEB

Finance

Corp.

Senior

Note

144A,

6.375

10/15/29

..................................

United

States

2,000,000

1,966,178

RHP

Hotel

Properties

RHP

Finance

Corp.

Senior

Note

144A,

6.5

4/01/32

...............................

United

States

6,300,000

6,285,244

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Hotel

Resort

REITs

(continued)

XHR

Senior

Note

144A,

6.625

5/15/30

..............

United

States

525,000

517,797

8,769,219

Hotels,

Restaurants

Leisure

1.6%

1011778

ULC

New

Red

Finance,

Inc.

Secured

Bond

144A,

10/15/30

.....................................

Canada

6,000,000

5,467,845

Allwyn

Entertainment

Financing

plc

Senior

Secured

Note

144A,

7.875

4/30/29

..............................

Czech

Republic

6,000,000

6,227,295

Caesars

Entertainment,

Inc.

Senior

Note

144A,

4.625

10/15/29

..................

United

States

4,000,000

3,696,674

Senior

Note

144A,

10/15/32

.....................

United

States

600,000

566,021

Carnival

Corp.

Senior

Note

144A,

5.75

3/15/30

..........

United

States

5,000,000

4,968,366

Great

Canadian

Gaming

Corp.

Senior

Secured

Note

144A,

8.75

11/15/29

...................................

Canada

800,000

793,901

NCL

Corp.

Ltd.

Senior

Note

144A,

6.75

2/01/32

..........

United

States

1,800,000

1,758,824

Royal

Caribbean

Cruises

Ltd.

Senior

Note

144A,

5.625

9/30/31

...................

United

States

1,500,000

1,489,581

Senior

Note

144A,

2/01/33

......................

United

States

5,500,000

5,518,936

Six

Flags

Entertainment

Corp.

Six

Flags

Theme

Parks,

Inc.

Canada's

Wonderland

Co.

Senior

Secured

Note

144A,

6.625

5/01/32

...................................

United

States

2,100,000

2,120,569

Viking

Cruises

Ltd.

Senior

Note

144A,

2/15/29

.........

United

States

2,400,000

2,410,856

Wynn

Resorts

Finance

LLC

Wynn

Resorts

Capital

Corp.

Senior

Bond

144A,

5.125

10/01/29

........................

United

States

5,000,000

4,826,201

39,845,069

Household

Durables

0.5%

LGI

Homes,

Inc.

Senior

Note

144A,

8.75

12/15/28

........

United

States

5,000,000

5,052,150

Toll

Brothers

Finance

Corp.

Senior

Bond

3.8

11/01/29

.....

United

States

4,900,000

4,696,839

Weekley

Homes

LLC

Weekley

Finance

Corp.

Senior

Note

144A,

4.875

9/15/28

..............................

United

States

4,000,000

3,745,112

13,494,101

Household

Products

0.1%

Central

Garden

Pet

Co.

Senior

Bond

144A,

4.125

4/30/31

United

States

2,000,000

1,802,433

Independent

Power

and

Renewable

Electricity

Producers

1.2%

AES

Andes

Senior

Note

144A,

6.3

3/15/29

...........

Chile

4,600,000

4,678,780

Atlantica

Sustainable

Infrastructure

plc

Senior

Note

144A,

4.125

6/15/28

...................................

Spain

5,000,000

4,754,092

Clearway

Energy

Operating

LLC

Senior

Note

144A,

3.75

2/15/31

.........................................

United

States

5,300,000

4,722,688

Constellation

Energy

Generation

LLC

Senior

Bond

5.8

3/01/33

..........................

United

States

3,000,000

3,110,779

Senior

Bond

6.125

1/15/34

........................

United

States

2,000,000

2,103,271

Leeward

Renewable

Energy

Operations

LLC

Senior

Note

144A,

4.25

7/01/29

...................................

United

States

4,300,000

3,771,859

Talen

Energy

Supply

LLC

Senior

Secured

Note

144A,

8.625

6/01/30

.........................................

United

States

7,200,000

7,694,642

30,836,111

Insurance

2.1%

Acrisure

LLC

Acrisure

Finance,

Inc.

Senior

Secured

Note

144A,

7.5

11/06/30

....................................

United

States

4,500,000

4,588,002

AIA

Group

Ltd.

Senior

Bond

144A,

4.95

4/04/33

.........

Hong

Kong

3,100,000

3,122,272

Alliant

Holdings

Intermediate

LLC

Alliant

Holdings

Co-Issuer

Senior

Secured

Note

144A,

6.75

4/15/28

.............

United

States

6,000,000

6,048,180

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Insurance

(continued)

Alliant

Holdings

Intermediate

LLC

Alliant

Holdings

Co-Issuer,

(continued)

Senior

Secured

Note

144A,

1/15/31

................

United

States

1,900,000

1,930,205

Arch

Capital

Group

Ltd.

Senior

Bond

3.635

6/30/50

.......

United

States

10,000,000

7,144,073

Arthur

Gallagher

Co.

Senior

Note

2/15/32

..........

United

States

2,075,000

2,085,142

Corebridge

Global

Funding

Secured

Note

144A,

5.9

9/19/28

United

States

2,100,000

2,193,638

F&G

Annuities

Life,

Inc.

Senior

Note

6.5

6/04/29

.......

United

States

2,200,000

2,243,392

Metropolitan

Life

Global

Funding

Secured

Note

144A,

5.05

1/06/28

...................

United

States

9,600,000

9,831,483

Secured

Note

144A,

4.3

8/25/29

....................

United

States

3,000,000

2,981,492

RGA

Global

Funding

Secured

Note

144A,

5.5

1/11/31

.....

United

States

6,400,000

6,584,874

Sammons

Financial

Group,

Inc.

Senior

Bond

144A,

6.875

4/15/34

.........................................

United

States

3,700,000

3,868,104

52,620,857

Interactive

Media

Services

0.4%

Snap,

Inc.

Senior

Note

144A,

6.875

3/01/33

............

United

States

1,150,000

1,149,517

Tencent

Holdings

Ltd.

Senior

Note

144A,

2.39

6/03/30

.....

China

9,100,000

8,265,858

9,415,375

Services

0.8%

Cablevision

Lightpath

LLC

Senior

Secured

Note

144A,

3.875

9/15/27

.........................................

United

States

5,600,000

5,296,319

Fortress

Intermediate

Inc.

Senior

Secured

Note

144A,

7.5

6/01/31

.........................................

United

States

3,100,000

3,172,779

Gartner,

Inc.

Senior

Note

144A,

4.5

7/01/28

.....................

United

States

7,000,000

6,905,767

Senior

Note

144A,

3.625

6/15/29

...................

United

States

3,800,000

3,567,945

18,942,810

Machinery

0.3%

ESAB

Corp.

Senior

Note

144A,

6.25

4/15/29

............

United

States

3,400,000

3,453,995

Manitowoc

Co.,

Inc.

(The)

Secured

Note

144A,

9.25

10/01/31

United

States

1,625,000

1,649,375

Terex

Corp.

Senior

Note

144A,

6.25

10/15/32

...........

United

States

2,900,000

2,778,557

7,881,927

Media

2.1%

Charter

Communications

Operating

LLC

Charter

Communications

Operating

Capital

Corp.

Senior

Secured

Bond

2.8

4/01/31

...............................

United

States

15,900,000

13,813,489

Clear

Channel

Outdoor

Holdings,

Inc.

Senior

Secured

Note

144A,

5.125

8/15/27

............

United

States

2,400,000

2,335,829

Senior

Secured

Note

144A,

7.875

4/01/30

............

United

States

300,000

300,436

Comcast

Corp.

Senior

Bond

4.8

5/15/33

...............

United

States

5,200,000

5,136,189

Directv

Financing

LLC

Directv

Financing

Co-Obligor,

Inc.

Senior

Secured

Note

144A,

5.875

8/15/27

..................

United

States

6,000,000

5,804,332

Fox

Corp.

Senior

Bond

6.5

10/13/33

..................

United

States

5,500,000

5,853,019

McGraw-Hill

Education,

Inc.

Senior

Secured

Note

144A,

7.375

9/01/31

...................................

United

States

4,400,000

4,500,472

Outfront

Media

Capital

LLC

Outfront

Media

Capital

Corp.

Senior

Bond

144A,

4.625

3/15/30

.........................

United

States

4,700,000

4,348,548

Paramount

Global

Senior

Bond

4.2

5/19/32

.............

United

States

7,300,000

6,534,420

Sinclair

Television

Group,

Inc.

Senior

Secured

Note

144A,

8.125

2/15/33

...................................

United

States

2,750,000

2,724,026

51,350,760

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Metals

Mining

1.0%

Cleveland-Cliffs,

Inc.

Senior

Note

144A,

3/15/32

......................

United

States

3,200,000

3,010,354

Senior

Note

144A,

7.375

5/01/33

...................

United

States

1,200,000

1,128,948

Constellium

Senior

Note

144A,

3.75

4/15/29

....................

United

States

3,000,000

2,759,963

Senior

Note

144A,

6.375

8/15/32

...................

United

States

900,000

886,662

Indonesia

Asahan

Aluminium

Mineral

Industri

Indonesia

Persero

Senior

Bond

144A,

5.45

5/15/30

...........

Indonesia

6,900,000

6,951,426

Novelis

Corp.

Senior

Note

144A,

6.875

1/30/30

..........

United

States

1,100,000

1,117,020

POSCO

Senior

Note

144A,

5.625

1/17/26

..............

South

Korea

7,950,000

8,010,347

23,864,720

Multi-Utilities

0.7%

Dominion

Energy,

Inc.

Senior

Note

4.35

8/15/32

.......................

United

States

3,200,000

3,019,158

Senior

Note

3.375

4/01/30

......................

United

States

7,800,000

7,328,073

DTE

Energy

Co.

Senior

Note

4.875

6/01/28

.............

United

States

5,700,000

5,757,584

Public

Service

Enterprise

Group,

Inc.

Senior

Bond

5.4

3/15/35

United

States

2,225,000

2,236,468

18,341,283

Oil,

Gas

Consumable

Fuels

5.8%

Aker

ASA

Senior

Bond

144A,

3.1

7/15/31

............

Norway

8,700,000

7,626,822

Antero

Resources

Corp.

Senior

Note

144A,

7.625

2/01/29

United

States

4,969,000

5,081,498

Calumet

Specialty

Products

Partners

Calumet

Finance

Corp.

Senior

Secured

Note

144A,

9.25

7/15/29

..............

United

States

4,400,000

4,521,000

Canadian

Natural

Resources

Ltd.

Senior

Bond

2.95

7/15/30

Canada

8,200,000

7,440,593

Cheniere

Energy,

Inc.

Senior

Note

5.65

4/15/34

..........

United

States

1,600,000

1,594,438

Chord

Energy

Corp.

Senior

Note

144A,

6.75

3/15/33

......

United

States

1,850,000

1,802,718

Civitas

Resources,

Inc.

Senior

Note

144A,

8.625

11/01/30

..................

United

States

1,000,000

964,848

Senior

Note

144A,

8.75

7/01/31

....................

United

States

3,300,000

3,140,868

Coronado

Finance

Pty.

Ltd.

Senior

Secured

Note

144A,

9.25

10/01/29

........................................

Australia

2,400,000

1,640,676

Crescent

Energy

Finance

LLC

Senior

Note

144A,

7.375

1/15/33

.........................................

United

States

750,000

664,487

Midstream,

Inc.

Senior

Bond

144A,

4.375

6/15/31

.....

United

States

6,600,000

6,085,683

Eastern

Energy

Gas

Holdings

LLC

Senior

Bond

5.8

1/15/35

United

States

6,700,000

6,920,470

Energy

Transfer

Senior

Bond

3.75

5/15/30

.........................

United

States

7,300,000

6,899,549

Senior

Note

6.4

12/01/30

.........................

United

States

6,000,000

6,383,545

Senior

Note

144A,

2/01/29

......................

United

States

4,000,000

4,045,406

Galaxy

Pipeline

Assets

Bidco

Ltd.

Senior

Secured

Bond

144A,

2.16

3/31/34

...................................

United

Arab

Emirates

2,211,450

1,950,448

Harbour

Energy

plc

Senior

Note

144A,

5.5

10/15/26

......

United

Kingdom

2,500,000

2,508,030

Hess

Midstream

Operations

Senior

Note

144A,

5.875

3/01/28

...................

United

States

1,200,000

1,203,525

Senior

Note

144A,

6.5

6/01/29

.....................

United

States

2,700,000

2,744,656

Kinetik

Holdings

Senior

Note

144A,

5.875

6/15/30

......

United

States

5,000,000

4,890,375

Matador

Resources

Co.

Senior

Note

144A,

6.5

4/15/32

.....................

United

States

5,400,000

5,207,991

Senior

Note

144A,

6.25

4/15/33

....................

United

States

2,100,000

1,987,437

MPLX

Senior

Bond

5.4

4/01/35

....................

United

States

9,100,000

8,863,556

ONEOK,

Inc.

Senior

Bond

5.375

6/01/29

........................

United

States

10,900,000

11,086,270

Senior

Note

144A,

5.625

1/15/28

...................

United

States

1,700,000

1,733,712

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Sabine

Pass

Liquefaction

LLC

Senior

Secured

Note

4.5

5/15/30

.........................................

United

States

10,000,000

9,865,565

Sunoco

Finance

Corp.

Senior

Note

4.5

5/15/29

United

States

4,000,000

3,794,556

Var

Energi

ASA

Senior

Bond

144A,

11/15/32

..........

Norway

9,000,000

9,811,153

Venture

Global

Calcasieu

Pass

LLC

Senior

Secured

Bond

144A,

4.125

8/15/31

...................................

United

States

2,600,000

2,338,383

Venture

Global

LNG,

Inc.

Senior

Secured

Note

144A,

8.375

6/01/31

.........................................

United

States

5,500,000

5,309,073

Venture

Global

Plaquemines

LNG

LLC

Senior

Secured

Bond

144A,

7.75

5/01/35

.............

United

States

900,000

924,942

Senior

Secured

Note

144A,

7.5

5/01/33

..............

United

States

900,000

924,050

Viper

Energy,

Inc.

Senior

Note

144A,

7.375

11/01/31

......

United

States

3,600,000

3,740,620

143,696,943

Paper

Forest

Products

0.4%

Suzano

Austria

GmbH

Senior

Bond

3.75

1/15/31

.........................

Brazil

7,100,000

6,422,226

DM3N

Senior

Bond

3.125

1/15/32

..................

Brazil

4,400,000

3,754,559

10,176,785

Passenger

Airlines

0.2%

Delta

Air

Lines,

Inc.

SkyMiles

Ltd.

Senior

Secured

Note

144A,

4.5

10/20/25

...............................

United

States

1,733,500

1,717,930

Mileage

Plus

Holdings

LLC

Mileage

Plus

Intellectual

Property

Assets

Ltd.

Senior

Secured

Note

144A,

6.5

6/20/27

.....

United

States

3,330,000

3,343,150

OneSky

Flight

LLC

Senior

Note

144A,

8.875

12/15/29

.....

United

States

700,000

707,681

5,768,761

Personal

Care

Products

0.5%

Coty,

Inc.

HFC

Prestige

Products,

Inc.

HFC

Prestige

International

LLC

Senior

Secured

Note

144A,

4.75

1/15/29

.........................................

United

States

8,000,000

7,704,075

Opal

Bidco

SAS

Senior

Secured

Note

144A,

6.5

3/31/32

...

France

3,175,000

3,178,341

Prestige

Brands,

Inc.

Senior

Bond

144A,

3.75

4/01/31

.....

United

States

1,700,000

1,536,259

12,418,675

Pharmaceuticals

1.1%

Bayer

Finance

LLC

Senior

Bond

144A,

4.375

12/15/28

Germany

11,700,000

11,479,373

Endo

Finance

Holdings,

Inc.

Senior

Secured

Note

144A,

8.5

4/15/31

.........................................

United

States

3,200,000

3,331,152

Pfizer

Investment

Enterprises

Pte.

Ltd.

Senior

Bond

4.75

5/19/33

.........................................

United

States

3,500,000

3,457,396

Royalty

Pharma

plc

Senior

Bond

3.3

9/02/40

............

United

States

5,300,000

3,896,359

Teva

Pharmaceutical

Finance

Netherlands

III

Senior

Note

5.125

5/09/29

...................................

Israel

4,000,000

3,891,305

26,055,585

Real

Estate

Management

Development

0.2%

Forestar

Group,

Inc.

Senior

Note

144A,

6.5

3/15/33

.......

United

States

3,950,000

3,845,461

Residential

REITs

0.1%

Essex

Portfolio

Senior

Bond

5.375

4/01/35

...........

United

States

2,600,000

2,590,111

Semiconductors

Semiconductor

Equipment

0.4%

Foundry

Holdco

LLC

Senior

Secured

Bond

144A,

6.25

1/25/35

.............

United

States

7,400,000

7,659,215

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Foundry

Holdco

LLC,

(continued)

Senior

Secured

Note

144A,

5.9

1/25/33

..............

United

States

1,565,000

1,597,572

9,256,787

Software

0.0%

†

Gen

Digital,

Inc.

Senior

Note

144A,

6.25

4/01/33

.........

United

States

750,000

749,852

Specialized

REITs

0.3%

Iron

Mountain,

Inc.

Senior

Note

144A,

2/15/29

.........

United

States

8,200,000

8,428,977

Specialty

Retail

0.1%

AutoNation,

Inc.

Senior

Bond

4.75

6/01/30

.............

United

States

1,900,000

1,864,358

Technology

Hardware,

Storage

Peripherals

0.5%

Dell

International

LLC

EMC

Corp.

Senior

Bond

5.4

4/15/34

United

States

7,800,000

7,801,347

Hewlett

Packard

Enterprise

Co.

Senior

Note

4.85

10/15/31

United

States

4,500,000

4,447,312

12,248,659

Textiles,

Apparel

Luxury

Goods

0.2%

Hanesbrands,

Inc.

Senior

Note

144A,

2/15/31

..........

United

States

3,400,000

3,526,414

Tapestry,

Inc.

Senior

Bond

5.5

3/11/35

.................

United

States

1,820,000

1,773,432

5,299,846

Tobacco

0.3%

Imperial

Brands

Finance

plc

Senior

Bond

144A,

4.25

7/21/25

United

Kingdom

289,000

288,410

Philip

Morris

International,

Inc.

Senior

Bond

5.375

2/15/33

United

States

7,200,000

7,375,709

7,664,119

Trading

Companies

Distributors

0.7%

Beacon

Roofing

Supply,

Inc.

Senior

Secured

Note

144A,

6.75

4/30/32

.........................................

United

States

2,300,000

2,311,699

EquipmentShare.com,

Inc.

Secured

Note

144A,

8.625

5/15/32

United

States

4,100,000

4,190,934

United

Rentals

North

America,

Inc.

Senior

Bond

144A,

6.125

3/15/34

.........................................

United

States

4,900,000

4,958,976

WESCO

Distribution,

Inc.

Senior

Note

144A,

6.375

3/15/29

United

States

5,000,000

5,072,310

16,533,919

Transportation

Infrastructure

0.0%

†

Rutas

and

Finance

Ltd.

Senior

Secured

Bond

144A,

.03

9/30/36

.........................................

United

States

920,000

654,046

Wireless

Telecommunication

Services

1.1%

Connect

Finco

SARL

Connect

Finco

LLC

Senior

Secured

Note

144A,

9/15/29

............................

United

Kingdom

4,500,000

4,215,233

Digicel

Group

Holdings

Ltd.

.594

11/17/33

................................

Bermuda

677,343

21,434

.13

11/17/33

.................................

Bermuda

72,906

8,936

T-Mobile

USA,

Inc.

Senior

Bond

3.3

2/15/51

..........................

United

States

4,800,000

3,156,297

Senior

Note

3.875

4/15/30

........................

United

States

13,400,000

12,934,008

Zegona

Finance

plc

Senior

Secured

Note

144A,

8.625

7/15/29

.........................................

United

Kingdom

5,600,000

5,971,476

26,307,384

Total

Corporate

Bonds

(Cost

1,295,491,073

)

.................................

1,247,616,128

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

2.3%

Aerospace

Defense

0.0%

†

GOAT

Holdco

LLC,

First

Lien,

CME

Term

Loan,

7.32

(

1-month

SOFR

1/27/32

.......................

United

States

240,000

236,820

Air

Freight

Logistics

0.1%

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

7.299

(

3-month

SOFR

3/18/30

.......................

United

States

1,250,636

1,162,310

Automobile

Components

0.1%

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

7.072

(

1-month

SOFR

2.75

1/28/32

.........

United

States

769,941

756,147

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

8.186

(

1-month

SOFR

3.75

10/04/28

........

United

States

349,736

323,812

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

9.552

(

3-month

SOFR

3/30/27

................

United

States

724,039

675,040

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

13.052

(

3-month

SOFR

8.5

3/30/28

..............

United

States

1,029,361

877,530

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

7.822

(

1-month

SOFR

3.5

2/13/30

......

United

States

434,595

435,138

3,067,667

Automobiles

0.0%

†

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

8.172

(

1-month

SOFR

3.75

3/03/28

..............

United

States

752,173

594,217

Beverages

0.0%

†

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

6.549

(

3-month

SOFR

2.25

3/31/28

.........

United

States

532,270

528,877

Broadline

Retail

0.0%

†

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

6.799

(

3-month

SOFR

2.5

7/01/31

......................

Netherlands

319,439

318,541

Building

Products

0.1%

AZZ,

Inc.,

First

Lien,

Initial

CME

Term

Loan

6.822

(

1-month

SOFR

2.5

5/14/29

.............................

United

States

603,336

603,863

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

8.822

(

1-month

SOFR

4.5

5/15/31

...............

United

States

1,144,932

948,324

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

6.799

(

3-month

SOFR

2.5

8/04/31

United

States

220,784

218,531

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

6.572

(

1-month

SOFR

2.25

3/19/29

.....................

United

States

404,199

398,621

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

6.572

(

1-month

SOFR

2.25

2/10/32

.....................

United

States

275,862

270,799

2,440,138

Capital

Markets

0.1%

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

7.319

(

1-month

SOFR

7/31/28

..........

United

States

573,942

568,065

Citadel

Securities

LP,

First

Lien,

2024

CME

Term

Loan

6.325

(

1-month

SOFR

10/31/31

......................

United

States

703,779

703,656

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

7.322

(

1-month

SOFR

4/07/28

...

United

States

246,449

245,846

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

7.299

(

3-month

SOFR

3/05/29

................

United

States

742,500

741,520

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

6.313

(

3-month

SOFR

12/15/31

................

United

States

403,069

398,089

2,657,176

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Chemicals

0.2%

A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

7.072

(

1-month

SOFR

2.75

9/09/31

.....................

United

States

309,208

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

8.063

(

3-month

SOFR

3.75

4/06/29

.....................

United

States

377,084

367,657

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

8.329

(

1-month

SOFR

3/15/29

............

United

States

256,905

250,757

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

11.859

(

1-month

SOFR

7.438

3/15/30

............

United

States

481,590

455,502

INEOS

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

7.572

(

1-month

SOFR

3.25

2/18/30

..............

Luxembourg

801,732

752,425

INEOS

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

8.672

(

1-month

SOFR

4.25

4/02/29

..............

United

States

400,022

344,020

Lummus

Technology

Holdings

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

7.322

(

1-month

SOFR

12/31/29

....................................

United

States

185,848

185,834

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

7.554

(

3-month

SOFR

3.25

4/03/28

Netherlands

496,358

493,876

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

7.28

(

3-month

SOFR

1/31/29

..............

United

States

403,120

399,936

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.642

(

3-month

SOFR

4.25

4/23/29

..............

United

States

543,933

488,732

4,047,947

Commercial

Services

Supplies

0.1%

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

8.172

(

1-month

SOFR

3.75

5/12/28

.........

United

States

634,282

634,403

CCI

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.299

(

3-month

SOFR

12/17/27

......................

United

States

827,794

829,160

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

Term

Loan,

6.825

5/17/28

...............................

Ireland

463,931

450,012

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.562

(

3-month

SOFR

3/06/28

.......................

United

States

1,038,863

854,387

2,767,962

Construction

Engineering

0.0%

†

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

8.038

(

3-month

SOFR

3.75

3/27/31

............................

United

States

372,188

367,163

Radar

Bidco

SARL,

First

Lien,

USD

CME

Term

Loan,

8.035

(

3-month

SOFR

3.75

4/04/31

.....................

Luxembourg

292,392

288,006

655,169

Consumer

Finance

0.0%

†

Neon

Maple

Debt

Mergersub,

Inc.,

First

Lien,

Term

Loan,

7.325

(

TSFR1M

11/17/31

....................

United

States

755,961

752,060

Containers

Packaging

0.1%

Berlin

Packaging

LLC,

First

Lien,

2024-2

Replacement

CME

Term

Loan

7.821

(

1-month

SOFR

3.5%;

3-month

SOFR

3.5%

6/09/31

....................................

United

States

746,255

742,005

Charter

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

7.071

(

1-month

SOFR

2.75

11/29/30

....

United

States

400,200

399,499

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

7.548

(

3-month

SOFR

3.25

4/01/32

...................................

United

States

580,976

576,985

m,n

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

7.48

(

3-month

SOFR

3.25

4/01/32

...................................

United

States

305

303

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Containers

Packaging

(continued)

Klockner

Pentaplast

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

9.227

(

6-month

SOFR

4.725

2/09/26

......

Luxembourg

1,394,602

1,261,766

2,980,558

Distributors

0.1%

Core

Main

LP,

First

Lien,

CME

Term

Loan,

6.27

(

6-month

SOFR

7/27/28

...............................

United

States

458,810

459,383

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

8.299

(

3-month

SOFR

11/30/30

...........

United

States

726,855

722,145

1,181,528

Electrical

Equipment

0.0%

†

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Dollar

CME

Term

Loan,

7.049

(

3-month

SOFR

2.75

11/22/29

........................................

United

States

740,628

735,074

Entertainment

0.0%

†

l,m

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

7.186

(

1-month

SOFR

2.75

3/13/28

.....................

United

States

690,617

676,407

Food

Products

0.1%

Aspire

Bakeries

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

8.572

(

1-month

SOFR

4.25

12/22/30

.............

United

States

274,350

275,035

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.237

(

6-month

SOFR

9/30/31

................

United

Kingdom

729,927

725,701

Primary

Products

Finance

LLC,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

7.535

(

3-month

SOFR

3.25

4/02/29

...................................

United

States

760,804

752,519

1,753,255

Ground

Transportation

0.0%

†

Albion

Financing

SARL,

First

Lien,

2025

Amended

USD

CME

Term

Loan

7.293

(

3-month

SOFR

8/16/29

.......

Luxembourg

88,197

88,280

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

6.799

(

3-month

SOFR

2.5

7/21/28

......................

United

States

208,965

208,361

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.799

(

3-month

SOFR

2.5

7/21/28

...............

United

States

63,879

63,695

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

PIK,

6.061

(

3-month

SOFR

1.5

8/10/29

......................

United

States

336,512

166,087

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

PIK,

6.061

(

3-month

SOFR

1.5

8/10/29

......................

United

States

243,681

35,790

WWEX

UNI

TopCo

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

8.299

(

3-month

SOFR

7/26/28

............

United

States

373,072

362,423

924,636

Health

Care

Providers

Services

0.2%

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

8.571

(

1-month

SOFR

4.25

2/11/28

.........

United

States

623,757

621,695

CNT

Holdings

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

6.802

(

3-month

SOFR

2.5

11/08/32

.........

United

States

266,240

265,169

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

7.88

(

3-month

SOFR

3.5

11/01/28

...............

United

States

643,420

393,201

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

7.07

(

1-month

SOFR

2.75

3/17/31

.....................

United

States

404,777

401,774

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

6.825

(

1-month

SOFR

2.5

2/21/31

......................

United

States

347,377

345,519

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Health

Care

Providers

Services

(continued)

Radiology

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

PIK,

7.939

(

1-month

SOFR

3.5

1/31/29

...............

United

States

958,129

929,225

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

7.07

(

1-month

SOFR

2.75

12/19/30

.....

United

States

58,068

57,977

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.688

(

1-month

SOFR

4.25

10/02/28

.............

United

States

979,859

971,099

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

6.572

(

1-month

SOFR

2.25

10/22/29

.............

United

States

188,701

188,229

4,173,888

Hotels,

Restaurants

Leisure

0.2%

Bally's

Corp.,

First

Lien,

CME

Term

Loan,

7.784

(

3-month

SOFR

3.25

10/02/28

...........................

United

States

657,835

571,767

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

6.563

(

3-month

SOFR

2.25

2/06/30

...

United

States

302,902

299,419

Dave

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.563

(

3-month

SOFR

3.25

6/29/29

.......

United

States

321,443

299,399

Entain

plc,

First

Lien,

CME

Term

Loan,

7.053

(

3-month

SOFR

2.75

10/31/29

...........................

United

Kingdom

248,125

248,331

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

8.305

(

12-month

SOFR

1/28/32

................

United

States

643,857

630,378

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

8.571

(

1-month

SOFR

4.25

12/04/31

.............

United

States

210,810

211,507

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

9.053

(

3-month

SOFR

4.75

11/01/29

.............

Canada

522,990

505,470

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

8.549

(

3-month

SOFR

4.25

8/01/30

.....................

Canada

200,340

194,380

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

7.285

(

3-month

SOFR

4/04/29

...

United

States

748,202

742,591

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

6.822

(

1-month

SOFR

2.5

8/03/28

........

United

States

176,394

175,630

3,878,872

Household

Durables

0.0%

†

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

7.549

(

3-month

SOFR

3.25

1/16/32

.....................

Netherlands

183,159

179,077

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

6.322

(

1-month

SOFR

7/19/30

...

United

States

300,000

299,499

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

6.072

(

1-month

SOFR

1.75

1/31/31

.....................

United

States

498,747

497,315

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

6.818

(

3-month

SOFR

2.5

12/11/31

...

United

States

134,193

133,990

930,804

Insurance

0.1%

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

7.322

(

1-month

SOFR

11/06/30

..............................

United

States

282,417

279,770

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

7.822

(

1-month

SOFR

3.5

2/14/31

......................

United

States

782,580

783,519

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

8.422

(

1-month

SOFR

8/21/28

.......................

United

States

238,363

230,747

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

8.672

(

1-month

SOFR

4.25

8/21/28

.....................

United

States

86,964

84,526

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

9.686

(

1-month

SOFR

5.25

1/19/29

.....................

United

States

500,693

461,264

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Insurance

(continued)

Broadstreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

7.322

(

1-month

SOFR

6/16/31

................

United

States

745,075

742,500

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

7.313

(

3-month

SOFR

7/31/31

...

United

States

432,295

430,776

3,013,102

Services

0.1%

Fortress

Intermediate

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.072

(

1-month

SOFR

3.75

6/27/31

..............

United

States

636,588

624,652

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

7.572

(

1-month

SOFR

3.25

3/05/32

............................

United

States

750,000

745,714

Sub

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

8.575

(

1-month

SOFR

4.25

5/03/28

..............

United

States

151,321

143,566

Sub

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

8.575

(

1-month

SOFR

4.25

12/31/31

.............

United

States

102,413

90,114

1,604,046

Machinery

0.1%

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

8.824

(

1-month

SOFR

4.5

9/28/28

......................

United

States

742,481

720,515

SunSource

Borrower

LLC,

First

Lien,

First

Refinancing

CME

Term

Loan

8.422

(

1-month

SOFR

3/25/31

............

United

States

560,902

542,207

1,262,722

Media

0.1%

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

7.827

(

1-month

SOFR

3.5%;

3-month

SOFR

3.5%

3/24/31

....................................

United

States

496,256

494,790

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

7.438

(

1-month

SOFR

12/01/28

......................

United

States

773,445

716,663

1,211,453

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

6.572

(

1-month

SOFR

2.25

1/02/30

...........

United

States

249,375

249,376

Oil,

Gas

Consumable

Fuels

0.0%

†

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

7.256

(

3-month

SOFR

10/15/31

......................

United

States

466,121

466,206

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

7.963

(

12-month

SOFR

2.75

2/22/30

.............

United

States

522,820

523,343

989,549

Passenger

Airlines

0.1%

AAdvantage

Loyalty

Ltd.,

First

Lien,

CME

Term

Loan

6.522

(

3-month

SOFR

2.25

4/20/28

.....................

United

States

294,007

288,428

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

6.507

(

6-month

SOFR

2.25

6/04/29

.....................

United

States

611,442

595,520

Mileage

Plan

Ltd.,

First

Lien,

Initial

CME

Term

Loan

6.269

(

3-month

SOFR

10/01/31

................

United

States

425,820

425,156

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

6.275

(

3-month

SOFR

2/24/31

.......................

United

States

264,159

263,871

1,572,975

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Personal

Care

Products

0.0%

†

KDC/ONE

Development

Corp.,

Inc.,

First

Lien,

2024-2

Refinancing

Dollar

CME

Term

Loan

8.322

(

1-month

SOFR

8/15/28

.....................................

Canada

93,750

93,609

Pharmaceuticals

0.0%

†

Organon

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

6.57

(

1-month

SOFR

2.25

5/19/31

..........

United

States

297,370

285,475

Professional

Services

0.1%

EAB

Global,

Inc.,

First

Lien,

CME

Term

Loan

7.322

(

1-month

SOFR

8/16/30

...............................

United

States

742,500

729,736

Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

6.322

(

1-month

SOFR

5/30/31

...............................

United

States

281,108

279,000

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

8.002

(

3-month

SOFR

3.75

7/18/31

.........

United

States

264,122

258,014

1,266,750

Software

0.1%

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.822

(

1-month

SOFR

2.5

6/08/28

......................

United

States

628,195

623,483

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

7.549

(

3-month

SOFR

3.25

7/06/29

.........

United

States

772,122

646,757

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

8.295

(

3-month

SOFR

12/09/31

......................

United

States

148,456

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

8.061

(

3-month

SOFR

3.5

9/29/28

......................

United

States

281,906

281,789

Imprivata,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

7.78

(

3-month

SOFR

3.5

12/01/27

...............

United

States

119,382

119,807

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

7.319

(

1-month

SOFR

3/01/29

...............................

United

States

637,619

601,090

a,h

WorkCapital

BSD

SARL,

Term

Loan

6.5

1/01/38

..........

Luxembourg

20,000,000

—

2,421,382

Specialty

Retail

0.2%

Evergreen

Acqco

LP,

First

Lien,

Initial

CME

Term

Loan

8.053

(

3-month

SOFR

3.75

4/26/28

.....................

United

States

419,612

417,862

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

PIK,

10.425

(

1-month

SOFR

10/07/26

...............

United

States

3,025,172

2,057,117

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

7.572

(

1-month

SOFR

3.25

1/23/32

..............

United

States

443,902

435,135

Petco

Health

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

7.811

(

3-month

SOFR

3.25

3/03/28

.........

United

States

650,000

569,094

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

7.936

(

1-month

SOFR

3.5

1/31/28

......................

United

States

620,037

580,023

Restoration

Hardware,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

7.672

(

1-month

SOFR

3.25

10/20/28

....

United

States

849,291

798,334

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

7.575

(

1-month

SOFR

3.25

10/19/29

.............

United

States

525,299

513,341

5,370,906

Textiles,

Apparel

Luxury

Goods

0.0%

†

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

7.791

(

3-month

SOFR

3.5

3/02/28

......................

United

States

570,717

520,959

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

7.072

(

1-month

SOFR

2.75

3/08/32

.....................

United

States

576,375

572,773

1,093,732

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Senior

Floating

Rate

Interests

(continued)

Wireless

Telecommunication

Services

0.0%

†

l,m

Gogo

Intermediate

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

8.186

(

1-month

SOFR

3.75

5/01/28

.........

United

States

500,000

475,155

Total

Senior

Floating

Rate

Interests

(Cost

79,794,182

)

........................

57,553,215

Marketplace

Loans

1.2%

Financial

Services

1.2%

Total

Marketplace

Loans

(Cost

35,851,397

)

..................................

29,226,804

Foreign

Government

and

Agency

Securities

2.3%

African

Export-Import

Bank

(The)

Senior

Bond

144A,

3.994

9/21/29

.........................................

Supranational

13,600,000

12,682,850

Banque

Ouest

Africaine

Developpement

Senior

Bond

144A,

7/27/27

......................................

Supranational

11,500,000

11,293,287

Colombia

Government

Bond

Senior

Bond

9.85

6/28/27

....

Colombia

55,750,000,000

COP

12,997,795

Comision

Federal

Electricidad

Senior

Bond

144A,

3.348

2/09/31

.........................................

Mexico

9,500,000

8,150,388

Electricite

France

Senior

Note

144A,

5.7

5/23/28

....

France

1,700,000

1,754,692

Korea

Electric

Power

Corp.

Senior

Note

144A,

5.375

4/06/26

South

Korea

3,400,000

3,431,343

Petroleos

Mexicanos

Senior

Note

2/07/33

............

Mexico

3,200,000

3,207,047

Romania

Government

Bond

Senior

Bond

144A,

6.125

1/22/44

Romania

4,700,000

4,012,340

Total

Foreign

Government

and

Agency

Securities

(Cost

68,631,409

)

............

57,529,742

U.S.

Government

and

Agency

Securities

17.2%

FFCB

2.1

2/25/36

.................................

United

States

7,700,000

6,029,065

U.S.

Treasury

Bonds

4.125

8/15/44

..................................

United

States

15,000,000

13,907,813

2.875

5/15/49

..................................

United

States

18,400,000

13,342,875

4.25

8/15/54

...................................

United

States

126,200,000

117,030,781

U.S.

Treasury

Notes

Index

Linked,

0.625

1/15/26

.......................

United

States

27,000,000

36,230,446

2/15/26

.....................................

United

States

23,000,000

22,996,928

2.375

4/30/26

..................................

United

States

100,000

98,524

3.625

5/15/26

..................................

United

States

3,500,000

3,491,137

4.375

8/15/26

..................................

United

States

12,100,000

12,190,514

1.875

2/28/27

..................................

United

States

48,200,000

46,712,578

2.75

7/31/27

...................................

United

States

39,000,000

38,289,316

3.875

11/30/27

.................................

United

States

43,700,000

44,005,559

2.875

5/15/28

..................................

United

States

17,000,000

16,649,375

4.5

5/31/29

....................................

United

States

51,300,000

52,911,141

Total

U.S.

Government

and

Agency

Securities

(Cost

425,904,686

)

..............

423,886,052

Asset-Backed

Securities

3.6%

Financial

Services

3.6%

Angel

Oak

Mortgage

Trust

2025-HB1

144A,

FRN

6.153

(

30-day

SOFR

Average

1.8

2/25/55

................

United

States

1,812,000

1,832,467

Apidos

CLO

XXXIV

2020-34A

A1R

144A,

FRN

5.681

(

3-month

SOFR

1.412

1/20/35

...................

United

States

5,210,000

5,222,010

Bain

Capital

Credit

CLO

Ltd.

2022-2A

144A,

FRN

5.592

(

3-month

SOFR

1.32

4/22/35

....................

United

States

3,200,000

3,194,469

Carlyle

Global

Market

Strategies

CLO

Ltd.

2013-3A

144A,

FRN

6.218

(

3-month

SOFR

1.962

10/15/30

........................................

United

States

300,000

300,229

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

f,l

Carlyle

Global

Market

Strategies

CLO

Ltd.,

(continued)

2014-2RA

144A,

FRN

6.41

(

3-month

SOFR

2.087

5/15/31

.........................................

United

States

580,000

580,271

CIFC

Funding

Ltd.

2020-1A

A1R

144A,

FRN

5.668

(

3-month

SOFR

1.412

7/15/36

...........................

United

States

6,090,000

6,100,549

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

2019-51

144A,

FRN

0.652

1/15/45

...............

United

States

13,533

13,012

2019-52

144A,

FRN

16.268

1/15/45

..............

United

States

16,968

7,879

2020-2

144A,

FRN

16.26

3/15/45

................

United

States

15,035

11,764

2020-7

144A,

FRN

16.119

4/17/45

...............

United

States

9,493

7,587

Dryden

CLO

Ltd.

2019-75A

AR2

144A,

FRN

5.558

(

3-month

SOFR

1.302

4/15/34

...................

United

States

30,321,000

30,230,601

Galaxy

XXVIII

CLO

Ltd.

2018-28A

144A,

FRN

6.468

(

3-month

SOFR

2.212

7/15/31

...................

United

States

3,070,000

3,068,472

Home

Partners

America

Trust

2021-2

144A,

2.302

12/17/26

....................

United

States

11,876,236

11,398,426

2021-3

144A,

2.649

1/17/41

.....................

United

States

4,302,787

3,972,304

KKR

CLO

Ltd.

2022-43A

A1R

144A,

FRN

6.006

(

3-month

SOFR

1.75

1/15/36

............................

Jersey

3,800,000

3,808,952

LCM

XVII

17A

BRR

144A,

FRN

6.118

(

3-month

SOFR

1.862

10/15/31

.................................

United

States

4,590,000

4,591,915

Octagon

Investment

Partners

Ltd.

2018-1A

144A,

FRN

5.488

(

3-month

SOFR

1.232

4/15/31

.............

United

States

2,699,546

2,704,426

Prosper

Pass-Thru

Trust

III

2020-PT1

144A,

FRN

8.796

3/15/26

...............

United

States

11,701

6,725

2020-PT2

144A,

FRN

9.444

4/15/26

...............

United

States

7,720

3,232

2020-PT3

144A,

FRN

7.183

5/15/26

...............

United

States

583

406

Voya

CLO

Ltd.

2013-2A

A2AR

144A,

FRN

5.943

(

3-month

SOFR

1.662

4/25/31

..................................

United

States

2,200,000

2,208,335

2013-2A

144A,

FRN

6.393

(

3-month

SOFR

2.112

4/25/31

.........................................

United

States

5,770,000

5,771,905

2016-1A

144A,

FRN

6.331

(

3-month

SOFR

2.062

1/20/31

.........................................

United

States

590,000

589,056

2019-3A

144A,

FRN

5.621

(

3-month

SOFR

1.342

10/17/32

........................................

United

States

2,445,117

2,445,729

88,070,721

Passenger

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

2020-1

4.875

7/15/27

United

States

398,850

397,504

Total

Asset-Backed

Securities

(Cost

89,260,060

)

.............................

88,468,225

Commercial

Mortgage-Backed

Securities

2.9%

Financial

Services

2.9%

BANK

2020-BN26

IO,

FRN

1.306

3/15/63

..........

United

States

26,740,926

1,171,616

BANK5

2025-5YR14

IO,

FRN

0.984

4/15/58

........

United

States

50,201,492

2,149,904

BANK5

Trust

2025-5YR13

IO,

144A,

FRN

1.284

1/15/58

United

States

49,412,903

2,186,501

BBCMS

Mortgage

Trust

2024-5C31

IO,

FRN

1.281

12/15/57

..............

United

States

38,521,236

1,671,070

2025-5C33

IO,

FRN

1.039

3/15/58

...............

United

States

53,601,724

1,878,344

Benchmark

Mortgage

Trust

2020-B20

IO,

FRN

1.695

10/15/53

...............

United

States

39,082,881

2,141,504

2020-B22

IO,

FRN

1.616

1/15/54

................

United

States

26,578,114

1,805,552

2024-V12

IO,

FRN

1.068

12/15/57

...............

United

States

51,024,787

1,792,011

2025-V13

IO,

FRN

1.132

2/15/58

................

United

States

46,939,000

1,693,367

2025-V14

IO,

FRN

0.768

4/15/57

................

United

States

78,377,000

2,645,286

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

BMO

Mortgage

Trust

2024-5C8

IO,

FRN

1.24

12/15/57

................

United

States

47,163,396

1,963,931

2025-5C9

IO,

FRN

0.924

4/15/58

................

United

States

73,112,521

2,284,021

Commercial

Mortgage

Trust

2021-VOLT

144A,

FRN

5.136

(

1-month

SOFR

0.814

9/15/36

.........................................

United

States

2,480,000

2,457,978

2021-VOLT

144A,

FRN

5.386

(

1-month

SOFR

1.064

9/15/36

..................................

United

States

3,890,000

3,851,026

2022-LP2

144A,

FRN

5.335

(

1-month

SOFR

1.013

2/15/39

.........................................

United

States

5,660,293

5,655,409

CFCRE

Commercial

Mortgage

Trust

2016-C7

3.839

12/10/54

........................................

United

States

2,540,000

2,501,531

Citigroup

Commercial

Mortgage

Trust

2016-P4

2.45

7/10/49

.........................................

United

States

1,618,597

1,592,888

COMM

Mortgage

Trust

2015-CR26

FRN

4.636

10/10/48

.................

United

States

2,851,000

2,795,313

2015-PC1

FRN

4.29

7/10/50

...................

United

States

1,217,000

1,202,366

CSAIL

Commercial

Mortgage

Trust

2015-C2

FRN

3.849

6/15/57

...................

United

States

1,534,000

1,525,576

2015-C3

3.718

8/15/48

........................

United

States

1,434,512

1,428,975

r,s

2021-C20

IO,

FRN

1.114

3/15/54

................

United

States

39,524,479

1,723,271

Mortgage

Securities

Trust

f,r

2013-GC13

144A,

FRN

4.009

7/10/46

............

United

States

2,451,219

2,415,523

2016-GS2

3.05

5/10/49

........................

United

States

1,150,000

1,130,220

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2016-

JP3

FRN

3.397

8/15/49

........................

United

States

1,858,000

1,689,291

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C31

3.801

8/15/48

.......................

United

States

2,071,153

2,056,755

2016-C1

3.576

3/17/49

........................

United

States

3,761,000

3,716,538

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

2015-C27

4.068

12/15/47

......................

United

States

1,360,000

1,346,624

r,s

2025-5C1

IO,

FRN

1.377

3/15/30

................

United

States

39,345,625

1,912,343

Morgan

Stanley

Capital

Trust

2021-L5

IO,

FRN

1.402

5/15/54

.........................................

United

States

37,514,244

1,924,578

Wells

Fargo

Commercial

Mortgage

Trust

2015-C31

3.695

11/15/48

......................

United

States

1,360,000

1,351,459

2016-C32

FRN

4.856

1/15/59

...................

United

States

1,698,000

1,676,341

r,s

2025-5C3

IO,

FRN

1.049

1/15/58

................

United

States

42,014,036

1,456,572

WFRBS

Commercial

Mortgage

Trust

2014-C23

FRN

4.425

10/15/57

........................................

United

States

1,881,000

1,764,110

70,557,794

Total

Commercial

Mortgage-Backed

Securities

(Cost

70,087,010

)

..............

70,557,794

Mortgage-Backed

Securities

32.0%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Adjustable

Rate

0.0%

†

FHLMC

6.473

(

1-year

CMT

T-Note

+/-

MBS

Margin),

1/01/33

United

States

7,295

7,422

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

5.4%

FHLMC

Gold

Pool,

Year

5/01/27

5/01/30

...........

United

States

53,317

53,955

FHLMC

Gold

Pool,

Year

4.5

10/01/40

...............

United

States

31,768

31,524

FHLMC

Gold

Pool,

Year

3/01/34

2/01/38

...........

United

States

188,348

190,922

FHLMC

Gold

Pool,

Year

5.5

6/01/33

6/01/36

.........

United

States

289,774

298,156

FHLMC

Gold

Pool,

Year

6/01/33

6/01/37

...........

United

States

131,098

135,813

FHLMC

Gold

Pool,

Year

6.5

12/01/25

6/01/36

........

United

States

26,780

28,158

FHLMC

Gold

Pool,

Year

8/01/32

..................

United

States

1,307

1,366

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Mortgage-Backed

Securities

(continued)

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

(continued)

FHLMC

Gold

Pool,

Year

7.5

1/01/26

1/01/31

.........

United

States

1,189

1,237

FHLMC

Pool,

Year

3/01/52

......................

United

States

32,363,613

25,721,863

FHLMC

Pool,

Year

6/01/52

......................

United

States

34,025,685

31,790,287

FHLMC

Pool,

Year

4.5

8/01/52

.....................

United

States

52,071,197

49,916,003

FHLMC

Pool,

Year

5.5

11/01/52

....................

United

States

24,009,478

24,045,322

132,214,606

Federal

National

Mortgage

Association

(FNMA)

Adjustable

Rate

0.0%

†

FNMA

6.729

(

1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

United

States

26,457

27,200

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

18.9%

FNMA,

Year

2.5

7/01/27

.........................

United

States

25,678

25,242

FNMA,

Year

4.5

3/01/28

.........................

United

States

7,516

7,495

FNMA,

Year

1/01/26

6/01/31

....................

United

States

79,673

80,453

FNMA,

Year

4/01/52

...........................

United

States

98,731,629

78,498,923

FNMA,

Year

9/01/48

9/01/51

....................

United

States

14,240,458

12,545,579

FNMA,

Year

3.5

8/01/52

.........................

United

States

32,552,076

29,645,927

FNMA,

Year

2/01/49

...........................

United

States

7,079,435

6,725,023

FNMA,

Year

4.5

2/01/41

.........................

United

States

104,859

103,979

FNMA,

Year

10/01/35

..........................

United

States

222,413

224,917

FNMA,

Year

4/01/53

...........................

United

States

22,909,562

22,493,317

FNMA,

Year

5.5

9/01/33

12/01/35

.................

United

States

330,321

339,161

FNMA,

Year

6/01/34

5/01/38

....................

United

States

629,592

649,506

FNMA,

Year

8/01/53

...........................

United

States

22,420,369

22,794,300

FNMA,

Year

6.5

3/01/28

10/01/37

.................

United

States

93,353

97,606

FNMA,

Year

7.5

10/01/29

.........................

United

States

1,353

1,395

FNMA,

Year

12/01/25

..........................

United

States

Uniform

Mortgage-Backed

Securities

TBA,

5/25/55

......

United

States

48,779,000

38,702,625

Uniform

Mortgage-Backed

Securities

2.5

TBA,

5/25/55

.....

United

States

137,251,000

114,121,910

Uniform

Mortgage-Backed

Securities

TBA,

5/25/55

......

United

States

62,541,000

54,286,507

Uniform

Mortgage-Backed

Securities

3.5

TBA,

5/25/55

.....

United

States

22,979,000

20,741,352

Uniform

Mortgage-Backed

Securities

5.5

TBA,

5/25/55

.....

United

States

50,590,000

50,488,692

Uniform

Mortgage-Backed

Securities

TBA,

5/25/55

......

United

States

14,660,000

14,873,559

467,447,480

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

7.7%

GNMA

Single-family,

Year

6/15/34

7/15/34

........

United

States

28,877

29,204

GNMA

Single-family,

Year

5.5

2/15/33

6/15/36

......

United

States

138,407

140,618

GNMA

Single-family,

Year

8/15/36

...............

United

States

9,387

9,804

GNMA

Single-family,

Year

6.5

2/15/29

..............

United

States

240

241

GNMA

Single-family,

Year

5/15/28

...............

United

States

GNMA

Single-family,

Year

7.5

1/15/26

5/15/27

......

United

States

113

114

GNMA

Single-family,

Year

7/15/26

...............

United

States

GNMA

II,

Single-family,

Year

9/20/33

11/20/33

.......

United

States

57,160

58,158

GNMA

II,

Single-family,

Year

5/15/55

...............

United

States

18,439,000

18,091,622

GNMA

II,

Single-family,

Year

5.5

6/20/34

.............

United

States

30,511

31,277

GNMA

II,

Single-family,

Year

5.5

5/15/55

.............

United

States

63,403,000

63,388,881

GNMA

II,

Single-family,

Year

11/20/34

..............

United

States

33,782

35,179

GNMA

II,

Single-family,

Year

5/15/55

...............

United

States

83,098,000

84,068,559

GNMA

II,

Single-family,

Year

6.5

7/20/28

12/20/31

.....

United

States

17,536

18,277

GNMA

II,

Single-family,

Year

6.5

5/15/55

.............

United

States

23,635,000

24,167,621

GNMA

II,

Single-family,

Year

7.5

4/20/32

.............

United

States

4,832

5,001

190,044,577

Total

Mortgage-Backed

Securities

(Cost

788,607,634

)

.........................

789,741,285

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Principal

Amount

Value

Residential

Mortgage-Backed

Securities

2.7%

Financial

Services

2.7%

BRAVO

Residential

Funding

Trust

2019-2

144A,

FRN

3.5

10/25/44

.................

United

States

2,184,694

2,094,824

2023-NQM6

144A,

6.602

9/25/63

................

United

States

1,047,735

1,056,765

2024-NQM3

144A,

6.191

3/25/64

................

United

States

1,086,923

1,095,886

Chase

Home

Lending

Mortgage

Trust

2025-3

A11

144A,

FRN

5.654

(

30-day

SOFR

Average

1.3

2/25/56

.........

United

States

2,428,746

2,410,796

CIM

Trust

2019-INV1

144A,

FRN

2/25/49

................

United

States

523,162

501,705

2019-INV2

144A,

FRN

5/25/49

................

United

States

1,277,127

1,206,887

COLT

Mortgage

Loan

Trust

2022-4

144A,

FRN

4.301

3/25/67

.........................................

United

States

2,968,837

2,946,673

Connecticut

Avenue

Securities

Trust

2025-R01

1M1

144A,

FRN

5.453

(

30-day

SOFR

Average

1.1

1/25/45

....................................

United

States

2,202,406

2,196,598

2025-R02

1A1

144A,

FRN

5.353

(

30-day

SOFR

Average

2/25/45

.....................................

United

States

1,241,842

1,237,017

2025-R03

2A1

144A,

FRN

5.804

(

30-day

SOFR

Average

1.45

3/25/45

...................................

United

States

2,188,229

2,197,802

Cross

Mortgage

Trust

2024-H1

144A,

6.085

12/25/68

United

States

910,007

914,995

FHLMC

STACR

REMIC

Trust

2025-DNA1

144A,

FRN

5.304

(

30-day

SOFR

Average

0.95

1/25/45

........

United

States

3,037,050

3,023,964

FNMA

Connecticut

Avenue

Securities

2015-C02

1M2

FRN

8.468

(

30-day

SOFR

Average

4.114

5/25/25

..................................

United

States

3,064,702

3,064,984

2015-C03

1M2

FRN

9.468

(

30-day

SOFR

Average

5.114

7/25/25

..................................

United

States

3,710,509

3,734,335

2016-C01

1M2

FRN

11.218

(

30-day

SOFR

Average

6.864

8/25/28

..................................

United

States

431,513

445,109

2017-C04

2M2

FRN

7.318

(

30-day

SOFR

Average

2.964

11/25/29

.................................

United

States

3,102,488

3,132,946

Imperial

Fund

Mortgage

Trust

2023-NQM1

144A,

5.941

2/25/68

.........................................

United

States

2,103,294

2,106,151

J.P.

Morgan

Mortgage

Trust

2021-15

144A,

FRN

2.5

6/25/52

.................

United

States

3,417,534

3,044,478

2024-CES1

A1A

144A,

6.191

6/25/54

................

United

States

1,473,497

1,479,446

LHOME

Mortgage

Trust

2025-RTL2

144A,

FRN

5.612

4/25/40

.........................................

United

States

726,000

732,235

Mill

City

Mortgage

Loan

Trust

2018-4

A1B

144A,

FRN

3.5

4/25/66

.........................................

United

States

4,412,645

4,329,146

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2024-NQM1

144A,

6.152

12/25/68

..........................

United

States

2,453,679

2,473,559

OBX

Trust

2021-J3

144A,

FRN

2.5

10/25/51

................

United

States

965,856

865,407

2024-NQM2

144A,

5.878

12/25/63

...............

United

States

1,410,782

1,416,397

2024-NQM3

144A,

6.129

12/25/63

...............

United

States

1,757,265

1,770,060

2024-NQM8

144A,

6.233

5/25/64

................

United

States

2,931,808

2,960,547

Provident

Funding

Associates

LLP

2021-J1

144A,

FRN

2.5

2/20/49

....................................

United

States

1,569,898

1,395,582

Provident

Funding

Mortgage

Trust

2019-1

144A,

FRN

12/25/49

........................................

United

States

1,330,013

1,148,494

PSMC

Trust

2021-3

144A,

FRN

2.5

8/25/51

.........

United

States

8,994,891

8,055,524

Verus

Securitization

Trust

2023-6

144A,

6.665

9/25/68

....................

United

States

568,790

574,375

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Principal

Amount

Value

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Verus

Securitization

Trust,

(continued)

2024-4

144A,

6.218

6/25/69

....................

United

States

1,836,670

1,853,712

65,466,399

Total

Residential

Mortgage-Backed

Securities

(Cost

68,610,976

)

...............

65,466,399

Agency

Commercial

Mortgage-Backed

Securities

1.6%

Financial

Services

1.6%

FHLMC

5070

IO,

3.5

2/25/51

..........................

United

States

32,433,178

6,219,957

5125

IO,

4.5

11/15/47

..........................

United

States

24,980,656

5,384,610

FNMA

2024-105

FRN

5.354

(

30-day

SOFR

Average

1/25/55

.........................................

United

States

11,781,009

11,766,798

2024-87

FRN

5.454

(

30-day

SOFR

Average

1.1

12/25/54

........................................

United

States

11,586,921

11,556,237

GNMA

2024-79

IO,

11/20/51

....................

United

States

23,588,862

4,846,707

39,774,309

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

39,634,868

)

.......

39,774,309

Escrows

and

Litigation

Trusts

0.0%

†

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

............

South

Africa

620,001

8,787

Mesquite

Energy,

Inc.,

Escrow

Account

...................

United

States

6,000,000

120,000

Total

Escrows

and

Litigation

Trusts

(Cost

5,707,489

)

.........................

128,787

Total

Long

Term

Investments

(Cost

3,003,918,942

)

...........................

2,895,281,290

Short

Term

Investments

0.8%

Country

Value

Money

Market

Funds

0.8%

d,v

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

20,674,651

Total

Money

Market

Funds

(Cost

20,674,651

)

................................

20,674,651

Total

Short

Term

Investments

(Cost

20,674,651

)

..............................

20,674,651

Total

Investments

(Cost

3,024,593,593

)

118.1

...............................

$2,915,955,941

Other

Assets,

less

Liabilities

(

18.1

)

........................................

(447,710,372)

Net

Assets

100.0%

.........................................................

$2,468,245,569

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Non-income

producing.

See

Note

regarding

restricted

securities.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

Security

business

development

company.

See

Note

1(f).

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

April

30,

2025,

the

aggregate

value

these

securities

was

$872,559,304,

representing

35.4%

net

assets.

Income

may

received

additional

securities

and/or

cash.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

See

Note

The

coupon

rate

shown

represents

the

rate

period

end.

The

rate

shown

represents

the

yield

period

end.

See

Note

1(i)

regarding

senior

floating

rate

interests.

The

coupon

rate

shown

represents

the

rate

inclusive

any

caps

floors,

applicable,

effect

period

end.

portion

all

the

security

purchased

delayed

delivery

basis.

See

Note

1(c).

See

Note

regarding

unfunded

loan

commitments.

See

Note

1(g)

regarding

Marketplace

Lending.

See

full

breakdown

marketplace

loans

holdings

the

table

the

end

this

schedule.

supranational

organization

entity

formed

two

central

governments

through

international

treaties.

Principal

amount

security,

redemption

price

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

See

Note

1(k).

Adjustable

rate

security

with

interest

rate

that

not

based

published

reference

index

and

spread.

The

rate

based

the

structure

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

period

end.

Investment

interest-only

security

entitles

holders

receive

only

the

interest

payment

the

underlying

instruments.

The

principal

amount

shown

the

notional

amount

the

underlying

instruments.

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

the

effective

rate

period

end.

ARM

rates

are

not

based

published

reference

rate

and

spread;

they

are

based

the

weighted

average

rates

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

Security

purchased

to-be-announced

(TBA)

basis.

See

Note

1(c).

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Core

Plus

Bond

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

April

30,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(g).

Description

Principal

Amount

Value

Marketplace

Loans

1.2%

Block,

Inc.

7275604.SQ.FTS.B

.374

6/01/25

....

1,145

752

7277031.SQ.FTS.B

.754

6/01/25

....

18,000

11,975

7275495.SQ.FTS.B

.005

6/01/25

....

356

252

7278877.SQ.FTS.B

.403

6/03/25

....

532

367

7280873.SQ.FTS.B

.192

6/04/25

....

5,514

182

7282931.SQ.FTS.B

.377

6/04/25

....

7,273

5,441

7281601.SQ.FTS.B

.409

6/04/25

....

1,132

7282811.SQ.FTS.B

.248

6/04/25

....

794

7281210.SQ.FTS.B

.261

6/04/25

....

901

7286507.SQ.FTS.B

.652

6/05/25

....

3,133

2,244

7286088.SQ.FTS.B

.653

6/05/25

....

7,748

3,643

7285398.SQ.FTS.B

.433

6/05/25

....

1,657

1,022

7287176.SQ.FTS.B

.006

6/05/25

....

5,152

148

7284693.SQ.FTS.B

.007

6/05/25

....

1,404

7287732.SQ.FTS.B

.184

6/05/25

....

300

198

7287144.SQ.FTS.B

.267

6/05/25

....

1,419

960

7290056.SQ.FTS.B

.377

6/06/25

....

5,162

152

7289261.SQ.FTS.B

.565

6/06/25

....

1,039

7289438.SQ.FTS.B

.235

6/06/25

....

7299621.SQ.FTS.B

.654

6/08/25

....

35,438

13,973

7300176.SQ.FTS.B

.008

6/08/25

....

1,773

1,179

7302047.SQ.FTS.B

.258

6/09/25

....

1,177

704

7303540.SQ.FTS.B

.565

6/10/25

....

1,343

145

7303522.SQ.FTS.B

.265

6/10/25

....

335

7314543.SQ.FTS.B

.191

6/12/25

....

3,475

1,361

7314341.SQ.FTS.B

.195

6/12/25

....

7309945.SQ.FTS.B

.018

6/12/25

....

707

479

7316842.SQ.FTS.B

.743

6/13/25

....

4,356

900

7317981.SQ.FTS.B

.434

6/13/25

....

1,348

312

7314697.SQ.FTS.B

.559

6/13/25

....

3,749

7318018.SQ.FTS.B

.564

6/13/25

....

6,392

105

7316232.SQ.FTS.B

.566

6/13/25

....

2,568

2,316

7316730.SQ.FTS.B

.005

6/13/25

....

1,950

1,310

7316192.SQ.FTS.B

.014

6/13/25

....

184

140

7323332.SQ.FTS.B

.563

6/14/25

....

2,206

1,435

7323718.SQ.FTS.B

.006

6/14/25

....

3,869

7323102.SQ.FTS.B

.167

6/14/25

....

871

512

7327791.SQ.FTS.B

.748

6/15/25

....

8,988

146

7324925.SQ.FTS.B

.182

6/15/25

....

1,334

7326332.SQ.FTS.B

.384

6/15/25

....

7328914.SQ.FTS.B

.566

6/16/25

....

10,484

274

7329210.SQ.FTS.B

.42

6/17/25

.....

3,315

107

7333816.SQ.FTS.B

.655

6/18/25

....

2,308

1,984

7332668.SQ.FTS.B

.185

6/18/25

....

645

569

7334014.SQ.FTS.B

.459

6/18/25

....

1,044

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7330422.SQ.FTS.B

.162

6/18/25

....

625

186

7336581.SQ.FTS.B

.937

6/19/25

....

49,530

1,365

7335932.SQ.FTS.B

.566

6/19/25

....

8,474

404

7334863.SQ.FTS.B

.763

6/19/25

....

1,344

438

7339897.SQ.FTS.B

.653

6/20/25

....

3,395

1,463

7338883.SQ.FTS.B

.567

6/20/25

....

4,925

3,494

7340806.SQ.FTS.B

.008

6/20/25

....

3,592

113

7345521.SQ.FTS.B

.752

6/21/25

....

294

272

7344575.SQ.FTS.B

.009

6/21/25

....

4,105

233

7346393.SQ.FTS.B

.164

6/21/25

....

62,612

1,525

7348505.SQ.FTS.B

.038

6/22/25

....

567

326

7348520.SQ.FTS.B

.176

6/22/25

....

7351981.SQ.FTS.B

.654

6/23/25

....

17,215

628

7352490.SQ.FTS.B

.752

6/23/25

....

1,988

409

7352850.SQ.FTS.B

.257

6/24/25

....

12,690

215

7353560.SQ.FTS.B

.654

6/25/25

....

4,057

3,380

7353901.SQ.FTS.B

.167

6/25/25

....

4,759

7360937.SQ.FTS.B

.654

6/27/25

....

3,439

2,510

7359726.SQ.FTS.B

.769

6/27/25

....

423

232

7359006.SQ.FTS.B

.439

6/27/25

....

2,767

128

7369711.SQ.FTS.B

.388

6/29/25

....

883

560

7371597.SQ.FTS.B

.651

6/30/25

....

469

444

7370708.SQ.FTS.B

.189

6/30/25

....

262

242

7371685.SQ.FTS.B

.752

6/30/25

....

3,456

114

7370367.SQ.FTS.B

.764

6/30/25

....

1,662

7370851.SQ.FTS.B

.02

6/30/25

.....

664

7372921.SQ.FTS.B

.948

7/02/25

....

988

777

7375076.SQ.FTS.B

.374

7/02/25

....

6,384

2,678

7377813.SQ.FTS.B

.76

7/03/25

.....

5,830

7386559.SQ.FTS.B

.745

7/05/25

....

7387529.SQ.FTS.B

.372

7/06/25

....

631

126

7389966.SQ.FTS.B

.756

7/08/25

....

1,331

7389892.SQ.FTS.B

.193

7/08/25

....

2,230

1,770

7391169.SQ.FTS.B

.756

7/08/25

....

1,302

1,056

7392524.SQ.FTS.B

.193

7/09/25

....

579

483

7401342.SQ.FTS.B

.566

7/11/25

....

1,652

1,455

7402047.SQ.FTS.B

.75

7/11/25

.....

5,039

7401076.SQ.FTS.B

.161

7/11/25

....

4,234

105

7405917.SQ.FTS.B

.938

7/12/25

....

1,239

995

7405039.SQ.FTS.B

.377

7/12/25

....

6,254

5,124

7408312.SQ.FTS.B

.753

7/15/25

....

141

121

7409774.SQ.FTS.B

.938

7/16/25

....

4,863

4,618

7411525.SQ.FTS.B

.169

7/16/25

....

1,444

148

7412366.SQ.FTS.B

.654

7/17/25

....

6,472

5,607

7412344.SQ.FTS.B

.707

7/17/25

....

253

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7412972.SQ.FTS.B

.377

7/17/25

....

6,512

4,390

7416105.SQ.FTS.B

.939

7/18/25

....

2,940

1,724

7417924.SQ.FTS.B

.566

7/18/25

....

5,269

115

7418257.SQ.FTS.B

.758

7/18/25

....

2,553

1,332

7418385.SQ.FTS.B

.997

7/18/25

....

153

142

7422446.SQ.FTS.B

.773

7/20/25

....

1,376

7423387.SQ.FTS.B

.574

7/21/25

....

1,914

7423408.SQ.FTS.B

.757

7/21/25

....

4,786

3,365

7424195.SQ.FTS.B

.654

7/22/25

....

704

677

7426750.SQ.FTS.B

.758

7/22/25

....

1,835

7425587.SQ.FTS.B

.416

7/22/25

....

7,187

4,729

7428814.SQ.FTS.B

.659

7/23/25

....

1,540

1,385

7430504.SQ.FTS.B

.654

7/24/25

....

68,115

907

7432399.SQ.FTS.B

.014

7/24/25

....

777

412

7432611.SQ.FTS.B

.412

7/24/25

....

419

283

7438053.SQ.FTS.B

.566

7/25/25

....

9,004

205

7441625.SQ.FTS.B

.937

7/26/25

....

27,215

9,686

7443079.SQ.FTS.B

.271

7/28/25

....

1,382

833

7447048.SQ.FTS.B

.749

7/29/25

....

43,825

578

7446590.SQ.FTS.B

.377

7/29/25

....

8,070

610

7459076.SQ.FTS.B

.76

8/01/25

.....

852

470

7459816.SQ.FTS.B

.008

8/01/25

....

2,238

1,809

7461359.SQ.FTS.B

.162

8/02/25

....

10,885

7462768.SQ.FTS.B

.187

8/03/25

....

6,264

4,449

7464949.SQ.FTS.B

.654

8/05/25

....

14,665

11,966

7470030.SQ.FTS.B

.649

8/06/25

....

650

615

7468484.SQ.FTS.B

.653

8/06/25

....

27,792

654

7471403.SQ.FTS.B

.935

8/06/25

....

1,789

1,692

7473372.SQ.FTS.B

.189

8/07/25

....

14,441

12,464

7473943.SQ.FTS.B

.377

8/07/25

....

2,690

790

7476687.SQ.FTS.B

.656

8/08/25

....

5,403

4,310

7481366.SQ.FTS.B

.975

8/09/25

....

7483714.SQ.FTS.B

.453

8/10/25

....

442

187

7483269.SQ.FTS.B

.13

8/10/25

.....

7484428.SQ.FTS.B

.189

8/11/25

....

4,409

2,144

7483959.SQ.FTS.B

.756

8/11/25

....

2,817

7488630.SQ.FTS.B

.555

8/13/25

....

455

382

7488673.SQ.FTS.B

.581

8/13/25

....

805

128

7489102.SQ.FTS.B

.757

8/13/25

....

1,801

1,705

7490203.SQ.FTS.B

.424

8/13/25

....

509

252

7492035.SQ.FTS.B

.78

8/14/25

.....

370

247

7502263.SQ.FTS.B

.744

8/15/25

....

422

361

7502769.SQ.FTS.B

.765

8/15/25

....

170

132

7500824.SQ.FTS.B

.258

8/15/25

....

27,055

570

7508686.SQ.FTS.B

.934

8/16/25

....

2,765

609

7505386.SQ.FTS.B

.379

8/16/25

....

1,309

1,286

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7508856.SQ.FTS.B

.932

8/17/25

....

3,854

7509099.SQ.FTS.B

.006

8/17/25

....

184

173

7511303.SQ.FTS.B

.939

8/19/25

....

5,973

4,227

7511680.SQ.FTS.B

.381

8/19/25

....

5,184

122

7511854.SQ.FTS.B

.554

8/19/25

....

559

483

7511795.SQ.FTS.B

.761

8/19/25

....

2,165

7514863.SQ.FTS.B

.654

8/20/25

....

9,340

176

7514860.SQ.FTS.B

.475

8/20/25

....

7515221.SQ.FTS.B

.756

8/20/25

....

2,318

1,995

7518078.SQ.FTS.B

.654

8/21/25

....

5,990

4,573

7519968.SQ.FTS.B

.415

8/21/25

....

10,143

1,842

7526085.SQ.FTS.B

.661

8/23/25

....

7528668.SQ.FTS.B

.379

8/23/25

....

2,131

2,070

7527110.SQ.FTS.B

.75

8/23/25

.....

381

267

7526613.SQ.FTS.B

.755

8/23/25

....

753

650

7530426.SQ.FTS.B

.195

8/25/25

....

990

896

7530845.SQ.FTS.B

.373

8/25/25

....

469

458

7531999.SQ.FTS.B

.937

8/26/25

....

3,526

2,631

7531562.SQ.FTS.B

.199

8/26/25

....

160

152

7533921.SQ.FTS.B

.566

8/26/25

....

10,637

7,520

7535396.SQ.FTS.B

.755

8/26/25

....

287

268

7535779.SQ.FTS.B

.653

8/27/25

....

3,761

229

7537580.SQ.FTS.B

.937

8/27/25

....

25,953

530

7539738.SQ.FTS.B

.566

8/27/25

....

16,478

6,890

7537469.SQ.FTS.B

.423

8/27/25

....

201

169

7542074.SQ.FTS.B

.654

8/28/25

....

21,677

17,066

7549987.SQ.FTS.B

.732

8/29/25

....

854

303

7551251.SQ.FTS.B

.937

9/01/25

....

3,354

2,676

7552166.SQ.FTS.B

.418

9/01/25

....

717

7555959.SQ.FTS.B

.397

9/03/25

....

421

363

7560015.SQ.FTS.B

.262

9/04/25

....

1,773

410

7562114.SQ.FTS.B

.154

9/05/25

....

7566458.SQ.FTS.B

.187

9/06/25

....

5,997

4,777

7565451.SQ.FTS.B

.385

9/06/25

....

182

175

7565580.SQ.FTS.B

.75

9/06/25

.....

2,150

871

7565348.SQ.FTS.B

.004

9/06/25

....

1,908

1,348

7573684.SQ.FTS.B

.764

9/07/25

....

481

134

7574028.SQ.FTS.B

.934

9/07/25

....

4,089

3,171

7573640.SQ.FTS.B

.937

9/07/25

....

3,544

340

7573480.SQ.FTS.B

.571

9/07/25

....

3,736

528

7573724.SQ.FTS.B

.756

9/07/25

....

587

541

7573972.SQ.FTS.B

.003

9/07/25

....

4,673

3,063

7571507.SQ.FTS.B

.169

9/07/25

....

2,659

229

7577744.SQ.FTS.B

.19

9/08/25

.....

1,846

1,823

7578877.SQ.FTS.B

.78

9/09/25

.....

137

7579649.SQ.FTS.B

.553

9/10/25

....

461

425

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7580066.SQ.FTS.B

9/10/25

.......

217

181

7580830.SQ.FTS.B

.189

9/11/25

....

7,123

4,159

7581869.SQ.FTS.B

.01

9/11/25

.....

1,493

7581762.SQ.FTS.B

.253

9/11/25

....

384

295

7586278.SQ.FTS.B

.654

9/12/25

....

8,025

502

7587899.SQ.FTS.B

.743

9/12/25

....

268

207

7586914.SQ.FTS.B

.375

9/12/25

....

9,130

179

7586669.SQ.FTS.B

.573

9/12/25

....

7586206.SQ.FTS.B

.173

9/12/25

....

904

495

7590419.SQ.FTS.B

.748

9/13/25

....

21,397

1,222

7590230.SQ.FTS.B

.196

9/13/25

....

1,692

1,315

7596084.SQ.FTS.B

.94

9/14/25

.....

8,019

146

7595019.SQ.FTS.B

.189

9/14/25

....

468

465

7594477.SQ.FTS.B

.749

9/14/25

....

946

353

7598949.SQ.FTS.B

.654

9/15/25

....

20,583

18,588

7598834.SQ.FTS.B

.187

9/15/25

....

2,058

1,823

7599917.SQ.FTS.B

.447

9/15/25

....

560

7600486.SQ.FTS.B

.769

9/16/25

....

645

7600104.SQ.FTS.B

.752

9/16/25

....

3,189

162

7601096.SQ.FTS.B

.377

9/17/25

....

12,879

343

7603790.SQ.FTS.B

.654

9/18/25

....

1,385

1,383

7602249.SQ.FTS.B

.657

9/18/25

....

943

930

7603430.SQ.FTS.B

.38

9/18/25

.....

5,224

2,080

7603519.SQ.FTS.B

.75

9/18/25

.....

2,898

1,517

7602494.SQ.FTS.B

.255

9/18/25

....

2,210

7603343.SQ.FTS.B

.268

9/18/25

....

614

531

7608442.SQ.FTS.B

.565

9/19/25

....

5,862

2,393

7609206.SQ.FTS.B

.203

9/20/25

....

680

402

7611951.SQ.FTS.B

.376

9/20/25

....

2,119

2,026

7617771.SQ.FTS.B

.378

9/21/25

....

3,324

2,672

7617942.SQ.FTS.B

.758

9/21/25

....

2,823

227

7619409.SQ.FTS.B

.941

9/22/25

....

798

770

7620858.SQ.FTS.B

.567

9/22/25

....

16,331

9,529

7621483.SQ.FTS.B

.379

9/23/25

....

647

643

7621404.SQ.FTS.B

.413

9/23/25

....

3,475

330

7622578.SQ.FTS.B

.664

9/24/25

....

2,727

2,198

7623413.SQ.FTS.B

.703

9/25/25

....

187

7623389.SQ.FTS.B

.764

9/25/25

....

514

339

7625499.SQ.FTS.B

.938

9/25/25

....

10,339

7,773

7623850.SQ.FTS.B

.19

9/25/25

.....

6,052

4,570

7623781.SQ.FTS.B

.379

9/25/25

....

1,952

7624359.SQ.FTS.B

.008

9/25/25

....

4,439

3,708

7624159.SQ.FTS.B

.261

9/25/25

....

668

168

7628789.SQ.FTS.B

.935

9/26/25

....

5,324

595

7629674.SQ.FTS.B

.189

9/26/25

....

7,987

161

7626558.SQ.FTS.B

.564

9/26/25

....

970

146

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7629259.SQ.FTS.B

.565

9/26/25

....

4,236

2,397

7629810.SQ.FTS.B

.566

9/26/25

....

6,927

5,541

7630072.SQ.FTS.B

.769

9/26/25

....

659

252

7629134.SQ.FTS.B

.413

9/26/25

....

4,696

107

7630481.SQ.FTS.B

.189

9/27/25

....

11,930

1,933

7639049.SQ.FTS.B

.433

9/28/25

....

495

407

7639378.SQ.FTS.B

.017

9/28/25

....

352

293

7642548.SQ.FTS.B

.653

9/29/25

....

1,584

1,573

7643054.SQ.FTS.B

.165

9/29/25

....

373

7639746.SQ.FTS.B

.415

9/29/25

....

63,645

1,130

7643615.SQ.FTS.B

.134

9/30/25

....

212

7648077.SQ.FTS.B

.75

10/01/25

....

6,098

150

7647200.SQ.FTS.B

.096

10/01/25

...

3,112

2,873

7648903.SQ.FTS.B

.196

10/01/25

...

657

620

7647696.SQ.FTS.B

.441

10/01/25

...

11,385

160

7649638.SQ.FTS.B

.019

10/02/25

...

7653915.SQ.FTS.B

.348

10/03/25

...

1,787

1,679

7654781.SQ.FTS.B

.755

10/03/25

...

4,569

3,842

7654433.SQ.FTS.B

.765

10/03/25

...

967

673

7654130.SQ.FTS.B

.264

10/03/25

...

538

180

7659813.SQ.FTS.B

.764

10/04/25

...

157

156

7662373.SQ.FTS.B

.78

10/04/25

....

3,383

2,265

7663563.SQ.FTS.B

.78

10/04/25

....

9,686

9,221

7665704.SQ.FTS.B

.101

10/05/25

...

1,466

1,147

7665632.SQ.FTS.B

.566

10/05/25

...

655

558

7668578.SQ.FTS.B

.777

10/06/25

...

4,204

444

7668726.SQ.FTS.B

.911

10/06/25

...

357

288

7669547.SQ.FTS.B

.432

10/07/25

...

1,179

7676193.SQ.FTS.B

.755

10/09/25

...

16,438

13,662

7674523.SQ.FTS.B

.289

10/09/25

...

6,180

138

7675618.SQ.FTS.B

.415

10/09/25

...

38,440

786

7679612.SQ.FTS.B

.562

10/10/25

...

2,603

1,312

7683369.SQ.FTS.B

.654

10/11/25

...

283

282

7684838.SQ.FTS.B

.654

10/11/25

...

2,495

2,062

7682366.SQ.FTS.B

.376

10/11/25

...

4,325

1,897

7685923.SQ.FTS.B

.377

10/11/25

...

3,822

3,711

7685628.SQ.FTS.B

.439

10/11/25

...

452

417

7684952.SQ.FTS.B

.567

10/11/25

...

1,115

1,047

7682516.SQ.FTS.B

.755

10/11/25

...

567

530

7685699.SQ.FTS.B

.305

10/11/25

...

968

170

7686665.SQ.FTS.B

.569

10/12/25

...

2,104

373

7689292.SQ.FTS.B

.738

10/13/25

...

7694250.SQ.FTS.B

.749

10/15/25

...

1,079

552

7694501.SQ.FTS.B

.092

10/15/25

...

763

704

7693783.SQ.FTS.B

.378

10/15/25

...

11,907

2,629

7693720.SQ.FTS.B

.569

10/15/25

...

139

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7694583.SQ.FTS.B

.098

10/16/25

...

1,345

1,304

7696123.SQ.FTS.B

.912

10/16/25

...

1,502

965

7696300.SQ.FTS.B

.912

10/16/25

...

5,166

104

7695636.SQ.FTS.B

.27

10/16/25

....

276

254

7697948.SQ.FTS.B

.748

10/17/25

...

3,208

2,191

7698568.SQ.FTS.B

.475

10/17/25

...

140

7697755.SQ.FTS.B

.181

10/17/25

...

590

351

7703086.SQ.FTS.B

.093

10/18/25

...

1,487

337

7705651.SQ.FTS.B

.654

10/19/25

...

19,245

14,651

7705594.SQ.FTS.B

.16

10/19/25

....

791

694

7706803.SQ.FTS.B

.533

10/20/25

...

2,376

1,811

7706959.SQ.FTS.B

.902

10/20/25

...

250

243

7706764.SQ.FTS.B

.271

10/20/25

...

264

240

7709068.SQ.FTS.B

.346

10/22/25

...

19,588

17,247

7710309.SQ.FTS.B

.935

10/23/25

...

1,009

921

7714659.SQ.FTS.B

.193

10/24/25

...

6,027

1,107

7723470.SQ.FTS.B

.78

10/25/25

....

642

598

7723131.SQ.FTS.B

.38

10/25/25

....

479

475

7727858.SQ.FTS.B

.78

10/26/25

....

24,419

16,017

7729346.SQ.FTS.B

.781

10/26/25

...

690

674

7726185.SQ.FTS.B

.331

10/26/25

...

544

501

7725481.SQ.FTS.B

.724

10/26/25

...

3,330

3,145

7725398.SQ.FTS.B

.907

10/26/25

...

3,637

7725775.SQ.FTS.B

.163

10/26/25

...

3,004

739

7729059.SQ.FTS.B

.165

10/26/25

...

13,362

239

7726167.SQ.FTS.B

.289

10/26/25

...

672

7726734.SQ.FTS.B

.289

10/26/25

...

2,658

2,372

7726890.SQ.FTS.B

.483

10/26/25

...

3,972

1,173

7732561.SQ.FTS.B

.533

10/28/25

...

3,432

2,750

7736455.SQ.FTS.B

.779

10/29/25

...

9,674

9,079

7736266.SQ.FTS.B

.937

10/29/25

...

265

264

7735985.SQ.FTS.B

.479

10/29/25

...

2,176

1,341

7740921.SQ.FTS.B

.779

10/30/25

...

11,985

3,762

7738357.SQ.FTS.B

.723

10/30/25

...

36,309

1,110

7741160.SQ.FTS.B

.732

10/30/25

...

1,055

709

7745356.SQ.FTS.B

.773

11/01/25

...

179

178

7742677.SQ.FTS.B

.094

11/01/25

...

7,440

3,141

7745617.SQ.FTS.B

.533

11/01/25

...

4,932

1,830

7742967.SQ.FTS.B

.293

11/01/25

...

1,613

1,185

7751021.SQ.FTS.B

.78

11/02/25

....

2,992

2,972

7750547.SQ.FTS.B

.093

11/02/25

...

6,954

5,673

7751779.SQ.FTS.B

.105

11/02/25

...

1,217

411

7755718.SQ.FTS.B

.343

11/03/25

...

1,328

916

7756479.SQ.FTS.B

.344

11/03/25

...

5,085

3,944

7755332.SQ.FTS.B

.357

11/03/25

...

623

584

7755761.SQ.FTS.B

.723

11/03/25

...

8,935

4,973

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7756617.SQ.FTS.B

.725

11/03/25

...

2,326

665

7755383.SQ.FTS.B

.911

11/03/25

...

362

353

7757553.SQ.FTS.B

.78

11/04/25

....

1,567

1,540

7763863.SQ.FTS.B

.783

11/06/25

...

361

7761614.SQ.FTS.B

.91

11/06/25

....

1,203

1,151

7764093.SQ.FTS.B

.767

11/07/25

...

1,341

343

7764884.SQ.FTS.B

.778

11/07/25

...

2,422

2,310

7765925.SQ.FTS.B

.779

11/07/25

...

5,932

5,845

7766481.SQ.FTS.B

.78

11/07/25

....

9,714

8,110

7766993.SQ.FTS.B

.095

11/07/25

...

8,671

8,076

7764120.SQ.FTS.B

.911

11/07/25

...

920

282

7765591.SQ.FTS.B

.162

11/07/25

...

4,458

3,168

7769430.SQ.FTS.B

.78

11/08/25

....

2,477

2,120

7770018.SQ.FTS.B

.78

11/08/25

....

1,022

945

7769552.SQ.FTS.B

.54

11/08/25

....

2,159

1,660

7769490.SQ.FTS.B

.545

11/08/25

...

1,970

679

7769040.SQ.FTS.B

.725

11/08/25

...

1,772

1,497

7769643.SQ.FTS.B

.178

11/08/25

...

1,249

7768040.SQ.FTS.B

.293

11/08/25

...

1,539

1,035

7775480.SQ.FTS.B

.78

11/09/25

....

7776723.SQ.FTS.B

.096

11/09/25

...

3,733

3,578

7781183.SQ.FTS.B

.289

11/10/25

...

9,926

2,985

7779968.SQ.FTS.B

.479

11/10/25

...

604

231

7782207.SQ.FTS.B

.757

11/11/25

...

2,329

1,217

7782424.SQ.FTS.B

.762

11/11/25

...

250

210

7782513.SQ.FTS.B

.08

11/11/25

....

1,149

899

7782558.SQ.FTS.B

.528

11/11/25

...

165

162

7781843.SQ.FTS.B

.164

11/11/25

...

675

231

7782479.SQ.FTS.B

.272

11/11/25

...

1,198

7782462.SQ.FTS.B

.476

11/11/25

...

7782836.SQ.FTS.B

.302

11/12/25

...

1,154

7784728.SQ.FTS.B

.724

11/13/25

...

4,590

3,897

7786042.SQ.FTS.B

.167

11/13/25

...

7,212

1,202

7787838.SQ.FTS.B

.745

11/14/25

...

410

348

7790579.SQ.FTS.B

.779

11/14/25

...

1,126

1,119

7789847.SQ.FTS.B

.78

11/14/25

....

2,531

2,503

7791025.SQ.FTS.B

.783

11/14/25

...

6,936

4,041

7790524.SQ.FTS.B

.16

11/14/25

....

2,565

7790161.SQ.FTS.B

.482

11/14/25

...

4,497

1,649

7794564.SQ.FTS.B

.735

11/15/25

...

7794575.SQ.FTS.B

.78

11/15/25

....

17,650

9,056

7793111.SQ.FTS.B

.787

11/15/25

....

351

346

7793136.SQ.FTS.B

.092

11/15/25

...

3,749

3,368

7791568.SQ.FTS.B

.537

11/15/25

...

2,384

1,019

7791405.SQ.FTS.B

.16

11/15/25

....

6,235

111

7794434.SQ.FTS.B

.169

11/15/25

...

6,526

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7794291.SQ.FTS.B

.173

11/15/25

...

1,915

709

7799195.SQ.FTS.B

.78

11/16/25

....

1,283

1,233

7800953.SQ.FTS.B

.78

11/17/25

....

502

499

7800563.SQ.FTS.B

.781

11/17/25

...

2,668

2,631

7801520.SQ.FTS.B

.091

11/17/25

...

1,655

1,621

7801170.SQ.FTS.B

.096

11/17/25

...

1,076

1,065

7800792.SQ.FTS.B

.343

11/17/25

...

980

887

7805453.SQ.FTS.B

.777

11/19/25

...

3,782

3,572

7805442.SQ.FTS.B

.348

11/19/25

...

7805584.SQ.FTS.B

.536

11/19/25

...

1,430

1,061

7805760.SQ.FTS.B

.772

11/20/25

...

523

507

7807588.SQ.FTS.B

.334

11/20/25

...

399

371

7808746.SQ.FTS.B

.346

11/20/25

...

15,198

11,317

7812943.SQ.FTS.B

.765

11/21/25

...

1,045

283

7812431.SQ.FTS.B

.767

11/21/25

...

122

7813074.SQ.FTS.B

.776

11/21/25

...

1,774

1,666

7812497.SQ.FTS.B

.777

11/21/25

...

7810803.SQ.FTS.B

.341

11/21/25

...

1,081

972

7812101.SQ.FTS.B

.728

11/21/25

...

505

486

7811796.SQ.FTS.B

.178

11/21/25

...

549

472

7810773.SQ.FTS.B

.19

11/21/25

....

137

118

7811957.SQ.FTS.B

.287

11/21/25

...

4,258

2,484

7812879.SQ.FTS.B

.48

11/21/25

....

2,192

536

7816821.SQ.FTS.B

.749

11/22/25

...

3,477

803

7814581.SQ.FTS.B

.778

11/22/25

...

1,431

1,410

7815167.SQ.FTS.B

.78

11/22/25

....

3,002

2,980

7815795.SQ.FTS.B

.095

11/22/25

...

27,776

26,266

7816946.SQ.FTS.B

.348

11/22/25

...

14,141

4,110

7815015.SQ.FTS.B

.719

11/22/25

...

4,883

1,941

7813617.SQ.FTS.B

.91

11/22/25

....

9,140

2,033

7822474.SQ.FTS.B

.781

11/23/25

...

2,635

1,943

7822313.SQ.FTS.B

.539

11/23/25

...

869

849

7822598.SQ.FTS.B

.726

11/23/25

...

3,157

2,950

7828592.SQ.FTS.B

.775

11/24/25

...

644

639

7826487.SQ.FTS.B

.779

11/24/25

...

323

321

7826745.SQ.FTS.B

.094

11/24/25

...

7,313

6,933

7826201.SQ.FTS.B

.348

11/24/25

...

2,674

2,512

7829173.SQ.FTS.B

.912

11/24/25

...

5,086

4,754

7830023.SQ.FTS.B

.78

11/25/25

....

11,412

4,265

7829892.SQ.FTS.B

.095

11/25/25

...

1,095

1,075

7830539.SQ.FTS.B

.773

11/26/25

...

1,793

1,609

7830429.SQ.FTS.B

.776

11/26/25

...

494

488

7830496.SQ.FTS.B

.302

11/26/25

...

511

340

7831916.SQ.FTS.B

.754

11/27/25

...

355

245

7832297.SQ.FTS.B

.776

11/27/25

...

655

648

7832037.SQ.FTS.B

.78

11/27/25

....

5,915

5,732

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7831708.SQ.FTS.B

.535

11/27/25

...

2,942

7831942.SQ.FTS.B

.157

11/27/25

...

7835424.SQ.FTS.B

.749

11/28/25

...

17,516

1,105

7834147.SQ.FTS.B

.772

11/28/25

...

7835773.SQ.FTS.B

.78

11/28/25

....

1,971

1,873

7834170.SQ.FTS.B

.793

11/28/25

...

219

108

7835086.SQ.FTS.B

.097

11/28/25

...

902

866

7836267.SQ.FTS.B

.475

11/28/25

...

590

534

7840090.SQ.FTS.B

.75

11/29/25

....

1,654

920

7838445.SQ.FTS.B

.78

11/29/25

....

4,858

4,826

7839803.SQ.FTS.B

.78

11/29/25

....

689

685

7837905.SQ.FTS.B

.344

11/29/25

...

7,042

5,022

7836996.SQ.FTS.B

.912

11/29/25

...

3,362

2,130

7846633.SQ.FTS.B

.75

11/30/25

....

5,174

108

7845907.SQ.FTS.B

.779

11/30/25

...

9,446

9,222

7849403.SQ.FTS.B

.779

11/30/25

...

5,452

5,276

7846405.SQ.FTS.B

.781

11/30/25

...

6,772

6,624

7846609.SQ.FTS.B

.464

11/30/25

...

180

163

7849623.SQ.FTS.B

.535

11/30/25

...

8,916

8,556

7845841.SQ.FTS.B

.723

11/30/25

...

1,571

1,242

7848953.SQ.FTS.B

.723

11/30/25

...

16,191

4,117

7847801.SQ.FTS.B

.905

11/30/25

...

801

632

7847708.SQ.FTS.B

.919

11/30/25

...

1,271

1,130

7844476.SQ.FTS.B

.476

11/30/25

...

6,160

3,224

7850420.SQ.FTS.B

.91

12/01/25

....

4,325

3,303

7851469.SQ.FTS.B

.774

12/02/25

...

223

220

7851705.SQ.FTS.B

.443

12/02/25

...

1,131

608

7851585.SQ.FTS.B

.915

12/02/25

...

1,574

1,053

7856432.SQ.FTS.B

.776

12/03/25

...

3,905

3,547

7852848.SQ.FTS.B

.917

12/03/25

...

522

452

7856381.SQ.FTS.B

.918

12/03/25

...

140

138

7855676.SQ.FTS.B

.164

12/03/25

...

6,746

6,279

7854215.SQ.FTS.B

.167

12/03/25

...

1,715

707

7854047.SQ.FTS.B

.289

12/03/25

...

2,046

1,890

7858606.SQ.FTS.B

.094

12/04/25

...

11,300

203

7857128.SQ.FTS.B

.095

12/04/25

...

4,290

4,223

7858486.SQ.FTS.B

.954

12/04/25

...

814

7864015.SQ.FTS.B

.094

12/05/25

...

10,077

9,640

7861344.SQ.FTS.B

.338

12/05/25

...

1,342

1,255

7862288.SQ.FTS.B

.346

12/05/25

...

6,408

6,314

7862743.SQ.FTS.B

.163

12/05/25

...

4,015

3,738

7867807.SQ.FTS.B

.754

12/06/25

...

433

370

7869186.SQ.FTS.B

.772

12/06/25

...

2,120

1,712

7868765.SQ.FTS.B

.78

12/06/25

....

177

7866671.SQ.FTS.B

.093

12/06/25

...

3,551

3,169

7868573.SQ.FTS.B

.91

12/06/25

....

3,437

3,163

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7867381.SQ.FTS.B

.163

12/06/25

...

10,339

977

7869657.SQ.FTS.B

.168

12/06/25

...

1,715

1,615

7868085.SQ.FTS.B

.184

12/06/25

...

7870033.SQ.FTS.B

.289

12/06/25

...

2,883

2,422

7870701.SQ.FTS.B

.781

12/07/25

...

483

480

7872278.SQ.FTS.B

.782

12/07/25

...

2,957

2,907

7872677.SQ.FTS.B

.094

12/07/25

...

24,197

21,605

7872111.SQ.FTS.B

.167

12/07/25

...

660

633

7874634.SQ.FTS.B

.103

12/08/25

...

1,151

1,038

7874816.SQ.FTS.B

.921

12/08/25

...

1,231

1,087

7874170.SQ.FTS.B

.283

12/08/25

...

1,094

993

7875298.SQ.FTS.B

.287

12/09/25

...

3,436

1,863

7876499.SQ.FTS.B

.762

12/10/25

...

600

540

7878622.SQ.FTS.B

.78

12/10/25

....

1,010

999

7876109.SQ.FTS.B

.344

12/10/25

...

2,667

2,450

7878057.SQ.FTS.B

.344

12/10/25

...

3,703

3,155

7876414.SQ.FTS.B

.453

12/10/25

...

118

111

7879086.SQ.FTS.B

.168

12/10/25

...

665

559

7878861.SQ.FTS.B

.289

12/10/25

...

461

450

7878383.SQ.FTS.B

.48

12/10/25

....

2,595

2,389

7883146.SQ.FTS.B

.747

12/11/25

...

7,837

167

7881518.SQ.FTS.B

.778

12/11/25

...

2,788

2,725

7882617.SQ.FTS.B

.781

12/11/25

...

5,971

5,722

7881492.SQ.FTS.B

.451

12/11/25

...

937

702

7882947.SQ.FTS.B

.91

12/11/25

....

7,097

4,927

7880155.SQ.FTS.B

.164

12/11/25

...

1,351

158

7880092.SQ.FTS.B

.181

12/11/25

...

230

223

7886840.SQ.FTS.B

.747

12/12/25

...

511

7883810.SQ.FTS.B

.78

12/12/25

....

5,201

4,040

7885255.SQ.FTS.B

.78

12/12/25

....

221

7883696.SQ.FTS.B

.784

12/12/25

...

1,977

1,896

7886872.SQ.FTS.B

.115

12/12/25

...

261

258

7886682.SQ.FTS.B

.347

12/12/25

...

1,556

1,467

7885173.SQ.FTS.B

.433

12/12/25

...

848

581

7886913.SQ.FTS.B

.91

12/12/25

....

2,349

2,270

7886251.SQ.FTS.B

.912

12/12/25

...

14,038

9,728

7885639.SQ.FTS.B

.163

12/12/25

...

22,598

17,644

7889998.SQ.FTS.B

.78

12/13/25

....

4,101

1,059

7892374.SQ.FTS.B

.78

12/13/25

....

1,590

1,223

7890338.SQ.FTS.B

.094

12/13/25

...

1,737

1,569

7892192.SQ.FTS.B

.72

12/13/25

....

945

932

7892128.SQ.FTS.B

.912

12/13/25

...

227

192

7895266.SQ.FTS.B

.093

12/14/25

...

2,237

2,120

7894731.SQ.FTS.B

.101

12/14/25

...

1,945

1,836

7895825.SQ.FTS.B

.346

12/14/25

...

6,413

6,054

7893635.SQ.FTS.B

.725

12/14/25

...

1,558

1,459

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7894822.SQ.FTS.B

.912

12/14/25

...

3,999

3,146

7895307.SQ.FTS.B

.289

12/14/25

...

20,016

391

7898884.SQ.FTS.B

.093

12/15/25

...

1,788

1,756

7898689.SQ.FTS.B

.346

12/15/25

...

9,285

7,118

7898977.SQ.FTS.B

.914

12/15/25

...

3,095

2,604

7899279.SQ.FTS.B

.156

12/15/25

...

1,741

1,109

7899357.SQ.FTS.B

.164

12/15/25

...

7,153

6,736

7900211.SQ.FTS.B

.745

12/16/25

...

1,260

7899791.SQ.FTS.B

.78

12/16/25

....

371

370

7899843.SQ.FTS.B

.914

12/16/25

...

1,572

1,112

7901133.SQ.FTS.B

.78

12/17/25

....

3,155

2,929

7901651.SQ.FTS.B

.78

12/17/25

....

2,641

2,532

7903865.SQ.FTS.B

.78

12/17/25

....

186

185

7902820.SQ.FTS.B

.344

12/17/25

...

1,633

1,605

7905838.SQ.FTS.B

.779

12/18/25

...

10,041

9,894

7906618.SQ.FTS.B

.78

12/18/25

....

171

170

7906625.SQ.FTS.B

.534

12/18/25

...

3,982

3,958

7907624.SQ.FTS.B

.164

12/18/25

...

26,397

20,978

7910087.SQ.FTS.B

.78

12/19/25

....

6,197

5,962

7910935.SQ.FTS.B

.782

12/19/25

...

2,428

2,365

7910537.SQ.FTS.B

.346

12/19/25

...

16,066

10,537

7911087.SQ.FTS.B

.535

12/19/25

...

8,008

7,561

7913838.SQ.FTS.B

.759

12/20/25

...

511

457

7913888.SQ.FTS.B

.78

12/20/25

....

577

568

7913638.SQ.FTS.B

.782

12/20/25

...

3,132

3,098

7914260.SQ.FTS.B

.103

12/20/25

...

562

556

7914153.SQ.FTS.B

.348

12/20/25

...

5,956

7914015.SQ.FTS.B

.536

12/20/25

...

1,518

1,161

7914226.SQ.FTS.B

.705

12/20/25

...

343

335

7913994.SQ.FTS.B

.177

12/20/25

...

1,646

166

7915420.SQ.FTS.B

.094

12/21/25

...

320

7915978.SQ.FTS.B

.094

12/21/25

...

36,680

602

7916789.SQ.FTS.B

.911

12/21/25

...

4,558

4,413

7919163.SQ.FTS.B

.102

12/22/25

...

1,996

1,318

7919189.SQ.FTS.B

.905

12/22/25

...

507

497

7919471.SQ.FTS.B

.912

12/22/25

...

5,680

5,098

7921120.SQ.FTS.B

.78

12/24/25

....

1,510

1,488

7921307.SQ.FTS.B

.78

12/24/25

....

1,059

989

7923129.SQ.FTS.B

.781

12/24/25

...

10,490

8,233

7922735.SQ.FTS.B

.535

12/24/25

...

544

532

7922053.SQ.FTS.B

.91

12/24/25

....

811

758

7922714.SQ.FTS.B

.926

12/24/25

...

841

673

7921818.SQ.FTS.B

.162

12/24/25

...

729

702

7924602.SQ.FTS.B

.779

12/25/25

...

11,051

10,385

7925165.SQ.FTS.B

.779

12/25/25

...

1,147

1,135

7925726.SQ.FTS.B

.091

12/25/25

...

206

205

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7927748.SQ.FTS.B

.094

12/25/25

...

860

843

7928118.SQ.FTS.B

.723

12/25/25

...

4,335

4,271

7925268.SQ.FTS.B

.725

12/25/25

...

2,156

2,129

7926597.SQ.FTS.B

.911

12/25/25

...

3,105

2,662

7930369.SQ.FTS.B

.78

12/26/25

....

1,798

1,768

7930175.SQ.FTS.B

.105

12/26/25

...

1,721

1,152

7931961.SQ.FTS.B

.439

12/26/25

...

7,641

4,448

7929420.SQ.FTS.B

.281

12/26/25

...

2,513

445

7935066.SQ.FTS.B

.725

12/27/25

...

418

244

7935985.SQ.FTS.B

.78

12/27/25

....

6,107

6,048

7936525.SQ.FTS.B

.532

12/27/25

...

3,032

2,883

7935729.SQ.FTS.B

.153

12/27/25

...

1,923

7939433.SQ.FTS.B

.774

12/28/25

...

1,433

1,398

7938306.SQ.FTS.B

.779

12/28/25

...

1,852

1,835

7939755.SQ.FTS.B

.097

12/28/25

...

1,889

1,842

7939914.SQ.FTS.B

.534

12/28/25

...

8,119

8,072

7942180.SQ.FTS.B

.757

12/29/25

...

2,580

1,247

7942360.SQ.FTS.B

.781

12/29/25

...

2,308

2,294

7942057.SQ.FTS.B

.904

12/29/25

...

3,066

7942145.SQ.FTS.B

.164

12/29/25

...

475

451

7943463.SQ.FTS.B

.093

12/30/25

...

1,545

1,508

7943598.SQ.FTS.B

.347

12/30/25

...

12,846

12,216

7945929.SQ.FTS.B

.773

1/01/26

....

703

696

7947285.SQ.FTS.B

.792

1/01/26

....

650

639

7944955.SQ.FTS.B

.093

1/01/26

....

24,782

1,302

7950572.SQ.FTS.B

.779

1/02/26

....

2,785

2,754

7949670.SQ.FTS.B

.78

1/02/26

.....

1,573

1,555

7949405.SQ.FTS.B

.782

1/02/26

....

3,226

3,183

7951118.SQ.FTS.B

.094

1/02/26

....

1,917

1,872

7953019.SQ.FTS.B

.346

1/02/26

....

1,167

1,151

7950936.SQ.FTS.B

.347

1/02/26

....

8,545

5,371

7951446.SQ.FTS.B

.719

1/02/26

....

3,188

7951666.SQ.FTS.B

.91

1/02/26

.....

989

905

7950515.SQ.FTS.B

.911

1/02/26

....

1,304

7951188.SQ.FTS.B

.289

1/02/26

....

1,835

1,427

7949809.SQ.FTS.B

.295

1/02/26

....

1,350

1,262

7955230.SQ.FTS.B

.776

1/03/26

....

2,760

2,667

7956516.SQ.FTS.B

.779

1/03/26

....

5,746

5,653

7957152.SQ.FTS.B

.78

1/03/26

.....

36,052

34,845

7959717.SQ.FTS.B

.091

1/04/26

....

1,082

1,071

7958846.SQ.FTS.B

.092

1/04/26

....

1,457

1,356

7959423.SQ.FTS.B

.093

1/04/26

....

3,363

2,396

7959671.SQ.FTS.B

.099

1/04/26

....

1,570

1,535

7959509.SQ.FTS.B

.348

1/04/26

....

2,914

2,347

7959665.SQ.FTS.B

.184

1/04/26

....

7960559.SQ.FTS.B

.912

1/05/26

....

3,382

2,476

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7962505.SQ.FTS.B

.163

1/05/26

....

21,939

4,892

7962453.SQ.FTS.B

.19

1/05/26

.....

525

395

7963313.SQ.FTS.B

.788

1/06/26

....

1,183

1,143

7963762.SQ.FTS.B

.346

1/06/26

....

10,718

2,698

7963603.SQ.FTS.B

.35

1/06/26

.....

1,153

1,140

7964764.SQ.FTS.B

.759

1/07/26

....

1,606

309

7964799.SQ.FTS.B

.096

1/07/26

....

5,970

5,206

7964468.SQ.FTS.B

.348

1/07/26

....

7,177

6,464

7968350.SQ.FTS.B

.746

1/08/26

....

1,919

792

7968280.SQ.FTS.B

.776

1/08/26

....

621

613

7966471.SQ.FTS.B

.78

1/08/26

.....

9,704

9,459

7967592.SQ.FTS.B

.094

1/08/26

....

1,750

1,717

7965591.SQ.FTS.B

.535

1/08/26

....

3,927

3,394

7967330.SQ.FTS.B

.172

1/08/26

....

2,297

1,238

7971372.SQ.FTS.B

.748

1/09/26

....

1,085

342

7970690.SQ.FTS.B

.778

1/09/26

....

3,188

3,154

7969752.SQ.FTS.B

.78

1/09/26

.....

1,089

1,080

7971410.SQ.FTS.B

.781

1/09/26

....

8,803

8,662

7971880.SQ.FTS.B

.781

1/09/26

....

3,728

3,679

7971102.SQ.FTS.B

.094

1/09/26

....

5,130

4,917

7969237.SQ.FTS.B

.097

1/09/26

....

5,935

5,519

7971046.SQ.FTS.B

.348

1/09/26

....

1,227

1,193

7970839.SQ.FTS.B

.718

1/09/26

....

3,167

2,672

7970501.SQ.FTS.B

.912

1/09/26

....

3,710

2,358

7971333.SQ.FTS.B

.472

1/09/26

....

899

775

7973273.SQ.FTS.B

.78

1/10/26

.....

1,379

1,378

7975042.SQ.FTS.B

.785

1/10/26

....

2,213

2,157

7974628.SQ.FTS.B

.094

1/10/26

....

1,828

1,817

7973824.SQ.FTS.B

.723

1/10/26

....

3,115

2,980

7973064.SQ.FTS.B

.164

1/10/26

....

6,737

5,962

7978500.SQ.FTS.B

.766

1/11/26

....

792

277

7978140.SQ.FTS.B

.78

1/11/26

.....

900

886

7977115.SQ.FTS.B

.436

1/11/26

....

1,089

775

7980752.SQ.FTS.B

.912

1/11/26

....

856

504

7980032.SQ.FTS.B

.174

1/11/26

....

1,376

1,086

7982369.SQ.FTS.B

.777

1/12/26

....

2,651

2,614

7983663.SQ.FTS.B

.778

1/12/26

....

1,483

1,474

7981253.SQ.FTS.B

.78

1/12/26

.....

541

536

7981339.SQ.FTS.B

.78

1/12/26

.....

9,852

9,727

7982963.SQ.FTS.B

.533

1/12/26

....

2,038

1,987

7983953.SQ.FTS.B

.723

1/12/26

....

8,877

7,314

7984687.SQ.FTS.B

.721

1/13/26

....

458

163

7984842.SQ.FTS.B

.741

1/13/26

....

3,159

7984097.SQ.FTS.B

.782

1/13/26

....

1,148

1,135

7984675.SQ.FTS.B

.414

1/13/26

....

578

430

7984645.SQ.FTS.B

.547

1/13/26

....

369

360

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7984169.SQ.FTS.B

.164

1/13/26

....

24,072

9,608

7985560.SQ.FTS.B

.097

1/14/26

....

3,363

3,282

7985528.SQ.FTS.B

.101

1/14/26

....

890

870

7989353.SQ.FTS.B

.778

1/15/26

....

4,861

4,708

7988566.SQ.FTS.B

.779

1/15/26

....

3,992

3,913

7988830.SQ.FTS.B

.78

1/15/26

.....

2,374

1,950

7987316.SQ.FTS.B

.093

1/15/26

....

13,289

9,493

7987638.SQ.FTS.B

.724

1/15/26

....

23,526

22,163

7988744.SQ.FTS.B

.912

1/15/26

....

654

647

7986712.SQ.FTS.B

.165

1/15/26

....

3,648

815

7991304.SQ.FTS.B

.778

1/16/26

....

2,909

2,380

7991634.SQ.FTS.B

.779

1/16/26

....

17,702

16,737

7991579.SQ.FTS.B

.78

1/16/26

.....

3,780

3,129

7992099.SQ.FTS.B

.78

1/16/26

.....

7992929.SQ.FTS.B

.781

1/16/26

....

3,092

3,055

7989701.SQ.FTS.B

.786

1/16/26

....

2,260

1,846

7991134.SQ.FTS.B

.098

1/16/26

....

1,820

1,759

7989820.SQ.FTS.B

.103

1/16/26

....

1,118

1,081

7992311.SQ.FTS.B

.535

1/16/26

....

1,166

1,160

7991209.SQ.FTS.B

.909

1/16/26

....

2,184

2,023

7992867.SQ.FTS.B

.158

1/16/26

....

490

475

7990281.SQ.FTS.B

.165

1/16/26

....

9,974

7,468

7994399.SQ.FTS.B

.779

1/17/26

....

3,519

3,460

7994296.SQ.FTS.B

.78

1/17/26

.....

2,075

2,030

7994628.SQ.FTS.B

.78

1/17/26

.....

3,653

2,989

7999659.SQ.FTS.B

.78

1/17/26

.....

11,275

11,135

7999412.SQ.FTS.B

.788

1/17/26

....

689

681

8000592.SQ.FTS.B

.092

1/17/26

....

3,068

2,972

7993294.SQ.FTS.B

.151

1/17/26

....

1,119

703

7993548.SQ.FTS.B

.266

1/17/26

....

8000517.SQ.FTS.B

.284

1/17/26

....

1,021

972

7997671.SQ.FTS.B

.289

1/17/26

....

1,874

1,670

8003744.SQ.FTS.B

.522

1/18/26

....

1,523

366

8004096.SQ.FTS.B

.163

1/18/26

....

67,437

1,077

8003178.SQ.FTS.B

.287

1/18/26

....

1,029

984

8008266.SQ.FTS.B

.722

1/19/26

....

275

223

8008289.SQ.FTS.B

.778

1/19/26

....

5,259

5,180

8009771.SQ.FTS.B

.778

1/19/26

....

1,440

1,421

8007709.SQ.FTS.B

.78

1/19/26

.....

462

452

8008554.SQ.FTS.B

.78

1/19/26

.....

706

696

8008601.SQ.FTS.B

.78

1/19/26

.....

6,115

2,912

8009685.SQ.FTS.B

.346

1/19/26

....

1,698

1,110

8008734.SQ.FTS.B

.535

1/19/26

....

6,067

4,822

8007925.SQ.FTS.B

.287

1/19/26

....

580

570

8009871.SQ.FTS.B

.78

1/20/26

.....

3,501

3,427

8010158.SQ.FTS.B

.787

1/20/26

....

164

152

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8010459.SQ.FTS.B

.446

1/20/26

....

953

663

8010484.SQ.FTS.B

.91

1/20/26

.....

814

759

8010295.SQ.FTS.B

.911

1/20/26

....

13,906

145

8010141.SQ.FTS.B

.174

1/20/26

....

1,094

851

8010733.SQ.FTS.B

.759

1/21/26

....

1,399

1,036

8010925.SQ.FTS.B

.78

1/21/26

.....

494

488

8010866.SQ.FTS.B

.547

1/21/26

....

1,024

957

8015018.SQ.FTS.B

.777

1/22/26

....

1,077

1,068

8011849.SQ.FTS.B

.778

1/22/26

....

1,672

1,663

8012604.SQ.FTS.B

.778

1/22/26

....

2,623

2,583

8012526.SQ.FTS.B

.086

1/22/26

....

1,371

1,317

8013485.SQ.FTS.B

.102

1/22/26

....

576

572

8015221.SQ.FTS.B

.344

1/22/26

....

1,305

1,271

8014533.SQ.FTS.B

.347

1/22/26

....

5,468

5,019

8012825.SQ.FTS.B

.906

1/22/26

....

1,401

1,333

8015166.SQ.FTS.B

.158

1/22/26

....

1,622

1,118

8011797.SQ.FTS.B

.171

1/22/26

....

987

957

8014697.SQ.FTS.B

.289

1/22/26

....

1,256

1,233

8016674.SQ.FTS.B

.775

1/23/26

....

1,204

1,165

8017284.SQ.FTS.B

.78

1/23/26

.....

3,195

3,043

8016257.SQ.FTS.B

.095

1/23/26

....

5,456

5,113

8016839.SQ.FTS.B

.91

1/23/26

.....

428

421

8016630.SQ.FTS.B

.465

1/23/26

....

530

467

8016541.SQ.FTS.B

.477

1/23/26

....

4,399

8021419.SQ.FTS.B

.759

1/24/26

....

1,975

686

8019872.SQ.FTS.B

.776

1/24/26

....

1,172

1,160

8021596.SQ.FTS.B

.093

1/24/26

....

3,552

3,415

8021477.SQ.FTS.B

.142

1/24/26

....

825

568

8020017.SQ.FTS.B

.148

1/24/26

....

508

469

8020710.SQ.FTS.B

.162

1/24/26

....

6,650

6,154

8020588.SQ.FTS.B

.279

1/24/26

....

1,040

913

8021730.SQ.FTS.B

.478

1/24/26

....

10,299

5,279

8025631.SQ.FTS.B

.717

1/25/26

....

280

164

8027331.SQ.FTS.B

.78

1/25/26

.....

8025452.SQ.FTS.B

.782

1/25/26

....

1,983

1,950

8027455.SQ.FTS.B

.783

1/25/26

....

2,200

2,153

8027405.SQ.FTS.B

.09

1/25/26

.....

985

949

8025651.SQ.FTS.B

.092

1/25/26

....

2,597

2,551

8024460.SQ.FTS.B

.094

1/25/26

....

4,421

4,375

8026785.SQ.FTS.B

.095

1/25/26

....

6,653

6,593

8025995.SQ.FTS.B

.422

1/25/26

....

943

138

8026030.SQ.FTS.B

.536

1/25/26

....

1,594

1,539

8027296.SQ.FTS.B

.912

1/25/26

....

448

440

8027367.SQ.FTS.B

.164

1/25/26

....

1,023

931

8027580.SQ.FTS.B

.305

1/25/26

....

671

589

8031161.SQ.FTS.B

.778

1/26/26

....

2,639

2,580

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8029522.SQ.FTS.B

.095

1/26/26

....

4,529

4,422

8029393.SQ.FTS.B

.345

1/26/26

....

1,350

1,322

8029495.SQ.FTS.B

.899

1/26/26

....

400

387

8031599.SQ.FTS.B

.346

1/27/26

....

2,104

2,015

8031473.SQ.FTS.B

.445

1/27/26

....

3,422

485

8031468.SQ.FTS.B

.503

1/27/26

....

252

144

8032057.SQ.FTS.B

.912

1/27/26

....

2,145

2,006

8033005.SQ.FTS.B

.774

1/28/26

....

503

500

8032837.SQ.FTS.B

.78

1/28/26

.....

4,017

3,827

8032445.SQ.FTS.B

.094

1/28/26

....

1,969

1,909

8032129.SQ.FTS.B

.528

1/28/26

....

455

443

8032327.SQ.FTS.B

.164

1/28/26

....

4,107

3,871

8032318.SQ.FTS.B

.184

1/28/26

....

498

453

8034645.SQ.FTS.B

.778

1/29/26

....

1,182

1,172

8033788.SQ.FTS.B

.781

1/29/26

....

4,344

4,291

8034808.SQ.FTS.B

.092

1/29/26

....

4,742

3,527

8035724.SQ.FTS.B

.724

1/29/26

....

1,517

1,246

8038511.SQ.FTS.B

.777

1/30/26

....

1,155

1,146

8040290.SQ.FTS.B

.781

1/30/26

....

2,464

2,426

8037056.SQ.FTS.B

.091

1/30/26

....

1,892

1,859

8038474.SQ.FTS.B

.094

1/30/26

....

474

468

8038900.SQ.FTS.B

.094

1/30/26

....

3,042

2,989

8040782.SQ.FTS.B

.094

1/30/26

....

2,722

2,641

8039151.SQ.FTS.B

.346

1/30/26

....

6,477

6,302

8040547.SQ.FTS.B

.351

1/30/26

....

2,909

2,675

8040463.SQ.FTS.B

.426

1/30/26

....

8038659.SQ.FTS.B

.535

1/30/26

....

1,034

905

8039563.SQ.FTS.B

.535

1/30/26

....

3,302

3,280

8040116.SQ.FTS.B

.91

1/30/26

.....

1,289

1,247

8037317.SQ.FTS.B

.165

1/30/26

....

3,275

3,149

8040495.SQ.FTS.B

.488

1/30/26

....

901

825

8042719.SQ.FTS.B

.78

1/31/26

.....

662

648

8043893.SQ.FTS.B

.78

1/31/26

.....

16,351

16,118

8047184.SQ.FTS.B

.78

2/01/26

.....

5,024

4,791

8048220.SQ.FTS.B

.78

2/01/26

.....

1,159

1,134

8048854.SQ.FTS.B

.78

2/01/26

.....

2,269

2,239

8050429.SQ.FTS.B

.78

2/01/26

.....

1,475

1,200

8050450.SQ.FTS.B

.781

2/01/26

....

5,639

5,497

8049654.SQ.FTS.B

.542

2/01/26

....

197

196

8049692.SQ.FTS.B

.892

2/01/26

....

511

488

8047506.SQ.FTS.B

.164

2/01/26

....

1,363

1,334

8051888.SQ.FTS.B

.744

2/02/26

....

1,741

1,237

8051191.SQ.FTS.B

.762

2/02/26

....

684

280

8053145.SQ.FTS.B

.78

2/02/26

.....

4,300

4,206

8052007.SQ.FTS.B

.094

2/02/26

....

144

8053308.SQ.FTS.B

.912

2/02/26

....

28,104

26,861

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8052271.SQ.FTS.B

.163

2/02/26

....

669

644

8050565.SQ.FTS.B

.164

2/02/26

....

6,532

5,340

8055206.SQ.FTS.B

.769

2/03/26

....

227

189

8054387.SQ.FTS.B

.776

2/03/26

....

1,575

1,554

8054701.SQ.FTS.B

.781

2/03/26

....

4,193

4,151

8054476.SQ.FTS.B

.094

2/03/26

....

3,567

3,484

8055212.SQ.FTS.B

.148

2/03/26

....

521

478

8054631.SQ.FTS.B

.169

2/03/26

....

1,514

1,429

8056195.SQ.FTS.B

.779

2/04/26

....

1,657

1,634

8055348.SQ.FTS.B

.535

2/04/26

....

23,031

20,566

8056678.SQ.FTS.B

.779

2/05/26

....

9,974

9,635

8057564.SQ.FTS.B

.78

2/05/26

.....

3,355

3,306

8057849.SQ.FTS.B

.78

2/05/26

.....

11,504

10,910

8059113.SQ.FTS.B

.78

2/05/26

.....

6,250

6,155

8058629.SQ.FTS.B

.723

2/05/26

....

8,082

7,694

8056576.SQ.FTS.B

.477

2/05/26

....

669

364

8059550.SQ.FTS.B

.479

2/05/26

....

1,967

1,877

8060137.SQ.FTS.B

.778

2/06/26

....

3,116

3,049

8060499.SQ.FTS.B

.78

2/06/26

.....

16,251

15,822

8061716.SQ.FTS.B

.78

2/06/26

.....

14,393

14,074

8065009.SQ.FTS.B

.78

2/07/26

.....

2,097

2,054

8064804.SQ.FTS.B

.115

2/07/26

....

668

644

8066274.SQ.FTS.B

.346

2/07/26

....

3,509

3,459

8064768.SQ.FTS.B

.367

2/07/26

....

231

229

8066050.SQ.FTS.B

.534

2/07/26

....

2,894

2,724

8065133.SQ.FTS.B

.736

2/07/26

....

586

577

8066446.SQ.FTS.B

.164

2/07/26

....

8,468

7,715

8072491.SQ.FTS.B

.78

2/08/26

.....

15,020

11,649

8072353.SQ.FTS.B

.781

2/08/26

....

3,227

3,167

8070664.SQ.FTS.B

.803

2/08/26

....

870

341

8070742.SQ.FTS.B

.347

2/08/26

....

2,829

2,810

8071458.SQ.FTS.B

.433

2/08/26

....

992

924

8069069.SQ.FTS.B

.724

2/08/26

....

1,714

1,700

8070315.SQ.FTS.B

.902

2/08/26

....

1,336

1,043

8070361.SQ.FTS.B

.164

2/08/26

....

1,300

1,252

8070702.SQ.FTS.B

.165

2/08/26

....

682

647

8070499.SQ.FTS.B

.289

2/08/26

....

1,296

792

8073909.SQ.FTS.B

.78

2/09/26

.....

2,286

2,206

8074535.SQ.FTS.B

.78

2/09/26

.....

36,571

34,695

8074449.SQ.FTS.B

.916

2/09/26

....

2,851

2,601

8073409.SQ.FTS.B

.296

2/09/26

....

1,236

910

8076636.SQ.FTS.B

.776

2/10/26

....

547

8076022.SQ.FTS.B

.78

2/10/26

.....

12,269

10,090

8076492.SQ.FTS.B

.783

2/10/26

....

2,537

2,503

8076650.SQ.FTS.B

.094

2/10/26

....

12,030

11,677

8077544.SQ.FTS.B

.289

2/11/26

....

173

171

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8077961.SQ.FTS.B

.777

2/12/26

....

1,163

1,150

8078020.SQ.FTS.B

.78

2/12/26

.....

1,656

1,642

8080348.SQ.FTS.B

.78

2/12/26

.....

19,173

18,300

8081277.SQ.FTS.B

.782

2/12/26

....

1,123

1,117

8078243.SQ.FTS.B

.164

2/12/26

....

1,422

1,220

8082159.SQ.FTS.B

.778

2/13/26

....

3,154

3,081

8082523.SQ.FTS.B

.779

2/13/26

....

3,744

3,679

8083370.SQ.FTS.B

.78

2/13/26

.....

27,366

26,937

8083196.SQ.FTS.B

.347

2/13/26

....

8,000

5,441

8083106.SQ.FTS.B

.35

2/13/26

.....

2,474

2,126

8081572.SQ.FTS.B

.534

2/13/26

....

4,711

4,582

8082926.SQ.FTS.B

.167

2/13/26

....

3,234

3,072

8083171.SQ.FTS.B

.289

2/13/26

....

326

304

8086242.SQ.FTS.B

.772

2/14/26

....

300

281

8085601.SQ.FTS.B

.782

2/14/26

....

10,308

8,486

8087114.SQ.FTS.B

.094

2/14/26

....

18,400

17,843

8086401.SQ.FTS.B

.723

2/14/26

....

12,110

11,900

8084846.SQ.FTS.B

.169

2/14/26

....

3,124

2,769

8085571.SQ.FTS.B

.289

2/14/26

....

8085032.SQ.FTS.B

.48

2/14/26

.....

9,808

3,798

8090285.SQ.FTS.B

.78

2/15/26

.....

4,772

4,701

8091892.SQ.FTS.B

.78

2/15/26

.....

1,491

1,472

8091464.SQ.FTS.B

.092

2/15/26

....

7,612

6,924

8092751.SQ.FTS.B

.094

2/15/26

....

8,105

7,917

8090178.SQ.FTS.B

.346

2/15/26

....

443

439

8093500.SQ.FTS.B

.296

2/15/26

....

642

610

8093903.SQ.FTS.B

.78

2/16/26

.....

12,413

11,832

8096821.SQ.FTS.B

.78

2/16/26

.....

9,983

9,813

8094706.SQ.FTS.B

.786

2/16/26

....

2,268

2,191

8095603.SQ.FTS.B

.346

2/16/26

....

2,845

2,763

8093884.SQ.FTS.B

.915

2/16/26

....

154

153

8094844.SQ.FTS.B

.189

2/16/26

....

411

396

8097670.SQ.FTS.B

.776

2/17/26

....

2,599

2,506

8097051.SQ.FTS.B

.897

2/17/26

....

676

648

8097211.SQ.FTS.B

.909

2/17/26

....

2,957

1,856

8097993.SQ.FTS.B

.778

2/18/26

....

1,654

1,631

8098241.SQ.FTS.B

.092

2/18/26

....

2,205

2,156

8098050.SQ.FTS.B

.094

2/18/26

....

625

623

8098680.SQ.FTS.B

.095

2/18/26

....

15,031

11,074

8098527.SQ.FTS.B

.72

2/18/26

.....

4,067

3,207

8097963.SQ.FTS.B

2/18/26

......

689

663

8102535.SQ.FTS.B

.767

2/19/26

....

496

409

8100096.SQ.FTS.B

.777

2/19/26

....

1,873

1,853

8099593.SQ.FTS.B

.78

2/19/26

.....

2,481

2,452

8101054.SQ.FTS.B

.78

2/19/26

.....

5,561

5,453

8100592.SQ.FTS.B

.912

2/19/26

....

19,054

15,220

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8101779.SQ.FTS.B

.912

2/19/26

....

15,008

11,837

8102325.SQ.FTS.B

.914

2/19/26

....

1,637

1,612

8099364.SQ.FTS.B

.917

2/19/26

....

2,542

2,399

8101689.SQ.FTS.B

.298

2/19/26

....

1,126

1,055

8104468.SQ.FTS.B

.782

2/20/26

....

1,355

1,340

8103231.SQ.FTS.B

.786

2/20/26

....

2,292

2,212

8104527.SQ.FTS.B

.793

2/20/26

....

111

105

8104606.SQ.FTS.B

.095

2/20/26

....

26,219

25,265

8104313.SQ.FTS.B

.66

2/20/26

.....

975

893

8104564.SQ.FTS.B

.715

2/20/26

....

8103156.SQ.FTS.B

.161

2/20/26

....

715

680

8104579.SQ.FTS.B

.474

2/20/26

....

2,671

747

8108969.SQ.FTS.B

.095

2/21/26

....

7,769

7,694

8107377.SQ.FTS.B

.096

2/21/26

....

11,541

10,675

8108839.SQ.FTS.B

.112

2/21/26

....

1,904

1,861

8108099.SQ.FTS.B

.114

2/21/26

....

25,165

22,945

8106736.SQ.FTS.B

.409

2/21/26

....

8,003

7,707

8113289.SQ.FTS.B

.78

2/22/26

.....

1,461

1,438

8112490.SQ.FTS.B

.276

2/22/26

....

549

419

8113190.SQ.FTS.B

.543

2/22/26

....

2,527

2,363

8118368.SQ.FTS.B

.094

2/23/26

....

16,334

15,990

8117071.SQ.FTS.B

.667

2/23/26

....

2,479

2,280

8117156.SQ.FTS.B

.152

2/23/26

....

25,285

22,092

8116348.SQ.FTS.B

.289

2/23/26

....

9,822

7,530

8118946.SQ.FTS.B

.777

2/24/26

....

3,397

3,333

8118872.SQ.FTS.B

.78

2/24/26

.....

1,374

1,355

8119177.SQ.FTS.B

.78

2/24/26

.....

4,545

4,483

8119065.SQ.FTS.B

.155

2/24/26

....

5,772

906

8119418.SQ.FTS.B

.552

2/24/26

....

1,230

643

8119612.SQ.FTS.B

.102

2/25/26

....

2,202

2,018

8119694.SQ.FTS.B

.15

2/25/26

.....

4,000

3,917

8122481.SQ.FTS.B

.78

2/26/26

.....

22,871

19,540

8121649.SQ.FTS.B

.781

2/26/26

....

7,413

7,238

8123226.SQ.FTS.B

.113

2/26/26

....

24,134

23,777

8120943.SQ.FTS.B

.66

2/26/26

.....

2,808

2,780

8122041.SQ.FTS.B

.427

2/26/26

....

2,079

1,986

8122110.SQ.FTS.B

.428

2/26/26

....

1,094

1,045

8125247.SQ.FTS.B

.749

2/27/26

....

3,019

1,982

8124889.SQ.FTS.B

.778

2/27/26

....

3,674

3,553

8124450.SQ.FTS.B

.784

2/27/26

....

2,683

2,630

8125929.SQ.FTS.B

.094

2/27/26

....

13,931

10,721

8124817.SQ.FTS.B

.644

2/27/26

....

1,528

356

8130754.SQ.FTS.B

.78

2/28/26

.....

9,435

9,297

8137296.SQ.FTS.B

.78

2/28/26

.....

2,261

2,222

8137741.SQ.FTS.B

.78

2/28/26

.....

1,011

1,000

8139474.SQ.FTS.B

.78

2/28/26

.....

1,273

1,249

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8140581.SQ.FTS.B

.78

2/28/26

.....

1,886

1,586

8142637.SQ.FTS.B

.78

2/28/26

.....

11,016

10,717

8137603.SQ.FTS.B

.782

2/28/26

....

6,194

5,320

8139068.SQ.FTS.B

.784

2/28/26

....

1,683

1,661

8138201.SQ.FTS.B

.66

2/28/26

.....

16,209

15,629

8143192.SQ.FTS.B

.66

2/28/26

.....

8,856

8,701

8137228.SQ.FTS.B

.668

2/28/26

....

2,543

2,339

8143061.SQ.FTS.B

.914

2/28/26

....

1,631

1,607

8139332.SQ.FTS.B

.318

2/28/26

....

889

718

8139400.SQ.FTS.B

.423

2/28/26

....

903

816

8137495.SQ.FTS.B

.424

2/28/26

....

2,758

2,637

8143858.SQ.FTS.B

.778

3/01/26

....

1,179

1,163

8143690.SQ.FTS.B

.78

3/01/26

.....

2,233

2,205

8143927.SQ.FTS.B

.78

3/01/26

.....

6,878

6,713

8144185.SQ.FTS.B

.782

3/01/26

....

3,711

3,657

8143641.SQ.FTS.B

.905

3/01/26

....

2,194

1,794

8144707.SQ.FTS.B

.774

3/02/26

....

1,169

1,147

8144789.SQ.FTS.B

.778

3/02/26

....

5,555

5,429

8144631.SQ.FTS.B

.779

3/02/26

....

7,442

6,359

8144737.SQ.FTS.B

.78

3/02/26

.....

1,433

1,395

8144568.SQ.FTS.B

.104

3/02/26

....

1,299

1,271

8145091.SQ.FTS.B

.407

3/02/26

....

3,628

3,563

8144464.SQ.FTS.B

.408

3/02/26

....

1,203

1,149

8144915.SQ.FTS.B

.66

3/02/26

.....

2,734

2,639

8145075.SQ.FTS.B

.66

3/02/26

.....

548

539

8149082.SQ.FTS.B

.781

3/03/26

....

4,124

4,022

8147240.SQ.FTS.B

.783

3/03/26

....

3,630

3,450

8148045.SQ.FTS.B

.784

3/03/26

....

679

674

8147390.SQ.FTS.B

.547

3/03/26

....

19,304

17,011

8149284.SQ.FTS.B

.547

3/03/26

....

4,583

4,030

8152971.SQ.FTS.B

.781

3/04/26

....

5,179

4,993

8151780.SQ.FTS.B

.115

3/04/26

....

3,409

3,375

8152476.SQ.FTS.B

.15

3/04/26

.....

5,093

4,990

8152425.SQ.FTS.B

.667

3/04/26

....

940

893

8158709.SQ.FTS.B

.778

3/05/26

....

6,455

6,307

8156729.SQ.FTS.B

.779

3/05/26

....

15,301

15,123

8155465.SQ.FTS.B

.78

3/05/26

.....

3,535

3,456

8158896.SQ.FTS.B

.78

3/05/26

.....

2,383

2,358

8155930.SQ.FTS.B

.114

3/05/26

....

1,954

1,932

8158885.SQ.FTS.B

.92

3/05/26

.....

1,714

423

8155026.SQ.FTS.B

.151

3/05/26

....

4,002

3,896

8158568.SQ.FTS.B

.327

3/05/26

....

3,256

2,932

8155880.SQ.FTS.B

.543

3/05/26

....

524

481

8160326.SQ.FTS.B

.779

3/06/26

....

3,052

2,907

8160480.SQ.FTS.B

.78

3/06/26

.....

9,055

8,849

8162148.SQ.FTS.B

.783

3/06/26

....

1,245

1,230

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8159653.SQ.FTS.B

.094

3/06/26

....

430

420

8159478.SQ.FTS.B

.66

3/06/26

.....

1,971

1,919

8160802.SQ.FTS.B

.66

3/06/26

.....

15,122

14,903

8159145.SQ.FTS.B

.325

3/06/26

....

1,670

1,638

8162648.SQ.FTS.B

.773

3/07/26

....

1,134

1,120

8162974.SQ.FTS.B

.679

3/07/26

....

873

826

8162440.SQ.FTS.B

.421

3/07/26

....

8,738

7,421

8163975.SQ.FTS.B

.779

3/08/26

....

7,655

7,538

8163527.SQ.FTS.B

.785

3/08/26

....

2,294

2,256

8163826.SQ.FTS.B

3/08/26

......

766

698

8165389.SQ.FTS.B

.78

3/09/26

.....

2,103

2,062

8165492.SQ.FTS.B

.78

3/09/26

.....

6,079

5,955

8166222.SQ.FTS.B

.783

3/09/26

....

2,691

2,634

8166083.SQ.FTS.B

.403

3/09/26

....

1,854

1,805

8165084.SQ.FTS.B

.41

3/09/26

.....

11,638

1,609

8166189.SQ.FTS.B

.66

3/09/26

.....

202

201

8166378.SQ.FTS.B

.148

3/09/26

....

2,510

2,420

8164934.SQ.FTS.B

.159

3/09/26

....

1,245

304

8165043.SQ.FTS.B

.348

3/09/26

....

1,269

535

8166162.SQ.FTS.B

.412

3/09/26

....

1,532

778

8166313.SQ.FTS.B

.667

3/09/26

....

1,316

1,249

8167907.SQ.FTS.B

.777

3/10/26

....

2,041

2,011

8171317.SQ.FTS.B

.779

3/10/26

....

7,404

7,275

8169199.SQ.FTS.B

.78

3/10/26

.....

27,513

27,022

8168375.SQ.FTS.B

.781

3/10/26

....

8,599

8,421

8167762.SQ.FTS.B

.105

3/10/26

....

1,149

1,053

8170828.SQ.FTS.B

.66

3/10/26

.....

1,056

922

8168187.SQ.FTS.B

.907

3/10/26

....

1,531

1,407

8170878.SQ.FTS.B

.546

3/10/26

....

1,547

1,532

8173310.SQ.FTS.B

.779

3/11/26

....

18,220

17,943

8180242.SQ.FTS.B

.775

3/12/26

....

3,134

2,981

8177398.SQ.FTS.B

.779

3/12/26

....

14,647

12,651

8180367.SQ.FTS.B

.779

3/12/26

....

1,277

1,235

8178539.SQ.FTS.B

.78

3/12/26

.....

10,794

9,305

8178839.SQ.FTS.B

.78

3/12/26

.....

33,877

32,766

8180118.SQ.FTS.B

.78

3/12/26

.....

2,782

2,716

8176747.SQ.FTS.B

.781

3/12/26

....

3,202

3,158

8177107.SQ.FTS.B

.784

3/12/26

....

1,997

1,970

8177307.SQ.FTS.B

.104

3/12/26

....

1,825

1,738

8180403.SQ.FTS.B

.547

3/12/26

....

761

756

8184238.SQ.FTS.B

.777

3/13/26

....

4,777

4,658

8180951.SQ.FTS.B

.78

3/13/26

.....

2,385

2,277

8182507.SQ.FTS.B

.117

3/13/26

....

2,069

2,029

8181148.SQ.FTS.B

.628

3/13/26

....

3,454

8181974.SQ.FTS.B

.666

3/13/26

....

5,057

1,542

8181078.SQ.FTS.B

.148

3/13/26

....

447

432

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8180916.SQ.FTS.B

.346

3/13/26

....

1,098

794

8184741.SQ.FTS.B

.779

3/14/26

....

10,451

10,140

8184581.SQ.FTS.B

.148

3/14/26

....

1,879

1,851

8184254.SQ.FTS.B

.152

3/14/26

....

1,298

1,263

8185313.SQ.FTS.B

.778

3/15/26

....

3,693

3,615

8185295.SQ.FTS.B

.101

3/15/26

....

822

341

8185592.SQ.FTS.B

.114

3/15/26

....

5,857

5,772

8185456.SQ.FTS.B

.665

3/15/26

....

864

857

8185556.SQ.FTS.B

.17

3/15/26

.....

456

447

8185861.SQ.FTS.B

.336

3/15/26

....

1,859

713

8185551.SQ.FTS.B

.709

3/15/26

....

343

320

8187056.SQ.FTS.B

.779

3/16/26

....

31,014

29,131

8186234.SQ.FTS.B

.78

3/16/26

.....

1,217

1,160

8186644.SQ.FTS.B

.78

3/16/26

.....

4,296

4,214

8188013.SQ.FTS.B

.113

3/16/26

....

12,703

12,561

8189766.SQ.FTS.B

.151

3/16/26

....

4,481

4,256

8189536.SQ.FTS.B

.421

3/16/26

....

9,426

8,662

8192800.SQ.FTS.B

.778

3/17/26

....

7,502

7,284

8192588.SQ.FTS.B

.779

3/17/26

....

2,687

2,593

8192987.SQ.FTS.B

.785

3/17/26

....

2,767

2,675

8192641.SQ.FTS.B

.115

3/17/26

....

8,909

8,493

8190366.SQ.FTS.B

.119

3/17/26

....

2,817

2,686

8190551.SQ.FTS.B

.409

3/17/26

....

778

772

8190913.SQ.FTS.B

.418

3/17/26

....

1,466

1,321

8191003.SQ.FTS.B

.66

3/17/26

.....

25,925

25,487

8194976.SQ.FTS.B

.113

3/18/26

....

34,864

27,766

8193726.SQ.FTS.B

.114

3/18/26

....

14,703

4,184

8195724.SQ.FTS.B

.666

3/18/26

....

2,128

2,082

8193577.SQ.FTS.B

.147

3/18/26

....

1,936

1,867

8196578.SQ.FTS.B

.151

3/18/26

....

16,958

16,519

8201219.SQ.FTS.B

.411

3/19/26

....

961

951

8202392.SQ.FTS.B

.289

3/19/26

....

8202573.SQ.FTS.B

.333

3/19/26

....

550

526

8202617.SQ.FTS.B

.423

3/19/26

....

3,103

2,847

8202425.SQ.FTS.B

.425

3/19/26

....

4,151

3,582

8205847.SQ.FTS.B

.779

3/20/26

....

5,470

5,280

8202864.SQ.FTS.B

.78

3/20/26

.....

2,568

2,496

8203009.SQ.FTS.B

.113

3/20/26

....

6,433

5,101

8205397.SQ.FTS.B

.116

3/20/26

....

580

577

8205517.SQ.FTS.B

.119

3/20/26

....

1,117

1,107

8203270.SQ.FTS.B

.413

3/20/26

....

3,529

2,517

8205825.SQ.FTS.B

.614

3/20/26

....

869

394

8204771.SQ.FTS.B

.66

3/20/26

.....

11,171

10,895

8205976.SQ.FTS.B

.912

3/20/26

....

4,408

3,675

8204187.SQ.FTS.B

.913

3/20/26

....

3,638

3,590

8202730.SQ.FTS.B

.148

3/20/26

....

982

964

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8205369.SQ.FTS.B

.329

3/20/26

....

1,746

8205642.SQ.FTS.B

.42

3/20/26

.....

5,695

5,233

8204610.SQ.FTS.B

.682

3/20/26

....

2,544

1,045

8206532.SQ.FTS.B

.766

3/21/26

....

1,129

1,097

8206289.SQ.FTS.B

.773

3/21/26

....

1,397

1,377

8206121.SQ.FTS.B

.777

3/21/26

....

5,210

5,053

8206612.SQ.FTS.B

.778

3/21/26

....

3,536

3,428

8206253.SQ.FTS.B

.107

3/21/26

....

1,242

1,206

8206399.SQ.FTS.B

.407

3/21/26

....

5,476

5,295

8206934.SQ.FTS.B

.407

3/21/26

....

1,244

1,226

8206989.SQ.FTS.B

.551

3/21/26

....

3,456

2,214

8207402.SQ.FTS.B

.113

3/22/26

....

8,058

7,979

8209555.SQ.FTS.B

.774

3/23/26

....

2,356

2,305

8211344.SQ.FTS.B

.777

3/23/26

....

397

395

8211626.SQ.FTS.B

.778

3/23/26

....

2,161

2,125

8209440.SQ.FTS.B

.787

3/23/26

....

1,863

1,827

8210538.SQ.FTS.B

.96

3/23/26

.....

4,646

2,909

8210603.SQ.FTS.B

.113

3/23/26

....

25,264

24,405

8209672.SQ.FTS.B

.41

3/23/26

.....

9,682

9,080

8208463.SQ.FTS.B

.66

3/23/26

.....

879

855

8211599.SQ.FTS.B

.675

3/23/26

....

497

490

8209177.SQ.FTS.B

.148

3/23/26

....

5,201

3,394

8209660.SQ.FTS.B

.394

3/23/26

....

427

332

8209089.SQ.FTS.B

.415

3/23/26

....

2,750

1,655

8211762.SQ.FTS.B

.78

3/24/26

.....

1,186

1,142

8214941.SQ.FTS.B

.78

3/24/26

.....

17,446

17,189

8212827.SQ.FTS.B

.781

3/24/26

....

8,457

8,273

8213268.SQ.FTS.B

.958

3/24/26

....

4,775

3,790

8213447.SQ.FTS.B

.408

3/24/26

....

7,702

7,567

8213869.SQ.FTS.B

.409

3/24/26

....

10,901

10,529

8214310.SQ.FTS.B

.911

3/24/26

....

11,028

10,097

8211919.SQ.FTS.B

.164

3/24/26

....

1,154

743

8216001.SQ.FTS.B

.78

3/25/26

.....

8,331

8,108

8216354.SQ.FTS.B

.78

3/25/26

.....

1,954

1,879

8217860.SQ.FTS.B

.78

3/25/26

.....

15,381

14,837

8215602.SQ.FTS.B

.784

3/25/26

....

1,434

1,243

8217705.SQ.FTS.B

.107

3/25/26

....

3,283

3,026

8217076.SQ.FTS.B

.111

3/25/26

....

2,775

2,724

8217217.SQ.FTS.B

.115

3/25/26

....

728

716

8215375.SQ.FTS.B

.12

3/25/26

.....

2,743

2,540

8216733.SQ.FTS.B

.407

3/25/26

....

821

814

8214983.SQ.FTS.B

.66

3/25/26

.....

5,538

5,434

8216798.SQ.FTS.B

.66

3/25/26

.....

2,676

2,372

8216882.SQ.FTS.B

.66

3/25/26

.....

7,577

5,291

8217313.SQ.FTS.B

.66

3/25/26

.....

3,488

3,426

8215471.SQ.FTS.B

.289

3/25/26

....

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8216590.SQ.FTS.B

.314

3/25/26

....

1,287

618

8216444.SQ.FTS.B

.327

3/25/26

....

2,127

1,997

8216643.SQ.FTS.B

.564

3/25/26

....

429

420

8221773.SQ.FTS.B

.778

3/26/26

....

5,852

5,090

8222040.SQ.FTS.B

.78

3/26/26

.....

16,820

16,290

8223346.SQ.FTS.B

.78

3/26/26

.....

3,210

3,046

8223096.SQ.FTS.B

.784

3/26/26

....

2,847

2,790

8222983.SQ.FTS.B

.66

3/26/26

.....

999

985

8223240.SQ.FTS.B

.146

3/26/26

....

1,116

1,013

8223600.SQ.FTS.B

.329

3/26/26

....

878

853

8221997.SQ.FTS.B

.536

3/26/26

....

576

466

8224480.SQ.FTS.B

.78

3/27/26

.....

2,067

2,054

8226448.SQ.FTS.B

.78

3/27/26

.....

14,767

14,411

8227008.SQ.FTS.B

.78

3/27/26

.....

7,556

7,357

8227182.SQ.FTS.B

.114

3/27/26

....

15,993

15,517

8226308.SQ.FTS.B

.119

3/27/26

....

2,106

2,065

8226398.SQ.FTS.B

.627

3/27/26

....

1,116

905

8227883.SQ.FTS.B

.913

3/27/26

....

17,072

14,555

8226864.SQ.FTS.B

.918

3/27/26

....

559

552

8226908.SQ.FTS.B

.144

3/27/26

....

3,102

2,030

8225563.SQ.FTS.B

.428

3/27/26

....

8228042.SQ.FTS.B

.779

3/28/26

....

15,184

12,764

8228286.SQ.FTS.B

.635

3/28/26

....

6,088

5,213

8228833.SQ.FTS.B

.429

3/28/26

....

1,068

1,038

8229550.SQ.FTS.B

.15

3/29/26

.....

14,308

12,006

8234119.SQ.FTS.B

.783

3/30/26

....

1,587

1,550

8230226.SQ.FTS.B

.787

3/30/26

....

1,878

1,829

8231122.SQ.FTS.B

.409

3/30/26

....

594

581

8233929.SQ.FTS.B

.409

3/30/26

....

300

298

8236119.SQ.FTS.B

.78

4/01/26

.....

1,678

1,647

8236507.SQ.FTS.B

.78

4/01/26

.....

163

161

8236797.SQ.FTS.B

.78

4/01/26

.....

14,820

14,587

8238464.SQ.FTS.B

.78

4/01/26

.....

16,847

14,313

8237680.SQ.FTS.B

.956

4/01/26

....

24,800

15,827

8235348.SQ.FTS.B

.112

4/01/26

....

10,715

10,313

8236342.SQ.FTS.B

.164

4/01/26

....

309

307

8235030.SQ.FTS.B

.421

4/01/26

....

5,426

5,012

8236305.SQ.FTS.B

.551

4/01/26

....

919

882

8239718.SQ.FTS.B

.924

4/02/26

....

597

275

8241352.SQ.FTS.B

.113

4/02/26

....

55,317

52,689

8239054.SQ.FTS.B

.66

4/02/26

.....

9,884

9,179

8240040.SQ.FTS.B

.66

4/02/26

.....

8,600

8,549

8244618.SQ.FTS.B

.78

4/03/26

.....

10,019

9,757

8245361.SQ.FTS.B

.78

4/03/26

.....

5,085

4,933

8246157.SQ.FTS.B

.78

4/03/26

.....

814

800

8246212.SQ.FTS.B

.781

4/03/26

....

5,167

5,114

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8247695.SQ.FTS.B

.405

4/03/26

....

1,301

1,222

8245947.SQ.FTS.B

.407

4/03/26

....

4,130

3,714

8246946.SQ.FTS.B

.409

4/03/26

....

19,686

14,012

8247794.SQ.FTS.B

.912

4/03/26

....

12,640

12,476

8247535.SQ.FTS.B

.552

4/03/26

....

2,245

1,593

8248806.SQ.FTS.B

.675

4/03/26

....

16,787

8,358

8249656.SQ.FTS.B

.778

4/04/26

....

7,772

7,590

8250977.SQ.FTS.B

.778

4/04/26

....

4,978

4,269

8251328.SQ.FTS.B

.113

4/04/26

....

24,530

22,645

8251982.SQ.FTS.B

.113

4/04/26

....

10,716

10,641

8250756.SQ.FTS.B

.409

4/04/26

....

3,803

3,747

8250709.SQ.FTS.B

.904

4/04/26

....

545

538

8250191.SQ.FTS.B

.334

4/04/26

....

674

434

8252691.SQ.FTS.B

.77

4/05/26

.....

1,180

1,160

8252744.SQ.FTS.B

.777

4/05/26

....

3,945

3,878

8252937.SQ.FTS.B

.409

4/05/26

....

16,766

16,380

8253601.SQ.FTS.B

.784

4/06/26

....

1,607

1,573

8253754.SQ.FTS.B

.111

4/06/26

....

3,323

3,246

8253968.SQ.FTS.B

.113

4/06/26

....

12,156

11,805

8254363.SQ.FTS.B

.115

4/06/26

....

3,554

3,472

8253676.SQ.FTS.B

.411

4/06/26

....

951

925

8253659.SQ.FTS.B

.625

4/06/26

....

386

352

8253717.SQ.FTS.B

.63

4/06/26

.....

1,613

1,022

8254966.SQ.FTS.B

.775

4/07/26

....

2,582

2,522

8255354.SQ.FTS.B

.958

4/07/26

....

893

494

8258502.SQ.FTS.B

.404

4/07/26

....

2,219

2,168

8255421.SQ.FTS.B

.41

4/07/26

.....

12,865

9,328

8256593.SQ.FTS.B

.322

4/07/26

....

1,676

1,292

8256206.SQ.FTS.B

.418

4/07/26

....

6,240

4,910

8255929.SQ.FTS.B

.421

4/07/26

....

4,419

3,499

8256099.SQ.FTS.B

.436

4/07/26

....

690

663

8258449.SQ.FTS.B

.541

4/07/26

....

893

825

8256969.SQ.FTS.B

.673

4/07/26

....

17,276

16,477

8258586.SQ.FTS.B

.78

4/08/26

.....

899

888

8260322.SQ.FTS.B

.78

4/08/26

.....

17,284

17,080

8259927.SQ.FTS.B

.822

4/08/26

....

8259944.SQ.FTS.B

.113

4/08/26

....

10,300

10,045

8258689.SQ.FTS.B

.66

4/08/26

.....

21,040

18,752

8261467.SQ.FTS.B

.326

4/08/26

....

12,138

5,644

8263745.SQ.FTS.B

.779

4/09/26

....

8,458

8,232

8263419.SQ.FTS.B

.78

4/09/26

.....

5,400

5,191

8264430.SQ.FTS.B

.11

4/09/26

.....

1,835

1,763

8264550.SQ.FTS.B

.111

4/09/26

....

5,244

5,164

8264370.SQ.FTS.B

.409

4/09/26

....

834

816

8264838.SQ.FTS.B

.409

4/09/26

....

1,028

1,020

8263605.SQ.FTS.B

.322

4/09/26

....

688

669

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8263641.SQ.FTS.B

.427

4/09/26

....

2,835

2,622

8269697.SQ.FTS.B

.768

4/10/26

....

814

802

8270552.SQ.FTS.B

.779

4/10/26

....

10,125

9,896

8271380.SQ.FTS.B

.78

4/10/26

.....

9,091

8,629

8271679.SQ.FTS.B

.784

4/10/26

....

3,631

3,518

8272063.SQ.FTS.B

.112

4/10/26

....

3,341

3,263

8269756.SQ.FTS.B

.66

4/10/26

.....

3,098

3,042

8271652.SQ.FTS.B

.66

4/10/26

.....

305

286

8271343.SQ.FTS.B

.902

4/10/26

....

2,043

1,359

8273922.SQ.FTS.B

.78

4/11/26

.....

17,882

17,699

8275956.SQ.FTS.B

.78

4/11/26

.....

22,370

21,895

8277202.SQ.FTS.B

.113

4/11/26

....

7,725

6,092

8276869.SQ.FTS.B

.114

4/11/26

....

17,266

15,990

8273623.SQ.FTS.B

.665

4/11/26

....

4,325

4,021

8277973.SQ.FTS.B

.409

4/12/26

....

8,423

8,145

8277446.SQ.FTS.B

.908

4/12/26

....

590

578

8277477.SQ.FTS.B

.912

4/12/26

....

13,472

13,099

8278723.SQ.FTS.B

.78

4/13/26

.....

3,129

3,025

8278391.SQ.FTS.B

.111

4/13/26

....

5,048

4,949

8278582.SQ.FTS.B

.15

4/13/26

.....

2,552

2,486

8278895.SQ.FTS.B

.413

4/13/26

....

8279441.SQ.FTS.B

.771

4/14/26

....

2,225

1,939

8279326.SQ.FTS.B

.78

4/14/26

.....

2,475

2,420

8279483.SQ.FTS.B

.78

4/14/26

.....

4,239

4,094

8280386.SQ.FTS.B

.78

4/14/26

.....

23,838

23,479

8280017.SQ.FTS.B

.781

4/14/26

....

17,926

17,207

8279290.SQ.FTS.B

.66

4/14/26

.....

821

791

8279601.SQ.FTS.B

.66

4/14/26

.....

21,597

11,611

8280006.SQ.FTS.B

.674

4/14/26

....

205

203

8282795.SQ.FTS.B

.769

4/15/26

....

1,488

1,431

8282628.SQ.FTS.B

.78

4/15/26

.....

1,822

1,779

8284852.SQ.FTS.B

.78

4/15/26

.....

3,589

3,518

8283879.SQ.FTS.B

.781

4/15/26

....

17,443

17,125

8283355.SQ.FTS.B

.113

4/15/26

....

9,715

9,484

8283179.SQ.FTS.B

.117

4/15/26

....

7,445

5,698

8282720.SQ.FTS.B

.119

4/15/26

....

2,370

2,317

8281860.SQ.FTS.B

.408

4/15/26

....

4,974

3,659

8284829.SQ.FTS.B

.412

4/15/26

....

1,341

958

8284751.SQ.FTS.B

.63

4/15/26

.....

2,357

1,540

8282041.SQ.FTS.B

.66

4/15/26

.....

5,129

5,085

8284791.SQ.FTS.B

.66

4/15/26

.....

1,256

1,172

8284699.SQ.FTS.B

.911

4/15/26

....

2,766

1,869

8283828.SQ.FTS.B

.324

4/15/26

....

2,428

1,121

8284632.SQ.FTS.B

.422

4/15/26

....

3,289

3,116

8287959.SQ.FTS.B

.785

4/16/26

....

2,973

2,879

8287641.SQ.FTS.B

.112

4/16/26

....

4,543

4,450

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8286857.SQ.FTS.B

.113

4/16/26

....

4,095

4,063

8286722.SQ.FTS.B

.409

4/16/26

....

1,548

1,532

8287243.SQ.FTS.B

.409

4/16/26

....

716

712

8287420.SQ.FTS.B

.909

4/16/26

....

2,576

2,521

8286678.SQ.FTS.B

.164

4/16/26

....

247

237

8288479.SQ.FTS.B

.326

4/16/26

....

5,532

1,819

8286845.SQ.FTS.B

.411

4/16/26

....

1,221

967

8287565.SQ.FTS.B

.414

4/16/26

....

1,774

1,724

8286690.SQ.FTS.B

.534

4/16/26

....

1,632

1,202

8284942.SQ.FTS.B

.673

4/16/26

....

15,851

15,525

8294683.SQ.FTS.B

.776

4/17/26

....

3,029

2,962

8290901.SQ.FTS.B

.78

4/17/26

.....

40,563

39,748

8294550.SQ.FTS.B

.919

4/17/26

....

367

362

8294297.SQ.FTS.B

.151

4/17/26

....

4,871

4,192

8298170.SQ.FTS.B

.778

4/18/26

....

7,784

7,557

8298055.SQ.FTS.B

.78

4/18/26

.....

2,159

1,869

8296631.SQ.FTS.B

.114

4/18/26

....

9,412

9,108

8296579.SQ.FTS.B

.66

4/18/26

.....

251

244

8298447.SQ.FTS.B

.911

4/18/26

....

10,727

10,442

8298108.SQ.FTS.B

.138

4/18/26

....

243

240

8295071.SQ.FTS.B

.32

4/18/26

.....

251

247

8299034.SQ.FTS.B

.78

4/19/26

.....

12,294

12,049

8298827.SQ.FTS.B

.41

4/19/26

.....

7,547

5,379

8298581.SQ.FTS.B

.66

4/19/26

.....

6,961

6,748

8299473.SQ.FTS.B

.419

4/19/26

....

1,920

1,713

8300107.SQ.FTS.B

.78

4/20/26

.....

5,063

4,952

8299881.SQ.FTS.B

.782

4/20/26

....

10,067

8,728

8299830.SQ.FTS.B

.403

4/20/26

....

2,597

1,939

8299512.SQ.FTS.B

.671

4/20/26

....

1,761

1,682

8299550.SQ.FTS.B

.912

4/20/26

....

2,358

2,317

8299665.SQ.FTS.B

.663

4/20/26

....

1,099

801

8300914.SQ.FTS.B

.78

4/21/26

.....

7,906

7,720

8302044.SQ.FTS.B

.78

4/21/26

.....

3,846

3,698

8302242.SQ.FTS.B

.78

4/21/26

.....

4,792

4,690

8303508.SQ.FTS.B

.78

4/21/26

.....

5,572

5,381

8303656.SQ.FTS.B

.78

4/21/26

.....

9,523

9,264

8303071.SQ.FTS.B

.781

4/21/26

....

9,098

8,838

8303323.SQ.FTS.B

.409

4/21/26

....

1,204

1,195

8304334.SQ.FTS.B

.409

4/21/26

....

6,135

4,584

8301895.SQ.FTS.B

.317

4/21/26

....

396

389

8301755.SQ.FTS.B

.326

4/21/26

....

4,584

2,260

8303301.SQ.FTS.B

.404

4/21/26

....

245

242

8304151.SQ.FTS.B

.673

4/21/26

....

2,567

2,142

8305771.SQ.FTS.B

.78

4/22/26

.....

2,647

2,584

8306964.SQ.FTS.B

.78

4/22/26

.....

37,698

36,880

8305906.SQ.FTS.B

.781

4/22/26

....

14,687

14,337

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8305027.SQ.FTS.B

.15

4/22/26

.....

2,533

2,517

8304649.SQ.FTS.B

.325

4/22/26

....

7,527

5,064

8306625.SQ.FTS.B

.673

4/22/26

....

6,103

5,909

8308031.SQ.FTS.B

.776

4/23/26

....

3,614

3,424

8308934.SQ.FTS.B

.779

4/23/26

....

14,457

14,119

8308237.SQ.FTS.B

.78

4/23/26

.....

3,530

3,463

8309618.SQ.FTS.B

.78

4/23/26

.....

493

483

8310230.SQ.FTS.B

.78

4/23/26

.....

25,999

25,487

8309591.SQ.FTS.B

.417

4/23/26

....

357

354

8308182.SQ.FTS.B

.667

4/23/26

....

1,237

1,112

8316104.SQ.FTS.B

.78

4/24/26

.....

2,774

2,730

8313509.SQ.FTS.B

.113

4/24/26

....

50,234

48,396

8316235.SQ.FTS.B

.113

4/24/26

....

19,996

18,997

8317207.SQ.FTS.B

.412

4/24/26

....

4,995

4,828

8319131.SQ.FTS.B

.781

4/25/26

....

2,349

2,281

8318218.SQ.FTS.B

.967

4/25/26

....

373

221

8320034.SQ.FTS.B

.409

4/25/26

....

25,645

25,055

8318235.SQ.FTS.B

.646

4/25/26

....

2,079

989

8319657.SQ.FTS.B

.66

4/25/26

.....

18,707

4,589

8318289.SQ.FTS.B

.152

4/25/26

....

7,078

6,761

8318666.SQ.FTS.B

.152

4/25/26

....

12,768

8,869

8317414.SQ.FTS.B

.555

4/25/26

....

2,593

1,947

8321734.SQ.FTS.B

.78

4/26/26

.....

5,527

5,430

8321681.SQ.FTS.B

.951

4/26/26

....

1,133

1,075

8321485.SQ.FTS.B

.113

4/26/26

....

5,743

5,654

8321183.SQ.FTS.B

.912

4/26/26

....

9,896

9,684

8321043.SQ.FTS.B

.329

4/26/26

....

1,496

1,441

8322385.SQ.FTS.B

.78

4/27/26

.....

2,558

2,435

8321877.SQ.FTS.B

.114

4/27/26

....

8,245

7,980

8322680.SQ.FTS.B

.66

4/27/26

.....

5,284

5,168

8322441.SQ.FTS.B

.146

4/27/26

....

1,077

1,062

8322500.SQ.FTS.B

.153

4/27/26

....

2,869

2,843

8322107.SQ.FTS.B

.54

4/27/26

.....

2,153

1,626

8324693.SQ.FTS.B

.78

4/28/26

.....

1,257

1,244

8325680.SQ.FTS.B

.78

4/28/26

.....

9,843

9,447

8326359.SQ.FTS.B

.787

4/28/26

....

2,352

2,258

8324830.SQ.FTS.B

.788

4/28/26

....

1,157

1,137

8326653.SQ.FTS.B

.112

4/28/26

....

4,162

4,052

8326870.SQ.FTS.B

.113

4/28/26

....

3,454

3,413

8323711.SQ.FTS.B

.114

4/28/26

....

15,064

14,762

8326484.SQ.FTS.B

.114

4/28/26

....

3,217

3,162

8327086.SQ.FTS.B

.39

4/28/26

.....

636

624

8327123.SQ.FTS.B

.397

4/28/26

....

1,456

1,406

8324769.SQ.FTS.B

.909

4/28/26

....

888

867

8323662.SQ.FTS.B

.92

4/28/26

.....

669

650

8324800.SQ.FTS.B

.143

4/28/26

....

1,075

1,016

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8326179.SQ.FTS.B

.15

4/28/26

.....

2,073

2,031

8323377.SQ.FTS.B

.552

4/28/26

....

3,945

3,024

8327173.SQ.FTS.B

.554

4/28/26

....

1,635

1,500

8327944.SQ.FTS.B

.78

4/29/26

.....

7,369

7,239

8328735.SQ.FTS.B

.78

4/29/26

.....

2,423

2,382

8328960.SQ.FTS.B

.78

4/29/26

.....

1,500

1,484

8329109.SQ.FTS.B

.78

4/29/26

.....

21,223

20,358

8330511.SQ.FTS.B

.781

4/29/26

....

12,484

12,050

8329865.SQ.FTS.B

.114

4/29/26

....

26,827

25,561

8327713.SQ.FTS.B

.413

4/29/26

....

2,963

2,240

8330954.SQ.FTS.B

.289

4/29/26

....

289

272

8327194.SQ.FTS.B

.326

4/29/26

....

3,595

3,506

8331383.SQ.FTS.B

.776

4/30/26

....

2,656

2,518

8333917.SQ.FTS.B

.778

4/30/26

....

8,279

8,098

8333245.SQ.FTS.B

.779

4/30/26

....

14,924

14,315

8332018.SQ.FTS.B

.78

4/30/26

.....

24,637

23,817

8337008.SQ.FTS.B

.78

4/30/26

.....

2,752

2,635

8337108.SQ.FTS.B

.78

4/30/26

.....

6,323

6,173

8332944.SQ.FTS.B

.781

4/30/26

....

7,198

6,954

8333141.SQ.FTS.B

.966

4/30/26

....

1,493

1,018

8331883.SQ.FTS.B

.109

4/30/26

....

3,545

3,414

8336735.SQ.FTS.B

.113

4/30/26

....

5,570

5,366

8337532.SQ.FTS.B

.113

4/30/26

....

9,365

9,109

8330984.SQ.FTS.B

.115

4/30/26

....

5,876

5,766

8333158.SQ.FTS.B

.115

4/30/26

....

5,494

5,228

8339165.SQ.FTS.B

.411

4/30/26

....

2,726

2,648

8334093.SQ.FTS.B

.635

4/30/26

....

16,320

12,614

8338628.SQ.FTS.B

.66

4/30/26

.....

13,495

13,084

8339588.SQ.FTS.B

.66

4/30/26

.....

406

404

8332716.SQ.FTS.B

.912

4/30/26

....

3,290

3,247

8338613.SQ.FTS.B

.915

4/30/26

....

731

711

8331517.SQ.FTS.B

.146

4/30/26

....

1,505

1,465

8333542.SQ.FTS.B

.148

4/30/26

....

3,912

3,832

8339650.SQ.FTS.B

.151

4/30/26

....

680

676

8339406.SQ.FTS.B

.152

4/30/26

....

12,467

8,193

8333812.SQ.FTS.B

.17

4/30/26

.....

511

503

8337895.SQ.FTS.B

.323

4/30/26

....

1,448

1,366

8339247.SQ.FTS.B

.673

4/30/26

....

8,515

137

8339395.SQ.FTS.B

.693

4/30/26

....

833

754

8331620.SQ.FTS.B

.709

4/30/26

....

306

296

8341785.SQ.FTS.B

.783

5/01/26

....

4,915

4,797

8340531.SQ.FTS.B

.409

5/01/26

....

33,317

24,517

8341924.SQ.FTS.B

.151

5/01/26

....

51,087

48,937

8344817.SQ.FTS.B

.778

5/02/26

....

6,282

6,114

8344446.SQ.FTS.B

.78

5/02/26

.....

7,634

7,482

8344402.SQ.FTS.B

.111

5/02/26

....

1,681

1,626

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8344712.SQ.FTS.B

.416

5/02/26

....

1,067

1,033

8344147.SQ.FTS.B

.15

5/02/26

.....

10,790

9,403

8344345.SQ.FTS.B

.329

5/02/26

....

3,486

2,837

8344398.SQ.FTS.B

.359

5/02/26

....

340

320

8343827.SQ.FTS.B

.671

5/02/26

....

347

343

8345220.SQ.FTS.B

.771

5/03/26

....

1,474

1,435

8344943.SQ.FTS.B

.775

5/03/26

....

2,118

2,065

8345088.SQ.FTS.B

.78

5/03/26

.....

2,547

2,494

8345365.SQ.FTS.B

.782

5/03/26

....

2,702

2,636

8345491.SQ.FTS.B

.109

5/03/26

....

2,789

2,696

8345427.SQ.FTS.B

.907

5/03/26

....

851

832

8345584.SQ.FTS.B

.415

5/03/26

....

2,613

2,172

8347712.SQ.FTS.B

.779

5/04/26

....

4,377

4,324

8347169.SQ.FTS.B

.78

5/04/26

.....

1,473

1,449

8348188.SQ.FTS.B

.78

5/04/26

.....

8,102

7,770

8348464.SQ.FTS.B

.78

5/04/26

.....

4,079

3,930

8348402.SQ.FTS.B

.952

5/04/26

....

549

530

8347038.SQ.FTS.B

.11

5/04/26

.....

2,628

2,560

8349607.SQ.FTS.B

.114

5/04/26

....

5,489

5,396

8347538.SQ.FTS.B

.115

5/04/26

....

4,984

4,847

8347967.SQ.FTS.B

.117

5/04/26

....

4,266

4,096

8348445.SQ.FTS.B

.618

5/04/26

....

269

259

8348640.SQ.FTS.B

.66

5/04/26

.....

1,504

1,361

8348927.SQ.FTS.B

.66

5/04/26

.....

574

567

8349157.SQ.FTS.B

.327

5/04/26

....

5,772

2,489

8348814.SQ.FTS.B

.43

5/04/26

.....

1,961

1,775

8351580.SQ.FTS.B

.78

5/05/26

.....

6,207

6,060

8352250.SQ.FTS.B

.78

5/05/26

.....

3,006

2,921

8352758.SQ.FTS.B

.78

5/05/26

.....

88,019

75,404

8350215.SQ.FTS.B

.957

5/05/26

....

2,738

2,604

8349840.SQ.FTS.B

.66

5/05/26

.....

2,076

2,023

8350479.SQ.FTS.B

.42

5/05/26

.....

11,283

10,285

8351090.SQ.FTS.B

.421

5/05/26

....

1,951

1,768

8351752.SQ.FTS.B

.422

5/05/26

....

21,726

14,268

8352615.SQ.FTS.B

.426

5/05/26

....

856

814

8350374.SQ.FTS.B

.554

5/05/26

....

317

311

8350389.SQ.FTS.B

.673

5/05/26

....

3,345

2,860

8354432.SQ.FTS.B

.777

5/06/26

....

5,059

4,920

8354113.SQ.FTS.B

.112

5/06/26

....

6,850

5,649

8354876.SQ.FTS.B

.407

5/06/26

....

11,441

8,794

8355462.SQ.FTS.B

.409

5/06/26

....

43,857

39,908

8356466.SQ.FTS.B

.66

5/06/26

.....

7,106

6,971

8353645.SQ.FTS.B

.151

5/06/26

....

4,202

4,142

8355111.SQ.FTS.B

.152

5/06/26

....

7,521

7,112

8355064.SQ.FTS.B

.337

5/06/26

....

743

724

8362207.SQ.FTS.B

.79

5/07/26

.....

1,554

1,513

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8361046.SQ.FTS.B

.111

5/07/26

....

7,125

6,973

8362642.SQ.FTS.B

.113

5/07/26

....

14,214

11,468

8361496.SQ.FTS.B

.117

5/07/26

....

2,507

2,422

8362438.SQ.FTS.B

.121

5/07/26

....

2,544

2,418

8364012.SQ.FTS.B

.409

5/07/26

....

20,806

20,187

8362378.SQ.FTS.B

.418

5/07/26

....

1,448

1,405

8360828.SQ.FTS.B

.66

5/07/26

.....

14,866

10,856

8361678.SQ.FTS.B

.141

5/07/26

....

2,222

1,537

8363143.SQ.FTS.B

.151

5/07/26

....

9,787

9,471

8361761.SQ.FTS.B

.152

5/07/26

....

5,142

3,615

8362295.SQ.FTS.B

.154

5/07/26

....

980

952

8362565.SQ.FTS.B

.155

5/07/26

....

1,648

1,621

8363676.SQ.FTS.B

.176

5/07/26

....

823

759

8362553.SQ.FTS.B

.315

5/07/26

....

960

792

8361586.SQ.FTS.B

.321

5/07/26

....

1,560

1,490

8363701.SQ.FTS.B

.424

5/07/26

....

5,446

5,329

8362334.SQ.FTS.B

.561

5/07/26

....

938

884

8367859.SQ.FTS.B

.78

5/08/26

.....

3,786

3,308

8366355.SQ.FTS.B

.784

5/08/26

....

2,671

2,608

8367817.SQ.FTS.B

.954

5/08/26

....

2,181

805

8366476.SQ.FTS.B

.11

5/08/26

.....

3,054

2,996

8366564.SQ.FTS.B

.409

5/08/26

....

28,007

27,555

8367963.SQ.FTS.B

.635

5/08/26

....

4,880

4,756

8364759.SQ.FTS.B

.66

5/08/26

.....

4,049

3,970

8366185.SQ.FTS.B

.663

5/08/26

....

5,925

5,722

8365275.SQ.FTS.B

.146

5/08/26

....

591

586

8368365.SQ.FTS.B

.777

5/09/26

....

2,583

2,480

8368752.SQ.FTS.B

.778

5/09/26

....

4,835

4,710

8368328.SQ.FTS.B

.404

5/09/26

....

1,232

1,206

8369108.SQ.FTS.B

.408

5/09/26

....

12,464

12,259

8368633.SQ.FTS.B

.675

5/09/26

....

1,026

1,000

8368496.SQ.FTS.B

.151

5/09/26

....

4,772

4,680

8368846.SQ.FTS.B

.422

5/09/26

....

8,901

8,610

8368307.SQ.FTS.B

.678

5/09/26

....

742

697

8369487.SQ.FTS.B

.113

5/10/26

....

12,497

12,307

8369913.SQ.FTS.B

.15

5/10/26

.....

1,278

1,257

8369863.SQ.FTS.B

.331

5/10/26

....

1,178

1,139

8370879.SQ.FTS.B

.781

5/11/26

....

12,435

11,895

8370247.SQ.FTS.B

.786

5/11/26

....

2,367

2,305

8371244.SQ.FTS.B

.112

5/11/26

....

6,435

6,184

8370651.SQ.FTS.B

.115

5/11/26

....

7,426

7,212

8370594.SQ.FTS.B

.615

5/11/26

....

362

328

8370339.SQ.FTS.B

.66

5/11/26

.....

1,630

1,579

8371033.SQ.FTS.B

.912

5/11/26

....

2,161

2,054

8370309.SQ.FTS.B

.125

5/11/26

....

589

569

8371006.SQ.FTS.B

.141

5/11/26

....

1,839

1,757

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8371409.SQ.FTS.B

.15

5/11/26

.....

4,100

3,792

8370101.SQ.FTS.B

.151

5/11/26

....

4,695

4,595

8370406.SQ.FTS.B

.154

5/11/26

....

2,911

2,545

8370392.SQ.FTS.B

.301

5/11/26

....

630

553

8370600.SQ.FTS.B

.329

5/11/26

....

346

334

8370612.SQ.FTS.B

.42

5/11/26

.....

4,659

2,791

8370795.SQ.FTS.B

.546

5/11/26

....

7,163

6,774

8371488.SQ.FTS.B

.548

5/11/26

....

4,979

4,702

8372949.SQ.FTS.B

.774

5/12/26

....

3,003

2,913

8374767.SQ.FTS.B

.776

5/12/26

....

4,114

4,019

8373527.SQ.FTS.B

.778

5/12/26

....

3,952

3,885

8373227.SQ.FTS.B

.11

5/12/26

.....

4,491

4,407

8373631.SQ.FTS.B

.115

5/12/26

....

3,431

3,368

8374612.SQ.FTS.B

.12

5/12/26

.....

1,918

1,879

8373109.SQ.FTS.B

.402

5/12/26

....

1,522

1,394

8373818.SQ.FTS.B

.635

5/12/26

....

7,898

7,661

8373458.SQ.FTS.B

.912

5/12/26

....

3,719

2,608

8373052.SQ.FTS.B

.141

5/12/26

....

2,470

1,850

8374659.SQ.FTS.B

.145

5/12/26

....

3,075

2,836

8371816.SQ.FTS.B

.15

5/12/26

.....

18,209

17,721

8372657.SQ.FTS.B

.154

5/12/26

....

8,354

5,638

8373371.SQ.FTS.B

.321

5/12/26

....

3,913

2,089

8374591.SQ.FTS.B

.419

5/12/26

....

1,087

1,049

8374700.SQ.FTS.B

.424

5/12/26

....

5,940

3,751

8374342.SQ.FTS.B

.548

5/12/26

....

15,304

13,519

8377504.SQ.FTS.B

.779

5/13/26

....

24,703

23,408

8378054.SQ.FTS.B

.78

5/13/26

.....

9,621

9,463

8376661.SQ.FTS.B

.956

5/13/26

....

1,560

598

8378286.SQ.FTS.B

.11

5/13/26

.....

2,368

2,333

8376364.SQ.FTS.B

.409

5/13/26

....

4,071

3,951

8376230.SQ.FTS.B

.66

5/13/26

.....

4,232

532

8378581.SQ.FTS.B

.422

5/13/26

....

14,720

14,211

8377299.SQ.FTS.B

.43

5/13/26

.....

1,295

1,268

8375380.SQ.FTS.B

.548

5/13/26

....

8,520

8,337

8377349.SQ.FTS.B

.675

5/13/26

....

628

621

8380933.SQ.FTS.B

.78

5/14/26

.....

2,836

2,746

8381209.SQ.FTS.B

.78

5/14/26

.....

1,955

1,910

8380787.SQ.FTS.B

.781

5/14/26

....

2,022

1,790

8381919.SQ.FTS.B

.965

5/14/26

....

1,627

623

8381010.SQ.FTS.B

.113

5/14/26

....

4,049

3,957

8383275.SQ.FTS.B

.404

5/14/26

....

4,748

3,631

8381569.SQ.FTS.B

.41

5/14/26

.....

7,974

6,074

8381976.SQ.FTS.B

.909

5/14/26

....

3,005

2,850

8382098.SQ.FTS.B

.149

5/14/26

....

8,767

7,531

8383353.SQ.FTS.B

.15

5/14/26

.....

37,881

32,873

8380834.SQ.FTS.B

.325

5/14/26

....

2,461

2,355

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8380700.SQ.FTS.B

.421

5/14/26

....

544

535

8382408.SQ.FTS.B

.544

5/14/26

....

3,537

3,108

8382493.SQ.FTS.B

.55

5/14/26

.....

10,128

524

8385298.SQ.FTS.B

.66

5/15/26

.....

2,919

2,785

8385489.SQ.FTS.B

.66

5/15/26

.....

15,563

15,064

8386241.SQ.FTS.B

.66

5/15/26

.....

4,136

3,992

8384557.SQ.FTS.B

.912

5/15/26

....

5,530

5,412

8386567.SQ.FTS.B

.547

5/15/26

....

21,805

21,244

8388485.SQ.FTS.B

.777

5/16/26

....

2,583

2,557

8388684.SQ.FTS.B

.779

5/16/26

....

10,358

10,124

8388335.SQ.FTS.B

.78

5/16/26

.....

3,204

3,166

8387911.SQ.FTS.B

.781

5/16/26

....

3,985

3,424

8388466.SQ.FTS.B

.125

5/16/26

....

1,595

1,438

8388312.SQ.FTS.B

.427

5/16/26

....

1,290

1,171

8388299.SQ.FTS.B

.922

5/16/26

....

688

671

8388656.SQ.FTS.B

.436

5/16/26

....

1,703

1,428

8389166.SQ.FTS.B

.778

5/17/26

....

3,101

3,045

8389274.SQ.FTS.B

.779

5/17/26

....

17,357

15,235

8389081.SQ.FTS.B

.781

5/17/26

....

2,911

2,847

8388985.SQ.FTS.B

.111

5/17/26

....

3,817

3,694

8389142.SQ.FTS.B

.154

5/17/26

....

697

668

8388964.SQ.FTS.B

.176

5/17/26

....

698

669

8390743.SQ.FTS.B

.78

5/18/26

.....

9,475

9,221

8392372.SQ.FTS.B

.78

5/18/26

.....

6,420

6,142

8392494.SQ.FTS.B

.78

5/18/26

.....

10,564

10,116

8391872.SQ.FTS.B

.785

5/18/26

....

3,758

3,636

8391986.SQ.FTS.B

.112

5/18/26

....

8,690

7,128

8392140.SQ.FTS.B

.407

5/18/26

....

5,365

5,249

8390042.SQ.FTS.B

.66

5/18/26

.....

2,946

976

8389844.SQ.FTS.B

.915

5/18/26

....

3,246

3,044

8390639.SQ.FTS.B

.427

5/18/26

....

1,392

1,161

8392850.SQ.FTS.B

.674

5/18/26

....

10,308

10,138

8396042.SQ.FTS.B

.774

5/19/26

....

1,788

1,747

8393479.SQ.FTS.B

.78

5/19/26

.....

50,362

49,028

8396180.SQ.FTS.B

.959

5/19/26

....

1,263

492

8396115.SQ.FTS.B

.115

5/19/26

....

3,236

2,653

8395913.SQ.FTS.B

.117

5/19/26

....

1,358

1,313

8396513.SQ.FTS.B

.408

5/19/26

....

19,503

19,234

8395941.SQ.FTS.B

.146

5/19/26

....

4,563

3,981

8395564.SQ.FTS.B

.152

5/19/26

....

8,561

8,262

8396223.SQ.FTS.B

.152

5/19/26

....

9,510

8,961

8400526.SQ.FTS.B

.78

5/20/26

.....

2,803

2,691

8397435.SQ.FTS.B

.782

5/20/26

....

6,912

6,691

8398221.SQ.FTS.B

.111

5/20/26

....

10,369

10,013

8400607.SQ.FTS.B

.409

5/20/26

....

24,786

24,016

8398764.SQ.FTS.B

.66

5/20/26

.....

21,361

18,566

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8397213.SQ.FTS.B

.682

5/20/26

....

901

868

8400582.SQ.FTS.B

.14

5/20/26

.....

757

714

8399539.SQ.FTS.B

.422

5/20/26

....

20,208

19,609

8400293.SQ.FTS.B

.423

5/20/26

....

7,936

7,692

8397958.SQ.FTS.B

.667

5/20/26

....

1,545

1,406

8405253.SQ.FTS.B

.116

5/21/26

....

5,357

5,204

8403636.SQ.FTS.B

.117

5/21/26

....

6,520

5,432

8403339.SQ.FTS.B

.409

5/21/26

....

3,437

3,331

8407167.SQ.FTS.B

.66

5/21/26

.....

14,891

14,664

8405508.SQ.FTS.B

.91

5/21/26

.....

4,116

3,860

8404324.SQ.FTS.B

.912

5/21/26

....

12,164

11,674

8403605.SQ.FTS.B

.155

5/21/26

....

1,203

1,159

8403445.SQ.FTS.B

.424

5/21/26

....

3,655

3,544

8406914.SQ.FTS.B

.547

5/21/26

....

12,384

7,052

8405158.SQ.FTS.B

.551

5/21/26

....

1,567

1,528

8407557.SQ.FTS.B

.78

5/22/26

.....

9,320

8,965

8409985.SQ.FTS.B

.78

5/22/26

.....

1,733

1,693

8412573.SQ.FTS.B

.784

5/22/26

....

6,566

5,302

8411563.SQ.FTS.B

.113

5/22/26

....

24,693

23,948

8412740.SQ.FTS.B

.113

5/22/26

....

18,060

17,787

8409613.SQ.FTS.B

.632

5/22/26

....

2,507

2,430

8410246.SQ.FTS.B

.42

5/22/26

.....

7,201

6,839

8408339.SQ.FTS.B

.551

5/22/26

....

5,451

878

8413035.SQ.FTS.B

.78

5/23/26

.....

4,488

4,318

8413525.SQ.FTS.B

.78

5/23/26

.....

2,533

2,462

8413151.SQ.FTS.B

.112

5/23/26

....

4,840

4,634

8413699.SQ.FTS.B

.409

5/23/26

....

7,280

7,110

8413274.SQ.FTS.B

.413

5/23/26

....

1,517

1,477

8413651.SQ.FTS.B

.636

5/23/26

....

966

931

8413384.SQ.FTS.B

.912

5/23/26

....

6,182

5,773

8413600.SQ.FTS.B

.43

5/23/26

.....

1,473

1,440

8414341.SQ.FTS.B

.775

5/24/26

....

4,267

4,105

8414293.SQ.FTS.B

.776

5/24/26

....

2,397

2,284

8413960.SQ.FTS.B

.779

5/24/26

....

6,047

5,892

8414495.SQ.FTS.B

.781

5/24/26

....

8,218

7,030

8414118.SQ.FTS.B

.115

5/24/26

....

4,602

4,493

8414477.SQ.FTS.B

.13

5/24/26

.....

853

805

8418472.SQ.FTS.B

.78

5/25/26

.....

10,019

9,639

8417488.SQ.FTS.B

.112

5/25/26

....

9,907

9,657

8416924.SQ.FTS.B

.116

5/25/26

....

4,485

4,410

8418827.SQ.FTS.B

.409

5/25/26

....

64,461

18,389

8416006.SQ.FTS.B

.15

5/25/26

.....

9,514

9,315

8417948.SQ.FTS.B

.152

5/25/26

....

8,359

8,228

8417241.SQ.FTS.B

.329

5/25/26

....

3,758

3,586

8418825.SQ.FTS.B

.682

5/25/26

....

513

466

8423317.SQ.FTS.B

.777

5/26/26

....

3,298

3,208

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8421042.SQ.FTS.B

.778

5/26/26

....

7,410

7,155

8421971.SQ.FTS.B

.779

5/26/26

....

2,214

2,149

8422610.SQ.FTS.B

.779

5/26/26

....

15,544

15,091

8421561.SQ.FTS.B

.781

5/26/26

....

5,733

5,574

8421275.SQ.FTS.B

.405

5/26/26

....

2,887

2,843

8422169.SQ.FTS.B

.663

5/26/26

....

11,706

3,371

8421895.SQ.FTS.B

.905

5/26/26

....

476

471

8424605.SQ.FTS.B

.911

5/26/26

....

9,798

8,717

8423462.SQ.FTS.B

.912

5/26/26

....

3,882

3,682

8423593.SQ.FTS.B

.922

5/26/26

....

1,808

1,735

8423665.SQ.FTS.B

.152

5/26/26

....

24,476

23,476

8421807.SQ.FTS.B

.164

5/26/26

....

262

260

8429303.SQ.FTS.B

.78

5/27/26

.....

27,667

26,096

8430002.SQ.FTS.B

.781

5/27/26

....

4,763

4,655

8427943.SQ.FTS.B

.787

5/27/26

....

2,401

2,328

8427809.SQ.FTS.B

.791

5/27/26

....

1,485

1,417

8427276.SQ.FTS.B

.113

5/27/26

....

8,960

8,740

8430236.SQ.FTS.B

.409

5/27/26

....

34,852

33,236

8431917.SQ.FTS.B

.779

5/28/26

....

2,310

2,207

8431883.SQ.FTS.B

.78

5/28/26

.....

2,340

2,211

8432444.SQ.FTS.B

.78

5/28/26

.....

46,751

44,192

8431964.SQ.FTS.B

.781

5/28/26

....

2,873

2,447

8431865.SQ.FTS.B

.627

5/28/26

....

2,586

1,372

8431777.SQ.FTS.B

.663

5/28/26

....

6,647

6,427

8432371.SQ.FTS.B

.15

5/28/26

.....

4,577

4,065

8431678.SQ.FTS.B

.153

5/28/26

....

3,697

3,562

8435926.SQ.FTS.B

.78

5/29/26

.....

6,588

6,428

8435851.SQ.FTS.B

.783

5/29/26

....

2,100

2,005

8435782.SQ.FTS.B

.943

5/29/26

....

1,958

634

8435717.SQ.FTS.B

.95

5/29/26

.....

2,050

1,640

8436467.SQ.FTS.B

.962

5/29/26

....

1,261

549

8435238.SQ.FTS.B

.979

5/29/26

....

1,291

8436849.SQ.FTS.B

.115

5/29/26

....

2,764

2,680

8434164.SQ.FTS.B

.66

5/29/26

.....

5,202

4,694

8436193.SQ.FTS.B

.66

5/29/26

.....

3,417

3,312

8434459.SQ.FTS.B

.912

5/29/26

....

13,142

12,870

8435257.SQ.FTS.B

.917

5/29/26

....

4,741

4,446

8436780.SQ.FTS.B

.149

5/29/26

....

1,894

1,826

8436347.SQ.FTS.B

.417

5/29/26

....

3,078

2,985

8436507.SQ.FTS.B

.424

5/29/26

....

1,601

1,544

8435410.SQ.FTS.B

.673

5/29/26

....

6,903

6,624

8437733.SQ.FTS.B

.78

5/30/26

.....

1,896

1,807

8437781.SQ.FTS.B

.781

5/30/26

....

7,433

7,243

8437080.SQ.FTS.B

.112

5/30/26

....

12,418

12,055

8437571.SQ.FTS.B

.66

5/30/26

.....

4,889

4,736

8437537.SQ.FTS.B

.314

5/30/26

....

1,183

1,102

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8438834.SQ.FTS.B

.771

6/01/26

....

2,131

2,042

8438176.SQ.FTS.B

.779

6/01/26

....

7,107

6,813

8438508.SQ.FTS.B

.114

6/01/26

....

7,938

7,705

8438894.SQ.FTS.B

.115

6/01/26

....

876

854

8438474.SQ.FTS.B

.132

6/01/26

....

868

832

8437981.SQ.FTS.B

.409

6/01/26

....

4,655

4,502

8438932.SQ.FTS.B

.913

6/01/26

....

4,767

4,662

8438151.SQ.FTS.B

.175

6/01/26

....

500

490

8442089.SQ.FTS.B

.778

6/02/26

....

4,570

4,393

8441975.SQ.FTS.B

.78

6/02/26

.....

2,726

2,633

8442306.SQ.FTS.B

.78

6/02/26

.....

4,702

4,579

8442072.SQ.FTS.B

.912

6/02/26

....

468

350

8444283.SQ.FTS.B

.11

6/02/26

.....

3,543

3,433

8441579.SQ.FTS.B

.115

6/02/26

....

8,820

8,503

8440181.SQ.FTS.B

.639

6/02/26

....

2,304

1,685

8439564.SQ.FTS.B

.908

6/02/26

....

1,229

1,148

8439664.SQ.FTS.B

.323

6/02/26

....

1,864

1,781

8441018.SQ.FTS.B

.419

6/02/26

....

4,583

4,436

8441526.SQ.FTS.B

.42

6/02/26

.....

1,501

1,426

8444141.SQ.FTS.B

.427

6/02/26

....

1,972

1,590

8439931.SQ.FTS.B

.559

6/02/26

....

2,030

1,188

8442481.SQ.FTS.B

.649

6/02/26

....

439

400

8444109.SQ.FTS.B

.668

6/02/26

....

196

193

8449243.SQ.FTS.B

.779

6/03/26

....

8,954

8,804

8445052.SQ.FTS.B

.78

6/03/26

.....

2,436

2,390

8448034.SQ.FTS.B

.78

6/03/26

.....

34,397

32,551

8447720.SQ.FTS.B

.954

6/03/26

....

481

442

8444557.SQ.FTS.B

.409

6/03/26

....

11,496

10,832

8447734.SQ.FTS.B

.409

6/03/26

....

12,713

12,115

8444430.SQ.FTS.B

.666

6/03/26

....

3,079

2,984

8445955.SQ.FTS.B

.912

6/03/26

....

54,407

51,647

8449069.SQ.FTS.B

.15

6/03/26

.....

5,420

5,018

8445397.SQ.FTS.B

.325

6/03/26

....

12,637

1,430

8448998.SQ.FTS.B

.334

6/03/26

....

2,803

2,107

8445246.SQ.FTS.B

.554

6/03/26

....

2,224

2,105

8444330.SQ.FTS.B

.674

6/03/26

....

1,930

1,845

8452856.SQ.FTS.B

.769

6/04/26

....

864

830

8449696.SQ.FTS.B

.78

6/04/26

.....

10,733

10,407

8451367.SQ.FTS.B

.787

6/04/26

....

2,531

2,463

8450281.SQ.FTS.B

.119

6/04/26

....

2,649

2,595

8451575.SQ.FTS.B

.409

6/04/26

....

27,424

26,123

8452873.SQ.FTS.B

.409

6/04/26

....

39,750

38,610

8449646.SQ.FTS.B

.912

6/04/26

....

1,375

1,304

8450445.SQ.FTS.B

.15

6/04/26

.....

6,702

6,635

8454125.SQ.FTS.B

.152

6/04/26

....

21,086

18,572

8452640.SQ.FTS.B

.319

6/04/26

....

919

896

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8449424.SQ.FTS.B

.419

6/04/26

....

2,114

1,795

8452668.SQ.FTS.B

.547

6/04/26

....

7,528

7,049

8454101.SQ.FTS.B

.67

6/04/26

.....

1,157

1,015

8460835.SQ.FTS.B

.778

6/05/26

....

8,148

7,820

8457622.SQ.FTS.B

.78

6/05/26

.....

1,998

1,938

8460250.SQ.FTS.B

.78

6/05/26

.....

686

665

8457419.SQ.FTS.B

.782

6/05/26

....

4,519

4,398

8458102.SQ.FTS.B

.935

6/05/26

....

273

259

8461018.SQ.FTS.B

.113

6/05/26

....

14,096

13,492

8458127.SQ.FTS.B

.114

6/05/26

....

19,354

7,220

8456924.SQ.FTS.B

.409

6/05/26

....

3,220

3,169

8459618.SQ.FTS.B

.409

6/05/26

....

13,644

12,532

8460259.SQ.FTS.B

.412

6/05/26

....

1,111

1,085

8459911.SQ.FTS.B

.66

6/05/26

.....

855

621

8459919.SQ.FTS.B

.909

6/05/26

....

3,869

3,714

8458765.SQ.FTS.B

.912

6/05/26

....

4,593

4,545

8456847.SQ.FTS.B

.919

6/05/26

....

1,374

1,348

8459454.SQ.FTS.B

.148

6/05/26

....

4,712

4,535

8457158.SQ.FTS.B

.151

6/05/26

....

9,309

8,952

8460300.SQ.FTS.B

.422

6/05/26

....

10,613

10,366

8457102.SQ.FTS.B

.428

6/05/26

....

5,165

3,186

8460065.SQ.FTS.B

.674

6/05/26

....

1,240

1,223

8462366.SQ.FTS.B

.778

6/06/26

....

10,989

10,659

8465231.SQ.FTS.B

.778

6/06/26

....

3,248

3,172

8465887.SQ.FTS.B

.778

6/06/26

....

10,200

9,929

8461445.SQ.FTS.B

.78

6/06/26

.....

23,456

22,079

8463084.SQ.FTS.B

.78

6/06/26

.....

5,437

5,328

8464007.SQ.FTS.B

.78

6/06/26

.....

22,289

21,950

8465101.SQ.FTS.B

.782

6/06/26

....

4,211

4,067

8463921.SQ.FTS.B

.948

6/06/26

....

1,685

1,514

8463011.SQ.FTS.B

.66

6/06/26

.....

698

689

8463484.SQ.FTS.B

.672

6/06/26

....

10,747

10,142

8465909.SQ.FTS.B

.151

6/07/26

....

37,587

36,777

8467202.SQ.FTS.B

.78

6/08/26

.....

7,603

7,360

8467502.SQ.FTS.B

.78

6/08/26

.....

5,652

5,508

8467489.SQ.FTS.B

.289

6/08/26

....

443

414

8467364.SQ.FTS.B

.549

6/08/26

....

5,128

4,739

8467646.SQ.FTS.B

.657

6/08/26

....

1,490

824

8472098.SQ.FTS.B

.779

6/09/26

....

9,313

9,111

8469094.SQ.FTS.B

.78

6/09/26

.....

2,864

2,762

8470098.SQ.FTS.B

.109

6/09/26

....

5,047

4,858

8471701.SQ.FTS.B

.113

6/09/26

....

10,211

9,952

8470542.SQ.FTS.B

.114

6/09/26

....

12,965

12,031

8470851.SQ.FTS.B

.116

6/09/26

....

2,245

2,194

8469404.SQ.FTS.B

.412

6/09/26

....

6,160

5,980

8469043.SQ.FTS.B

.425

6/09/26

....

1,087

1,045

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8471165.SQ.FTS.B

.635

6/09/26

....

18,441

14,386

8468635.SQ.FTS.B

.911

6/09/26

....

5,370

5,014

8472046.SQ.FTS.B

.926

6/09/26

....

997

962

8469748.SQ.FTS.B

.151

6/09/26

....

9,121

8,918

8471149.SQ.FTS.B

.157

6/09/26

....

1,079

1,032

8469278.SQ.FTS.B

.16

6/09/26

.....

2,484

1,803

8470455.SQ.FTS.B

.325

6/09/26

....

1,209

1,179

8470281.SQ.FTS.B

.419

6/09/26

....

9,996

6,726

8468131.SQ.FTS.B

.42

6/09/26

.....

12,968

8,333

8471115.SQ.FTS.B

.666

6/09/26

....

1,275

1,218

8472078.SQ.FTS.B

.667

6/09/26

....

243

239

8476849.SQ.FTS.B

.777

6/10/26

....

4,055

3,923

8474537.SQ.FTS.B

.78

6/10/26

.....

17,700

16,706

8476347.SQ.FTS.B

.78

6/10/26

.....

5,686

5,440

8476445.SQ.FTS.B

.78

6/10/26

.....

3,366

2,962

8476950.SQ.FTS.B

.78

6/10/26

.....

3,648

3,567

8475188.SQ.FTS.B

.781

6/10/26

....

18,945

18,349

8475672.SQ.FTS.B

.115

6/10/26

....

10,804

10,321

8472341.SQ.FTS.B

.119

6/10/26

....

2,070

2,042

8473524.SQ.FTS.B

.15

6/10/26

.....

10,746

10,585

8476774.SQ.FTS.B

.326

6/10/26

....

1,423

1,219

8472532.SQ.FTS.B

.42

6/10/26

.....

10,309

9,785

8476539.SQ.FTS.B

.423

6/10/26

....

9,688

8,326

8475043.SQ.FTS.B

.424

6/10/26

....

4,495

4,262

8476689.SQ.FTS.B

.547

6/10/26

....

3,314

3,204

8479895.SQ.FTS.B

.78

6/11/26

.....

10,002

9,516

8480123.SQ.FTS.B

.78

6/11/26

.....

2,667

2,546

8480562.SQ.FTS.B

.78

6/11/26

.....

3,062

2,967

8479657.SQ.FTS.B

.781

6/11/26

....

7,887

7,631

8480463.SQ.FTS.B

.96

6/11/26

.....

3,477

1,578

8480761.SQ.FTS.B

.127

6/11/26

....

1,587

1,526

8480803.SQ.FTS.B

.663

6/11/26

....

8,870

8,325

8477090.SQ.FTS.B

.665

6/11/26

....

4,365

4,242

8480074.SQ.FTS.B

.144

6/11/26

....

2,444

2,353

8478941.SQ.FTS.B

.148

6/11/26

....

2,572

2,532

8480113.SQ.FTS.B

.533

6/11/26

....

1,181

1,049

8485153.SQ.FTS.B

.78

6/12/26

.....

1,980

1,883

8488004.SQ.FTS.B

.78

6/12/26

.....

1,540

1,469

8484092.SQ.FTS.B

.782

6/12/26

....

5,555

5,350

8485119.SQ.FTS.B

.935

6/12/26

....

405

375

8487517.SQ.FTS.B

.95

6/12/26

.....

388

335

8485124.SQ.FTS.B

.953

6/12/26

....

2,324

1,809

8488063.SQ.FTS.B

.957

6/12/26

....

1,828

8484682.SQ.FTS.B

.114

6/12/26

....

9,468

9,036

8487531.SQ.FTS.B

.404

6/12/26

....

2,324

2,268

8483677.SQ.FTS.B

.409

6/12/26

....

9,110

8,583

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8488107.SQ.FTS.B

.409

6/12/26

....

27,795

26,468

8487656.SQ.FTS.B

.911

6/12/26

....

12,942

12,558

8483299.SQ.FTS.B

.153

6/12/26

....

11,609

8,406

8485522.SQ.FTS.B

.42

6/12/26

.....

13,231

2,071

8486566.SQ.FTS.B

.421

6/12/26

....

22,396

21,719

8484441.SQ.FTS.B

.433

6/12/26

....

685

677

8485266.SQ.FTS.B

.548

6/12/26

....

5,321

5,153

8488023.SQ.FTS.B

.672

6/12/26

....

1,738

1,640

8490283.SQ.FTS.B

.78

6/13/26

.....

5,889

5,704

8490498.SQ.FTS.B

.78

6/13/26

.....

4,141

3,890

8490622.SQ.FTS.B

.781

6/13/26

....

30,605

29,150

8491568.SQ.FTS.B

.935

6/13/26

....

658

568

8489971.SQ.FTS.B

.113

6/13/26

....

8,457

7,808

8488760.SQ.FTS.B

.114

6/13/26

....

5,718

5,569

8489060.SQ.FTS.B

.116

6/13/26

....

2,810

2,752

8492312.SQ.FTS.B

.393

6/13/26

....

1,171

1,102

8488148.SQ.FTS.B

.409

6/13/26

....

11,705

10,683

8491585.SQ.FTS.B

.155

6/13/26

....

1,560

1,527

8491977.SQ.FTS.B

.428

6/13/26

....

2,086

1,960

8492330.SQ.FTS.B

.545

6/13/26

....

4,868

4,737

8492038.SQ.FTS.B

.548

6/13/26

....

3,951

3,845

8493064.SQ.FTS.B

.78

6/14/26

.....

4,438

4,350

8493182.SQ.FTS.B

.924

6/14/26

....

722

564

8492444.SQ.FTS.B

.11

6/14/26

.....

4,812

4,549

8492539.SQ.FTS.B

.409

6/14/26

....

16,906

16,589

8493263.SQ.FTS.B

.777

6/15/26

....

2,003

1,921

8493423.SQ.FTS.B

.78

6/15/26

.....

32,155

30,326

8493310.SQ.FTS.B

.42

6/15/26

.....

3,083

2,990

8494017.SQ.FTS.B

.424

6/15/26

....

7,187

6,533

8495219.SQ.FTS.B

.782

6/16/26

....

11,046

10,586

8494878.SQ.FTS.B

.964

6/16/26

....

671

658

8497508.SQ.FTS.B

.109

6/16/26

....

3,499

3,433

8496877.SQ.FTS.B

.11

6/16/26

.....

6,207

6,033

8497694.SQ.FTS.B

.11

6/16/26

.....

8,536

7,075

8496219.SQ.FTS.B

.111

6/16/26

....

12,904

12,212

8495866.SQ.FTS.B

.409

6/16/26

....

7,749

7,561

8498429.SQ.FTS.B

.66

6/16/26

.....

52,421

51,227

8495138.SQ.FTS.B

.674

6/16/26

....

1,610

1,546

8496689.SQ.FTS.B

.15

6/16/26

.....

4,457

3,237

8496182.SQ.FTS.B

.411

6/16/26

....

1,244

1,081

8496799.SQ.FTS.B

.422

6/16/26

....

1,699

1,171

8497926.SQ.FTS.B

.673

6/16/26

....

12,527

11,959

8495060.SQ.FTS.B

.678

6/16/26

....

470

459

8501165.SQ.FTS.B

.66

6/17/26

.....

31,209

30,104

8502589.SQ.FTS.B

.101

6/17/26

....

29,028

28,242

8502376.SQ.FTS.B

.104

6/17/26

....

5,006

4,655

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8501000.SQ.FTS.B

.419

6/17/26

....

3,415

3,337

8500955.SQ.FTS.B

.447

6/17/26

....

1,413

1,371

8506309.SQ.FTS.B

.778

6/18/26

....

6,169

5,395

8503411.SQ.FTS.B

.912

6/18/26

....

59,649

56,547

8506522.SQ.FTS.B

.912

6/18/26

....

42,018

40,259

8506177.SQ.FTS.B

.916

6/18/26

....

4,161

4,061

8503353.SQ.FTS.B

.143

6/18/26

....

1,550

1,514

8505982.SQ.FTS.B

.155

6/18/26

....

4,999

4,714

8503300.SQ.FTS.B

.403

6/18/26

....

643

630

8503138.SQ.FTS.B

.415

6/18/26

....

2,406

2,097

8512362.SQ.FTS.B

.712

6/19/26

....

3,278

3,158

8512183.SQ.FTS.B

.778

6/19/26

....

2,175

2,129

8512477.SQ.FTS.B

.031

6/19/26

....

8,618

8,395

8512133.SQ.FTS.B

.105

6/19/26

....

912

895

8511726.SQ.FTS.B

.355

6/19/26

....

2,590

2,438

8511814.SQ.FTS.B

.406

6/19/26

....

5,895

5,553

8509415.SQ.FTS.B

.66

6/19/26

.....

50,444

37,051

8512865.SQ.FTS.B

.912

6/19/26

....

35,030

33,865

8511675.SQ.FTS.B

.141

6/19/26

....

1,287

1,196

8517501.SQ.FTS.B

.719

6/20/26

....

5,331

5,214

8513998.SQ.FTS.B

.779

6/20/26

....

20,487

19,700

8514930.SQ.FTS.B

.026

6/20/26

....

4,058

3,838

8516515.SQ.FTS.B

.113

6/20/26

....

27,204

26,461

8517190.SQ.FTS.B

.596

6/20/26

....

14,929

14,386

8515117.SQ.FTS.B

.597

6/20/26

....

27,452

25,648

8513756.SQ.FTS.B

.66

6/20/26

.....

5,929

5,632

8517434.SQ.FTS.B

.908

6/20/26

....

2,092

2,020

8516487.SQ.FTS.B

.305

6/20/26

....

1,147

997

8517466.SQ.FTS.B

.668

6/20/26

....

1,673

1,577

8519695.SQ.FTS.B

.715

6/21/26

....

6,534

6,297

8519368.SQ.FTS.B

.717

6/21/26

....

3,757

3,595

8519851.SQ.FTS.B

.717

6/21/26

....

5,940

5,713

8519446.SQ.FTS.B

.718

6/21/26

....

10,044

9,486

8519228.SQ.FTS.B

.72

6/21/26

.....

7,978

7,626

8519634.SQ.FTS.B

.78

6/21/26

.....

2,538

2,454

8518810.SQ.FTS.B

.031

6/21/26

....

13,432

12,919

8519115.SQ.FTS.B

.595

6/21/26

....

4,184

4,089

8520700.SQ.FTS.B

.709

6/22/26

....

3,003

2,848

8520543.SQ.FTS.B

.715

6/22/26

....

6,993

6,634

8520777.SQ.FTS.B

.717

6/22/26

....

8,928

7,835

8520366.SQ.FTS.B

.78

6/22/26

.....

1,407

1,365

8520019.SQ.FTS.B

.349

6/22/26

....

3,450

3,335

8520184.SQ.FTS.B

.097

6/22/26

....

3,033

2,992

8520522.SQ.FTS.B

.114

6/22/26

....

1,553

1,392

8520316.SQ.FTS.B

.442

6/22/26

....

3,351

1,941

8520137.SQ.FTS.B

.447

6/22/26

....

596

584

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8520403.SQ.FTS.B

.448

6/22/26

....

6,496

3,773

8524499.SQ.FTS.B

.707

6/23/26

....

1,869

1,756

8521244.SQ.FTS.B

.72

6/23/26

.....

4,211

4,087

8523137.SQ.FTS.B

.727

6/23/26

....

2,353

2,280

8523188.SQ.FTS.B

.78

6/23/26

.....

9,891

9,374

8523060.SQ.FTS.B

.979

6/23/26

....

1,176

8524323.SQ.FTS.B

.025

6/23/26

....

1,324

1,288

8524367.SQ.FTS.B

.031

6/23/26

....

4,541

4,372

8523506.SQ.FTS.B

.344

6/23/26

....

8,296

7,808

8521459.SQ.FTS.B

.346

6/23/26

....

27,183

24,805

8521163.SQ.FTS.B

.632

6/23/26

....

228

222

8524201.SQ.FTS.B

.66

6/23/26

.....

1,343

1,294

8523771.SQ.FTS.B

.914

6/23/26

....

4,062

4,013

8524281.SQ.FTS.B

.928

6/23/26

....

932

903

8524527.SQ.FTS.B

.152

6/23/26

....

10,309

9,843

8523082.SQ.FTS.B

.335

6/23/26

....

3,506

1,841

8522464.SQ.FTS.B

.446

6/23/26

....

13,852

13,379

8524939.SQ.FTS.B

.447

6/23/26

....

10,998

10,686

8523986.SQ.FTS.B

.448

6/23/26

....

2,765

2,686

8522369.SQ.FTS.B

.449

6/23/26

....

2,868

2,691

8525273.SQ.FTS.B

.724

6/24/26

....

1,670

1,612

8526053.SQ.FTS.B

.726

6/24/26

....

2,594

2,504

8525381.SQ.FTS.B

.776

6/24/26

....

6,316

5,428

8526654.SQ.FTS.B

.783

6/24/26

....

6,377

6,204

8526175.SQ.FTS.B

.927

6/24/26

....

642

565

8528509.SQ.FTS.B

.031

6/24/26

....

8,339

8,006

8525531.SQ.FTS.B

.114

6/24/26

....

12,640

12,285

8526206.SQ.FTS.B

.35

6/24/26

.....

4,099

4,004

8526834.SQ.FTS.B

.91

6/24/26

.....

7,481

7,242

8526598.SQ.FTS.B

.915

6/24/26

....

2,626

2,448

8525966.SQ.FTS.B

.089

6/24/26

....

1,615

1,524

8528368.SQ.FTS.B

.103

6/24/26

....

2,395

2,136

8527075.SQ.FTS.B

.152

6/24/26

....

20,103

17,862

8526141.SQ.FTS.B

.439

6/24/26

....

361

354

8530545.SQ.FTS.B

.726

6/25/26

....

2,534

2,455

8530476.SQ.FTS.B

.095

6/25/26

....

1,521

1,491

8530524.SQ.FTS.B

.102

6/25/26

....

884

822

8530766.SQ.FTS.B

.102

6/25/26

....

13,038

11,709

8531022.SQ.FTS.B

.11

6/25/26

.....

2,049

1,992

8530595.SQ.FTS.B

.289

6/25/26

....

11,746

2,325

8530319.SQ.FTS.B

.417

6/25/26

....

5,441

4,750

8531342.SQ.FTS.B

.78

6/26/26

.....

17,001

16,174

8532419.SQ.FTS.B

.781

6/26/26

....

13,252

12,664

8534231.SQ.FTS.B

.031

6/26/26

....

26,133

25,291

8533570.SQ.FTS.B

.035

6/26/26

....

1,592

1,566

8533616.SQ.FTS.B

.338

6/26/26

....

2,658

2,082

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8533656.SQ.FTS.B

.597

6/26/26

....

16,892

15,360

8533011.SQ.FTS.B

.601

6/26/26

....

2,510

2,418

8532226.SQ.FTS.B

.91

6/26/26

.....

3,839

3,713

8531192.SQ.FTS.B

.914

6/26/26

....

8,334

7,479

8534896.SQ.FTS.B

.101

6/26/26

....

57,993

52,085

8534218.SQ.FTS.B

.124

6/26/26

....

753

731

8533602.SQ.FTS.B

.439

6/26/26

....

852

836

8533134.SQ.FTS.B

.447

6/26/26

....

6,669

6,587

8534044.SQ.FTS.B

.448

6/26/26

....

12,626

3,475

8534876.SQ.FTS.B

.454

6/26/26

....

772

688

8534826.SQ.FTS.B

.459

6/26/26

....

1,779

1,671

8535213.SQ.FTS.B

.101

6/27/26

....

10,026

9,327

8539477.SQ.FTS.B

.717

6/28/26

....

41,189

38,816

8539334.SQ.FTS.B

.78

6/28/26

.....

8,648

8,110

8539430.SQ.FTS.B

.031

6/28/26

....

5,425

5,270

8539800.SQ.FTS.B

.031

6/28/26

....

5,777

5,519

8539874.SQ.FTS.B

.031

6/28/26

....

8,313

5,747

8540013.SQ.FTS.B

.346

6/28/26

....

5,706

5,640

8539939.SQ.FTS.B

.433

6/28/26

....

672

651

8540209.SQ.FTS.B

.715

6/29/26

....

4,236

4,049

8540626.SQ.FTS.B

.715

6/29/26

....

5,117

4,937

8540394.SQ.FTS.B

.719

6/29/26

....

5,204

5,037

8540780.SQ.FTS.B

.034

6/29/26

....

5,521

4,563

8540718.SQ.FTS.B

.343

6/29/26

....

5,108

4,818

8540483.SQ.FTS.B

.346

6/29/26

....

8,606

8,396

8540262.SQ.FTS.B

.91

6/29/26

.....

1,323

1,291

8540177.SQ.FTS.B

.447

6/29/26

....

408

404

8540285.SQ.FTS.B

.447

6/29/26

....

5,527

5,367

8545000.SQ.FTS.B

.717

6/30/26

....

6,433

6,148

8545424.SQ.FTS.B

.717

6/30/26

....

17,901

17,532

8546597.SQ.FTS.B

.717

6/30/26

....

2,196

2,127

8547438.SQ.FTS.B

.717

6/30/26

....

49,594

48,207

8545903.SQ.FTS.B

.735

6/30/26

....

1,379

1,317

8545695.SQ.FTS.B

.784

6/30/26

....

4,210

4,065

8541256.SQ.FTS.B

.95

6/30/26

.....

705

574

8547393.SQ.FTS.B

.023

6/30/26

....

2,462

2,323

8544946.SQ.FTS.B

.026

6/30/26

....

3,505

3,337

8545133.SQ.FTS.B

.031

6/30/26

....

11,190

10,398

8546424.SQ.FTS.B

.344

6/30/26

....

5,078

4,911

8545949.SQ.FTS.B

.346

6/30/26

....

9,893

9,584

8546235.SQ.FTS.B

.911

6/30/26

....

9,065

8,452

8545788.SQ.FTS.B

.915

6/30/26

....

3,957

3,784

8541279.SQ.FTS.B

6/30/26

......

18,509

17,970

8546635.SQ.FTS.B

.101

6/30/26

....

16,867

16,202

8541157.SQ.FTS.B

.102

6/30/26

....

4,753

4,270

8542400.SQ.FTS.B

.104

6/30/26

....

2,002

1,943

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8541210.SQ.FTS.B

.115

6/30/26

....

419

416

8549981.SQ.FTS.B

.717

7/01/26

....

10,939

10,520

8550185.SQ.FTS.B

.597

7/01/26

....

2,361

2,216

8550246.SQ.FTS.B

.101

7/01/26

....

67,281

64,673

8550128.SQ.FTS.B

.45

7/01/26

.....

3,140

3,028

8551571.SQ.FTS.B

.716

7/02/26

....

2,072

2,008

8551915.SQ.FTS.B

.717

7/02/26

....

10,330

9,671

8553509.SQ.FTS.B

.717

7/02/26

....

1,283

1,228

8553633.SQ.FTS.B

.717

7/02/26

....

4,033

3,995

8552305.SQ.FTS.B

.72

7/02/26

.....

10,185

9,578

8552901.SQ.FTS.B

.035

7/02/26

....

2,619

2,534

8553442.SQ.FTS.B

.039

7/02/26

....

2,020

1,982

8552968.SQ.FTS.B

.597

7/02/26

....

15,536

15,187

8552453.SQ.FTS.B

.102

7/02/26

....

13,599

13,329

8553979.SQ.FTS.B

.11

7/02/26

.....

709

687

8553535.SQ.FTS.B

.289

7/02/26

....

3,132

3,038

8558468.SQ.FTS.B

.715

7/03/26

....

3,756

3,518

8555352.SQ.FTS.B

.717

7/03/26

....

51,792

49,515

8557229.SQ.FTS.B

.717

7/03/26

....

51,444

48,371

8557100.SQ.FTS.B

.945

7/03/26

....

2,436

427

8556557.SQ.FTS.B

.031

7/03/26

....

23,627

23,102

8557881.SQ.FTS.B

.344

7/03/26

....

5,899

5,650

8557138.SQ.FTS.B

.352

7/03/26

....

3,286

3,126

8558433.SQ.FTS.B

.639

7/03/26

....

1,923

1,752

8558113.SQ.FTS.B

.101

7/03/26

....

10,055

9,592

8557972.SQ.FTS.B

.289

7/03/26

....

5,484

4,795

8555128.SQ.FTS.B

.299

7/03/26

....

1,330

1,275

8555174.SQ.FTS.B

.449

7/03/26

....

9,659

8,966

8555099.SQ.FTS.B

.462

7/03/26

....

572

559

8559542.SQ.FTS.B

.717

7/04/26

....

16,312

15,971

8558932.SQ.FTS.B

.346

7/04/26

....

9,209

8,883

8559157.SQ.FTS.B

.911

7/04/26

....

7,925

7,624

8559524.SQ.FTS.B

.313

7/04/26

....

701

655

8560261.SQ.FTS.B

.717

7/05/26

....

16,909

16,390

8561019.SQ.FTS.B

.717

7/05/26

....

16,295

15,566

8560945.SQ.FTS.B

.904

7/05/26

....

2,104

1,599

8560239.SQ.FTS.B

.094

7/05/26

....

737

714

8592475.SQ.FTS.B

.714

7/06/26

....

4,157

4,024

8590443.SQ.FTS.B

.717

7/06/26

....

9,736

9,472

8591547.SQ.FTS.B

.717

7/06/26

....

2,871

2,725

8591651.SQ.FTS.B

.717

7/06/26

....

4,692

4,486

8591105.SQ.FTS.B

.719

7/06/26

....

14,284

13,714

8591815.SQ.FTS.B

.719

7/06/26

....

7,499

7,260

8586236.SQ.FTS.B

.029

7/06/26

....

3,657

3,549

8586937.SQ.FTS.B

.031

7/06/26

....

14,733

14,228

8590833.SQ.FTS.B

.031

7/06/26

....

6,907

6,794

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8590354.SQ.FTS.B

.348

7/06/26

....

2,989

1,311

8592358.SQ.FTS.B

.916

7/06/26

....

2,859

2,785

8590753.SQ.FTS.B

.095

7/06/26

....

2,418

2,377

8592557.SQ.FTS.B

.095

7/06/26

....

4,632

4,290

8591735.SQ.FTS.B

.447

7/06/26

....

1,363

1,312

8594119.SQ.FTS.B

.716

7/07/26

....

9,413

9,062

8593881.SQ.FTS.B

.717

7/07/26

....

4,323

4,061

8596002.SQ.FTS.B

.717

7/07/26

....

2,165

2,103

8594942.SQ.FTS.B

.719

7/07/26

....

7,086

6,902

8596505.SQ.FTS.B

.779

7/07/26

....

10,023

9,772

8594603.SQ.FTS.B

.031

7/07/26

....

11,079

10,711

8596715.SQ.FTS.B

.031

7/07/26

....

1,520

1,461

8594335.SQ.FTS.B

.347

7/07/26

....

6,732

6,588

8596748.SQ.FTS.B

.349

7/07/26

....

7,223

6,850

8596048.SQ.FTS.B

.598

7/07/26

....

19,842

19,283

8595119.SQ.FTS.B

.912

7/07/26

....

44,423

34,265

8592681.SQ.FTS.B

.101

7/07/26

....

17,746

17,376

8595918.SQ.FTS.B

.447

7/07/26

....

4,315

3,999

8596805.SQ.FTS.B

.717

7/08/26

....

26,578

25,656

8598300.SQ.FTS.B

.717

7/08/26

....

11,104

9,868

8599286.SQ.FTS.B

.717

7/08/26

....

70,505

67,353

8600129.SQ.FTS.B

.717

7/08/26

....

9,905

9,576

8598090.SQ.FTS.B

.72

7/08/26

.....

8,073

7,886

8598520.SQ.FTS.B

.031

7/08/26

....

18,219

17,365

8598846.SQ.FTS.B

.596

7/08/26

....

11,557

11,234

8597737.SQ.FTS.B

7/08/26

......

14,924

13,479

8599162.SQ.FTS.B

.102

7/08/26

....

9,590

9,233

8605972.SQ.FTS.B

.715

7/09/26

....

5,299

5,087

8604802.SQ.FTS.B

.717

7/09/26

....

46,011

44,420

8603464.SQ.FTS.B

.718

7/09/26

....

7,537

7,328

8605793.SQ.FTS.B

.719

7/09/26

....

10,991

10,560

8602845.SQ.FTS.B

.722

7/09/26

....

2,627

2,522

8603241.SQ.FTS.B

.031

7/09/26

....

6,863

5,112

8604154.SQ.FTS.B

.031

7/09/26

....

36,271

33,790

8602469.SQ.FTS.B

.346

7/09/26

....

8,591

8,167

8603688.SQ.FTS.B

.346

7/09/26

....

9,280

9,081

8602639.SQ.FTS.B

.348

7/09/26

....

9,612

9,314

8602325.SQ.FTS.B

.601

7/09/26

....

7,338

5,832

8605739.SQ.FTS.B

.621

7/09/26

....

2,646

2,105

8604097.SQ.FTS.B

.639

7/09/26

....

1,847

1,725

8602906.SQ.FTS.B

.914

7/09/26

....

5,606

5,426

8607510.SQ.FTS.B

.717

7/10/26

....

35,643

34,333

8608267.SQ.FTS.B

.717

7/10/26

....

14,628

12,601

8608463.SQ.FTS.B

.717

7/10/26

....

47,561

46,568

8607253.SQ.FTS.B

.722

7/10/26

....

4,377

4,216

8607234.SQ.FTS.B

.738

7/10/26

....

1,153

1,116

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8606036.SQ.FTS.B

.026

7/10/26

....

4,018

3,797

8607141.SQ.FTS.B

.031

7/10/26

....

4,956

4,690

8607346.SQ.FTS.B

.031

7/10/26

....

2,278

2,185

8608203.SQ.FTS.B

.036

7/10/26

....

2,040

1,972

8607380.SQ.FTS.B

.342

7/10/26

....

4,931

4,684

8607116.SQ.FTS.B

.58

7/10/26

.....

719

710

8606592.SQ.FTS.B

.596

7/10/26

....

10,924

10,476

8606178.SQ.FTS.B

.605

7/10/26

....

1,119

1,110

8608202.SQ.FTS.B

.66

7/10/26

.....

340

226

8607048.SQ.FTS.B

.919

7/10/26

....

1,277

1,243

8606281.SQ.FTS.B

.097

7/10/26

....

4,411

4,168

8606413.SQ.FTS.B

.45

7/10/26

.....

6,043

4,684

8609705.SQ.FTS.B

.716

7/11/26

....

2,410

2,337

8609873.SQ.FTS.B

.717

7/11/26

....

1,400

1,364

8610192.SQ.FTS.B

.718

7/11/26

....

9,969

9,523

8609488.SQ.FTS.B

.72

7/11/26

.....

6,967

6,741

8609745.SQ.FTS.B

.72

7/11/26

.....

7,123

6,871

8609461.SQ.FTS.B

.031

7/11/26

....

1,995

1,882

8610098.SQ.FTS.B

.336

7/11/26

....

1,832

1,784

8609577.SQ.FTS.B

.346

7/11/26

....

6,305

6,138

8610128.SQ.FTS.B

.604

7/11/26

....

3,763

3,511

8609949.SQ.FTS.B

.449

7/11/26

....

7,122

6,866

8609898.SQ.FTS.B

.455

7/11/26

....

3,718

2,645

8610684.SQ.FTS.B

.717

7/12/26

....

11,371

11,011

8610566.SQ.FTS.B

.719

7/12/26

....

7,370

6,998

8610875.SQ.FTS.B

.719

7/12/26

....

6,574

6,330

8610471.SQ.FTS.B

.343

7/12/26

....

4,067

3,961

8610388.SQ.FTS.B

.596

7/12/26

....

4,532

4,234

8612775.SQ.FTS.B

.717

7/13/26

....

4,808

4,659

8613177.SQ.FTS.B

.717

7/13/26

....

2,618

2,560

8613403.SQ.FTS.B

.717

7/13/26

....

17,424

16,726

8613803.SQ.FTS.B

.717

7/13/26

....

9,484

9,137

8612223.SQ.FTS.B

.719

7/13/26

....

12,799

12,301

8612915.SQ.FTS.B

.719

7/13/26

....

18,387

17,175

8613248.SQ.FTS.B

.721

7/13/26

....

6,626

6,401

8611635.SQ.FTS.B

.722

7/13/26

....

2,760

2,389

8612652.SQ.FTS.B

.723

7/13/26

....

4,112

3,988

8611290.SQ.FTS.B

.031

7/13/26

....

8,991

8,729

8614062.SQ.FTS.B

.346

7/13/26

....

11,625

11,127

8614012.SQ.FTS.B

.571

7/13/26

....

513

494

8614033.SQ.FTS.B

.596

7/13/26

....

1,445

1,390

8613694.SQ.FTS.B

.092

7/13/26

....

1,170

1,144

8612102.SQ.FTS.B

.099

7/13/26

....

4,583

3,482

8614374.SQ.FTS.B

.101

7/13/26

....

15,302

11,164

8614044.SQ.FTS.B

.441

7/13/26

....

982

934

8611747.SQ.FTS.B

.448

7/13/26

....

2,807

2,705

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8611269.SQ.FTS.B

.46

7/13/26

.....

665

649

8617491.SQ.FTS.B

.717

7/14/26

....

18,456

17,758

8616679.SQ.FTS.B

.719

7/14/26

....

10,036

9,657

8617775.SQ.FTS.B

.031

7/14/26

....

7,645

7,206

8616917.SQ.FTS.B

.335

7/14/26

....

1,785

1,629

8616312.SQ.FTS.B

.346

7/14/26

....

17,302

16,745

8614658.SQ.FTS.B

.597

7/14/26

....

35,939

34,632

8616249.SQ.FTS.B

.598

7/14/26

....

1,708

1,674

8617442.SQ.FTS.B

.624

7/14/26

....

2,505

2,299

8617158.SQ.FTS.B

.101

7/14/26

....

12,719

11,497

8614627.SQ.FTS.B

.124

7/14/26

....

929

884

8617940.SQ.FTS.B

.437

7/14/26

....

1,619

1,544

8616022.SQ.FTS.B

.447

7/14/26

....

7,185

6,948

8616948.SQ.FTS.B

.447

7/14/26

....

7,697

7,443

8617346.SQ.FTS.B

.453

7/14/26

....

4,199

3,046

8617108.SQ.FTS.B

.457

7/14/26

....

1,304

1,277

8618506.SQ.FTS.B

.717

7/15/26

....

21,721

21,124

8621045.SQ.FTS.B

.934

7/15/26

....

3,402

3,186

8618340.SQ.FTS.B

.95

7/15/26

.....

393

360

8618362.SQ.FTS.B

.031

7/15/26

....

3,911

3,289

8621156.SQ.FTS.B

.347

7/15/26

....

40,469

36,785

8619313.SQ.FTS.B

.349

7/15/26

....

8,848

6,997

8621134.SQ.FTS.B

.589

7/15/26

....

2,134

2,019

8619510.SQ.FTS.B

.092

7/15/26

....

784

771

8618004.SQ.FTS.B

.101

7/15/26

....

12,981

12,570

8619872.SQ.FTS.B

.101

7/15/26

....

31,502

30,018

8619560.SQ.FTS.B

.104

7/15/26

....

3,294

3,193

8621629.SQ.FTS.B

.11

7/15/26

.....

1,843

1,803

8619773.SQ.FTS.B

.289

7/15/26

....

552

529

8619537.SQ.FTS.B

.434

7/15/26

....

1,072

1,033

8621035.SQ.FTS.B

.443

7/15/26

....

1,808

1,345

8619807.SQ.FTS.B

.449

7/15/26

....

1,888

1,833

8619655.SQ.FTS.B

.452

7/15/26

....

2,200

2,156

8618446.SQ.FTS.B

.462

7/15/26

....

1,491

1,406

8626509.SQ.FTS.B

.717

7/16/26

....

19,580

16,721

8626992.SQ.FTS.B

.717

7/16/26

....

8,680

8,343

8627828.SQ.FTS.B

.717

7/16/26

....

9,111

8,821

8627181.SQ.FTS.B

.72

7/16/26

.....

8,857

8,577

8627682.SQ.FTS.B

.721

7/16/26

....

5,469

5,339

8626942.SQ.FTS.B

.724

7/16/26

....

3,497

3,383

8625135.SQ.FTS.B

.948

7/16/26

....

424

415

8626261.SQ.FTS.B

.029

7/16/26

....

5,201

4,424

8625237.SQ.FTS.B

.031

7/16/26

....

6,151

5,902

8625522.SQ.FTS.B

.593

7/16/26

....

3,783

3,645

8626424.SQ.FTS.B

.597

7/16/26

....

2,749

2,611

8627433.SQ.FTS.B

.603

7/16/26

....

3,527

2,826

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8625654.SQ.FTS.B

.624

7/16/26

....

1,573

1,484

8626907.SQ.FTS.B

.637

7/16/26

....

2,098

1,826

8625165.SQ.FTS.B

.64

7/16/26

.....

1,640

347

8627506.SQ.FTS.B

.916

7/16/26

....

4,726

4,614

8625097.SQ.FTS.B

.081

7/16/26

....

1,601

1,177

8625740.SQ.FTS.B

.101

7/16/26

....

23,249

21,974

8624998.SQ.FTS.B

.283

7/16/26

....

1,367

1,280

8625055.SQ.FTS.B

.44

7/16/26

.....

1,294

532

8624623.SQ.FTS.B

.445

7/16/26

....

9,683

9,353

8630593.SQ.FTS.B

.717

7/17/26

....

9,797

9,423

8629952.SQ.FTS.B

.719

7/17/26

....

5,984

5,856

8630169.SQ.FTS.B

.719

7/17/26

....

13,593

13,157

8630161.SQ.FTS.B

.928

7/17/26

....

1,067

947

8628320.SQ.FTS.B

.031

7/17/26

....

48,682

47,027

8631254.SQ.FTS.B

.031

7/17/26

....

64,039

61,380

8630933.SQ.FTS.B

.359

7/17/26

....

1,387

1,338

8630830.SQ.FTS.B

.915

7/17/26

....

4,223

4,003

8630970.SQ.FTS.B

.104

7/17/26

....

6,521

6,284

8630113.SQ.FTS.B

.11

7/17/26

.....

3,132

2,815

8631150.SQ.FTS.B

.291

7/17/26

....

3,288

3,156

8631886.SQ.FTS.B

.715

7/18/26

....

5,908

5,635

8632162.SQ.FTS.B

.029

7/18/26

....

3,579

3,414

8632011.SQ.FTS.B

.031

7/18/26

....

8,353

8,071

8631974.SQ.FTS.B

.346

7/18/26

....

3,004

2,894

8632386.SQ.FTS.B

.346

7/18/26

....

1,713

1,642

8632209.SQ.FTS.B

.619

7/18/26

....

463

452

8632415.SQ.FTS.B

.445

7/18/26

....

3,382

3,256

8632492.SQ.FTS.B

.713

7/19/26

....

4,243

4,081

8632589.SQ.FTS.B

.715

7/19/26

....

5,751

5,379

8632662.SQ.FTS.B

.718

7/19/26

....

29,529

27,746

8632575.SQ.FTS.B

.101

7/19/26

....

683

661

8633549.SQ.FTS.B

.717

7/20/26

....

5,127

4,885

8633627.SQ.FTS.B

.717

7/20/26

....

4,514

4,383

8633778.SQ.FTS.B

.717

7/20/26

....

6,467

6,228

8633898.SQ.FTS.B

.717

7/20/26

....

4,871

4,619

8633256.SQ.FTS.B

.935

7/20/26

....

2,076

507

8633728.SQ.FTS.B

.937

7/20/26

....

3,231

2,695

8633413.SQ.FTS.B

.028

7/20/26

....

3,544

3,278

8633290.SQ.FTS.B

.031

7/20/26

....

5,316

5,133

8633387.SQ.FTS.B

.031

7/20/26

....

3,366

3,263

8633454.SQ.FTS.B

.031

7/20/26

....

7,446

7,186

8633610.SQ.FTS.B

.918

7/20/26

....

1,683

1,324

8633174.SQ.FTS.B

.289

7/20/26

....

2,146

366

8633700.SQ.FTS.B

.45

7/20/26

.....

1,580

1,524

8634965.SQ.FTS.B

.712

7/21/26

....

2,322

2,257

8634408.SQ.FTS.B

.715

7/21/26

....

5,979

5,805

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8634012.SQ.FTS.B

.717

7/21/26

....

16,464

15,653

8636066.SQ.FTS.B

.717

7/21/26

....

39,637

38,325

8637209.SQ.FTS.B

.718

7/21/26

....

20,835

19,982

8635995.SQ.FTS.B

.729

7/21/26

....

2,155

2,081

8635036.SQ.FTS.B

.934

7/21/26

....

3,547

3,428

8635256.SQ.FTS.B

.031

7/21/26

....

30,123

28,378

8634597.SQ.FTS.B

.603

7/21/26

....

3,313

3,244

8636945.SQ.FTS.B

7/21/26

......

11,196

10,414

8637175.SQ.FTS.B

.289

7/21/26

....

1,321

1,249

8634766.SQ.FTS.B

.445

7/21/26

....

3,435

3,202

8640319.SQ.FTS.B

.717

7/22/26

....

9,571

9,245

8639537.SQ.FTS.B

.718

7/22/26

....

43,446

41,696

8639095.SQ.FTS.B

.031

7/22/26

....

27,871

22,459

8640604.SQ.FTS.B

.031

7/22/26

....

31,775

29,432

8640527.SQ.FTS.B

.344

7/22/26

....

6,400

6,105

8638082.SQ.FTS.B

.346

7/22/26

....

15,413

14,844

8639060.SQ.FTS.B

.912

7/22/26

....

1,210

1,145

8640500.SQ.FTS.B

.926

7/22/26

....

1,687

1,575

8638798.SQ.FTS.B

.099

7/22/26

....

14,179

7,231

8637462.SQ.FTS.B

7/22/26

......

29,619

26,661

8640249.SQ.FTS.B

.448

7/22/26

....

4,257

2,810

8637961.SQ.FTS.B

.453

7/22/26

....

2,533

2,453

8644386.SQ.FTS.B

.715

7/23/26

....

8,587

8,234

8645837.SQ.FTS.B

.715

7/23/26

....

6,016

5,833

8646210.SQ.FTS.B

.717

7/23/26

....

2,804

2,659

8643039.SQ.FTS.B

.718

7/23/26

....

24,616

23,929

8642974.SQ.FTS.B

.719

7/23/26

....

2,339

2,232

8646278.SQ.FTS.B

.719

7/23/26

....

8,069

7,701

8645743.SQ.FTS.B

.031

7/23/26

....

2,948

2,863

8644117.SQ.FTS.B

.035

7/23/26

....

3,298

3,105

8644628.SQ.FTS.B

.346

7/23/26

....

2,974

2,821

8644706.SQ.FTS.B

.346

7/23/26

....

7,409

7,160

8644841.SQ.FTS.B

.346

7/23/26

....

28,330

27,758

8644192.SQ.FTS.B

.35

7/23/26

.....

5,926

5,660

8644018.SQ.FTS.B

.358

7/23/26

....

1,162

1,147

8646525.SQ.FTS.B

.597

7/23/26

....

15,927

15,543

8646055.SQ.FTS.B

.094

7/23/26

....

3,851

2,918

8645984.SQ.FTS.B

.106

7/23/26

....

4,193

3,995

8644355.SQ.FTS.B

.439

7/23/26

....

1,209

1,186

8646093.SQ.FTS.B

.444

7/23/26

....

4,025

3,949

8649064.SQ.FTS.B

.717

7/24/26

....

17,211

16,628

8649536.SQ.FTS.B

.717

7/24/26

....

48,629

46,940

8648195.SQ.FTS.B

.718

7/24/26

....

31,727

30,642

8646870.SQ.FTS.B

.719

7/24/26

....

9,516

9,295

8647548.SQ.FTS.B

.029

7/24/26

....

5,920

5,014

8648008.SQ.FTS.B

.031

7/24/26

....

4,854

4,656

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8647947.SQ.FTS.B

.046

7/24/26

....

1,685

1,432

8649457.SQ.FTS.B

7/24/26

......

3,681

3,377

8650629.SQ.FTS.B

7/24/26

......

2,118

2,098

8646799.SQ.FTS.B

.447

7/24/26

....

597

568

8650857.SQ.FTS.B

.717

7/25/26

....

85,967

82,032

8650791.SQ.FTS.B

.346

7/25/26

....

6,472

5,871

8652367.SQ.FTS.B

.106

7/26/26

....

2,337

2,094

8652314.SQ.FTS.B

.447

7/26/26

....

2,838

2,579

8653273.SQ.FTS.B

.715

7/27/26

....

6,795

6,559

8654872.SQ.FTS.B

.715

7/27/26

....

8,249

7,963

8653637.SQ.FTS.B

.717

7/27/26

....

35,770

34,834

8654775.SQ.FTS.B

.717

7/27/26

....

3,831

3,758

8654845.SQ.FTS.B

.94

7/27/26

.....

680

658

8652636.SQ.FTS.B

.597

7/27/26

....

4,940

4,677

8655144.SQ.FTS.B

.598

7/27/26

....

43,211

42,295

8655093.SQ.FTS.B

.095

7/27/26

....

2,427

2,382

8652512.SQ.FTS.B

.11

7/27/26

.....

1,780

1,739

8654599.SQ.FTS.B

.45

7/27/26

.....

1,135

1,121

8660506.SQ.FTS.B

.713

7/28/26

....

5,135

4,923

8660992.SQ.FTS.B

.717

7/28/26

....

4,747

4,598

8660091.SQ.FTS.B

.718

7/28/26

....

10,380

9,934

8659412.SQ.FTS.B

.72

7/28/26

.....

9,583

9,280

8661485.SQ.FTS.B

.72

7/28/26

.....

7,275

7,150

8656818.SQ.FTS.B

.031

7/28/26

....

6,681

5,657

8656967.SQ.FTS.B

.031

7/28/26

....

10,962

10,607

8658601.SQ.FTS.B

.031

7/28/26

....

5,633

5,422

8661454.SQ.FTS.B

.031

7/28/26

....

1,553

1,503

8660644.SQ.FTS.B

.346

7/28/26

....

7,725

7,022

8660302.SQ.FTS.B

.35

7/28/26

.....

6,607

6,361

8661353.SQ.FTS.B

.351

7/28/26

....

4,144

4,053

8660883.SQ.FTS.B

.353

7/28/26

....

2,673

2,579

8661840.SQ.FTS.B

.598

7/28/26

....

67,032

63,788

8657901.SQ.FTS.B

7/28/26

......

3,636

3,388

8659403.SQ.FTS.B

.633

7/28/26

....

620

597

8661103.SQ.FTS.B

.66

7/28/26

.....

247

244

8658245.SQ.FTS.B

.91

7/28/26

.....

7,206

6,710

8661334.SQ.FTS.B

.105

7/28/26

....

1,334

1,290

8658815.SQ.FTS.B

.289

7/28/26

....

8656579.SQ.FTS.B

.445

7/28/26

....

3,019

2,861

8656720.SQ.FTS.B

.445

7/28/26

....

2,559

2,461

8661231.SQ.FTS.B

.447

7/28/26

....

3,961

3,768

8658875.SQ.FTS.B

.448

7/28/26

....

12,782

12,368

8661211.SQ.FTS.B

.499

7/28/26

....

477

441

8662975.SQ.FTS.B

.712

7/29/26

....

3,490

3,348

8667144.SQ.FTS.B

.715

7/29/26

....

8,800

8,410

8662296.SQ.FTS.B

.719

7/29/26

....

7,076

6,788

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8665344.SQ.FTS.B

.719

7/29/26

....

6,007

5,766

8665558.SQ.FTS.B

.719

7/29/26

....

7,279

6,940

8663904.SQ.FTS.B

.721

7/29/26

....

5,832

5,609

8662020.SQ.FTS.B

.597

7/29/26

....

2,157

2,092

8662250.SQ.FTS.B

.601

7/29/26

....

718

674

8665772.SQ.FTS.B

.66

7/29/26

.....

393

375

8661919.SQ.FTS.B

.928

7/29/26

....

1,070

1,033

8666345.SQ.FTS.B

.097

7/29/26

....

1,675

1,596

8666384.SQ.FTS.B

7/29/26

......

30,450

28,810

8663637.SQ.FTS.B

.102

7/29/26

....

2,127

2,058

8665516.SQ.FTS.B

.437

7/29/26

....

1,263

1,192

8667027.SQ.FTS.B

.438

7/29/26

....

1,077

1,045

8662647.SQ.FTS.B

.445

7/29/26

....

4,068

3,701

8665799.SQ.FTS.B

.449

7/29/26

....

7,726

7,472

8672191.SQ.FTS.B

.715

7/30/26

....

6,283

6,020

8674767.SQ.FTS.B

.715

7/30/26

....

7,597

7,258

8673869.SQ.FTS.B

.717

7/30/26

....

13,324

12,730

8674231.SQ.FTS.B

.717

7/30/26

....

6,693

6,422

8673390.SQ.FTS.B

.722

7/30/26

....

2,400

2,305

8674492.SQ.FTS.B

.727

7/30/26

....

2,793

2,679

8674459.SQ.FTS.B

.729

7/30/26

....

2,238

2,149

8669922.SQ.FTS.B

.73

7/30/26

.....

2,048

1,972

8672479.SQ.FTS.B

.919

7/30/26

....

1,208

1,043

8669821.SQ.FTS.B

.029

7/30/26

....

3,866

3,682

8672640.SQ.FTS.B

.031

7/30/26

....

23,500

22,613

8673657.SQ.FTS.B

.031

7/30/26

....

8,393

8,050

8674088.SQ.FTS.B

.031

7/30/26

....

6,221

5,911

8673280.SQ.FTS.B

.036

7/30/26

....

5,856

5,115

8673554.SQ.FTS.B

.039

7/30/26

....

2,913

2,767

8674563.SQ.FTS.B

.344

7/30/26

....

9,424

7,818

8670014.SQ.FTS.B

.346

7/30/26

....

11,684

11,262

8671964.SQ.FTS.B

.346

7/30/26

....

8,176

7,845

8670516.SQ.FTS.B

.347

7/30/26

....

29,586

27,981

8674529.SQ.FTS.B

.592

7/30/26

....

1,572

1,516

8674429.SQ.FTS.B

.617

7/30/26

....

1,211

1,149

8673443.SQ.FTS.B

.454

7/30/26

....

3,544

3,298

8672544.SQ.FTS.B

.463

7/30/26

....

1,348

1,280

8674744.SQ.FTS.B

.472

7/30/26

....

1,242

822

8676964.SQ.FTS.B

.716

7/31/26

....

3,409

3,274

8677162.SQ.FTS.B

.717

7/31/26

....

2,162

2,082

8678683.SQ.FTS.B

.717

7/31/26

....

13,129

12,601

8677309.SQ.FTS.B

.719

7/31/26

....

15,683

14,981

8676425.SQ.FTS.B

.72

7/31/26

.....

7,671

7,363

8674898.SQ.FTS.B

.721

7/31/26

....

7,938

7,539

8677678.SQ.FTS.B

.936

7/31/26

....

10,434

10,003

8679903.SQ.FTS.B

.969

7/31/26

....

391

377

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8679117.SQ.FTS.B

.347

7/31/26

....

1,972

1,824

8678529.SQ.FTS.B

.349

7/31/26

....

6,977

6,695

8675400.SQ.FTS.B

.595

7/31/26

....

1,776

1,709

8678488.SQ.FTS.B

.627

7/31/26

....

2,032

1,906

8679074.SQ.FTS.B

.925

7/31/26

....

1,504

1,431

8675534.SQ.FTS.B

7/31/26

......

10,976

10,500

8680136.SQ.FTS.B

.11

7/31/26

.....

1,292

1,237

8678182.SQ.FTS.B

.449

7/31/26

....

2,527

2,374

8679212.SQ.FTS.B

.451

7/31/26

....

5,337

5,034

8678400.SQ.FTS.B

.455

7/31/26

....

3,507

3,042

8680749.SQ.FTS.B

.714

8/01/26

....

1,869

1,793

8680163.SQ.FTS.B

.722

8/01/26

....

6,094

5,781

8680247.SQ.FTS.B

.027

8/01/26

....

2,638

2,523

8680461.SQ.FTS.B

.031

8/01/26

....

21,462

20,173

8680784.SQ.FTS.B

.031

8/01/26

....

9,375

9,017

8680934.SQ.FTS.B

.031

8/01/26

....

4,585

4,310

8680321.SQ.FTS.B

.597

8/01/26

....

4,735

4,541

8681010.SQ.FTS.B

.913

8/01/26

....

29,159

28,000

8680281.SQ.FTS.B

.452

8/01/26

....

3,566

3,271

8681682.SQ.FTS.B

.717

8/02/26

....

29,183

28,008

8681510.SQ.FTS.B

.719

8/02/26

....

11,319

10,854

8686470.SQ.FTS.B

.717

8/03/26

....

6,376

6,116

8686611.SQ.FTS.B

.717

8/03/26

....

23,338

22,459

8684314.SQ.FTS.B

.719

8/03/26

....

15,011

14,336

8684229.SQ.FTS.B

.722

8/03/26

....

2,309

2,217

8685560.SQ.FTS.B

.933

8/03/26

....

2,643

2,502

8685648.SQ.FTS.B

.031

8/03/26

....

39,924

34,955

8687046.SQ.FTS.B

.031

8/03/26

....

34,389

32,724

8684755.SQ.FTS.B

.346

8/03/26

....

8,846

8,526

8685523.SQ.FTS.B

.912

8/03/26

....

2,079

1,979

8683357.SQ.FTS.B

.101

8/03/26

....

12,393

11,981

8685168.SQ.FTS.B

.102

8/03/26

....

13,627

13,035

8688608.SQ.FTS.B

.715

8/04/26

....

5,468

5,247

8688411.SQ.FTS.B

.717

8/04/26

....

2,609

2,498

8687818.SQ.FTS.B

.719

8/04/26

....

4,369

4,195

8689297.SQ.FTS.B

.031

8/04/26

....

16,811

15,797

8689936.SQ.FTS.B

.597

8/04/26

....

11,836

11,352

8690513.SQ.FTS.B

.597

8/04/26

....

58,230

55,431

8687509.SQ.FTS.B

.599

8/04/26

....

6,085

5,873

8688026.SQ.FTS.B

.912

8/04/26

....

2,768

2,541

8692180.SQ.FTS.B

.912

8/04/26

....

36,844

34,859

8690486.SQ.FTS.B

.094

8/04/26

....

1,323

1,265

8688241.SQ.FTS.B

.269

8/04/26

....

1,180

773

8688158.SQ.FTS.B

.296

8/04/26

....

2,058

1,349

8689069.SQ.FTS.B

.454

8/04/26

....

2,524

2,373

8697405.SQ.FTS.B

.717

8/05/26

....

6,355

6,050

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8694096.SQ.FTS.B

.738

8/05/26

....

1,141

1,098

8697115.SQ.FTS.B

.938

8/05/26

....

7,831

7,052

8693676.SQ.FTS.B

.031

8/05/26

....

9,697

9,226

8694466.SQ.FTS.B

.031

8/05/26

....

8,995

8,548

8697998.SQ.FTS.B

.031

8/05/26

....

41,289

39,682

8697792.SQ.FTS.B

.343

8/05/26

....

6,975

5,817

8693435.SQ.FTS.B

.344

8/05/26

....

9,340

8,822

8695888.SQ.FTS.B

.346

8/05/26

....

44,122

42,339

8695029.SQ.FTS.B

.347

8/05/26

....

21,321

20,417

8694266.SQ.FTS.B

.349

8/05/26

....

1,710

1,629

8693995.SQ.FTS.B

.587

8/05/26

....

1,758

1,673

8697338.SQ.FTS.B

.101

8/05/26

....

4,039

3,843

8697531.SQ.FTS.B

.101

8/05/26

....

3,128

2,993

8697757.SQ.FTS.B

.289

8/05/26

....

920

877

8701690.SQ.FTS.B

.717

8/06/26

....

60,476

57,950

8705618.SQ.FTS.B

.717

8/06/26

....

6,774

6,496

8706309.SQ.FTS.B

.717

8/06/26

....

45,086

43,017

8701492.SQ.FTS.B

.719

8/06/26

....

8,366

7,933

8704218.SQ.FTS.B

.719

8/06/26

....

6,315

5,734

8706435.SQ.FTS.B

.721

8/06/26

....

2,568

2,456

8705784.SQ.FTS.B

.031

8/06/26

....

10,089

9,644

8706209.SQ.FTS.B

.344

8/06/26

....

4,431

4,239

8704017.SQ.FTS.B

.346

8/06/26

....

4,183

3,983

8704382.SQ.FTS.B

.597

8/06/26

....

32,573

31,524

8704195.SQ.FTS.B

.612

8/06/26

....

1,720

1,615

8705987.SQ.FTS.B

.449

8/06/26

....

7,360

7,027

8709135.SQ.FTS.B

.713

8/07/26

....

3,298

3,156

8708079.SQ.FTS.B

.717

8/07/26

....

14,627

13,992

8708858.SQ.FTS.B

.721

8/07/26

....

7,348

7,042

8707277.SQ.FTS.B

.031

8/07/26

....

10,795

10,404

8707169.SQ.FTS.B

.339

8/07/26

....

3,346

3,208

8709223.SQ.FTS.B

.346

8/07/26

....

73,179

70,160

8706579.SQ.FTS.B

.597

8/07/26

....

14,877

14,147

8708765.SQ.FTS.B

.61

8/07/26

.....

2,174

2,058

8707975.SQ.FTS.B

.093

8/07/26

....

1,339

1,273

8711213.SQ.FTS.B

.717

8/08/26

....

30,144

28,960

8710948.SQ.FTS.B

.031

8/08/26

....

14,908

14,278

8711183.SQ.FTS.B

.114

8/08/26

.....

1,514

1,462

8711827.SQ.FTS.B

.716

8/09/26

....

3,229

3,102

8711897.SQ.FTS.B

.949

8/09/26

....

796

766

8712320.SQ.FTS.B

.031

8/09/26

....

3,468

3,315

8712364.SQ.FTS.B

.447

8/09/26

....

1,096

339

8712385.SQ.FTS.B

.448

8/09/26

....

13,874

12,948

8715788.SQ.FTS.B

.718

8/10/26

....

40,965

39,166

8716874.SQ.FTS.B

.718

8/10/26

....

47,481

45,514

8714227.SQ.FTS.B

.031

8/10/26

....

24,702

23,609

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8713757.SQ.FTS.B

.346

8/10/26

....

6,285

6,004

8715175.SQ.FTS.B

.361

8/10/26

....

1,478

1,400

8716725.SQ.FTS.B

.595

8/10/26

....

7,862

7,379

8713665.SQ.FTS.B

8/10/26

......

3,116

2,608

8715283.SQ.FTS.B

.101

8/10/26

....

16,899

16,055

8713707.SQ.FTS.B

.104

8/10/26

....

2,375

2,270

8715251.SQ.FTS.B

.28

8/10/26

.....

1,010

957

8715225.SQ.FTS.B

.316

8/10/26

....

665

630

8718462.SQ.FTS.B

.717

8/11/26

....

2,575

2,456

8718721.SQ.FTS.B

.717

8/11/26

....

16,687

15,981

8719774.SQ.FTS.B

.717

8/11/26

....

25,213

24,147

8721412.SQ.FTS.B

.717

8/11/26

....

13,154

11,948

8721971.SQ.FTS.B

.717

8/11/26

....

64,215

61,501

8717936.SQ.FTS.B

.719

8/11/26

....

13,801

13,193

8720885.SQ.FTS.B

.72

8/11/26

.....

9,611

9,163

8720387.SQ.FTS.B

.031

8/11/26

....

17,761

16,886

8720838.SQ.FTS.B

.031

8/11/26

....

1,953

1,868

8721730.SQ.FTS.B

.346

8/11/26

....

13,127

12,501

8720364.SQ.FTS.B

.353

8/11/26

....

2,837

2,378

8718566.SQ.FTS.B

.599

8/11/26

....

3,316

3,198

8719381.SQ.FTS.B

.102

8/11/26

....

10,017

9,372

8719712.SQ.FTS.B

.103

8/11/26

....

2,642

2,550

8721353.SQ.FTS.B

.434

8/11/26

....

1,494

1,415

8721030.SQ.FTS.B

.436

8/11/26

....

1,000

963

8721085.SQ.FTS.B

.447

8/11/26

....

9,735

9,088

8722463.SQ.FTS.B

.715

8/12/26

....

7,595

7,199

8723059.SQ.FTS.B

.717

8/12/26

....

24,313

23,286

8724107.SQ.FTS.B

.717

8/12/26

....

16,412

15,685

8726287.SQ.FTS.B

.031

8/12/26

....

40,981

39,234

8725774.SQ.FTS.B

.597

8/12/26

....

20,122

19,041

8723864.SQ.FTS.B

.627

8/12/26

....

9,940

2,532

8722338.SQ.FTS.B

.63

8/12/26

.....

1,921

1,630

8722280.SQ.FTS.B

.094

8/12/26

....

1,810

1,754

8723032.SQ.FTS.B

.261

8/12/26

....

680

637

8722685.SQ.FTS.B

.449

8/12/26

....

5,285

5,017

8731548.SQ.FTS.B

.717

8/13/26

....

24,366

23,321

8734581.SQ.FTS.B

.717

8/13/26

....

3,568

3,417

8734699.SQ.FTS.B

.717

8/13/26

....

1,784

1,708

8734766.SQ.FTS.B

.031

8/13/26

....

10,123

9,686

8734981.SQ.FTS.B

.346

8/13/26

....

81,784

77,442

8734004.SQ.FTS.B

.35

8/13/26

.....

7,840

7,246

8734221.SQ.FTS.B

.907

8/13/26

....

5,621

5,151

8733764.SQ.FTS.B

.099

8/13/26

....

5,875

5,670

8733594.SQ.FTS.B

.101

8/13/26

....

5,613

5,359

8734736.SQ.FTS.B

.298

8/13/26

....

727

703

8734472.SQ.FTS.B

.444

8/13/26

....

3,490

3,064

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8732483.SQ.FTS.B

.447

8/13/26

....

30,029

28,834

8738535.SQ.FTS.B

.713

8/14/26

....

2,207

2,112

8738197.SQ.FTS.B

.717

8/14/26

....

3,742

3,591

8738617.SQ.FTS.B

.717

8/14/26

....

6,016

5,746

8738831.SQ.FTS.B

.723

8/14/26

....

4,765

4,565

8738957.SQ.FTS.B

.938

8/14/26

....

1,533

1,475

8736695.SQ.FTS.B

.034

8/14/26

....

4,545

4,319

8738136.SQ.FTS.B

.04

8/14/26

.....

2,715

2,542

8739068.SQ.FTS.B

.912

8/14/26

....

60,754

55,676

8738021.SQ.FTS.B

.103

8/14/26

....

2,952

2,822

8735397.SQ.FTS.B

.289

8/14/26

....

15,787

14,586

8736821.SQ.FTS.B

.447

8/14/26

....

37,665

34,324

8736291.SQ.FTS.B

.449

8/14/26

....

4,930

4,733

8738312.SQ.FTS.B

.45

8/14/26

.....

6,154

4,445

8739222.SQ.FTS.B

.031

8/15/26

....

7,578

7,261

8739493.SQ.FTS.B

.031

8/15/26

....

6,604

6,349

8739638.SQ.FTS.B

.346

8/15/26

....

19,423

18,603

8739599.SQ.FTS.B

.113

8/15/26

....

1,871

1,788

8739481.SQ.FTS.B

.289

8/15/26

....

837

797

8739327.SQ.FTS.B

.447

8/15/26

....

10,873

10,284

8740360.SQ.FTS.B

.707

8/16/26

....

2,109

1,997

8740030.SQ.FTS.B

.717

8/16/26

....

18,126

17,315

8740558.SQ.FTS.B

.031

8/16/26

....

36,293

33,972

8740399.SQ.FTS.B

.597

8/16/26

....

10,934

10,350

8741355.SQ.FTS.B

.717

8/17/26

....

9,695

9,277

8741105.SQ.FTS.B

.719

8/17/26

....

8,506

8,144

8741525.SQ.FTS.B

.719

8/17/26

....

15,614

14,966

8741332.SQ.FTS.B

.935

8/17/26

....

1,838

1,621

8741215.SQ.FTS.B

.595

8/17/26

....

8,545

7,206

8741733.SQ.FTS.B

.907

8/17/26

....

1,842

1,688

8741720.SQ.FTS.B

.078

8/17/26

....

935

892

8741748.SQ.FTS.B

.098

8/17/26

....

6,070

5,731

8741832.SQ.FTS.B

.101

8/17/26

....

8,118

7,858

8741209.SQ.FTS.B

.461

8/17/26

....

677

650

8746239.SQ.FTS.B

.714

8/18/26

....

4,921

4,711

8745157.SQ.FTS.B

.715

8/18/26

....

3,324

3,186

8746376.SQ.FTS.B

.717

8/18/26

....

44,109

42,245

8744200.SQ.FTS.B

.342

8/18/26

....

4,922

4,151

8745696.SQ.FTS.B

.346

8/18/26

....

23,280

21,932

8744612.SQ.FTS.B

.348

8/18/26

....

5,690

5,418

8744746.SQ.FTS.B

.596

8/18/26

....

7,605

7,135

8744443.SQ.FTS.B

.597

8/18/26

....

8,269

7,937

8743164.SQ.FTS.B

.615

8/18/26

....

1,282

1,202

8745072.SQ.FTS.B

.635

8/18/26

....

3,371

3,212

8745229.SQ.FTS.B

.912

8/18/26

....

12,863

12,176

8743240.SQ.FTS.B

.913

8/18/26

....

12,177

11,691

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8744956.SQ.FTS.B

.096

8/18/26

....

4,571

4,361

8744306.SQ.FTS.B

.098

8/18/26

....

6,584

5,332

8744081.SQ.FTS.B

.448

8/18/26

....

2,854

2,761

8750217.SQ.FTS.B

.717

8/19/26

....

10,525

10,075

8748954.SQ.FTS.B

.719

8/19/26

....

14,154

13,475

8746733.SQ.FTS.B

.031

8/19/26

....

7,998

7,599

8749192.SQ.FTS.B

.031

8/19/26

....

35,007

33,536

8747655.SQ.FTS.B

.446

8/19/26

....

51,548

49,123

8746984.SQ.FTS.B

.449

8/19/26

....

5,350

5,132

8752942.SQ.FTS.B

.717

8/20/26

....

24,841

23,777

8755767.SQ.FTS.B

.718

8/20/26

....

35,144

33,530

8754307.SQ.FTS.B

.721

8/20/26

....

1,977

1,894

8753709.SQ.FTS.B

.722

8/20/26

....

6,315

6,039

8754505.SQ.FTS.B

.927

8/20/26

....

419

392

8754132.SQ.FTS.B

.031

8/20/26

....

2,135

2,041

8753827.SQ.FTS.B

.346

8/20/26

....

5,524

5,228

8754516.SQ.FTS.B

.346

8/20/26

....

32,203

30,465

8754417.SQ.FTS.B

.092

8/20/26

....

2,193

2,114

8753999.SQ.FTS.B

.299

8/20/26

....

1,220

1,188

8756504.SQ.FTS.B

.445

8/20/26

....

5,626

5,462

8758401.SQ.FTS.B

.712

8/21/26

....

2,776

2,642

8757691.SQ.FTS.B

.717

8/21/26

....

9,224

8,802

8758753.SQ.FTS.B

.031

8/21/26

....

42,781

41,071

8757228.SQ.FTS.B

.346

8/21/26

....

14,557

13,855

8757818.SQ.FTS.B

.348

8/21/26

....

14,323

13,551

8760668.SQ.FTS.B

.597

8/21/26

....

10,792

10,117

8760036.SQ.FTS.B

.598

8/21/26

....

2,272

2,146

8757666.SQ.FTS.B

.102

8/21/26

....

994

945

8757027.SQ.FTS.B

.105

8/21/26

....

4,690

4,455

8758559.SQ.FTS.B

.114

8/21/26

....

1,833

1,741

8760062.SQ.FTS.B

.447

8/21/26

....

964

919

8760079.SQ.FTS.B

.448

8/21/26

....

16,238

15,037

8761137.SQ.FTS.B

.717

8/22/26

....

57,493

54,700

8761978.SQ.FTS.B

.717

8/22/26

....

7,225

6,911

8761907.SQ.FTS.B

.596

8/22/26

....

3,316

3,172

8761967.SQ.FTS.B

.465

8/22/26

....

1,129

1,067

8762080.SQ.FTS.B

.712

8/23/26

....

5,512

5,230

8762148.SQ.FTS.B

.718

8/23/26

....

29,500

28,132

8762628.SQ.FTS.B

.031

8/23/26

....

13,282

12,718

8762868.SQ.FTS.B

.601

8/23/26

....

2,403

2,272

8762846.SQ.FTS.B

.309

8/23/26

....

686

663

8765348.SQ.FTS.B

.718

8/24/26

....

40,070

38,318

8766315.SQ.FTS.B

.718

8/24/26

....

21,335

19,444

8763721.SQ.FTS.B

.72

8/24/26

.....

5,242

4,777

8765249.SQ.FTS.B

.723

8/24/26

....

5,057

4,837

8767283.SQ.FTS.B

.738

8/24/26

....

1,460

1,387

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8763884.SQ.FTS.B

.031

8/24/26

....

2,721

2,599

8764217.SQ.FTS.B

.346

8/24/26

....

15,295

14,555

8767308.SQ.FTS.B

.346

8/24/26

....

20,907

20,033

8765129.SQ.FTS.B

.347

8/24/26

....

3,652

3,505

8766667.SQ.FTS.B

.91

8/24/26

.....

6,370

6,121

8766819.SQ.FTS.B

.911

8/24/26

....

22,362

21,515

8763795.SQ.FTS.B

.912

8/24/26

....

6,902

6,617

8765082.SQ.FTS.B

.094

8/24/26

....

1,926

1,835

8764105.SQ.FTS.B

.461

8/24/26

....

2,096

1,940

8771006.SQ.FTS.B

.717

8/25/26

....

3,601

3,458

8771967.SQ.FTS.B

.718

8/25/26

....

35,860

34,021

8771205.SQ.FTS.B

.738

8/25/26

....

1,573

1,434

8771958.SQ.FTS.B

.942

8/25/26

....

546

506

8768911.SQ.FTS.B

.031

8/25/26

....

16,886

16,198

8767832.SQ.FTS.B

.346

8/25/26

....

6,458

6,089

8768184.SQ.FTS.B

.346

8/25/26

....

6,845

6,515

8771252.SQ.FTS.B

.346

8/25/26

....

5,302

5,072

8771080.SQ.FTS.B

.63

8/25/26

.....

3,621

3,446

8771150.SQ.FTS.B

.91

8/25/26

.....

5,547

4,683

8768383.SQ.FTS.B

.922

8/25/26

....

2,768

2,337

8768694.SQ.FTS.B

.122

8/25/26

....

1,361

1,283

8769719.SQ.FTS.B

.287

8/25/26

....

4,735

3,308

8767996.SQ.FTS.B

.447

8/25/26

....

7,938

7,347

8768735.SQ.FTS.B

.447

8/25/26

....

5,126

4,848

8769926.SQ.FTS.B

.447

8/25/26

....

55,325

52,666

8771353.SQ.FTS.B

.447

8/25/26

....

2,126

2,057

8771770.SQ.FTS.B

.448

8/25/26

....

10,194

9,643

8768460.SQ.FTS.B

.451

8/25/26

....

5,896

5,549

8772398.SQ.FTS.B

.717

8/26/26

....

17,980

17,110

8775863.SQ.FTS.B

.717

8/26/26

....

1,783

1,706

8776446.SQ.FTS.B

.717

8/26/26

....

61,947

58,620

8773497.SQ.FTS.B

.718

8/26/26

....

11,432

10,930

8773822.SQ.FTS.B

.719

8/26/26

....

8,656

8,210

8775588.SQ.FTS.B

.901

8/26/26

....

381

359

8775505.SQ.FTS.B

.934

8/26/26

....

5,665

5,332

8774345.SQ.FTS.B

.97

8/26/26

.....

366

355

8775913.SQ.FTS.B

.031

8/26/26

....

7,323

6,474

8776144.SQ.FTS.B

.031

8/26/26

....

13,971

13,420

8772121.SQ.FTS.B

8/26/26

......

14,110

11,955

8775615.SQ.FTS.B

8/26/26

......

5,298

5,070

8773284.SQ.FTS.B

.612

8/26/26

....

611

526

8776428.SQ.FTS.B

.638

8/26/26

....

822

792

8775264.SQ.FTS.B

.66

8/26/26

.....

702

668

8773160.SQ.FTS.B

.098

8/26/26

....

1,469

1,420

8773308.SQ.FTS.B

.103

8/26/26

....

8,030

7,507

8775324.SQ.FTS.B

.103

8/26/26

....

3,137

3,021

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8776139.SQ.FTS.B

.123

8/26/26

....

1,265

1,191

8774067.SQ.FTS.B

.447

8/26/26

....

12,125

11,633

8775432.SQ.FTS.B

.448

8/26/26

....

3,633

3,472

8775015.SQ.FTS.B

.449

8/26/26

....

12,840

12,090

8774617.SQ.FTS.B

.454

8/26/26

....

3,934

3,721

8775291.SQ.FTS.B

.469

8/26/26

....

1,069

1,013

8779555.SQ.FTS.B

.717

8/27/26

....

2,872

2,734

8781505.SQ.FTS.B

.717

8/27/26

....

81,694

78,140

8780560.SQ.FTS.B

.718

8/27/26

....

11,482

10,940

8783392.SQ.FTS.B

.718

8/27/26

....

4,972

4,728

8783649.SQ.FTS.B

.718

8/27/26

....

30,792

29,483

8780017.SQ.FTS.B

.719

8/27/26

....

3,267

3,130

8780112.SQ.FTS.B

.722

8/27/26

....

6,114

5,826

8779933.SQ.FTS.B

.729

8/27/26

....

2,120

2,010

8779383.SQ.FTS.B

.031

8/27/26

....

8,932

8,502

8779589.SQ.FTS.B

.031

8/27/26

....

6,421

5,676

8781395.SQ.FTS.B

.031

8/27/26

....

2,355

2,248

8779733.SQ.FTS.B

.344

8/27/26

....

7,003

5,960

8781450.SQ.FTS.B

.352

8/27/26

....

3,409

2,901

8780489.SQ.FTS.B

.596

8/27/26

....

1,244

1,190

8779361.SQ.FTS.B

.912

8/27/26

....

783

752

8781068.SQ.FTS.B

.913

8/27/26

....

11,102

9,393

8783520.SQ.FTS.B

8/27/26

......

3,262

3,106

8779339.SQ.FTS.B

.101

8/27/26

....

613

594

8784195.SQ.FTS.B

.717

8/28/26

....

14,611

13,326

8785035.SQ.FTS.B

.717

8/28/26

....

4,192

3,993

8786868.SQ.FTS.B

.722

8/28/26

....

6,470

6,154

8783926.SQ.FTS.B

.762

8/28/26

....

702

664

8786272.SQ.FTS.B

.031

8/28/26

....

18,552

17,533

8786603.SQ.FTS.B

.031

8/28/26

....

16,166

15,278

8787537.SQ.FTS.B

.031

8/28/26

....

5,890

5,641

8787730.SQ.FTS.B

.031

8/28/26

....

8,798

8,373

8787992.SQ.FTS.B

.031

8/28/26

....

28,617

27,163

8783977.SQ.FTS.B

.036

8/28/26

....

6,592

5,830

8785605.SQ.FTS.B

.346

8/28/26

....

21,347

20,127

8784101.SQ.FTS.B

.095

8/28/26

....

2,110

2,002

8785201.SQ.FTS.B

.445

8/28/26

....

10,273

9,713

8787020.SQ.FTS.B

.446

8/28/26

....

26,015

24,443

8784776.SQ.FTS.B

.448

8/28/26

....

6,278

5,947

8786222.SQ.FTS.B

.453

8/28/26

....

2,163

2,016

8789727.SQ.FTS.B

.721

9/01/26

....

4,732

4,524

8789645.SQ.FTS.B

.724

9/01/26

....

4,324

4,120

8789893.SQ.FTS.B

.027

9/01/26

....

2,824

2,500

8789245.SQ.FTS.B

.031

9/01/26

....

29,131

27,713

8789789.SQ.FTS.B

.602

9/01/26

....

6,122

5,846

8789934.SQ.FTS.B

.447

9/01/26

....

1,360

1,313

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8789146.SQ.FTS.B

.45

9/01/26

.....

6,237

5,807

8789193.SQ.FTS.B

.451

9/01/26

....

4,036

3,854

8789099.SQ.FTS.B

.459

9/01/26

....

2,374

2,156

8790090.SQ.FTS.B

.717

9/02/26

....

5,764

5,522

8790341.SQ.FTS.B

.717

9/02/26

....

17,193

16,423

8789983.SQ.FTS.B

.031

9/02/26

....

11,243

9,953

8790186.SQ.FTS.B

.031

9/02/26

....

10,041

9,580

8790621.SQ.FTS.B

9/02/26

......

3,521

3,339

8790670.SQ.FTS.B

.447

9/02/26

....

5,655

5,389

8791991.SQ.FTS.B

.717

9/03/26

....

2,767

2,646

8793582.SQ.FTS.B

.717

9/03/26

....

14,229

13,589

8794022.SQ.FTS.B

.717

9/03/26

....

1,877

1,793

8790780.SQ.FTS.B

.719

9/03/26

....

16,987

16,154

8791567.SQ.FTS.B

.721

9/03/26

....

3,150

3,012

8794299.SQ.FTS.B

.721

9/03/26

....

8,247

7,843

8794565.SQ.FTS.B

.738

9/03/26

....

1,409

1,346

8794574.SQ.FTS.B

.941

9/03/26

....

714

649

8792096.SQ.FTS.B

.031

9/03/26

....

1,991

1,895

8792138.SQ.FTS.B

.031

9/03/26

....

6,171

5,830

8792611.SQ.FTS.B

.031

9/03/26

....

40,390

37,784

8794577.SQ.FTS.B

.329

9/03/26

....

1,290

1,234

8791740.SQ.FTS.B

.594

9/03/26

....

7,530

6,966

8794594.SQ.FTS.B

.282

9/03/26

....

3,426

2,978

8794519.SQ.FTS.B

.289

9/03/26

....

710

664

8794547.SQ.FTS.B

.289

9/03/26

....

672

643

8793937.SQ.FTS.B

.439

9/03/26

....

1,103

1,002

8792349.SQ.FTS.B

.446

9/03/26

....

8,917

8,372

8793972.SQ.FTS.B

.447

9/03/26

....

4,791

4,242

8794054.SQ.FTS.B

.447

9/03/26

....

9,079

8,550

8794648.SQ.FTS.B

.447

9/03/26

....

8,506

7,923

8794487.SQ.FTS.B

.46

9/03/26

.....

1,021

970

8798754.SQ.FTS.B

.717

9/04/26

....

31,783

30,369

8799493.SQ.FTS.B

.717

9/04/26

....

7,312

6,967

8799375.SQ.FTS.B

.738

9/04/26

....

1,398

1,335

8798528.SQ.FTS.B

.937

9/04/26

....

19,696

9,158

8798501.SQ.FTS.B

.024

9/04/26

....

1,462

1,401

8796639.SQ.FTS.B

.031

9/04/26

....

9,670

9,184

8797261.SQ.FTS.B

.031

9/04/26

....

702

670

8797084.SQ.FTS.B

.346

9/04/26

....

6,316

5,402

8799571.SQ.FTS.B

.353

9/04/26

....

4,449

4,190

8795290.SQ.FTS.B

.598

9/04/26

....

39,698

37,899

8797053.SQ.FTS.B

.66

9/04/26

.....

756

721

8797688.SQ.FTS.B

9/04/26

......

14,261

11,740

8796963.SQ.FTS.B

.107

9/04/26

....

2,902

2,709

8797297.SQ.FTS.B

.289

9/04/26

....

3,666

3,494

8799251.SQ.FTS.B

.293

9/04/26

....

3,685

2,638

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8797465.SQ.FTS.B

.314

9/04/26

....

809

762

8797855.SQ.FTS.B

.447

9/04/26

....

32,631

31,007

8799416.SQ.FTS.B

.447

9/04/26

....

5,219

4,969

8797653.SQ.FTS.B

.481

9/04/26

....

684

655

8796953.SQ.FTS.B

.483

9/04/26

....

613

562

8799929.SQ.FTS.B

.708

9/05/26

....

2,936

2,802

8800909.SQ.FTS.B

.717

9/05/26

....

4,813

4,586

8801758.SQ.FTS.B

.717

9/05/26

....

21,957

20,989

8802177.SQ.FTS.B

.718

9/05/26

....

31,361

29,955

8801071.SQ.FTS.B

.719

9/05/26

....

7,249

6,854

8802957.SQ.FTS.B

.721

9/05/26

....

6,529

6,246

8799802.SQ.FTS.B

.724

9/05/26

....

3,699

3,539

8799693.SQ.FTS.B

.031

9/05/26

....

5,828

5,531

8799966.SQ.FTS.B

.031

9/05/26

....

25,920

24,645

8803302.SQ.FTS.B

.031

9/05/26

....

8,590

7,631

8802694.SQ.FTS.B

.631

9/05/26

....

9,859

9,409

8803149.SQ.FTS.B

.635

9/05/26

....

3,322

3,074

8803063.SQ.FTS.B

.098

9/05/26

....

6,479

5,343

8803529.SQ.FTS.B

.101

9/05/26

....

26,656

25,362

8803861.SQ.FTS.B

.283

9/05/26

....

1,566

1,475

8803453.SQ.FTS.B

.289

9/05/26

....

5,451

3,913

8801580.SQ.FTS.B

.448

9/05/26

....

4,440

4,285

8803185.SQ.FTS.B

.448

9/05/26

....

6,688

6,078

8801255.SQ.FTS.B

.449

9/05/26

....

9,985

9,073

8808960.SQ.FTS.B

.711

9/06/26

....

2,841

2,596

8810202.SQ.FTS.B

.714

9/06/26

....

5,109

4,838

8808252.SQ.FTS.B

.715

9/06/26

....

6,204

5,928

8808482.SQ.FTS.B

.717

9/06/26

....

15,176

14,492

8806298.SQ.FTS.B

.721

9/06/26

....

3,391

3,230

8808155.SQ.FTS.B

.949

9/06/26

....

1,347

1,119

8807308.SQ.FTS.B

.031

9/06/26

....

25,624

24,294

8809001.SQ.FTS.B

.031

9/06/26

....

44,101

41,824

8809937.SQ.FTS.B

.031

9/06/26

....

17,299

16,333

8810319.SQ.FTS.B

.629

9/06/26

....

11,549

11,117

8806372.SQ.FTS.B

.912

9/06/26

....

12,793

12,281

8810619.SQ.FTS.B

.912

9/06/26

....

4,735

4,474

8808853.SQ.FTS.B

.438

9/06/26

....

1,799

1,592

8808871.SQ.FTS.B

.445

9/06/26

....

2,103

2,039

8806712.SQ.FTS.B

.447

9/06/26

....

14,543

13,898

8810814.SQ.FTS.B

.717

9/07/26

....

10,928

10,352

8814570.SQ.FTS.B

.719

9/07/26

....

8,696

7,948

8813219.SQ.FTS.B

.721

9/07/26

....

7,397

7,056

8813700.SQ.FTS.B

.031

9/07/26

....

29,753

28,094

8814505.SQ.FTS.B

.031

9/07/26

....

2,806

2,675

8811330.SQ.FTS.B

.346

9/07/26

....

55,141

52,474

8814359.SQ.FTS.B

.357

9/07/26

....

2,725

2,595

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8810676.SQ.FTS.B

.591

9/07/26

....

2,677

2,501

8814409.SQ.FTS.B

.592

9/07/26

....

4,539

4,329

8813464.SQ.FTS.B

9/07/26

......

16,259

15,458

8813348.SQ.FTS.B

.289

9/07/26

....

2,074

1,975

8811134.SQ.FTS.B

.295

9/07/26

....

4,390

3,985

8813180.SQ.FTS.B

.442

9/07/26

....

1,318

1,259

8813404.SQ.FTS.B

.443

9/07/26

....

2,253

2,113

8813456.SQ.FTS.B

.451

9/07/26

....

1,566

1,480

8814704.SQ.FTS.B

.717

9/08/26

....

6,811

6,491

8814797.SQ.FTS.B

.717

9/08/26

....

19,768

18,883

8815186.SQ.FTS.B

.717

9/08/26

....

30,881

29,408

8815127.SQ.FTS.B

.722

9/08/26

....

5,972

5,461

8815618.SQ.FTS.B

.031

9/08/26

....

12,015

11,414

8815047.SQ.FTS.B

.345

9/08/26

....

5,368

4,601

8816217.SQ.FTS.B

.717

9/09/26

....

25,350

23,948

8815807.SQ.FTS.B

.916

9/09/26

....

802

532

8815916.SQ.FTS.B

.031

9/09/26

....

7,575

7,241

8816046.SQ.FTS.B

.031

9/09/26

....

14,682

13,918

8815815.SQ.FTS.B

.346

9/09/26

....

8,159

7,700

8816010.SQ.FTS.B

.452

9/09/26

....

2,416

2,310

8819484.SQ.FTS.B

.715

9/10/26

....

10,525

10,001

8817311.SQ.FTS.B

.716

9/10/26

....

12,228

11,578

8817896.SQ.FTS.B

.718

9/10/26

....

10,445

9,925

8820490.SQ.FTS.B

.719

9/10/26

....

16,891

16,129

8819681.SQ.FTS.B

.967

9/10/26

....

571

478

8817802.SQ.FTS.B

.031

9/10/26

....

3,391

3,223

8821005.SQ.FTS.B

.031

9/10/26

....

3,164

3,033

8819695.SQ.FTS.B

.342

9/10/26

....

4,998

4,692

8819198.SQ.FTS.B

.91

9/10/26

.....

14,197

13,492

8818221.SQ.FTS.B

.912

9/10/26

....

41,769

39,694

8819963.SQ.FTS.B

.101

9/10/26

....

22,105

20,920

8819144.SQ.FTS.B

.317

9/10/26

....

731

696

8819785.SQ.FTS.B

.447

9/10/26

....

7,910

7,619

8820308.SQ.FTS.B

.447

9/10/26

....

9,709

8,886

8820783.SQ.FTS.B

.448

9/10/26

....

6,315

5,981

8818178.SQ.FTS.B

.456

9/10/26

....

1,469

1,401

8822446.SQ.FTS.B

.717

9/11/26

....

4,881

4,656

8824115.SQ.FTS.B

.717

9/11/26

....

8,776

8,363

8824350.SQ.FTS.B

.717

9/11/26

....

13,759

13,030

8824756.SQ.FTS.B

.717

9/11/26

....

11,041

10,550

8824912.SQ.FTS.B

.939

9/11/26

....

12,203

10,226

8823852.SQ.FTS.B

.027

9/11/26

....

2,960

2,821

8822832.SQ.FTS.B

.031

9/11/26

....

19,457

18,475

8822169.SQ.FTS.B

.348

9/11/26

....

6,491

5,581

8825248.SQ.FTS.B

.597

9/11/26

....

24,975

23,790

8823295.SQ.FTS.B

.601

9/11/26

....

1,901

1,810

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8823341.SQ.FTS.B

.636

9/11/26

....

2,355

2,266

8824543.SQ.FTS.B

.913

9/11/26

....

14,385

13,676

8822671.SQ.FTS.B

.099

9/11/26

....

5,153

4,905

8821939.SQ.FTS.B

.101

9/11/26

....

4,026

3,761

8821239.SQ.FTS.B

.108

9/11/26

....

3,762

3,611

8825226.SQ.FTS.B

.115

9/11/26

....

1,756

1,650

8823431.SQ.FTS.B

.448

9/11/26

....

25,573

24,115

8823978.SQ.FTS.B

.449

9/11/26

....

5,550

5,288

8823847.SQ.FTS.B

.454

9/11/26

....

681

657

8823844.SQ.FTS.B

.455

9/11/26

....

565

545

8821423.SQ.FTS.B

.459

9/11/26

....

1,129

1,058

8827182.SQ.FTS.B

.714

9/12/26

....

5,866

5,602

8825752.SQ.FTS.B

.715

9/12/26

....

8,425

7,954

8829570.SQ.FTS.B

.717

9/12/26

....

21,388

20,268

8830110.SQ.FTS.B

.717

9/12/26

....

91,606

87,517

8827317.SQ.FTS.B

.719

9/12/26

....

14,866

13,611

8830042.SQ.FTS.B

.721

9/12/26

....

4,381

4,173

8829459.SQ.FTS.B

.91

9/12/26

.....

5,036

4,842

8828097.SQ.FTS.B

.912

9/12/26

....

6,280

6,054

8828285.SQ.FTS.B

.912

9/12/26

....

23,850

22,886

8829866.SQ.FTS.B

9/12/26

......

12,128

10,240

8829548.SQ.FTS.B

.272

9/12/26

....

679

628

8826052.SQ.FTS.B

.447

9/12/26

....

28,195

24,966

8836017.SQ.FTS.B

.717

9/13/26

....

2,511

2,299

8837019.SQ.FTS.B

.717

9/13/26

....

7,623

7,287

8837259.SQ.FTS.B

.717

9/13/26

....

9,848

9,391

8837540.SQ.FTS.B

.717

9/13/26

....

9,338

8,814

8837944.SQ.FTS.B

.718

9/13/26

....

30,172

27,623

8836561.SQ.FTS.B

.719

9/13/26

....

14,751

13,958

8836102.SQ.FTS.B

.72

9/13/26

.....

9,670

9,210

8837838.SQ.FTS.B

.73

9/13/26

.....

2,353

2,247

8838736.SQ.FTS.B

.954

9/13/26

....

1,104

1,041

8837732.SQ.FTS.B

.35

9/13/26

.....

2,484

2,139

8839291.SQ.FTS.B

.625

9/13/26

....

5,304

4,970

8836466.SQ.FTS.B

.911

9/13/26

....

4,189

4,018

8838758.SQ.FTS.B

.918

9/13/26

....

2,144

2,023

8837189.SQ.FTS.B

.093

9/13/26

....

1,083

1,045

8838845.SQ.FTS.B

9/13/26

......

21,297

20,232

8834520.SQ.FTS.B

.101

9/13/26

....

34,484

32,598

8842236.SQ.FTS.B

.717

9/14/26

....

17,875

17,014

8839647.SQ.FTS.B

.718

9/14/26

....

21,809

20,860

8843521.SQ.FTS.B

.718

9/14/26

....

50,992

48,636

8839475.SQ.FTS.B

.031

9/14/26

....

7,822

7,423

8840448.SQ.FTS.B

.031

9/14/26

....

5,939

5,680

8841697.SQ.FTS.B

.031

9/14/26

....

10,885

10,308

8842569.SQ.FTS.B

.031

9/14/26

....

14,739

14,034

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8842875.SQ.FTS.B

.031

9/14/26

....

14,767

14,015

8843311.SQ.FTS.B

.344

9/14/26

....

8,082

7,645

8840640.SQ.FTS.B

.346

9/14/26

....

33,911

32,325

8841612.SQ.FTS.B

.346

9/14/26

....

6,761

6,336

8842210.SQ.FTS.B

.583

9/14/26

....

2,104

1,947

8842838.SQ.FTS.B

.104

9/14/26

....

2,947

2,766

8842548.SQ.FTS.B

.289

9/14/26

....

1,266

1,192

8839622.SQ.FTS.B

9/14/26

......

1,009

960

8842827.SQ.FTS.B

.302

9/14/26

....

852

802

8841813.SQ.FTS.B

.448

9/14/26

....

28,241

26,044

8844709.SQ.FTS.B

.715

9/15/26

....

7,646

7,214

8845610.SQ.FTS.B

.716

9/15/26

....

4,805

4,575

8844435.SQ.FTS.B

.717

9/15/26

....

1,972

1,878

8844503.SQ.FTS.B

.717

9/15/26

....

17,867

17,016

8845809.SQ.FTS.B

.719

9/15/26

....

13,413

12,692

8845438.SQ.FTS.B

.722

9/15/26

....

3,088

2,948

8844908.SQ.FTS.B

.725

9/15/26

....

3,412

3,228

8845996.SQ.FTS.B

.729

9/15/26

....

2,790

2,634

8846037.SQ.FTS.B

.937

9/15/26

....

23,013

21,493

8845787.SQ.FTS.B

.946

9/15/26

....

2,348

1,206

8844778.SQ.FTS.B

.031

9/15/26

....

11,618

10,848

8844953.SQ.FTS.B

.031

9/15/26

....

7,721

7,311

8845048.SQ.FTS.B

.031

9/15/26

....

5,235

4,895

8845353.SQ.FTS.B

.031

9/15/26

....

5,787

5,525

8845487.SQ.FTS.B

.031

9/15/26

....

2,478

2,352

8845665.SQ.FTS.B

.031

9/15/26

....

9,349

8,899

8844470.SQ.FTS.B

.041

9/15/26

....

2,488

2,368

8845114.SQ.FTS.B

.346

9/15/26

....

20,529

19,413

8844260.SQ.FTS.B

.348

9/15/26

....

15,360

14,524

8844165.SQ.FTS.B

.35

9/15/26

.....

9,252

6,566

8845512.SQ.FTS.B

.626

9/15/26

....

5,188

4,938

8845776.SQ.FTS.B

.66

9/15/26

.....

917

663

8846019.SQ.FTS.B

.095

9/15/26

....

1,595

1,530

8846398.SQ.FTS.B

.717

9/16/26

....

6,237

5,884

8846790.SQ.FTS.B

.719

9/16/26

....

16,949

16,142

8847145.SQ.FTS.B

.346

9/16/26

....

7,837

7,423

8846996.SQ.FTS.B

9/16/26

......

10,889

10,408

8846471.SQ.FTS.B

.602

9/16/26

....

2,147

2,022

8846488.SQ.FTS.B

.911

9/16/26

....

21,131

20,034

8849466.SQ.FTS.B

.717

9/17/26

....

1,916

1,834

8848129.SQ.FTS.B

.597

9/17/26

....

25,469

23,699

8848908.SQ.FTS.B

.599

9/17/26

....

7,929

7,626

8849214.SQ.FTS.B

.449

9/17/26

....

13,693

12,921

8853183.SQ.FTS.B

.717

9/18/26

....

2,682

2,538

8856723.SQ.FTS.B

.717

9/18/26

....

51,368

48,963

8854003.SQ.FTS.B

.718

9/18/26

....

3,806

3,620

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8853257.SQ.FTS.B

.934

9/18/26

....

5,318

4,968

8852847.SQ.FTS.B

.031

9/18/26

....

12,104

11,457

8853338.SQ.FTS.B

.031

9/18/26

....

28,074

26,640

8856261.SQ.FTS.B

.031

9/18/26

....

31,193

29,753

8855947.SQ.FTS.B

.358

9/18/26

....

2,508

2,373

8853213.SQ.FTS.B

.589

9/18/26

....

2,531

2,410

8854365.SQ.FTS.B

.597

9/18/26

....

33,644

31,315

8855998.SQ.FTS.B

.911

9/18/26

....

13,427

12,848

8854115.SQ.FTS.B

9/18/26

......

10,183

9,757

8855029.SQ.FTS.B

.447

9/18/26

....

15,070

14,181

8861879.SQ.FTS.B

.715

9/19/26

....

10,798

10,251

8860963.SQ.FTS.B

.717

9/19/26

....

31,230

29,744

8861563.SQ.FTS.B

.717

9/19/26

....

15,391

14,715

8857753.SQ.FTS.B

.718

9/19/26

....

28,780

26,426

8860863.SQ.FTS.B

.721

9/19/26

....

6,968

6,650

8858627.SQ.FTS.B

.031

9/19/26

....

54,280

51,642

8860651.SQ.FTS.B

.031

9/19/26

....

2,271

2,140

8861437.SQ.FTS.B

.031

9/19/26

....

7,854

7,434

8860458.SQ.FTS.B

.35

9/19/26

.....

1,602

1,522

8859641.SQ.FTS.B

.595

9/19/26

....

7,618

7,293

8858573.SQ.FTS.B

.911

9/19/26

....

3,744

3,598

8860699.SQ.FTS.B

.912

9/19/26

....

10,102

9,540

8862132.SQ.FTS.B

9/19/26

......

13,550

12,711

8860584.SQ.FTS.B

.277

9/19/26

....

2,045

1,802

8859839.SQ.FTS.B

.447

9/19/26

....

13,219

12,563

8861860.SQ.FTS.B

.447

9/19/26

....

987

944

8862073.SQ.FTS.B

.447

9/19/26

....

5,879

5,577

8860499.SQ.FTS.B

.455

9/19/26

....

3,670

3,488

8867659.SQ.FTS.B

.715

9/20/26

....

6,953

6,598

8865424.SQ.FTS.B

.717

9/20/26

....

2,938

2,772

8865485.SQ.FTS.B

.718

9/20/26

....

5,918

5,638

8867824.SQ.FTS.B

.719

9/20/26

....

14,788

14,092

8869520.SQ.FTS.B

.719

9/20/26

....

7,877

7,238

8868019.SQ.FTS.B

.72

9/20/26

.....

10,731

10,204

8869290.SQ.FTS.B

.72

9/20/26

.....

11,718

11,145

8869545.SQ.FTS.B

.721

9/20/26

....

8,693

8,249

8866255.SQ.FTS.B

.722

9/20/26

....

6,724

6,401

8869462.SQ.FTS.B

.935

9/20/26

....

5,773

5,498

8869624.SQ.FTS.B

.938

9/20/26

....

1,285

1,210

8867817.SQ.FTS.B

.953

9/20/26

....

667

627

8865647.SQ.FTS.B

.031

9/20/26

....

4,026

3,863

8866469.SQ.FTS.B

.031

9/20/26

....

1,663

1,585

8867560.SQ.FTS.B

.031

9/20/26

....

5,160

4,861

8869193.SQ.FTS.B

.031

9/20/26

....

13,055

11,736

8869400.SQ.FTS.B

.031

9/20/26

....

7,505

7,067

8869638.SQ.FTS.B

.031

9/20/26

....

28,427

26,891

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8867740.SQ.FTS.B

.35

9/20/26

.....

4,467

3,884

8868109.SQ.FTS.B

.353

9/20/26

....

3,456

3,308

8867788.SQ.FTS.B

.354

9/20/26

....

2,670

2,501

8864956.SQ.FTS.B

.912

9/20/26

....

5,570

5,219

8865789.SQ.FTS.B

.912

9/20/26

....

18,418

17,591

8865093.SQ.FTS.B

.914

9/20/26

....

10,385

9,536

8869606.SQ.FTS.B

.092

9/20/26

....

3,088

2,889

8866511.SQ.FTS.B

.289

9/20/26

....

10,604

8,132

8869364.SQ.FTS.B

.289

9/20/26

....

3,317

3,184

8867633.SQ.FTS.B

.295

9/20/26

....

2,295

1,760

8866395.SQ.FTS.B

.447

9/20/26

....

3,613

3,464

8866657.SQ.FTS.B

.447

9/20/26

....

49,452

38,153

8873707.SQ.FTS.B

.712

9/21/26

....

1,930

1,835

8871924.SQ.FTS.B

.715

9/21/26

....

2,996

2,825

8871522.SQ.FTS.B

.717

9/21/26

....

5,050

4,808

8871960.SQ.FTS.B

.717

9/21/26

....

48,012

45,565

8870278.SQ.FTS.B

.719

9/21/26

....

15,930

15,118

8871615.SQ.FTS.B

.719

9/21/26

....

6,065

5,755

8872963.SQ.FTS.B

.719

9/21/26

....

17,258

16,408

8873146.SQ.FTS.B

.719

9/21/26

....

16,277

15,348

8870744.SQ.FTS.B

.722

9/21/26

....

7,053

6,705

8873955.SQ.FTS.B

.966

9/21/26

....

692

644

8873635.SQ.FTS.B

.028

9/21/26

....

3,171

3,028

8869821.SQ.FTS.B

.045

9/21/26

....

1,821

1,735

8872842.SQ.FTS.B

.344

9/21/26

....

7,170

6,810

8871281.SQ.FTS.B

.347

9/21/26

....

10,968

10,480

8873449.SQ.FTS.B

.35

9/21/26

.....

7,113

6,710

8871698.SQ.FTS.B

9/21/26

......

12,474

11,799

8870696.SQ.FTS.B

.618

9/21/26

....

1,653

1,444

8869844.SQ.FTS.B

.103

9/21/26

....

10,778

10,388

8873762.SQ.FTS.B

.436

9/21/26

....

1,350

1,291

8871018.SQ.FTS.B

.45

9/21/26

.....

10,866

9,666

8873580.SQ.FTS.B

.457

9/21/26

....

1,262

1,205

8875713.SQ.FTS.B

.717

9/22/26

....

29,771

28,175

8875304.SQ.FTS.B

.721

9/22/26

....

4,544

4,188

8875681.SQ.FTS.B

.73

9/22/26

.....

2,434

2,322

8875373.SQ.FTS.B

.939

9/22/26

....

4,591

4,322

8875259.SQ.FTS.B

.944

9/22/26

....

2,724

2,546

8875185.SQ.FTS.B

.031

9/22/26

....

3,304

3,141

8875438.SQ.FTS.B

.031

9/22/26

....

8,952

8,490

8875339.SQ.FTS.B

.347

9/22/26

....

4,697

4,443

8876057.SQ.FTS.B

.097

9/22/26

....

6,421

6,097

8875640.SQ.FTS.B

.102

9/22/26

....

3,390

3,205

8875162.SQ.FTS.B

.314

9/22/26

....

759

728

8875227.SQ.FTS.B

.444

9/22/26

....

3,317

3,096

8875536.SQ.FTS.B

.446

9/22/26

....

8,879

8,375

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8876485.SQ.FTS.B

.715

9/23/26

....

6,907

6,587

8876611.SQ.FTS.B

.717

9/23/26

....

21,179

20,180

8876148.SQ.FTS.B

.72

9/23/26

.....

5,952

5,668

8876424.SQ.FTS.B

.73

9/23/26

.....

2,766

2,550

8876249.SQ.FTS.B

.031

9/23/26

....

17,095

16,260

8876874.SQ.FTS.B

.031

9/23/26

....

6,596

6,286

8876953.SQ.FTS.B

.346

9/23/26

....

5,390

5,056

8876939.SQ.FTS.B

.595

9/23/26

....

2,463

2,331

8876555.SQ.FTS.B

.102

9/23/26

....

4,530

4,312

8876446.SQ.FTS.B

.459

9/23/26

....

2,213

2,114

8876847.SQ.FTS.B

.46

9/23/26

.....

1,500

1,435

8878383.SQ.FTS.B

.717

9/24/26

....

25,037

23,922

8877309.SQ.FTS.B

.346

9/24/26

....

3,051

2,892

8878240.SQ.FTS.B

.592

9/24/26

....

4,425

4,222

8877339.SQ.FTS.B

.912

9/24/26

....

20,070

19,019

8877269.SQ.FTS.B

.289

9/24/26

....

2,472

2,352

8878969.SQ.FTS.B

.432

9/24/26

....

1,316

1,264

8877024.SQ.FTS.B

.45

9/24/26

.....

4,269

4,011

8881432.SQ.FTS.B

.717

9/25/26

....

12,736

12,025

8881804.SQ.FTS.B

.717

9/25/26

....

5,980

5,686

8881961.SQ.FTS.B

.717

9/25/26

....

10,637

10,041

8882391.SQ.FTS.B

.717

9/25/26

....

16,218

15,449

8882914.SQ.FTS.B

.717

9/25/26

....

28,123

26,724

8883550.SQ.FTS.B

.717

9/25/26

....

96,773

92,024

8881706.SQ.FTS.B

.719

9/25/26

....

4,666

4,437

8881042.SQ.FTS.B

.72

9/25/26

.....

9,596

9,157

8881385.SQ.FTS.B

.723

9/25/26

....

5,601

5,343

8881298.SQ.FTS.B

.029

9/25/26

....

4,436

4,228

8881564.SQ.FTS.B

.031

9/25/26

....

10,001

9,568

8881760.SQ.FTS.B

.038

9/25/26

....

4,062

3,871

8881220.SQ.FTS.B

.344

9/25/26

....

7,505

7,171

8882306.SQ.FTS.B

.595

9/25/26

....

2,546

2,360

8881684.SQ.FTS.B

.11

9/25/26

.....

1,694

1,604

8882243.SQ.FTS.B

.285

9/25/26

....

2,832

2,631

8881282.SQ.FTS.B

.289

9/25/26

....

1,704

1,515

8881344.SQ.FTS.B

.453

9/25/26

....

4,811

4,543

8889322.SQ.FTS.B

.713

9/26/26

....

6,242

5,936

8886597.SQ.FTS.B

.716

9/26/26

....

11,439

10,863

8890197.SQ.FTS.B

.717

9/26/26

....

4,722

4,499

8887729.SQ.FTS.B

.719

9/26/26

....

15,896

15,141

8890522.SQ.FTS.B

.719

9/26/26

....

15,025

14,232

8890857.SQ.FTS.B

.731

9/26/26

....

2,262

2,160

8889479.SQ.FTS.B

.936

9/26/26

....

21,656

19,921

8888207.SQ.FTS.B

.042

9/26/26

....

2,371

2,264

8886466.SQ.FTS.B

.346

9/26/26

....

5,278

4,960

8886794.SQ.FTS.B

.346

9/26/26

....

22,181

21,164

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8890059.SQ.FTS.B

.346

9/26/26

....

4,059

3,886

8890340.SQ.FTS.B

.597

9/26/26

....

5,407

4,797

8888296.SQ.FTS.B

.598

9/26/26

....

16,966

16,179

8890701.SQ.FTS.B

9/26/26

......

11,703

11,092

8888613.SQ.FTS.B

.63

9/26/26

.....

9,883

9,281

8890886.SQ.FTS.B

.908

9/26/26

....

4,314

4,155

8887579.SQ.FTS.B

.911

9/26/26

....

5,598

5,328

8889873.SQ.FTS.B

.103

9/26/26

....

10,506

9,951

8888112.SQ.FTS.B

.296

9/26/26

....

3,337

3,190

8888248.SQ.FTS.B

.436

9/26/26

....

2,300

2,127

8890385.SQ.FTS.B

.444

9/26/26

....

7,209

6,859

8886342.SQ.FTS.B

.445

9/26/26

....

6,748

6,256

8890315.SQ.FTS.B

.447

9/26/26

....

1,821

1,730

8887702.SQ.FTS.B

.454

9/26/26

....

1,685

1,611

8890298.SQ.FTS.B

.455

9/26/26

....

1,677

1,604

8888165.SQ.FTS.B

.457

9/26/26

....

2,210

2,089

8889438.SQ.FTS.B

.46

9/26/26

.....

2,470

2,264

8890031.SQ.FTS.B

.466

9/26/26

....

1,358

1,115

8894522.SQ.FTS.B

.717

9/27/26

....

17,665

16,554

8895478.SQ.FTS.B

.717

9/27/26

....

44,028

41,253

8896783.SQ.FTS.B

.717

9/27/26

....

19,105

17,893

8897090.SQ.FTS.B

.717

9/27/26

....

57,763

54,117

8896220.SQ.FTS.B

.72

9/27/26

.....

5,090

4,765

8896392.SQ.FTS.B

.942

9/27/26

....

3,468

3,224

8895373.SQ.FTS.B

.026

9/27/26

....

5,134

4,791

8895090.SQ.FTS.B

.031

9/27/26

....

117

100

8896310.SQ.FTS.B

.339

9/27/26

....

3,100

2,880

8894299.SQ.FTS.B

.593

9/27/26

....

7,066

6,530

8895112.SQ.FTS.B

.91

9/27/26

.....

5,091

4,690

8893801.SQ.FTS.B

.101

9/27/26

....

11,061

10,149

8897804.SQ.FTS.B

.102

9/27/26

....

25,130

23,074

8894924.SQ.FTS.B

.108

9/27/26

....

4,475

4,111

8896135.SQ.FTS.B

.289

9/27/26

....

3,774

3,427

8895243.SQ.FTS.B

.443

9/27/26

....

7,785

7,094

8894126.SQ.FTS.B

.447

9/27/26

....

5,719

5,200

8896461.SQ.FTS.B

.447

9/27/26

....

17,939

16,319

8895075.SQ.FTS.B

.499

9/27/26

....

256

230

8902684.SQ.FTS.B

.716

9/28/26

....

13,243

12,403

8899632.SQ.FTS.B

.717

9/28/26

....

10,537

9,872

8900660.SQ.FTS.B

.717

9/28/26

....

5,184

4,856

8900904.SQ.FTS.B

.717

9/28/26

....

62,864

58,885

8900001.SQ.FTS.B

.718

9/28/26

....

13,111

12,282

8900718.SQ.FTS.B

.721

9/28/26

....

6,297

5,899

8898432.SQ.FTS.B

.722

9/28/26

....

2,414

2,261

8898889.SQ.FTS.B

.031

9/28/26

....

2,230

2,080

8902185.SQ.FTS.B

.031

9/28/26

....

20,659

19,249

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8898801.SQ.FTS.B

.042

9/28/26

....

2,487

2,317

8898952.SQ.FTS.B

.598

9/28/26

....

23,018

21,285

8898743.SQ.FTS.B

.105

9/28/26

....

2,043

1,881

8898633.SQ.FTS.B

.292

9/28/26

....

4,338

3,934

8898555.SQ.FTS.B

.447

9/28/26

....

939

793

8900250.SQ.FTS.B

.447

9/28/26

....

15,596

14,065

8903852.SQ.FTS.B

.717

9/29/26

....

36,615

34,304

8903144.SQ.FTS.B

9/29/26

......

33,831

31,020

8903819.SQ.FTS.B

.283

9/29/26

....

1,930

1,756

8905094.SQ.FTS.B

.717

9/30/26

....

6,285

5,887

8907242.SQ.FTS.B

.717

9/30/26

....

4,108

3,846

8908115.SQ.FTS.B

.717

9/30/26

....

26,292

24,626

8905835.SQ.FTS.B

.719

9/30/26

....

16,072

15,046

8908825.SQ.FTS.B

.719

9/30/26

....

7,826

7,330

8904726.SQ.FTS.B

.72

9/30/26

.....

12,679

11,874

8904946.SQ.FTS.B

.346

9/30/26

....

8,196

7,607

8906989.SQ.FTS.B

9/30/26

......

8,351

7,731

8904610.SQ.FTS.B

.099

9/30/26

....

2,803

2,549

8907491.SQ.FTS.B

9/30/26

......

16,250

14,846

8909029.SQ.FTS.B

.101

9/30/26

....

40,631

37,356

8906652.SQ.FTS.B

.102

9/30/26

....

10,143

9,314

8904679.SQ.FTS.B

.294

9/30/26

....

2,551

2,322

8910089.SQ.FTS.B

.444

9/30/26

....

5,483

5,004

8905771.SQ.FTS.B

.452

9/30/26

....

2,751

2,459

8907376.SQ.FTS.B

.453

9/30/26

....

5,131

4,684

8911612.SQ.FTS.B

.719

10/01/26

...

16,788

15,722

8913404.SQ.FTS.B

.726

10/01/26

...

3,651

3,418

8913721.SQ.FTS.B

.948

10/01/26

...

1,291

1,181

8910402.SQ.FTS.B

.026

10/01/26

...

5,053

4,708

8910557.SQ.FTS.B

.031

10/01/26

...

31,454

29,326

8912874.SQ.FTS.B

.031

10/01/26

...

17,935

16,745

8913637.SQ.FTS.B

.031

10/01/26

...

5,179

4,830

8913761.SQ.FTS.B

.342

10/01/26

...

1,711

1,590

8911997.SQ.FTS.B

.345

10/01/26

...

5,875

5,459

8913431.SQ.FTS.B

.346

10/01/26

...

10,547

9,797

8910140.SQ.FTS.B

.348

10/01/26

...

2,751

2,475

8913778.SQ.FTS.B

.355

10/01/26

...

3,066

2,847

8910371.SQ.FTS.B

.358

10/01/26

...

2,282

2,114

8914742.SQ.FTS.B

.098

10/01/26

...

2,156

1,972

8913798.SQ.FTS.B

.101

10/01/26

...

64,045

58,774

8912649.SQ.FTS.B

.289

10/01/26

...

9,578

8,699

8912125.SQ.FTS.B

.448

10/01/26

...

22,034

20,097

8913217.SQ.FTS.B

.448

10/01/26

...

14,151

12,927

8914772.SQ.FTS.B

.714

10/02/26

...

5,277

4,943

8915491.SQ.FTS.B

.714

10/02/26

...

3,767

3,529

8914971.SQ.FTS.B

.717

10/02/26

...

14,389

13,468

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8916787.SQ.FTS.B

.717

10/02/26

...

7,846

7,345

8917861.SQ.FTS.B

.717

10/02/26

...

7,265

6,804

8918904.SQ.FTS.B

.717

10/02/26

...

8,174

7,653

8919035.SQ.FTS.B

.717

10/02/26

...

1,047

980

8917299.SQ.FTS.B

.72

10/02/26

....

12,897

12,082

8918085.SQ.FTS.B

.72

10/02/26

....

11,230

10,518

8918323.SQ.FTS.B

.723

10/02/26

...

5,753

5,386

8918756.SQ.FTS.B

.344

10/02/26

...

10,162

9,438

8916172.SQ.FTS.B

.346

10/02/26

...

15,836

14,702

8916577.SQ.FTS.B

.349

10/02/26

...

12,356

11,476

8917151.SQ.FTS.B

.596

10/02/26

...

7,941

7,349

8915653.SQ.FTS.B

.611

10/02/26

...

757

662

8915719.SQ.FTS.B

.627

10/02/26

...

10,872

9,942

8919086.SQ.FTS.B

.63

10/02/26

....

3,103

2,846

8914913.SQ.FTS.B

.906

10/02/26

...

2,396

2,206

8918375.SQ.FTS.B

.912

10/02/26

...

2,582

2,377

8918400.SQ.FTS.B

.912

10/02/26

...

8,542

7,855

8918550.SQ.FTS.B

.913

10/02/26

...

18,958

17,453

8917964.SQ.FTS.B

.101

10/02/26

...

13,033

11,957

8918849.SQ.FTS.B

.101

10/02/26

...

4,434

4,076

8916766.SQ.FTS.B

.284

10/02/26

...

1,976

1,786

8918246.SQ.FTS.B

.292

10/02/26

...

4,323

3,890

8916567.SQ.FTS.B

.316

10/02/26

...

1,028

940

8916885.SQ.FTS.B

.445

10/02/26

...

9,190

8,379

8917562.SQ.FTS.B

.447

10/02/26

...

18,961

17,341

8918224.SQ.FTS.B

.476

10/02/26

...

1,169

1,069

8922950.SQ.FTS.B

.717

10/03/26

...

21,708

20,328

8923924.SQ.FTS.B

.717

10/03/26

...

13,973

13,083

8925880.SQ.FTS.B

.717

10/03/26

...

11,494

10,757

8921710.SQ.FTS.B

.719

10/03/26

...

16,375

15,317

8922557.SQ.FTS.B

.719

10/03/26

...

16,519

15,467

8925465.SQ.FTS.B

.722

10/03/26

...

6,790

6,354

8925761.SQ.FTS.B

.923

10/03/26

...

796

736

8925829.SQ.FTS.B

.923

10/03/26

...

2,147

1,990

8925868.SQ.FTS.B

.962

10/03/26

...

965

896

8925301.SQ.FTS.B

.977

10/03/26

...

610

559

8922155.SQ.FTS.B

.029

10/03/26

...

4,779

4,452

8924153.SQ.FTS.B

.031

10/03/26

...

63,448

59,130

8925982.SQ.FTS.B

.031

10/03/26

...

6,189

5,765

8922128.SQ.FTS.B

.037

10/03/26

...

1,645

1,521

8921539.SQ.FTS.B

.337

10/03/26

...

3,243

3,013

8925270.SQ.FTS.B

.339

10/03/26

...

3,021

2,795

8925791.SQ.FTS.B

.609

10/03/26

...

1,917

1,770

8925306.SQ.FTS.B

.627

10/03/26

...

3,643

3,330

8923741.SQ.FTS.B

.896

10/03/26

...

1,628

1,501

8925739.SQ.FTS.B

.091

10/03/26

...

1,889

1,728

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8925548.SQ.FTS.B

.099

10/03/26

...

11,487

10,554

8922330.SQ.FTS.B

.101

10/03/26

...

7,959

7,323

8923475.SQ.FTS.B

.114

10/03/26

...

2,294

2,108

8925388.SQ.FTS.B

.268

10/03/26

...

1,281

1,172

8925774.SQ.FTS.B

.316

10/03/26

...

257

195

8923531.SQ.FTS.B

.448

10/03/26

...

11,222

10,258

8921640.SQ.FTS.B

.457

10/03/26

...

3,422

3,134

8925412.SQ.FTS.B

.461

10/03/26

...

2,320

2,117

8921608.SQ.FTS.B

.473

10/03/26

...

981

896

8926075.SQ.FTS.B

.717

10/04/26

...

20,433

19,082

8926850.SQ.FTS.B

.717

10/04/26

...

10,673

9,990

8928909.SQ.FTS.B

.717

10/04/26

...

82,051

76,802

8927719.SQ.FTS.B

.718

10/04/26

...

13,181

12,329

8927369.SQ.FTS.B

.719

10/04/26

...

10,550

9,875

8927696.SQ.FTS.B

.734

10/04/26

...

2,085

1,952

8927993.SQ.FTS.B

.954

10/04/26

...

998

924

8928321.SQ.FTS.B

.347

10/04/26

...

34,538

32,028

8928016.SQ.FTS.B

10/04/26

.....

7,751

7,165

8928154.SQ.FTS.B

10/04/26

.....

13,425

12,415

8927181.SQ.FTS.B

.097

10/04/26

...

6,971

6,398

8927675.SQ.FTS.B

.289

10/04/26

...

2,206

2,008

8927566.SQ.FTS.B

.449

10/04/26

...

6,806

6,218

8927942.SQ.FTS.B

.452

10/04/26

...

1,656

1,511

8930299.SQ.FTS.B

.717

10/05/26

...

25,960

24,294

8930246.SQ.FTS.B

.718

10/05/26

...

5,288

4,949

8930710.SQ.FTS.B

.72

10/05/26

....

12,755

11,931

8930918.SQ.FTS.B

.72

10/05/26

....

10,559

9,881

8930146.SQ.FTS.B

.346

10/05/26

...

9,473

8,786

8930864.SQ.FTS.B

.597

10/05/26

...

4,432

4,101

8930851.SQ.FTS.B

.275

10/05/26

...

727

653

8930640.SQ.FTS.B

.442

10/05/26

...

5,285

4,815

8930590.SQ.FTS.B

.45

10/05/26

....

4,514

4,108

8931060.SQ.FTS.B

.719

10/06/26

...

20,947

19,600

8935543.SQ.FTS.B

.717

10/07/26

...

2,131

1,995

8933822.SQ.FTS.B

.718

10/07/26

...

11,636

10,887

8935303.SQ.FTS.B

.719

10/07/26

...

10,082

9,435

8932698.SQ.FTS.B

.031

10/07/26

...

6,945

6,469

8934133.SQ.FTS.B

.031

10/07/26

...

9,507

8,854

8934372.SQ.FTS.B

.031

10/07/26

...

14,749

13,741

8935811.SQ.FTS.B

.031

10/07/26

...

12,653

11,801

8933583.SQ.FTS.B

.341

10/07/26

...

4,148

3,841

8934708.SQ.FTS.B

.346

10/07/26

...

24,866

23,077

8936735.SQ.FTS.B

.349

10/07/26

...

4,962

4,601

8935605.SQ.FTS.B

.595

10/07/26

...

8,375

7,745

8936094.SQ.FTS.B

.597

10/07/26

...

16,455

15,223

8934078.SQ.FTS.B

.902

10/07/26

...

1,752

1,615

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8936681.SQ.FTS.B

.101

10/07/26

...

2,123

1,948

8933451.SQ.FTS.B

.125

10/07/26

...

1,261

1,158

8933779.SQ.FTS.B

.273

10/07/26

...

1,638

1,493

8934691.SQ.FTS.B

.415

10/07/26

...

532

486

8933753.SQ.FTS.B

.429

10/07/26

...

960

876

8936517.SQ.FTS.B

.453

10/07/26

...

4,707

4,283

8938932.SQ.FTS.B

.716

10/08/26

...

13,503

12,641

8940929.SQ.FTS.B

.717

10/08/26

...

11,484

10,752

8939540.SQ.FTS.B

.719

10/08/26

...

8,087

7,573

8941027.SQ.FTS.B

.031

10/08/26

...

13,712

12,773

8936925.SQ.FTS.B

.036

10/08/26

...

2,433

2,254

8939160.SQ.FTS.B

.346

10/08/26

...

23,074

21,382

8937100.SQ.FTS.B

.597

10/08/26

...

64,956

59,888

8939715.SQ.FTS.B

.603

10/08/26

...

4,121

3,794

8940083.SQ.FTS.B

.912

10/08/26

...

56,661

52,110

8939988.SQ.FTS.B

.101

10/08/26

...

3,568

3,276

8939673.SQ.FTS.B

.276

10/08/26

...

1,969

1,796

8937064.SQ.FTS.B

.447

10/08/26

...

2,276

2,082

8939793.SQ.FTS.B

.447

10/08/26

...

11,513

10,533

8944900.SQ.FTS.B

.715

10/09/26

...

9,003

8,422

8941075.SQ.FTS.B

.717

10/09/26

...

12,065

11,287

8943535.SQ.FTS.B

.717

10/09/26

...

8,490

7,943

8944162.SQ.FTS.B

.717

10/09/26

...

4,227

3,955

8944415.SQ.FTS.B

.717

10/09/26

...

6,453

6,038

8944509.SQ.FTS.B

.717

10/09/26

...

9,259

8,664

8941415.SQ.FTS.B

.719

10/09/26

...

19,779

18,516

8944252.SQ.FTS.B

.935

10/09/26

...

10,520

9,649

8944068.SQ.FTS.B

.936

10/09/26

...

4,958

4,607

8942012.SQ.FTS.B

.953

10/09/26

...

1,071

976

8942921.SQ.FTS.B

.962

10/09/26

...

874

806

8942058.SQ.FTS.B

.031

10/09/26

...

38,814

36,139

8943023.SQ.FTS.B

.031

10/09/26

...

12,374

11,529

8944625.SQ.FTS.B

.031

10/09/26

...

9,031

8,413

8944838.SQ.FTS.B

.352

10/09/26

...

4,976

4,621

8944731.SQ.FTS.B

.599

10/09/26

...

8,980

8,291

8942926.SQ.FTS.B

.603

10/09/26

...

4,182

3,850

8943640.SQ.FTS.B

.102

10/09/26

...

20,637

18,926

8943509.SQ.FTS.B

.104

10/09/26

...

1,522

1,394

8943220.SQ.FTS.B

.447

10/09/26

...

19,168

17,467

8942798.SQ.FTS.B

.45

10/09/26

....

6,927

6,324

8942910.SQ.FTS.B

.459

10/09/26

...

1,249

1,136

8951507.SQ.FTS.B

.703

10/10/26

...

1,274

1,192

8950599.SQ.FTS.B

.717

10/10/26

...

44,310

41,417

8949372.SQ.FTS.B

.721

10/10/26

...

7,556

7,065

8951448.SQ.FTS.B

.721

10/10/26

...

1,869

1,748

8951516.SQ.FTS.B

.723

10/10/26

...

5,943

5,559

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8949360.SQ.FTS.B

.929

10/10/26

...

923

858

8952070.SQ.FTS.B

.031

10/10/26

...

46,566

43,364

8948619.SQ.FTS.B

.343

10/10/26

...

4,018

3,727

8948009.SQ.FTS.B

.346

10/10/26

...

26,045

24,130

8951604.SQ.FTS.B

.349

10/10/26

...

10,428

9,650

8951775.SQ.FTS.B

.596

10/10/26

...

9,847

9,089

8949253.SQ.FTS.B

.603

10/10/26

...

3,476

3,209

8952040.SQ.FTS.B

.621

10/10/26

...

1,661

1,526

8948714.SQ.FTS.B

.912

10/10/26

...

13,656

12,565

8949587.SQ.FTS.B

.446

10/10/26

...

47,209

43,153

8956353.SQ.FTS.B

.717

10/11/26

...

73,737

68,975

8956000.SQ.FTS.B

.719

10/11/26

...

20,639

19,309

8955097.SQ.FTS.B

.031

10/11/26

...

7,739

7,208

8955655.SQ.FTS.B

.346

10/11/26

...

21,818

20,231

8952685.SQ.FTS.B

.348

10/11/26

...

4,458

4,099

8952839.SQ.FTS.B

.597

10/11/26

...

90,988

84,045

8955329.SQ.FTS.B

.616

10/11/26

...

1,546

1,424

8955351.SQ.FTS.B

.915

10/11/26

...

11,206

10,293

8955300.SQ.FTS.B

.478

10/11/26

...

1,163

1,064

8957849.SQ.FTS.B

.717

10/12/26

...

8,929

8,347

8957334.SQ.FTS.B

.719

10/12/26

...

14,353

13,424

8956918.SQ.FTS.B

.741

10/12/26

...

1,353

1,264

8958039.SQ.FTS.B

.948

10/12/26

...

710

654

8956940.SQ.FTS.B

.346

10/12/26

...

18,626

17,283

8957587.SQ.FTS.B

.346

10/12/26

...

12,298

11,403

8958970.SQ.FTS.B

.717

10/13/26

...

21,635

20,238

8958634.SQ.FTS.B

.031

10/13/26

...

16,854

15,693

8958548.SQ.FTS.B

.342

10/13/26

...

4,879

4,524

8958059.SQ.FTS.B

.101

10/13/26

...

23,942

21,955

8962849.SQ.FTS.B

.717

10/14/26

...

13,072

12,226

8962446.SQ.FTS.B

.72

10/14/26

....

11,656

10,904

8963322.SQ.FTS.B

.935

10/14/26

...

6,932

6,394

8963840.SQ.FTS.B

.937

10/14/26

...

10,500

9,737

8961176.SQ.FTS.B

.031

10/14/26

...

40,866

38,039

8963717.SQ.FTS.B

.034

10/14/26

...

6,537

6,085

8960728.SQ.FTS.B

.354

10/14/26

...

3,663

3,395

8964503.SQ.FTS.B

.584

10/14/26

...

1,807

1,670

8964548.SQ.FTS.B

.589

10/14/26

...

1,912

1,766

8964206.SQ.FTS.B

.596

10/14/26

...

1,617

1,494

8963517.SQ.FTS.B

.914

10/14/26

...

10,158

9,350

8960930.SQ.FTS.B

.289

10/14/26

...

7,115

6,493

8963502.SQ.FTS.B

.289

10/14/26

...

1,036

943

8964258.SQ.FTS.B

.289

10/14/26

...

7,066

6,443

8962819.SQ.FTS.B

.432

10/14/26

...

1,907

1,743

8963252.SQ.FTS.B

.454

10/14/26

...

3,732

3,412

8966711.SQ.FTS.B

.718

10/15/26

...

34,760

32,507

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8966112.SQ.FTS.B

.719

10/15/26

...

15,190

14,195

8964957.SQ.FTS.B

.031

10/15/26

...

18,858

17,559

8968186.SQ.FTS.B

.342

10/15/26

...

3,989

3,698

8968276.SQ.FTS.B

.346

10/15/26

...

94,610

87,740

8966461.SQ.FTS.B

.627

10/15/26

...

8,234

7,580

8965513.SQ.FTS.B

10/15/26

.....

19,256

17,657

8964612.SQ.FTS.B

.446

10/15/26

...

8,240

7,508

8969801.SQ.FTS.B

.714

10/16/26

...

4,718

4,411

8970168.SQ.FTS.B

.717

10/16/26

...

8,715

8,148

8971478.SQ.FTS.B

.717

10/16/26

...

23,338

21,824

8971944.SQ.FTS.B

.717

10/16/26

...

4,376

4,092

8972182.SQ.FTS.B

.717

10/16/26

...

36,839

34,456

8970353.SQ.FTS.B

.721

10/16/26

...

9,104

8,516

8972999.SQ.FTS.B

.923

10/16/26

...

1,397

1,299

8973042.SQ.FTS.B

.031

10/16/26

...

91,600

85,277

8971413.SQ.FTS.B

.338

10/16/26

...

2,834

2,628

8969981.SQ.FTS.B

.346

10/16/26

...

5,570

5,164

8971292.SQ.FTS.B

.348

10/16/26

...

4,853

4,500

8972917.SQ.FTS.B

.598

10/16/26

...

3,467

3,205

8972813.SQ.FTS.B

.909

10/16/26

...

3,439

3,165

8970877.SQ.FTS.B

.911

10/16/26

...

12,028

11,054

8970547.SQ.FTS.B

.102

10/16/26

...

1,391

1,278

8970605.SQ.FTS.B

.11

10/16/26

....

3,401

3,116

8972157.SQ.FTS.B

.422

10/16/26

...

1,043

951

8972026.SQ.FTS.B

.448

10/16/26

...

5,442

4,966

8972087.SQ.FTS.B

.449

10/16/26

...

6,796

6,205

8970732.SQ.FTS.B

.456

10/16/26

...

4,046

3,698

8971256.SQ.FTS.B

.469

10/16/26

...

1,489

1,355

8978361.SQ.FTS.B

.711

10/17/26

...

2,640

2,466

8976118.SQ.FTS.B

.717

10/17/26

...

43,998

41,127

8978934.SQ.FTS.B

.717

10/17/26

...

21,098

19,726

8978435.SQ.FTS.B

.719

10/17/26

...

19,357

18,094

8978872.SQ.FTS.B

.943

10/17/26

...

2,606

2,420

8977614.SQ.FTS.B

.037

10/17/26

...

2,417

2,250

8980191.SQ.FTS.B

.346

10/17/26

...

7,106

6,584

8977731.SQ.FTS.B

.35

10/17/26

....

8,371

7,757

8977925.SQ.FTS.B

.599

10/17/26

...

7,445

6,875

8978263.SQ.FTS.B

.603

10/17/26

...

1,234

1,140

8979562.SQ.FTS.B

.628

10/17/26

...

12,357

11,408

8979862.SQ.FTS.B

.911

10/17/26

...

5,984

5,504

8978162.SQ.FTS.B

.098

10/17/26

...

3,602

3,302

8979331.SQ.FTS.B

10/17/26

.....

9,640

8,838

8980035.SQ.FTS.B

.105

10/17/26

...

7,745

7,093

8977675.SQ.FTS.B

.277

10/17/26

...

1,100

1,003

8980427.SQ.FTS.B

.433

10/17/26

...

2,034

1,859

8978308.SQ.FTS.B

.447

10/17/26

...

3,218

2,938

Description

Principal

Amount

Value

Block,

Inc.

(continued)

8982991.SQ.FTS.B

.715

10/18/26

...

9,069

8,477

8981056.SQ.FTS.B

.716

10/18/26

...

5,322

4,974

8983931.SQ.FTS.B

.722

10/18/26

...

6,365

5,949

8981795.SQ.FTS.B

.969

10/18/26

...

1,088

1,010

8981904.SQ.FTS.B

.031

10/18/26

...

33,190

30,883

8983324.SQ.FTS.B

.031

10/18/26

...

22,967

21,366

8980501.SQ.FTS.B

.341

10/18/26

...

1,501

1,379

8980596.SQ.FTS.B

.346

10/18/26

...

14,997

13,901

8982872.SQ.FTS.B

.628

10/18/26

...

4,320

3,978

8983234.SQ.FTS.B

.638

10/18/26

...

3,173

2,929

8981198.SQ.FTS.B

.101

10/18/26

...

6,784

6,222

8983809.SQ.FTS.B

.101

10/18/26

...

4,515

4,140

8983195.SQ.FTS.B

.11

10/18/26

....

2,495

2,289

8984084.SQ.FTS.B

.447

10/18/26

...

32,370

29,466

8981596.SQ.FTS.B

.448

10/18/26

...

6,159

5,617

8981826.SQ.FTS.B

.456

10/18/26

...

2,654

2,419

8986175.SQ.FTS.B

.717

10/19/26

...

26,785

25,037

8985924.SQ.FTS.B

.719

10/19/26

...

17,699

16,538

8985546.SQ.FTS.B

.724

10/19/26

...

5,023

4,695

8985704.SQ.FTS.B

.941

10/19/26

...

2,108

1,940

8985653.SQ.FTS.B

.969

10/19/26

...

1,139

1,061

8985454.SQ.FTS.B

.029

10/19/26

...

6,520

6,067

8985623.SQ.FTS.B

.36

10/19/26

....

2,595

2,404

8985739.SQ.FTS.B

.099

10/19/26

...

16,248

14,903

8985684.SQ.FTS.B

.113

10/19/26

...

2,893

2,654

8985670.SQ.FTS.B

.438

10/19/26

...

1,015

924

8986757.SQ.FTS.B

.717

10/20/26

...

12,648

11,820

8986502.SQ.FTS.B

.72

10/20/26

....

10,375

9,697

8986677.SQ.FTS.B

.031

10/20/26

...

5,941

5,526

8986960.SQ.FTS.B

.28

10/20/26

....

1,506

1,377

8986982.SQ.FTS.B

.446

10/20/26

...

9,823

8,970

8986641.SQ.FTS.B

.455

10/20/26

...

3,267

2,983

8988547.SQ.FTS.B

.715

10/21/26

...

5,873

5,489

8987256.SQ.FTS.B

.717

10/21/26

...

11,115

10,387

8988221.SQ.FTS.B

.717

10/21/26

...

14,937

13,961

8989010.SQ.FTS.B

.717

10/21/26

...

4,340

4,055

8989545.SQ.FTS.B

.718

10/21/26

...

60,844

56,866

8988163.SQ.FTS.B

.031

10/21/26

...

1,113

1,036

8990972.SQ.FTS.B

.031

10/21/26

...

20,647

19,208

8988691.SQ.FTS.B

.348

10/21/26

...

17,867

16,554

8989191.SQ.FTS.B

.445

10/21/26

...

13,270

12,108

8987761.SQ.FTS.B

.447

10/21/26

...

6,625

6,038

8989094.SQ.FTS.B

.451

10/21/26

...

3,949

3,603

8987212.SQ.FTS.B

.456

10/21/26

...

2,802

2,558

8996192.SQ.FTS.B

.717

10/22/26

...

100,759

94,167

8993397.SQ.FTS.B

.718

10/22/26

...

27,362

25,560

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

8995686.SQ.FTS.B

.016

10/22/26

...

1,745

1,622

8995558.SQ.FTS.B

.031

10/22/26

...

3,206

2,983

8992162.SQ.FTS.B

.034

10/22/26

...

5,518

5,134

8995697.SQ.FTS.B

.346

10/22/26

...

18,332

16,985

8996021.SQ.FTS.B

.347

10/22/26

...

14,498

13,434

8993270.SQ.FTS.B

.356

10/22/26

...

3,422

3,168

8991833.SQ.FTS.B

.598

10/22/26

...

7,423

6,853

8995022.SQ.FTS.B

.629

10/22/26

...

11,103

10,226

8995502.SQ.FTS.B

.09

10/22/26

....

2,024

1,854

8995320.SQ.FTS.B

.098

10/22/26

...

12,800

11,737

8995610.SQ.FTS.B

10/22/26

.....

7,694

7,058

8992940.SQ.FTS.B

.106

10/22/26

...

2,260

2,062

8992835.SQ.FTS.B

.439

10/22/26

...

2,299

2,093

8992365.SQ.FTS.B

.445

10/22/26

...

13,674

12,466

8994044.SQ.FTS.B

.446

10/22/26

...

47,939

43,719

8993020.SQ.FTS.B

.449

10/22/26

...

7,936

7,234

8995233.SQ.FTS.B

.453

10/22/26

...

5,813

5,307

8996339.SQ.FTS.B

.719

10/23/26

...

16,197

15,133

8996846.SQ.FTS.B

.719

10/23/26

...

15,721

14,692

9000354.SQ.FTS.B

.719

10/23/26

...

18,815

17,576

8998043.SQ.FTS.B

.025

10/23/26

...

4,419

4,112

9000235.SQ.FTS.B

.037

10/23/26

...

5,090

4,736

8998399.SQ.FTS.B

.342

10/23/26

...

3,847

3,565

8998141.SQ.FTS.B

.595

10/23/26

...

11,598

10,709

8999906.SQ.FTS.B

.597

10/23/26

...

15,806

14,589

8999639.SQ.FTS.B

.599

10/23/26

...

13,254

12,230

8999594.SQ.FTS.B

.92

10/23/26

....

2,516

2,313

8998516.SQ.FTS.B

.098

10/23/26

...

9,009

8,259

8997472.SQ.FTS.B

.101

10/23/26

...

14,630

13,405

8999502.SQ.FTS.B

.434

10/23/26

...

2,122

1,937

8999514.SQ.FTS.B

.441

10/23/26

...

4,979

4,541

8999826.SQ.FTS.B

.442

10/23/26

...

6,777

6,187

8997924.SQ.FTS.B

.443

10/23/26

...

5,672

5,174

8998746.SQ.FTS.B

.447

10/23/26

...

45,672

41,655

9004381.SQ.FTS.B

.717

10/24/26

...

14,755

13,784

9004856.SQ.FTS.B

.717

10/24/26

...

7,896

7,376

9005028.SQ.FTS.B

.717

10/24/26

...

25,651

23,963

9006869.SQ.FTS.B

.717

10/24/26

...

111,300

103,965

9003833.SQ.FTS.B

.72

10/24/26

....

6,142

5,737

9006035.SQ.FTS.B

.722

10/24/26

...

3,619

3,380

9003154.SQ.FTS.B

.92

10/24/26

....

1,537

1,431

9003619.SQ.FTS.B

.346

10/24/26

...

6,412

5,938

9006108.SQ.FTS.B

.346

10/24/26

...

5,725

5,302

9006269.SQ.FTS.B

.597

10/24/26

...

25,276

23,326

9003201.SQ.FTS.B

.101

10/24/26

...

13,884

12,725

9005835.SQ.FTS.B

.281

10/24/26

...

1,705

1,556

Description

Principal

Amount

Value

Block,

Inc.

(continued)

9005859.SQ.FTS.B

.289

10/24/26

...

10,150

9,279

9005815.SQ.FTS.B

.437

10/24/26

...

1,976

1,803

9006195.SQ.FTS.B

.45

10/24/26

....

6,115

5,578

9004039.SQ.FTS.B

.452

10/24/26

...

6,557

5,981

9009247.SQ.FTS.B

.712

10/25/26

...

4,517

4,219

9008810.SQ.FTS.B

.717

10/25/26

...

9,462

8,837

9009362.SQ.FTS.B

.717

10/25/26

...

11,350

10,602

9010818.SQ.FTS.B

.717

10/25/26

...

59,111

55,211

9007813.SQ.FTS.B

.719

10/25/26

...

22,360

20,885

9011818.SQ.FTS.B

.031

10/25/26

...

23,950

22,271

9011801.SQ.FTS.B

.116

10/25/26

...

1,759

1,612

9009735.SQ.FTS.B

.447

10/25/26

...

39,195

35,743

4578615.SQ.FTS.B

.717

4/01/33

....

1,525

–

4583983.SQ.FTS.B

.403

4/04/33

....

3,383

–

4585288.SQ.FTS.B

.874

4/04/33

....

13,554

–

4587010.SQ.FTS.B

.938

4/05/33

....

1,755

–

4590358.SQ.FTS.B

.953

4/05/33

....

226

–

4588245.SQ.FTS.B

.558

4/05/33

....

3,204

–

4589702.SQ.FTS.B

.569

4/05/33

....

3,489

–

4598182.SQ.FTS.B

.574

4/07/33

....

1,281

–

4602285.SQ.FTS.B

.403

4/08/33

....

31,712

–

4604615.SQ.FTS.B

.56

4/09/33

.....

13,726

–

4604886.SQ.FTS.B

.717

4/10/33

....

2,273

–

4606179.SQ.FTS.B

.932

4/11/33

....

10,364

–

4606464.SQ.FTS.B

.403

4/11/33

....

12,284

4606335.SQ.FTS.B

.882

4/11/33

....

2,103

–

4609551.SQ.FTS.B

.56

4/12/33

.....

5,454

–

4612920.SQ.FTS.B

.314

4/13/33

....

2,172

–

4610443.SQ.FTS.B

.403

4/13/33

....

10,147

–

4622639.SQ.FTS.B

.928

4/15/33

....

3,183

–

4624403.SQ.FTS.B

.27

4/17/33

.....

646

–

4624869.SQ.FTS.B

.554

4/17/33

....

1,488

–

4626298.SQ.FTS.B

.934

4/18/33

....

10,268

–

4627586.SQ.FTS.B

.403

4/18/33

....

4,624

–

4626514.SQ.FTS.B

.031

4/18/33

....

2,949

–

4629149.SQ.FTS.B

.403

4/19/33

....

6,425

–

4632596.SQ.FTS.B

.705

4/20/33

....

848

–

4635753.SQ.FTS.B

.874

4/21/33

....

11,156

–

4642502.SQ.FTS.B

.868

4/25/33

....

714

–

4643970.SQ.FTS.B

.56

4/26/33

.....

2,081

–

4657373.SQ.FTS.B

.296

4/30/33

....

3,122

–

4656958.SQ.FTS.B

.717

4/30/33

....

3,103

–

4661015.SQ.FTS.B

.566

5/01/33

....

2,307

–

4661890.SQ.FTS.B

.931

5/02/33

....

2,289

–

4663096.SQ.FTS.B

.403

5/02/33

....

27,120

–

4663916.SQ.FTS.B

.403

5/02/33

....

24,742

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4662184.SQ.FTS.B

.031

5/02/33

....

2,428

–

4665676.SQ.FTS.B

.564

5/03/33

....

4,624

–

4675799.SQ.FTS.B

.306

5/05/33

....

3,282

–

4677893.SQ.FTS.B

.031

5/06/33

....

2,173

–

4693423.SQ.FTS.B

.403

5/09/33

....

7,275

4693941.SQ.FTS.B

.561

5/09/33

....

8,872

–

4692191.SQ.FTS.B

.562

5/09/33

....

9,113

–

4692982.SQ.FTS.B

.591

5/09/33

....

430

–

4691756.SQ.FTS.B

.715

5/09/33

....

7,269

–

4706450.SQ.FTS.B

.561

5/10/33

....

6,009

–

4706808.SQ.FTS.B

.563

5/10/33

....

5,406

–

4701939.SQ.FTS.B

.717

5/10/33

....

1,446

–

4707248.SQ.FTS.B

.732

5/11/33

....

641

–

4711828.SQ.FTS.B

.031

5/12/33

....

3,618

–

4714060.SQ.FTS.B

.031

5/13/33

....

1,082

–

4714469.SQ.FTS.B

.27

5/14/33

.....

828

–

4738688.SQ.FTS.B

.418

5/18/33

....

840

–

4747188.SQ.FTS.B

.31

5/19/33

.....

553

–

4750103.SQ.FTS.B

.403

5/20/33

....

8,831

–

4750803.SQ.FTS.B

.403

5/21/33

....

3,382

–

4754132.SQ.FTS.B

.306

5/22/33

....

847

–

4764584.SQ.FTS.B

.031

5/23/33

....

523

–

4773604.SQ.FTS.B

.403

5/24/33

....

9,605

–

4777853.SQ.FTS.B

.565

5/24/33

....

1,347

–

4774144.SQ.FTS.B

.57

5/24/33

.....

1,718

–

4779678.SQ.FTS.B

.301

5/25/33

....

993

–

4782528.SQ.FTS.B

.333

5/26/33

....

–

4790824.SQ.FTS.B

.567

5/29/33

....

3,330

–

4796651.SQ.FTS.B

.564

6/01/33

....

3,524

–

4808500.SQ.FTS.B

.403

6/02/33

....

7,711

–

4807880.SQ.FTS.B

.56

6/02/33

.....

19,691

4815646.SQ.FTS.B

.403

6/05/33

....

5,300

–

4820091.SQ.FTS.B

.564

6/07/33

....

1,630

–

4820553.SQ.FTS.B

.875

6/07/33

....

10,164

–

4821904.SQ.FTS.B

.56

6/08/33

.....

796

–

4831001.SQ.FTS.B

.774

6/10/33

....

847

–

4831653.SQ.FTS.B

.926

6/10/33

....

2,099

–

4830931.SQ.FTS.B

.528

6/10/33

....

–

4831110.SQ.FTS.B

.57

6/10/33

.....

962

–

4834162.SQ.FTS.B

.574

6/12/33

....

208

–

4839102.SQ.FTS.B

.296

6/14/33

....

1,596

–

4838333.SQ.FTS.B

.941

6/14/33

....

750

–

4842631.SQ.FTS.B

.302

6/15/33

....

5,776

–

4842605.SQ.FTS.B

.937

6/15/33

....

4,000

–

4841116.SQ.FTS.B

.562

6/15/33

....

11,234

–

4848622.SQ.FTS.B

.302

6/16/33

....

2,069

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

4862341.SQ.FTS.B

.982

6/18/33

....

522

–

4862443.SQ.FTS.B

.227

6/18/33

....

7,578

–

4863062.SQ.FTS.B

.391

6/19/33

....

3,882

–

4863238.SQ.FTS.B

.42

6/19/33

.....

2,993

–

4862998.SQ.FTS.B

.559

6/19/33

....

1,298

–

4863412.SQ.FTS.B

.56

6/19/33

.....

11,618

–

4862938.SQ.FTS.B

.031

6/19/33

....

691

–

4867257.SQ.FTS.B

.939

6/20/33

....

607

–

4867843.SQ.FTS.B

.675

6/21/33

....

493

–

4868757.SQ.FTS.B

.406

6/21/33

....

3,219

–

4869815.SQ.FTS.B

.56

6/21/33

.....

7,257

–

4873297.SQ.FTS.B

.376

6/22/33

....

113

–

4871837.SQ.FTS.B

.928

6/22/33

....

1,490

–

4872072.SQ.FTS.B

.557

6/22/33

....

4,085

–

4873405.SQ.FTS.B

.56

6/22/33

.....

5,886

–

4873313.SQ.FTS.B

.031

6/22/33

....

1,287

–

4874535.SQ.FTS.B

.306

6/23/33

....

977

–

4875940.SQ.FTS.B

.539

6/23/33

....

7,944

4874845.SQ.FTS.B

.559

6/23/33

....

3,811

–

4874157.SQ.FTS.B

.877

6/23/33

....

3,873

–

4877067.SQ.FTS.B

.562

6/24/33

....

1,174

–

4877254.SQ.FTS.B

.774

6/25/33

....

1,462

–

4877394.SQ.FTS.B

.225

6/25/33

....

4,239

–

4877534.SQ.FTS.B

.931

6/25/33

....

1,841

–

4879828.SQ.FTS.B

.958

6/27/33

....

1,403

–

4879371.SQ.FTS.B

.443

6/27/33

....

536

–

4879124.SQ.FTS.B

.073

6/27/33

....

4,098

–

4878787.SQ.FTS.B

.233

6/27/33

....

4,067

–

4880273.SQ.FTS.B

.416

6/27/33

....

32,499

4879728.SQ.FTS.B

.695

6/27/33

....

2,694

–

4878103.SQ.FTS.B

.346

6/27/33

....

627

–

4881967.SQ.FTS.B

.297

6/28/33

....

768

–

4881632.SQ.FTS.B

.333

6/28/33

....

5,202

–

4880881.SQ.FTS.B

.411

6/28/33

....

274

–

4882630.SQ.FTS.B

.643

6/28/33

....

5,042

4881595.SQ.FTS.B

.069

6/28/33

....

1,106

–

4881625.SQ.FTS.B

.427

6/28/33

....

1,074

–

4881933.SQ.FTS.B

.55

6/28/33

.....

502

–

4882127.SQ.FTS.B

.561

6/28/33

....

35,043

–

4880840.SQ.FTS.B

.719

6/28/33

....

1,132

–

4886903.SQ.FTS.B

.296

6/30/33

....

2,071

–

4889268.SQ.FTS.B

.31

6/30/33

.....

524

–

4886912.SQ.FTS.B

.563

6/30/33

....

2,287

–

4889574.SQ.FTS.B

.877

7/01/33

....

2,517

–

4894101.SQ.FTS.B

.717

7/04/33

....

12,955

4893066.SQ.FTS.B

.031

7/04/33

....

3,265

–

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

4896547.SQ.FTS.B

.849

7/05/33

....

4,712

–

4899151.SQ.FTS.B

.563

7/06/33

....

3,147

–

4898852.SQ.FTS.B

.874

7/06/33

....

2,213

–

4908064.SQ.FTS.B

.403

7/11/33

....

16,814

4907364.SQ.FTS.B

.031

7/11/33

....

1,373

–

4922562.SQ.FTS.B

.56

7/14/33

.....

6,112

–

4916400.SQ.FTS.B

.569

7/14/33

....

955

–

4916673.SQ.FTS.B

.719

7/14/33

....

9,163

–

4923493.SQ.FTS.B

.354

7/15/33

....

134

–

4925329.SQ.FTS.B

.145

7/18/33

....

1,389

–

4928876.SQ.FTS.B

.333

7/19/33

....

514

–

4931020.SQ.FTS.B

.56

7/20/33

.....

10,152

–

4935511.SQ.FTS.B

.403

7/22/33

....

450

–

4941224.SQ.FTS.B

.031

7/25/33

....

4,401

–

4947272.SQ.FTS.B

.885

7/27/33

....

1,224

–

4954105.SQ.FTS.B

.557

7/28/33

....

2,531

–

4961597.SQ.FTS.B

.303

7/31/33

....

6,826

–

4964338.SQ.FTS.B

.886

8/01/33

....

1,028

–

4975322.SQ.FTS.B

.539

8/05/33

....

1,106

–

4976561.SQ.FTS.B

.553

8/07/33

....

2,306

–

4977248.SQ.FTS.B

.56

8/07/33

.....

23,393

4980976.SQ.FTS.B

.557

8/08/33

....

3,062

–

4978982.SQ.FTS.B

.561

8/08/33

....

8,763

4979694.SQ.FTS.B

.253

8/08/33

....

7,423

–

4981159.SQ.FTS.B

.717

8/09/33

....

3,017

–

4983108.SQ.FTS.B

.031

8/09/33

....

419

–

4989442.SQ.FTS.B

.239

8/11/33

....

717

–

4990668.SQ.FTS.B

.935

8/12/33

....

1,655

–

4995431.SQ.FTS.B

.556

8/15/33

....

6,247

–

5004424.SQ.FTS.B

.56

8/16/33

.....

1,829

–

5016072.SQ.FTS.B

.435

8/17/33

....

5,014

–

5025752.SQ.FTS.B

.033

8/19/33

....

6,406

–

5025882.SQ.FTS.B

.885

8/19/33

....

1,669

–

5027373.SQ.FTS.B

.018

8/21/33

....

8,844

–

5030831.SQ.FTS.B

.56

8/22/33

.....

5,213

–

5031471.SQ.FTS.B

.563

8/22/33

....

5,258

–

5033148.SQ.FTS.B

.906

8/23/33

....

471

–

5035669.SQ.FTS.B

.725

8/23/33

....

3,399

–

5044258.SQ.FTS.B

.149

8/27/33

....

8,147

5045662.SQ.FTS.B

.574

8/28/33

....

2,040

–

5047314.SQ.FTS.B

.591

8/28/33

....

460

–

5047321.SQ.FTS.B

.717

8/28/33

....

5,110

–

5044794.SQ.FTS.B

.807

8/28/33

....

5,731

–

5059326.SQ.FTS.B

.561

9/04/33

....

13,048

–

5062512.SQ.FTS.B

9/06/33

......

3,648

–

5062340.SQ.FTS.B

.883

9/06/33

....

2,074

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5065404.SQ.FTS.B

.572

9/07/33

....

2,639

–

5067242.SQ.FTS.B

.382

9/08/33

....

5,352

–

5067403.SQ.FTS.B

.351

9/08/33

....

2,045

–

5071139.SQ.FTS.B

.848

9/09/33

....

2,742

5075119.SQ.FTS.B

.748

9/10/33

....

1,106

–

5072967.SQ.FTS.B

.066

9/10/33

....

542

–

5074442.SQ.FTS.B

.861

9/10/33

....

1,909

–

5077583.SQ.FTS.B

.031

9/11/33

....

3,691

–

5081612.SQ.FTS.B

.666

9/14/33

....

1,324

–

5084934.SQ.FTS.B

.774

9/16/33

....

33,929

–

5085858.SQ.FTS.B

.936

9/16/33

....

884

–

5090272.SQ.FTS.B

.563

9/17/33

....

4,187

–

5093863.SQ.FTS.B

.558

9/19/33

....

9,864

–

5094427.SQ.FTS.B

.774

9/20/33

....

2,121

–

5096674.SQ.FTS.B

.56

9/21/33

.....

13,763

5095917.SQ.FTS.B

.031

9/21/33

....

17,638

–

5098275.SQ.FTS.B

.063

9/22/33

....

6,026

–

5100485.SQ.FTS.B

.722

9/23/33

....

4,264

–

5106538.SQ.FTS.B

.562

9/24/33

....

11,727

–

5107353.SQ.FTS.B

.031

9/24/33

....

1,383

–

5109145.SQ.FTS.B

.031

9/25/33

....

1,195

–

5111024.SQ.FTS.B

.724

9/27/33

....

993

–

5112445.SQ.FTS.B

.774

9/28/33

....

344

–

5114206.SQ.FTS.B

.571

9/28/33

....

573

–

5112955.SQ.FTS.B

.031

9/28/33

....

4,811

–

5113266.SQ.FTS.B

.387

9/28/33

....

1,765

–

5124518.SQ.FTS.B

.351

9/30/33

....

11,687

–

5119221.SQ.FTS.B

.403

9/30/33

....

2,448

–

5119131.SQ.FTS.B

.56

9/30/33

.....

1,973

–

5126438.SQ.FTS.B

.495

10/01/33

...

22,782

5128413.SQ.FTS.B

.917

10/02/33

...

1,332

–

5131669.SQ.FTS.B

.56

10/04/33

....

22,967

–

5132006.SQ.FTS.B

.007

10/04/33

...

790

–

5138072.SQ.FTS.B

.672

10/06/33

...

4,185

–

5142028.SQ.FTS.B

.927

10/07/33

...

612

–

5142049.SQ.FTS.B

.503

10/07/33

...

537

–

5141482.SQ.FTS.B

.508

10/07/33

...

2,827

–

5149269.SQ.FTS.B

.974

10/10/33

...

941

–

5153369.SQ.FTS.B

.559

10/11/33

...

12,680

–

5153956.SQ.FTS.B

.94

10/12/33

....

2,957

–

5157152.SQ.FTS.B

.407

10/12/33

...

4,186

–

5154314.SQ.FTS.B

.567

10/12/33

...

2,780

–

5154612.SQ.FTS.B

.57

10/12/33

....

1,314

–

5157821.SQ.FTS.B

.557

10/13/33

...

4,950

–

5159643.SQ.FTS.B

.886

10/13/33

...

1,281

–

5163000.SQ.FTS.B

.303

10/14/33

...

6,619

–

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5162509.SQ.FTS.B

.561

10/14/33

...

55,221

–

5165754.SQ.FTS.B

.566

10/14/33

...

1,218

–

5170843.SQ.FTS.B

.403

10/15/33

...

14,553

–

5168750.SQ.FTS.B

.558

10/15/33

...

2,545

–

5171656.SQ.FTS.B

.053

10/16/33

...

875

–

5172517.SQ.FTS.B

.302

10/17/33

...

3,231

–

5173148.SQ.FTS.B

.012

10/17/33

...

670

–

5175259.SQ.FTS.B

.354

10/18/33

...

–

5176617.SQ.FTS.B

.294

10/18/33

...

935

–

5175826.SQ.FTS.B

.557

10/18/33

...

3,657

–

5176935.SQ.FTS.B

.031

10/18/33

...

489

–

5177078.SQ.FTS.B

.189

10/18/33

...

260

–

5184366.SQ.FTS.B

.774

10/19/33

...

3,564

–

5189604.SQ.FTS.B

.774

10/20/33

...

4,636

–

5203735.SQ.FTS.B

.298

10/21/33

...

6,108

–

5210519.SQ.FTS.B

.535

10/24/33

...

11,522

–

5223636.SQ.FTS.B

.563

10/27/33

...

2,509

–

5230601.SQ.FTS.B

.301

10/28/33

...

5,805

–

5234006.SQ.FTS.B

.403

10/28/33

...

25,481

5230330.SQ.FTS.B

.717

10/28/33

...

1,320

–

5238828.SQ.FTS.B

.774

10/29/33

...

19,166

–

5240546.SQ.FTS.B

.953

10/30/33

...

1,371

–

5240481.SQ.FTS.B

.563

10/30/33

...

1,280

–

5240561.SQ.FTS.B

.95

10/30/33

....

993

–

5240923.SQ.FTS.B

.56

11/01/33

....

7,658

–

5245023.SQ.FTS.B

.936

11/02/33

...

1,235

–

5252966.SQ.FTS.B

.188

11/04/33

...

2,234

–

5256925.SQ.FTS.B

.403

11/04/33

...

12,594

5251953.SQ.FTS.B

.553

11/04/33

...

1,860

–

5267302.SQ.FTS.B

.354

11/06/33

...

212

–

5267196.SQ.FTS.B

.723

11/06/33

...

2,396

–

5270825.SQ.FTS.B

.877

11/06/33

...

4,533

–

5273714.SQ.FTS.B

.563

11/08/33

...

2,002

–

5276774.SQ.FTS.B

.556

11/09/33

...

3,264

–

5280986.SQ.FTS.B

.555

11/10/33

...

1,327

–

5284007.SQ.FTS.B

.403

11/11/33

...

1,049

–

5289917.SQ.FTS.B

.774

11/12/33

...

702

–

5287039.SQ.FTS.B

.475

11/12/33

...

8,749

–

5288588.SQ.FTS.B

.116

11/12/33

...

54,175

–

5288567.SQ.FTS.B

.146

11/12/33

...

487

–

5292026.SQ.FTS.B

.719

11/13/33

...

5,106

–

5293955.SQ.FTS.B

.721

11/14/33

...

5,278

–

5293907.SQ.FTS.B

.874

11/14/33

...

2,714

–

5295255.SQ.FTS.B

.303

11/16/33

...

1,890

5296246.SQ.FTS.B

.26

11/16/33

....

1,628

–

5300323.SQ.FTS.B

.569

11/17/33

...

1,387

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5312373.SQ.FTS.B

.56

11/18/33

....

721

–

5317481.SQ.FTS.B

.528

11/19/33

...

593

–

5319057.SQ.FTS.B

.031

11/19/33

...

2,284

–

5325009.SQ.FTS.B

.047

11/22/33

...

6,356

–

5325109.SQ.FTS.B

.114

11/22/33

...

3,741

–

5325953.SQ.FTS.B

.673

11/23/33

...

27,323

5331997.SQ.FTS.B

.29

11/24/33

....

1,138

–

5333772.SQ.FTS.B

.324

11/24/33

...

967

–

5334010.SQ.FTS.B

.33

11/24/33

....

435

–

5332017.SQ.FTS.B

.403

11/24/33

...

3,457

–

5334017.SQ.FTS.B

.403

11/24/33

...

710

–

5334919.SQ.FTS.B

.56

11/24/33

....

1,216

–

5332382.SQ.FTS.B

.858

11/24/33

...

1,453

–

5333523.SQ.FTS.B

.881

11/24/33

...

620

–

5337318.SQ.FTS.B

.962

11/25/33

...

1,470

–

5336258.SQ.FTS.B

.558

11/25/33

...

4,115

–

5365379.SQ.FTS.B

.56

11/26/33

....

768

–

5364900.SQ.FTS.B

.571

11/26/33

...

1,391

–

5377413.SQ.FTS.B

.944

11/27/33

...

944

–

5378585.SQ.FTS.B

.953

11/27/33

...

392

–

5369148.SQ.FTS.B

.354

11/27/33

...

969

–

5377620.SQ.FTS.B

.414

11/27/33

...

13,408

5397535.SQ.FTS.B

.585

11/30/33

...

5,543

–

5393796.SQ.FTS.B

.031

11/30/33

...

163

–

5408127.SQ.FTS.B

.774

12/01/33

...

1,021

–

5412734.SQ.FTS.B

.992

12/01/33

...

8,127

–

5413423.SQ.FTS.B

.879

12/01/33

...

2,550

–

5411388.SQ.FTS.B

.031

12/01/33

...

563

–

5447961.SQ.FTS.B

.557

12/02/33

...

697

–

5472760.SQ.FTS.B

.479

12/04/33

...

3,648

–

5475686.SQ.FTS.B

.56

12/06/33

....

2,736

–

5479438.SQ.FTS.B

.866

12/06/33

...

631

–

5480752.SQ.FTS.B

.031

12/06/33

...

3,098

–

5505930.SQ.FTS.B

.289

12/07/33

...

1,048

–

5518310.SQ.FTS.B

.913

12/08/33

...

390

–

5515187.SQ.FTS.B

.403

12/08/33

...

4,692

–

5516154.SQ.FTS.B

.72

12/08/33

....

12,489

–

5507000.SQ.FTS.B

.758

12/08/33

...

38,614

5533995.SQ.FTS.B

.277

12/09/33

...

813

–

5534121.SQ.FTS.B

.031

12/09/33

...

5,159

–

5534689.SQ.FTS.B

.346

12/10/33

...

3,849

–

5537817.SQ.FTS.B

.193

12/10/33

...

798

–

5537728.SQ.FTS.B

.447

12/10/33

...

2,668

–

5535547.SQ.FTS.B

.724

12/10/33

...

4,404

–

5537953.SQ.FTS.B

.029

12/10/33

...

4,030

–

5539948.SQ.FTS.B

.239

12/11/33

...

1,314

–

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5541083.SQ.FTS.B

.917

12/12/33

...

114

–

5541094.SQ.FTS.B

.721

12/12/33

...

5,085

–

5546515.SQ.FTS.B

.556

12/13/33

...

2,064

–

5552344.SQ.FTS.B

.537

12/14/33

...

1,674

–

5547946.SQ.FTS.B

.031

12/14/33

...

1,134

–

5554641.SQ.FTS.B

.292

12/15/33

...

62,255

–

5556696.SQ.FTS.B

.344

12/15/33

...

5,553

5563038.SQ.FTS.B

.564

12/16/33

...

4,772

–

5562047.SQ.FTS.B

.565

12/16/33

...

3,095

–

5564628.SQ.FTS.B

.302

12/17/33

...

2,787

–

5565992.SQ.FTS.B

.875

12/17/33

...

2,616

–

5568881.SQ.FTS.B

.298

12/19/33

...

1,314

–

5569070.SQ.FTS.B

.568

12/19/33

...

29,610

–

5572327.SQ.FTS.B

.572

12/20/33

...

243

–

5574351.SQ.FTS.B

.403

12/21/33

...

10,696

5573406.SQ.FTS.B

.546

12/21/33

...

363

–

5575886.SQ.FTS.B

.557

12/21/33

...

894

–

5586899.SQ.FTS.B

.653

12/24/33

...

2,468

–

5585522.SQ.FTS.B

.55

12/24/33

....

445

–

5588173.SQ.FTS.B

.774

12/25/33

...

4,224

–

5589322.SQ.FTS.B

.564

12/26/33

...

4,040

–

5588832.SQ.FTS.B

.719

12/26/33

...

7,140

–

5594180.SQ.FTS.B

.869

12/28/33

...

732

–

5595624.SQ.FTS.B

.567

12/28/33

...

789

–

5600496.SQ.FTS.B

.664

12/29/33

...

371

–

5599728.SQ.FTS.B

.797

12/29/33

...

4,867

–

5597497.SQ.FTS.B

.56

12/29/33

....

1,451

–

5600632.SQ.FTS.B

.031

12/29/33

...

3,133

–

5600526.SQ.FTS.B

.296

12/29/33

...

1,008

–

5611517.SQ.FTS.B

.558

12/30/33

...

2,001

–

5612507.SQ.FTS.B

.56

12/30/33

....

11,600

5616046.SQ.FTS.B

.619

1/01/34

....

1,631

–

5616216.SQ.FTS.B

.563

1/01/34

....

5,841

5614938.SQ.FTS.B

.555

1/01/34

....

2,188

–

5618116.SQ.FTS.B

.875

1/02/34

....

8,099

5618863.SQ.FTS.B

.774

1/03/34

....

1,492

–

5619959.SQ.FTS.B

.559

1/04/34

....

2,374

–

5620066.SQ.FTS.B

.566

1/04/34

....

2,868

–

5619464.SQ.FTS.B

.582

1/04/34

....

646

–

5623363.SQ.FTS.B

.559

1/05/34

....

10,990

–

5624299.SQ.FTS.B

.712

1/05/34

....

6,091

–

5630151.SQ.FTS.B

.936

1/06/34

....

506

–

5647775.SQ.FTS.B

.257

1/07/34

....

1,305

–

5654133.SQ.FTS.B

.875

1/08/34

....

32,774

–

5655643.SQ.FTS.B

.936

1/09/34

....

4,363

–

5656207.SQ.FTS.B

.559

1/09/34

....

8,733

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5663245.SQ.FTS.B

.302

1/11/34

....

500

–

5663983.SQ.FTS.B

.826

1/11/34

....

461

–

5662691.SQ.FTS.B

.56

1/11/34

.....

573

–

5666806.SQ.FTS.B

.304

1/12/34

....

13,430

–

5671581.SQ.FTS.B

.559

1/12/34

....

18,583

–

5672653.SQ.FTS.B

.774

1/13/34

....

2,431

5673210.SQ.FTS.B

.934

1/13/34

....

2,838

–

5675130.SQ.FTS.B

.718

1/13/34

....

490

–

5695450.SQ.FTS.B

.323

1/14/34

....

26,182

5694816.SQ.FTS.B

.38

1/14/34

.....

1,074

–

5689248.SQ.FTS.B

.556

1/14/34

....

1,934

–

5700432.SQ.FTS.B

.193

1/15/34

....

929

–

5696963.SQ.FTS.B

.559

1/15/34

....

8,836

–

5703401.SQ.FTS.B

.031

1/17/34

....

1,653

–

5703743.SQ.FTS.B

.031

1/17/34

....

1,220

–

5708905.SQ.FTS.B

.906

1/18/34

....

553

–

5709549.SQ.FTS.B

.174

1/18/34

....

12,160

–

5708392.SQ.FTS.B

.561

1/18/34

....

9,171

–

5706022.SQ.FTS.B

.179

1/18/34

....

194

–

5721102.SQ.FTS.B

.871

1/20/34

....

1,302

–

5728577.SQ.FTS.B

.56

1/21/34

.....

3,241

–

5732624.SQ.FTS.B

.56

1/22/34

.....

11,619

–

5731303.SQ.FTS.B

.574

1/22/34

....

1,418

–

5735573.SQ.FTS.B

.403

1/24/34

....

5,816

5737632.SQ.FTS.B

.931

1/25/34

....

5,796

–

5741303.SQ.FTS.B

.567

1/26/34

....

2,044

–

5751520.SQ.FTS.B

.308

1/28/34

....

2,991

–

5752156.SQ.FTS.B

.022

1/28/34

....

968

–

5754310.SQ.FTS.B

.164

1/29/34

....

1,070

–

5756610.SQ.FTS.B

.774

1/29/34

....

4,556

–

5755879.SQ.FTS.B

.119

1/29/34

....

3,261

–

5757607.SQ.FTS.B

.929

1/31/34

....

9,346

–

5760954.SQ.FTS.B

.102

2/01/34

....

2,824

–

5759456.SQ.FTS.B

.122

2/01/34

....

–

5758291.SQ.FTS.B

.565

2/01/34

....

5,772

–

5767488.SQ.FTS.B

.566

2/03/34

....

1,233

–

5773116.SQ.FTS.B

.87

2/04/34

.....

3,729

–

5777772.SQ.FTS.B

.558

2/05/34

....

8,178

–

5778008.SQ.FTS.B

.687

2/05/34

....

4,729

–

5781951.SQ.FTS.B

.557

2/08/34

....

4,019

–

5784874.SQ.FTS.B

.153

2/09/34

....

3,818

–

5792518.SQ.FTS.B

.876

2/10/34

....

16,456

–

5802478.SQ.FTS.B

.774

2/11/34

....

7,637

–

5812068.SQ.FTS.B

.302

2/12/34

....

2,493

–

5809201.SQ.FTS.B

.975

2/12/34

....

718

–

5812645.SQ.FTS.B

.529

2/12/34

....

13,622

–

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5810852.SQ.FTS.B

.558

2/12/34

....

3,602

–

5813253.SQ.FTS.B

.558

2/12/34

....

7,311

–

5813184.SQ.FTS.B

.894

2/12/34

....

1,676

–

5813462.SQ.FTS.B

.687

2/13/34

....

1,394

–

5814016.SQ.FTS.B

.876

2/13/34

....

2,868

–

5814576.SQ.FTS.B

.308

2/14/34

....

2,223

–

5816945.SQ.FTS.B

.876

2/15/34

....

4,384

–

5815447.SQ.FTS.B

.156

2/15/34

....

1,227

–

5817070.SQ.FTS.B

.158

2/15/34

....

30,140

–

5823345.SQ.FTS.B

.944

2/17/34

....

1,884

–

5825002.SQ.FTS.B

.56

2/17/34

.....

35,998

–

5823283.SQ.FTS.B

.633

2/17/34

....

–

5824742.SQ.FTS.B

.688

2/17/34

....

3,323

–

5825354.SQ.FTS.B

.723

2/17/34

....

4,905

–

5827842.SQ.FTS.B

.561

2/18/34

....

7,668

–

5830440.SQ.FTS.B

.562

2/18/34

....

2,577

–

5828926.SQ.FTS.B

.685

2/18/34

....

17,907

–

5832209.SQ.FTS.B

.403

2/19/34

....

26,120

–

5832576.SQ.FTS.B

.581

2/19/34

....

132

–

5832609.SQ.FTS.B

.929

2/19/34

....

2,194

–

5834318.SQ.FTS.B

.304

2/20/34

....

8,185

–

5834294.SQ.FTS.B

.537

2/20/34

....

502

–

5835079.SQ.FTS.B

.031

2/20/34

....

683

–

5837211.SQ.FTS.B

.56

2/22/34

.....

2,901

–

5837315.SQ.FTS.B

.561

2/22/34

....

4,547

–

5837252.SQ.FTS.B

.262

2/22/34

....

1,427

–

5840394.SQ.FTS.B

.809

2/23/34

....

7,735

–

5839815.SQ.FTS.B

.859

2/23/34

....

615

–

5842093.SQ.FTS.B

.874

2/23/34

....

1,240

–

5851647.SQ.FTS.B

.534

2/25/34

....

1,396

–

5848551.SQ.FTS.B

.685

2/25/34

....

1,094

–

5852027.SQ.FTS.B

.82

2/26/34

.....

947

–

5854311.SQ.FTS.B

.158

2/26/34

....

663

–

5853740.SQ.FTS.B

.288

2/26/34

....

2,104

–

5855240.SQ.FTS.B

.19

2/27/34

.....

6,098

–

5866864.SQ.FTS.B

.019

2/28/34

....

2,965

–

5857039.SQ.FTS.B

.523

2/28/34

....

219

–

5861134.SQ.FTS.B

.529

2/28/34

....

14,061

5856353.SQ.FTS.B

.567

2/28/34

....

351

–

5866568.SQ.FTS.B

.617

2/28/34

....

2,638

–

5855911.SQ.FTS.B

.687

2/28/34

....

2,925

–

5861125.SQ.FTS.B

.772

2/28/34

....

619

–

5856586.SQ.FTS.B

.028

2/28/34

....

1,930

–

5862630.SQ.FTS.B

.067

2/28/34

....

5,065

–

5873819.SQ.FTS.B

.09

3/01/34

.....

1,232

–

5874482.SQ.FTS.B

.762

3/02/34

....

657

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

5874329.SQ.FTS.B

.179

3/02/34

....

422

–

5877776.SQ.FTS.B

.458

3/03/34

....

691

–

5878846.SQ.FTS.B

.302

3/05/34

....

356

–

5885192.SQ.FTS.B

.384

3/07/34

....

2,394

–

5884477.SQ.FTS.B

.518

3/07/34

....

988

–

5883334.SQ.FTS.B

.524

3/07/34

....

1,109

–

5889080.SQ.FTS.B

.718

3/08/34

....

771

–

5889436.SQ.FTS.B

.844

3/08/34

....

14,724

–

5889875.SQ.FTS.B

.174

3/08/34

....

–

5889597.SQ.FTS.B

.287

3/08/34

....

1,085

–

5894091.SQ.FTS.B

.599

3/09/34

....

2,167

–

5893929.SQ.FTS.B

.751

3/09/34

....

788

–

5893541.SQ.FTS.B

.441

3/09/34

....

4,112

–

5893815.SQ.FTS.B

.451

3/09/34

....

1,195

–

5898769.SQ.FTS.B

.93

3/12/34

.....

2,169

–

5898320.SQ.FTS.B

.031

3/12/34

....

8,262

–

5900989.SQ.FTS.B

.935

3/13/34

....

5,386

–

5900390.SQ.FTS.B

.434

3/13/34

....

13,495

–

5900600.SQ.FTS.B

.093

3/13/34

....

7,701

–

5903864.SQ.FTS.B

.043

3/14/34

....

2,296

–

5911495.SQ.FTS.B

.309

3/16/34

....

40,359

5910869.SQ.FTS.B

.031

3/16/34

....

2,092

–

5913989.SQ.FTS.B

.445

3/17/34

....

1,336

–

5914396.SQ.FTS.B

.177

3/18/34

....

1,467

–

5915505.SQ.FTS.B

.283

3/19/34

....

16,318

5917707.SQ.FTS.B

.541

3/19/34

....

3,053

–

5921285.SQ.FTS.B

.747

3/20/34

....

2,698

–

5921918.SQ.FTS.B

.156

3/20/34

....

11,547

–

5923022.SQ.FTS.B

.284

3/21/34

....

1,435

–

5934059.SQ.FTS.B

.076

3/24/34

....

1,242

–

5934219.SQ.FTS.B

.158

3/24/34

....

22,371

–

5934730.SQ.FTS.B

.74

3/25/34

.....

2,564

–

5936923.SQ.FTS.B

.526

3/26/34

....

9,927

–

5938584.SQ.FTS.B

.097

3/26/34

....

6,806

–

5937124.SQ.FTS.B

.189

3/26/34

....

181

–

5941367.SQ.FTS.B

.717

3/27/34

....

4,768

–

5945082.SQ.FTS.B

.927

3/28/34

....

2,500

–

5943947.SQ.FTS.B

.74

3/28/34

.....

1,308

–

5945214.SQ.FTS.B

.367

3/28/34

....

656

–

5950686.SQ.FTS.B

.744

3/29/34

....

810

–

5954440.SQ.FTS.B

.843

3/30/34

....

7,514

–

5953097.SQ.FTS.B

.031

3/30/34

....

885

–

5956888.SQ.FTS.B

.221

4/02/34

....

2,980

–

5956650.SQ.FTS.B

.084

4/02/34

....

389

–

5956268.SQ.FTS.B

.096

4/02/34

....

609

–

5960434.SQ.FTS.B

.182

4/03/34

....

375

–

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

5959931.SQ.FTS.B

.429

4/03/34

....

1,644

–

5959978.SQ.FTS.B

.543

4/03/34

....

1,182

–

5966156.SQ.FTS.B

.03

4/05/34

.....

4,893

–

5964109.SQ.FTS.B

.28

4/05/34

.....

3,134

5980129.SQ.FTS.B

.947

4/10/34

....

695

–

5981924.SQ.FTS.B

.843

4/11/34

....

12,026

5983869.SQ.FTS.B

.031

4/11/34

....

1,723

–

5983705.SQ.FTS.B

.441

4/11/34

....

4,402

–

5986027.SQ.FTS.B

.095

4/12/34

....

3,601

–

5991404.SQ.FTS.B

.591

4/13/34

....

1,795

–

5995853.SQ.FTS.B

.028

4/14/34

....

7,553

–

5995769.SQ.FTS.B

.938

4/14/34

....

4,698

–

5996582.SQ.FTS.B

.428

4/15/34

....

330

–

6000328.SQ.FTS.B

.275

4/17/34

....

2,618

–

6001519.SQ.FTS.B

.591

4/18/34

....

505

–

6010572.SQ.FTS.B

.216

4/20/34

....

6,145

–

6010705.SQ.FTS.B

.906

4/20/34

....

4,090

–

6015748.SQ.FTS.B

.756

4/21/34

....

3,151

–

6023977.SQ.FTS.B

.196

4/25/34

....

871

–

6024354.SQ.FTS.B

.439

4/26/34

....

12,722

6037378.SQ.FTS.B

.751

4/29/34

....

732

–

6038361.SQ.FTS.B

.526

4/30/34

....

2,968

–

6057823.SQ.FTS.B

.905

5/04/34

....

17,364

–

6063087.SQ.FTS.B

.305

5/07/34

....

4,299

–

6064155.SQ.FTS.B

.379

5/08/34

....

694

–

6064464.SQ.FTS.B

.542

5/08/34

....

3,001

–

6111911.SQ.FTS.B

.379

5/09/34

.....

1,257

6120978.SQ.FTS.B

.769

5/10/34

....

836

–

6123828.SQ.FTS.B

.906

5/10/34

....

15,343

–

6122851.SQ.FTS.B

.157

5/10/34

....

5,276

–

6122683.SQ.FTS.B

.438

5/10/34

....

9,407

–

6126543.SQ.FTS.B

.457

5/12/34

....

452

–

6127052.SQ.FTS.B

.539

5/13/34

....

2,897

–

6134462.SQ.FTS.B

.527

5/15/34

....

5,519

6143084.SQ.FTS.B

.515

5/17/34

....

255

6145383.SQ.FTS.B

.158

5/18/34

....

25,311

6147104.SQ.FTS.B

.157

5/19/34

....

7,588

6147718.SQ.FTS.B

.373

5/20/34

....

3,339

–

6147775.SQ.FTS.B

.453

5/20/34

....

1,022

–

6149657.SQ.FTS.B

.748

5/21/34

....

8,931

6149268.SQ.FTS.B

.031

5/21/34

....

3,411

–

6154074.SQ.FTS.B

.534

5/22/34

....

4,237

6160262.SQ.FTS.B

.751

5/23/34

....

4,566

6159444.SQ.FTS.B

.901

5/23/34

....

605

–

6159521.SQ.FTS.B

.283

5/23/34

....

1,245

6161261.SQ.FTS.B

.287

5/24/34

....

1,545

–

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6162505.SQ.FTS.B

.376

5/25/34

....

3,884

–

6164819.SQ.FTS.B

.444

5/26/34

....

480

–

6164962.SQ.FTS.B

.445

5/26/34

....

3,092

–

6169262.SQ.FTS.B

.444

5/28/34

....

142

–

6173109.SQ.FTS.B

.311

5/29/34

....

732

–

6173073.SQ.FTS.B

.906

5/29/34

....

1,600

–

6185954.SQ.FTS.B

.441

6/03/34

....

1,743

–

6185770.SQ.FTS.B

.547

6/03/34

....

2,564

6190982.SQ.FTS.B

.314

6/05/34

....

4,546

6191154.SQ.FTS.B

.532

6/06/34

....

2,148

6209210.SQ.FTS.B

.309

6/09/34

....

6,712

6209706.SQ.FTS.B

.036

6/10/34

....

2,538

–

6211694.SQ.FTS.B

.372

6/12/34

....

3,075

6217699.SQ.FTS.B

.748

6/13/34

....

3,192

6217315.SQ.FTS.B

.031

6/13/34

....

687

–

6220586.SQ.FTS.B

.031

6/14/34

....

3,429

6220625.SQ.FTS.B

.378

6/14/34

....

8,814

6227194.SQ.FTS.B

.02

6/16/34

.....

1,900

108

6236255.SQ.FTS.B

.436

6/18/34

....

2,023

–

6237088.SQ.FTS.B

.742

6/19/34

....

1,309

6237213.SQ.FTS.B

.438

6/19/34

....

994

6243468.SQ.FTS.B

.969

6/20/34

....

12,676

6243792.SQ.FTS.B

.374

6/21/34

....

2,999

6245571.SQ.FTS.B

.674

6/21/34

....

533

–

6254473.SQ.FTS.B

.251

6/23/34

....

14,552

384

6254361.SQ.FTS.B

.374

6/23/34

....

1,745

6254841.SQ.FTS.B

.443

6/23/34

....

5,392

211

6259695.SQ.FTS.B

.545

6/27/34

....

2,225

6265153.SQ.FTS.B

.127

6/29/34

....

11,421

6266370.SQ.FTS.B

.252

6/29/34

....

8,319

593

6272382.SQ.FTS.B

.748

7/02/34

....

799

6275326.SQ.FTS.B

.44

7/03/34

.....

2,114

6277033.SQ.FTS.B

.25

7/04/34

.....

3,011

6278139.SQ.FTS.B

.61

7/04/34

.....

931

6282812.SQ.FTS.B

.969

7/06/34

....

15,894

6285291.SQ.FTS.B

.969

7/06/34

....

21,510

6285821.SQ.FTS.B

.609

7/07/34

....

1,998

6300866.SQ.FTS.B

.66

7/13/34

.....

274

–

6309341.SQ.FTS.B

.767

7/18/34

....

1,719

6314763.SQ.FTS.B

.749

7/19/34

....

982

6319056.SQ.FTS.B

.748

7/21/34

....

430

–

6351823.SQ.FTS.B

.966

7/24/34

....

1,978

155

6353581.SQ.FTS.B

.118

7/24/34

....

916

6351975.SQ.FTS.B

.478

7/24/34

....

2,638

6359468.SQ.FTS.B

.627

7/26/34

....

432

6370285.SQ.FTS.B

.757

7/30/34

....

1,998

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6372961.SQ.FTS.B

.377

7/31/34

....

57,137

6379092.SQ.FTS.B

.66

8/02/34

.....

954

6378866.SQ.FTS.B

.756

8/02/34

....

200

6382243.SQ.FTS.B

.969

8/03/34

....

40,502

118

6386635.SQ.FTS.B

.99

8/05/34

.....

1,423

6389269.SQ.FTS.B

.373

8/06/34

....

5,046

6389202.SQ.FTS.B

.751

8/06/34

....

3,677

6392987.SQ.FTS.B

.75

8/07/34

.....

7,102

6392793.SQ.FTS.B

.48

8/07/34

.....

432

6393441.SQ.FTS.B

.971

8/08/34

....

2,464

6404033.SQ.FTS.B

.755

8/11/34

....

2,159

6410608.SQ.FTS.B

.471

8/14/34

....

23,537

6413090.SQ.FTS.B

.251

8/15/34

....

14,328

6422493.SQ.FTS.B

.96

8/17/34

.....

–

6424176.SQ.FTS.B

.969

8/18/34

....

22,930

6427394.SQ.FTS.B

.75

8/21/34

.....

24,524

6427044.SQ.FTS.B

.471

8/21/34

....

637

–

6431015.SQ.FTS.B

.969

8/22/34

....

3,234

6439616.SQ.FTS.B

.969

8/23/34

....

2,924

6439850.SQ.FTS.B

.472

8/23/34

....

7,981

6436390.SQ.FTS.B

.597

8/23/34

....

3,413

6442480.SQ.FTS.B

.383

8/24/34

....

1,919

6451818.SQ.FTS.B

.528

8/28/34

....

32,683

6452723.SQ.FTS.B

.75

8/28/34

.....

1,879

6454314.SQ.FTS.B

.97

9/01/34

.....

6,133

6461434.SQ.FTS.B

.252

9/03/34

....

6,632

6464078.SQ.FTS.B

.121

9/04/34

....

818

6467555.SQ.FTS.B

.377

9/06/34

....

3,596

6465421.SQ.FTS.B

.451

9/06/34

....

1,180

6470092.SQ.FTS.B

.469

9/07/34

....

3,558

485

6475454.SQ.FTS.B

.126

9/08/34

....

2,557

6475554.SQ.FTS.B

.597

9/08/34

....

8,062

6481328.SQ.FTS.B

.748

9/09/34

....

6,302

6483513.SQ.FTS.B

.528

9/10/34

....

7,992

6484336.SQ.FTS.B

.253

9/10/34

....

22,221

6484909.SQ.FTS.B

.468

9/10/34

....

730

136

6488356.SQ.FTS.B

.66

9/13/34

.....

3,633

6496050.SQ.FTS.B

.598

9/15/34

....

2,621

6503201.SQ.FTS.B

.755

9/17/34

....

1,828

6508534.SQ.FTS.B

.66

9/20/34

.....

3,125

6523267.SQ.FTS.B

.84

9/24/34

.....

5,923

6531074.SQ.FTS.B

.031

9/28/34

....

24,833

6533670.SQ.FTS.B

.44

9/28/34

.....

2,210

6534257.SQ.FTS.B

.971

9/29/34

....

963

6535323.SQ.FTS.B

.252

9/29/34

....

1,498

6537472.SQ.FTS.B

.437

9/29/34

....

2,567

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6544501.SQ.FTS.B

.967

9/30/34

....

1,687

490

6541353.SQ.FTS.B

.597

9/30/34

....

1,077

279

6547411.SQ.FTS.B

.749

10/01/34

...

14,177

6552948.SQ.FTS.B

.131

10/04/34

...

1,758

6553144.SQ.FTS.B

.44

10/04/34

....

734

6563116.SQ.FTS.B

.436

10/07/34

...

626

6566625.SQ.FTS.B

.189

10/08/34

...

10,420

6570679.SQ.FTS.B

.44

10/10/34

....

15,812

6576266.SQ.FTS.B

.743

10/12/34

...

801

6577981.SQ.FTS.B

.251

10/12/34

...

10,021

6581786.SQ.FTS.B

.755

10/13/34

...

584

6582337.SQ.FTS.B

.008

10/13/34

...

569

6592468.SQ.FTS.B

.188

10/18/34

...

26,389

6591444.SQ.FTS.B

.157

10/18/34

...

1,914

6608563.SQ.FTS.B

.569

10/24/34

...

1,599

108

6608375.SQ.FTS.B

.263

10/24/34

...

1,568

6614457.SQ.FTS.B

.759

10/26/34

...

2,216

6617414.SQ.FTS.B

.006

10/27/34

...

2,152

186

6623607.SQ.FTS.B

.419

10/28/34

...

2,737

6624957.SQ.FTS.B

.411

10/30/34

...

3,183

6628247.SQ.FTS.B

.937

11/01/34

...

3,665

6626404.SQ.FTS.B

.006

11/01/34

...

693

6628104.SQ.FTS.B

.162

11/01/34

...

8,424

6629787.SQ.FTS.B

.57

11/02/34

....

7,692

6632388.SQ.FTS.B

.413

11/02/34

...

6,201

6633231.SQ.FTS.B

.745

11/03/34

...

238

6639032.SQ.FTS.B

.442

11/04/34

...

11,342

106

6644191.SQ.FTS.B

.189

11/05/34

...

32,363

139

6641907.SQ.FTS.B

.372

11/05/34

...

3,766

6641788.SQ.FTS.B

.445

11/05/34

...

1,794

6651688.SQ.FTS.B

.654

11/09/34

...

53,478

205

6649660.SQ.FTS.B

.185

11/09/34

...

121

6651437.SQ.FTS.B

.454

11/09/34

...

499

122

6655130.SQ.FTS.B

.442

11/10/34

...

974

6657882.SQ.FTS.B

.189

11/11/34

...

9,296

3,328

6663871.SQ.FTS.B

.935

11/12/34

...

3,838

6662849.SQ.FTS.B

.936

11/12/34

...

4,461

6662189.SQ.FTS.B

.013

11/12/34

...

858

6664005.SQ.FTS.B

.167

11/12/34

...

3,617

6665226.SQ.FTS.B

.006

11/13/34

...

463

6668780.SQ.FTS.B

.566

11/15/34

...

9,273

6672424.SQ.FTS.B

.377

11/16/34

...

4,756

1,421

6670037.SQ.FTS.B

.571

11/16/34

...

6,805

6674961.SQ.FTS.B

.44

11/17/34

....

5,853

6678696.SQ.FTS.B

.936

11/18/34

...

19,360

102

6681578.SQ.FTS.B

.937

11/18/34

...

10,776

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6679343.SQ.FTS.B

.379

11/18/34

...

3,191

6684387.SQ.FTS.B

.738

11/19/34

...

1,197

6682519.SQ.FTS.B

.381

11/19/34

...

771

6685009.SQ.FTS.B

.752

11/20/34

...

2,633

6685907.SQ.FTS.B

.568

11/21/34

...

6,801

751

6686639.SQ.FTS.B

.937

11/22/34

...

1,131

6686940.SQ.FTS.B

.937

11/22/34

...

2,880

288

6689856.SQ.FTS.B

.659

11/23/34

...

4,087

6692529.SQ.FTS.B

.186

11/23/34

...

6,099

6689979.SQ.FTS.B

.377

11/23/34

...

12,919

122

6709316.SQ.FTS.B

.767

11/29/34

...

152

6719810.SQ.FTS.B

.432

12/01/34

...

1,571

6724464.SQ.FTS.B

.747

12/02/34

...

9,907

6725712.SQ.FTS.B

.757

12/03/34

...

1,865

755

6729931.SQ.FTS.B

.262

12/05/34

...

5,140

6731838.SQ.FTS.B

.654

12/06/34

...

5,855

6731255.SQ.FTS.B

.188

12/06/34

...

1,286

6730881.SQ.FTS.B

.755

12/06/34

...

5,649

1,947

6737291.SQ.FTS.B

.203

12/07/34

...

1,511

6742103.SQ.FTS.B

.26

12/08/34

....

970

6746092.SQ.FTS.B

.659

12/09/34

...

1,222

6745247.SQ.FTS.B

.74

12/09/34

....

775

6746977.SQ.FTS.B

.188

12/10/34

...

15,911

6753247.SQ.FTS.B

.655

12/13/34

...

9,691

142

6753008.SQ.FTS.B

.749

12/13/34

...

6,085

6756294.SQ.FTS.B

.751

12/14/34

...

3,030

1,074

6764489.SQ.FTS.B

.937

12/15/34

...

21,402

243

6770530.SQ.FTS.B

.39

12/19/34

....

1,058

6771134.SQ.FTS.B

.006

12/19/34

...

18,506

105

6774551.SQ.FTS.B

.567

12/20/34

...

17,810

159

6781272.SQ.FTS.B

.566

12/22/34

...

37,439

627

6783369.SQ.FTS.B

.27

12/23/34

....

1,854

6792314.SQ.FTS.B

.005

12/27/34

...

6,421

6795315.SQ.FTS.B

.417

12/28/34

...

1,229

6800044.SQ.FTS.B

.258

12/29/34

...

4,878

6804745.SQ.FTS.B

.449

12/30/34

...

180

6806677.SQ.FTS.B

.568

12/30/34

...

3,293

6808256.SQ.FTS.B

.546

1/01/35

....

794

6812850.SQ.FTS.B

.652

1/03/35

....

1,848

6812517.SQ.FTS.B

.566

1/03/35

....

14,910

241

6811483.SQ.FTS.B

.005

1/03/35

....

2,326

964

6810642.SQ.FTS.B

.009

1/03/35

....

5,633

6815367.SQ.FTS.B

.371

1/05/35

....

1,775

6822097.SQ.FTS.B

.751

1/06/35

....

1,805

6818955.SQ.FTS.B

.938

1/06/35

....

7,512

6826532.SQ.FTS.B

.749

1/08/35

....

3,960

Description

Principal

Amount

Value

Block,

Inc.

(continued)

6830364.SQ.FTS.B

.755

1/10/35

....

2,319

987

6833356.SQ.FTS.B

.379

1/11/35

....

5,112

2,162

6836269.SQ.FTS.B

.747

1/12/35

....

758

6833875.SQ.FTS.B

.189

1/12/35

....

1,457

253

6836478.SQ.FTS.B

.749

1/12/35

....

673

6841626.SQ.FTS.B

.748

1/13/35

....

5,625

6840598.SQ.FTS.B

.567

1/13/35

....

9,338

126

6838796.SQ.FTS.B

.176

1/13/35

....

1,173

6839643.SQ.FTS.B

.205

1/13/35

....

576

6843667.SQ.FTS.B

.415

1/14/35

....

32,216

544

6845960.SQ.FTS.B

.748

1/15/35

....

2,479

6846131.SQ.FTS.B

.747

1/15/35

....

1,460

503

6846797.SQ.FTS.B

.191

1/16/35

....

623

6846652.SQ.FTS.B

.773

1/16/35

....

185

6849498.SQ.FTS.B

.655

1/17/35

....

5,530

6849711.SQ.FTS.B

.743

1/17/35

....

628

6849119.SQ.FTS.B

.563

1/17/35

....

1,330

679

6848265.SQ.FTS.B

.172

1/17/35

....

1,144

6852615.SQ.FTS.B

.756

1/18/35

....

1,041

6855849.SQ.FTS.B

.653

1/19/35

....

3,444

663

6862957.SQ.FTS.B

.254

1/21/35

....

4,171

6868391.SQ.FTS.B

.436

1/24/35

....

1,629

691

6870054.SQ.FTS.B

.921

1/25/35

....

591

259

6871369.SQ.FTS.B

.567

1/25/35

....

499

6871155.SQ.FTS.B

.012

1/25/35

....

3,560

6873383.SQ.FTS.B

.15

1/26/35

.....

334

6880856.SQ.FTS.B

.366

1/28/35

....

1,568

6884403.SQ.FTS.B

.582

1/29/35

....

131

6884787.SQ.FTS.B

.262

1/29/35

....

3,067

6888979.SQ.FTS.B

.187

1/31/35

....

350

153

6889119.SQ.FTS.B

.008

1/31/35

....

3,513

6889109.SQ.FTS.B

.258

1/31/35

....

1,082

168

6891067.SQ.FTS.B

.255

2/01/35

....

5,566

6895588.SQ.FTS.B

.657

2/02/35

....

10,603

6895440.SQ.FTS.B

.187

2/02/35

....

905

500

6893023.SQ.FTS.B

.378

2/02/35

....

14,273

173

6899300.SQ.FTS.B

.643

2/03/35

....

1,221

6899194.SQ.FTS.B

.754

2/03/35

....

463

6903284.SQ.FTS.B

.654

2/04/35

....

3,163

6904989.SQ.FTS.B

.189

2/05/35

....

22,178

10,477

6904822.SQ.FTS.B

.573

2/05/35

....

285

6908001.SQ.FTS.B

.565

2/07/35

....

23,167

175

6908375.SQ.FTS.B

.005

2/07/35

....

3,730

6909141.SQ.FTS.B

.379

2/08/35

....

19,068

288

6909057.SQ.FTS.B

.25

2/08/35

.....

172

6912801.SQ.FTS.B

.747

2/09/35

....

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

6913052.SQ.FTS.B

.942

2/09/35

....

2,970

705

6914678.SQ.FTS.B

.758

2/09/35

....

3,385

6916173.SQ.FTS.B

.577

2/10/35

....

512

6920447.SQ.FTS.B

.006

2/11/35

....

24,973

476

6923496.SQ.FTS.B

.258

2/15/35

....

7,811

3,821

6934833.SQ.FTS.B

.938

2/17/35

....

4,744

161

6934329.SQ.FTS.B

.258

2/17/35

....

12,367

219

6936990.SQ.FTS.B

.748

2/18/35

....

3,340

6937130.SQ.FTS.B

.132

2/18/35

....

381

6938552.SQ.FTS.B

.416

2/18/35

....

6,233

100

6942251.SQ.FTS.B

.656

2/20/35

....

3,601

6946078.SQ.FTS.B

.937

2/21/35

....

1,495

764

6943720.SQ.FTS.B

.189

2/21/35

....

232

146

6946120.SQ.FTS.B

.164

2/21/35

....

10,031

121

6944161.SQ.FTS.B

.261

2/21/35

....

1,708

374

6962127.SQ.FTS.B

.57

2/25/35

.....

224

131

6963512.SQ.FTS.B

.747

2/27/35

....

400

227

6966531.SQ.FTS.B

.749

2/28/35

....

3,997

6978952.SQ.FTS.B

.937

2/28/35

....

51,491

1,326

6967741.SQ.FTS.B

.189

2/28/35

....

1,476

822

6968020.SQ.FTS.B

.197

2/28/35

....

272

155

6966362.SQ.FTS.B

.376

2/28/35

....

288

6969402.SQ.FTS.B

.444

2/28/35

....

576

319

6968103.SQ.FTS.B

.455

2/28/35

....

537

6966621.SQ.FTS.B

.569

2/28/35

....

1,752

6971755.SQ.FTS.B

.975

2/28/35

....

353

6970716.SQ.FTS.B

.005

2/28/35

....

3,208

1,665

6978456.SQ.FTS.B

.154

2/28/35

....

188

6966412.SQ.FTS.B

.167

2/28/35

....

2,449

6978418.SQ.FTS.B

.247

2/28/35

....

1,258

6966854.SQ.FTS.B

.26

2/28/35

.....

3,823

105

6981964.SQ.FTS.B

.376

3/01/35

....

13,283

174

6981536.SQ.FTS.B

.563

3/01/35

....

1,328

199

6984708.SQ.FTS.B

.567

3/02/35

....

1,263

6986717.SQ.FTS.B

.416

3/04/35

....

3,734

1,931

6987569.SQ.FTS.B

.754

3/05/35

....

3,671

6993089.SQ.FTS.B

.76

3/06/35

.....

594

334

6990771.SQ.FTS.B

.749

3/06/35

....

7006776.SQ.FTS.B

.756

3/11/35

....

1,249

601

7008486.SQ.FTS.B

.189

3/12/35

....

478

274

7008210.SQ.FTS.B

.566

3/12/35

....

7009982.SQ.FTS.B

.014

3/12/35

....

327

171

7009269.SQ.FTS.B

.165

3/12/35

....

22,063

436

7014159.SQ.FTS.B

.56

3/13/35

.....

1,246

223

7014068.SQ.FTS.B

.007

3/13/35

....

1,017

563

7023270.SQ.FTS.B

.935

3/15/35

....

9,587

4,853

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7023843.SQ.FTS.B

.179

3/15/35

....

231

131

7021732.SQ.FTS.B

.376

3/15/35

....

2,798

698

7021699.SQ.FTS.B

.77

3/15/35

.....

612

397

7020921.SQ.FTS.B

.005

3/15/35

....

430

231

7021179.SQ.FTS.B

.019

3/15/35

....

189

105

7022730.SQ.FTS.B

.259

3/15/35

....

3,666

7025304.SQ.FTS.B

.941

3/16/35

....

190

116

7024745.SQ.FTS.B

.76

3/16/35

.....

1,045

549

7028537.SQ.FTS.B

.189

3/18/35

....

66,996

1,003

7029537.SQ.FTS.B

.566

3/18/35

....

527

353

7033222.SQ.FTS.B

.937

3/19/35

....

3,780

2,526

7032279.SQ.FTS.B

.567

3/19/35

....

1,308

721

7035266.SQ.FTS.B

.192

3/20/35

....

483

300

7043444.SQ.FTS.B

.376

3/21/35

....

6,529

168

7040179.SQ.FTS.B

.564

3/21/35

....

10,880

239

7041176.SQ.FTS.B

.004

3/21/35

....

320

188

7043824.SQ.FTS.B

.007

3/22/35

....

160

7046836.SQ.FTS.B

.261

3/22/35

....

2,078

620

7050197.SQ.FTS.B

.749

3/25/35

....

13,025

216

7052668.SQ.FTS.B

.936

3/25/35

....

1,948

7052092.SQ.FTS.B

.754

3/25/35

....

9,069

5,696

7051781.SQ.FTS.B

.757

3/25/35

....

1,858

1,189

7050592.SQ.FTS.B

.263

3/25/35

....

912

7054612.SQ.FTS.B

.006

3/26/35

....

5,385

7061323.SQ.FTS.B

.189

3/28/35

....

34,494

682

7062421.SQ.FTS.B

.006

3/28/35

....

896

7062617.SQ.FTS.B

.164

3/28/35

....

20,347

425

7065240.SQ.FTS.B

.189

3/29/35

....

261

185

7067874.SQ.FTS.B

.003

3/29/35

....

3,096

638

7065573.SQ.FTS.B

.258

3/29/35

....

13,691

462

7071000.SQ.FTS.B

.721

4/02/35

....

645

7071207.SQ.FTS.B

.451

4/02/35

....

170

106

7071948.SQ.FTS.B

.248

4/02/35

....

631

329

7074171.SQ.FTS.B

.761

4/03/35

....

7074204.SQ.FTS.B

.419

4/03/35

....

2,451

1,510

7080510.SQ.FTS.B

.274

4/04/35

....

1,437

7085620.SQ.FTS.B

.007

4/05/35

....

8,877

222

7089901.SQ.FTS.B

.375

4/06/35

....

7,927

283

7091540.SQ.FTS.B

.756

4/06/35

....

10,017

257

7091737.SQ.FTS.B

.421

4/06/35

....

949

256

7092933.SQ.FTS.B

.76

4/07/35

.....

720

374

7095396.SQ.FTS.B

.76

4/09/35

.....

2,713

1,338

7098792.SQ.FTS.B

.653

4/10/35

....

2,031

747

7096738.SQ.FTS.B

.562

4/10/35

....

1,329

765

7101698.SQ.FTS.B

.393

4/11/35

....

1,018

7102724.SQ.FTS.B

.566

4/11/35

....

4,584

124

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Block,

Inc.

(continued)

7102932.SQ.FTS.B

.255

4/11/35

....

1,825

7105121.SQ.FTS.B

.938

4/12/35

....

1,161

7106451.SQ.FTS.B

.377

4/12/35

....

11,957

381

7105271.SQ.FTS.B

.756

4/12/35

....

186

122

7108839.SQ.FTS.B

.653

4/13/35

....

5,096

3,494

7109927.SQ.FTS.B

.418

4/13/35

....

8,573

146

7112817.SQ.FTS.B

.382

4/14/35

....

1,840

1,126

7112255.SQ.FTS.B

.155

4/14/35

....

2,323

7115405.SQ.FTS.B

.655

4/16/35

....

35,457

1,185

7117443.SQ.FTS.B

.935

4/16/35

....

315

197

7115331.SQ.FTS.B

.762

4/16/35

....

697

386

7121272.SQ.FTS.B

.012

4/17/35

....

2,783

7122345.SQ.FTS.B

.762

4/18/35

....

402

7123668.SQ.FTS.B

.936

4/18/35

....

2,218

986

7123343.SQ.FTS.B

.006

4/18/35

....

9,594

5,498

7134939.SQ.FTS.B

.756

4/19/35

....

9,292

294

7137611.SQ.FTS.B

.189

4/20/35

....

10,916

542

7142919.SQ.FTS.B

.752

4/22/35

....

515

365

7147597.SQ.FTS.B

.364

4/23/35

....

1,926

7147279.SQ.FTS.B

.38

4/23/35

.....

7,905

5,166

7149585.SQ.FTS.B

.27

4/24/35

.....

272

150

7151063.SQ.FTS.B

.427

4/24/35

....

7154719.SQ.FTS.B

.759

4/25/35

....

6,577

7160263.SQ.FTS.B

.152

4/26/35

....

684

354

7158189.SQ.FTS.B

.269

4/26/35

....

1,023

691

7164006.SQ.FTS.B

.364

4/27/35

....

146

7163217.SQ.FTS.B

.773

4/27/35

....

714

391

7163900.SQ.FTS.B

.413

4/27/35

....

5,443

2,901

7164193.SQ.FTS.B

.377

4/28/35

....

5,624

116

7165931.SQ.FTS.B

.385

4/29/35

....

1,875

7165983.SQ.FTS.B

.757

4/29/35

....

725

498

7172526.SQ.FTS.B

.748

4/30/35

....

4,439

2,409

7171906.SQ.FTS.B

.376

4/30/35

....

629

383

7168326.SQ.FTS.B

.572

4/30/35

....

1,220

749

7168044.SQ.FTS.B

.764

4/30/35

....

2,062

7176646.SQ.FTS.B

.762

5/01/35

....

1,231

7176634.SQ.FTS.B

.445

5/01/35

....

1,458

7173920.SQ.FTS.B

.759

5/01/35

....

716

450

7173881.SQ.FTS.B

.415

5/01/35

....

2,005

7180807.SQ.FTS.B

.654

5/02/35

....

2,907

138

7180850.SQ.FTS.B

.935

5/02/35

....

2,462

7179318.SQ.FTS.B

.189

5/02/35

....

11,376

439

7183657.SQ.FTS.B

.987

5/02/35

....

535

318

7187317.SQ.FTS.B

.575

5/03/35

....

420

253

7187279.SQ.FTS.B

.004

5/03/35

....

216

110

7191961.SQ.FTS.B

.481

5/06/35

....

251

143

Description

Principal

Amount

Value

Block,

Inc.

(continued)

7196096.SQ.FTS.B

.003

5/07/35

....

8,216

117

7198081.SQ.FTS.B

.561

5/08/35

....

587

315

7201085.SQ.FTS.B

.419

5/08/35

....

1,847

7203631.SQ.FTS.B

.745

5/09/35

....

1,386

7206523.SQ.FTS.B

.938

5/09/35

....

2,584

2,063

7204614.SQ.FTS.B

.184

5/09/35

....

3,537

161

7206450.SQ.FTS.B

.373

5/09/35

....

1,582

877

7204933.SQ.FTS.B

.409

5/09/35

....

381

7206160.SQ.FTS.B

.258

5/09/35

....

11,872

223

7210379.SQ.FTS.B

.263

5/10/35

....

892

460

7212092.SQ.FTS.B

.939

5/12/35

....

168

133

7215803.SQ.FTS.B

.932

5/13/35

....

3,486

187

7215930.SQ.FTS.B

.257

5/13/35

....

13,761

427

7218862.SQ.FTS.B

.189

5/14/35

....

3,243

2,133

7220791.SQ.FTS.B

.436

5/14/35

....

229

159

7224254.SQ.FTS.B

.757

5/15/35

....

6,009

3,652

7222451.SQ.FTS.B

.258

5/15/35

....

6,234

3,185

7232784.SQ.FTS.B

.757

5/17/35

....

1,542

764

7233028.SQ.FTS.B

.266

5/17/35

....

258

170

7235145.SQ.FTS.B

.008

5/18/35

....

20,605

605

7237806.SQ.FTS.B

.384

5/20/35

....

768

7243786.SQ.FTS.B

.654

5/21/35

....

7,276

5,080

7243413.SQ.FTS.B

.382

5/21/35

....

1,610

1,089

7244368.SQ.FTS.B

5/21/35

.......

660

434

7242328.SQ.FTS.B

.153

5/21/35

....

534

291

7243236.SQ.FTS.B

.26

5/21/35

.....

8,746

209

7247605.SQ.FTS.B

.185

5/22/35

....

1,856

7250948.SQ.FTS.B

.377

5/22/35

....

271

181

7248975.SQ.FTS.B

.017

5/22/35

....

245

156

7249679.SQ.FTS.B

.422

5/22/35

....

736

324

7249518.SQ.FTS.B

.424

5/22/35

....

2,027

7251900.SQ.FTS.B

.422

5/23/35

....

685

461

7253237.SQ.FTS.B

.01

5/24/35

.....

810

7252834.SQ.FTS.B

.167

5/24/35

....

4,847

7254743.SQ.FTS.B

.656

5/25/35

....

1,177

924

7256122.SQ.FTS.B

.365

5/25/35

....

1,533

7256570.SQ.FTS.B

.935

5/26/35

....

5,380

3,839

7262532.SQ.FTS.B

.752

5/28/35

....

3,144

7262602.SQ.FTS.B

.43

5/28/35

.....

693

435

7263402.SQ.FTS.B

.004

5/28/35

....

351

262

7264204.SQ.FTS.B

.654

5/29/35

....

20,052

13,510

7266191.SQ.FTS.B

.938

5/29/35

....

34,643

22,367

23,554,818

Freedom

Financial

Asset

Management

LLC

APP-15099844.FP.FTS.B

.99

7/15/25

1,173

1,179

APP-15063599.FP.FTS.B

.24

7/23/25

1,658

1,662

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12210758.FP.FTS.B

.49

7/25/25

438

439

APP-17112174.FP.FTS.B

.74

8/12/25

1,626

1,631

APP-17041993.FP.FTS.B

.74

9/05/25

4,820

4,840

APP-17017611.FP.FTS.B

.99

9/06/25

5,428

5,442

APP-16692788.FP.FTS.B

.74

9/10/25

1,557

1,562

APP-16716169.FP.FTS.B

.49

9/14/25

2,040

2,048

APP-17284270.FP.FTS.B

.74

9/15/25

5,308

5,328

APP-16622583.FP.FTS.B

.99

9/16/25

1,940

1,962

APP-17495714.FP.FTS.B

.74

9/26/25

2,014

2,024

APP-15077310.FP.FTS.B

.49

10/21/25

2,783

2,844

APP-11579289.FP.FTS.B

.99

12/05/25

2,493

2,509

APP-10861885.FP.FTS.B

.49

12/17/25

6,463

1,487

APP-11531737.FP.FTS.B

.99

12/22/25

3,018

3,054

APP-11442801.FP.FTS.B

.49

12/22/25

4,092

4,200

APP-12165054.FP.FTS.B

.24

1/14/26

4,095

4,130

APP-12174416.FP.FTS.B

.24

1/22/26

4,487

4,537

APP-12171910.FP.FTS.B

.49

1/22/26

3,587

3,627

APP-12006366.FP.FTS.B

.99

1/22/26

2,530

2,616

APP-11687753.FP.FTS.B

.49

1/25/26

4,718

4,782

APP-12139578.FP.FTS.B

.24

2/24/26

2,754

2,786

APP-12050179.FP.FTS.B

.49

3/07/26

4,621

4,687

APP-12287014.FP.FTS.B

.99

3/15/26

4,254

4,359

APP-12431691.FP.FTS.B

.49

3/20/26

7,445

7,526

APP-12286988.FP.FTS.B

.99

3/21/26

11,184

11,299

APP-12443256.FP.FTS.B

.74

3/24/26

3,690

3,733

APP-12414582.FP.FTS.B

.49

3/25/26

5,750

5,943

APP-12199831.FP.FTS.B

.99

5/22/26

5,384

5,544

APP-15117837.FP.FTS.B

.24

7/15/26

7,236

743

APP-12343526.FP.FTS.B

.99

7/21/26

12,798

1,541

APP-14891119.FP.FTS.B

.74

7/24/26

19,054

19,734

APP-15053612.FP.FTS.B

.99

7/26/26

4,161

4,228

APP-15053337.FP.FTS.B

.99

7/26/26

4,565

4,759

APP-15119191.FP.FTS.B

.49

7/28/26

1,840

489

APP-16637564.FP.FTS.B

.99

9/03/26

3,449

3,503

APP-16719236.FP.FTS.B

.49

9/04/26

6,850

6,943

APP-10573456.FP.FTS.B

.49

9/10/26

5,246

1,133

APP-16630984.FP.FTS.B

.49

9/12/26

6,078

6,187

APP-16335651.FP.FTS.B

.49

9/15/26

6,860

6,970

APP-17464221.FP.FTS.B

.74

9/15/26

5,572

5,752

APP-16710569.FP.FTS.B

.49

9/16/26

10,295

10,464

APP-10406165.FP.FTS.B

.99

9/20/26

5,223

5,337

APP-17279512.FP.FTS.B

.74

9/22/26

6,213

6,426

APP-17112272.FP.FTS.B

.24

9/25/26

8,761

8,890

APP-16632934.FP.FTS.B

.49

10/15/26

4,506

4,517

APP-11021919.FP.FTS.B

.99

11/03/26

7,447

7,695

APP-16676602.FP.FTS.B

.24

11/05/26

4,320

4,338

APP-17032039.FP.FTS.B

.49

11/16/26

11,322

11,492

APP-11381442.FP.FTS.B

.49

11/26/26

10,567

11,005

APP-11579549.FP.FTS.B

.49

12/15/26

19,041

19,335

APP-11693245.FP.FTS.B

.49

12/18/26

9,055

9,477

APP-11022370.FP.FTS.B

.49

12/20/26

4,184

4,251

APP-11740523.FP.FTS.B

.99

12/21/26

9,719

9,864

APP-11730592.FP.FTS.B

.99

12/21/26

22,076

2,267

APP-11723942.FP.FTS.B

.49

12/21/26

22,609

23,570

APP-12116526.FP.FTS.B

.99

1/05/27

6,629

6,817

APP-11410185.FP.FTS.B

.49

1/10/27

13,984

14,630

APP-11946615.FP.FTS.B

.49

1/11/27

9,502

9,675

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12139980.FP.FTS.B

.99

1/15/27

560

APP-12032875.FP.FTS.B

.24

1/16/27

10,405

10,570

APP-12073890.FP.FTS.B

.99

1/20/27

9,057

9,189

APP-11694985.FP.FTS.B

.99

1/21/27

5,904

6,006

APP-11798808.FP.FTS.B

.99

1/22/27

8,259

8,383

APP-12154405.FP.FTS.B

.49

1/22/27

6,668

6,803

APP-12169743.FP.FTS.B

.24

1/22/27

14,460

15,197

APP-12186510.FP.FTS.B

.74

1/23/27

16,799

17,052

APP-11595106.FP.FTS.B

.49

1/26/27

5,841

5,946

APP-11595260.FP.FTS.B

.99

1/30/27

2,705

2,746

APP-11579435.FP.FTS.B

.49

1/31/27

8,593

8,916

APP-11694211.FP.FTS.B

.99

2/04/27

21,758

22,184

APP-11724908.FP.FTS.B

.74

2/04/27

16,099

16,331

APP-11709701.FP.FTS.B

.49

2/04/27

6,451

6,563

APP-11725393.FP.FTS.B

.99

2/04/27

23,269

24,028

APP-11694359.FP.FTS.B

.99

2/04/27

1,830

1,837

APP-11660434.FP.FTS.B

.49

2/04/27

14,310

14,961

APP-11694079.FP.FTS.B

.99

2/05/27

9,120

9,251

APP-11722179.FP.FTS.B

.99

2/05/27

11,926

12,102

APP-11742867.FP.FTS.B

.24

2/05/27

10,055

10,522

APP-12337990.FP.FTS.B

.49

2/07/27

3,715

3,773

APP-11738196.FP.FTS.B

.99

2/15/27

5,532

5,760

APP-12029572.FP.FTS.B

.99

2/24/27

3,622

3,670

APP-12050224.FP.FTS.B

.74

3/01/27

18,574

18,831

APP-12168636.FP.FTS.B

.24

3/01/27

8,999

9,139

APP-12208717.FP.FTS.B

.74

3/01/27

12,405

12,898

APP-12158633.FP.FTS.B

.24

3/02/27

10,277

10,715

APP-12005996.FP.FTS.B

.49

3/03/27

3,407

3,450

APP-12214905.FP.FTS.B

.49

3/05/27

5,025

5,110

APP-12050159.FP.FTS.B

.24

3/07/27

15,584

15,852

APP-12125835.FP.FTS.B

.99

3/07/27

1,448

1,447

APP-12140862.FP.FTS.B

.99

3/08/27

11,642

11,825

APP-12105970.FP.FTS.B

.99

3/08/27

9,878

10,029

APP-12155604.FP.FTS.B

.24

3/08/27

3,055

3,071

APP-12097459.FP.FTS.B

.24

3/08/27

11,340

11,537

APP-12106008.FP.FTS.B

.49

3/08/27

7,167

7,292

APP-12432804.FP.FTS.B

.24

3/09/27

16,320

16,588

APP-11508449.FP.FTS.B

.49

3/10/27

12,948

13,133

APP-12203395.FP.FTS.B

.49

3/10/27

5,773

6,025

APP-12199670.FP.FTS.B

.99

3/11/27

12,917

13,075

APP-12459441.FP.FTS.B

.49

3/11/27

8,014

8,261

APP-12210087.FP.FTS.B

.74

3/11/27

24,521

25,409

APP-12071137.FP.FTS.B

.99

3/11/27

13,519

14,054

APP-12460903.FP.FTS.B

.99

3/15/27

17,338

17,605

APP-12467297.FP.FTS.B

.24

3/15/27

14,026

14,276

APP-12379303.FP.FTS.B

.24

3/16/27

3,000

3,010

APP-11948900.FP.FTS.B

.74

3/18/27

18,192

18,717

APP-12418630.FP.FTS.B

.99

3/18/27

9,894

10,285

APP-12433361.FP.FTS.B

.49

3/18/27

9,094

9,523

APP-12461150.FP.FTS.B

.49

3/18/27

9,980

1,131

APP-12421799.FP.FTS.B

.74

3/18/27

9,322

9,522

APP-12463831.FP.FTS.B

.99

3/18/27

4,709

4,883

APP-12422648.FP.FTS.B

.24

3/20/27

10,438

10,636

APP-12380981.FP.FTS.B

.74

3/20/27

4,656

4,730

APP-12230901.FP.FTS.B

.24

3/20/27

24,652

25,702

APP-12424835.FP.FTS.B

.99

3/20/27

17,002

17,925

APP-12176796.FP.FTS.B

.99

3/21/27

11,889

12,075

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-12459776.FP.FTS.B

.99

3/21/27

14,741

14,988

APP-12287335.FP.FTS.B

.24

3/21/27

9,961

10,158

APP-12345261.FP.FTS.B

.49

3/22/27

11,456

11,862

APP-12270745.FP.FTS.B

.74

3/23/27

18,540

19,363

APP-12429877.FP.FTS.B

.74

3/23/27

15,625

16,310

APP-12468743.FP.FTS.B

.24

3/24/27

5,552

5,618

APP-12408200.FP.FTS.B

.74

3/24/27

1,246

1,249

APP-11872544.FP.FTS.B

.99

3/25/27

6,651

6,982

APP-12105986.FP.FTS.B

.99

3/30/27

18,587

1,988

APP-12107351.FP.FTS.B

.49

3/31/27

10,887

11,320

APP-12175594.FP.FTS.B

.99

4/01/27

7,272

7,500

APP-12408935.FP.FTS.B

.99

4/17/27

2,040

2,056

APP-11397497.FP.FTS.B

.99

4/19/27

11,242

11,442

APP-12345892.FP.FTS.B

.49

4/22/27

6,648

6,763

APP-12033253.FP.FTS.B

.99

4/24/27

7,391

7,764

APP-12468566.FP.FTS.B

.74

4/25/27

18,147

18,959

APP-12133804.FP.FTS.B

.99

4/30/27

10,785

10,958

APP-11709913.FP.FTS.B

.49

4/30/27

31,380

18,904

APP-12164096.FP.FTS.B

.49

5/05/27

8,630

1,775

APP-12172482.FP.FTS.B

.49

7/06/27

18,996

19,812

APP-15007182.FP.FTS.B

.99

7/11/27

6,160

6,284

APP-15105817.FP.FTS.B

.74

7/15/27

11,138

11,317

APP-15110260.FP.FTS.B

.99

7/15/27

16,645

16,946

APP-15103060.FP.FTS.B

.99

7/15/27

8,793

9,107

APP-14544639.FP.FTS.B

.99

7/21/27

7,663

7,798

APP-16662334.FP.FTS.B

.24

7/26/27

14,045

14,312

APP-15066733.FP.FTS.B

.99

7/26/27

7,910

8,320

APP-15116487.FP.FTS.B

.49

7/28/27

9,891

10,424

APP-16465567.FP.FTS.B

.49

7/30/27

8,413

8,583

APP-16640475.FP.FTS.B

.74

8/02/27

9,751

9,897

APP-17319474.FP.FTS.B

.49

8/07/27

11,614

11,655

APP-12159801.FP.FTS.B

.99

8/15/27

15,215

15,780

APP-15106325.FP.FTS.B

.24

8/28/27

3,771

3,828

APP-16632155.FP.FTS.B

.49

9/01/27

9,409

9,552

APP-16448250.FP.FTS.B

.49

9/01/27

3,849

3,913

APP-16676570.FP.FTS.B

.24

9/01/27

11,793

12,117

APP-16718578.FP.FTS.B

.74

9/02/27

6,204

6,296

APP-16852920.FP.FTS.B

.99

9/04/27

20,818

21,144

APP-16640455.FP.FTS.B

.99

9/05/27

12,067

12,253

APP-16335596.FP.FTS.B

.99

9/12/27

14,351

14,599

APP-15052242.FP.FTS.B

.74

9/13/27

27,662

28,313

APP-17458875.FP.FTS.B

.49

9/13/27

2,835

2,880

APP-16687847.FP.FTS.B

.49

9/15/27

10,601

10,788

APP-17011228.FP.FTS.B

.74

9/15/27

28,428

29,007

APP-16637899.FP.FTS.B

.49

9/15/27

11,157

11,359

APP-17027051.FP.FTS.B

.49

9/16/27

7,994

8,177

APP-16637461.FP.FTS.B

.49

9/20/27

11,115

11,361

APP-17010091.FP.FTS.B

.49

9/21/27

26,095

2,605

APP-17497296.FP.FTS.B

.74

9/23/27

7,890

8,171

APP-17082038.FP.FTS.B

.49

9/26/27

16,845

17,164

APP-17490395.FP.FTS.B

.24

9/26/27

18,735

19,135

APP-17504832.FP.FTS.B

.74

9/27/27

4,936

4,975

APP-17102136.FP.FTS.B

.24

9/27/27

31,123

3,386

APP-16627732.FP.FTS.B

.99

10/25/27

15,018

15,308

APP-16800634.FP.FTS.B

.99

10/28/27

29,380

29,997

Description

Principal

Amount

Value

Freedom

Financial

Asset

Management

LLC

(continued)

APP-16677695.FP.FTS.B

.99

11/14/27

16,191

16,489

1,578,934

LendingClub

Corp.

LCX

168006688.LC.FTS.B

.19

3/09/35

...

2,983

2,922

162966512.LC.FTS.B

.02

4/12/35

...

2,313

101

168296354.LC.FTS.B

.08

5/13/35

...

1,196

1,186

4,209

LendingClub

Corp.

LCX

170812112.LC.FTS.B

.02

9/29/25

...

2,249

2,234

172156822.LC.FTS.B

.02

11/24/25

1,556

1,526

172665217.LC.FTS.B

12/04/25

...

3,640

3,611

172752552.LC.FTS.B

.08

12/10/25

2,203

2,196

173203429.LC.FTS.B

12/23/25

...

6,914

6,874

173295643.LC.FTS.B

.12

12/28/25

2,327

2,350

173301532.LC.FTS.B

1/06/26

...

6,291

6,285

172611713.LC.FTS.B

.12

1/14/26

...

3,619

3,631

173821408.LC.FTS.B

.49

1/19/26

...

3,518

3,572

173896730.LC.FTS.B

.99

1/19/26

...

2,347

2,411

173933933.LC.FTS.B

.49

1/20/26

...

3,917

3,907

174045948.LC.FTS.B

.44

1/22/26

...

3,994

4,036

174087634.LC.FTS.B

.99

1/22/26

...

3,522

3,615

172757520.LC.FTS.B

.12

1/24/26

...

4,667

–

173956639.LC.FTS.B

.19

1/25/26

...

1,441

1,451

173841383.LC.FTS.B

.49

1/25/26

...

7,020

7,146

173496629.LC.FTS.B

.08

2/14/26

...

5,134

5,048

173580706.LC.FTS.B

7/15/26

...

7,703

7,697

171023190.LC.FTS.B

.81

10/06/33

2,748

–

67,590

Prosper

Funding

LLC

1673705.PS.FTS.B

6/16/25

.......

1,074

1,030

1683121.PS.FTS.B

6/22/25

.....

336

338

1683602.PS.FTS.B

7/05/25

.....

1681405.PS.FTS.B

10/12/25

....

5,954

941

1638183.PS.FTS.B

.71

10/26/25

...

1,742

1,727

1685272.PS.FTS.B

11/28/25

....

1,483

–

1692336.PS.FTS.B

11/28/25

....

2,643

2,668

1690361.PS.FTS.B

12/18/25

....

1,064

1,065

1709591.PS.FTS.B

1/16/26

.....

–

1592846.PS.FTS.B

7/23/26

.....

2,631

2,645

1599440.PS.FTS.B

8/05/26

.....

830

857

1600460.PS.FTS.B

8/06/26

.....

5,166

5,155

1600466.PS.FTS.B

.73

8/06/26

....

5,448

5,433

1603759.PS.FTS.B

.59

8/06/26

....

3,731

3,774

1604551.PS.FTS.B

.74

8/09/26

....

6,081

6,046

1611384.PS.FTS.B

.88

8/09/26

....

3,375

3,356

1611387.PS.FTS.B

.33

8/09/26

....

3,828

516

1611390.PS.FTS.B

8/09/26

.....

531

542

1611810.PS.FTS.B

8/10/26

.......

832

828

1606042.PS.FTS.B

.74

8/10/26

....

6,322

3,511

1611807.PS.FTS.B

.33

8/10/26

....

5,519

5,595

1612149.PS.FTS.B

8/10/26

.....

2,266

2,297

1612140.PS.FTS.B

.74

8/10/26

....

2,535

2,568

1603532.PS.FTS.B

8/12/26

.....

3,969

4,030

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Prosper

Funding

LLC

(continued)

1612131.PS.FTS.B

.48

8/15/26

....

2,772

2,811

1611322.PS.FTS.B

8/19/26

.....

11,559

11,519

1618149.PS.FTS.B

8/19/26

.....

3,602

3,593

1611805.PS.FTS.B

.18

8/20/26

....

10,393

10,420

1615738.PS.FTS.B

8/27/26

.....

1,338

1,335

1615636.PS.FTS.B

8/30/26

.....

5,331

5,316

1612853.PS.FTS.B

8/30/26

.......

14,067

13,948

1611798.PS.FTS.B

.74

9/01/26

....

4,454

4,613

1625300.PS.FTS.B

.79

9/23/26

....

2,415

2,411

1625246.PS.FTS.B

9/23/26

.....

3,314

3,307

1626860.PS.FTS.B

9/27/26

.......

2,355

2,357

1631647.PS.FTS.B

9/28/26

.....

5,374

5,368

1638105.PS.FTS.B

9/28/26

.....

2,420

2,418

1628072.PS.FTS.B

.53

9/28/26

....

7,610

7,602

1627559.PS.FTS.B

.89

9/28/26

....

6,470

6,515

1639041.PS.FTS.B

9/29/26

.....

5,445

5,496

1648282.PS.FTS.B

10/26/26

......

5,640

5,651

1648288.PS.FTS.B

.96

10/26/26

...

5,690

–

1645223.PS.FTS.B

10/27/26

....

3,210

3,198

1648588.PS.FTS.B

.39

10/27/26

...

5,673

5,685

1648621.PS.FTS.B

.29

10/27/26

...

10,809

10,814

1646309.PS.FTS.B

.62

10/28/26

....

5,742

5,724

1646066.PS.FTS.B

.18

10/28/26

...

6,123

6,138

1646072.PS.FTS.B

.23

10/28/26

...

5,401

5,659

1647161.PS.FTS.B

10/29/26

....

2,623

2,643

1657278.PS.FTS.B

10/29/26

....

3,028

3,045

1646819.PS.FTS.B

10/29/26

....

1,515

1,527

1650901.PS.FTS.B

10/29/26

....

5,869

5,917

1489833.PS.FTS.B

.99

10/30/26

...

3,505

3,474

1649809.PS.FTS.B

10/31/26

....

2,879

2,860

1656183.PS.FTS.B

.38

10/31/26

...

2,988

2,972

1649791.PS.FTS.B

10/31/26

....

10,045

10,056

1655343.PS.FTS.B

.65

10/31/26

...

6,392

258

1649806.PS.FTS.B

.33

11/01/26

....

7,293

2,047

1650023.PS.FTS.B

.79

11/04/26

....

4,386

4,371

1651754.PS.FTS.B

11/08/26

....

7,493

7,439

1658080.PS.FTS.B

.63

11/08/26

....

5,663

5,639

1652300.PS.FTS.B

.18

11/08/26

....

6,105

6,187

1666449.PS.FTS.B

11/09/26

....

4,573

4,562

1658839.PS.FTS.B

.68

11/09/26

....

5,972

5,929

1658842.PS.FTS.B

11/09/26

......

5,154

5,225

1659079.PS.FTS.B

11/09/26

......

2,535

2,575

1654735.PS.FTS.B

.25

11/10/26

....

10,555

10,679

1660333.PS.FTS.B

.18

11/10/26

....

1,728

1,755

1667997.PS.FTS.B

.79

11/12/26

....

3,437

3,415

1667757.PS.FTS.B

.25

11/12/26

....

5,437

5,530

1661875.PS.FTS.B

.33

11/15/26

....

6,281

6,398

1661797.PS.FTS.B

11/15/26

......

909

944

1658339.PS.FTS.B

11/17/26

......

3,780

922

1664327.PS.FTS.B

11/30/26

....

1,709

1,694

1687146.PS.FTS.B

.43

12/16/26

....

4,779

4,738

1687128.PS.FTS.B

12/16/26

....

2,031

2,015

1687125.PS.FTS.B

12/16/26

....

4,277

3,586

1680241.PS.FTS.B

.38

12/16/26

...

10,360

10,286

1674101.PS.FTS.B

.53

12/16/26

...

7,339

7,285

1680301.PS.FTS.B

12/16/26

....

2,195

2,232

1653086.PS.FTS.B

12/18/26

....

5,597

5,677

1675265.PS.FTS.B

12/20/26

....

9,034

8,967

Description

Principal

Amount

Value

Prosper

Funding

LLC

(continued)

1688964.PS.FTS.B

.93

12/21/26

...

6,189

6,142

1689036.PS.FTS.B

12/21/26

....

8,886

8,865

1676534.PS.FTS.B

.29

12/21/26

...

5,971

5,970

1676819.PS.FTS.B

.68

12/22/26

...

13,342

13,242

1677269.PS.FTS.B

12/22/26

....

2,983

3,116

1680116.PS.FTS.B

12/29/26

......

11,641

11,809

1690116.PS.FTS.B

.11

12/31/26

....

7,364

7,694

1686735.PS.FTS.B

.27

12/31/26

...

7,249

7,562

1694608.PS.FTS.B

.62

1/13/27

....

3,835

3,800

1694572.PS.FTS.B

1/13/27

.....

9,089

9,009

1688996.PS.FTS.B

.79

1/13/27

....

11,546

1,439

1694605.PS.FTS.B

1/13/27

.....

920

915

1701375.PS.FTS.B

.69

1/13/27

....

5,270

749

1702152.PS.FTS.B

.87

1/14/27

....

2,546

2,524

1702137.PS.FTS.B

1/14/27

.....

3,034

3,014

1702161.PS.FTS.B

.13

1/14/27

....

1,967

458

1689329.PS.FTS.B

1/14/27

.....

4,474

4,552

1688534.PS.FTS.B

1/16/27

.....

10,640

10,526

1704984.PS.FTS.B

.29

1/19/27

....

5,321

5,282

1692188.PS.FTS.B

1/19/27

.....

10,274

10,198

1689365.PS.FTS.B

1/19/27

.....

8,854

8,795

1692593.PS.FTS.B

1/20/27

.....

8,226

8,154

1698709.PS.FTS.B

1/20/27

.....

6,568

6,554

1674146.PS.FTS.B

.78

1/20/27

....

4,810

4,888

1692281.PS.FTS.B

1/24/27

.....

15,751

15,673

1708451.PS.FTS.B

.26

2/15/27

....

2,184

2,164

1721439.PS.FTS.B

2/15/27

.......

1,311

1,298

1708901.PS.FTS.B

.33

2/15/27

....

9,477

9,653

1720974.PS.FTS.B

2/15/27

.....

9,315

9,471

1708466.PS.FTS.B

2/15/27

.....

3,090

3,147

1721007.PS.FTS.B

2/15/27

.......

7,668

1,101

1709507.PS.FTS.B

2/16/27

.....

3,565

3,550

1709498.PS.FTS.B

2/16/27

.....

5,173

5,389

1611804.PS.FTS.B

2/22/27

.......

14,036

585

1719415.PS.FTS.B

2/23/27

.....

5,115

5,076

1722801.PS.FTS.B

.31

2/28/27

....

2,807

1,712

1722171.PS.FTS.B

.78

3/14/27

....

3,807

3,874

1739157.PS.FTS.B

3/18/27

.....

18,142

17,914

1749006.PS.FTS.B

.53

3/31/27

....

5,704

5,746

1749429.PS.FTS.B

4/01/27

.....

3,344

3,439

1603750.PS.FTS.B

5/20/27

.....

3,395

778

1629628.PS.FTS.B

.31

7/02/27

....

6,074

2,806

1626833.PS.FTS.B

7/25/27

.....

8,523

4,573

1654196.PS.FTS.B

9/03/27

.....

13,512

690

1650307.PS.FTS.B

.08

9/29/27

....

7,288

928

1708907.PS.FTS.B

.13

11/20/27

....

10,710

1,373

1682455.PS.FTS.B

.43

11/21/27

....

20,444

16,762

1630396.PS.FTS.B

.43

9/27/34

....

2,177

878

1689882.PS.FTS.B

.29

12/22/34

...

1689368.PS.FTS.B

1/14/35

.....

635

–

1695982.PS.FTS.B

1/14/35

.....

1695688.PS.FTS.B

.96

2/07/35

....

1,168

414

1708871.PS.FTS.B

.49

2/22/35

....

697

1603033.PS.FTS.B

5/16/35

.....

435

604,454

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

25595802.UG.FTS.B

.99

1/22/26

...

5,792

6,143

24468287.UG.FTS.B

.69

11/26/29

17,864

1,374

7,517

Upgrade,

Inc.

Card

991805657.UG.FTS.B

.49

6/03/25

991772904.UG.FTS.B

.99

6/05/25

991705736.UG.FTS.B

.98

6/05/25

991736771.UG.FTS.B

.98

6/05/25

991738330.UG.FTS.B

.49

6/21/25

991694848.UG.FTS.B

.49

7/05/25

991894974.UG.FTS.B

.49

7/06/25

170

–

991587154.UG.FTS.B

.49

7/16/25

991588111.UG.FTS.B

.98

7/17/25

991762816.UG.FTS.B

.49

7/20/25

991666265.UG.FTS.B

.99

8/01/25

115

991922928.UG.FTS.B

.98

8/04/25

991707574.UG.FTS.B

.49

8/07/25

991688747.UG.FTS.B

.98

9/16/25

991721350.UG.FTS.B

.49

9/16/25

765

663

991656357.UG.FTS.B

.49

9/17/25

991645022.UG.FTS.B

.49

9/21/25

991609616.UG.FTS.B

.98

9/24/25

991596886.UG.FTS.B

.49

9/24/25

991718934.UG.FTS.B

.97

10/06/25

991883200.UG.FTS.B

.49

10/07/25

156

159

991588559.UG.FTS.B

.46

10/17/25

991687274.UG.FTS.B

.99

11/23/25

991543638.UG.FTS.B

.49

12/15/25

–

991730761.UG.FTS.B

.98

12/24/25

991702178.UG.FTS.B

.98

1/06/26

991728473.UG.FTS.B

.49

1/06/26

651

–

991555378.UG.FTS.B

.49

1/17/26

991758368.UG.FTS.B

.49

1/20/26

155

161

991667408.UG.FTS.B

.97

2/02/26

105

991647827.UG.FTS.B

.49

2/23/26

991754815.UG.FTS.B

.49

2/24/26

991695320.UG.FTS.B

.49

3/05/26

991771961.UG.FTS.B

.49

3/07/26

991545568.UG.FTS.B

.49

3/16/26

734

776

991933771.UG.FTS.B

.49

4/06/26

157

127

991579043.UG.FTS.B

.99

5/17/26

1,407

1,434

991742865.UG.FTS.B

.49

5/21/26

331

265

991585964.UG.FTS.B

.98

5/22/26

326

340

991727635.UG.FTS.B

.98

7/07/26

173

180

991726248.UG.FTS.B

.46

7/08/26

991601320.UG.FTS.B

.98

7/17/26

535

401

991579317.UG.FTS.B

.49

8/16/26

991693967.UG.FTS.B

.99

9/05/26

135

108

991783713.UG.FTS.B

.49

9/05/26

334

349

991573331.UG.FTS.B

.49

9/17/26

–

991693097.UG.FTS.B

.94

9/20/26

317

991658250.UG.FTS.B

.99

1/20/27

229

231

991721939.UG.FTS.B

.99

2/02/27

659

687

991894965.UG.FTS.B

.99

2/03/27

2,785

2,897

991664785.UG.FTS.B

.98

5/26/27

196

207

991663324.UG.FTS.B

.36

5/29/27

Description

Principal

Amount

Value

Upgrade,

Inc.

Card

(continued)

991716805.UG.FTS.B

.97

7/08/27

365

368

991571658.UG.FTS.B

.98

10/15/27

145

100

991735384.UG.FTS.B

.49

6/06/28

360

373

991678457.UG.FTS.B

.99

10/30/28

465

480

991757545.UG.FTS.B

.98

12/06/28

191

195

991719643.UG.FTS.B

.49

3/22/29

150

155

991536394.UG.FTS.B

.98

1/15/30

4,143

292

991643598.UG.FTS.B

.98

1/15/30

–

991767247.UG.FTS.B

.47

1/16/30

117

991666023.UG.FTS.B

.99

1/17/30

991584440.UG.FTS.B

.47

1/17/30

991547049.UG.FTS.B

.49

1/17/30

–

991587677.UG.FTS.B

.49

1/17/30

535

563

991617793.UG.FTS.B

.49

1/17/30

–

991637080.UG.FTS.B

.49

1/21/30

991691649.UG.FTS.B

.97

1/23/30

991637756.UG.FTS.B

.49

1/23/30

159

991640808.UG.FTS.B

.49

1/23/30

–

991668328.UG.FTS.B

.49

1/23/30

991674552.UG.FTS.B

.49

1/23/30

–

991606626.UG.FTS.B

.99

1/24/30

–

991742004.UG.FTS.B

.99

1/24/30

–

991704534.UG.FTS.B

.99

1/29/30

119

991693835.UG.FTS.B

.46

1/31/30

–

991910619.UG.FTS.B

.98

2/03/30

–

991879607.UG.FTS.B

.49

2/04/30

991725525.UG.FTS.B

.99

2/05/30

991829108.UG.FTS.B

.98

2/05/30

991750763.UG.FTS.B

.49

2/05/30

–

991842723.UG.FTS.B

.49

2/05/30

991792953.UG.FTS.B

.98

2/06/30

991869067.UG.FTS.B

.98

2/06/30

112

991823324.UG.FTS.B

.98

2/06/30

991738035.UG.FTS.B

.49

2/06/30

–

991800849.UG.FTS.B

.49

2/06/30

–

991826917.UG.FTS.B

.49

2/06/30

991736467.UG.FTS.B

.97

2/07/30

991712449.UG.FTS.B

.49

2/07/30

991736857.UG.FTS.B

.49

2/07/30

991754591.UG.FTS.B

.49

2/07/30

991930808.UG.FTS.B

.49

2/07/30

991672498.UG.FTS.B

.95

3/19/30

991554451.UG.FTS.B

.46

4/17/30

142

127

991761552.UG.FTS.B

.98

4/18/30

991811950.UG.FTS.B

.99

4/20/30

991639253.UG.FTS.B

.99

4/22/30

–

991697266.UG.FTS.B

.46

4/22/30

991688671.UG.FTS.B

.98

4/23/30

991623357.UG.FTS.B

.98

4/24/30

991724571.UG.FTS.B

.98

5/05/30

991732989.UG.FTS.B

.98

5/05/30

991813874.UG.FTS.B

.98

5/05/30

991941061.UG.FTS.B

.99

5/06/30

991801256.UG.FTS.B

.46

5/06/30

991829259.UG.FTS.B

.46

5/06/30

991691439.UG.FTS.B

.98

5/06/30

991912584.UG.FTS.B

.98

5/06/30

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upgrade,

Inc.

Card

(continued)

991843151.UG.FTS.B

.49

5/07/30

150

991550463.UG.FTS.B

.99

5/17/30

991674428.UG.FTS.B

.49

5/20/30

991655876.UG.FTS.B

.48

5/21/30

991770465.UG.FTS.B

.49

5/24/30

13,423

Upstart

Network,

Inc.

L2405109.UP.FTS.B

.47

6/11/25

....

163

149

FW2410127.UP.FTS.B

.85

6/11/25

146

L2414544.UP.FTS.B

.43

6/12/25

....

178

175

FW2009937.UP.FTS.B

.34

9/09/25

208

205

L2206982.UP.FTS.B

10/08/25

....

187

FW2414692.UP.FTS.B

.84

11/12/25

272

269

FW2411155.UP.FTS.B

.59

11/26/25

545

538

L1711804.UP.FTS.B

.08

9/14/26

.....

3,304

3,222

L1709773.UP.FTS.B

9/14/26

.....

661

644

L1709466.UP.FTS.B

.12

9/14/26

....

4,616

334

L1710250.UP.FTS.B

.72

9/14/26

....

2,671

2,615

L1711112.UP.FTS.B

.03

9/14/26

....

6,926

6,782

FW1709227.UP.FTS.B

.04

9/14/26

425

L1711960.UP.FTS.B

.48

9/14/26

....

1,046

1,024

L1708544.UP.FTS.B

.57

9/14/26

....

1,456

983

L1709990.UP.FTS.B

.82

9/14/26

....

543

533

L1711626.UP.FTS.B

.98

9/14/26

....

7,131

6,988

FW1711241.UP.FTS.B

.08

9/14/26

1,471

1,453

L1707201.UP.FTS.B

.24

9/14/26

....

5,531

5,462

L1711610.UP.FTS.B

.32

9/14/26

....

9,358

9,188

L1708807.UP.FTS.B

.72

9/14/26

....

3,765

3,719

L1710981.UP.FTS.B

.81

9/14/26

....

3,839

3,767

FW1709424.UP.FTS.B

.79

9/14/26

5,737

5,667

L1712201.UP.FTS.B

.94

9/14/26

....

848

833

L1711904.UP.FTS.B

.49

9/14/26

....

7,595

7,444

L1709643.UP.FTS.B

.04

9/14/26

....

1,554

1,526

L1708429.UP.FTS.B

.63

9/14/26

....

1,177

1,154

L1709924.UP.FTS.B

.74

9/14/26

....

639

627

L1710379.UP.FTS.B

.83

9/14/26

....

539

529

L1710592.UP.FTS.B

.03

9/14/26

....

541

531

L1706788.UP.FTS.B

.12

9/14/26

....

839

235

L1710759.UP.FTS.B

.29

9/14/26

....

525

L1712021.UP.FTS.B

.29

9/14/26

....

993

974

L1712014.UP.FTS.B

.46

9/14/26

....

712

699

L1710375.UP.FTS.B

.49

9/14/26

....

833

818

L1711582.UP.FTS.B

.87

9/14/26

....

11,467

11,258

L1709668.UP.FTS.B

.91

9/14/26

....

631

620

L1711668.UP.FTS.B

.18

9/14/26

....

1,986

1,950

FW1701558.UP.FTS.B

.38

9/14/26

5,243

5,154

FW1708159.UP.FTS.B

9/14/26

...

689

677

FW1708283.UP.FTS.B

.95

9/14/26

1,795

1,765

FW1709045.UP.FTS.B

.04

9/14/26

1,348

1,325

FW1709237.UP.FTS.B

.24

9/14/26

2,246

2,209

FW1712567.UP.FTS.B

.44

9/14/26

1,305

1,284

FW1708897.UP.FTS.B

.27

9/14/26

884

869

L1709686.UP.FTS.B

9/16/26

....

7,198

7,053

FW1711817.UP.FTS.B

.95

9/20/26

1,898

1,861

L1710829.UP.FTS.B

.11

9/21/26

....

192

190

L1873953.UP.FTS.B

.89

10/18/26

....

16,779

16,351

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW1872946.UP.FTS.B

.02

10/18/26

2,194

2,138

L1873001.UP.FTS.B

.14

10/18/26

...

2,707

2,650

L1872155.UP.FTS.B

.36

10/18/26

...

670

657

L1873842.UP.FTS.B

10/18/26

....

6,316

6,186

L1873090.UP.FTS.B

10/18/26

....

546

535

L1874099.UP.FTS.B

.59

10/18/26

...

6,645

6,506

L1872876.UP.FTS.B

.07

10/18/26

...

1,070

154

L1874284.UP.FTS.B

.39

10/18/26

...

2,978

2,918

FW1873975.UP.FTS.B

.55

10/18/26

2,426

2,377

L1873174.UP.FTS.B

.86

10/18/26

...

3,330

3,276

L1874369.UP.FTS.B

.32

10/18/26

...

3,030

2,992

FW1874328.UP.FTS.B

10/18/26

3,803

3,756

L1860167.UP.FTS.B

.86

10/18/26

...

647

639

L1873835.UP.FTS.B

.93

10/18/26

...

3,607

3,565

L1872814.UP.FTS.B

.38

10/18/26

...

5,777

5,709

L1873320.UP.FTS.B

.64

10/18/26

...

781

772

L1873808.UP.FTS.B

.88

10/18/26

...

2,154

2,116

L1873707.UP.FTS.B

.21

10/18/26

...

4,052

4,005

FW1869707.UP.FTS.B

.52

10/18/26

5,928

5,825

L1873345.UP.FTS.B

.63

10/18/26

...

2,187

2,149

FW1874335.UP.FTS.B

.64

10/18/26

15,580

15,279

L1874163.UP.FTS.B

.64

10/18/26

...

2,744

2,696

L1868602.UP.FTS.B

.18

10/18/26

...

1,262

1,240

FW1873109.UP.FTS.B

.49

10/18/26

3,807

3,739

L1873350.UP.FTS.B

.42

10/18/26

...

4,382

4,309

L1873155.UP.FTS.B

.56

10/18/26

...

279

275

L1873356.UP.FTS.B

.63

10/18/26

...

657

645

L1873176.UP.FTS.B

.77

10/18/26

...

7,792

573

L1872983.UP.FTS.B

.88

10/18/26

...

1,923

1,891

FW1873856.UP.FTS.B

.15

10/18/26

2,460

2,417

L1873825.UP.FTS.B

.43

10/18/26

...

20,572

20,196

L1873221.UP.FTS.B

.79

10/18/26

...

828

814

L1873820.UP.FTS.B

.93

10/18/26

...

1,424

1,399

L1872738.UP.FTS.B

.97

10/18/26

...

631

619

L1873278.UP.FTS.B

.98

10/18/26

...

2,477

2,433

L1873504.UP.FTS.B

.55

10/18/26

...

422

414

L1874352.UP.FTS.B

10/18/26

....

13,846

13,603

L1874034.UP.FTS.B

.67

10/18/26

...

933

916

L1873496.UP.FTS.B

.72

10/18/26

...

9,065

661

L1873307.UP.FTS.B

.79

10/18/26

...

646

634

L1874063.UP.FTS.B

.01

10/18/26

...

3,020

2,967

L1873180.UP.FTS.B

.02

10/18/26

...

431

424

L1873408.UP.FTS.B

.34

10/18/26

...

1,300

1,277

L1870381.UP.FTS.B

.72

10/18/26

...

2,942

2,892

L1873373.UP.FTS.B

.83

10/18/26

...

2,751

199

L1868887.UP.FTS.B

.97

10/18/26

...

6,193

6,087

L1872784.UP.FTS.B

.04

10/18/26

...

2,845

2,796

FW1874269.UP.FTS.B

.11

10/18/26

1,794

1,764

L1873304.UP.FTS.B

.15

10/18/26

...

662

651

FW1873077.UP.FTS.B

.29

10/18/26

1,315

1,293

L1873627.UP.FTS.B

.33

10/18/26

...

279

274

L1805232.UP.FTS.B

.36

10/18/26

...

2,414

2,372

L1872764.UP.FTS.B

10/18/26

....

659

648

L1874416.UP.FTS.B

.46

10/18/26

...

12,594

12,383

L1874151.UP.FTS.B

.48

10/18/26

...

483

475

L1874395.UP.FTS.B

10/18/26

....

4,756

382

L1874041.UP.FTS.B

.01

10/18/26

...

3,167

3,113

L1870887.UP.FTS.B

.18

10/18/26

...

754

741

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1874429.UP.FTS.B

.19

10/18/26

1,708

1,679

FW1873344.UP.FTS.B

.72

10/18/26

6,324

6,223

FW1872622.UP.FTS.B

.59

10/18/26

1,465

1,018

FW1874208.UP.FTS.B

.47

10/18/26

1,615

1,590

FW1873268.UP.FTS.B

.52

10/18/26

841

828

FW1872558.UP.FTS.B

.55

10/18/26

607

598

FW1874112.UP.FTS.B

.18

10/18/26

2,308

2,272

FW1873980.UP.FTS.B

.12

10/28/26

1,252

1,232

L1874280.UP.FTS.B

.62

11/01/26

...

12,109

11,962

FW2008579.UP.FTS.B

.93

11/09/26

17,432

16,865

L2010047.UP.FTS.B

.23

11/09/26

....

3,555

3,462

FW2005584.UP.FTS.B

.98

11/09/26

5,858

5,706

L2009940.UP.FTS.B

.06

11/09/26

....

12,457

12,134

L2009771.UP.FTS.B

.73

11/09/26

....

1,851

1,810

L1982018.UP.FTS.B

.85

11/09/26

....

1,854

1,806

L2008329.UP.FTS.B

11/09/26

....

2,240

2,183

L2008701.UP.FTS.B

.48

11/09/26

...

2,486

2,431

L2009188.UP.FTS.B

.68

11/09/26

...

9,366

9,162

L2009665.UP.FTS.B

.88

11/09/26

...

3,201

3,129

L2006518.UP.FTS.B

.38

11/09/26

...

1,218

1,192

L1977043.UP.FTS.B

.43

11/09/26

...

2,050

2,004

FW2006974.UP.FTS.B

.44

11/09/26

4,746

4,641

L2007707.UP.FTS.B

.19

11/09/26

...

5,624

5,500

L2005066.UP.FTS.B

.51

11/09/26

...

5,833

5,703

L2007649.UP.FTS.B

.88

11/09/26

...

1,907

1,874

FW2009636.UP.FTS.B

.06

11/09/26

1,593

1,562

FW2004957.UP.FTS.B

.66

11/09/26

980

959

L2006397.UP.FTS.B

.66

11/09/26

...

3,924

3,839

L2008524.UP.FTS.B

.03

11/09/26

...

7,784

7,616

L2008113.UP.FTS.B

.06

11/09/26

...

8,484

8,300

L2009683.UP.FTS.B

.08

11/09/26

...

2,362

2,311

L2009234.UP.FTS.B

.43

11/09/26

...

5,390

5,277

L2008618.UP.FTS.B

.73

11/09/26

...

2,389

2,337

L2009287.UP.FTS.B

.91

11/09/26

...

2,315

2,265

L2008691.UP.FTS.B

.38

11/09/26

...

1,991

1,948

L2008772.UP.FTS.B

.55

11/09/26

...

4,028

3,972

L2009243.UP.FTS.B

.94

11/09/26

...

4,050

3,995

FW2006940.UP.FTS.B

.96

11/09/26

184

158

L2006713.UP.FTS.B

.47

11/09/26

...

6,359

458

L2009219.UP.FTS.B

11/09/26

....

12,254

893

FW2010280.UP.FTS.B

.52

11/09/26

6,533

6,445

FW2010216.UP.FTS.B

.55

11/09/26

3,671

3,594

FW2009372.UP.FTS.B

.77

11/09/26

6,144

6,061

L2010173.UP.FTS.B

11/09/26

....

3,280

3,235

L2008272.UP.FTS.B

.06

11/09/26

...

8,234

8,123

L2008918.UP.FTS.B

.09

11/09/26

...

3,045

3,004

FW2008938.UP.FTS.B

.12

11/09/26

3,033

2,992

L2006918.UP.FTS.B

.03

11/09/26

...

13,762

13,485

FW2005538.UP.FTS.B

11/09/26

2,520

2,468

FW2005908.UP.FTS.B

.71

11/09/26

1,892

1,854

L2006524.UP.FTS.B

.79

11/09/26

...

1,979

1,940

FW2009511.UP.FTS.B

.82

11/09/26

2,521

2,471

L2007966.UP.FTS.B

.98

11/09/26

...

844

827

L2007377.UP.FTS.B

.06

11/09/26

...

7,184

7,090

L2007099.UP.FTS.B

.26

11/09/26

...

14,144

13,830

L2008551.UP.FTS.B

.27

11/09/26

...

9,279

9,074

L2009017.UP.FTS.B

.52

11/09/26

...

3,050

3,010

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2004995.UP.FTS.B

11/09/26

...

2,513

2,464

FW2006513.UP.FTS.B

.09

11/09/26

815

799

L2009584.UP.FTS.B

11/09/26

....

5,983

437

L2006375.UP.FTS.B

.38

11/09/26

...

1,425

1,394

L2008251.UP.FTS.B

11/09/26

....

870

854

FW2008069.UP.FTS.B

.82

11/09/26

5,696

415

FW2009886.UP.FTS.B

.16

11/09/26

1,759

1,725

L2009468.UP.FTS.B

.18

11/09/26

...

5,717

5,595

L2009034.UP.FTS.B

.22

11/09/26

...

2,478

2,425

L2008599.UP.FTS.B

.35

11/09/26

...

882

865

L2008480.UP.FTS.B

.94

11/09/26

...

6,664

6,523

L2007056.UP.FTS.B

.37

11/09/26

...

1,107

1,084

L2009896.UP.FTS.B

.89

11/09/26

...

822

805

FW2006718.UP.FTS.B

.97

11/09/26

2,280

2,233

L2007001.UP.FTS.B

.04

11/09/26

...

684

671

L2009837.UP.FTS.B

11/09/26

....

686

672

L2006519.UP.FTS.B

.11

11/09/26

...

1,144

302

L2008646.UP.FTS.B

.12

11/09/26

...

593

581

L2005357.UP.FTS.B

11/09/26

....

2,284

2,237

L2006252.UP.FTS.B

.33

11/09/26

...

2,936

2,875

L2007046.UP.FTS.B

.34

11/09/26

...

829

812

FW2009941.UP.FTS.B

.35

11/09/26

3,778

3,701

L2009460.UP.FTS.B

.35

11/09/26

...

1,418

1,390

L2007026.UP.FTS.B

.44

11/09/26

...

825

808

L1976857.UP.FTS.B

.45

11/09/26

...

3,665

3,591

L2008185.UP.FTS.B

.45

11/09/26

...

1,855

1,817

L2005075.UP.FTS.B

.48

11/09/26

...

984

L2004971.UP.FTS.B

11/09/26

....

4,531

4,439

L2007383.UP.FTS.B

.64

11/09/26

...

1,791

1,755

L2008285.UP.FTS.B

.92

11/09/26

...

3,203

232

FW2007576.UP.FTS.B

11/09/26

2,769

2,713

L2009167.UP.FTS.B

.14

11/09/26

...

4,620

4,527

FW1993820.UP.FTS.B

.38

11/09/26

2,780

2,725

FW2006658.UP.FTS.B

.38

11/09/26

2,780

2,728

FW2008080.UP.FTS.B

11/09/26

703

689

FW2009450.UP.FTS.B

.39

11/09/26

3,905

3,828

FW2006870.UP.FTS.B

.89

11/09/26

3,760

271

FW2005768.UP.FTS.B

.98

11/09/26

727

399

FW2006392.UP.FTS.B

.34

11/09/26

431

422

FW2005859.UP.FTS.B

.42

11/09/26

6,296

6,173

FW2005194.UP.FTS.B

.14

11/09/26

2,946

2,889

FW2009687.UP.FTS.B

.61

11/09/26

2,661

2,610

FW2009414.UP.FTS.B

.01

11/09/26

5,940

5,827

FW2007936.UP.FTS.B

.89

11/09/26

2,002

1,965

FW1985263.UP.FTS.B

.02

11/09/26

868

132

FW2005025.UP.FTS.B

.15

11/09/26

3,640

3,571

FW2008432.UP.FTS.B

11/09/26

2,167

2,126

FW2008400.UP.FTS.B

.31

11/09/26

1,673

1,642

FW2009323.UP.FTS.B

.47

11/09/26

2,992

2,937

FW2007089.UP.FTS.B

.52

11/09/26

3,925

3,851

L2009417.UP.FTS.B

.04

11/10/26

...

1,861

1,819

FW2009221.UP.FTS.B

.79

11/12/26

6,637

6,513

L2005604.UP.FTS.B

.24

11/15/26

....

8,564

8,339

L2009697.UP.FTS.B

.69

11/15/26

...

2,171

2,128

L2009364.UP.FTS.B

.41

11/15/26

...

2,260

2,215

L2077278.UP.FTS.B

.24

11/19/26

...

748

730

L2079683.UP.FTS.B

.46

11/19/26

...

1,651

1,616

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2078817.UP.FTS.B

.96

11/19/26

...

17,349

16,982

L2077229.UP.FTS.B

.22

11/19/26

...

7,568

7,409

L2079790.UP.FTS.B

.54

11/19/26

...

3,397

2,231

L2078831.UP.FTS.B

.67

11/19/26

...

697

683

L2075431.UP.FTS.B

.87

11/19/26

...

8,787

8,603

L2069545.UP.FTS.B

.88

11/19/26

...

2,327

2,279

L2077586.UP.FTS.B

.74

11/19/26

...

2,099

2,056

L2080759.UP.FTS.B

.39

11/19/26

...

5,812

5,694

FW2078825.UP.FTS.B

.72

11/19/26

9,520

1,349

L2077934.UP.FTS.B

.05

11/19/26

...

3,000

2,940

L2079762.UP.FTS.B

.07

11/19/26

...

1,851

1,829

L2080377.UP.FTS.B

.37

11/19/26

...

3,615

3,574

L2080949.UP.FTS.B

.51

11/19/26

...

2,096

2,071

L2077345.UP.FTS.B

.52

11/19/26

...

687

675

L2077136.UP.FTS.B

.73

11/19/26

...

4,093

4,047

FW2080998.UP.FTS.B

.87

11/19/26

371

367

FW2078513.UP.FTS.B

.88

11/19/26

7,386

7,304

L2079147.UP.FTS.B

.93

11/19/26

...

6,877

6,799

L2073789.UP.FTS.B

.39

11/19/26

...

1,302

876

L2078785.UP.FTS.B

.53

11/19/26

...

4,143

4,072

L2078320.UP.FTS.B

.26

11/19/26

...

L2078541.UP.FTS.B

.53

11/19/26

...

1,468

1,443

L2078767.UP.FTS.B

.54

11/19/26

...

419

415

FW2080677.UP.FTS.B

.72

11/19/26

7,155

7,077

FW2078252.UP.FTS.B

11/19/26

617

607

L2079089.UP.FTS.B

.11

11/19/26

...

2,533

2,506

L2077889.UP.FTS.B

.41

11/19/26

...

3,129

3,076

L2079136.UP.FTS.B

11/19/26

....

7,030

6,903

FW2076082.UP.FTS.B

.04

11/19/26

7,928

7,795

L2077864.UP.FTS.B

.33

11/19/26

...

9,439

9,281

L2077767.UP.FTS.B

.73

11/19/26

...

4,319

4,242

FW2080860.UP.FTS.B

.93

11/19/26

8,423

8,275

L2080597.UP.FTS.B

.59

11/19/26

...

973

956

L2078431.UP.FTS.B

11/19/26

....

983

967

L2079001.UP.FTS.B

.08

11/19/26

...

5,586

5,494

FW2076263.UP.FTS.B

.18

11/19/26

1,399

1,385

L2051923.UP.FTS.B

.73

11/19/26

...

203

200

FW2078837.UP.FTS.B

.18

11/19/26

1,187

1,168

L2080819.UP.FTS.B

.23

11/19/26

...

996

L2080514.UP.FTS.B

.27

11/19/26

...

1,006

990

L2079636.UP.FTS.B

11/19/26

....

799

786

L2080879.UP.FTS.B

.51

11/19/26

...

1,925

1,894

L2080301.UP.FTS.B

.61

11/19/26

...

1,895

1,864

L2077747.UP.FTS.B

.84

11/19/26

...

2,548

2,507

FW2080275.UP.FTS.B

.15

11/19/26

1,617

1,591

FW2076617.UP.FTS.B

.67

11/19/26

13,576

13,363

FW2070515.UP.FTS.B

.89

11/19/26

2,599

187

L2075827.UP.FTS.B

11/19/26

.....

4,341

4,274

FW2076319.UP.FTS.B

.45

11/19/26

2,181

FW2076598.UP.FTS.B

.11

11/19/26

188

185

L2078364.UP.FTS.B

.16

11/20/26

...

2,406

2,378

L2008677.UP.FTS.B

.77

11/23/26

...

3,773

3,687

L2010117.UP.FTS.B

.96

11/23/26

...

1,840

1,803

FW2007433.UP.FTS.B

.02

11/24/26

3,262

3,192

FW2003971.UP.FTS.B

.71

11/26/26

11,520

11,368

L2079956.UP.FTS.B

.89

12/01/26

...

2,944

2,907

L2198358.UP.FTS.B

.09

12/07/26

....

1,271

L2196810.UP.FTS.B

.42

12/07/26

....

2,251

2,190

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2198501.UP.FTS.B

.94

12/07/26

....

1,534

1,493

L2195995.UP.FTS.B

.12

12/07/26

....

1,655

1,611

L2199695.UP.FTS.B

.66

12/07/26

....

2,327

2,266

L2199924.UP.FTS.B

.76

12/07/26

....

2,719

2,647

FW2200013.UP.FTS.B

.26

12/07/26

5,480

5,348

L2198751.UP.FTS.B

.42

12/07/26

...

3,139

3,063

L2196100.UP.FTS.B

.99

12/07/26

...

633

616

L2197856.UP.FTS.B

.23

12/07/26

...

2,144

2,093

FW2199260.UP.FTS.B

.51

12/07/26

9,901

9,670

L2200204.UP.FTS.B

.79

12/07/26

...

5,284

5,160

L2200250.UP.FTS.B

.28

12/07/26

...

2,043

1,996

L2197658.UP.FTS.B

.72

12/07/26

...

2,056

2,008

FW2198593.UP.FTS.B

.12

12/07/26

2,509

2,451

L2197131.UP.FTS.B

.14

12/07/26

...

455

444

L2199997.UP.FTS.B

.15

12/07/26

...

1,530

1,495

L2198350.UP.FTS.B

.19

12/07/26

...

384

375

L2199860.UP.FTS.B

12/07/26

....

6,344

6,249

L2199879.UP.FTS.B

.31

12/07/26

...

5,737

5,612

L2198446.UP.FTS.B

.58

12/07/26

...

20,828

20,521

L2198880.UP.FTS.B

.74

12/07/26

...

1,466

1,443

L2198345.UP.FTS.B

.18

12/07/26

...

10,258

10,107

L2198376.UP.FTS.B

.42

12/07/26

...

9,589

9,374

L2192178.UP.FTS.B

.53

12/07/26

...

3,679

516

L2199726.UP.FTS.B

12/07/26

....

2,617

2,579

L2196412.UP.FTS.B

.83

12/07/26

...

793

781

L2199248.UP.FTS.B

.04

12/07/26

...

6,932

3,469

L2199663.UP.FTS.B

.69

12/07/26

...

3,037

452

L2199129.UP.FTS.B

.12

12/07/26

...

986

972

L2197655.UP.FTS.B

.75

12/07/26

...

2,260

2,206

L2196680.UP.FTS.B

.47

12/07/26

...

2,789

2,729

L2197631.UP.FTS.B

.55

12/07/26

...

2,059

2,014

L2196775.UP.FTS.B

.04

12/07/26

...

459

449

L2199874.UP.FTS.B

.34

12/07/26

...

3,780

3,692

L2192706.UP.FTS.B

.47

12/07/26

...

4,606

4,499

L2197670.UP.FTS.B

.54

12/07/26

...

1,756

1,716

FW2196522.UP.FTS.B

.26

12/07/26

2,794

2,730

FW2192438.UP.FTS.B

.66

12/07/26

5,616

5,488

L2200210.UP.FTS.B

.56

12/07/26

...

9,594

5,012

L2196219.UP.FTS.B

.27

12/07/26

...

4,140

4,048

L2198546.UP.FTS.B

.32

12/07/26

...

716

700

L2198050.UP.FTS.B

.44

12/07/26

...

2,702

1,395

L2197183.UP.FTS.B

.46

12/07/26

...

814

796

L2197844.UP.FTS.B

.47

12/07/26

...

2,453

1,375

L2199814.UP.FTS.B

.68

12/07/26

...

2,877

2,813

FW2199793.UP.FTS.B

12/07/26

3,846

3,761

FW2200076.UP.FTS.B

.24

12/07/26

24,701

24,175

FW2200069.UP.FTS.B

.54

12/07/26

2,033

1,991

FW2198176.UP.FTS.B

.22

12/07/26

1,750

1,713

FW2198672.UP.FTS.B

.42

12/07/26

3,723

267

FW2198098.UP.FTS.B

12/07/26

...

3,505

526

FW2199632.UP.FTS.B

.42

12/07/26

2,535

2,484

L2201511.UP.FTS.B

.03

12/08/26

....

2,610

2,548

L2201100.UP.FTS.B

.82

12/08/26

....

3,661

3,539

FW2201687.UP.FTS.B

.98

12/08/26

1,569

1,521

L2203382.UP.FTS.B

12/08/26

....

3,699

3,576

L2206413.UP.FTS.B

.44

12/08/26

....

3,256

3,171

L2201126.UP.FTS.B

.87

12/08/26

....

7,132

6,957

L2200918.UP.FTS.B

.74

12/08/26

....

1,646

1,603

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2201288.UP.FTS.B

.13

12/08/26

....

1,270

1,237

FW2202215.UP.FTS.B

.76

12/08/26

15,167

14,828

L2202140.UP.FTS.B

.05

12/08/26

...

1,611

385

L2205692.UP.FTS.B

.33

12/08/26

...

6,466

6,298

L2205258.UP.FTS.B

.97

12/08/26

...

1,386

1,355

L2202707.UP.FTS.B

.01

12/08/26

...

3,957

3,864

L2200873.UP.FTS.B

.09

12/08/26

...

3,564

3,482

L2205661.UP.FTS.B

.13

12/08/26

...

4,755

4,644

FW2202691.UP.FTS.B

.21

12/08/26

1,190

1,159

L2201522.UP.FTS.B

.25

12/08/26

...

7,938

7,754

FW2201210.UP.FTS.B

.48

12/08/26

807

789

L2202867.UP.FTS.B

.27

12/08/26

...

1,680

1,645

L2202534.UP.FTS.B

.68

12/08/26

...

6,164

6,025

L2200884.UP.FTS.B

.99

12/08/26

...

3,054

2,985

L2204734.UP.FTS.B

.99

12/08/26

...

1,718

234

L2201701.UP.FTS.B

.19

12/08/26

...

2,897

2,832

L2200543.UP.FTS.B

.23

12/08/26

...

2,354

343

FW2206534.UP.FTS.B

.38

12/08/26

1,326

1,296

FW2201365.UP.FTS.B

.41

12/08/26

6,018

5,883

L2205970.UP.FTS.B

.78

12/08/26

...

1,116

1,091

L2203172.UP.FTS.B

.86

12/08/26

...

4,177

4,084

L2201429.UP.FTS.B

.27

12/08/26

...

4,984

4,873

L2203888.UP.FTS.B

.35

12/08/26

...

1,261

1,233

L2205307.UP.FTS.B

.66

12/08/26

...

849

836

L2193881.UP.FTS.B

.75

12/08/26

...

1,861

1,834

L2205432.UP.FTS.B

.94

12/08/26

...

10,323

10,175

L2206448.UP.FTS.B

12/08/26

.....

4,455

4,356

L2195672.UP.FTS.B

12/08/26

....

5,445

5,367

L2203269.UP.FTS.B

.66

12/08/26

...

1,927

1,899

L2206760.UP.FTS.B

.01

12/08/26

...

18,732

18,468

L2200739.UP.FTS.B

.06

12/08/26

...

1,162

1,146

L2200406.UP.FTS.B

.28

12/08/26

...

1,899

1,873

L2203876.UP.FTS.B

.53

12/08/26

...

9,684

4,941

L2202653.UP.FTS.B

.59

12/08/26

...

5,375

5,299

L2200437.UP.FTS.B

.72

12/08/26

...

1,085

1,062

L2206114.UP.FTS.B

.92

12/08/26

...

875

863

L2201870.UP.FTS.B

.98

12/08/26

...

1,307

1,279

FW2200514.UP.FTS.B

.68

12/08/26

4,358

4,266

L2202316.UP.FTS.B

.78

12/08/26

...

1,102

1,078

FW2204149.UP.FTS.B

.13

12/08/26

2,222

2,174

FW2201703.UP.FTS.B

.15

12/08/26

1,727

247

L2171699.UP.FTS.B

.26

12/08/26

...

4,434

4,329

FW2201480.UP.FTS.B

.28

12/08/26

3,104

3,060

L2201833.UP.FTS.B

.78

12/08/26

...

2,224

2,178

L2203346.UP.FTS.B

.86

12/08/26

...

2,858

2,819

FW2185665.UP.FTS.B

.17

12/08/26

7,235

1,738

L2200446.UP.FTS.B

.19

12/08/26

...

492

482

L2200528.UP.FTS.B

.47

12/08/26

...

1,575

1,542

L2201790.UP.FTS.B

12/08/26

....

1,262

1,236

L2203266.UP.FTS.B

.37

12/08/26

...

2,317

2,264

L2203685.UP.FTS.B

.52

12/08/26

...

1,596

1,560

L2206634.UP.FTS.B

.58

12/08/26

...

1,004

981

FW2200309.UP.FTS.B

.86

12/08/26

2,026

148

FW2202543.UP.FTS.B

.46

12/08/26

877

859

L2200624.UP.FTS.B

12/08/26

....

923

904

L2201275.UP.FTS.B

.92

12/08/26

...

2,222

162

L2203293.UP.FTS.B

.93

12/08/26

...

789

772

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2203667.UP.FTS.B

.01

12/08/26

7,004

6,848

L2203557.UP.FTS.B

.55

12/08/26

...

674

660

L2200929.UP.FTS.B

.61

12/08/26

...

1,155

1,129

L2197277.UP.FTS.B

.68

12/08/26

...

3,050

2,983

L2205882.UP.FTS.B

.83

12/08/26

...

1,408

1,390

FW2200085.UP.FTS.B

.88

12/08/26

1,408

1,377

L2204440.UP.FTS.B

.51

12/08/26

...

567

555

L2200752.UP.FTS.B

.63

12/08/26

...

474

464

FW2200668.UP.FTS.B

.66

12/08/26

5,924

5,796

L2201876.UP.FTS.B

.84

12/08/26

...

523

512

L2200418.UP.FTS.B

.91

12/08/26

...

3,519

3,449

L2201388.UP.FTS.B

.93

12/08/26

...

1,352

1,323

L2203217.UP.FTS.B

.16

12/08/26

...

534

523

L2201763.UP.FTS.B

.22

12/08/26

...

3,264

3,223

L2203014.UP.FTS.B

.25

12/08/26

...

2,385

2,335

L2204236.UP.FTS.B

12/08/26

....

2,351

2,301

L2201267.UP.FTS.B

.35

12/08/26

...

412

403

L2207019.UP.FTS.B

.36

12/08/26

...

649

635

L2204385.UP.FTS.B

.38

12/08/26

...

575

563

L2204272.UP.FTS.B

.42

12/08/26

...

674

660

L2200539.UP.FTS.B

.48

12/08/26

...

2,596

2,540

L2202382.UP.FTS.B

12/08/26

....

861

843

L2206619.UP.FTS.B

.63

12/08/26

...

3,595

3,519

L2205529.UP.FTS.B

.96

12/08/26

...

3,367

3,297

L2200501.UP.FTS.B

.06

12/08/26

...

984

963

FW2205293.UP.FTS.B

.73

12/08/26

481

471

FW2205802.UP.FTS.B

12/08/26

...

2,135

154

FW2200840.UP.FTS.B

.39

12/08/26

4,110

4,026

FW2206331.UP.FTS.B

.09

12/08/26

6,275

448

FW2200263.UP.FTS.B

.29

12/08/26

9,081

8,898

FW2202084.UP.FTS.B

.33

12/08/26

691

677

FW2206080.UP.FTS.B

.43

12/08/26

1,241

1,215

FW2202420.UP.FTS.B

.72

12/08/26

1,992

1,950

FW2203128.UP.FTS.B

.72

12/08/26

498

488

FW2200463.UP.FTS.B

.91

12/08/26

598

586

FW2201641.UP.FTS.B

.67

12/08/26

4,116

4,034

FW2206862.UP.FTS.B

.87

12/08/26

2,416

2,368

FW2204427.UP.FTS.B

.34

12/08/26

4,046

3,967

FW2202866.UP.FTS.B

12/08/26

619

316

FW2203290.UP.FTS.B

.07

12/08/26

714

700

FW2206683.UP.FTS.B

.07

12/08/26

1,053

579

FW2205002.UP.FTS.B

.08

12/08/26

1,581

1,550

FW2200524.UP.FTS.B

.14

12/08/26

2,969

2,910

FW2199311.UP.FTS.B

.18

12/08/26

715

701

FW2203562.UP.FTS.B

.34

12/08/26

4,089

288

FW2199186.UP.FTS.B

.95

12/09/26

1,205

1,179

FW2201142.UP.FTS.B

.05

12/12/26

512

502

L2206744.UP.FTS.B

.51

12/14/26

...

12,378

12,094

L2202911.UP.FTS.B

.13

12/14/26

...

2,915

2,855

L2196899.UP.FTS.B

.65

12/15/26

...

2,763

2,702

FW2199126.UP.FTS.B

.54

12/15/26

3,197

3,137

FW2198165.UP.FTS.B

.07

12/16/26

581

567

L2200110.UP.FTS.B

.93

12/16/26

...

3,812

2,577

L2203118.UP.FTS.B

.78

12/17/26

....

3,050

2,970

L2203117.UP.FTS.B

.79

12/17/26

...

3,552

3,472

L2201499.UP.FTS.B

.34

12/17/26

...

5,030

4,917

FW2205704.UP.FTS.B

.05

12/18/26

2,475

2,425

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2198520.UP.FTS.B

.07

12/22/26

5,420

391

L2195912.UP.FTS.B

.21

12/22/26

...

3,952

3,865

L2196637.UP.FTS.B

.42

12/28/26

...

7,138

6,982

FW2197646.UP.FTS.B

.34

1/01/27

3,607

3,530

L2411009.UP.FTS.B

.26

1/11/27

.....

13,302

12,842

L2402399.UP.FTS.B

.09

1/11/27

.....

10,428

10,071

FW2408524.UP.FTS.B

.18

1/11/27

...

4,163

4,020

L2413519.UP.FTS.B

.19

1/11/27

.....

9,732

4,483

FW2411884.UP.FTS.B

1/11/27

....

9,638

9,307

L2411160.UP.FTS.B

.26

1/11/27

.....

5,873

5,674

FW2406810.UP.FTS.B

1/11/27

....

2,301

2,228

L2408660.UP.FTS.B

.61

1/11/27

.....

2,716

2,643

L2412785.UP.FTS.B

.81

1/11/27

.....

790

768

L2408557.UP.FTS.B

.86

1/11/27

.....

2,324

156

L2413727.UP.FTS.B

.61

1/11/27

.....

1,717

1,671

FW2410081.UP.FTS.B

.78

1/11/27

...

7,209

7,015

L2407187.UP.FTS.B

.85

1/11/27

.....

2,001

1,948

FW2411415.UP.FTS.B

.04

1/11/27

...

2,680

2,611

L2410685.UP.FTS.B

.48

1/11/27

.....

3,896

1,771

FW2406985.UP.FTS.B

.83

1/11/27

...

1,219

1,187

L2411458.UP.FTS.B

.12

1/11/27

....

898

874

L2408600.UP.FTS.B

.21

1/11/27

....

1,896

444

L2413945.UP.FTS.B

.53

1/11/27

....

9,029

8,814

L2411571.UP.FTS.B

.47

1/11/27

....

3,093

3,022

L2413044.UP.FTS.B

.78

1/11/27

....

3,387

3,306

FW2408471.UP.FTS.B

.94

1/11/27

2,368

2,314

L2405206.UP.FTS.B

1/11/27

.....

10,150

9,908

L2370107.UP.FTS.B

.85

1/11/27

....

2,077

2,029

L2412100.UP.FTS.B

.07

1/11/27

....

2,777

2,711

L2411596.UP.FTS.B

.42

1/11/27

....

2,131

2,081

FW2412293.UP.FTS.B

.57

1/11/27

2,000

1,956

FW2412839.UP.FTS.B

1/11/27

...

4,628

4,520

FW2407206.UP.FTS.B

.82

1/11/27

2,577

2,517

FW2410061.UP.FTS.B

.89

1/11/27

8,599

8,400

L2409821.UP.FTS.B

.42

1/11/27

....

2,339

2,285

L2410324.UP.FTS.B

.46

1/11/27

....

8,809

4,138

L2408774.UP.FTS.B

.55

1/11/27

....

1,735

1,710

L2408843.UP.FTS.B

.84

1/11/27

....

1,212

1,186

L2408436.UP.FTS.B

.99

1/11/27

....

17,802

17,540

L2406986.UP.FTS.B

.62

1/11/27

....

2,229

2,198

L2412621.UP.FTS.B

.62

1/11/27

....

1,784

1,758

L2407022.UP.FTS.B

.96

1/11/27

....

2,239

2,208

FW2411635.UP.FTS.B

.05

1/11/27

2,286

2,237

L2411840.UP.FTS.B

.48

1/11/27

....

12,782

12,496

L2406982.UP.FTS.B

.53

1/11/27

....

4,326

2,144

L2412808.UP.FTS.B

.54

1/11/27

....

4,511

4,448

FW2411466.UP.FTS.B

.75

1/11/27

905

892

L2407285.UP.FTS.B

.96

1/11/27

....

2,325

1,170

FW2407640.UP.FTS.B

.05

1/11/27

4,995

4,884

L2410765.UP.FTS.B

.19

1/11/27

....

3,345

3,299

L2412345.UP.FTS.B

.51

1/11/27

....

1,541

788

FW2406958.UP.FTS.B

.83

1/11/27

1,001

986

L2407160.UP.FTS.B

.83

1/11/27

....

8,025

7,915

L2413429.UP.FTS.B

.09

1/11/27

....

221

L2412374.UP.FTS.B

.25

1/11/27

....

5,585

5,457

FW2410395.UP.FTS.B

.34

1/11/27

2,336

2,288

FW2412890.UP.FTS.B

.68

1/11/27

4,773

4,667

L2407644.UP.FTS.B

.08

1/11/27

....

1,886

1,844

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2410907.UP.FTS.B

1/11/27

.....

1,675

1,638

L2413585.UP.FTS.B

.13

1/11/27

....

3,887

3,802

L2413345.UP.FTS.B

.45

1/11/27

....

2,932

2,869

L2410622.UP.FTS.B

.11

1/11/27

....

2,319

2,270

FW2412083.UP.FTS.B

.34

1/11/27

2,228

2,180

L2408703.UP.FTS.B

.63

1/11/27

....

2,874

1,530

L2413379.UP.FTS.B

.03

1/11/27

....

9,773

9,567

FW2412786.UP.FTS.B

.26

1/11/27

4,164

4,076

FW2407461.UP.FTS.B

.01

1/11/27

2,471

2,419

L2407824.UP.FTS.B

.08

1/11/27

....

2,028

1,986

FW2412505.UP.FTS.B

.22

1/11/27

2,327

2,279

L2406959.UP.FTS.B

.22

1/11/27

....

4,041

3,958

L2413560.UP.FTS.B

.29

1/11/27

....

1,763

1,726

FW2411982.UP.FTS.B

.34

1/11/27

2,489

2,437

L2411780.UP.FTS.B

.37

1/11/27

....

1,016

995

L2409900.UP.FTS.B

1/11/27

.....

484

474

L2411491.UP.FTS.B

1/11/27

.....

941

923

L2411973.UP.FTS.B

.47

1/11/27

....

645

632

L2411173.UP.FTS.B

.49

1/11/27

....

438

430

L2413595.UP.FTS.B

.51

1/11/27

....

1,841

132

FW2412928.UP.FTS.B

.61

1/11/27

996

975

FW2411046.UP.FTS.B

.47

1/11/27

4,485

4,394

L2409231.UP.FTS.B

.66

1/11/27

....

2,230

2,185

FW2408955.UP.FTS.B

.26

1/11/27

1,535

129

FW2412354.UP.FTS.B

.69

1/11/27

617

FW2406988.UP.FTS.B

.86

1/11/27

2,551

2,501

FW2410159.UP.FTS.B

.94

1/11/27

2,216

2,172

FW2411293.UP.FTS.B

.42

1/11/27

830

814

FW2407567.UP.FTS.B

.43

1/11/27

2,077

2,036

FW2407055.UP.FTS.B

.46

1/11/27

2,251

2,207

FW2408568.UP.FTS.B

1/11/27

...

2,335

2,290

FW2412942.UP.FTS.B

.18

1/11/27

2,051

2,012

FW2413390.UP.FTS.B

.33

1/11/27

2,248

2,204

FW2407748.UP.FTS.B

.43

1/11/27

1,259

1,235

FW2413147.UP.FTS.B

.55

1/11/27

2,433

609

FW2412502.UP.FTS.B

.76

1/11/27

7,888

7,739

FW2410401.UP.FTS.B

.79

1/11/27

703

690

FW2411299.UP.FTS.B

.92

1/11/27

888

871

FW2392367.UP.FTS.B

.94

1/11/27

1,167

1,145

FW2411010.UP.FTS.B

.02

1/11/27

2,376

2,332

FW2409966.UP.FTS.B

.03

1/11/27

1,740

1,708

FW2407947.UP.FTS.B

.05

1/11/27

1,907

1,871

FW2411701.UP.FTS.B

.06

1/11/27

289

284

FW2411738.UP.FTS.B

.08

1/11/27

930

912

FW2413942.UP.FTS.B

.15

1/11/27

FW2410271.UP.FTS.B

.19

1/11/27

1,154

–

FW2411062.UP.FTS.B

.46

1/11/27

4,493

320

FW2410751.UP.FTS.B

.47

1/11/27

2,677

2,623

L2414801.UP.FTS.B

.11

1/12/27

.....

4,233

4,088

L2419361.UP.FTS.B

.41

1/12/27

....

580

560

L2402757.UP.FTS.B

.51

1/12/27

....

2,711

2,619

L2416784.UP.FTS.B

.53

1/12/27

....

775

748

L2418799.UP.FTS.B

.56

1/12/27

....

4,675

4,516

L2417049.UP.FTS.B

1/12/27

.....

1,521

1,485

FW2414856.UP.FTS.B

.64

1/12/27

...

388

375

L2416695.UP.FTS.B

.86

1/12/27

....

1,752

1,693

L2414595.UP.FTS.B

.05

1/12/27

....

2,928

2,849

FW2415988.UP.FTS.B

.29

1/12/27

...

5,111

5,003

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2410292.UP.FTS.B

1/12/27

.....

1,645

1,600

L2417990.UP.FTS.B

.34

1/12/27

....

19,600

19,075

L2417199.UP.FTS.B

.43

1/12/27

....

17,249

16,798

FW2419541.UP.FTS.B

1/12/27

....

5,894

5,736

L2414153.UP.FTS.B

.51

1/12/27

....

982

949

L2417691.UP.FTS.B

.69

1/12/27

....

8,896

8,598

L2417969.UP.FTS.B

.13

1/12/27

....

2,935

2,857

FW2416734.UP.FTS.B

.22

1/12/27

...

564

556

L2416137.UP.FTS.B

.26

1/12/27

....

5,209

380

L2418009.UP.FTS.B

.08

1/12/27

....

4,825

4,697

L2414926.UP.FTS.B

.43

1/12/27

....

12,639

12,308

L2413887.UP.FTS.B

.49

1/12/27

....

2,423

2,366

FW2415990.UP.FTS.B

1/12/27

....

12,863

6,041

L2414275.UP.FTS.B

.91

1/12/27

....

16,273

15,845

L2417012.UP.FTS.B

.17

1/12/27

....

817

796

FW2417548.UP.FTS.B

.24

1/12/27

6,132

5,971

FW2417403.UP.FTS.B

.31

1/12/27

2,867

2,800

L2415901.UP.FTS.B

.41

1/12/27

....

7,405

1,004

L2414718.UP.FTS.B

.85

1/12/27

....

1,649

1,611

L2418788.UP.FTS.B

.88

1/12/27

....

1,407

1,384

FW2419104.UP.FTS.B

.58

1/12/27

3,475

1,637

L2414779.UP.FTS.B

.77

1/12/27

....

1,671

1,632

L2415035.UP.FTS.B

.36

1/12/27

....

3,295

3,231

L2419353.UP.FTS.B

.95

1/12/27

....

13,841

13,525

L2419419.UP.FTS.B

.25

1/12/27

....

3,110

224

FW2417958.UP.FTS.B

1/12/27

...

4,351

637

L2414553.UP.FTS.B

.38

1/12/27

....

8,730

8,535

L2419563.UP.FTS.B

.64

1/12/27

....

12,796

12,510

FW2417528.UP.FTS.B

.86

1/12/27

2,726

197

L2418960.UP.FTS.B

.54

1/12/27

....

8,791

8,671

L2416354.UP.FTS.B

.71

1/12/27

....

2,172

2,124

L2414253.UP.FTS.B

.15

1/12/27

....

3,546

3,498

L2414473.UP.FTS.B

1/12/27

....

445

439

L2420474.UP.FTS.B

.75

1/12/27

....

6,703

6,557

L2417581.UP.FTS.B

.27

1/12/27

....

1,978

1,952

FW2414008.UP.FTS.B

.55

1/12/27

1,453

1,422

FW2394068.UP.FTS.B

.18

1/12/27

3,638

3,564

FW2415024.UP.FTS.B

.94

1/12/27

4,047

3,960

L2418100.UP.FTS.B

.74

1/12/27

....

8,501

8,334

L2416916.UP.FTS.B

.22

1/12/27

....

2,346

2,297

L2389418.UP.FTS.B

.12

1/12/27

....

2,977

2,916

L2415799.UP.FTS.B

.22

1/12/27

....

1,982

1,941

FW2408502.UP.FTS.B

.28

1/12/27

3,559

L2416737.UP.FTS.B

1/12/27

....

1,311

1,284

FW2416362.UP.FTS.B

.42

1/12/27

2,426

2,377

L2409743.UP.FTS.B

.49

1/12/27

....

5,552

2,606

FW2414282.UP.FTS.B

.79

1/12/27

973

954

L2415306.UP.FTS.B

.21

1/12/27

....

5,285

5,181

L2418700.UP.FTS.B

1/12/27

....

273

268

L2414994.UP.FTS.B

.32

1/12/27

....

1,002

L2411740.UP.FTS.B

.36

1/12/27

....

794

779

L2418717.UP.FTS.B

.38

1/12/27

....

1,921

138

L2414777.UP.FTS.B

.43

1/12/27

....

677

664

L2417114.UP.FTS.B

.49

1/12/27

....

928

910

L2418684.UP.FTS.B

.49

1/12/27

....

1,409

1,382

FW2418174.UP.FTS.B

.89

1/12/27

4,893

4,799

L2413654.UP.FTS.B

.91

1/12/27

....

2,875

2,820

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2414249.UP.FTS.B

.35

1/12/27

....

2,007

1,969

FW2419574.UP.FTS.B

.43

1/12/27

9,433

9,252

FW2411493.UP.FTS.B

.18

1/12/27

6,587

6,465

FW2418008.UP.FTS.B

.88

1/12/27

876

861

FW2418306.UP.FTS.B

.61

1/12/27

3,641

3,576

FW2415348.UP.FTS.B

.45

1/12/27

10,266

10,086

FW2419466.UP.FTS.B

.59

1/12/27

3,190

487

FW2417562.UP.FTS.B

.84

1/12/27

527

517

FW2418392.UP.FTS.B

.87

1/12/27

1,124

1,105

FW2416140.UP.FTS.B

.99

1/12/27

1,160

1,140

FW2414984.UP.FTS.B

.12

1/12/27

1,268

1,245

FW2419527.UP.FTS.B

.12

1/12/27

680

668

L2419307.UP.FTS.B

.34

1/15/27

....

6,740

6,605

L2410860.UP.FTS.B

.88

1/15/27

....

3,411

878

L2418737.UP.FTS.B

.93

1/16/27

....

1,537

1,484

L2410494.UP.FTS.B

.56

1/16/27

....

9,088

8,957

L2408655.UP.FTS.B

1/26/27

.....

9,546

716

L2412142.UP.FTS.B

.74

1/26/27

....

6,787

6,605

L2415942.UP.FTS.B

.21

1/26/27

....

6,154

5,993

L2417088.UP.FTS.B

.78

1/27/27

....

3,550

3,498

FW1708581.UP.FTS.B

.53

2/14/27

1,735

1,705

L1709217.UP.FTS.B

.78

2/14/27

....

14,876

9,862

FW1710725.UP.FTS.B

.72

2/14/27

1,734

122

L2632551.UP.FTS.B

.37

2/15/27

....

4,775

4,606

L2632779.UP.FTS.B

.63

2/15/27

....

2,795

2,696

L2630774.UP.FTS.B

.69

2/15/27

....

1,669

1,612

L2635638.UP.FTS.B

.41

2/15/27

....

3,572

3,485

FW2633029.UP.FTS.B

.57

2/15/27

...

633

616

L2633022.UP.FTS.B

.86

2/15/27

....

6,350

6,180

FW2635247.UP.FTS.B

.37

2/15/27

3,636

3,549

L2632143.UP.FTS.B

.83

2/15/27

....

1,922

1,881

L2632232.UP.FTS.B

.83

2/15/27

....

2,506

2,458

L2633836.UP.FTS.B

2/15/27

......

4,668

4,556

L2630147.UP.FTS.B

.15

2/15/27

....

17,502

17,089

L2635861.UP.FTS.B

.41

2/15/27

....

3,731

3,643

L2637042.UP.FTS.B

.14

2/15/27

....

3,547

3,464

L2631332.UP.FTS.B

.22

2/15/27

....

2,219

2,167

FW2633237.UP.FTS.B

.24

2/15/27

1,781

1,739

L2631964.UP.FTS.B

2/15/27

......

3,291

3,216

L2632724.UP.FTS.B

.48

2/15/27

....

2,291

2,239

L2637603.UP.FTS.B

.83

2/15/27

....

2,891

2,825

FW2631558.UP.FTS.B

.18

2/15/27

6,826

6,670

L2635221.UP.FTS.B

.45

2/15/27

....

3,313

3,237

FW2633986.UP.FTS.B

.46

2/15/27

12,062

7,555

FW2631951.UP.FTS.B

.91

2/15/27

4,233

2,721

FW2634727.UP.FTS.B

.18

2/15/27

3,043

3,002

L2635424.UP.FTS.B

.37

2/15/27

....

18,485

18,234

L2630011.UP.FTS.B

.96

2/15/27

....

2,329

2,276

FW2635945.UP.FTS.B

.32

2/15/27

2,571

2,518

FW2635531.UP.FTS.B

.53

2/15/27

5,600

5,526

FW2632933.UP.FTS.B

.59

2/15/27

5,114

1,195

FW1709115.UP.FTS.B

.14

2/15/27

3,023

2,964

L2633648.UP.FTS.B

.29

2/15/27

....

4,877

4,814

L2632212.UP.FTS.B

.09

2/15/27

....

1,935

1,897

FW2631142.UP.FTS.B

.84

2/15/27

1,541

1,510

L2636740.UP.FTS.B

.15

2/15/27

....

496

486

L2633500.UP.FTS.B

.28

2/15/27

....

2,503

2,452

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW2633249.UP.FTS.B

.49

2/15/27

2,778

2,723

L2629665.UP.FTS.B

.47

2/15/27

....

3,678

2,453

FW2634252.UP.FTS.B

.49

2/15/27

3,263

3,201

L2634268.UP.FTS.B

.05

2/15/27

....

1,197

1,174

FW2635941.UP.FTS.B

.09

2/15/27

2,262

2,220

L2632154.UP.FTS.B

.31

2/15/27

....

12,067

11,838

L2636370.UP.FTS.B

2/15/27

....

1,542

1,512

L2631893.UP.FTS.B

.41

2/15/27

....

1,818

1,783

L2634591.UP.FTS.B

.45

2/15/27

....

565

555

FW2631141.UP.FTS.B

.72

2/15/27

6,778

6,650

L2634677.UP.FTS.B

.78

2/15/27

....

2,065

2,026

L2636195.UP.FTS.B

.92

2/15/27

....

7,752

7,607

L2635199.UP.FTS.B

.23

2/15/27

....

3,266

3,205

FW2635628.UP.FTS.B

.36

2/15/27

1,477

226

FW2634760.UP.FTS.B

.38

2/15/27

3,064

3,007

L2635219.UP.FTS.B

.59

2/15/27

....

2,626

190

FW2637086.UP.FTS.B

.68

2/15/27

1,720

1,688

FW2632183.UP.FTS.B

.72

2/15/27

3,720

3,653

FW2634627.UP.FTS.B

.11

2/15/27

3,800

273

FW2634087.UP.FTS.B

.37

2/15/27

1,606

1,578

FW2632506.UP.FTS.B

2/15/27

...

2,314

2,274

FW2636372.UP.FTS.B

.35

2/15/27

3,248

3,192

FW2631494.UP.FTS.B

.85

2/15/27

2,952

211

FW2629864.UP.FTS.B

2/15/27

...

1,312

878

FW2631968.UP.FTS.B

.98

2/15/27

3,113

3,058

FW2633314.UP.FTS.B

.08

2/15/27

427

420

FW2633604.UP.FTS.B

.13

2/15/27

1,420

1,396

L2640422.UP.FTS.B

.19

2/16/27

....

2,432

2,366

L2644170.UP.FTS.B

.74

2/16/27

....

11,480

11,175

L2644467.UP.FTS.B

.99

2/16/27

....

352

347

L2641249.UP.FTS.B

.09

2/16/27

....

6,168

6,004

FW2640044.UP.FTS.B

.77

2/16/27

...

2,433

2,370

FW2639996.UP.FTS.B

.85

2/16/27

...

2,095

2,054

L2628258.UP.FTS.B

2/16/27

....

6,962

6,798

L2639939.UP.FTS.B

.73

2/16/27

....

6,194

6,049

L2640107.UP.FTS.B

.57

2/16/27

....

4,645

4,537

L2642580.UP.FTS.B

.66

2/16/27

....

1,521

1,486

FW2644262.UP.FTS.B

.83

2/16/27

5,394

393

L2642829.UP.FTS.B

.96

2/16/27

....

9,339

9,123

L2643133.UP.FTS.B

.13

2/16/27

....

4,714

4,606

L2640589.UP.FTS.B

.31

2/16/27

....

21,917

21,412

L2637999.UP.FTS.B

.45

2/16/27

....

4,917

4,804

L2639543.UP.FTS.B

.06

2/16/27

....

4,487

4,386

L2637807.UP.FTS.B

.59

2/16/27

....

6,679

6,530

L2643572.UP.FTS.B

.72

2/16/27

....

905

885

FW2640160.UP.FTS.B

.88

2/16/27

10,429

10,196

L2643245.UP.FTS.B

.83

2/16/27

....

9,960

9,740

L2642945.UP.FTS.B

.91

2/16/27

....

689

674

FW2637690.UP.FTS.B

2/16/27

...

3,166

2,002

FW2643607.UP.FTS.B

.31

2/16/27

23,083

22,788

FW2638305.UP.FTS.B

.48

2/16/27

4,999

4,933

L2639711.UP.FTS.B

2/16/27

.....

742

733

L2641429.UP.FTS.B

.81

2/16/27

....

6,115

6,039

L2638277.UP.FTS.B

.32

2/16/27

....

2,373

2,344

L2640102.UP.FTS.B

.59

2/16/27

....

11,887

11,743

L2639587.UP.FTS.B

2/16/27

....

1,934

1,897

FW2640938.UP.FTS.B

.16

2/16/27

5,306

5,201

L2643431.UP.FTS.B

.38

2/16/27

....

7,341

4,745

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

FW2639130.UP.FTS.B

.01

2/16/27

1,956

1,918

L2641584.UP.FTS.B

.92

2/16/27

....

26,363

17,068

L2631819.UP.FTS.B

.11

2/16/27

....

12,456

12,221

L2637903.UP.FTS.B

.13

2/16/27

....

5,841

5,733

FW2640578.UP.FTS.B

.42

2/16/27

472

L2639752.UP.FTS.B

.85

2/16/27

....

24,972

24,512

L2644478.UP.FTS.B

.24

2/16/27

....

10,794

2,661

FW2641930.UP.FTS.B

.25

2/16/27

5,202

5,107

FW2639691.UP.FTS.B

.69

2/16/27

9,627

6,393

FW2643737.UP.FTS.B

.79

2/16/27

7,823

7,678

L2644184.UP.FTS.B

.14

2/16/27

....

4,872

3,142

L2638887.UP.FTS.B

.84

2/16/27

....

1,022

1,003

L2642235.UP.FTS.B

.97

2/16/27

....

768

755

FW2642257.UP.FTS.B

.15

2/16/27

5,097

5,006

L2644251.UP.FTS.B

.49

2/16/27

....

624

613

L2643938.UP.FTS.B

2/16/27

....

789

775

L2638678.UP.FTS.B

.84

2/16/27

....

4,356

4,279

L2640846.UP.FTS.B

.29

2/16/27

....

12,981

12,756

FW2641067.UP.FTS.B

.08

2/16/27

3,652

3,590

FW2638017.UP.FTS.B

.09

2/16/27

4,502

4,425

FW2636711.UP.FTS.B

2/16/27

...

5,253

5,165

FW2644630.UP.FTS.B

.55

2/16/27

5,452

5,363

FW2638733.UP.FTS.B

.69

2/16/27

2,761

198

FW2639696.UP.FTS.B

.14

2/16/27

540

531

FW2640894.UP.FTS.B

.14

2/16/27

14,696

14,463

FW2643800.UP.FTS.B

2/16/27

...

281

276

FW2638255.UP.FTS.B

.12

2/16/27

583

574

FW2641269.UP.FTS.B

.13

2/16/27

7,585

541

FW2642792.UP.FTS.B

.15

2/16/27

643

632

FW2639361.UP.FTS.B

.17

2/16/27

764

752

FW2638060.UP.FTS.B

.21

2/16/27

1,422

1,400

FW2645630.UP.FTS.B

.87

2/17/27

5,501

5,378

L2644980.UP.FTS.B

.95

2/17/27

....

814

796

L2645342.UP.FTS.B

.93

2/17/27

....

13,339

13,039

FW2645588.UP.FTS.B

.61

2/17/27

1,850

1,207

FW2645675.UP.FTS.B

2/17/27

...

12,480

12,322

L2641861.UP.FTS.B

.53

2/17/27

....

9,699

2,548

L2645010.UP.FTS.B

.52

2/17/27

....

5,403

5,301

FW2642053.UP.FTS.B

.61

2/17/27

2,059

2,021

L2645135.UP.FTS.B

2/17/27

....

1,085

1,064

L2645131.UP.FTS.B

.45

2/17/27

....

691

679

FW2645900.UP.FTS.B

.25

2/17/27

1,038

1,021

FW2645571.UP.FTS.B

.48

2/17/27

2,080

2,045

FW2645842.UP.FTS.B

.86

2/17/27

1,644

1,618

L2633374.UP.FTS.B

.21

2/18/27

....

7,771

7,500

FW2639867.UP.FTS.B

2/19/27

...

1,060

1,042

FW2645832.UP.FTS.B

.88

2/21/27

7,168

7,083

L2642691.UP.FTS.B

.69

2/23/27

....

13,716

13,351

L2644708.UP.FTS.B

.19

2/25/27

....

2,378

2,337

L2633588.UP.FTS.B

.56

2/28/27

....

13,390

12,921

FW2636201.UP.FTS.B

.12

2/28/27

3,076

3,004

L2633254.UP.FTS.B

.29

2/28/27

....

11,185

10,972

L2643974.UP.FTS.B

2/28/27

....

1,881

1,849

FW2644598.UP.FTS.B

.38

3/01/27

6,090

5,991

L2645397.UP.FTS.B

.19

3/13/27

....

1,377

1,354

L1874238.UP.FTS.B

.32

3/18/27

....

2,440

2,390

L1872381.UP.FTS.B

3/18/27

....

1,671

122

L1873877.UP.FTS.B

.05

3/18/27

....

2,576

2,533

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

FW1873866.UP.FTS.B

.25

3/18/27

518

347

FW1874435.UP.FTS.B

.05

3/18/27

1,061

1,045

FW1872975.UP.FTS.B

.03

3/18/27

1,751

1,703

L1874548.UP.FTS.B

.04

3/26/27

....

3,712

3,653

L1873528.UP.FTS.B

.71

3/28/27

....

4,105

4,036

FW1874302.UP.FTS.B

.81

4/02/27

26,379

25,770

L1947969.UP.FTS.B

.25

4/09/27

....

1,352

577

L1991534.UP.FTS.B

.48

4/09/27

....

2,729

2,668

L2006384.UP.FTS.B

.95

4/09/27

....

8,061

580

L2004674.UP.FTS.B

.44

4/09/27

....

4,789

2,325

L2006933.UP.FTS.B

4/09/27

....

3,222

3,161

L2006560.UP.FTS.B

.67

4/09/27

....

4,519

4,430

L2008993.UP.FTS.B

.21

4/09/27

....

6,548

473

FW2007255.UP.FTS.B

.65

4/09/27

3,475

3,407

FW2009107.UP.FTS.B

.81

4/09/27

2,054

2,014

FW2007277.UP.FTS.B

.98

4/09/27

672

336

FW2008461.UP.FTS.B

.23

4/09/27

949

930

L2009664.UP.FTS.B

.29

4/10/27

....

979

L2009332.UP.FTS.B

.58

4/15/27

....

1,656

375

L2078117.UP.FTS.B

.47

4/19/27

....

2,145

2,121

L2079526.UP.FTS.B

.98

4/19/27

....

1,751

1,713

L2080091.UP.FTS.B

.35

4/19/27

....

1,321

1,305

L2076557.UP.FTS.B

.86

4/19/27

....

14,899

14,676

L2078089.UP.FTS.B

.76

4/19/27

....

11,238

11,031

FW2078029.UP.FTS.B

.15

4/19/27

2,519

2,473

FW2077484.UP.FTS.B

.29

4/19/27

9,595

6,248

L2075052.UP.FTS.B

.99

4/19/27

....

2,969

724

FW2076494.UP.FTS.B

.89

4/19/27

3,377

3,329

FW2079921.UP.FTS.B

.67

4/19/27

1,636

1,609

FW2076836.UP.FTS.B

.47

4/19/27

5,371

816

L2005313.UP.FTS.B

.04

4/20/27

....

28,509

28,112

FW2009466.UP.FTS.B

.96

4/24/27

1,195

1,176

FW2079511.UP.FTS.B

.94

5/01/27

...

4,209

305

FW2195774.UP.FTS.B

.53

5/07/27

18,120

17,643

L2196542.UP.FTS.B

.21

5/07/27

....

4,805

4,685

FW2198673.UP.FTS.B

.71

5/07/27

12,671

5,607

L2199844.UP.FTS.B

.94

5/07/27

....

5,959

5,811

L2197174.UP.FTS.B

.08

5/07/27

....

7,733

7,597

L2185222.UP.FTS.B

.13

5/07/27

....

3,946

288

L2197891.UP.FTS.B

5/07/27

....

1,975

1,930

FW2195703.UP.FTS.B

.25

5/07/27

1,079

153

L2199876.UP.FTS.B

.33

5/07/27

....

993

FW2198564.UP.FTS.B

.96

5/07/27

2,820

2,763

FW2197220.UP.FTS.B

.81

5/07/27

1,609

1,579

FW2196279.UP.FTS.B

.01

5/07/27

2,129

2,086

L2203856.UP.FTS.B

.82

5/08/27

....

14,456

14,083

L2205206.UP.FTS.B

.97

5/08/27

....

16,961

16,702

L2205436.UP.FTS.B

.02

5/08/27

....

14,269

14,019

L2201272.UP.FTS.B

5/08/27

....

2,490

2,427

L2205691.UP.FTS.B

.93

5/08/27

....

24,143

10,763

L2204805.UP.FTS.B

.42

5/08/27

....

5,764

1,272

L2203740.UP.FTS.B

.62

5/08/27

....

1,269

1,240

FW2202220.UP.FTS.B

.45

5/08/27

12,567

2,984

L2198053.UP.FTS.B

.47

5/08/27

....

2,045

1,998

L2203340.UP.FTS.B

.11

5/08/27

....

2,265

2,213

L2201398.UP.FTS.B

.49

5/08/27

....

7,609

7,453

L2204624.UP.FTS.B

.54

5/08/27

....

13,914

13,653

Description

Principal

Amount

Value

Upstart

Network,

Inc.

(continued)

L2204118.UP.FTS.B

.56

5/08/27

....

9,995

9,787

FW2202542.UP.FTS.B

.64

5/08/27

3,303

3,246

FW2201944.UP.FTS.B

.52

5/08/27

3,759

1,772

L2195192.UP.FTS.B

.22

5/15/27

....

1,986

1,954

L2197038.UP.FTS.B

.26

5/16/27

....

1,869

1,819

FW2198942.UP.FTS.B

.77

5/18/27

11,034

7,111

L2194879.UP.FTS.B

.51

5/22/27

....

8,996

8,857

FW2195399.UP.FTS.B

.81

5/22/27

1,370

1,342

L2203741.UP.FTS.B

.33

5/23/27

....

8,095

7,868

FW2199867.UP.FTS.B

.82

5/23/27

8,809

5,378

L2203381.UP.FTS.B

.04

5/23/27

....

4,807

4,737

FW2206855.UP.FTS.B

.38

5/23/27

2,674

1,648

L2204897.UP.FTS.B

.87

5/23/27

....

15,015

9,421

FW2204874.UP.FTS.B

.03

6/07/27

6,131

1,328

L2412468.UP.FTS.B

.67

6/11/27

.....

23,536

9,576

L2412559.UP.FTS.B

.83

6/11/27

.....

2,097

992

L2412874.UP.FTS.B

.03

6/11/27

.....

3,511

736

L2412901.UP.FTS.B

.44

6/11/27

.....

7,012

6,816

L2408318.UP.FTS.B

.27

6/11/27

....

2,121

2,064

L2413229.UP.FTS.B

.26

6/11/27

....

8,929

8,685

L2410725.UP.FTS.B

.84

6/11/27

....

10,126

9,862

FW2407472.UP.FTS.B

.08

6/11/27

14,789

6,273

FW2410350.UP.FTS.B

.75

6/11/27

5,456

2,570

L2402977.UP.FTS.B

.95

6/11/27

....

877

499

FW2406392.UP.FTS.B

.41

6/11/27

6,646

6,536

L2413373.UP.FTS.B

.72

6/11/27

....

20,723

20,365

FW2409812.UP.FTS.B

.81

6/11/27

1,967

1,931

FW2410079.UP.FTS.B

.81

6/11/27

2,581

187

FW2411228.UP.FTS.B

.37

6/11/27

2,602

2,555

L2407955.UP.FTS.B

6/11/27

......

5,962

2,789

FW2413018.UP.FTS.B

.69

6/11/27

527

517

FW2411177.UP.FTS.B

.23

6/11/27

2,494

–

L2417948.UP.FTS.B

.36

6/12/27

....

514

500

L2415490.UP.FTS.B

.71

6/12/27

....

7,975

7,766

L2419336.UP.FTS.B

.72

6/12/27

....

11,527

1,483

FW2417755.UP.FTS.B

.05

6/12/27

10,642

2,421

L2415810.UP.FTS.B

.13

6/12/27

....

2,706

2,650

L2418697.UP.FTS.B

.86

6/12/27

....

2,574

2,521

L2417411.UP.FTS.B

6/12/27

......

7,432

3,468

FW2415078.UP.FTS.B

.67

6/12/27

2,463

573

FW2414026.UP.FTS.B

.61

6/12/27

707

696

FW2418950.UP.FTS.B

.94

6/12/27

1,394

1,366

FW2418092.UP.FTS.B

.98

6/12/27

903

889

FW2420156.UP.FTS.B

.98

6/12/27

2,260

2,233

L2412701.UP.FTS.B

.09

6/15/27

....

640

627

FW2411936.UP.FTS.B

.61

6/26/27

3,925

3,821

FW1711888.UP.FTS.B

.29

7/14/27

3,742

3,694

L1711759.UP.FTS.B

.35

7/14/27

....

4,298

4,238

L2637476.UP.FTS.B

.48

7/15/27

....

6,417

3,985

L2633167.UP.FTS.B

.54

7/15/27

....

3,654

3,586

L2605748.UP.FTS.B

.45

7/15/27

....

1,206

282

FW2634310.UP.FTS.B

.59

7/15/27

4,629

4,555

FW2634423.UP.FTS.B

.99

7/15/27

16,011

15,825

L2638227.UP.FTS.B

7/16/27

....

8,448

8,221

FW2639288.UP.FTS.B

7/16/27

...

8,348

8,133

FW2637881.UP.FTS.B

.54

7/16/27

3,120

3,040

L2644502.UP.FTS.B

.74

7/16/27

....

9,751

1,380

Franklin

Strategic

Series

Schedule

Investments

Franklin

Core

Plus

Bond

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Description

Principal

Amount

Value

Marketplace

Loans

(continued)

Upstart

Network,

Inc.

(continued)

L2640734.UP.FTS.B

.15

7/16/27

....

32,393

2,354

L2631654.UP.FTS.B

.62

7/16/27

....

12,827

12,584

L2639355.UP.FTS.B

.49

7/16/27

....

2,271

1,411

FW2640017.UP.FTS.B

.28

7/16/27

27,625

27,093

L2645113.UP.FTS.B

.21

7/17/27

....

4,149

4,038

L2642277.UP.FTS.B

.82

7/17/27

....

3,648

3,579

FW2645472.UP.FTS.B

.31

7/17/27

10,429

10,268

FW2632915.UP.FTS.B

.46

7/20/27

8,963

8,796

FW2644628.UP.FTS.B

.88

7/24/27

1,076

1,066

L2631220.UP.FTS.B

.21

7/28/27

....

2,007

289

L2009631.UP.FTS.B

.91

9/09/27

....

3,713

835

L2004813.UP.FTS.B

.68

9/09/27

....

3,398

3,326

FW2007802.UP.FTS.B

.93

9/09/27

20,720

20,286

L2004302.UP.FTS.B

.93

9/24/27

....

2,051

2,010

FW2005949.UP.FTS.B

.57

9/24/27

4,620

4,524

FW2199121.UP.FTS.B

.58

10/07/27

12,715

2,477

L2202159.UP.FTS.B

.54

10/08/27

...

13,140

12,790

FW2202576.UP.FTS.B

.89

10/08/27

7,058

516

L2201626.UP.FTS.B

.65

10/08/27

...

3,759

3,679

L2206615.UP.FTS.B

.87

10/08/27

...

11,601

5,037

FW2202975.UP.FTS.B

10/08/27

2,737

2,702

FW2205386.UP.FTS.B

.87

10/08/27

7,313

517

L2200600.UP.FTS.B

.71

10/23/27

...

2,594

1,567

L2413593.UP.FTS.B

.06

11/11/27

...

5,457

5,341

FW2410499.UP.FTS.B

.67

11/11/27

1,065

1,045

L2414318.UP.FTS.B

.81

11/12/27

....

9,624

702

L2416327.UP.FTS.B

.17

11/12/27

...

15,966

6,377

FW2415964.UP.FTS.B

.16

11/12/27

777

764

L2644100.UP.FTS.B

.16

12/16/27

....

2,189

2,120

L2638486.UP.FTS.B

.48

12/16/27

...

6,017

5,915

FW2643411.UP.FTS.B

.58

12/16/27

3,843

3,792

L1710242.UP.FTS.B

.42

9/14/28

....

1,853

1,811

L1973640.UP.FTS.B

11/09/28

....

7,050

6,890

L2009558.UP.FTS.B

.34

11/09/28

...

12,410

12,312

L2195991.UP.FTS.B

.01

12/07/28

...

6,624

6,562

L2197007.UP.FTS.B

.07

12/07/28

...

2,049

147

L2204377.UP.FTS.B

.94

12/08/28

...

3,216

3,148

L2635238.UP.FTS.B

.81

2/15/29

....

9,908

9,722

L2631621.UP.FTS.B

.64

2/15/29

....

14,556

14,137

L2633434.UP.FTS.B

.36

2/15/29

....

3,168

3,116

L2634808.UP.FTS.B

.03

2/15/29

....

1,572

FW2203151.UP.FTS.B

.13

12/22/34

FW2408203.UP.FTS.B

.04

1/11/35

...

279

FW2412135.UP.FTS.B

.19

1/11/35

197

L2573704.UP.FTS.B

2/16/35

....

267

L2078933.UP.FTS.B

.16

4/19/35

....

742

675

FW2200254.UP.FTS.B

.34

5/07/35

FW2202524.UP.FTS.B

.64

5/08/35

165

142

3,395,859

Total

Marketplace

Loans

(Cost

35,851,397

)

......................

$29,226,804

The

rate

shown

represents

the

yield

period

end.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Core

Plus

Bond

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

April

30,

2025

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(

April

30,

2025

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(

April

30,

2025

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(d)

Futures

Contracts

Description

Type

Number

Contracts

Notional

Amount

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

Year

Notes

....................

Short

1,032

115,809,750

6/18/25

(

1,728,059

)

U.S.

Treasury

Year

Ultra

Notes

................

Short

801

91,902,234

6/18/25

(

569,073

)

U.S.

Treasury

Year

Notes

.....................

Short

9,782,977

6/30/25

(

72,763

)

U.S.

Treasury

Year

Notes

.....................

Short

7,316,086

6/30/25

(

116,149

)

U.S.

Treasury

Long

Bonds

.....................

Long

2,044

238,381,500

6/18/25

951,997

U.S.

Treasury

Ultra

Bonds

......................

Long

9,803,531

6/18/25

(

27,971

)

Total

Futures

Contracts

......................................................................

$(1,562,018)

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

Columbian

Peso

....

JPHQ

Sell

56,500,000,000

13,478,857

5/19/25

141,863

—

Euro

.............

JPHQ

Sell

2,600,000

2,696,911

6/30/25

—

(

259,830

)

Euro

.............

JPHQ

Sell

600,000

631,862

8/25/25

—

(

52,805

)

Total

Forward

Exchange

Contracts

...................................................

$141,863

$(312,635)

Net

unrealized

appreciation

(depreciation)

............................................

$(170,772)

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Sell

Protection

(c)

(d)

Single

Name

Carnival

Corp.

1.00%

Quarterly

CITI

6/20/27

7,090,000

(

28,504

)

(

548,975

)

520,471

BB+

Total

OTC

Swap

Contracts

..............................................

$(28,504)

$(548,975)

$520,471

Total

Credit

Default

Swap

Contracts

....................................

$(28,504)

(

548,975

)

$520,471

(a)

U.S.

dollars

unless

otherwise

indicated.

For

contracts

sell

protection,

the

notional

amount

equal

the

maximum

potential

amount

the

future

payments

and

recourse

provisions

have

been

entered

into

association

with

the

contracts.

(b)

Based

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

mapping

into

equivalent

ratings

from

external

vendors.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Growth

Opportunities

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

102

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$45.99

$39.15

$43.14

$56.25

$39.60

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.16)

(0.20)

(0.12)

(0.28)

(0.26)

Net

realized

and

unrealized

gains

(losses)

...........

4.24

12.81

(2.19)

(7.76)

20.03

Total

from

investment

operations

....................

4.08

12.61

(2.31)

(8.04)

19.77

Less

distributions

from:

Net

realized

gains

.............................

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

year

.......................

$44.86

$45.99

$39.15

$43.14

$56.25

Total

return

...................................

7.85%

33.49%

(4.98)%

(16.57)%

50.64%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.89%

0.91%

0.95%

0.90%

0.91%

Expenses

net

waiver

and

payments

affiliates

.......

0.89%

0.91%

d,e

0.94%

0.89%

0.91%

d,e

Net

investment

(loss)

............................

(0.32)%

(0.45)%

(0.30)%

(0.49)%

(0.51)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$3,383,277

$3,453,647

$2,765,017

$3,215,834

$4,203,693

Portfolio

turnover

rate

............................

27.59%

27.49%

16.52%

17.20%

17.54%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

103

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$31.99

$28.86

$32.55

$43.87

$31.61

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.36)

(0.38)

(0.30)

(0.54)

(0.50)

Net

realized

and

unrealized

gains

(losses)

...........

3.09

9.28

(1.71)

(5.71)

15.88

Total

from

investment

operations

....................

2.73

8.90

(2.01)

(6.25)

15.38

Less

distributions

from:

Net

realized

gains

.............................

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

year

.......................

$29.51

$31.99

$28.86

$32.55

$43.87

Total

return

...................................

7.03%

32.52%

(5.69)%

(17.20)%

49.47%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.64%

1.66%

1.70%

1.65%

1.66%

Expenses

net

waiver

and

payments

affiliates

.......

1.64%

1.66%

d,e

1.69%

1.64%

1.66%

d,e

Net

investment

(loss)

............................

(1.07)%

(1.18)%

(1.05)%

(1.23)%

(1.26)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$75,994

$87,686

$119,070

$158,895

$278,804

Portfolio

turnover

rate

............................

27.59%

27.49%

16.52%

17.20%

17.54%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

104

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$41.85

$36.13

$40.06

$52.69

$37.32

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.26)

(0.29)

(0.20)

(0.39)

(0.36)

Net

realized

and

unrealized

gains

(losses)

...........

3.90

11.78

(2.05)

(7.17)

18.85

Total

from

investment

operations

....................

3.64

11.49

(2.25)

(7.56)

18.49

Less

distributions

from:

Net

realized

gains

.............................

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

year

.......................

$40.28

$41.85

$36.13

$40.06

$52.69

Total

return

....................................

7.57%

33.18%

(5.21)%

(16.79)%

50.26%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.14%

1.16%

1.20%

1.15%

Expenses

net

waiver

and

payments

affiliates

.......

1.14%

1.16%

c,d

1.19%

1.14%

1.15%

c,d

Net

investment

(loss)

............................

(0.57)%

(0.70)%

(0.55)%

(0.73)%

(0.75)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$25,260

$28,933

$22,664

$27,009

$40,396

Portfolio

turnover

rate

............................

27.59%

27.49%

16.52%

17.20%

17.54%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

105

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$53.82

$44.87

$48.98

$63.06

$43.97

Income

from

investment

operations

Net

investment

income

(loss)

....................

(—)

(0.05)

0.02

(0.10)

Net

realized

and

unrealized

gains

(losses)

...........

4.87

14.77

(2.45)

(8.91)

22.31

Total

from

investment

operations

....................

4.87

14.72

(2.43)

(9.01)

22.21

Less

distributions

from:

Net

realized

gains

.............................

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

year

.......................

$53.48

$53.82

$44.87

$48.98

$63.06

Total

return

....................................

8.19%

33.94%

(4.62)%

(16.32)%

51.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.57%

0.58%

0.59%

0.57%

Expenses

net

waiver

and

payments

affiliates

.......

0.57%

0.58%

d,e

0.58%

0.57%

d,e

0.57%

d,e

Net

investment

income

(loss)

......................

(—)%

(0.11)%

0.05%

(0.16)%

(0.17)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$371,773

$375,777

$449,119

$461,475

$563,918

Portfolio

turnover

rate

............................

27.59%

27.49%

16.52%

17.20%

17.54%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

106

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$52.54

$43.96

$48.07

$62.01

$43.31

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.04)

(0.10)

(0.02)

(0.15)

(0.14)

Net

realized

and

unrealized

gains

(losses)

...........

4.77

14.45

(2.41)

(8.72)

21.96

Total

from

investment

operations

....................

4.73

14.35

(2.43)

(8.87)

21.82

Less

distributions

from:

Net

realized

gains

.............................

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

year

.......................

$52.06

$52.54

$43.96

$48.07

$62.01

Total

return

....................................

8.12%

33.80%

(4.71)%

(16.37)%

51.01%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.64%

0.66%

0.69%

0.65%

0.66%

Expenses

net

waiver

and

payments

affiliates

.......

0.64%

0.66%

c,d

0.68%

0.64%

0.66%

c,d

Net

investment

(loss)

............................

(0.08)%

(0.19)%

(0.05)%

(0.24)%

(0.26)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$304,150

$291,914

$325,234

$636,524

$643,449

Portfolio

turnover

rate

............................

27.59%

27.49%

16.52%

17.20%

17.54%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Growth

Opportunities

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

107

Country

Value

Common

Stocks

97.8%

Aerospace

Defense

3.7%

Axon

Enterprise,

Inc.

.................................

United

States

187,518

115,004,789

a,b,c

Space

Exploration

Technologies

Corp.

..................

United

States

142,857

26,428,545

Standardaero,

Inc.

..................................

United

States

500,100

13,512,702

154,946,036

Automobiles

1.1%

Tesla,

Inc.

.........................................

United

States

166,252

46,909,664

Biotechnology

0.4%

Vaxcyte,

Inc.

.......................................

United

States

483,726

17,336,740

Broadline

Retail

6.0%

Amazon.com,

Inc.

...................................

United

States

1,348,707

248,728,545

Building

Products

1.6%

Trane

Technologies

plc

...............................

United

States

169,034

64,792,423

Capital

Markets

3.6%

Ares

Management

Corp.

............................

United

States

505,173

77,054,037

MSCI,

Inc.

.......................................

United

States

41,743

22,754,527

S&P

Global,

Inc.

....................................

United

States

95,295

47,652,265

147,460,829

Chemicals

1.7%

Linde

plc

..........................................

United

States

156,596

70,974,005

Commercial

Services

Supplies

1.9%

a,b,c

Celonis

........................................

Germany

4,619

990,066

a,b,c

Celonis

......................................

Germany

25,571

5,481,053

Republic

Services,

Inc.

.............................

United

States

288,276

72,285,207

78,756,326

Construction

Materials

0.7%

Martin

Marietta

Materials,

Inc.

..........................

United

States

57,275

30,010,955

Electrical

Equipment

0.6%

Vernova,

Inc.

....................................

United

States

63,348

23,490,705

Electronic

Equipment,

Instruments

Components

1.4%

Amphenol

Corp.

..................................

United

States

766,808

59,005,876

Entertainment

4.9%

Netflix,

Inc.

........................................

United

States

109,932

124,412,243

ROBLOX

Corp.

...................................

United

States

694,790

46,585,669

Spotify

Technology

................................

United

States

53,872

33,076,331

204,074,243

Financial

Services

3.7%

Mastercard,

Inc.

..................................

United

States

280,871

153,934,160

Food

Products

0.5%

Freshpet,

Inc.

......................................

United

States

292,059

21,478,019

Ground

Transportation

0.9%

Uber

Technologies,

Inc.

...............................

United

States

468,070

37,918,351

Health

Care

Equipment

Supplies

3.7%

Boston

Scientific

Corp.

...............................

United

States

405,658

41,730,038

Dexcom,

Inc.

.......................................

United

States

468,579

33,447,169

Intuitive

Surgical,

Inc.

................................

United

States

156,165

80,549,907

155,727,114

Health

Care

Providers

Services

2.9%

McKesson

Corp.

....................................

United

States

98,564

70,255,434

Franklin

Strategic

Series

Schedule

Investments

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

108

Country

Value

Common

Stocks

(continued)

Health

Care

Providers

Services

(continued)

UnitedHealth

Group,

Inc.

..............................

United

States

122,448

50,380,005

120,635,439

Hotels,

Restaurants

Leisure

2.3%

Chipotle

Mexican

Grill,

Inc.

..........................

United

States

1,173,538

59,287,140

Wingstop,

Inc.

......................................

United

States

139,316

36,764,099

96,051,239

Interactive

Media

Services

9.2%

Alphabet,

Inc.

....................................

United

States

631,319

101,572,914

Meta

Platforms,

Inc.

...............................

United

States

478,270

262,570,230

Pinterest,

Inc.

....................................

United

States

794,782

20,123,880

384,267,024

Services

1.0%

a,b,c

Canva,

Inc.

......................................

Australia

3,094

3,975,722

a,b,c

Canva,

Inc.

......................................

Australia

11,829

15,200,002

Gartner,

Inc.

.......................................

United

States

48,702

20,507,438

39,683,162

Leisure

Products

1.3%

a,b,c

Fanatics

Holdings,

Inc.

...............................

United

States

1,029,939

55,397,163

Life

Sciences

Tools

Services

0.8%

a,d

Tempus

AI,

Inc.

...................................

United

States

186,393

9,630,926

West

Pharmaceutical

Services,

Inc.

......................

United

States

115,058

24,310,605

33,941,531

Machinery

0.7%

Parker-Hannifin

Corp.

................................

United

States

49,926

30,208,226

Personal

Care

Products

2.3%

BellRing

Brands,

Inc.

.................................

United

States

671,117

51,769,965

Oddity

Tech

Ltd.

..................................

Israel

711,401

43,708,478

95,478,443

Pharmaceuticals

3.5%

Eli

Lilly

Co.

......................................

United

States

162,312

145,910,372

Professional

Services

1.8%

TransUnion

........................................

United

States

259,789

21,552,095

Verisk

Analytics,

Inc.

...............................

United

States

177,137

52,508,721

74,060,816

Real

Estate

Management

Development

0.6%

CoStar

Group,

Inc.

..................................

United

States

344,830

25,576,041

Semiconductors

Semiconductor

Equipment

10.0%

Analog

Devices,

Inc.

.................................

United

States

141,238

27,530,111

Broadcom,

Inc.

.....................................

United

States

495,945

95,454,534

Lattice

Semiconductor

Corp.

...........................

United

States

437,397

21,401,836

Monolithic

Power

Systems,

Inc.

.........................

United

States

54,601

32,383,853

NVIDIA

Corp.

......................................

United

States

2,176,861

237,103,700

413,874,034

Software

17.1%

AppLovin

Corp.

...................................

United

States

117,562

31,660,622

a,b,c

ClearMotion,

Inc.

....................................

United

States

6,309,366

704,125

Confluent,

Inc.

....................................

United

States

299,634

7,134,286

Crowdstrike

Holdings,

Inc.

...........................

United

States

192,455

82,538,176

Franklin

Strategic

Series

Schedule

Investments

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

109

Country

Value

Common

Stocks

(continued)

Software

(continued)

Fair

Isaac

Corp.

....................................

United

States

34,106

67,860,026

a,b

Fortinet,

Inc.

.......................................

United

States

810,440

—

HubSpot,

Inc.

......................................

United

States

69,918

42,754,857

Microsoft

Corp.

.....................................

United

States

499,621

197,480,196

Monday.com

Ltd.

....................................

United

States

82,941

23,305,592

Oracle

Corp.

.......................................

United

States

218,204

30,705,667

a,b,c

Plaid,

Inc.

.......................................

Japan

56,433

11,511,011

Salesforce,

Inc.

.....................................

United

States

172,206

46,273,474

ServiceNow,

Inc.

....................................

United

States

75,551

72,151,961

a,b,c

Stripe,

Inc.

......................................

United

States

260,482

9,377,352

Synopsys,

Inc.

.....................................

United

States

98,496

45,210,649

Tyler

Technologies,

Inc.

...............................

United

States

75,967

41,272,871

709,940,865

Specialty

Retail

1.2%

AutoZone,

Inc.

.....................................

United

States

13,436

50,554,294

Technology

Hardware,

Storage

Peripherals

5.4%

Apple,

Inc.

........................................

United

States

1,054,760

224,136,500

Wireless

Telecommunication

Services

1.3%

T-Mobile

US,

Inc.

...................................

United

States

216,721

53,519,251

Total

Common

Stocks

(Cost

1,914,813,330

)

..................................

4,068,778,391

Convertible

Preferred

Stocks

1.2%

Automobile

Components

0.3%

a,b,c

Flock

Group,

Inc.

.................................

United

States

750,387

11,082,616

a,b,c

Flock

Group,

Inc.

.................................

United

States

80,684

1,191,638

a,b,c

Flock

Group,

Inc.

F-1

................................

United

States

21,303

314,628

12,588,882

Software

0.9%

a,b,c

Databricks,

Inc.

..................................

United

States

338,280

31,038,069

a,b,c

OneTrust

LLC

....................................

United

States

517,056

6,258,324

37,296,393

Total

Convertible

Preferred

Stocks

(Cost

42,728,510

)

.........................

49,885,275

Preferred

Stocks

0.3%

Commercial

Services

Supplies

0.2%

a,b,c

Optoro,

Inc.

.....................................

United

States

556,026

7,445,041

Software

0.1%

a,b,c

ClearMotion,

Inc.

A-3

................................

United

States

417,667

56,560

a,b,c

ClearMotion,

Inc.

A-4

................................

United

States

2,606,463

335,809

a,b,c

Tanium,

Inc.

.....................................

United

States

805,800

5,277,617

5,669,986

Total

Preferred

Stocks

(Cost

15,194,324

)

....................................

13,115,027

Franklin

Strategic

Series

Schedule

Investments

Franklin

Growth

Opportunities

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

110

Country

Value

Escrows

and

Litigation

Trusts

0.0%

a,b

Wheels

Experience,

Inc.,

Escrow

Account

..............

United

States

10,278

—

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

.................................

—

Total

Long

Term

Investments

(Cost

1,972,736,164

)

...........................

4,131,778,693

Short

Term

Investments

1.2%

Country

Value

Money

Market

Funds

1.0%

e,f

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

40,512,033

Total

Money

Market

Funds

(Cost

40,512,033

)

................................

40,512,033

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Money

Market

Funds

0.2%

e,f

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

9,816,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

9,816,000

)

..........................................................

9,816,000

Total

Short

Term

Investments

(Cost

50,328,033

)

..............................

50,328,033

Total

Investments

(Cost

2,023,064,197

)

100.5

..............................

$4,182,106,726

Other

Assets,

less

Liabilities

(

0.5

)

.........................................

(21,652,866)

Net

Assets

100.0%

.........................................................

$4,160,453,860

See

Abbreviations

page

188

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

portion

all

the

security

loan

April

30,

2025.

See

Note

1(e).

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

1(e)

regarding

securities

loan.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Natural

Resources

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

111

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.98

$28.10

$27.01

$20.02

$13.60

Income

from

investment

operations

Net

investment

income

.........................

0.52

0.55

0.68

0.50

0.28

Net

realized

and

unrealized

gains

(losses)

...........

(2.67)

2.90

1.09

6.77

6.54

Total

from

investment

operations

....................

(2.15)

3.45

1.77

7.27

6.82

Less

distributions

from:

Net

investment

income

..........................

(0.68)

(0.57)

(0.68)

(0.28)

(0.40)

Net

asset

value,

end

year

.......................

$28.15

$30.98

$28.10

$27.01

$20.02

Total

return

...................................

(6.87)%

12.41%

6.56%

36.63%

50.55%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.00%

1.02%

0.97%

1.10%

1.24%

Expenses

net

waiver

and

payments

affiliates

.......

0.99%

1.01%

0.96%

1.10%

1.24%

d,e

Net

investment

income

...........................

1.72%

1.90%

2.45%

2.17%

1.71%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$221,768

$272,081

$301,153

$289,403

$176,127

Portfolio

turnover

rate

............................

19.72%

11.86%

23.76%

27.45%

49.23%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Natural

Resources

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

112

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.12

$27.43

$26.45

$19.58

$13.25

Income

from

investment

operations

Net

investment

income

.........................

0.29

0.33

0.46

0.32

0.15

Net

realized

and

unrealized

gains

(losses)

...........

(2.58)

2.82

1.06

6.63

6.38

Total

from

investment

operations

....................

(2.29)

3.15

1.52

6.95

6.53

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.46)

(0.54)

(0.08)

(0.20)

Net

asset

value,

end

year

.......................

$27.48

$30.12

$27.43

$26.45

$19.58

Total

return

...................................

(7.58)%

11.60%

5.75%

35.59%

49.42%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.75%

1.77%

1.72%

1.86%

1.99%

Expenses

net

waiver

and

payments

affiliates

.......

1.74%

1.76%

1.71%

1.86%

1.99%

d,e

Net

investment

income

...........................

0.99%

1.16%

1.72%

1.41%

0.93%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$13,076

$17,371

$25,090

$30,427

$27,753

Portfolio

turnover

rate

............................

19.72%

11.86%

23.76%

27.45%

49.23%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Natural

Resources

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

113

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$33.71

$30.45

$29.17

$21.58

$14.63

Income

from

investment

operations

Net

investment

income

.........................

0.69

0.73

0.79

0.64

0.39

Net

realized

and

unrealized

gains

(losses)

...........

(2.91)

3.15

1.24

7.31

7.05

Total

from

investment

operations

....................

(2.22)

3.88

2.03

7.95

7.44

Less

distributions

from:

Net

investment

income

..........................

(0.82)

(0.62)

(0.75)

(0.36)

(0.49)

Net

asset

value,

end

year

.......................

$30.67

$33.71

$30.45

$29.17

$21.58

Total

return

....................................

(6.56)%

12.90%

6.99%

37.24%

51.43%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.67%

0.65%

0.80%

0.89%

Expenses

net

waiver

and

payments

affiliates

.......

0.62%

0.61%

0.56%

0.65%

0.72%

Net

investment

income

...........................

2.09%

2.34%

2.65%

2.53%

2.22%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$6,894

$7,995

$12,387

$4,943

$1,722

Portfolio

turnover

rate

............................

19.72%

11.86%

23.76%

27.45%

49.23%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Natural

Resources

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

114

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$33.43

$30.23

$28.97

$21.44

$14.54

Income

from

investment

operations

Net

investment

income

.........................

0.65

0.67

0.80

0.60

0.33

Net

realized

and

unrealized

gains

(losses)

...........

(2.89)

3.13

1.18

7.24

7.01

Total

from

investment

operations

....................

(2.24)

3.80

1.98

7.84

7.34

Less

distributions

from:

Net

investment

income

..........................

(0.76)

(0.60)

(0.72)

(0.31)

(0.44)

Net

asset

value,

end

year

.......................

$30.43

$33.43

$30.23

$28.97

$21.44

Total

return

....................................

(6.68)%

12.72%

6.86%

36.93%

50.95%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.75%

0.77%

0.72%

0.85%

1.00%

Expenses

net

waiver

and

payments

affiliates

.......

0.74%

0.76%

0.71%

0.85%

1.00%

c,d

Net

investment

income

...........................

1.97%

2.15%

2.71%

2.39%

1.93%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$52,147

$76,028

$82,840

$87,707

$39,562

Portfolio

turnover

rate

............................

19.72%

11.86%

23.76%

27.45%

49.23%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Natural

Resources

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

115

Country

Value

Common

Stocks

94.8%

Agricultural

Products

Services

0.7%

Bunge

Global

.....................................

United

States

24,600

1,936,512

Coal

Consumable

Fuels

0.4%

Cameco

Corp.

.......................................

Canada

27,200

1,228,080

Construction

Engineering

0.9%

Cadeler

A/S

ADR

.....................................

Denmark

120,424

2,513,249

Construction

Materials

1.8%

Martin

Marietta

Materials,

Inc.

............................

United

States

10,400

5,449,392

Copper

7.1%

Antofagasta

plc

.......................................

Chile

149,800

3,287,441

Capstone

Copper

Corp.

................................

Canada

495,300

2,385,603

ERO

Copper

Corp.

....................................

Brazil

264,700

3,306,350

Freeport-McMoRan,

Inc.

................................

United

States

245,000

8,827,350

Lundin

Mining

Corp.

...................................

Chile

376,700

3,082,240

20,888,984

Diversified

Chemicals

0.6%

Huntsman

Corp.

......................................

United

States

144,900

1,928,619

Diversified

Metals

Mining

8.8%

Aclara

Resources,

Inc.

.................................

United

Kingdom

489,200

283,882

a,b

Aclara

Resources,

Inc.

144A

............................

United

Kingdom

510,754

296,390

Anglo

American

plc

....................................

South

Africa

55,200

1,506,870

BHP

Group

Ltd.

ADR

..................................

Australia

192,600

9,158,130

Glencore

plc

.........................................

Australia

313,300

1,027,228

Hudbay

Minerals,

Inc.

..................................

Canada

250,500

1,822,512

Materials

Corp.

....................................

United

States

78,100

1,910,326

Rio

Tinto

plc

ADR

.....................................

Australia

77,900

4,627,260

South32

Ltd.

.........................................

Australia

565,300

974,179

Teck

Resources

Ltd.

.................................

Canada

121,500

4,129,785

25,736,562

Electrical

Components

Equipment

0.2%

Energy,

Inc.

.......................................

Norway

557,400

674,454

Fertilizers

Agricultural

Chemicals

4.2%

Corteva,

Inc.

.........................................

United

States

109,300

6,775,507

Nutrien

Ltd.

..........................................

Canada

98,500

5,619,425

12,394,932

Gold

10.6%

Agnico

Eagle

Mines

Ltd.

................................

Canada

58,600

6,887,390

Alamos

Gold,

Inc.

...................................

Canada

226,300

6,469,232

B2Gold

Corp.

........................................

Canada

283,200

885,385

Barrick

Gold

Corp.

....................................

Canada

362,900

6,909,616

Newmont

Corp.

.......................................

United

States

188,900

9,951,252

31,102,875

Heavy

Electrical

Equipment

0.7%

Vernova,

Inc.

......................................

United

States

5,300

1,965,346

Industrial

Gases

4.5%

Air

Products

and

Chemicals,

Inc.

..........................

United

States

21,700

5,882,653

Linde

plc

............................................

United

States

16,100

7,297,003

13,179,656

Franklin

Strategic

Series

Schedule

Investments

Franklin

Natural

Resources

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

116

Country

Value

Common

Stocks

(continued)

Industrial

Machinery

Supplies

Components

0.8%

Xylem,

Inc.

..........................................

United

States

19,400

2,339,058

Integrated

Oil

Gas

12.4%

Chevron

Corp.

.......................................

United

States

39,100

5,319,946

Exxon

Mobil

Corp.

.....................................

United

States

139,706

14,757,145

Occidental

Petroleum

Corp.

.............................

United

States

66,100

2,605,001

Shell

plc

ADR

........................................

United

States

89,600

5,777,408

Suncor

Energy,

Inc.

....................................

Canada

124,400

4,393,614

TotalEnergies

ADR

.................................

France

63,100

3,587,235

36,440,349

Metal,

Glass

Plastic

Containers

1.4%

Ball

Corp.

...........................................

United

States

45,000

2,337,300

Crown

Holdings,

Inc.

...................................

United

States

17,300

1,666,509

4,003,809

Oil

Gas

Drilling

0.5%

Precision

Drilling

Corp.

.................................

Canada

37,000

1,543,640

Oil

Gas

Equipment

Services

7.3%

Baker

Hughes

Co.

...................................

United

States

74,600

2,640,840

Cactus,

Inc.

........................................

United

States

21,400

811,916

ChampionX

Corp.

.....................................

United

States

59,600

1,438,148

Halliburton

Co.

.......................................

United

States

99,800

1,978,036

Liberty

Energy,

Inc.

..................................

United

States

191,500

2,202,250

Oceaneering

International,

Inc.

...........................

United

States

73,500

1,304,625

Ranger

Energy

Services,

Inc.

..........................

United

States

109,900

1,218,791

Schlumberger

.....................................

United

States

85,100

2,829,575

Select

Water

Solutions,

Inc.

............................

United

States

150,200

1,279,704

Technip

Energies

...................................

France

46,099

1,573,088

TechnipFMC

plc

......................................

United

Kingdom

116,900

3,293,073

Trican

Well

Service

Ltd.

.................................

Canada

249,600

733,266

21,303,312

Oil

Gas

Exploration

Production

16.5%

Aker

ASA

.........................................

Norway

101,900

2,187,539

Canadian

Natural

Resources

Ltd.

.........................

Canada

205,100

5,885,504

ConocoPhillips

.......................................

United

States

95,800

8,537,696

Coterra

Energy,

Inc.

...................................

United

States

305,900

7,512,904

Devon

Energy

Corp.

...................................

United

States

45,800

1,392,778

EOG

Resources,

Inc.

..................................

United

States

50,100

5,527,533

EQT

Corp.

..........................................

United

States

63,800

3,154,272

Hess

Corp.

..........................................

United

States

45,600

5,884,680

Infinity

Natural

Resources,

Inc.

.........................

United

States

140,700

2,159,745

Matador

Resources

Co.

................................

United

States

37,200

1,470,888

Ovintiv,

Inc.

..........................................

United

States

39,000

1,309,620

Permian

Resources

Corp.

.............................

United

States

131,600

1,552,880

Tourmaline

Oil

Corp.

...................................

Canada

47,300

2,089,489

48,665,528

Oil

Gas

Refining

Marketing

3.9%

Marathon

Petroleum

Corp.

..............................

United

States

23,600

3,242,876

Phillips

...........................................

United

States

46,500

4,838,790

Valero

Energy

Corp.

...................................

United

States

26,600

3,087,994

11,169,660

Oil

Gas

Storage

Transportation

8.4%

Cheniere

Energy,

Inc.

..................................

United

States

16,300

3,767,093

Franklin

Strategic

Series

Schedule

Investments

Franklin

Natural

Resources

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

117

Country

Value

Common

Stocks

(continued)

Oil

Gas

Storage

Transportation

(continued)

Enbridge,

Inc.

........................................

Canada

64,300

3,002,167

Kinder

Morgan,

Inc.

....................................

United

States

160,600

4,223,780

New

Fortress

Energy,

Inc.

...............................

United

States

91,300

495,759

South

Bow

Corp.

......................................

Canada

26,840

662,680

Targa

Resources

Corp.

.................................

United

States

16,800

2,871,120

Energy

Corp.

......................................

Canada

104,300

5,257,763

Williams

Cos.,

Inc.

(The)

................................

United

States

74,500

4,363,465

24,643,827

Paper

Plastic

Packaging

Products

Materials

0.7%

Packaging

Corp.

America

.............................

United

States

12,000

2,227,320

Precious

Metals

Minerals

0.4%

IperionX

Ltd.

.........................................

Australia

545,000

1,250,141

Specialty

Chemicals

0.9%

Albemarle

Corp.

......................................

United

States

26,200

1,534,010

Neo

Performance

Materials,

Inc.

..........................

Canada

45,400

369,167

Neo

Performance

Materials,

Inc.

144A

.....................

Canada

85,000

691,172

2,594,349

Steel

1.1%

Reliance,

Inc.

........................................

United

States

5,500

1,585,265

Vale

ADR

......................................

Brazil

199,400

1,856,414

3,441,679

Total

Common

Stocks

(Cost

189,461,589

)

.....................................

278,621,333

Convertible

Preferred

Stocks

0.3%

Specialty

Chemicals

0.3%

Albemarle

Corp.

7.25

................................

United

States

30,800

943,404

Total

Convertible

Preferred

Stocks

(Cost

1,540,000

)

............................

943,404

Warrants

0.1%

Integrated

Oil

Gas

0.1%

Occidental

Petroleum

Corp.

8/03/27

.......................

United

States

17,900

335,804

Total

Warrants

(Cost

88,605

)

.................................................

335,804

Principal

Amount

Convertible

Bonds

0.8%

Gold

0.4%

B2Gold

Corp.

Senior

Note

144A,

2.75

2/01/30

.............

Canada

933,000

1,143,275

Oil

Gas

Equipment

Services

0.4%

Oil

States

International,

Inc.

Senior

Note

4.75

4/01/26

.......

United

States

1,200,000

1,143,600

Total

Convertible

Bonds

(Cost

2,133,000

)

.....................................

2,286,875

Total

Long

Term

Investments

(Cost

193,223,194

)

...............................

282,187,416

Franklin

Strategic

Series

Schedule

Investments

Franklin

Natural

Resources

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

118

Short

Term

Investments

7.3%

Country

Value

Money

Market

Funds

4.4%

d,e

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

....

United

States

12,963,979

Total

Money

Market

Funds

(Cost

12,963,979

)

..................................

12,963,979

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

2.9%

Money

Market

Funds

2.9%

d,e

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

....

United

States

8,457,500

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

8,457,500

)

.................................................................

8,457,500

Total

Short

Term

Investments

(Cost

21,421,479

)

................................

21,421,479

Total

Investments

(Cost

214,644,673

)

103.3

..................................

$303,608,895

Other

Assets,

less

Liabilities

(

3.3

)

...........................................

(9,723,494)

Net

Assets

100.0%

...........................................................

$293,885,401

See

Abbreviations

page

188

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

Non-income

producing.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

April

30,

2025,

the

aggregate

value

these

securities

was

$2,130,837,

representing

0.7%

net

assets.

portion

all

the

security

loan

April

30,

2025.

See

Note

1(e).

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

1(e)

regarding

securities

loan.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small

Cap

Growth

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

119

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$20.93

$17.19

$17.78

$30.08

$18.85

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.14)

(0.09)

(0.14)

(0.18)

Net

realized

and

unrealized

gains

(losses)

...........

(0.54)

3.83

(0.40)

(7.89)

14.24

Total

from

investment

operations

....................

(0.68)

3.74

(0.49)

(8.03)

14.06

Less

distributions

from:

Net

realized

gains

.............................

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

year

.......................

$20.25

$20.93

$17.19

$17.78

$30.08

Total

return

...................................

(3.25)%

21.76%

(2.73)%

(29.53)%

76.43%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.04%

1.08%

1.11%

1.03%

Expenses

net

waiver

and

payments

affiliates

.......

1.04%

1.07%

1.10%

1.03%

d,e

1.02%

Net

investment

(loss)

............................

(0.64)%

(0.48)%

(0.54)%

(0.69)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$778,491

$881,445

$763,871

$860,536

$1,244,591

Portfolio

turnover

rate

............................

16.31%

15.99%

16.86%

30.88%

47.80%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

120

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.32

$11.84

$12.37

$22.57

$14.69

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.21)

(0.16)

(0.15)

(0.25)

(0.29)

Net

realized

and

unrealized

gains

(losses)

...........

(0.36)

2.64

(0.28)

(5.68)

11.00

Total

from

investment

operations

....................

(0.57)

2.48

(0.43)

(5.93)

10.71

Less

distributions

from:

Net

realized

gains

.............................

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

year

.......................

$13.75

$14.32

$11.84

$12.37

$22.57

Total

return

...................................

(3.98)%

20.95%

(3.44)%

(30.07)%

75.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.79%

1.83%

1.86%

1.78%

Expenses

net

waiver

and

payments

affiliates

.......

1.79%

1.82%

1.84%

1.78%

d,e

1.77%

Net

investment

(loss)

............................

(1.39)%

(1.23)%

(1.28)%

(1.31)%

(1.43)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$19,333

$22,351

$20,551

$32,755

$86,394

Portfolio

turnover

rate

............................

16.31%

15.99%

16.86%

30.88%

47.80%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

121

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$18.85

$15.52

$16.10

$27.76

$17.58

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.18)

(0.12)

(0.19)

(0.23)

Net

realized

and

unrealized

gains

(losses)

...........

(0.49)

3.45

(0.36)

(7.20)

13.24

Total

from

investment

operations

....................

(0.67)

3.33

(0.48)

(7.39)

13.01

Less

distributions

from:

Net

realized

gains

.............................

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

year

.......................

$18.18

$18.85

$15.52

$16.10

$27.76

Total

return

....................................

(3.50)%

21.46%

(2.95)%

(29.71)%

75.96%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.29%

1.33%

1.36%

1.28%

Expenses

net

waiver

and

payments

affiliates

.......

1.29%

1.32%

1.35%

1.28%

c,d

1.27%

Net

investment

(loss)

............................

(0.89)%

(0.73)%

(0.79)%

(0.93)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$40,535

$39,963

$39,777

$50,324

$79,314

Portfolio

turnover

rate

............................

16.31%

15.99%

16.86%

30.88%

47.80%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

122

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$24.63

$20.15

$20.73

$34.14

$21.07

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.07)

(0.02)

(0.04)

(0.09)

Net

realized

and

unrealized

gains

(losses)

...........

(0.64)

4.50

(0.46)

(9.10)

15.99

Total

from

investment

operations

....................

(0.71)

4.48

(0.48)

(9.14)

15.90

Less

distributions

from:

Net

realized

gains

.............................

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

year

.......................

$23.92

$24.63

$20.15

$20.73

$34.14

Total

return

....................................

(2.88)%

22.23%

(2.29)%

(29.26)%

77.13%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.66%

0.67%

0.68%

0.65%

Expenses

net

waiver

and

payments

affiliates

.......

0.65%

0.66%

0.64%

Net

investment

(loss)

............................

(0.25)%

(0.07)%

(0.10)%

(0.15)%

(0.31)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,113,133

$1,458,516

$1,345,064

$1,529,170

$2,149,795

Portfolio

turnover

rate

............................

16.31%

15.99%

16.86%

30.88%

47.80%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

123

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$23.91

$19.59

$20.19

$33.43

$20.70

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.10)

(0.05)

(0.08)

(0.13)

Net

realized

and

unrealized

gains

(losses)

...........

(0.62)

4.37

(0.45)

(8.89)

15.69

Total

from

investment

operations

....................

(0.72)

4.32

(0.50)

(8.97)

15.56

Less

distributions

from:

Net

realized

gains

.............................

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

year

.......................

$23.19

$23.91

$19.59

$20.19

$33.43

Total

return

....................................

(3.05)%

22.10%

(2.50)%

(29.34)%

76.86%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.79%

0.83%

0.86%

0.78%

Expenses

net

waiver

and

payments

affiliates

.......

0.79%

0.82%

0.85%

0.77%

Net

investment

(loss)

............................

(0.38)%

(0.23)%

(0.29)%

(0.44)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$326,857

$390,099

$341,973

$433,191

$739,985

Portfolio

turnover

rate

............................

16.31%

15.99%

16.86%

30.88%

47.80%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Small

Cap

Growth

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

124

Country

Value

Common

Stocks

93.4%

Aerospace

Defense

7.0%

AAR

Corp.

........................................

United

States

734,920

39,288,823

BWX

Technologies,

Inc.

..............................

United

States

603,958

65,903,897

a,b

Karman

Holdings,

Inc.

................................

United

States

27,472

982,124

Kratos

Defense

Security

Solutions,

Inc.

.................

United

States

1,487,219

50,245,694

Loar

Holdings,

Inc.

..................................

United

States

29,519

2,791,907

159,212,445

Banks

2.2%

Pinnacle

Financial

Partners,

Inc.

........................

United

States

311,096

31,184,263

Western

Alliance

Bancorp

.............................

United

States

284,338

19,821,202

51,005,465

Biotechnology

8.6%

Acumen

Pharmaceuticals,

Inc.

.........................

United

States

767,972

867,809

Apogee

Therapeutics,

Inc.

.............................

United

States

382,557

15,015,362

Ascendis

Pharma

A/S

ADR

...........................

Denmark

193,980

33,061,951

Centessa

Pharmaceuticals

plc

ADR

.....................

United

States

613,403

8,409,755

oncology,

Inc.

...................................

United

States

258,180

6,955,369

Cullinan

Therapeutics,

Inc.

............................

United

States

785,043

6,500,156

Cytokinetics,

Inc.

....................................

United

States

147,448

6,316,672

Day

One

Biopharmaceuticals,

Inc.

.......................

United

States

1,482,673

11,535,196

Dyne

Therapeutics,

Inc.

..............................

United

States

483,866

5,704,780

Insmed,

Inc.

.......................................

United

States

503,420

36,246,240

Janux

Therapeutics,

Inc.

..............................

United

States

258,750

8,590,500

Kura

Oncology,

Inc.

..................................

United

States

479,209

3,143,611

Merus

.........................................

Netherlands

524,703

23,879,234

Olema

Pharmaceuticals,

Inc.

...........................

United

States

893,200

4,608,912

Syndax

Pharmaceuticals,

Inc.

..........................

United

States

697,482

9,869,370

Twist

Bioscience

Corp.

...............................

United

States

178,868

6,854,222

Vaxcyte,

Inc.

.......................................

United

States

257,296

9,221,489

196,780,628

Building

Products

1.5%

AAON,

Inc.

........................................

United

States

383,603

35,011,446

Capital

Markets

3.2%

Bridge

Investment

Group

Holdings,

Inc.

.................

United

States

1,188,411

11,396,861

Evercore,

Inc.

....................................

United

States

124,192

25,495,376

Houlihan

Lokey,

Inc.

...............................

United

States

224,061

36,315,807

73,208,044

Communications

Equipment

0.7%

Lumentum

Holdings,

Inc.

..............................

United

States

192,005

11,335,975

Viavi

Solutions,

Inc.

..................................

United

States

419,191

4,435,041

15,771,016

Construction

Engineering

4.2%

Arcosa,

Inc.

.......................................

United

States

672,925

53,881,105

Granite

Construction,

Inc.

.............................

United

States

526,333

42,785,609

96,666,714

Construction

Materials

0.2%

Titan

America

...................................

Belgium

331,400

4,384,422

Consumer

Staples

Distribution

Retail

0.8%

Performance

Food

Group

Co.

..........................

United

States

215,391

17,373,438

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

125

Country

Value

Common

Stocks

(continued)

Diversified

Consumer

Services

0.2%

Nerdy,

Inc.

........................................

United

States

3,259,795

5,183,074

Electronic

Equipment,

Instruments

Components

1.8%

Vontier

Corp.

.......................................

United

States

1,285,642

40,896,272

Energy

Equipment

Services

0.9%

Liberty

Energy,

Inc.

................................

United

States

1,791,770

20,605,355

Financial

Services

4.2%

Flywire

Corp.

......................................

United

States

1,408,498

13,253,966

Paymentus

Holdings,

Inc.

...........................

United

States

1,488,284

48,309,699

Repay

Holdings

Corp.

..............................

United

States

1,156,431

4,625,724

Shift4

Payments,

Inc.

..............................

United

States

350,799

28,695,358

94,884,747

Food

Products

2.7%

Freshpet,

Inc.

......................................

United

States

429,010

31,549,395

Simply

Good

Foods

Co.

(The)

..........................

United

States

826,671

29,851,090

61,400,485

Health

Care

Equipment

Supplies

5.3%

Ceribell,

Inc.

.......................................

United

States

449,465

7,231,892

Haemonetics

Corp.

..................................

United

States

529,200

33,350,184

Inspire

Medical

Systems,

Inc.

..........................

United

States

179,866

28,487,177

Integer

Holdings

Corp.

...............................

United

States

370,994

46,860,252

a,b

Kestra

Medical

Technologies

Ltd.

.......................

United

States

108,299

2,605,674

Pulmonx

Corp.

.....................................

United

States

309,845

1,496,551

120,031,730

Health

Care

Providers

Services

3.2%

GeneDx

Holdings

Corp.

.............................

United

States

125,122

8,364,406

HealthEquity,

Inc.

...................................

United

States

336,350

28,831,922

NeoGenomics,

Inc.

..................................

United

States

1,247,115

7,975,300

Privia

Health

Group,

Inc.

..............................

United

States

1,173,981

27,565,074

72,736,702

Health

Care

Technology

1.4%

Phreesia,

Inc.

......................................

United

States

1,278,706

31,916,502

Hotel

Resort

REITs

0.4%

Pebblebrook

Hotel

Trust

..............................

United

States

905,327

8,193,209

Hotels,

Restaurants

Leisure

6.1%

Cava

Group,

Inc.

....................................

United

States

305,660

28,252,154

a,b

Portillo's,

Inc.

....................................

United

States

1,166,323

12,059,780

Red

Rock

Resorts,

Inc.

.............................

United

States

692,015

29,549,040

Texas

Roadhouse,

Inc.

.............................

United

States

229,358

38,064,254

Wingstop,

Inc.

......................................

United

States

116,091

30,635,254

138,560,482

Household

Durables

1.7%

M/I

Homes,

Inc.

.....................................

United

States

191,080

20,384,414

Tri

Pointe

Homes,

Inc.

................................

United

States

581,052

17,867,349

38,251,763

Interactive

Media

Services

0.7%

ZoomInfo

Technologies,

Inc.

.........................

United

States

1,725,741

14,772,343

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

126

Country

Value

Common

Stocks

(continued)

Services

1.8%

BigCommerce

Holdings,

Inc.

.........................

United

States

1,422,192

7,366,954

Couchbase,

Inc.

....................................

United

States

1,857,134

32,759,844

40,126,798

Life

Sciences

Tools

Services

0.1%

CryoPort,

Inc.

......................................

United

States

324,247

1,809,298

Machinery

1.3%

RBC

Bearings,

Inc.

..................................

United

States

93,431

30,698,624

Media

1.8%

New

York

Times

Co.

(The)

...........................

United

States

784,205

40,825,712

Oil,

Gas

Consumable

Fuels

1.7%

a,b

Infinity

Natural

Resources,

Inc.

.......................

United

States

757,203

11,623,066

Matador

Resources

Co.

..............................

United

States

685,822

27,117,402

38,740,468

Passenger

Airlines

1.9%

Alaska

Air

Group,

Inc.

................................

United

States

558,179

24,710,584

Allegiant

Travel

Co.

..................................

United

States

414,134

19,435,309

44,145,893

Personal

Care

Products

3.2%

BellRing

Brands,

Inc.

.................................

United

States

787,591

60,754,770

Oddity

Tech

Ltd.

..................................

Israel

209,063

12,844,831

73,599,601

Pharmaceuticals

0.6%

EyePoint

Pharmaceuticals,

Inc.

.........................

United

States

1,170,839

7,985,122

Structure

Therapeutics,

Inc.

ADR

.......................

United

States

192,017

5,184,459

13,169,581

Professional

Services

0.8%

Legalzoom.com,

Inc.

.................................

United

States

2,631,839

19,265,062

Semiconductors

Semiconductor

Equipment

5.5%

Lattice

Semiconductor

Corp.

...........................

United

States

786,736

38,494,993

Onto

Innovation,

Inc.

.................................

United

States

290,786

35,467,168

Silicon

Laboratories,

Inc.

..............................

United

States

170,483

17,348,350

SiTime

Corp.

.......................................

United

States

227,395

33,395,230

124,705,741

Software

14.9%

Alkami

Technology,

Inc.

...............................

United

States

658,750

17,582,037

AvePoint,

Inc.

......................................

United

States

1,028,800

16,820,880

a,c,d

ClearMotion,

Inc.

....................................

United

States

3,698,772

412,783

Confluent,

Inc.

....................................

United

States

1,152,523

27,441,573

Disco,

Inc.

......................................

United

States

1,383,828

5,161,678

Freshworks,

Inc.

..................................

United

States

2,090,723

30,879,979

Gitlab,

Inc.

......................................

United

States

821,195

38,325,171

Intapp,

Inc.

........................................

United

States

263,015

14,271,194

JFrog

Ltd.

.........................................

United

States

351,678

11,876,166

LiveRamp

Holdings,

Inc.

..............................

United

States

1,178,033

30,817,343

Monday.com

Ltd.

....................................

United

States

133,416

37,488,562

nCino,

Inc.

........................................

United

States

1,002,169

23,250,321

Procore

Technologies,

Inc.

............................

United

States

509,427

32,649,176

a,d

ServiceTitan,

Inc.

...................................

United

States

148,478

17,165,542

a,b

ServiceTitan,

Inc.

.................................

United

States

128,433

14,848,139

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

127

Country

Value

Common

Stocks

(continued)

Software

(continued)

SPS

Commerce,

Inc.

.................................

United

States

143,111

20,537,860

339,528,404

Specialty

Retail

2.0%

American

Eagle

Outfitters,

Inc.

.........................

United

States

533,146

5,614,027

Boot

Barn

Holdings,

Inc.

..............................

United

States

172,470

17,995,520

Lithia

Motors,

Inc.

.................................

United

States

77,949

22,820,349

46,429,896

Textiles,

Apparel

Luxury

Goods

0.2%

Steven

Madden

Ltd.

.................................

United

States

233,362

4,900,602

Trading

Companies

Distributors

0.6%

Herc

Holdings,

Inc.

..................................

United

States

117,127

12,818,379

Total

Common

Stocks

(Cost

1,662,147,334

)

..................................

2,127,610,341

Convertible

Preferred

Stocks

3.0%

Automobile

Components

0.7%

a,c,d

Flock

Group,

Inc.

.................................

United

States

987,540

14,585,176

Diversified

Consumer

Services

0.5%

a,c,d

Newsela,

Inc.

....................................

United

States

709,046

11,929,905

Software

1.6%

a,c,d

Benchling,

Inc.

...................................

United

States

382,306

5,299,519

a,c,d

Checkr,

Inc.

.....................................

United

States

1,388,889

20,904,850

a,c,d

OneTrust

LLC

....................................

United

States

625,361

7,569,223

a,c,d

OneTrust

LLC

A-1

..................................

United

States

56,457

683,342

a,c,d

Smule,

Inc.

......................................

United

States

162,712

1,853,439

36,310,373

Specialty

Retail

0.2%

a,c,d

1661,

Inc.

.......................................

United

States

3,436,485

5,047,362

Total

Convertible

Preferred

Stocks

(Cost

90,764,293

)

.........................

67,872,816

Preferred

Stocks

0.7%

Automobile

Components

0.3%

a,c,d

Tula

eTechnology,

Inc.

................................

United

States

361,111

—

a,c,d

Tula

eTechnology,

Inc.

.............................

United

States

3,611,111

7,317,732

Commercial

Services

Supplies

0.3%

a,c,d

Optoro,

Inc.

.....................................

United

States

554,878

7,429,670

Software

0.1%

a,c,d

ClearMotion,

Inc.

A-3

................................

United

States

1,037,942

140,557

a,c,d

ClearMotion,

Inc.

A-4

................................

United

States

6,477,294

834,515

a,c,d

Smule,

Inc.

144A

.................................

United

States

1,542,673

379,407

a,c,d

Smule,

Inc.

144A

.................................

United

States

352,675

102,472

1,456,951

Total

Preferred

Stocks

(Cost

32,144,988

)

....................................

16,204,353

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

128

See

Abbreviations

page

188

Country

Rights

Value

Rights

0.0%

†

Biotechnology

0.0%

†

a,c,d

Chinook

Therapeutics,

Inc.,

CVR

6/30/30

.................

United

States

410,500

802,045

Total

Rights

(Cost

160,095

)

................................................

802,045

Escrows

and

Litigation

Trusts

0.0%

a,c

Wheels

Experience,

Inc.,

Escrow

Account

..............

United

States

8,808

—

Total

Escrows

and

Litigation

Trusts

(Cost

–

)

.................................

—

Total

Long

Term

Investments

(Cost

1,785,216,710

)

...........................

2,212,489,555

Short

Term

Investments

2.1%

Country

Value

Money

Market

Funds

1.2%

e,f

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

27,922,674

Total

Money

Market

Funds

(Cost

27,922,674

)

................................

27,922,674

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

e,f

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

19,765,870

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

19,765,870

)

.........................................................

19,765,870

Total

Short

Term

Investments

(Cost

47,688,544

)

..............................

47,688,544

Total

Investments

(Cost

1,832,905,254

)

99.2

................................

$2,260,178,099

Other

Assets,

less

Liabilities

0.8

...........................................

18,170,029

Net

Assets

100.0%

.........................................................

$2,278,348,128

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

portion

all

the

security

loan

April

30,

2025.

See

Note

1(e).

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

1(e)

regarding

securities

loan.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small-Mid

Cap

Growth

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

129

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$35.22

$29.75

$33.07

$49.66

$32.15

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.08)

(0.01)

(0.05)

(0.25)

(0.24)

Net

realized

and

unrealized

gains

(losses)

...........

0.88

5.48

(1.39)

(9.42)

21.89

Total

from

investment

operations

....................

0.80

5.47

(1.44)

(9.67)

21.65

Less

distributions

from:

Net

realized

gains

.............................

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

year

.......................

$36.02

$35.22

$29.75

$33.07

$49.66

Total

return

...................................

2.27%

18.39%

(4.07)%

(22.83)%

68.37%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.84%

0.87%

0.90%

0.85%

0.86%

Expenses

net

waiver

and

payments

affiliates

.......

0.84%

0.85%

0.88%

0.84%

0.85%

Net

investment

(loss)

............................

(0.20)%

(0.02)%

(0.17)%

(0.54)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$2,596,499

$2,822,866

$2,578,199

$3,019,703

$4,217,167

Portfolio

turnover

rate

............................

33.86%

37.02%

27.75%

48.89%

53.69%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

130

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$15.80

$13.45

$16.20

$27.98

$19.41

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.16)

(0.11)

(0.13)

(0.32)

(0.33)

Net

realized

and

unrealized

gains

(losses)

...........

0.40

2.46

(0.74)

(4.54)

13.04

Total

from

investment

operations

....................

0.24

2.35

(0.87)

(4.86)

12.71

Less

distributions

from:

Net

realized

gains

.............................

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

year

.......................

$16.04

$15.80

$13.45

$16.20

$27.98

Total

return

...................................

1.52%

17.47%

(4.76)%

(23.43)%

67.11%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.59%

1.62%

1.65%

1.60%

1.61%

Expenses

net

waiver

and

payments

affiliates

.......

1.59%

1.60%

1.63%

1.59%

1.60%

Net

investment

(loss)

............................

(0.95)%

(0.77)%

(0.92)%

(1.29)%

(1.28)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$48,685

$60,281

$82,982

$110,596

$198,713

Portfolio

turnover

rate

............................

33.86%

37.02%

27.75%

48.89%

53.69%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

131

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.44

$24.93

$28.11

$43.32

$28.45

Income

from

investment

operations

Net

investment

(loss)

..........................

(0.14)

(0.07)

(0.11)

(0.32)

(0.30)

Net

realized

and

unrealized

gains

(losses)

...........

0.74

4.58

(1.19)

(7.97)

19.31

Total

from

investment

operations

....................

0.60

4.51

(1.30)

(8.29)

19.01

Less

distributions

from:

Net

realized

gains

.............................

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

year

.......................

$30.04

$29.44

$24.93

$28.11

$43.32

Total

return

....................................

2.04%

18.09%

(4.30)%

(23.00)%

67.96%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.09%

1.12%

1.15%

1.10%

Expenses

net

waiver

and

payments

affiliates

.......

1.09%

1.10%

1.13%

1.09%

Net

investment

(loss)

............................

(0.45)%

(0.27)%

(0.42)%

(0.79)%

(0.78)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$33,211

$37,276

$34,371

$38,761

$60,264

Portfolio

turnover

rate

............................

33.86%

37.02%

27.75%

48.89%

53.69%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

132

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$43.23

$36.39

$39.84

$58.24

$37.12

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.07

0.14

0.08

(0.10)

Net

realized

and

unrealized

gains

(losses)

...........

1.07

6.70

(1.65)

(11.38)

25.36

Total

from

investment

operations

....................

1.14

6.84

(1.57)

(11.48)

25.26

Less

distributions

from:

Net

investment

income

..........................

(0.05)

—

Net

realized

gains

.............................

—

(1.88)

(6.92)

(4.14)

Total

distributions

...............................

(0.05)

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

year

.......................

$44.32

$43.23

$36.39

$39.84

$58.24

Total

return

....................................

2.61%

18.82%

(3.70)%

(22.57)%

68.95%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.51%

0.53%

0.51%

Expenses

net

waiver

and

payments

affiliates

.......

0.50%

0.49%

0.50%

0.49%

Net

investment

income

(loss)

......................

0.14%

0.34%

0.23%

(0.19)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$437,087

$539,962

$451,447

$540,509

$648,078

Portfolio

turnover

rate

............................

33.86%

37.02%

27.75%

48.89%

53.69%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

133

Year

Ended

April

30,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$41.79

$35.22

$38.68

$56.79

$36.30

Income

from

investment

operations

Net

investment

income

(loss)

....................

0.02

0.09

0.03

(0.15)

(0.14)

Net

realized

and

unrealized

gains

(losses)

...........

1.04

6.48

(1.61)

(11.04)

24.77

Total

from

investment

operations

....................

1.06

6.57

(1.58)

(11.19)

24.63

Less

distributions

from:

Net

investment

income

..........................

(—)

—

Net

realized

gains

.............................

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

year

.......................

$42.85

$41.79

$35.22

$38.68

$56.79

Total

return

....................................

2.52%

18.68%

(3.81)%

(22.65)%

68.77%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.59%

0.62%

0.65%

0.60%

0.61%

Expenses

net

waiver

and

payments

affiliates

.......

0.59%

0.60%

0.63%

0.59%

0.60%

Net

investment

income

(loss)

......................

0.05%

0.23%

0.08%

(0.28)%

(0.29)%

Supplemental

data

Net

assets

end

year

(000’s)

.....................

$416,492

$435,671

$469,050

$532,573

$552,987

Portfolio

turnover

rate

............................

33.86%

37.02%

27.75%

48.89%

53.69%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Benefit

expense

reduction

rounds

less

than

0.01%.

Excludes

the

value

portfolio

activity

result

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Schedule

Investments,

April

30,

2025

Franklin

Small-Mid

Cap

Growth

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

134

Country

Value

Common

Stocks

96.3%

Aerospace

Defense

4.5%

Axon

Enterprise,

Inc.

.................................

United

States

180,642

110,787,739

BWX

Technologies,

Inc.

..............................

United

States

305,900

33,379,808

Standardaero,

Inc.

..................................

United

States

510,743

13,800,276

157,967,823

Banks

0.8%

Fifth

Third

Bancorp

..................................

United

States

761,500

27,368,310

Biotechnology

2.8%

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

143,887

37,876,814

Ascendis

Pharma

A/S

ADR

...........................

Denmark

79,464

13,543,844

oncology,

Inc.

...................................

United

States

385,071

10,373,813

Natera,

Inc.

........................................

United

States

253,000

38,185,290

99,979,761

Capital

Markets

9.8%

Ares

Management

Corp.

............................

United

States

589,936

89,982,938

Blue

Owl

Capital,

Inc.

..............................

United

States

2,664,949

49,381,505

LPL

Financial

Holdings,

Inc.

...........................

United

States

135,948

43,474,811

MSCI,

Inc.

.......................................

United

States

124,202

67,703,752

Nasdaq,

Inc.

.......................................

United

States

667,136

50,842,435

Tradeweb

Markets,

Inc.

.............................

United

States

327,576

45,303,761

346,689,202

Commercial

Services

Supplies

0.6%

Copart,

Inc.

........................................

United

States

353,500

21,574,105

Electrical

Equipment

2.5%

AMETEK,

Inc.

......................................

United

States

265,306

44,990,592

Vertiv

Holdings

Co.

................................

United

States

495,000

42,263,100

87,253,692

Energy

Equipment

Services

0.7%

Halliburton

Co.

.....................................

United

States

1,224,119

24,262,039

Entertainment

2.6%

ROBLOX

Corp.

...................................

United

States

1,362,728

91,370,913

Financial

Services

1.8%

Block,

Inc.

.......................................

United

States

876,592

51,254,334

Paymentus

Holdings,

Inc.

...........................

United

States

382,700

12,422,442

63,676,776

Food

Products

0.6%

Freshpet,

Inc.

......................................

United

States

295,098

21,701,507

Ground

Transportation

1.7%

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

381,083

58,412,402

Health

Care

Equipment

Supplies

4.4%

Dexcom,

Inc.

.......................................

United

States

940,900

67,161,442

IDEXX

Laboratories,

Inc.

..............................

United

States

93,892

40,622,374

Penumbra,

Inc.

.....................................

United

States

166,662

48,805,300

156,589,116

Health

Care

Providers

Services

0.8%

Cencora,

Inc.

......................................

United

States

33,100

9,687,377

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

135

Country

Value

Common

Stocks

(continued)

Health

Care

Providers

Services

(continued)

HealthEquity,

Inc.

...................................

United

States

227,939

19,538,931

29,226,308

Health

Care

Technology

1.7%

Veeva

Systems,

Inc.

...............................

United

States

261,077

61,011,084

Hotels,

Restaurants

Leisure

6.4%

Cava

Group,

Inc.

....................................

United

States

487,464

45,056,297

DoorDash,

Inc.

...................................

United

States

449,876

86,776,582

Texas

Roadhouse,

Inc.

.............................

United

States

288,800

47,929,248

Wingstop,

Inc.

......................................

United

States

176,583

46,598,488

226,360,615

Household

Durables

1.1%

NVR,

Inc.

.........................................

United

States

5,278

37,609,709

Independent

Power

and

Renewable

Electricity

Producers

1.0%

Vistra

Corp.

........................................

United

States

262,700

34,053,801

Industrial

REITs

0.8%

Terreno

Realty

Corp.

.................................

United

States

491,095

27,663,381

Insurance

1.7%

Arthur

Gallagher

Co.

..............................

United

States

189,552

60,787,431

Interactive

Media

Services

1.3%

Pinterest,

Inc.

....................................

United

States

1,782,879

45,142,496

Services

5.0%

Cloudflare,

Inc.

...................................

United

States

524,056

63,295,484

Gartner,

Inc.

.......................................

United

States

151,859

63,944,788

MongoDB,

Inc.

...................................

United

States

288,845

49,730,443

176,970,715

Leisure

Products

1.2%

a,b,c

Fanatics

Holdings,

Inc.

...............................

United

States

793,714

42,691,367

Life

Sciences

Tools

Services

1.3%

Repligen

Corp.

.....................................

United

States

330,219

45,566,920

Machinery

1.2%

Xylem,

Inc.

........................................

United

States

353,508

42,622,460

Media

2.5%

Blaize

Events

Media,

Inc.

............................

United

States

3,389,282

8,202,062

a,b

Blaize

Events

Media,

Inc.

............................

United

States

343,168

—

New

York

Times

Co.

(The)

...........................

United

States

774,528

40,321,928

Trade

Desk,

Inc.

(The)

..............................

United

States

726,800

38,978,284

87,502,274

Oil,

Gas

Consumable

Fuels

2.5%

Cheniere

Energy,

Inc.

................................

United

States

216,374

50,006,195

Hess

Corp.

........................................

United

States

291,117

37,568,649

87,574,844

Personal

Care

Products

1.0%

BellRing

Brands,

Inc.

.................................

United

States

453,131

34,954,525

Professional

Services

5.0%

Paychex,

Inc.

......................................

United

States

386,709

56,892,628

TransUnion

........................................

United

States

317,034

26,301,141

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

136

Country

Value

Common

Stocks

(continued)

Professional

Services

(continued)

Verisk

Analytics,

Inc.

...............................

United

States

316,134

93,711,601

176,905,370

Residential

REITs

0.7%

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

400,813

25,964,666

Semiconductors

Semiconductor

Equipment

4.5%

Astera

Labs,

Inc.

....................................

United

States

121,800

7,954,758

a,b

Blaize

Holdings,

Inc.

.................................

United

States

114,150

—

Lattice

Semiconductor

Corp.

...........................

United

States

955,346

46,745,080

Monolithic

Power

Systems,

Inc.

.........................

United

States

96,672

57,336,163

Onto

Innovation,

Inc.

.................................

United

States

187,829

22,909,503

SiTime

Corp.

.......................................

United

States

165,970

24,374,354

159,319,858

Software

15.3%

Alkami

Technology,

Inc.

...............................

United

States

885,772

23,641,255

AppLovin

Corp.

...................................

United

States

148,500

39,992,535

Arteris,

Inc.

........................................

United

States

1,328,254

8,846,172

Confluent,

Inc.

....................................

United

States

1,593,385

37,938,497

Datadog,

Inc.

....................................

United

States

651,168

66,523,323

Fair

Isaac

Corp.

....................................

United

States

42,268

84,099,794

HubSpot,

Inc.

......................................

United

States

126,890

77,593,235

Manhattan

Associates,

Inc.

............................

United

States

233,500

41,420,565

a,b,c

Plaid,

Inc.

.......................................

Japan

30,940

6,311,036

Procore

Technologies,

Inc.

............................

United

States

581,661

37,278,653

SailPoint,

Inc.

......................................

United

States

530,600

9,105,096

a,d

ServiceTitan,

Inc.

.................................

United

States

73,700

8,520,457

Synopsys,

Inc.

.....................................

United

States

104,960

48,177,689

Tyler

Technologies,

Inc.

...............................

United

States

91,900

49,929,270

539,377,577

Specialty

Retail

5.9%

AutoZone,

Inc.

.....................................

United

States

13,600

51,171,360

Burlington

Stores,

Inc.

................................

United

States

254,367

57,242,750

Ross

Stores,

Inc.

...................................

United

States

267,887

37,236,293

Tractor

Supply

Co.

..................................

United

States

1,266,380

64,104,155

209,754,558

Trading

Companies

Distributors

2.6%

Fastenal

Co.

.......................................

United

States

727,047

58,868,995

United

Rentals,

Inc.

..................................

United

States

54,446

34,379,927

93,248,922

Total

Common

Stocks

(Cost

2,531,833,380

)

..................................

3,401,154,527

Convertible

Preferred

Stocks

1.7%

Diversified

Consumer

Services

0.2%

a,b,c

Newsela,

Inc.

....................................

United

States

423,782

7,130,256

Semiconductors

Semiconductor

Equipment

0.0%

†

a,b,c

Phononic

Devices,

Inc.

F-S

...........................

United

States

2,970,061

135,046

Software

1.0%

a,b,c

Benchling,

Inc.

...................................

United

States

347,106

4,811,577

a,b,c

Databricks,

Inc.

..................................

United

States

227,829

20,903,903

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

137

Country

Value

Convertible

Preferred

Stocks

(continued)

Software

(continued)

a,b,c

OneTrust

LLC

....................................

United

States

767,526

9,289,954

35,005,434

Trading

Companies

Distributors

0.5%

a,b,c

Anduril

Industries,

Inc.

..............................

United

States

414,483

16,944,894

Total

Convertible

Preferred

Stocks

(Cost

65,344,990

)

.........................

59,215,630

Preferred

Stocks

0.0%

†

Semiconductors

Semiconductor

Equipment

0.0%

†

a,b,c

Phononic

Devices,

Inc.

G-2-S

..........................

United

States

513,050

55,491

a,b,c

Phononic,

Inc.

H-S

..................................

United

States

117,763

124,806

180,297

Total

Preferred

Stocks

(Cost

460,692

)

.......................................

180,297

Warrants

0.0%

†

Semiconductors

Semiconductor

Equipment

0.0%

†

a,b,c

Phononic,

Inc.

H-S

12/31/29

..........................

United

States

23,970

2,085

a,b,c

Phononic,

Inc.

H-S-X

12/31/29

........................

United

States

47,104

4,098

6,183

Total

Warrants

(Cost

44,031

)

...............................................

6,183

Principal

Amount

Convertible

Bonds

0.0%

†

Semiconductors

Semiconductor

Equipment

0.0%

†

b,c

Phononic,

Inc.

5.31

11/30/27

........................

United

States

66,235

b,c

Phononic,

Inc.

H-S

5.31

11/30/27

....................

United

States

132,470

198,705

Total

Convertible

Bonds

(Cost

198,704

)

.....................................

198,705

Senior

Floating

Rate

Interests

0.0%

†

b,f

Phononic,

Inc.,

First

Lien,

Advance

CME

Term

Loan,

PIK,

6/30/25

.........................................

United

States

1,041,437

824,303

Total

Senior

Floating

Rate

Interests

(Cost

1,032,226

)

.........................

824,303

Total

Long

Term

Investments

(Cost

2,598,914,023

)

...........................

3,461,579,645

Short

Term

Investments

2.1%

Country

Value

Money

Market

Funds

1.9%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

67,276,399

Total

Money

Market

Funds

(Cost

67,276,399

)

................................

67,276,399

Franklin

Strategic

Series

Schedule

Investments

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

138

Short

Term

Investments

(continued)

Country

Value

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.2%

Money

Market

Funds

0.2%

g,h

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

8,437,275

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

8,437,275

)

..........................................................

8,437,275

Total

Short

Term

Investments

(Cost

75,713,674

)

..............................

75,713,674

Total

Investments

(Cost

2,674,627,697

)

100.1

..............................

$3,537,293,319

Other

Assets,

less

Liabilities

(

0.1

)

.........................................

(5,320,114)

Net

Assets

100.0%

.........................................................

$3,531,973,205

See

Abbreviations

page

188

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note

regarding

restricted

securities.

portion

all

the

security

loan

April

30,

2025.

See

Note

1(e).

See

Note

1(i)

regarding

senior

floating

rate

interests.

Income

may

received

additional

securities

and/or

cash.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

See

Note

1(e)

regarding

securities

loan.

Franklin

Strategic

Series

Financial

Statements

Assets

and

Liabilities

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

139

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

.................................

$474,662,608

$2,980,688,629

$1,972,736,164

Cost

Non-controlled

affiliates

(Note

3f)

......................

24,115,449

43,904,964

50,328,033

Value

Unaffiliated

issuers

(Includes

securities

loaned

$6,280,850,

$—

and

$9,145,590,

respectively)

...........................

$692,456,561

$2,870,989,060

$4,131,778,693

Value

Non-controlled

affiliates

(Note

3f)

......................

24,115,449

44,966,881

50,328,033

Cash

..................................................

4,426

9,286,299

3,020

Receivables:

Investment

securities

sold

.................................

7,056

9,883,285

7,842,951

Capital

sold

......................................

247,909

2,006,310

933,858

Dividends

and

interest

...................................

27,956

24,790,669

273,553

Deposits

with

brokers

for:

TBA

transactions

(Note

1c)

..............................

—

40,000

—

Futures

contracts

......................................

—

5,346,274

—

Due

from

custodian

......................................

15,200

—

Unrealized

appreciation

OTC

forward

exchange

contracts

........

—

141,863

—

Unrealized

appreciation

OTC

swap

contracts

..................

—

520,471

—

Deferred

tax

benefit

.......................................

—

287,971

—

Total

assets

........................................

716,874,557

2,968,259,083

4,191,160,108

Liabilities:

Payables:

Investment

securities

purchased

............................

1,727,218

11,043,923

14,680,788

Payable

for

purchases

TBA

securities

(Note

)

...............

—

479,610,848

—

Capital

redeemed

.................................

514,348

1,841,335

2,394,176

Management

fees

.......................................

341,493

950,473

1,760,432

Distribution

fees

........................................

127,279

447,551

732,502

Transfer

agent

fees

......................................

213,188

841,768

1,082,202

Variation

margin

futures

contracts

.........................

—

1,171,244

—

Deposits

from

brokers

for:

TBA

transaction

(Note

1c)

..............................

—

2,810,000

—

OTC

swap

contracts

(upfront

receipts

$–,

$1,347,100

and

$–,

respectively)

............................................

—

548,975

—

Unrealized

depreciation

OTC

forward

exchange

contracts

........

—

312,635

—

Payable

upon

return

securities

loaned

(Note

)

................

6,432,014

—

9,816,000

Unrealized

depreciation

unfunded

loan

commitments

(Note

)

.....

—

Accrued

expenses

and

other

liabilities

.........................

102,751

434,694

240,148

Total

liabilities

.......................................

9,458,291

500,013,514

30,706,248

Net

assets,

value

...............................

$707,416,266

$2,468,245,569

$4,160,453,860

Net

assets

consist

of:

Paid-in

capital

...........................................

$452,840,648

$3,630,041,837

$1,661,970,323

Total

distributable

earnings

(losses)

...........................

254,575,618

(1,161,796,268)

2,498,483,537

Net

assets,

value

...............................

$707,416,266

$2,468,245,569

$4,160,453,860

Franklin

Strategic

Series

Financial

Statements

Assets

and

Liabilities

(continued)

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

140

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Class

Net

assets,

value

.....................................

$588,964,936

$1,989,033,972

$3,383,276,937

outstanding

......................................

5,066,916

240,591,223

75,418,692

Net

asset

value

per

a,b

................................

$116.24

$8.27

$44.86

Maximum

offering

price

per

(net

asset

value

per

94.50%,

96.25%

and

94.50%,

respectively)

..........................

$123.01

$8.59

$47.47

Class

Net

assets,

value

.....................................

$17,196,954

$49,795,527

$75,993,885

outstanding

......................................

164,353

6,015,257

2,575,223

Net

asset

value

and

maximum

offering

price

per

a,b

..........

$104.63

$8.28

$29.51

Class

Net

assets,

value

.....................................

$—

$34,948,518

$25,260,396

outstanding

......................................

—

4,248,976

627,193

Net

asset

value

and

maximum

offering

price

per

...........

$—

$8.23

$40.28

Class

R6:

Net

assets,

value

.....................................

$6,757,807

$130,729,303

$371,772,725

outstanding

......................................

54,092

15,783,811

6,951,376

Net

asset

value

and

maximum

offering

price

per

...........

$124.93

$8.28

$53.48

Advisor

Class:

Net

assets,

value

.....................................

$94,496,569

$263,738,249

$304,149,917

outstanding

......................................

770,666

31,850,827

5,842,135

Net

asset

value

and

maximum

offering

price

per

...........

$122.62

$8.28

$52.06

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Strategic

Series

Financial

Statements

Assets

and

Liabilities

(continued)

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

141

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

.................................

$193,223,194

$1,785,216,710

$2,598,914,023

Cost

Non-controlled

affiliates

(Note

and

)

.................

21,421,479

47,688,544

75,713,674

Value

Unaffiliated

issuers

(Includes

securities

loaned

$8,606,550,

$24,441,633

and

$8,092,700,

respectively)

....................

$282,187,416

$2,212,489,555

$3,461,579,645

Value

Non-controlled

affiliates

(Note

and

)

................

21,421,479

47,688,544

75,713,674

Cash

..................................................

48,848

43,940,154

2,783

Foreign

currency,

value

(cost

$66,034,

$–

and

$166,

respectively)

66,034

—

165

Receivables:

Investment

securities

sold

.................................

—

6,541,627

9,725,853

Capital

sold

......................................

66,805

1,202,388

783,052

Dividends

and

interest

...................................

232,830

119,214

350,835

European

Union

tax

reclaims

(Note

)

.......................

95,725

—

Due

from

custodian

......................................

547,250

5,795,300

85,225

Total

assets

........................................

304,666,387

2,317,776,782

3,548,241,232

Liabilities:

Payables:

Investment

securities

purchased

............................

—

7,408,954

846,812

Capital

redeemed

.................................

1,395,294

4,274,387

3,511,380

Management

fees

.......................................

123,492

1,122,027

1,257,105

Distribution

fees

........................................

56,222

184,832

563,663

Transfer

agent

fees

......................................

131,590

649,082

1,246,198

Payable

upon

return

securities

loaned

(Note

)

................

9,004,750

25,561,170

8,522,500

Accrued

expenses

and

other

liabilities

.........................

69,638

228,202

320,369

Total

liabilities

.......................................

10,780,986

39,428,654

16,268,027

Net

assets,

value

...............................

$293,885,401

$2,278,348,128

$3,531,973,205

Net

assets

consist

of:

Paid-in

capital

...........................................

$355,019,755

$1,698,254,091

$2,580,371,062

Total

distributable

earnings

(losses)

...........................

(61,134,354)

580,094,037

951,602,143

Net

assets,

value

...............................

$293,885,401

$2,278,348,128

$3,531,973,205

Franklin

Strategic

Series

Financial

Statements

Assets

and

Liabilities

(continued)

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

142

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Class

Net

assets,

value

.....................................

$221,767,631

$778,490,500

$2,596,499,084

outstanding

......................................

7,879,061

38,448,180

72,088,873

Net

asset

value

per

a,b

................................

$28.15

$20.25

$36.02

Maximum

offering

price

per

(net

asset

value

per

94.50%)

..............................................

$29.79

$21.43

$38.12

Class

Net

assets,

value

.....................................

$13,076,106

$19,333,292

$48,684,823

outstanding

......................................

475,903

1,405,813

3,034,761

Net

asset

value

and

maximum

offering

price

per

a,b

..........

$27.48

$13.75

$16.04

Class

Net

assets,

value

.....................................

$—

$40,535,301

$33,210,990

outstanding

......................................

—

2,229,150

1,105,734

Net

asset

value

and

maximum

offering

price

per

...........

$—

$18.18

$30.04

Class

R6:

Net

assets,

value

.....................................

$6,894,307

$1,113,132,532

$437,086,739

outstanding

......................................

224,788

46,540,434

9,862,059

Net

asset

value

and

maximum

offering

price

per

...........

$30.67

$23.92

$44.32

Advisor

Class:

Net

assets,

value

.....................................

$52,147,357

$326,856,503

$416,491,569

outstanding

......................................

1,713,631

14,094,226

9,719,714

Net

asset

value

and

maximum

offering

price

per

...........

$30.43

$23.19

$42.85

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Strategic

Series

Financial

Statements

Operations

for

the

year

ended

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

143

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$2,240,

$–

and

$12,762,

respectively)

Unaffiliated

issuers

......................................

$3,954,811

$183,481

$23,728,191

Non-controlled

affiliates

(Note

3f)

...........................

879,868

3,493,527

962,665

Interest:

(net

foreign

taxes

$—,

$2,198

and

$—,

respectively)

Unaffiliated

issuers

......................................

—

136,479,496

—

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

...................

404,471

42,527

289,771

Non-controlled

affiliates

(Note

3f)

...........................

595,625

1,231

875,882

Total

investment

income

.................................

5,834,775

140,200,262

25,856,509

Expenses:

Management

fees

(Note

)

.................................

5,208,038

11,740,305

24,573,521

Distribution

fees:

(Note

)

Class

..............................................

1,732,272

5,135,278

9,282,542

Class

..............................................

238,134

374,107

891,576

Class

..............................................

—

182,116

155,053

Transfer

agent

fees:

(Note

)

Class

..............................................

881,365

2,711,096

3,288,780

Class

..............................................

30,182

76,206

78,896

Class

..............................................

—

48,052

27,436

Class

.............................................

10,565

49,273

65,316

Advisor

Class

..........................................

159,614

358,657

287,039

Custodian

fees

..........................................

22,858

34,001

Reports

shareholders

fees

................................

39,469

179,854

116,895

Registration

and

filing

fees

..................................

94,924

98,388

219,102

Professional

fees

.........................................

90,933

142,768

134,335

Trustees'

fees

and

expenses

................................

9,476

27,893

49,391

Marketplace

lending

fees

(Note

)

...........................

—

862,656

—

Other

..................................................

49,365

193,603

113,307

Total

expenses

.......................................

8,544,419

22,203,110

39,317,190

Expenses

waived/paid

affiliates

(Note

and

)

............

(119,501)

(1,297,021)

(134,412)

Net

expenses

.......................................

8,424,918

20,906,089

39,182,778

Net

investment

income

(loss)

..........................

(2,590,143)

119,294,173

(13,326,269)

Franklin

Strategic

Series

Financial

Statements

Operations

(continued)

for

the

year

ended

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

144

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

74,577,365

(30,693,286)

635,930,982

Non-controlled

affiliates

(Note

and

)

....................

(1,410,137)

—

Foreign

currency

transactions

..............................

3,424

(25,955)

—

Forward

exchange

contracts

...............................

—

(125,574)

—

Futures

contracts

.......................................

—

(11,341,186)

—

TBA

sale

commitments

...................................

—

(245,621)

—

Swap

contracts

.........................................

—

3,783,163

—

Net

realized

gain

(loss)

................................

73,170,652

(38,648,459)

635,930,982

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(94,432,349)

94,308,798

(271,511,394)

Non-controlled

affiliates

(Note

and

)

....................

—

1,061,917

—

Translation

other

assets

and

liabilities

denominated

foreign

currencies

...........................................

102

7,455

—

Unfunded

loan

commitments

(Note

)

........................

—

(68)

—

Forward

exchange

contracts

...............................

—

171,522

—

Futures

contracts

.......................................

—

979,118

—

Swap

contracts

.........................................

—

(2,852,719)

—

Net

change

unrealized

appreciation

(depreciation)

..........

(94,432,247)

93,676,023

(271,511,394)

Net

realized

and

unrealized

gain

(loss)

..........................

(21,261,595)

55,027,564

364,419,588

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$(23,851,738)

$174,321,737

$351,093,319

Franklin

Strategic

Series

Financial

Statements

Operations

(continued)

for

the

year

ended

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

145

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$418,733,

$–

and

$–,

respectively)

Unaffiliated

issuers

......................................

$8,872,621

$9,404,590

$20,935,798

Non-controlled

affiliates

(Note

and

)

......................

264,131

1,252,361

3,505,729

Interest:

Unaffiliated

issuers

......................................

63,628

—

329,442

Non-controlled

affiliates

(Note

and

)

......................

—

167,426

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

...................

(179,620)

(338,856)

(239,803)

Non-controlled

affiliates

(Note

)

...........................

208,496

559,329

265,886

Other

income

(Note

)

.....................................

5,507

—

Total

investment

income

.................................

9,234,763

10,877,424

24,964,478

Expenses:

Management

fees

(Note

)

.................................

1,778,988

16,722,250

17,950,028

Distribution

fees:

(Note

)

Class

..............................................

628,209

2,252,271

7,169,159

Class

..............................................

153,258

225,350

575,706

Class

..............................................

—

216,310

183,950

Transfer

agent

fees:

(Note

)

Class

..............................................

383,178

1,413,184

3,446,533

Class

..............................................

23,397

35,345

69,167

Class

..............................................

—

68,039

44,203

Class

.............................................

5,607

332,691

169,280

Advisor

Class

..........................................

99,976

605,383

548,298

Custodian

fees

..........................................

7,392

21,221

35,526

Reports

shareholders

fees

................................

28,791

112,034

154,274

Registration

and

filing

fees

..................................

83,591

127,566

176,129

Professional

fees

.........................................

65,079

109,521

107,149

Trustees'

fees

and

expenses

................................

3,954

29,840

42,819

Interest

expense

.........................................

2,465

—

Other

..................................................

73,637

119,073

125,997

Total

expenses

.......................................

3,337,522

22,390,078

30,798,218

Expenses

waived/paid

affiliates

(Note

and

)

............

(38,852)

(135,295)

(309,610)

Net

expenses

.......................................

3,298,670

22,254,783

30,488,608

Net

investment

income

(loss)

..........................

5,936,093

(11,377,359)

(5,524,130)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

40,253,912

144,656,230

307,711,066

Foreign

currency

transactions

..............................

(1,068)

—

9,193

Net

realized

gain

(loss)

................................

40,252,844

144,656,230

307,720,259

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(69,400,493)

(178,380,414)

(201,619,262)

Non-controlled

affiliates

(Note

and

)

....................

—

8,878,173

Translation

other

assets

and

liabilities

denominated

foreign

currencies

...........................................

6,568

—

Net

change

unrealized

appreciation

(depreciation)

..........

(69,393,925)

(178,380,414)

(192,741,089)

Net

realized

and

unrealized

gain

(loss)

..........................

(29,141,081)

(33,724,184)

114,979,170

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$(23,204,988)

$(45,101,543)

$109,455,040

Includes

gains

from

redemption

in-kind

(Note

Franklin

Strategic

Series

Financial

Statements

Changes

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

146

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(2,590,143)

$(3,257,149)

$119,294,173

$124,266,922

Net

realized

gain

(loss)

............

73,170,652

70,270,543

(38,648,459)

(88,812,911)

Net

change

unrealized

appreciation

(depreciation)

.................

(94,432,247)

65,328,352

93,676,023

46,360,351

Net

increase

(decrease)

net

assets

resulting

from

operations

(23,851,738)

132,341,746

174,321,737

81,814,362

Distributions

shareholders:

Class

........................

(58,160,749)

—

(95,594,345)

(100,911,285)

Class

........................

(2,094,936)

—

(2,412,060)

(3,286,225)

Class

........................

—

(1,613,364)

(1,669,519)

Class

.......................

(718,012)

—

(6,689,754)

(6,651,004)

Advisor

Class

...................

(10,336,804)

—

(13,313,957)

(13,984,391)

Total

distributions

shareholders

.....

(71,310,501)

—

(119,623,480)

(126,502,424)

Capital

transactions:

(Note

)

Class

........................

(38,843,761)

(90,765,519)

(133,993,404)

(170,995,824)

Class

........................

(7,618,126)

(6,308,260)

(16,499,318)

(33,695,036)

Class

........................

—

(1,822,597)

(4,271,750)

Class

.......................

(2,735,688)

(2,922,785)

(5,214,894)

2,246,105

Advisor

Class

...................

(22,539,823)

3,565,328

(14,309,594)

(33,649,591)

Total

capital

transactions

.......

(71,737,398)

(96,431,236)

(171,839,807)

(240,366,096)

Net

increase

(decrease)

net

assets

.....................

(166,899,637)

35,910,510

(117,141,550)

(285,054,158)

Net

assets:

Beginning

year

..................

874,315,903

838,405,393

2,585,387,119

2,870,441,277

End

year

......................

$707,416,266

$874,315,903

$2,468,245,569

$2,585,387,119

Franklin

Strategic

Series

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

147

Franklin

Growth

Opportunities

Fund

Franklin

Natural

Resources

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(13,326,269)

$(16,863,060)

$5,936,093

$7,327,841

Net

realized

gain

(loss)

............

635,930,982

708,606,111

40,252,844

6,155,538

Net

change

unrealized

appreciation

(depreciation)

.................

(271,511,394)

444,926,647

(69,393,925)

28,205,159

Net

increase

(decrease)

net

assets

resulting

from

operations

351,093,319

1,136,669,698

(23,204,988)

41,688,538

Distributions

shareholders:

Class

........................

(369,084,244)

(394,865,139)

(5,502,509)

(5,286,235)

Class

........................

(12,622,834)

(14,781,504)

(182,237)

(316,747)

Class

........................

(3,415,709)

(3,514,792)

—

Class

.......................

(34,745,269)

(40,009,371)

(189,377)

(165,584)

Advisor

Class

...................

(28,758,057)

(29,305,757)

(1,473,063)

(1,479,563)

Total

distributions

shareholders

.....

(448,626,113)

(482,476,563)

(7,347,186)

(7,248,129)

Capital

transactions:

(Note

)

Class

........................

13,326,108

180,676,777

(27,661,206)

(54,180,676)

Class

........................

(6,183,112)

(45,526,143)

(2,902,346)

(9,396,377)

Class

........................

(2,540,912)

2,433,373

—

Class

.......................

(1,469,348)

(148,900,791)

(408,268)

(5,139,233)

Advisor

Class

...................

16,896,851

(86,022,379)

(18,065,354)

(13,718,926)

Total

capital

transactions

.......

20,029,587

(97,339,163)

(49,037,174)

(82,435,212)

Net

increase

(decrease)

net

assets

.....................

(77,503,207)

556,853,972

(79,589,348)

(47,994,803)

Net

assets:

Beginning

year

..................

4,237,957,067

3,681,103,095

373,474,749

421,469,552

End

year

......................

$4,160,453,860

$4,237,957,067

$293,885,401

$373,474,749

Franklin

Strategic

Series

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

148

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(11,377,359)

$(6,260,414)

$(5,524,130)

$1,660,684

Net

realized

gain

(loss)

............

144,656,230

73,856,614

307,720,259

252,555,823

Net

change

unrealized

appreciation

(depreciation)

.................

(178,380,414)

450,397,076

(192,741,089)

377,194,123

Net

increase

(decrease)

net

assets

resulting

from

operations

(45,101,543)

517,993,276

109,455,040

631,410,630

Distributions

shareholders:

Class

.......................

—

(584,008)

—

Advisor

Class

...................

—

(36,409)

—

Total

distributions

shareholders

.....

—

(620,417)

—

Capital

transactions:

(Note

)

Class

........................

(82,255,977)

(39,879,038)

(300,799,425)

(213,650,350)

Class

........................

(2,290,623)

(2,202,373)

(13,148,119)

(33,720,039)

Class

........................

3,114,250

(7,631,504)

(5,075,773)

(3,141,034)

Class

.......................

(332,174,220)

(161,659,325)

(122,929,048)

4,476,222

Advisor

Class

...................

(55,318,476)

(25,481,258)

(30,964,132)

(105,370,472)

Total

capital

transactions

.......

(468,925,046)

(236,853,498)

(472,916,497)

(351,405,673)

Net

increase

(decrease)

net

assets

.....................

(514,026,589)

281,139,778

(364,081,874)

280,004,957

Net

assets:

Beginning

year

..................

2,792,374,717

2,511,234,939

3,896,055,079

3,616,050,122

End

year

......................

$2,278,348,128

$2,792,374,717

$3,531,973,205

$3,896,055,079

Franklin

Strategic

Series

149

franklintempleton.com

Annual

Report

Notes

Financial

Statements

Organization

and

Significant

Accounting

Policies

Franklin

Strategic

Series (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of ten

separate

funds,

six

which

are

included

this

report (Funds).

The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

classes

offered

within

each

the

Funds

are

indicated

below.

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years. Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

Advisor

Class

Franklin

Biotechnology

Discovery

Fund

Franklin

Natural

Resources

Fund

Class

Advisor

Class

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

Effective

December

11,

2024,

the

Franklin

Strategic

Income

Fund

was

renamed

Franklin

Core

Plus

Bond Fund.

The

following

summarizes

the Funds'

significant

accounting

policies

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market rather

than

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Securities

denominated

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

date

that

the

values

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

Franklin

Strategic

Series

Notes

Financial

Statements

150

franklintempleton.com

Annual

Report

Certain

derivative

financial

instruments

trade

the

OTC

market.

The

Funds'

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Funds'

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds'

business

day.

Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds'

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds'

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds'

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Funds

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statements

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

151

franklintempleton.com

Annual

Report

Securities

Purchased

When-Issued,

Forward Commitment or

Delayed

Delivery

Basis

and

TBA

Basis

Certain

all

Funds

may

purchase

securities

when-

issued,

forward

commitment

delayed

delivery and to-

be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

future

date.

These

transactions

are

subject

market

fluctuations

and

are

subject

the

risk

that

the

value

delivery

may

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

Derivative

Financial

Instruments

Certain

all

Funds

invested

derivative

financial

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives

are

financial

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty

fulfill

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statements

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

these

contracts

for

the

period

are

included

the

Statements

Operations.

Derivative

counterparty

credit

risk

managed

through

formal

evaluation

the

creditworthiness

all

potential

counterparties.

The

Fund

attempts

reduce

its

exposure

counterparty

credit

risk

OTC

derivatives,

whenever

possible,

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

collateral

requirements,

events

default,

early

termination.

Termination

events

applicable

the

counterparty

include

certain

deteriorations

the

credit

quality

the

counterparty.

Termination

events

applicable

the

Fund

include

failure

the

Fund

maintain

certain

net

asset

levels

and/

limit

the

decline

net

assets

over

various

periods

time.

the

event

default

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

net

and

close-out

all

transactions

traded,

whether

not

arising

under

the

ISDA

agreement,

one

net

amount

payable

one

counterparty

the

other.

However,

absent

event

default

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

the

Consolidated

Statement

Assets

and

Liabilities.

Early

termination

the

counterparty

may

result

immediate

payment

the

Fund

any

net

liability

owed

that

counterparty

under

the

ISDA

agreement.

April

30,

2025,

Franklin

Core

Plus

Bond

Fund

had

OTC

derivatives

net

liability

position

$199,276

and

the

aggregate

value

collateral

pledged

for

such

contracts

was

$310,000.

Collateral

requirements

differ

type

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

ISDA

master

agreement,

posting

collateral

required

either

the

Fund

the

applicable

counterparty

the

total

net

exposure

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

$250,000,

and

can

vary

depending

the

counterparty

and

the

type

of agreement.

Generally,

collateral

determined

the

Fund

business

each

day

and

any

additional

collateral

required

due

changes

derivative

values

may

delivered

the

Fund

the

counterparty

the

business

day,

within

few

business

days.

Collateral

pledged

and/or

received

the

Fund,

any,

held

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

the

form

cash

and/or

securities.

Unrestricted

cash

may

invested

according

the

Funds'

investment

objectives.

the

extent

that

the

amounts

due

the

Fund

from

its

counterparties

are

not

subject

collateralization

are

not

fully

collateralized,

the

Fund

bears

the

risk

loss

from

counterparty

non-performance.

Certain

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

manage

and/or

gain

exposure

interest

rate

risk. A

futures

contract

agreement

between

the

Fund

and

counterparty

buy

sell

asset

specified

price

future

date.

Required

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted

for

variation

margin

payable

receivable

the

Statements

Assets

and

Liabilities.

Futures

contracts

outstanding

period

end,

any,

are

listed

the

Funds'

Schedules

Investments.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

152

franklintempleton.com

Annual

Report

Certain

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

manage

and/or

gain

exposure

certain

foreign

currencies.

forward

exchange

contract

agreement

between

the

Fund

and

counterparty

buy

sell

foreign

currency at

specific

exchange

rate

future

date. Forward

exchange

contracts

outstanding

period

end,

any,

are

listed

the

Funds

Schedule

Investments.

Certain

all

Funds

entered

into

credit

default

swap

contracts

primarily

manage

and/or

gain

exposure

credit

risk.

credit

default

swap

agreement

between

the

Fund

and

counterparty

whereby

the

buyer

the

contract

receives

credit

protection

and

the

seller

the

contract

guarantees

the

credit

worthiness

referenced

debt

obligation.

These

agreements

may

privately

negotiated

the

over-the-counter

market

(OTC

credit

default

swaps)

may

executed

multilateral

trade

facility

platform,

such

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

single

issuer

corporate

sovereign

debt,

credit

index,

basket

issuers

indices,

tranche

credit

index

basket

issuers

indices.

the

event

default

the

underlying

referenced

debt

obligation,

the

buyer

entitled

receive

the

notional

amount

the

credit

default

swap

contract

from

the

seller

exchange

for

the

referenced

debt

obligation,

net

settlement

amount

equal

the

notional

amount

the

credit

default

swap

less

the

recovery

value

the

referenced

debt

obligation,

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted

for

variation

margin

payable

receivable

the

Consolidated

Statements

Assets

and

Liabilities.

Over

the

term

the

contract,

the

buyer

pays

the

seller

periodic

stream

payments,

provided

that

event

default

has

occurred.

Such

periodic

payments

are

accrued

daily

unrealized

appreciation or

depreciation

until

the

payments

are

made,

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

the Statements

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

the

contract

realized

gain

loss

the

Statements

Operations.

Credit

default

swap

contracts

outstanding

period

end,

any,

are

listed

the

Funds'

Schedules

Investments.

See

Note

10 regarding

other

derivative

information.

Securities

Lending

Certain

all

Funds

participate

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

money

market

fund

managed

Franklin

Advisers,

Inc.,

affiliate

the

Funds,

and/or

uninvested

cash

included

due

from

custodian

the

Statements

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-

party

vendor,

reported

separately

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

April

30,

2025,

Franklin

Core

Plus

Bond

Fund

had

securities

loan.

Business

Development

Companies

Certain

all

Funds may

invest

securities

closed-end

investment

companies

that

have

elected

treated

business

development

company

under

the

1940

Act.

The

Funds

may

purchase

business

development

company

gain

exposure

the

securities

the

underlying

portfolio.

The

risks

owning

business

development

company

Organization

and

Significant

Accounting

Policies

(continued)

Derivative

Financial

Instruments

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

153

franklintempleton.com

Annual

Report

generally

reflect

the

risks

owning

the

underlying

securities.

Business

development

companies

have

expenses

that

reduce

their

value.

Marketplace

Lending

Certain

all

Funds

invest in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

peer-to-peer

lending,

method

financing

which

platform

facilitates

the

borrowing

and

lending

money.

considered

alternative

traditional

forms

debt

financing.

Prospective

borrowers

are

required

provide

certain

financial

information

the

platform,

including,

but

not

limited

to,

the

intended

purpose

the

loan,

income,

employment

information,

credit

score,

debt-

to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

this

and

other

information,

the

platform

assigns

its

own

credit

rating

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

purchase

the

loans

based

factors

such

the

interest

rates

and

expected

yields

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

the

platform.

When

the

Funds

invest

these

loans,

they

usually

purchase

all

rights,

title

and

interest

the

loans

pursuant

loan

purchase

agreement

directly

from

the

platform.

The

platform

third-party

servicer

typically

continues

service

the

loans,

collecting

payments

and

distributing

them

the

Funds,

less

any

servicing

fees

assessed.

The

servicer

typically

responsible

for

taking

actions

against

borrower

the

event

default

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

marketplace

lending

fees

the

Statements

Operations.

The

Funds,

investors

loan,

would

entitled

receive

payment

only

from

the

borrower

and

would

not

able

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

which

the

Funds

may

invest

are

unsecured.

Mortgage

Dollar

Rolls

Certain

all

Funds

enter

into

mortgage

dollar

rolls,

typically

TBA

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

specified

date

and

simultaneously

contracts

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

future

date

and

predetermined

price.

Gains

losses

are

realized

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

recorded

unrealized

gain

loss

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

not

entitled

principal

and

interest

paid

the

mortgage

backed

securities.

Transactions

mortgage

dollar

rolls

are

accounted

for

purchases

and

sales

and

may

result

increase

the

Fund's

portfolio

turnover

rate.

The

risks

mortgage

dollar

roll

transactions

include

the

potential

inability

the

counterparty

fulfill

its

obligations.

Senior

Floating

Rate

Interests

Certain

all

Funds

invest

senior

secured

corporate

loans

that

pay

interest

rates

which

are

periodically

reset

reference

base

lending

rate

plus

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

designated

U.S.

bank

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

principal

from

excess

cash

flows

the

discretion

the

borrower.

result,

actual

maturity

may

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

which

the

Funds

invest

are

generally

readily

marketable,

but

may

subject

certain

restrictions

resale.

Income

and

Deferred

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Funds

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which the

Funds invest.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Funds

invest.

When

capital

gain

tax

determined

apply, certain

Organization

and

Significant

Accounting

Policies

(continued)

Business

Development

Companies

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

154

franklintempleton.com

Annual

Report

or all Funds record

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

result

several

court

cases,

certain

countries

across

the

European

Union, certain

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

dividends

earned

those

countries

(EU

reclaims). Income

recognized,

any,

for

reclaims

reflected

other

income

the

Statements

Operations

and

any

receivable,

any,

reflected

European

Union

tax

reclaims

the

Statements

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

other

expenses in

the

Statements

Operations.

When

uncertainty

exists

the

ultimate

resolution

these

proceedings,

the

likelihood

receipt

these

reclaims,

and

the

potential

timing

payment,

amounts

are

reflected

the

financial

statements.

For

U.S.

income

tax

purposes,

reclaims

received

the

Funds,

any,

reduce

the

amount

foreign

taxes

Fund

shareholders

can

use

tax

deductions

or credits

their

income

tax

returns.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

April

30,

2025, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Paydown

gains

and

losses

are

recorded

separately

the

Statements

Operations.

Certain

all

Funds

may

receive

other

income

from

investments

senior

secured

corporate

loans

unfunded

commitments,

including

amendment

fees,

consent

fees

commitment

fees.

These

fees

are

recorded

income

when

received

the

Funds.

Facility

fees

are

recognized

income

over

the

expected

term

the

loan.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Funds.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

decreases

the

security's

interest

accruals,

face

amount,

principal

redemption

value,

amounts

corresponding

the

rate

inflation

measured

index.

Any

increase

decrease

the

face

amount

principal

redemption

value

will

included

interest

income in

the

Statements of

Operations.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Organization

and

Significant

Accounting

Policies

(continued)

Income

and

Deferred

Taxes

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

155

franklintempleton.com

Annual

Report

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

April

30,

2025,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

332,355

$44,053,974

22,481,003

$186,387,121

issued

reinvestment

distributions

..........

458,575

55,359,208

10,959,008

90,763,522

redeemed

...............................

(1,051,742)

(138,256,943)

(49,596,623)

(411,144,047)

Net

increase

(decrease)

..........................

(260,812)

$(38,843,761)

(16,156,612)

$(133,993,404)

Year

ended

April

30,

2024

sold

...................................

527,209

$62,920,528

23,437,662

$190,706,248

issued

reinvestment

distributions

..........

—

11,794,890

95,599,096

redeemed

...............................

(1,302,203)

(153,686,047)

(56,252,438)

(457,301,168)

Net

increase

(decrease)

..........................

(774,994)

$(90,765,519)

(21,019,886)

$(170,995,824)

Class

Year

ended

April

30,

2025

sold

...................................

19,046

$2,353,553

753,774

$6,257,260

issued

reinvestment

distributions

..........

19,065

2,077,266

281,445

2,334,099

redeemed

..............................

(99,243)

(12,048,945)

(3,024,923)

(25,090,677)

Net

increase

(decrease)

..........................

(61,132)

$(7,618,126)

(1,989,704)

$(16,499,318)

Year

ended

April

30,

2024

sold

...................................

41,225

$4,441,865

1,329,931

$10,821,894

issued

reinvestment

distributions

..........

—

390,222

3,164,988

redeemed

..............................

(100,695)

(10,750,125)

(5,865,539)

(47,681,918)

Net

increase

(decrease)

..........................

(59,470)

$(6,308,260)

(4,145,386)

$(33,695,036)

Class

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

156

franklintempleton.com

Annual

Report

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

—

$—

1,024,893

$8,467,666

issued

reinvestment

distributions

..........

—

195,600

1,611,622

redeemed

...............................

—

(1,443,030)

(11,901,885)

Net

increase

(decrease)

..........................

—

$—

(222,537)

$(1,822,597)

Year

ended

April

30,

2024

sold

...................................

—

$—

1,092,028

$8,854,611

issued

reinvestment

distributions

..........

—

206,286

1,664,051

redeemed

...............................

—

(1,825,805)

(14,790,412)

Net

increase

(decrease)

..........................

—

$—

(527,491)

$(4,271,750)

Class

Year

ended

April

30,

2025

sold

...................................

16,934

$2,422,327

2,929,164

$24,331,763

issued

reinvestment

distributions

..........

5,289

685,392

691,054

5,733,962

redeemed

...............................

(41,454)

(5,843,407)

(4,242,650)

(35,280,619)

Net

increase

(decrease)

..........................

(19,231)

$(2,735,688)

(622,432)

$(5,214,894)

Year

ended

April

30,

2024

sold

...................................

17,791

$2,320,133

3,992,186

$32,535,782

issued

reinvestment

distributions

..........

—

698,322

5,671,757

redeemed

...............................

(42,450)

(5,242,918)

(4,414,945)

(35,961,434)

Net

increase

(decrease)

..........................

(24,659)

$(2,922,785)

275,563

$2,246,105

Advisor

Class

Advisor

Class

Year

ended

April

30,

2025

sold

...................................

220,200

$30,743,369

6,280,226

$52,139,748

issued

reinvestment

distributions

..........

80,296

10,216,149

1,138,066

9,442,088

redeemed

...............................

(477,052)

(63,499,341)

(9,142,865)

(75,891,430)

Net

increase

(decrease)

..........................

(176,556)

$(22,539,823)

(1,724,573)

$(14,309,594)

Year

ended

April

30,

2024

sold

...................................

290,098

$38,622,153

5,739,585

$46,782,268

issued

reinvestment

distributions

..........

—

1,223,635

9,933,617

redeemed

...............................

(283,878)

(35,056,825)

(11,151,327)

(90,365,476)

Net

increase

(decrease)

..........................

6,220

$3,565,328

(4,188,107)

$(33,649,591)

Beneficial

Interest

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

157

franklintempleton.com

Annual

Report

Franklin

Growth

Opportunities

Fund

Franklin

Natural

Resources

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

5,031,942

$250,874,920

925,041

$27,838,462

issued

reinvestment

distributions

..........

7,302,641

359,874,058

194,399

5,414,009

redeemed

...............................

(12,005,894)

(597,422,870)

(2,024,155)

(60,913,677)

Net

increase

(decrease)

..........................

328,689

$13,326,108

(904,715)

$(27,661,206)

Year

ended

April

30,

2024

sold

...................................

8,574,980

$371,585,582

1,264,920

$36,259,069

issued

reinvestment

distributions

..........

9,108,435

385,104,617

182,021

5,214,902

redeemed

...............................

(13,213,422)

(576,013,422)

(3,381,617)

(95,654,647)

Net

increase

(decrease)

..........................

4,469,993

$180,676,777

(1,934,676)

$(54,180,676)

Class

Year

ended

April

30,

2025

sold

...................................

356,759

$12,096,577

94,231

$2,813,600

issued

reinvestment

distributions

..........

387,090

12,580,477

6,634

180,856

redeemed

..............................

(910,033)

(30,860,166)

(201,667)

(5,896,802)

Net

increase

(decrease)

..........................

(166,184)

$(6,183,112)

(100,802)

$(2,902,346)

Year

ended

April

30,

2024

sold

...................................

719,169

$22,451,781

110,262

$3,039,841

issued

reinvestment

distributions

..........

495,660

14,612,070

11,174

312,200

redeemed

..............................

(2,598,622)

(82,589,994)

(459,372)

(12,748,418)

Net

increase

(decrease)

..........................

(1,383,793)

$(45,526,143)

(337,936)

$(9,396,377)

Class

Year

ended

April

30,

2025

sold

...................................

93,018

$4,125,976

—

$—

issued

reinvestment

distributions

..........

77,139

3,415,709

—

redeemed

...............................

(234,362)

(10,082,597)

—

Net

increase

(decrease)

..........................

(64,205)

$(2,540,912)

—

$—

Year

ended

April

30,

2024

sold

...................................

139,079

$5,560,362

—

$—

issued

reinvestment

distributions

..........

91,293

3,514,792

—

redeemed

...............................

(166,218)

(6,641,781)

—

Net

increase

(decrease)

..........................

64,154

$2,433,373

—

$—

Class

Beneficial

Interest

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

158

franklintempleton.com

Annual

Report

Franklin

Growth

Opportunities

Fund

Franklin

Natural

Resources

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

455,037

$26,879,630

60,752

$1,999,816

issued

reinvestment

distributions

..........

591,573

34,713,486

6,248

189,377

redeemed

...............................

(1,077,443)

(63,062,464)

(79,392)

(2,597,461)

Net

increase

(decrease)

..........................

(30,833)

$(1,469,348)

(12,392)

$(408,268)

Year

ended

April

30,

2024

sold

...................................

548,608

$27,946,401

78,008

$2,420,818

issued

reinvestment

distributions

..........

809,267

39,985,905

5,317

165,584

redeemed

...............................

(4,383,961)

(216,833,097)

(252,929)

(7,725,635)

Net

increase

(decrease)

..........................

(3,026,086)

$(148,900,791)

(169,604)

$(5,139,233)

Advisor

Class

Advisor

Class

Year

ended

April

30,

2025

sold

...................................

841,794

$48,289,642

299,136

$9,817,889

issued

reinvestment

distributions

..........

487,232

27,840,441

48,788

1,467,544

redeemed

...............................

(1,042,578)

(59,233,232)

(908,746)

(29,350,787)

Net

increase

(decrease)

..........................

286,448

$16,896,851

(560,822)

$(18,065,354)

Year

ended

April

30,

2024

sold

...................................

879,399

$44,142,934

654,979

$20,559,328

issued

reinvestment

distributions

..........

586,399

28,293,747

47,545

1,468,672

redeemed

...............................

(3,309,049)

(158,459,060)

(1,168,531)

(35,746,926)

Net

increase

(decrease)

..........................

(1,843,251)

$(86,022,379)

(466,007)

$(13,718,926)

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

4,955,470

$109,647,310

5,367,190

$203,572,054

redeemed

...............................

(8,615,492)

(191,903,287)

(13,437,841)

(504,371,479)

Net

increase

(decrease)

..........................

(3,660,022)

$(82,255,977)

(8,070,651)

$(300,799,425)

Year

ended

April

30,

2024

sold

...................................

6,835,765

$132,067,556

9,519,937

$306,620,601

redeemed

...............................

(9,161,615)

(171,946,594)

(16,016,549)

(520,270,951)

Net

increase

(decrease)

..........................

(2,325,850)

$(39,879,038)

(6,496,612)

$(213,650,350)

Class

Beneficial

Interest

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

159

franklintempleton.com

Annual

Report

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

Amount

Class

Year

ended

April

30,

2025

sold

...................................

223,183

$3,388,766

364,289

$6,156,727

redeemed

..............................

(377,681)

(5,679,389)

(1,144,009)

(19,304,846)

Net

increase

(decrease)

..........................

(154,498)

$(2,290,623)

(779,720)

$(13,148,119)

Year

ended

April

30,

2024

sold

...................................

457,804

$5,960,896

983,081

$14,050,780

redeemed

..............................

(632,873)

(8,163,269)

(3,337,470)

(47,770,819)

Net

increase

(decrease)

..........................

(175,069)

$(2,202,373)

(2,354,389)

$(33,720,039)

Class

Year

ended

April

30,

2025

sold

...................................

798,778

$16,855,590

194,991

$6,053,095

redeemed

...............................

(690,039)

(13,741,340)

(355,454)

(11,128,868)

Net

increase

(decrease)

..........................

108,739

$3,114,250

(160,463)

$(5,075,773)

Year

ended

April

30,

2024

sold

...................................

524,963

$9,001,348

245,626

$6,647,839

redeemed

...............................

(968,141)

(16,632,852)

(357,889)

(9,788,873)

Net

increase

(decrease)

..........................

(443,178)

$(7,631,504)

(112,263)

$(3,141,034)

Class

Year

ended

April

30,

2025

sold

...................................

8,186,126

$213,802,927

2,024,595

$92,994,472

issued

reinvestment

distributions

..........

—

10,403

510,275

redeemed

in-kind

(Note

)

..................

(2,046,951)

(51,319,956)

(530,869)

(23,798,846)

redeemed

...............................

(18,809,271)

(494,657,191)

(4,131,407)

(192,634,949)

Net

increase

(decrease)

..........................

(12,670,096)

$(332,174,220)

(2,627,278)

$(122,929,048)

Year

ended

April

30,

2024

sold

...................................

12,060,415

$272,225,636

3,418,440

$139,416,104

redeemed

...............................

(19,610,255)

(433,884,961)

(3,333,237)

(134,939,882)

Net

increase

(decrease)

..........................

(7,549,840)

$(161,659,325)

85,203

$4,476,222

Advisor

Class

Advisor

Class

Year

ended

April

30,

2025

sold

...................................

2,433,680

$61,722,891

1,568,765

$70,783,754

issued

reinvestment

distributions

..........

—

743

35,253

redeemed

...............................

(4,651,378)

(117,041,367)

(2,274,042)

(101,783,139)

Net

increase

(decrease)

..........................

(2,217,698)

$(55,318,476)

(704,534)

$(30,964,132)

Year

ended

April

30,

2024

sold

...................................

3,950,917

$86,229,902

2,112,661

$81,831,488

redeemed

...............................

(5,094,739)

(111,711,160)

(5,005,566)

(187,201,960)

Net

increase

(decrease)

..........................

(1,143,822)

$(25,481,258)

(2,892,905)

$(105,370,472)

May

include

portion

Class

that

were

automatically

converted

Class

Beneficial

Interest

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

160

franklintempleton.com

Annual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

Franklin

Biotechnology

Discovery

Fund pays

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

the

Fund

follows:

Franklin

Core

Plus

Bond

Fund pays

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

the

Fund

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.775%

and

including

$100

million

0.650%

Over

$100

million,

and

including

$200

million

0.635%

Over

$200

million,

and

including

$250

million

0.585%

Over

$250

million,

and

including

$700

million

0.550%

Over

$700

billion,

and

including

$1.2

billion

0.525%

Over

$1.2

billion,

and

including

$7.5

billion

0.515%

Over

$7.5

billion,

and

including

$10

billion

0.505%

Over

$10

billion,

and

including

$12.5

billion

0.495%

Over

$12.5

billion,

and

including

$15

billion

0.475%

excess

$15

billion

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

Over

$15

billion,

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

and

including

$20

billion

0.360%

Over

$20

billion,

and

including

$35

billion

0.355%

Over

$35

billion,

and

including

$50

billion

0.350%

excess

$50

billion

Franklin

Strategic

Series

Notes

Financial

Statements

161

franklintempleton.com

Annual

Report

Effective

May

2025,

Franklin

Core

Plus

Bond

Fund will

pay

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

the

Fund

follows:

Franklin

Growth

Opportunities

Fund pays

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

the

Fund

follows:

Franklin

Natural

Resources

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund pay

investment

management fee,

calculated

daily and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

each

the

Funds

follows:

Annualized

Fee

Rate

Net

Assets

0.350%

and

including

billion

0.330%

Over

billion,

and

including

$10

billion

0.310%

Over

$10

billion,

and

including

$20

billion

0.290%

excess

$20

billion

Annualized

Fee

Rate

Net

Assets

0.700%

and

including

$500

million

0.600%

Over

$500

million,

and

including

billion

0.550%

Over

billion,

and

including

$1.5

billion

0.500%

Over

$1.5

billion,

and

including

$6.5

billion

0.475%

Over

$6.5

billion,

and

including

$11.5

billion

0.450%

Over

$11.5

billion,

and

including

$16.5

billion

0.440%

Over

$16.5

billion,

and

including

$19

billion

0.430%

Over

$19

billion,

and

including

$21.5

billion

0.420%

excess

$21.5

billion

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

excess

$15

billion

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

162

franklintempleton.com

Annual

Report

Franklin

Small

Cap

Growth

Fund pays

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

the

Fund

follows:

For

the

year

ended

April

30,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate.

Under

the

Class

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds'

Class

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Annualized

Fee

Rate

Net

Assets

0.750%

and

including

$500

million

0.650%

Over

$500

million,

and

including

billion

0.600%

Over

billion,

and

including

$1.5

billion

0.550%

Over

$1.5

billion,

and

including

$6.5

billion

0.525%

Over

$6.5

billion,

and

including

$11.5

billion

0.500%

Over

$11.5

billion,

and

including

$16.5

billion

0.490%

Over

$16.5

billion,

and

including

$19

billion

0.480%

Over

$19

billion,

and

including

$21.5

billion

0.470%

excess

$21.5

billion

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Gross

effective

investment

management

fee

rate

...................

0.612%

0.460%

0.538%

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Gross

effective

investment

management

fee

rate

...................

0.524%

0.614%

0.456%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

163

franklintempleton.com

Annual

Report

For

Franklin

Biotechnology

Discovery

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund

and

Franklin

Small

Cap

Growth

Fund,

the

Board

has

set

the

current

rate

0.25%

per

year

for

Class

until

further

notice

and

approval

the

Board.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

year:

Transfer

Agent

Fees

Each

class

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Class

................................................

0.35%

0.25%

0.35%

Class

................................................

1.00%

0.65%

1.00%

Class

................................................

—%

0.50%

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Class

................................................

0.35%

0.25%

Class

................................................

1.00%

Class

................................................

—%

0.50%

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/

dealers

..................................................

$46,843

$39,278

$287,375

CDSC

retained

............................................

$5,914

$16,620

$11,110

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/

dealers

..................................................

$25,704

$110,038

$227,356

CDSC

retained

............................................

$2,050

$5,514

$12,063

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

164

franklintempleton.com

Annual

Report

For

the

year

ended

April

30,

2025,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statements

Operations,

amount

not

exceed

the

management

and

administrative

fees

paid

directly

indirectly

each

affiliate.

During

the

year

ended

April

30,

2025,

investments

affiliated

management

investment

companies

were

follows:

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Transfer

agent

fees

.........................................

$306,046

$1,074,993

$1,105,960

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Transfer

agent

fees

.........................................

$172,132

$882,405

$1,139,312

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Franklin

Biotechnology

Discovery

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$27,497,723

$231,885,773

$(241,684,861)

$—

$17,698,635

17,698,635

$879,868

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$7,029,635

$152,622,861

$(153,235,682)

$—

$6,416,814

6,416,814

$595,625

Total

Affiliated

Securities

...

$34,527,358

$384,508,634

$(394,920,543)

$—

$24,115,449

$1,475,493

Franklin

Core

Plus

Bond

Fund

Non-Controlled

Affiliates

Dividends

Franklin

BSP

Real

Estate

Debt

BDC

..................

$—

$23,230,313

$—

$1,061,917

$24,292,230

892,886

$1,143,659

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

17,475,027

609,258,911

(606,059,287)

—

20,674,651

2,349,868

Transactions

with

Affiliates

(continued)

Transfer

Agent

Fees

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

165

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Franklin

Core

Plus

Bond

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$—

$10,797,000

$(10,797,000)

$—

—

$1,231

Total

Affiliated

Securities

...

$17,475,027

$643,286,224

$(616,856,287)

$—

$1,061,917

$44,966,881

$3,494,758

Franklin

Growth

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$5,778,248

$900,054,956

$(865,321,171)

$—

$40,512,033

40,512,033

$962,665

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$24,049,725

$267,845,295

$(282,079,020)

$—

$9,816,000

9,816,000

$875,882

Total

Affiliated

Securities

...

$29,827,973

$1,167,900,251

$(1,147,400,191)

$—

$50,328,033

$1,838,547

Franklin

Natural

Resources

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$996,110

$109,363,005

$(97,395,136)

$—

$12,963,979

12,963,979

$264,131

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$5,847,240

$125,796,325

$(123,186,065)

$—

$8,457,500

8,457,500

$208,496

Total

Affiliated

Securities

...

$6,843,350

$235,159,330

$(220,581,201)

$—

$21,421,479

$472,627

Franklin

Small

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$90,555,123

$580,927,869

$(643,560,318)

$—

$27,922,674

27,922,674

$1,252,361

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

166

franklintempleton.com

Annual

Report

Waiver

and

Expense

Reimbursements

Effective

January

2025,

Advisers

has

contractually

agreed

advance

waive

limit

its

respective

fees

and

assume

their

own

expense

certain

expenses

otherwise

payable

Franklin

Core

Plus

Bond

Fund

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

such

those

relating

litigation,

indemnification,

reorganizations

and

liquidations)

for

each

Class

not

exceed

0.58%,

and

for

Class

not

exceed

0.48%,

based

the

average

net

assets

each

Class

until

December

31,

2025.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund’s

fiscal

year

end.

Effective

May

2025,

the

expenses

(excluding

certain

fees

and

expenses

previously

disclosed)

for

each

Class

Franklin

Core

Plus

Bond

Fund

will

limited

0.47%

and

Class

will

limited

0.37%

based

the

average

net

assets

each

Class

until

December

31,

2025.

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

August

31,

2025

for

all

Funds,

except

Franklin

Core

Plus

Bond

Fund,

and

until

December

31,

2025

for

Franklin

Core

Plus

Bond

Fund.

Other

Affiliated

Transactions

During

the year ended

April

30,

2024,

Franklin

Core

Plus

Bond

Fund

realized

$20,660,421

net

losses

resulting

from

in-kind

transactions

which

the

Fund

redeemed

the

Franklin

Floating

Rate

Income

Fund,

series

of Franklin Floating

Rate

Master

Trust,

for

securities

held by

the

underlying

fund

rather

than

for

cash.

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Franklin

Small

Cap

Growth

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$16,408,075

$300,209,731

$(296,851,936)

$—

$19,765,870

19,765,870

$559,329

Total

Affiliated

Securities

...

$106,963,198

$881,137,600

$(940,412,254)

$—

$47,688,544

$1,811,690

Franklin

Small-Mid

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$112,627,227

$655,200,111

$(700,550,939)

$—

$67,276,399

67,276,399

$3,673,155

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$19,901,900

$109,108,899

$(120,573,524)

$—

$8,437,275

8,437,275

$265,886

Total

Affiliated

Securities

...

$132,529,127

$764,309,010

$(821,124,463)

$—

$75,713,674

$3,939,041

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

167

franklintempleton.com

Annual

Report

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

April

30,

2025,

the

capital

loss

carryforwards

were

follows:

During

the

year

ended April

30,

2025,

the

utilized

capital

loss

carryforwards

were

follows:

For

tax

purposes,

the

Funds

may

elect

defer

any

portion

post-October

capital

loss

late-year

ordinary

loss

the

first

day

the

following

fiscal

year.

At April

30,

2025,

the

deferred

losses

were

follows:

The

tax

character

distributions

paid

during

the

years

ended

April

30,

2025

and

2024,

was

follows:

Franklin

Core

Plus

Bond

Fund

Franklin

Natural

Resources

Fund

Capital

loss

carryforwards

not

subject

expiration:

Short

term

...............................................................

166,666,645

4,690,176

Long

term

...............................................................

867,909,258

150,346,811

Total

capital

loss

carryforwards

..............................................

$1,034,575,903

$155,036,987

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Capital

loss

utilized

carryforwards

..............................

$37,778,180

$21,524,635

$186,402,631

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Late-year

ordinary

loss

..........................................................

$4,335,686

$3,329,876

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$23,129,664

$—

$119,623,480

$126,502,424

Long

term

capital

gain

....................

48,180,837

—

$71,310,501

$—

$119,623,480

$126,502,424

Franklin

Growth

Opportunities

Fund

Franklin

Natural

Resources

Fund

2025

2024

2025

2024

Distributions

paid

from:

Ordinary

income

........................

$15,984,820

$1,497,881

$7,347,186

$7,248,129

Long

term

capital

gain

....................

432,641,293

480,978,682

—

$448,626,113

$482,476,563

$7,347,186

$7,248,129

Franklin

Strategic

Series

Notes

Financial

Statements

168

franklintempleton.com

Annual

Report

April

30,

2025,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

defaulted

securities,

wash

sales,

passive

foreign

investment

company

shares,

paydown

losses,

payments-

in-kind,

bond

discounts

and

premiums,

derivative

financial

instruments,

corporate

actions,

net

operating

losses

and

in-kind

transactions.

The

Funds

utilized

tax

accounting

practice

treat

portion

the

proceeds

from

capital

redeemed

distribution

from

net

investment

income

and realized

capital

gains.

Franklin

Small-Mid

Cap

Growth

Fund

2025

2024

Distributions

paid

from:

Ordinary

income

..........................................................

$619,958

$—

Long

term

capital

gain

......................................................

459

—

$620,417

$—

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Cost

investments

........................................

$506,441,575

$3,043,528,622

$2,033,206,304

Unrealized

appreciation

......................................

$323,826,856

$32,765,042

$2,262,854,604

Unrealized

depreciation

......................................

(113,696,421)

(162,099,017)

(113,954,182)

Net

unrealized

appreciation

(depreciation)

........................

$210,130,435

$(129,333,975)

$2,148,900,422

Distributable

earnings:

Undistributed

ordinary

income

.................................

$2,430,331

$2,800,054

$—

Undistributed

long

term

capital

gains

............................

42,014,774

—

349,583,114

Total

distributable

earnings

...................................

$44,445,105

$2,800,054

$349,583,114

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Cost

investments

........................................

$218,011,541

$1,838,124,342

$2,694,580,031

Unrealized

appreciation

......................................

$107,388,911

$803,227,059

$1,066,630,741

Unrealized

depreciation

......................................

(21,791,557)

(381,173,302)

(223,917,453)

Net

unrealized

appreciation

(depreciation)

........................

$85,597,354

$422,053,757

$842,713,288

Distributable

earnings:

Undistributed

ordinary

income

.................................

$6,036,891

$—

Undistributed

long

term

capital

gains

............................

—

101,391,502

104,388,592

Total

distributable

earnings

...................................

$6,036,891

$101,391,502

$104,388,592

Income

Taxes

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

169

franklintempleton.com

Annual

Report

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

year

ended

April

30,

2025,

were

follows:

April

30,

2025,

connection

with

securities

lending

transactions,

certain

all

Funds

loaned

investments

and

received

cash

collateral

follows:

Credit

Risk

and

Defaulted

Securities

April

30,

2025,

Franklin

Core

Plus

Bond

Fund

had 19.5% of

its

portfolio

invested

high

yield

securities,

senior

secured

floating

rate

loans,

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

sensitive

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

greater

risk

loss

due

default

than

higher

rated

securities.

Franklin

Core

Plus

Bond

Fund held defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

April

30,

2025,

the

value

these

securities represents

less

than

0.1% of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

securities

for

which

income

has

been

deemed

uncollectible

and

provides

estimate

for

losses

interest

receivable.

The

securities

have

been

identified

the

accompanying

Schedule

Investments.

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Purchases

...............................................

$181,555,431

$4,348,000,642

$1,240,904,111

Sales

...................................................

$318,789,025

$4,195,428,333

$1,721,584,022

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Purchases

...............................................

$66,163,111

$437,808,509

$1,299,894,821

Sales

...................................................

$126,390,982

$852,579,792

$1,727,909,830

Sale

investments

excludes

in-kind

transactions

$45,079,291.

Sale

investments

excludes

in-kind

transactions

$18,728,856.

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Securities

lending

transactions

Equity

investments

.........................................

$6,432,014

$—

$9,816,000

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-

Mid

Cap

Growth

Fund

Securities

lending

transactions

Equity

investments

.........................................

$9,004,750

$25,561,170

$8,522,500

The

agreements

can

terminated

any

time.

The

gross

amount

recognized

liability

for

such

transactions

included

payable

upon

return

securities

loaned

the

Statements

Assets

and

Liabilities.

Franklin

Strategic

Series

Notes

Financial

Statements

170

franklintempleton.com

Annual

Report

Restricted

Securities

Certain

all

Funds

invest

securities

that

are

restricted

under

the

Securities

Act

1933

(1933

Act).

Restricted

securities

are

often

purchased

private

placement

transactions,

and

cannot

sold

without

prior

registration

unless

the

sale

pursuant

exemption

under

the

1933

Act.

Disposal

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

acceptable

price

may

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

April

30,

2025,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

follows:

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Biotechnology

Discovery

Fund

2,181,025

Achieve

Life

Sciences,

Inc.,

8/31/27

..............

2/29/24

210,672

1,519,609

Candid

Therapeutics,

Inc.,

...................

8/19/24

1,823,531

1,275,136

2,090,200

IN8bio,

Inc.,

10/04/27

.......................

10/10/24

—

79,051

859,370

Lycia

Therapeutics,

Inc.,

.....................

4/26/24

1,754,576

1,311,980

Total

Restricted

Securities

(Value

0.4%

Net

Assets)

...............

$3,578,129

$2,876,839

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Core

Plus

Bond

Fund

125,940,079

K2016470219

South

Africa

Ltd.,

...............

2/08/13

2/01/17

977,123

—

12,532,821

K2016470219

South

Africa

Ltd.,

...............

2/01/17

9,307

—

6,000,000

WorkCapital

BSD

SARL,

2/13/26

................

2/15/19

750,000

—

Total

Restricted

Securities

(Value

—%

Net

Assets)

...............

$1,736,430

$—

Issuer

Acquisition

Date

Cost

Value

Franklin

Growth

Opportunities

Fund

3,094

Canva,

Inc.,

..............................

3/18/24

3,300,249

3,975,722

11,829

Canva,

Inc.,

..............................

12/22/21

20,158,531

15,200,002

4,619

Celonis

.................................

6/16/21

1,708,060

990,066

25,571

Celonis

SE,

..............................

6/16/21

10/04/22

9,427,681

5,481,053

6,309,366

ClearMotion

Inc.

............................

11/06/17

12/21/18

15,500,000

704,125

417,667

ClearMotion

Inc.,

A-3

.........................

3/23/23

—

56,560

2,606,463

ClearMotion

Inc.,

A-4

.........................

12/21/21

251,500

335,809

338,280

Databricks,

Inc.,

...........................

2/01/21

20,000,005

31,038,069

1,029,939

Fanatics

Holdings,

Inc.

........................

8/13/20

3/22/21

19,730,229

55,397,163

750,387

Flock

Group,

Inc.,

..........................

3/26/25

11,082,616

80,684

Flock

Group,

Inc.,

..........................

3/26/25

1,191,638

21,303

Flock

Group,

Inc.,

F-1

........................

3/26/25

314,628

517,056

OneTrust

LLC,

............................

4/01/21

10,139,623

6,258,324

556,026

Optoro

Inc.,

..............................

7/24/18

12/01/21

10,942,591

7,445,041

56,433

Plaid

Inc

..................................

3/31/25

11,511,011

142,857

Space

Exploration

Technologies

Corp.,

..........

5/25/22

9,999,990

26,428,545

260,482

Stripe,

Inc.,

...............................

4/30/25

9,377,352

Franklin

Strategic

Series

Notes

Financial

Statements

171

franklintempleton.com

Annual

Report

Issuer

Acquisition

Date

Cost

Value

Franklin

Growth

Opportunities

Fund

(continued)

805,800

Tanium,

Inc.,

..............................

9/14/15

4,000,233

5,277,617

Total

Restricted

Securities

(Value

4.6%

Net

Assets)

...............

$158,635,937

$192,065,341

Issuer

Acquisition

Date

Cost

Value

Franklin

Small

Cap

Growth

Fund

3,436,485

1661,

Inc.,

................................

5/28/21

19,999,999

5,047,362

382,306

Benchling

Inc.,

............................

10/20/21

12,499,992

5,299,519

1,388,889

Checkr

Inc.,

..............................

8/24/21

25,000,002

20,904,850

410,500

Chinook

Therapeutics,

Inc.,

CVR,

6/30/30

.........

8/14/23

160,095

802,045

3,698,772

ClearMotion

Inc.

............................

12/21/18

10,000,000

412,783

1,037,942

ClearMotion

Inc.,

A-3

.........................

3/23/23

—

140,557

6,477,294

ClearMotion

Inc.,

A-4

.........................

12/21/21

625,000

834,515

987,540

Flock

Group,

Inc.,

..........................

3/08/24

9,999,899

14,585,176

709,046

Newsela,

Inc.,

.............................

1/21/21

15,000,010

11,929,905

625,361

OneTrust

LLC,

............................

3/10/23

6,878,971

7,569,223

56,457

OneTrust

LLC,

A-1

...........................

3/10/23

621,027

683,342

554,878

Optoro

Inc.,

..............................

7/24/18

12/01/21

10,919,999

7,429,670

148,478

ServiceTitan

Inc.

............................

2/28/24

10,096,504

17,165,542

1,542,673

Smule

Inc.,

144A

.........................

5/31/16

11,099,995

379,407

352,675

Smule

Inc.,

144A

.........................

4/27/17

2,999,995

102,472

162,712

Smule

Inc.,

...............................

8/05/22

11/28/22

764,393

1,853,439

361,111

Tula

eTechnology

Inc.

........................

11/01/18

—

3,611,111

Tula

eTechnology

Inc.,

......................

9/08/17

6,500,000

7,317,732

Total

Restricted

Securities

(Value

4.5%

Net

Assets)

...............

$143,165,881

$102,457,539

Principal

Amount

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Small-Mid

Cap

Growth

Fund

414,483

Anduril

Industries,

Inc.,

......................

7/17/24

9,009,451

16,944,894

347,106

Benchling

Inc.,

............................

10/20/21

11,349,082

4,811,577

227,829

Databricks,

Inc.,

...........................

2/01/21

13,469,851

20,903,903

793,714

Fanatics

Holdings,

Inc.

........................

8/13/20

3/22/21

14,052,061

42,691,367

423,782

Newsela,

Inc.,

.............................

1/21/21

8,965,193

7,130,256

767,526

OneTrust

LLC,

............................

4/01/21

15,051,415

9,289,954

2,970,061

Phononic

Devices,

Inc.,

F-S

....................

6/06/19

7,499,998

135,046

513,050

Phononic

Devices,

Inc.,

G-2-S

..................

1/17/20

11/03/20

55,491

66,235

Phononic

Inc.,

5.31%,

11/30/27

.................

2/11/25

66,235

117,763

Phononic

Inc.,

H-S

..........................

10/17/22

460,645

124,806

23,970

Phononic

Inc.,

H-S,

12/31/29

...................

5/15/24

2/11/25

2,085

132,470

Phononic

Inc.,

H-S,

5.31%,

11/30/27

.............

5/15/24

132,469

132,470

Restricted

Securities

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

172

franklintempleton.com

Annual

Report

Unfunded

Loan

Commitments

Certain

all

Funds

enter

into

certain

credit

agreements,

all

portion

which

may

unfunded.

The

Funds

are

obligated

fund

these

loan

commitments

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

credit

agreements

are

marked

market

daily

and

any

unrealized

appreciation

depreciation

included

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations.

Funded

portions

credit

agreements

are

presented

the

Schedules

Investments.

April

30,

2025,

unfunded

commitments

were

follows:

Unfunded

Capital

Commitments

Certain

all

Funds

enter into

certain

capital

commitments

and

may

obligated

perform

such

agreements

future

date.

The

Fund

monitors

these

commitments

and

assesses

the

probability

required

performance.

For

any

agreements

whose

probability

performance

determined

greater

than

remote,

the

Fund

assesses

the

fair

value

the

commitment.

instances

where

the

probability

performance

greater

than

remote

and

the

performance

under

the

commitment

would

result

material

unrealized

loss,

the

Fund

recognizes

such

losses

the Statement

Assets

and

Liabilities

and

the Statement

Operations.

April

30,

2025, the

Franklin

Core

Plus

Bond

Fund had

unfunded

capital

commitment

with

maximum

amount

of $644,687,

for

which

depreciation

has

been

recognized.

Principal

Amount*/

Shares/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

47,104

Phononic

Inc.,

H-S-X,

12/31/29

.................

10/17/22

44,029

4,098

30,940

Plaid

Inc

..................................

3/31/25

6,311,036

Total

Restricted

Securities

(Value

3.1%

Net

Assets)

...............

$86,411,514

$108,603,218

U.S.

dollars

unless

otherwise

indicated.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$2,332,910

April

30,

2025.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$353,244

April

30,

2025.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$—

April

30,

2025.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$14,848,139

April

30,

2025.

Borrower

Unfunded

Commitment

Franklin

Core

Plus

Bond

Fund

Clydesdale

Acquisition

Holdings,

Inc.

9,852

Restricted

Securities

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

173

franklintempleton.com

Annual

Report

10.

Other

Derivative

Information

April

30,

2025,

investments

derivative

contracts

are

reflected

the

Statements

Assets

and

Liabilities

follows:

For

the

year

ended

April

30,

2025

the

effect

derivative

contracts

the

Statements

Operations

was

follows:

For

the

year

ended

April

30,

2025,

the

average

month

end

notional

amount

futures

contracts

and

swap

contracts represented

$429,439,078

and

$28,358,462,

respectively. The

average

month

end

contract

value

forward

exchange

contracts

was

$23,113,427.

See

Note

1(d) regarding

derivative

financial

instruments.

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Franklin

Core

Plus

Bond

Fund

Interest

rate

contracts

...........

Variation

margin

futures

contracts

951,997

Variation

margin

futures

contracts

2,514,015

Foreign

exchange

contracts

......

Unrealized

appreciation

OTC

forward

exchange

contracts

141,863

Unrealized

depreciation

OTC

forward

exchange

contracts

312,635

Credit

contracts

................

OTC

swap

contracts

(upfront

payments)

—

OTC

swap

contracts

(upfront

receipts)

548,975

Unrealized

appreciation

OTC

swap

contracts

520,471

Unrealized

depreciation

OTC

swap

contracts

—

Total

........................

$1,614,331

$3,375,625

This

amount

reflects

the

cumulative

appreciation

(depreciation)

futures

contracts

reported

the

Schedule

Investments.

Only

the

variation

margin

receivable/payable

year

end

separately

reported

within

the

Statement

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

cash

upon

receipt

payment.

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

Operations

Location

Net

Change

Unrealized

Appreciation

(Depreciation)

for

the

Year

Franklin

Core

Plus

Bond

Fund

Net

realized

gain

(loss)

from:

Net

change

unrealized

appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(11,341,186)

Futures

contracts

$979,118

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(125,574)

Forward

exchange

contracts

171,522

Credit

contracts

...............

Swap

contracts

3,783,163

Swap

contracts

(2,852,719)

Total

.......................

$(7,683,597)

$(1,702,079)

Franklin

Strategic

Series

Notes

Financial

Statements

174

franklintempleton.com

Annual

Report

11.

Holdings

Voting

Securities

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

include

investments

portfolio

companies

which

fund

owns

the

outstanding

voting

securities.

Additionally,

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

companies’

outstanding

has

the

power

exercise

control

over

management

policies

such

company.

During

the

year

ended

April

30,

2025,

investments

“affiliated

companies”

were

follows:

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Shares/Warrants/

Principal

Amount*

Held

End

Year

Investment

Income

Franklin

Biotechnology

Discovery

Fund

Non-Controlled

Affiliates

Dividends

Achieve

Life

Sciences,

Inc.

9,574,700

—

(4,475,866)

(1,410,137)

—

Achieve

Life

Sciences,

Inc.,

8/31/27

......

863,880

—

Total

Affiliated

Securities

(Value

—%

Net

Assets)

..........

$10,438,580

$—

$(4,475,866)

$(1,410,137)

$—

Franklin

Small

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

1661,

Inc.,

........

7,235,237

—

Benchling

Inc.,

.....

5,363,582

—

Total

Affiliated

Securities

(Value

—%

Net

Assets)

..........

$12,598,819

$—

Franklin

Small-Mid

Cap

Growth

Fund

Non-Controlled

Affiliates

Dividends

Benchling

Inc.,

.....

4,869,742

—

Blaize

Inc.,

9/19/25

...

130,391

—

(5)

—

(130,386)

—

Blaize

Inc.,

.......

11,660,901

—

(20,346,009)

—

8,685,108

—

Blaize

Inc.,

D-2

......

6,776,488

—

(7,099,996)

—

323,508

—

Interest

Blaize

Inc.,

10%,

12/31/25.

........

570,178

—

(570,121)

—

(57)

—

38,984

Blaize

Inc.,

10%,

12/31/25

1,804,600

—

(1,804,600)

—

128,442

Total

Affiliated

Securities

(Value

—%

Net

Assets)

..........

$25,812,300

$—

$(29,820,731)

$—

$8,878,173

$—

$167,426

April

30,

2025,

longer

affiliate.

April

30,

2025,

longer

held

the

fund.

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

Franklin

Strategic

Series

Notes

Financial

Statements

175

franklintempleton.com

Annual

Report

12.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

30,

2026.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

may,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

year ended

April

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

13.

Redemption

In-Kind

During

the year

ended

April

30,

2025,

Franklin

Small

Cap

Growth

Fund

realized

$11,579,715

net

gains

resulting

from

redemptions in-kind

which

shareholders

redeemed

fund

for

cash

and

securities

held

the

Fund.

Because

such

gains

are

not

taxable

the

Fund,

and

are

not

distributed

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

paid-in

capital.

During

the year

ended

April

30,

2025,

Franklin

Small-Mid

Cap

Growth

Fund

realized

$5,735,544

net

gains

resulting

from

redemption in-kind

which

shareholder

redeemed

fund

for

cash

and

securities

held

the

Fund.

Because

such

gains

are

not

taxable

the

Fund,

and

are

not

distributed

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

paid-in

capital.

14.

Fair

Value

Measurements

The Funds

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

April

30,

2025,

valuing

the

Funds'

assets

and

liabilities carried

fair

value,

follows:

Level

Total

Franklin

Biotechnology

Discovery

Fund

Assets:

Investments

Securities:

Common

Stocks

Biotechnology

.........................

562,125,088

11,813,663

1,712,011

575,650,762

Health

Care

Providers

Services

..........

15,272,576

—

15,272,576

Life

Sciences

Tools

Services

............

8,667,629

2,383,507

—

11,051,136

Pharmaceuticals

.......................

82,275,300

—

82,275,300

Franklin

Strategic

Series

Notes

Financial

Statements

176

franklintempleton.com

Annual

Report

Level

Total

Franklin

Biotechnology

Discovery

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Convertible

Preferred

Stocks

................

—

1,275,136

Preferred

Stocks

.........................

—

2,388,270

—

2,388,270

Warrants

Biotechnology

.........................

—

4,224,842

289,723

4,514,565

Pharmaceuticals

.......................

28,816

—

28,816

Escrows

and

Litigation

Trusts

...............

—

Short

Term

Investments

...................

24,115,449

—

24,115,449

Total

Investments

Securities

...........

$692,484,858

$20,810,282

$3,276,870

$716,572,010

Franklin

Core

Plus

Bond

Fund

Assets:

Investments

Securities:

Common

Stocks

Broadline

Retail

.......................

—

Hotels,

Restaurants

Leisure

.............

—

12,349

—

12,349

Machinery

............................

—

750,386

Oil,

Gas

Consumable

Fuels

.............

13,749

262,049

—

275,798

Management

Investment

Companies

.........

—

24,292,230

Warrants

...............................

—

1,787

Corporate

Bonds

Aerospace

Defense

...................

—

25,216,425

—

25,216,425

Air

Freight

Logistics

...................

—

866,607

—

866,607

Automobile

Components

.................

—

7,637,574

—

7,637,574

Automobiles

..........................

—

2,773,884

—

2,773,884

Banks

...............................

—

149,722,572

—

149,722,572

Beverages

...........................

—

4,750,746

—

4,750,746

Biotechnology

.........................

—

10,461,385

—

10,461,385

Broadline

Retail

.......................

—

4,121,533

—

4,121,533

Building

Products

......................

—

7,049,395

—

7,049,395

Capital

Markets

........................

—

81,836,354

—

81,836,354

Chemicals

...........................

—

19,518,185

—

19,518,185

Commercial

Services

Supplies

...........

—

14,133,932

—

14,133,932

Construction

Engineering

...............

—

4,736,980

—

4,736,980

Consumer

Finance

.....................

—

41,362,151

—

41,362,151

Consumer

Staples

Distribution

Retail

......

—

5,372,488

—

5,372,488

Containers

Packaging

.................

—

13,315,173

—

13,315,173

Distributors

...........................

—

3,804,096

—

3,804,096

Diversified

Consumer

Services

............

—

7,077,687

—

7,077,687

Diversified

REITs

......................

—

9,654,888

—

9,654,888

Diversified

Telecommunication

Services

.....

—

18,081,089

—

18,081,089

Electric

Utilities

........................

—

62,931,380

—

62,931,380

Electrical

Equipment

....................

—

1,825,721

—

1,825,721

Electronic

Equipment,

Instruments

Components

........................

—

18,797,424

—

18,797,424

Energy

Equipment

Services

.............

—

10,883,179

—

10,883,179

Entertainment

.........................

—

5,586,423

—

5,586,423

Financial

Services

......................

—

19,373,298

—

19,373,298

Food

Products

........................

—

26,398,689

—

26,398,689

Gas

Utilities

..........................

—

1,817,737

—

1,817,737

Ground

Transportation

..................

—

13,846,250

—

13,846,250

Health

Care

Equipment

Supplies

.........

—

17,277,716

—

17,277,716

Health

Care

Providers

Services

..........

—

61,277,323

—

61,277,323

Health

Care

REITs

.....................

—

5,382,911

—

5,382,911

Hotel

Resort

REITs

...................

—

8,769,219

—

8,769,219

Hotels,

Restaurants

Leisure

.............

—

39,845,069

—

39,845,069

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

177

franklintempleton.com

Annual

Report

Level

Total

Franklin

Core

Plus

Bond

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Corporate

Bonds:

(continued)

Household

Durables

....................

—

13,494,101

—

13,494,101

Household

Products

....................

—

1,802,433

—

1,802,433

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

30,836,111

—

30,836,111

Insurance

............................

—

52,620,857

—

52,620,857

Interactive

Media

Services

..............

—

9,415,375

—

9,415,375

Services

...........................

—

18,942,810

—

18,942,810

Machinery

............................

—

7,881,927

—

7,881,927

Media

...............................

—

51,350,760

—

51,350,760

Metals

Mining

.......................

—

23,864,720

—

23,864,720

Multi-Utilities

..........................

—

18,341,283

—

18,341,283

Oil,

Gas

Consumable

Fuels

.............

—

143,696,943

—

143,696,943

Paper

Forest

Products

.................

—

10,176,785

—

10,176,785

Passenger

Airlines

.....................

—

5,768,761

—

5,768,761

Personal

Care

Products

.................

—

12,418,675

—

12,418,675

Pharmaceuticals

.......................

—

26,055,585

—

26,055,585

Real

Estate

Management

Development

....

—

3,845,461

—

3,845,461

Residential

REITs

......................

—

2,590,111

—

2,590,111

Semiconductors

Semiconductor

Equipment

—

9,256,787

—

9,256,787

Software

.............................

—

749,852

—

749,852

Specialized

REITs

......................

—

8,428,977

—

8,428,977

Specialty

Retail

........................

—

1,864,358

—

1,864,358

Technology

Hardware,

Storage

Peripherals

—

12,248,659

—

12,248,659

Textiles,

Apparel

Luxury

Goods

..........

—

5,299,846

—

5,299,846

Tobacco

.............................

—

7,664,119

—

7,664,119

Trading

Companies

Distributors

..........

—

16,533,919

—

16,533,919

Transportation

Infrastructure

..............

—

654,046

—

654,046

Wireless

Telecommunication

Services

.......

—

26,277,014

30,370

26,307,384

Senior

Floating

Rate

Interests

...............

—

57,553,215

—

57,553,215

Marketplace

Loans

.......................

—

29,226,804

Foreign

Government

and

Agency

Securities

....

—

57,529,742

—

57,529,742

U.S.

Government

and

Agency

Securities

.......

—

423,886,052

—

423,886,052

Asset-Backed

Securities

...................

—

88,468,225

—

88,468,225

Commercial

Mortgage-Backed

Securities

......

—

70,557,794

—

70,557,794

Mortgage-Backed

Securities

................

—

789,741,285

—

789,741,285

Residential

Mortgage-Backed

Securities

.......

—

65,466,399

—

65,466,399

Agency

Commercial

Mortgage-Backed

Securities

—

39,774,309

—

39,774,309

Escrows

and

Litigation

Trusts

...............

—

120,000

8,787

128,787

Short

Term

Investments

...................

20,674,651

—

20,674,651

Total

Investments

Securities

...........

$20,688,400

$2,840,957,177

$54,310,364

$2,915,955,941

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$141,863

$—

$141,863

Futures

Contracts

.......................

951,997

—

951,997

Swap

Contracts

.........................

—

520,471

—

520,471

Total

Other

Financial

Instruments

.........

$951,997

$662,334

$—

$1,614,331

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

—

312,635

—

312,635

Futures

Contracts

........................

2,514,015

—

2,514,015

Unfunded

Loan

Commitments

...............

—

Total

Other

Financial

Instruments

.........

$2,514,015

$312,703

$—

$2,826,718

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

178

franklintempleton.com

Annual

Report

Level

Total

Franklin

Growth

Opportunities

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

...................

128,517,491

—

26,428,545

154,946,036

Automobiles

..........................

46,909,664

—

46,909,664

Biotechnology

.........................

17,336,740

—

17,336,740

Broadline

Retail

.......................

248,728,545

—

248,728,545

Building

Products

......................

64,792,423

—

64,792,423

Capital

Markets

........................

147,460,829

—

147,460,829

Chemicals

...........................

70,974,005

—

70,974,005

Commercial

Services

Supplies

...........

72,285,207

—

6,471,119

78,756,326

Construction

Materials

..................

30,010,955

—

30,010,955

Electrical

Equipment

....................

23,490,705

—

23,490,705

Electronic

Equipment,

Instruments

Components

........................

59,005,876

—

59,005,876

Entertainment

.........................

204,074,243

—

204,074,243

Financial

Services

......................

153,934,160

—

153,934,160

Food

Products

........................

21,478,019

—

21,478,019

Ground

Transportation

..................

37,918,351

—

37,918,351

Health

Care

Equipment

Supplies

.........

155,727,114

—

155,727,114

Health

Care

Providers

Services

..........

120,635,439

—

120,635,439

Hotels,

Restaurants

Leisure

.............

96,051,239

—

96,051,239

Interactive

Media

Services

..............

384,267,024

—

384,267,024

Services

...........................

20,507,438

—

19,175,724

39,683,162

Leisure

Products

.......................

—

55,397,163

Life

Sciences

Tools

Services

............

33,941,531

—

33,941,531

Machinery

............................

30,208,226

—

30,208,226

Personal

Care

Products

.................

95,478,443

—

95,478,443

Pharmaceuticals

.......................

145,910,372

—

145,910,372

Professional

Services

...................

74,060,816

—

74,060,816

Real

Estate

Management

Development

....

25,576,041

—

25,576,041

Semiconductors

Semiconductor

Equipment

413,874,034

—

413,874,034

Software

.............................

688,348,377

—

21,592,488

709,940,865

Specialty

Retail

........................

50,554,294

—

50,554,294

Technology

Hardware,

Storage

Peripherals

224,136,500

—

224,136,500

Wireless

Telecommunication

Services

.......

53,519,251

—

53,519,251

Convertible

Preferred

Stocks

................

—

49,885,275

Preferred

Stocks

.........................

—

13,115,027

Escrows

and

Litigation

Trusts

...............

—

Short

Term

Investments

...................

50,328,033

—

50,328,033

Total

Investments

Securities

...........

$3,990,041,385

$—

$192,065,341

$4,182,106,726

Level

Total

Franklin

Natural

Resources

Fund

Assets:

Investments

Securities:

Common

Stocks

Agricultural

Products

Services

...........

1,936,512

—

1,936,512

Coal

Consumable

Fuels

................

1,228,080

—

1,228,080

Construction

Engineering

...............

2,513,249

—

2,513,249

Construction

Materials

..................

5,449,392

—

5,449,392

Copper

..............................

17,601,543

3,287,441

—

20,888,984

Diversified

Chemicals

...................

1,928,619

—

1,928,619

Diversified

Metals

Mining

...............

22,228,285

3,508,277

—

25,736,562

Electrical

Components

Equipment

........

674,454

—

674,454

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

179

franklintempleton.com

Annual

Report

Level

Total

Franklin

Natural

Resources

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Fertilizers

Agricultural

Chemicals

.........

12,394,932

—

12,394,932

Gold

................................

31,102,875

—

31,102,875

Heavy

Electrical

Equipment

..............

1,965,346

—

1,965,346

Industrial

Gases

.......................

13,179,656

—

13,179,656

Industrial

Machinery

Supplies

Components

2,339,058

—

2,339,058

Integrated

Oil

Gas

....................

36,440,349

—

36,440,349

Metal,

Glass

Plastic

Containers

..........

4,003,809

—

4,003,809

Oil

Gas

Drilling

......................

1,543,640

—

1,543,640

Oil

Gas

Equipment

Services

...........

19,730,224

1,573,088

—

21,303,312

Oil

Gas

Exploration

Production

.........

46,477,989

2,187,539

—

48,665,528

Oil

Gas

Refining

Marketing

............

11,169,660

—

11,169,660

Oil

Gas

Storage

Transportation

.........

24,643,827

—

24,643,827

Paper

Plastic

Packaging

Products

Materials

2,227,320

—

2,227,320

Precious

Metals

Minerals

...............

—

1,250,141

—

1,250,141

Specialty

Chemicals

....................

2,594,349

—

2,594,349

Steel

................................

3,441,679

—

3,441,679

Convertible

Preferred

Stocks

...............

943,404

—

943,404

Warrants

..............................

335,804

—

335,804

Convertible

Bonds

.......................

—

2,286,875

—

2,286,875

Short

Term

Investments

...................

21,421,479

—

21,421,479

Total

Investments

Securities

...........

$289,515,534

$14,093,361

$—

$303,608,895

Level

Total

Franklin

Small

Cap

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

...................

159,212,445

—

159,212,445

Banks

...............................

51,005,465

—

51,005,465

Biotechnology

.........................

196,780,628

—

196,780,628

Building

Products

......................

35,011,446

—

35,011,446

Capital

Markets

........................

73,208,044

—

73,208,044

Communications

Equipment

..............

15,771,016

—

15,771,016

Construction

Engineering

...............

96,666,714

—

96,666,714

Construction

Materials

..................

4,384,422

—

4,384,422

Consumer

Staples

Distribution

Retail

......

17,373,438

—

17,373,438

Diversified

Consumer

Services

............

5,183,074

—

5,183,074

Electronic

Equipment,

Instruments

Components

........................

40,896,272

—

40,896,272

Energy

Equipment

Services

.............

20,605,355

—

20,605,355

Financial

Services

......................

94,884,747

—

94,884,747

Food

Products

........................

61,400,485

—

61,400,485

Health

Care

Equipment

Supplies

.........

120,031,730

—

120,031,730

Health

Care

Providers

Services

..........

72,736,702

—

72,736,702

Health

Care

Technology

.................

31,916,502

—

31,916,502

Hotel

Resort

REITs

...................

8,193,209

—

8,193,209

Hotels,

Restaurants

Leisure

.............

138,560,482

—

138,560,482

Household

Durables

....................

38,251,763

—

38,251,763

Interactive

Media

Services

..............

14,772,343

—

14,772,343

Services

...........................

40,126,798

—

40,126,798

Life

Sciences

Tools

Services

............

1,809,298

—

1,809,298

Machinery

............................

30,698,624

—

30,698,624

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

180

franklintempleton.com

Annual

Report

Level

Total

Franklin

Small

Cap

Growth

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Media

...............................

40,825,712

—

40,825,712

Oil,

Gas

Consumable

Fuels

.............

38,740,468

—

38,740,468

Passenger

Airlines

.....................

44,145,893

—

44,145,893

Personal

Care

Products

.................

73,599,601

—

73,599,601

Pharmaceuticals

.......................

13,169,581

—

13,169,581

Professional

Services

...................

19,265,062

—

19,265,062

Semiconductors

Semiconductor

Equipment

124,705,741

—

124,705,741

Software

.............................

339,115,621

—

412,783

339,528,404

Specialty

Retail

........................

46,429,896

—

46,429,896

Textiles,

Apparel

Luxury

Goods

..........

4,900,602

—

4,900,602

Trading

Companies

Distributors

..........

12,818,379

—

12,818,379

Convertible

Preferred

Stocks

................

—

67,872,816

Preferred

Stocks

.........................

—

16,204,353

Rights

.................................

—

802,045

Escrows

and

Litigation

Trusts

...............

—

Short

Term

Investments

...................

47,688,544

—

47,688,544

Total

Investments

Securities

...........

$2,174,886,102

$—

$85,291,997

$2,260,178,099

Franklin

Small-Mid

Cap

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

...................

157,967,823

—

157,967,823

Banks

...............................

27,368,310

—

27,368,310

Biotechnology

.........................

99,979,761

—

99,979,761

Capital

Markets

........................

346,689,202

—

346,689,202

Commercial

Services

Supplies

...........

21,574,105

—

21,574,105

Electrical

Equipment

....................

87,253,692

—

87,253,692

Energy

Equipment

Services

.............

24,262,039

—

24,262,039

Entertainment

.........................

91,370,913

—

91,370,913

Financial

Services

......................

63,676,776

—

63,676,776

Food

Products

........................

21,701,507

—

21,701,507

Ground

Transportation

..................

58,412,402

—

58,412,402

Health

Care

Equipment

Supplies

.........

156,589,116

—

156,589,116

Health

Care

Providers

Services

..........

29,226,308

—

29,226,308

Health

Care

Technology

.................

61,011,084

—

61,011,084

Hotels,

Restaurants

Leisure

.............

226,360,615

—

226,360,615

Household

Durables

....................

37,609,709

—

37,609,709

Independent

Power

and

Renewable

Electricity

Producers

..........................

34,053,801

—

34,053,801

Industrial

REITs

.......................

27,663,381

—

27,663,381

Insurance

............................

60,787,431

—

60,787,431

Interactive

Media

Services

..............

45,142,496

—

45,142,496

Services

...........................

176,970,715

—

176,970,715

Leisure

Products

.......................

—

42,691,367

Life

Sciences

Tools

Services

............

45,566,920

—

45,566,920

Machinery

............................

42,622,460

—

42,622,460

Media

...............................

87,502,274

—

87,502,274

Oil,

Gas

Consumable

Fuels

.............

87,574,844

—

87,574,844

Personal

Care

Products

.................

34,954,525

—

34,954,525

Professional

Services

...................

176,905,370

—

176,905,370

Residential

REITs

......................

25,964,666

—

25,964,666

Semiconductors

Semiconductor

Equipment

159,319,858

—

159,319,858

Software

.............................

533,066,541

—

6,311,036

539,377,577

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

181

franklintempleton.com

Annual

Report

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

year

April

30,

2025

the

reconciliations

are

follows:

Level

Total

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Specialty

Retail

........................

209,754,558

—

209,754,558

Trading

Companies

Distributors

..........

93,248,922

—

93,248,922

Convertible

Preferred

Stocks

................

—

59,215,630

Preferred

Stocks

.........................

—

180,297

Warrants

...............................

—

6,183

Convertible

Bonds

.......................

—

198,705

Senior

Floating

Rate

Interests

...............

—

824,303

Short

Term

Investments

...................

75,713,674

—

75,713,674

Total

Investments

Securities

...........

$3,427,865,798

$—

$109,427,521

$3,537,293,319

Includes

financial

instruments

determined

have

value.

Includes

foreign

securities

valued

$9,701,389,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

foreign

securities

valued

$11,806,486,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Balance

Beginning

Year

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Year

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Year

End

Franklin

Biotechnology

Discovery

Fund

Assets:

Investments

Securities:

Common

Stocks

Biotechnology

......

9,886,559

(931)

(3,428,442)

—

(4,745,175)

1,712,011

(443,908)

Convertible

Preferred

Stocks

Biotechnology

......

—

1,823,531

—

(548,395)

1,275,136

(548,395)

Preferred

Stocks

Health

Care

Providers

Services

........

946,196

—

(2,084,489)

—

1,138,293

—

Warrants

Biotechnology

......

3,992,630

—

(733)

—

(3,702,174)

289,723

289,701

Escrows

and

Litigation

Trusts

—

Total

Investments

Securities

............

$14,825,385

$1,822,600

$(5,513,664)

$—

$(7,857,451)

$3,276,870

$(702,602)

Franklin

Core

Plus

Bond

Fund

Assets:

Investments

Securities:

Common

Stocks

Broadline

Retail

.....

—

Machinery

.........

—

864,582

—

(114,196)

750,386

(114,196)

Oil,

Gas

Consumable

Fuels

..........

3,537,988

—

(3,591,876)

—

53,888

—

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

182

franklintempleton.com

Annual

Report

Balance

Beginning

Year

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

End

Year

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Year

End

Franklin

Core

Plus

Bond

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Management

Investment

Companies

Capital

Markets

.....

—

23,230,312

—

1,061,918

24,292,230

1,061,918

Warrants

Machinery

.........

268

—

1,519

1,787

1,519

Oil,

Gas

Consumable

Fuels

..........

—

Software

..........

—

Corporate

Bonds

Broadline

Retail

.....

—

Financial

Services

...

—

Wireless

Telecommunication

Services

........

—

(25,638)

62,391

—

17,362

19,396

(43,141)

30,370

(26,567)

Senior

Floating

Rate

Interests

Software

..........

—

Marketplace

Loans

Financial

Services

...

37,995,687

15,485,961

(22,965,840)

—

(65,698)

(1,223,306)

29,226,804

(1,980,637)

Escrows

and

Litigation

Trusts

...........

—

8,787

Total

Investments

Securities

............

$41,533,943

$38,716,273

$(26,583,354)

$926,973

$—

$17,362

$(46,302)

$(254,531)

$54,310,364

$(1,049,176)

Franklin

Growth

Opportunities

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

13,857,129

—

12,571,416

26,428,545

12,571,416

Commercial

Services

Supplies

........

8,661,941

—

(2,190,822)

6,471,119

(2,190,822)

Services

........

15,917,783

—

3,257,941

19,175,724

3,257,941

Leisure

Products

....

75,342,166

—

(19,945,003)

55,397,163

(19,945,003)

Software

..........

651,101

20,888,363

(16,142)

—

16,142

53,024

21,592,488

53,024

Convertible

Preferred

Stocks

Automobile

Components

—

12,588,882

—

12,588,882

—

Software

..........

45,207,350

—

(2,010,964)

—

(18,319,507)

12,419,514

37,296,393

4,049,547

Preferred

Stocks

Commercial

Services

Supplies

........

9,017,603

—

(1,572,562)

7,445,041

(1,572,562)

Health

Care

Providers

Services

........

20,363,384

—

(17,337,410)

—

(3,025,974)

—

Software

..........

15,536,986

—

(7,625,811)

—

(3,892,144)

1,650,955

5,669,986

(1,295,813)

Escrows

and

Litigation

Trusts

—

Total

Investments

Securities

............

$204,555,443

$33,477,245

$(26,990,327)

$—

$(22,195,509)

$3,218,489

$192,065,341

$(5,072,272)

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

183

franklintempleton.com

Annual

Report

Balance

Beginning

Year

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

End

Year

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Year

End

Franklin

Small

Cap

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Software

..........

10,381,691

—

(9,999,993)

—

31,085

412,783

31,085

Convertible

Preferred

Stocks

Automobile

Components

9,999,899

—

4,585,277

14,585,176

4,585,277

Diversified

Consumer

Services

........

12,915,705

—

(985,800)

11,929,905

(985,800)

Software

..........

39,224,845

—

(2,914,472)

36,310,373

(2,914,472)

Specialty

Retail

.....

7,235,237

—

(2,187,875)

5,047,362

(2,187,875)

Preferred

Stocks

Automobile

Components

6,478,900

—

838,832

7,317,732

838,822

Commercial

Services

Supplies

........

8,998,985

—

(1,569,315)

7,429,670

(1,569,315)

Software

..........

2,228,339

—

(771,388)

1,456,951

(771,388)

Rights

Biotechnology

......

395,806

—

406,239

802,045

406,239

Escrows

and

Litigation

Trusts

...........

—

Total

Investments

Securities

............

$97,859,407

$—

$(9,999,993)

$—

$(2,567,417)

$85,291,997

$(2,567,427)

Franklin

Small-Mid

Cap

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Leisure

Products

....

58,061,819

—

(15,370,452)

42,691,367

(15,370,452)

Media

...........

—

Semiconductors

Semiconductor

Equipment

.......

—

Software

..........

—

6,311,036

—

6,311,036

—

Convertible

Preferred

Stocks

Diversified

Consumer

Services

........

7,719,448

—

(589,192)

7,130,256

(589,192)

Semiconductors

Semiconductor

Equipment

.......

42,101

—

92,945

135,046

92,945

Software

..........

52,032,311

—

(27,446,004)

—

10,419,127

35,005,434

1,410,513

Trading

Companies

Distributors

......

—

9,009,451

—

7,935,443

16,944,894

7,935,443

Preferred

Stocks

Semiconductors

Semiconductor

Equipment

.......

429,965

—

(249,668)

180,297

(249,668)

Warrants

Semiconductors

Semiconductor

Equipment

.......

12,474

—

(6,293)

6,183

(6,293)

Software

..........

130,391

—

(62)

—

(130,329)

—

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

184

franklintempleton.com

Annual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

fair

value

result

changes

unobservable

valuation

inputs

April

30,

2025,

are

follows:

Balance

Beginning

Year

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

End

Year

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Year

End

Franklin

Small-Mid

Cap

Growth

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Convertible

Bonds

Semiconductors

Semiconductor

Equipment

.......

—

198,705

—

198,705

—

Software

..........

1,804,600

—

(1,804,600)

—

Corporate

Bonds

Software

..........

570,178

—

(570,121)

—

(57)

—

Senior

Floating

Rate

Interests

Semiconductors

Semiconductor

Equipment

.......

813,040

990,302

(880,098)

—

44,470

—

(143,411)

824,303

(207,922)

Total

Investments

Securities

............

$121,616,327

$16,509,496

$(30,700,885)

$—

$44,470

$—

$1,958,113

$109,427,521

$(6,984,626)

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Transferred

into

Level

result

the

unavailability

quoted

market

price

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

Transferred

out

Level

result

the

availability

quoted

price

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

May

include

amounts

corporate

action.

Includes

financial

instruments

determined

have

value.

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Core

Plus

Bond

Fund

Assets:

Investments

Securities:

Management

Investment

Companies

Capital

Markets.

$24,292,230

Dividend

Accural

Dividend

Yield

10.0%

Increase

Net

Asset

Value

$26.7

Increase

Marketplace

Loans:

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

185

franklintempleton.com

Annual

Report

Financial

Services.

29,226,804

Discounted

cash

flow

Loss-adjusted

discount

rate

1.6%

–

13.2%

(9.9%)

Decrease

Projected

loss

rate

0.2%

–

92.8%

(22.1%)

Decrease

All

Other

Investments

791,330

c,d

Total

............

$54,310,364

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Growth

Opportunities

Fund

Assets:

Investments

Securities:

Common

Stocks:

Leisure

Products.

$55,397,163

Market

comparables

Discount

for

lack

marketability

18.3%

Decrease

revenue

multiple

2.9x

Increase

Revenue

$8.7

bil

Increase

Trade

Price

$60.0

Increase

Convertible

Preferred

Stocks:

Software.

31,038,069

Market

comparables

Discount

for

lack

marketability

14.0%

Decrease

revenue

multiple

19.5x

Increase

Revenue

$3.9

bil

Increase

Trade

Price

$92.5

Increase

All

Other

Investments.

105,630,109

c,d,e

Total.

$192,065,341

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Small

Cap

Growth

Fund

Assets:

Investments

Securities:

Convertible

Preferred

Stocks:

Diversified

Consumer

Services.

$11,929,905

Discounted

cash

flow

Discount

for

lack

marketability

12.8%

Decrease

Discount

rate

18.3%

Decrease

Long

term

growth

rate

5.0%

Increase

Volatility

59.8%

Increase

Software

$20,904,850

Market

comparables

Discount

for

lack

marketability

13.7%

Decrease

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

186

franklintempleton.com

Annual

Report

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Estimated

Revenue

$447.0

mil

Increase

revenue

multiple

4.8x

Increase

Volatility

57.0%

Increase

All

Other

Investments.

52,457,242

c,d,e

Total.

$85,291,997

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Range

(Weighted

Average)

Impact

Fair

Value

Input

Increases

Franklin

Small-Mid

Cap

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks:

Leisure

Products

...............

$42,691,367

Market

comparables

Discount

for

lack

marketability

18.3%

Decrease

revenue

multiple

2.9x

Increase

Revenue

$8.7

bil

Increase

Trade

Price

$60.0

Increase

Convertible

Preferred

Stocks:

Software

......................

20,903,903

Market

comparables

Discount

for

lack

marketability

14.0%

Decrease

revenue

multiple

19.5x

Increase

Revenue

$3.9

bil

Increase

Trade

Price

$92.5

Increase

All

Other

Investments.

45,832,251

c,d

Total.

$109,427,521

Weighted

based

the

relative

fair

value

the

financial

instruments.

Represents

the

directional

change

the

fair

value

the

Level

financial

instruments

that

would

result

from

significant

and

reasonable

increase

the

corresponding

input.

significant

and

reasonable

decrease

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

Includes

the

fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

Includes

financial

instruments

determined

have

value.

Includes

the

fair

value

assets

and/or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

non-public

third-party

pricing

information

that

unobservable.

Abbreviations

List

Enterprise

value

14.

Fair

Value

Measurements

(continued)

Franklin

Strategic

Series

Notes

Financial

Statements

187

franklintempleton.com

Annual

Report

15.

Operating

Segments

The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

results

operations.

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The

Funds'

Investment

manager

serves

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

unified

investment

strategy.

The

CODM

uses

these

measures

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations,

along

with

the

notes

the

financial

statements.

The

Schedules

Investments

provides

details

the

Funds'

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the

Financial

Highlights.

16.

New

Accounting

Pronouncements

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

requiring

greater

disaggregation

the

rate

reconciliation

and

income

taxes

paid

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

currently

evaluating

the

impact

and

believes

that

the

adoption

the

ASU

will

not

have

material

impact

the

financial

statements.

17.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the financial

statements

and

determined

that

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

the

financial

statements.

Franklin

Strategic

Series

189

franklintempleton.com

Annual

Report

Independent

Registered

Public

Accounting

Firm

the

Board

Trustees

Franklin

Strategic

Series

and

Shareholders

Franklin

Biotechnology

Discovery

Fund,

Franklin

Core

Plus

Bond

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund,

Franklin

Small

Cap

Growth

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

Franklin

Biotechnology

Discovery

Fund,

Franklin

Core

Plus

Bond

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund,

Franklin

Small

Cap

Growth

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund

(six

the

funds

constituting

Franklin

Strategic

Series,

hereafter

collectively

referred

the

"Funds")

April

30,

2025,

the

statements

operations

for

the

year

ended

April

30,

2025,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

April

30,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

periods

indicated

the

table

below

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

April

30,

2025,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

April

30,

2025

and

each

the

financial

highlights

for

each

the

periods

indicated

the

table

below

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

(a)

The

financial

highlights

for

each

the

five

years

the

period

ended

April

30,

2025

(b)

The

financial

highlights

for

each

the

four

years

the

period

ended

April

30,

2025

and

the

consolidated

financial

highlights

for

the

year

ended

April

30,

2021

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

April

30,

2025

correspondence

with

the

custodians,

transfer

agent,

private

placement

agents,

agent

banks,

portfolio

companies,

and

brokers.

When

replies

were

not

received,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

Franklin

Biotechnology

Discovery

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund,

Franklin

Small

Cap

Growth

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund

(a)

Franklin

Core

Plus

Bond

Fund

(b)

Franklin

Strategic

Series

Tax

Information

(unaudited)

191

franklintempleton.com

Annual

Report

mid-February,

tax

information

shareholder's

proportionate

distributions

paid

during

the

preceding

calendar

year

will

received,

applicable.

Please

also

refer

www.franklintempleton.com

for

per

tax

information

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

consult

with

their

tax

advisors

for

further

information

the

treatment

these

amounts

their

tax

returns.

The

following

tax

information

for

the

Funds

required

furnished

shareholders

with

respect

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

subsequently

determined

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

April

30,

2025:

Note

(1)

The

Law

varies

each

state

whether

and

what

percentage

dividend

income

attributable

Federal

obiligations

exempt

from

state

income

tax.

Shareholders

are

advised

consult

with

their

tax

advisors

determine

any

portion

the

dividends

received

exempt

from

state

income

taxes.

Pursuant

to:

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$48,180,837

—

$460,856,356

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$3,403,806

$1,327,140

$21,928,025

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$3,930,078

$1,327,140

$23,955,946

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$23,129,664

—

$15,984,820

Section

163(j)

Interest

Dividends

Earned

§163(j)

—

$117,744,301

—

Interest

Earned

from

Federal

Obligations

Note

(1)

—

$20,454,972

—

Pursuant

to:

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$8,606,250

$5,706,862

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$5,097,501

$8,411,529

$19,038,090

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$8,916,991

$8,411,530

$19,625,972

Section

163(j)

Interest

Dividends

Earned

§163(j)

$39,403

—

Franklin

Strategic

Series

192

franklintempleton.com

Annual

Report

FRANKLIN

STRATEGIC

SERIES

Franklin

Biotechnology

Discovery

Fund

Franklin

Core

Plus

Bond

Fund

(formerly

Franklin

Strategic

Income

Fund)

Franklin

Growth

Opportunities

Fund

Franklin

Natural

Resources

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

(each

Fund)

in-person

meeting

held

April

15,

2025

(Meeting),

the

Board

Trustees

(Board)

Franklin

Strategic

Series

(Trust),

including

majority

the

trustees

who

are

not

“interested

persons”

defined

the

Investment

Company

Act

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

behalf

each

Fund

(each

Management

Agreement)

for

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

consider

the

renewal

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

the

same

Board

meeting,

the

Board

considered

the

information

provided

about

the

Funds

together

and

with

respect

each

Fund

separately

the

Board

deemed

appropriate.

considering

the

continuance

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

the

Manager

the

Meeting

and

throughout

the

year

meetings

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

response

detailed

set

requests

for

information

submitted

the

Manager

Independent

Trustee

counsel

behalf

the

Independent

Trustees

connection

with

the

annual

contract

renewal

process.

addition,

prior

the

Meeting,

the

Independent

Trustees

held

virtual

contract

renewal

meeting

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

request

additional

information

that

the

Independent

Trustees

also

considered

prior

and

the

Meeting.

The

Board

further

considered

all

the

factors

deemed

relevant

approving

the

continuance

each

Management

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Franklin

Strategic

Series

193

franklintempleton.com

Annual

Report

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

the

services

provided

the

Manager;

(ii)

the

investment

performance

each

Fund;

(iii)

the

costs

the

services

provided

and

profits

realized

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

which

economies

scale

are

realized

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

scale

for

the

benefit

Fund

investors.

approving

the

continuance

each

Management

Agreement,

the

Board,

including

majority

the

Independent

Trustees,

determined,

through

the

exercise

its

business

judgment,

that

the

terms

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

the

Management

Agreement

the

best

interests

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

the

Board’s

determination.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

the

information

received

regarding

the

nature,

extent

and

quality

investment

management

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

the

senior

management

and

investment

personnel

the

Manager,

well

information

succession

planning

where

appropriate;

the

structure

investment

personnel

compensation;

oversight

third-

party

service

providers;

investment

performance

reports

and

financial

information

for

each

Fund;

reports

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

the

Manager

and

its

affiliates;

and

management

fees

charged

the

Manager

and

its

affiliates

funds

and

other

accounts,

including

management’s

explanation

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

annual

report

payments

made

Franklin

Templeton

(FT)

the

Funds

financial

intermediaries,

well

memorandum

relating

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

acquired

third-party

fund

families

into

the

family

funds

and

management’s

continued

development

strategies

address

evolving

changes

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

Fund

shareholders

investing

fund

that

part

the

family

funds.

The

Board

noted

the

financial

position

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

the

mutual

fund

business

evidenced

its

continued

reassessment

the

fund

offerings

response

acquisitions

and

the

market

environment,

well

its

evaluation

ways

incorporate

private

assets

into

traditional

investment

vehicles.

The

Board

specifically

noted

FT’s

commitment

technological

innovation

and

advancement,

including

its

continued

focus

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

artificial

intelligence

tools

help

streamline

day-to-day

tasks.

Following

consideration

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

services

provided

the

Manager

and

its

affiliates

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

each

Fund

over

various

time

periods

ended

December

31,

2024.

The

Board

considered

the

performance

returns

for

each

Fund

comparison

the

performance

returns

mutual

funds

deemed

comparable

the

Fund

included

universe

(Performance

Universe)

selected

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

independent

provider

investment

company

data.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

Board

meetings

throughout

the

year.

summary

each

Fund’s

performance

results

below.

The

class

Broadridge

used

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

this

year.

Class

was

historically

used

calculate

the

performance

data

the

class

has

longer

track

record

than

Class

however,

Class

has

Rule

12b-1

fee

that

aligned

with

the

fee

charged

majority

the

Fund’s

Performance

Universe

peers

and

available

for

new

investor

purchases,

unlike

Class

which

only

available

existing

Class

shareholders.

Franklin

Strategic

Series

194

franklintempleton.com

Annual

Report

Franklin

Biotechnology

Discovery

Fund

and

Franklin

Natural

Resources

Fund

The

Performance

Universe

for

the

Franklin

Biotechnology

Discovery

Fund

included

the

Fund

and

all

retail

and

institutional

health/biotechnology

funds.

The

Performance

Universe

for

the

Franklin

Natural

Resources

Fund

included

the

Fund

and

all

retail

and

institutional

global

natural

resources

funds.

The

Board

noted

that

the

Funds’

annualized

total

returns

for

the

one-

and

three-year

periods

were

above

the

medians

their

respective

Performance

Universes,

but

for

the

five-

and

10-year

periods

were

below

the

medians

their

respective

Performance

Universes.

The

Board

concluded

that

the

Funds’

performance

was

satisfactory.

Franklin

Core

Plus

Bond

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

multi-sector

income

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

its

Performance

Universe.

The

Board

further

noted

that,

effective

November

12,

2024,

the

Fund,

among

other

things,

updated

its

principal

investment

strategies,

policies

and

practices

“core

plus”

strategy.

The

Board

also

noted

that,

effective

December

11,

2024,

the

Fund

changed

its

name

from

the

Franklin

Strategic

Income

Fund

the

Franklin

Core

Plus

Bond

Fund.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Growth

Opportunities

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

multi-cap

growth

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

five-

and

10-

year

periods

was

above

the

median

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

Small

Cap

Growth

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

small-cap

growth

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

three-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

one-,

five-

and

10-year

periods

was

below

the

median

and

the

third

quintile

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that

mid-cap

stocks

significantly

outperformed

smaller

stocks

this

period,

and

peers

the

Performance

Universe

tended

own

larger

proportion

mid-cap

stocks

than

the

Fund.

Management

also

noted

that

the

Fund

outperformed

its

benchmark

the

three-,

five-

and

10-year

periods

ending

December

31,

2024.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

effort

improve

the

overall

performance

the

Fund,

including,

among

others,

the

portfolio

management

team’s

continued

focus

investing

high-quality

small

cap

growth

companies

and

the

addition

risk

management

personnel.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

ending

December

31,

2024

was

12.77%.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

continued

for

additional

one-year

period,

while

management’s

efforts

continue

closely

monitored.

Franklin

Small-Mid

Cap

Growth

Fund

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

mid-cap

growth

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

five-year

period

was

above

the

median

its

Performance

Universe,

but

for

the

one-,

three-

and

10-year

periods

was

below

the

median

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

primary

driver

the

Fund’s

one-

and

three-year

underperformance

was

stock

selection

the

consumer

discretionary,

information

technology,

financials,

communication

services

and

energy

sectors.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

effort

improve

the

overall

performance

the

Fund,

including,

among

others,

the

addition

risk

management

personnel

and

research

analysts.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

ending

December

31,

2024

was

11.36%.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

continued

for

additional

one-year

period,

while

management’s

efforts

continue

closely

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

receives

all

marketing

support

payments

made

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

fee

waivers,

any

(Management

Rate)

each

Fund

comparison

the

median

expense

ratio

and

median

Management

Rate,

respectively,

other

mutual

funds

deemed

comparable

and

with

similar

expense

structure

the

Fund

selected

Broadridge

(Expense

Group).

Broadridge

fee

Franklin

Strategic

Series

195

franklintempleton.com

Annual

Report

and

expense

data

based

upon

information

taken

from

each

fund’s

most

recent

annual

semi-annual

report,

which

reflects

historical

asset

levels

that

may

quite

different

from

those

currently

existing,

particularly

period

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

assets

decline

and

decrease

assets

grow,

the

Board

believed

the

independent

analysis

conducted

Broadridge

appropriate

measure

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

for

each

Fund

and

for

each

the

other

funds

each

Fund’s

respective

Expense

Group.

The

Board

received

description

the

methodology

used

Broadridge

select

the

mutual

funds

included

Expense

Group.

Franklin

Biotechnology

Discovery

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund,

Franklin

Small

Cap

Growth

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund

The

Expense

Group

for

the

Franklin

Biotechnology

Discovery

Fund

included

the

Fund

and

nine

other

health/biotechnology

funds.

The

Expense

Group

for

the

Franklin

Growth

Opportunities

Fund

included

the

Fund

and

other

multi-cap

growth

funds.

The

Expense

Group

for

the

Franklin

Natural

Resources

Fund

included

the

Fund,

five

other

global

natural

resources

funds

and

four

natural

resources

funds.

The

Expense

Group

for

the

Franklin

Small

Cap

Growth

Fund

included

the

Fund

and

other

small-cap

growth

funds.

The

Expense

Group

for

the

Franklin

Small-Mid

Cap

Growth

Fund

included

the

Fund,

other

mid-cap

growth

funds

and

one

small-cap

growth

fund.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

these

Funds

were

below

the

medians

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

these

Funds

are

reasonable.

Franklin

Core

Plus

Bond

Fund

The

Expense

Group

for

the

Fund

included

the

Fund

and

core

plus

bond

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

the

Expense

Group.

The

Board

also

noted

that

the

Management

Rate

for

the

Fund

was

only

one

basis

point

above

the

median.

The

Board

discussed

these

expenses

with

management

and

management

noted

that,

effective

January

2025,

had

implemented

basis

points

total

operating

expense

cap

(management

fee

and

other

expenses,

excluding

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

and

certain

non-routine

expenses

costs)

for

the

Fund

reduce

fees.

After

consideration

the

above,

the

Board

concluded

that

the

Management

Rate

charged

the

Fund

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

the

Manager

and

its

affiliates

connection

with

the

operation

each

Fund.

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

the

Manager

that

addresses

the

overall

profitability

FT’s

fund

business,

well

its

profits

providing

investment

management

and

other

services

each

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

its

methodologies

used

calculating

profitability

response

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

the

Funds’

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

independent

registered

public

accounting

firm

has

been

engaged

the

Manager

periodically

review

and

assess

the

allocation

methodologies

used

solely

the

Funds’

Board

with

respect

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

establishing

the

infrastructure

necessary

for

the

type

mutual

fund

operations

conducted

the

Manager

and

its

affiliates

may

not

fully

reflected

the

expenses

allocated

each

Fund

determining

its

profitability,

well

the

fact

that

the

level

profits,

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

management.

part

this

evaluation,

the

Board

considered

management’s

outsourcing

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

the

Manager,

but

over

the

long

run

expected

result

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

improving

shareholder

services

provided

the

Funds,

well

the

need

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

Franklin

Strategic

Series

196

franklintempleton.com

Annual

Report

The

Board

also

considered

the

extent

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

fund

growth,

well

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

all

these

factors,

the

Board

concluded

that

the

level

profits

realized

the

Manager

and

its

affiliates

from

providing

services

each

Fund

was

not

excessive

view

the

nature,

extent

and

quality

services

provided

each

Fund.

Economies

Scale

The

Board

reviewed

and

considered

the

extent

which

the

Manager

may

realize

economies

scale,

any,

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

scale

for

the

benefit

shareholders.

With

respect

possible

economies

scale,

the

Board

noted

the

existence

management

fee

breakpoints,

which

operate

generally

any

economies

scale

with

Fund’s

shareholders

reducing

the

Fund’s

effective

management

fees

the

Fund

grows

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

potential

economies

scale

managing

particular

fund

are

inherently

limited

light

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

family

funds

whole.

The

Board

noted

that

each

Fund,

except

the

Franklin

Biotechnology

Discovery

Fund

and

Franklin

Natural

Resources

Fund,

had

experienced

significant

decrease

assets

and

would

not

expected

demonstrate

additional

economies

scale

the

near

term.

The

Board

concluded

that

the

extent

economies

scale

may

realized

the

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

sharing

benefits

with

the

Fund

and

its

shareholders

the

Fund

grows.

Conclusion

Based

its

review,

consideration

and

evaluation

all

factors

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

each

Management

Agreement

for

additional

one-year

period.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Franklin Strategic Series

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer – Finance and Administration

Date:	June 26, 2025