UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06243

Franklin Strategic Series

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant’s telephone number, including area code: (650) 312-2000

Date of fiscal year end: August 31

Date of reporting period: August 31, 2025

(a) The Report to Shareholders is filed herewith

Franklin Templeton SMACS: Series EAdvisor Classtrue
Annual Shareholder Report | August 31, 2025

This annual shareholder report contains important information about Franklin Templeton SMACS: Series E for the period September 1, 2024, to August 31, 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)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Franklin Templeton SMACS: Series E1	$0	0.00%

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

1	Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

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

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series E returned 12.34%. The Fund compares its performance to the MSCI USA High Dividend Yield Index, which returned 6.68% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Information technology (IT), industrials, and materials sectors led absolute returns during the period.
↑	Boeing and Broadcom added value within industrials and IT, respectively, while Philip Morris International contributed within consumer staples.
↑	Selection within the industrials and IT sectors assisted relative returns, as did an underweight allocation to consumer staples.

Top detractors from performance:
↓	The energy sector detracted from absolute returns.
↓	In terms of individual issuers, PepsiCo and Target hindered performance within consumer staples. UnitedHealth Group also detracted within health care.
↓	Relative returns were weakened by selection and underweight positioning within the financials and health care sectors, as well as selection within energy.

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, or the effect of fees and expenses borne by investors at the separately managed account level.

VALUE OF A $10,000 INVESTMENT – Franklin Templeton SMACS: Series E 6/3/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025

	1 Year	5 Year	Since Inception (6/3/2019)
Franklin Templeton SMACS: Series E	12.34	14.02	12.66
Russell 3000 Index	15.84	14.11	16.06
MSCI USA High Dividend Yield Index	6.68	10.44	9.77

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

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

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 August 31, 2025)

Total Net Assets	$413,849,433
Total Number of Portfolio Holdings	110
Total Management Fee Paid	$0
Portfolio Turnover Rate	103.34%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

	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

Franklin Templeton SMACS: Series IAdvisor Classtrue
Annual Shareholder Report | August 31, 2025

This annual shareholder report contains important information about Franklin Templeton SMACS: Series I for the period September 1, 2024, to August 31, 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)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Franklin Templeton SMACS: Series I1	$0	0.00%

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

1	Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

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

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series I returned 7.57%. The Fund compares its performance to the Bloomberg High Yield Very Liquid Index and the 50% Bloomberg High Yield Very Liquid Index and 50% Bloomberg U.S. Corporate Index, which returned 7.98% and 5.95%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Returns were driven by health care, in addition to securitized products and the consumer discretionary sector.
↑	The Federal Home Loan Mortgage Corporation (Freddie Mac) led returns within securitized products, while Community Health Systems contributed within health care. CommScope Holding also added value within information technology (IT).
↑	Relative performance benefited from selection and underweight allocations to the IT, consumer discretionary, and energy sectors.

Top detractors from performance:
↓	U.S. Treasuries (USTs) detracted from returns.
↓	In addition to USTs, Ardagh Holdings and Pfizer hindered results within the materials and health care sectors, respectively.
↓	Selection and underweight positioning within the communication services sector weakened relative returns, as did overweight allocations to USTs and securitized products.

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, or the effect of fees and expenses borne by investors at the separately managed account level.

VALUE OF A $10,000 INVESTMENT – Franklin Templeton SMACS: Series I 6/3/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025

	1 Year	5 Year	Since Inception (6/3/2019)
Franklin Templeton SMACS: Series I	7.57	5.77	4.19
Bloomberg U.S. Aggregate Index	3.14	-0.68	1.06
Bloomberg High Yield Very Liquid Index	7.98	4.67	5.01
50% Bloomberg High Yield Very Liquid Index and 50% Bloomberg U.S. Corporate Index	5.95	2.34	3.59

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

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

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 August 31, 2025)

Total Net Assets	$615,016,164
Total Number of Portfolio Holdings	167
Total Management Fee Paid	$0
Portfolio Turnover Rate	52.45%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

	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

Franklin Templeton SMACS: Series CHAdvisor Classtrue
Annual Shareholder Report | August 31, 2025

This annual shareholder report contains important information about Franklin Templeton SMACS: Series CH for the period September 1, 2024, to August 31, 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)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Franklin Templeton SMACS: Series CH1	$0	0.00%

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

1	Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

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

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series CH Fund returned -1.39%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 0.19% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Security selection in BBB rated bonds
↑	Overweight allocation to 6% coupon bonds
↑	Security selection in AA rated bonds

Top detractors from performance:
↓	Overweight allocation to bonds five or more years to maturity
↓	Overweight allocation to bonds rated below investment-grade
↓	Security selection in BBB rated bonds

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, or the effect of fees and expenses borne by investors at the separately managed account level.

VALUE OF A $10,000 INVESTMENT – Franklin Templeton SMACS: Series CH 6/3/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025

	1 Year	5 Year	Since Inception (6/3/2019)
Franklin Templeton SMACS: Series CH	-1.39	1.29	1.56
Bloomberg Municipal Bond Index	0.08	0.40	1.26
Bloomberg Municipal Bond California Exempt Index	0.19	0.33	1.24

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

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

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 August 31, 2025)

Total Net Assets	$27,406,851
Total Number of Portfolio Holdings	64
Total Management Fee Paid	$0
Portfolio Turnover Rate	28.21%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

	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

Franklin Templeton SMACS: Series HAdvisor Classtrue
Annual Shareholder Report | August 31, 2025

This annual shareholder report contains important information about Franklin Templeton SMACS: Series H for the period September 1, 2024, to August 31, 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)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Franklin Templeton SMACS: Series H1	$0	0.00%

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

1	Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

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

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series H returned -0.84%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 0.08% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	Overweight exposure to bonds rated AAA
↑	Overweight exposure to bonds rated below investment-grade
↑	Security selection in bonds rated below investment-grade

Top detractors from performance:
↓	Overweight exposure to municipal bonds with 10 or more years to maturity
↓	Security selection in AAA rated bonds
↓	Underweight exposure to AA rated bonds

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, or the effect of fees and expenses borne by investors at the separately managed account level.

VALUE OF A $10,000 INVESTMENT – Franklin Templeton SMACS: Series H 6/3/2019 — 8/31/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2025

	1 Year	5 Year	Since Inception (6/3/2019)
Franklin Templeton SMACS: Series H	-0.84	2.28	1.99
Bloomberg Municipal Bond Index	0.08	0.40	1.26

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

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

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 August 31, 2025)

Total Net Assets	$26,831,070
Total Number of Portfolio Holdings	175
Total Management Fee Paid	$0
Portfolio Turnover Rate	7.25%

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)

Portfolio Composition^* (% of Total Investments)

	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

(b) Not applicable

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

(c) N/A

(d) N/A

(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 August 31, 2024 and August 31, 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 $132,272 in August 31, 2024 and $183,612 in August 31, 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 August 31, 2024 and $0 in August 31, 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 August 31, 2024 and $39,000 in August 31, 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.

The aggregate 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 were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

(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 August 31, 2024 and $0 in August 31, 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 $163,638 in August 31, 2024 and $0 in August 31, 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:

(i)       pre-approval of all audit and audit related services;

(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.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $303,638 in August 31, 2024 and $377,023 in August 31, 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.

(i) Not applicable.

(j) Not applicable.

Not applicable.