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Schedules
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
2
Franklin
Core
Plus
Bond
Fund
5
Franklin
Growth
Opportunities
Fund
65
Franklin
Natural
Resources
Fund
70
Franklin
Small
Cap
Growth
Fund
74
Franklin
Small-Mid
Cap
Growth
Fund
79
Notes
to
Schedules
of
Investments
84
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Biotechnology
Discovery
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.7%
Biotechnology
76.5%
a
Abivax
SA
,
ADR
....................................
France
164,591
$
18,294,290
a,b
Achieve
Life
Sciences,
Inc.
............................
United
States
1,575,682
6,586,351
a
Acumen
Pharmaceuticals,
Inc.
.........................
United
States
826,400
2,148,640
a,b
Adicet
Bio,
Inc.
.....................................
United
States
225,186
1,799,236
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
66,908
22,618,918
Amgen,
Inc.
.......................................
United
States
143,458
49,045,421
a
Apogee
Therapeutics,
Inc.
.............................
United
States
82,737
5,420,101
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
505,651
12,828,366
a
Argenx
SE
,
ADR
....................................
Netherlands
48,962
41,152,561
a,b
ARS
Pharmaceuticals,
Inc.
............................
United
States
901,810
9,009,082
a,b
Artiva
Biotherapeutics,
Inc.
............................
South
Korea
192,871
750,268
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
129,742
29,334,666
a
Assembly
Biosciences,
Inc.
............................
United
States
27,877
718,530
a,b
Aura
Biosciences,
Inc.
................................
United
States
765,617
4,287,455
a
Benitec
Biopharma,
Inc.
..............................
Australia
995,152
12,120,951
a
BeOne
Medicines
Ltd.
,
ADR
...........................
United
States
14,276
4,859,265
a
Bicara
Therapeutics,
Inc.
..............................
United
States
387,402
6,508,354
a
Bridgebio
Pharma,
Inc.
...............................
United
States
207,858
16,061,188
a,b
Cardiff
Oncology,
Inc.
................................
United
States
438,961
768,182
a,c
Carmot
Therapeutics,
Inc.
.............................
United
States
83,100
531,572
a
Centessa
Pharmaceuticals
plc
,
ADR
.....................
United
States
614,165
15,090,034
a
CG
oncology,
Inc.
...................................
United
States
221,481
11,528,086
a
Cytokinetics,
Inc.
....................................
United
States
53,272
3,366,258
a
Dianthus
Therapeutics,
Inc.
............................
United
States
203,063
10,841,534
a
Dyne
Therapeutics,
Inc.
..............................
United
States
519,232
9,289,060
a
Engene
Holdings,
Inc.
................................
Canada
272,359
2,595,581
a,b
Engene
Holdings,
Inc.
................................
Canada
214,220
2,041,517
Gilead
Sciences,
Inc.
................................
United
States
443,663
62,977,963
a
GRAIL,
Inc.
........................................
United
States
46,433
4,542,076
a
Ideaya
Biosciences,
Inc.
..............................
United
States
81,852
2,634,816
a,b
Immix
Biopharma,
Inc.
...............................
United
States
357,034
2,081,508
a,b
IN8bio,
Inc.
........................................
United
States
332,083
654,203
a
Insmed,
Inc.
.......................................
United
States
188,633
29,590,859
a,b
Inventiva
SACA
,
ADR
................................
France
908,000
5,593,280
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
205,400
16,980,418
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
623,239
19,251,853
a
Mirum
Pharmaceuticals,
Inc.
...........................
United
States
215,190
22,211,912
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
135,273
18,405,244
a
Newamsterdam
Pharma
Co.
NV
........................
Netherlands
187,726
5,842,033
a
Nuvalent,
Inc.
,
A
....................................
United
States
75,535
7,771,796
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
554,385
14,258,782
a
ORIC
Pharmaceuticals,
Inc.
...........................
United
States
524,519
5,381,565
a
Oruka
Therapeutics,
Inc.
..............................
United
States
335,994
11,501,075
a,b
Palisade
Bio,
Inc.
...................................
United
States
2,119,910
3,158,666
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
97,972
30,763,208
a
PTC
Therapeutics,
Inc.
...............................
United
States
369,527
27,910,374
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
61,019
45,242,538
a
Revolution
Medicines,
Inc.
.............................
United
States
202,430
19,625,588
a
Satellos
Bioscience,
Inc.
..............................
Canada
96,830
1,100,106
a,b
Sionna
Therapeutics,
Inc.
.............................
United
States
60,891
2,573,254
a
Soleno
Therapeutics,
Inc.
.............................
United
States
181,503
6,998,756
a
Solid
Biosciences,
Inc.
...............................
United
States
745,930
4,818,708
a
Spyre
Therapeutics,
Inc.
..............................
United
States
396,281
12,673,066
a
Syndax
Pharmaceuticals,
Inc.
..........................
United
States
544,055
11,049,757
a,b
Tango
Therapeutics,
Inc.
..............................
United
States
491,884
5,710,773
a
Ultragenyx
Pharmaceutical,
Inc.
........................
United
States
108,067
2,601,173
a
uniQure
NV
........................................
Netherlands
270,640
6,148,941
a
Vaxcyte,
Inc.
.......................................
United
States
145,674
7,803,756
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Verastem,
Inc.
......................................
United
States
401,744
$
2,450,638
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
102,150
48,000,285
a
Vicore
Pharma
Holding
AB
............................
Sweden
1,307,598
1,638,259
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
123,767
5,075,685
a
Zealand
Pharma
A/S
,
A
...............................
Denmark
69,700
4,661,362
779,279,743
Health
Care
Providers
&
Services
2.8%
a
Guardant
Health,
Inc.
................................
United
States
248,985
28,394,249
Life
Sciences
Tools
&
Services
0.7%
Sartorius
Stedim
Biotech
..............................
France
10,100
2,257,028
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
8,579
4,963,895
7,220,923
Pharmaceuticals
17.7%
a
Alto
Neuroscience,
Inc.
...............................
United
States
405,275
6,273,657
a
Amylyx
Pharmaceuticals,
Inc.
..........................
United
States
439,918
6,286,428
AstraZeneca
plc
,
ADR
................................
United
Kingdom
205,062
19,023,602
a
BioAge
Labs,
Inc.
...................................
United
States
90,709
1,722,564
a
Context
Therapeutics,
Inc.
.............................
United
States
1,479,200
3,860,712
a
Contineum
Therapeutics,
Inc.
,
A
........................
United
States
676,121
9,641,485
Eli
Lilly
&
Co.
......................................
United
States
14,071
14,593,738
a
EyePoint,
Inc.
......................................
United
States
1,269,215
17,159,787
a
Jazz
Pharmaceuticals
plc
.............................
United
States
283,073
46,562,678
a,b
LENZ
Therapeutics,
Inc.
..............................
United
States
312,267
4,940,064
a,b
Phathom
Pharmaceuticals,
Inc.
.........................
United
States
285,271
3,899,655
a
Structure
Therapeutics,
Inc.
,
ADR
.......................
United
States
227,563
20,127,947
a
Terns
Pharmaceuticals,
Inc.
...........................
United
States
770,542
26,660,753
180,753,070
Total
Common
Stocks
(Cost
$
458,542,759
)
...................................
995,647,985
Convertible
Preferred
Stocks
0.3%
Household
Products
0.3%
a,c,d
Candid,
Inc.
,
B
.....................................
United
States
1,519,609
2,735,296
Total
Convertible
Preferred
Stocks
(Cost
$
1,823,531
)
..........................
2,735,296
Preferred
Stocks
0.5%
Life
Sciences
Tools
&
Services
0.2%
e
Sartorius
AG
,
0
.31
%
.................................
Germany
9,200
2,571,335
Real
Estate
Management
&
Development
0.3%
a,c,d
Lycia
LLC
,
C
.......................................
Japan
859,370
2,814,331
Total
Preferred
Stocks
(Cost
$
5,938,609
)
.....................................
5,385,666
Warrants
Warrants
0.8%
Biotechnology
0.8%
a,c
Achieve
Life
Sciences,
Inc.
,
6/26/30
.....................
United
States
698,900
1,148,235
a,c
Assembly
Biosciences,
Inc.
,
A
,
8/11/30
...................
United
States
44,450
487,257
a,c
Assembly
Biosciences,
Inc.
,
B
,
12/31/26
..................
United
States
44,450
30,819
a,c
Benitec
Biopharma,
Inc.
,
2/20/49
........................
Australia
310,881
3,786,500
a,c,d
IN8bio,
Inc.
,
C
,
10/04/27
..............................
United
States
69,673
33,677
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
101
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Biotechnology
(continued)
a,c
Palisade
Bio,
Inc.
,
10/01/30
............................
United
States
1,447,549
$
2,156,703
7,643,191
Pharmaceuticals
0.0%
†
a
Nuvation
Bio,
Inc.
,
2/10/26
............................
United
States
115,266
4,380
Total
Warrants
(Cost
$
1,620,076
)
............................................
7,647,571
Shares
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
$
467,924,975
)
.............................
1,011,416,518
a
Short
Term
Investments
4.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.3%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
13,129,514
13,129,514
Total
Money
Market
Funds
(Cost
$
13,129,514
)
................................
13,129,514
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.2%
Money
Market
Funds
3.2%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
32,951,884
32,951,884
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
32,951,884
)
.........................................................
32,951,884
Total
Short
Term
Investments
(Cost
$
46,081,398
)
..............................
46,081,398
a
Total
Investments
(Cost
$
514,006,373
)
103.8
%
................................
$1,057,497,916
Other
Assets,
less
Liabilities
(
3.8
)
%
.........................................
(38,527,384)
Net
Assets
100.0%
.........................................................
$1,018,970,532
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.0%
†
Diversified
Consumer
Services
0.0%
a,b
All
Day
Electric,
Inc.
.................................
United
States
291
$
—
Machinery
0.0%
†
a
UTEX
Industries,
Inc.
................................
United
States
16,788
884,443
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Amplify
Energy
Corp.
................................
United
States
5,288
26,546
Birch
Permian
Holdings,
Inc.
...........................
United
States
46,176
258,585
285,131
Total
Common
Stocks
(Cost
$
11,360,259
)
....................................
1,169,574
Warrants
Warrants
0.0%
Software
0.0%
a,b,c
WorkCapital
BSD
SARL
,
2/13/26
........................
Luxembourg
6,000,000
—
Total
Warrants
(Cost
$
750,000
)
..............................................
—
Principal
Amount
*
Corporate
Bonds
42.7%
Aerospace
&
Defense
0.9%
d
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
...................
United
States
1,000,000
1,030,449
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
750,000
777,566
Boeing
Co.
(The)
,
Senior
Bond
,
3.625
%
,
2/01/31
........................
United
States
5,000,000
4,820,735
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
2,600,000
2,937,653
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
8,100,000
8,327,708
d
Bombardier,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
6/15/33
.........
Canada
1,025,000
1,077,933
d
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
3,600,000
3,680,946
Howmet
Aerospace,
Inc.
,
Senior
Note
,
4.85
%
,
10/15/31
.......
United
States
2,100,000
2,156,488
24,809,478
Air
Freight
&
Logistics
0.0%
†
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
................
United
States
1,200,000
934,663
Automobile
Components
0.1%
d
American
Axle
&
Manufacturing,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
10/15/32
..................................
United
States
700,000
714,536
d
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
830,000
851,622
1,566,158
Automobiles
0.3%
d
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
1,300,000
1,340,189
Senior
Note
,
144A,
4.75
%
,
9/26/31
....................
United
States
6,000,000
6,036,637
7,376,826
Banks
5.0%
d
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
2,100,000
2,129,270
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
3,000,000
2,737,468
Bank
of
America
Corp.
,
Senior
Bond
,
2.299%
to
7/20/31,
FRN
thereafter
,
7/21/32
...
United
States
3,500,000
3,128,459
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
8,000,000
$
7,965,158
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
1,434,000
1,346,596
d
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
2,070,000
2,065,769
d
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
7,900,000
7,790,012
Citigroup,
Inc.
,
Senior
Bond
,
4.412%
to
3/30/30,
FRN
thereafter
,
3/31/31
.........................................
United
States
5,600,000
5,600,496
Fifth
Third
Bancorp
,
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
.................................
United
States
7,300,000
7,650,198
HSBC
Holdings
plc
,
Senior
Bond
,
2.848%
to
6/03/30,
FRN
thereafter
,
6/04/31
...
United
Kingdom
8,300,000
7,773,559
Senior
Note
,
5.21%
to
8/10/27,
FRN
thereafter
,
8/11/28
.....
United
Kingdom
5,850,000
5,947,389
Huntington
Bancshares,
Inc.
,
Senior
Bond
,
5.709%
to
2/01/34,
FRN
thereafter
,
2/02/35
.............................
United
States
7,300,000
7,599,331
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
2.522%
to
4/21/30,
FRN
thereafter
,
4/22/31
...
United
States
9,400,000
8,753,355
Senior
Bond
,
1.953%
to
2/03/31,
FRN
thereafter
,
2/04/32
...
United
States
3,400,000
3,028,679
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
...
United
States
2,500,000
2,575,897
Sub.
Bond
,
5.576%
to
7/22/35,
FRN
thereafter
,
7/23/36
.....
United
States
1,620,000
1,664,934
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
5,100,000
5,300,956
Royal
Bank
of
Canada
,
Senior
Note
,
5.2
%
,
8/01/28
..........
Canada
1,800,000
1,856,692
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
......................
United
Kingdom
6,700,000
6,640,554
d
Societe
Generale
SA
,
Senior
Non-Preferred
Bond
,
144A,
2.889%
to
6/08/31,
FRN
thereafter
,
6/09/32
.................................
France
7,500,000
6,823,506
Senior
Non-Preferred
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.................................
France
7,200,000
7,137,813
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
9,900,000
10,023,412
d
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
5,300,000
4,915,617
Wells
Fargo
&
Co.
,
Senior
Note
,
6.303%
to
10/22/28,
FRN
thereafter
,
10/23/29
..
United
States
7,400,000
7,816,197
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
....
United
States
4,400,000
4,531,471
132,802,788
Biotechnology
0.5%
Amgen,
Inc.
,
Senior
Bond
,
4.2
%
,
3/01/33
..........................
United
States
4,000,000
3,902,801
Senior
Bond
,
5.25
%
,
3/02/33
.........................
United
States
6,600,000
6,831,935
d
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
2,230,000
2,287,384
13,022,120
Broadline
Retail
0.2%
a
,d
,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
10,914,248
—
a
,d
,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
4,807,777
—
d
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
4,500,000
4,708,634
4,708,634
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
0.5%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
665,000
$
677,500
d
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
475,000
483,398
d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
2,900,000
2,980,295
Owens
Corning
,
Senior
Bond
,
5.7
%
,
6/15/34
...............
United
States
7,300,000
7,678,567
d
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
3/01/33
....................
United
States
500,000
519,711
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
............
United
States
1,000,000
1,037,612
13,377,083
Capital
Markets
2.8%
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
5.371
%
,
9/09/27
...
Germany
4,800,000
4,921,990
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.383%
to
7/20/31,
FRN
thereafter
,
7/21/32
...
United
States
6,500,000
5,814,133
Senior
Bond
,
5.536%
to
1/27/35,
FRN
thereafter
,
1/28/36
...
United
States
9,800,000
10,134,662
Senior
Bond
,
5.065%
to
1/20/36,
FRN
thereafter
,
1/21/37
...
United
States
1,035,000
1,030,962
Senior
Note
,
4.387%
to
6/14/26,
FRN
thereafter
,
6/15/27
....
United
States
3,400,000
3,404,397
Senior
Note
,
1.948%
to
10/20/26,
FRN
thereafter
,
10/21/27
..
United
States
3,000,000
2,955,598
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
4,650,000
4,738,615
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
........................
United
States
10,000,000
9,937,220
Senior
Bond
,
1.794%
to
2/12/31,
FRN
thereafter
,
2/13/32
...
United
States
5,000,000
4,391,114
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
...
United
States
1,900,000
1,966,103
Senior
Bond
,
5.073%
to
1/29/36,
FRN
thereafter
,
1/30/37
...
United
States
1,585,000
1,579,469
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
1,555,000
1,554,316
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
542,000
567,091
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
.............
United
States
11,800,000
10,501,676
d
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
2,400,000
2,471,833
d
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
565,000
583,356
d
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
United
States
2,600,000
2,767,747
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
..............
Switzerland
4,000,000
4,006,408
73,326,690
Chemicals
0.4%
d
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
1,500,000
1,543,174
d
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
1,229,000
1,256,308
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
3,800,000
3,705,562
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
875,000
702,454
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
2,000,000
2,127,587
9,335,085
Commercial
Services
&
Supplies
0.5%
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
.........................................
United
States
780,000
795,223
Republic
Services,
Inc.
,
Senior
Note
,
5.15
%
,
3/15/35
.........
United
States
5,300,000
5,463,411
d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
3,000,000
3,124,524
d
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
800,000
823,892
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
(continued)
d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
4,000,000
$
4,164,964
14,372,014
Communications
Equipment
0.3%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.4
%
,
4/15/34
.........
United
States
7,300,000
7,519,183
Construction
&
Engineering
0.1%
d
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...................
United
States
3,600,000
3,541,932
Senior
Note
,
144A,
6.875
%
,
8/15/32
...................
United
States
400,000
422,361
3,964,293
Consumer
Finance
1.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.........................
Ireland
7,700,000
6,935,111
Senior
Note
,
4.125
%
,
2/28/29
........................
Ireland
710,000
707,682
American
Express
Co.
,
Senior
Bond
,
5.442%
to
1/29/35,
FRN
thereafter
,
1/30/36
.................................
United
States
10,000,000
10,326,811
d
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
4.9
%
,
10/10/30
Ireland
7,735,000
7,783,900
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
.............................
United
States
8,600,000
8,776,172
d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
5,000,000
5,203,760
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
5.45
%
,
9/06/34
.........................
United
States
1,265,000
1,285,215
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
815,000
817,260
OneMain
Finance
Corp.
,
Senior
Note
,
6.5
%
,
3/15/33
..........................
United
States
665,000
668,949
Senior
Note
,
6.75
%
,
9/15/33
.........................
United
States
2,900,000
2,935,767
45,440,627
Consumer
Staples
Distribution
&
Retail
0.1%
d
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
2,300,000
2,267,546
Containers
&
Packaging
0.4%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,550,000
1,560,180
d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
3,300,000
3,328,032
d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
2,125,000
2,052,700
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
..................
United
States
3,600,000
3,209,685
10,150,597
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
4,300,000
4,310,853
Diversified
REITs
0.3%
d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
3,000,000
2,921,537
VICI
Properties
LP
,
Senior
Note
,
5.625
%
,
4/01/35
...........
United
States
5,000,000
5,097,154
8,018,691
Diversified
Telecommunication
Services
1.2%
d
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
2,385,000
2,480,386
AT&T,
Inc.
,
Senior
Bond
,
2.55
%
,
12/01/33
........................
United
States
5,000,000
4,255,101
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
AT&T,
Inc.,
(continued)
f
Senior
Bond
,
5.125
%
,
4/30/36
........................
United
States
1,320,000
$
1,315,091
Senior
Bond
,
3.65
%
,
9/15/59
.........................
United
States
4,000,000
2,642,089
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
3,000,000
2,694,772
d
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
895,000
923,337
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
...............
United
States
5,200,000
5,226,391
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
........................
United
States
8,400,000
7,407,622
Senior
Note
,
4.75
%
,
1/15/33
.........................
United
States
2,090,000
2,091,207
d
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
1,310,000
1,367,574
30,403,570
Electric
Utilities
2.7%
American
Electric
Power
Co.,
Inc.
,
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
2,600,000
2,601,076
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
865,000
859,269
d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
3,000,000
2,994,882
DTE
Electric
Co.
,
Senior
Bond
,
5.25
%
,
5/15/35
.............
United
States
740,000
758,728
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.........................
United
States
6,200,000
5,758,673
Senior
Bond
,
3.75
%
,
9/01/46
.........................
United
States
1,600,000
1,214,238
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
1,000,000
1,035,942
d
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
2,770,000
2,764,507
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
.........................
United
States
13,400,000
13,280,915
Senior
Bond
,
4.45
%
,
4/15/46
.........................
United
States
1,400,000
1,177,533
d
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
6
%
,
1/15/36
..........
United
States
3,325,000
3,361,266
Pacific
Gas
and
Electric
Co.
,
Senior
Secured
Bond
,
3.25
%
,
6/01/31
.........................................
United
States
6,000,000
5,593,810
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..........................
United
States
5,000,000
4,230,663
Senior
Note
,
5.5
%
,
3/15/29
..........................
United
States
6,100,000
6,337,131
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
.
United
States
820,000
900,394
d
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
3,000,000
2,963,855
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
6,000,000
5,971,737
Senior
Secured
Bond
,
144A,
5.25
%
,
10/15/35
............
United
States
1,000,000
990,719
Xcel
Energy,
Inc.
,
Senior
Bond
,
4.6
%
,
6/01/32
..........................
United
States
2,900,000
2,889,914
Senior
Bond
,
5.45
%
,
8/15/33
.........................
United
States
4,500,000
4,646,383
70,331,635
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
2,845,000
2,813,193
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
5,000,000
4,826,514
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
7,100,000
7,200,313
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
4,000,000
$
3,889,469
18,729,489
Energy
Equipment
&
Services
0.5%
d
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
1,045,000
1,044,703
d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
..
United
States
5,000,000
5,189,100
d
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
3,750,000
3,911,021
d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
1,805,000
1,870,339
12,015,163
Entertainment
0.2%
d
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
5/01/29
................
France
2,000,000
EUR
2,464,800
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
............
France
308,809
321,449
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
....
United
States
2,100,000
2,038,303
4,824,552
Financial
Services
0.6%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
4,900,000
5,238,580
d
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
....................
United
States
1,000,000
1,016,240
Senior
Note
,
144A,
6.75
%
,
12/01/32
...................
United
States
625,000
630,595
d
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
2,575,000
2,695,445
Senior
Note
,
144A,
7.875
%
,
4/01/33
...................
United
States
830,000
847,129
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
8.25
%
,
5/15/30
.........................................
United
States
3,900,000
4,111,929
d
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
2,170,000
2,237,714
16,777,632
Food
Products
0.7%
d
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
770,000
780,477
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
1,500,000
1,452,346
Senior
Note
,
3.625
%
,
1/15/32
........................
United
States
3,500,000
3,290,570
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........
United
States
3,175,000
2,897,651
d
Mars,
Inc.
,
Senior
Note
,
144A,
5.2
%
,
3/01/35
...............
United
States
8,580,000
8,787,700
17,208,744
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
..
United
States
2,800,000
1,928,774
Ground
Transportation
0.7%
d
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
900,000
943,876
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
1,355,000
1,341,391
d
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond
,
144A,
5.7
%
,
7/25/33
.........................................
Ireland
7,300,000
7,628,629
d
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
2,915,000
3,057,544
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
4,000,000
$
4,218,776
17,190,216
Health
Care
Equipment
&
Supplies
0.4%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
4,000,000
4,175,000
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
......
United
States
4,700,000
4,455,274
d
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
2,380,000
2,328,842
10,959,116
Health
Care
Providers
&
Services
2.3%
Centene
Corp.
,
Senior
Note
,
4.625
%
,
12/15/29
.......................
United
States
2,300,000
2,243,119
Senior
Note
,
3.375
%
,
2/15/30
........................
United
States
1,400,000
1,292,202
Senior
Note
,
2.625
%
,
8/01/31
........................
United
States
5,300,000
4,561,271
d
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
................
United
States
2,000,000
1,996,000
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
900,000
970,009
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
.............
United
States
2,000,000
2,087,666
Cigna
Group
(The)
,
Senior
Bond
,
5.25
%
,
2/15/34
...........
United
States
7,300,000
7,479,050
d
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
1,500,000
1,572,383
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
.........................
United
States
4,000,000
3,556,240
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
990,000
872,095
Senior
Bond
,
5.3
%
,
6/01/33
..........................
United
States
3,000,000
3,076,025
Senior
Bond
,
2.7
%
,
8/21/40
..........................
United
States
6,300,000
4,492,928
d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
5,000,000
4,813,429
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
..........
United
States
1,400,000
1,029,089
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
..........................
United
States
11,900,000
11,443,785
Senior
Note
,
4.6
%
,
11/15/32
.........................
United
States
1,385,000
1,372,507
Icon
Investments
Six
DAC
,
Senior
Secured
Bond
,
6
%
,
5/08/34
.
United
States
460,000
483,743
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
4,000,000
3,951,285
d
,g
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
.........
United
States
709,332
745,176
Senior
Secured
Note
,
144A,
PIK,
6.75
%
,
3/31/31
.........
United
States
2,820,744
2,377,290
d
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6
%
,
11/15/33
.....
United
States
1,360,000
1,400,123
61,815,415
Health
Care
REITs
0.4%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
1.875
%
,
2/01/33
........................
United
States
6,400,000
5,256,090
Senior
Bond
,
5.25
%
,
5/15/36
.........................
United
States
2,200,000
2,191,355
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
..........................
United
States
3,000,000
2,225,531
d
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
..............
United
States
600,000
643,162
10,316,138
Health
Care
Technology
0.1%
d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
3,700,000
3,848,740
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotel
&
Resort
REITs
0.2%
d
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
2,000,000
$
2,045,936
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
3,800,000
3,932,890
5,978,826
Hotels,
Restaurants
&
Leisure
0.9%
d
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
4,000,000
3,818,845
d
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
Switzerland
2,000,000
2,083,377
d
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/15/30
..........
United
States
4,000,000
4,120,896
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
d
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
............
Canada
1,800,000
1,831,522
d
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
1,680,000
1,690,072
d
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
645,000
655,083
d
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
9/30/31
...................
United
States
1,500,000
1,542,506
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
5,500,000
5,671,277
d
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
2,030,000
2,058,951
23,472,529
Household
Durables
0.4%
d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
940,000
949,173
d
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note
,
144A,
8
%
,
4/01/31
......................
United
States
350,000
358,794
Senior
Note
,
144A,
8.375
%
,
10/01/33
..................
United
States
525,000
536,949
Newell
Brands,
Inc.
,
Senior
Note
,
6.375
%
,
5/15/30
........................
United
States
250,000
247,357
Senior
Note
,
6.625
%
,
5/15/32
........................
United
States
200,000
196,008
d
Senior
Note
,
144A,
8.5
%
,
6/01/28
.....................
United
States
1,000,000
1,049,155
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
4,900,000
4,835,752
d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
...................
United
States
3,000,000
2,963,029
Senior
Note
,
144A,
6.75
%
,
1/15/34
....................
United
States
490,000
493,130
11,629,347
Independent
Power
and
Renewable
Electricity
Producers
0.8%
d
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
1,080,000
1,121,301
d
Atlantica
Sustainable
Infrastructure
Ltd.
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...................................
Spain
1,528,000
1,500,281
d
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
.........................................
United
States
4,300,000
4,029,459
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
5.8
%
,
3/01/33
..........................
United
States
3,000,000
3,188,315
Senior
Bond
,
6.125
%
,
1/15/34
........................
United
States
2,000,000
2,159,684
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
1,110,000
1,107,705
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
4,300,000
4,170,935
d
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
.........................................
United
States
3,000,000
3,166,740
20,444,420
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
2.1%
d
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
.........
Hong
Kong
3,100,000
$
3,186,931
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
..............
United
States
3,000,000
3,051,300
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.......
United
States
6,400,000
4,777,502
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
5
%
,
2/15/32
..........
United
States
2,075,000
2,123,474
d
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
1,280,000
1,338,182
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/34
............
United
States
1,625,000
1,644,337
d
Athene
Global
Funding
,
Secured
Note
,
144A,
5.033
%
,
7/17/30
..................
United
States
3,800,000
3,834,332
Senior
Secured
Bond
,
144A,
5.543
%
,
8/22/35
............
United
States
1,200,000
1,203,877
Brown
&
Brown,
Inc.
,
Senior
Bond
,
5.65
%
,
6/11/34
..........
United
States
7,300,000
7,521,469
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
2,100,000
2,193,607
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,200,000
2,287,258
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
...................
United
States
9,600,000
9,819,659
Secured
Note
,
144A,
4.3
%
,
8/25/29
....................
United
States
3,000,000
3,012,216
d
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
6,400,000
6,662,443
d
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
.........................................
United
States
3,700,000
4,039,261
56,695,848
IT
Services
0.3%
d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
.........................................
United
States
2,000,000
1,992,730
d
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
2,450,000
2,252,808
d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
3,100,000
3,161,644
7,407,182
Leisure
Products
0.0%
†
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
1,300,000
1,146,601
Machinery
0.2%
d
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
3,400,000
3,497,859
d
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
2,000,000
2,049,108
5,546,967
Media
1.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
...................
United
States
15,900,000
14,337,142
Senior
Secured
Bond
,
5.85
%
,
12/01/35
.................
United
States
1,255,000
1,249,577
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
3/15/33
...............................
United
States
3,700,000
3,933,847
d
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
1,440,000
1,459,813
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
1,640,000
1,648,833
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
..................
United
States
5,500,000
6,047,583
d
Gray
Media,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/15/33
..
United
States
1,775,000
1,818,519
d
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
2,000,000
2,103,916
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
.........................
United
States
2,000,000
1,953,998
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Paramount
Global
,
Senior
Bond
,
4.2
%
,
5/19/32
.............
United
States
7,300,000
$
6,593,633
d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
2,750,000
2,846,154
d
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
...................................
United
States
720,000
775,531
d
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
1,630,000
1,636,093
46,404,639
Metals
&
Mining
0.2%
d
Commercial
Metals
Co.
,
Senior
Bond
,
144A,
6
%
,
12/15/35
.....................
United
States
1,040,000
1,063,067
Senior
Note
,
144A,
5.75
%
,
11/15/33
...................
United
States
520,000
528,927
d
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
685,000
720,521
d
Novelis
Corp.
,
Senior
Note
,
144A,
6.375
%
,
8/15/33
..........
United
States
2,480,000
2,528,087
4,840,602
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.......................
United
States
3,200,000
3,137,438
C
,
Senior
Note
,
3.375
%
,
4/01/30
......................
United
States
7,800,000
7,533,263
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
5,700,000
5,798,955
Public
Service
Enterprise
Group,
Inc.
,
Senior
Bond
,
5.4
%
,
3/15/35
United
States
2,225,000
2,289,065
18,758,721
Oil,
Gas
&
Consumable
Fuels
4.9%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
............
Norway
8,700,000
8,006,531
d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
..
United
States
4,969,000
5,047,903
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
..............
United
States
4,400,000
4,532,000
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
Canada
8,200,000
7,750,337
Cheniere
Energy,
Inc.
,
Senior
Note
,
5.65
%
,
4/15/34
..........
United
States
1,600,000
1,659,520
d
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
1,400,000
1,326,211
d
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.375
%
,
1/15/33
...................
United
States
750,000
726,223
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
1,865,000
1,883,967
d
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.....
United
States
6,600,000
6,472,759
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
6,700,000
7,081,351
Energy
Transfer
LP
,
Senior
Note
,
6.4
%
,
12/01/30
.........................
United
States
6,000,000
6,495,116
d
Senior
Note
,
144A,
6
%
,
2/01/29
......................
United
States
4,000,000
4,040,215
d
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
......
United
Kingdom
2,500,000
2,503,899
d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
2,700,000
2,796,036
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,120,000
1,148,749
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
5,000,000
5,062,785
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
....................
United
States
9,100,000
9,196,148
ONEOK,
Inc.
,
Senior
Bond
,
5.375
%
,
6/01/29
........................
United
States
10,900,000
11,240,609
d
Senior
Note
,
144A,
5.625
%
,
1/15/28
...................
United
States
1,700,000
1,735,905
d
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,700,000
1,730,375
d
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
1,100,000
922,625
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
.........................................
United
States
10,000,000
10,055,389
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Bond
,
144A,
5.1
%
,
3/15/36
....................................
United
States
1,525,000
$
1,531,457
d
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
..........
Norway
9,000,000
10,318,365
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
...................................
United
States
2,600,000
2,400,553
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
5,500,000
5,629,058
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
900,000
1,004,038
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
730,000
765,573
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
900,000
987,280
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
440,000
456,838
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
1,840,000
1,874,261
d
Western
Midstream
Operating
LP
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
.........................................
United
States
1,900,000
2,022,888
128,404,964
Passenger
Airlines
0.0%
†
d
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
700,000
748,863
Personal
Care
Products
0.4%
d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.........................................
United
States
8,000,000
7,921,773
d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
3,175,000
3,241,872
11,163,645
Pharmaceuticals
1.2%
d
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
11,700,000
11,738,594
d
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
2,200,000
2,330,585
Merck
&
Co.,
Inc.
,
Senior
Bond
,
4.75
%
,
12/04/35
........................
United
States
1,190,000
1,180,279
Senior
Note
,
4.45
%
,
12/04/32
........................
United
States
740,000
742,042
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
5,305,000
5,306,515
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................................
United
States
3,500,000
3,536,312
Royalty
Pharma
plc
,
Senior
Bond
,
5.2
%
,
9/25/35
..........................
United
States
1,250,000
1,256,971
Senior
Bond
,
3.3
%
,
9/02/40
..........................
United
States
5,300,000
4,121,039
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond
,
4.1
%
,
10/01/46
...................................
Israel
280,000
214,423
30,426,760
Professional
Services
0.0%
†
d
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
1,275,000
1,324,453
Residential
REITs
0.1%
Essex
Portfolio
LP
,
Senior
Bond
,
5.375
%
,
4/01/35
...........
United
States
2,600,000
2,666,540
Semiconductors
&
Semiconductor
Equipment
0.5%
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
.........................
United
States
1,230,000
1,229,258
Senior
Bond
,
5.7
%
,
1/15/56
..........................
United
States
185,000
186,560
d
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond
,
144A,
6.25
%
,
1/25/35
.............
United
States
7,400,000
7,877,469
Senior
Secured
Bond
,
144A,
6.4
%
,
1/25/38
..............
United
States
1,315,000
1,409,412
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
d
Foundry
JV
Holdco
LLC,
(continued)
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/33
..............
United
States
1,565,000
$
1,642,827
d
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
320,000
330,670
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
550,000
560,980
13,237,176
Software
0.3%
d
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
750,000
754,421
Oracle
Corp.
,
Senior
Bond
,
4.3
%
,
7/08/34
..........................
United
States
8,000,000
7,227,966
Senior
Note
,
4.8
%
,
9/26/32
..........................
United
States
915,000
886,189
8,868,576
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Note
,
4.7
%
,
12/15/32
.........
United
States
925,000
926,097
d
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
.........
United
States
5,200,000
5,346,427
d
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
...................
United
States
1,995,000
2,037,623
Senior
Note
,
144A,
6.25
%
,
9/15/32
....................
United
States
505,000
511,060
8,821,207
Specialty
Retail
0.1%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
.............
United
States
1,900,000
1,917,626
Technology
Hardware,
Storage
&
Peripherals
0.5%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.4
%
,
4/15/34
United
States
7,800,000
7,967,163
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
4,500,000
4,539,596
d
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
1,600,000
1,649,573
14,156,332
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
1,820,000
1,857,255
Tobacco
0.5%
BAT
Capital
Corp.
,
Senior
Bond
,
4.39
%
,
8/15/37
.........................
United
Kingdom
1,700,000
1,561,403
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
4,985,000
4,941,467
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
7,200,000
7,495,847
13,998,717
Trading
Companies
&
Distributors
0.2%
d
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
8.625
%
,
5/15/32
United
States
3,000,000
3,210,831
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.
United
States
3,000,000
3,096,816
6,307,647
Transportation
Infrastructure
0.0%
†
d
,h
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
2
.49
%
,
9/30/36
.........................................
United
States
205,334
157,871
Wireless
Telecommunication
Services
1.1%
d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
4,500,000
4,781,777
a
,h
Digicel
Group
Holdings
Ltd.
,
29
.35
%
,
11/17/33
.................................
Bermuda
677,343
21,434
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
a,h
Digicel
Group
Holdings
Ltd.,
(continued)
30
.9
%
,
11/17/33
..................................
Bermuda
72,906
$
8,936
d
Iliad
Holding
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
..
France
2,000,000
2,024,468
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5
%
,
2/15/36
...........................
United
States
2,485,000
2,460,692
Senior
Bond
,
3.3
%
,
2/15/51
..........................
United
States
4,800,000
3,199,394
Senior
Note
,
3.875
%
,
4/15/30
........................
United
States
13,400,000
13,174,413
d
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
3,000,000
3,171,819
28,842,933
Total
Corporate
Bonds
(Cost
$
1,139,825,661
)
.................................
1,128,878,760
Senior
Floating
Rate
Interests
1.7%
i
Aerospace
&
Defense
0.0%
†
Goat
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
1/27/32
......................
United
States
217,756
218,087
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/22/30
............................
United
States
623,438
623,593
841,680
a
a
a
a
a
a
Air
Freight
&
Logistics
0.0%
†
i
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
3/18/30
.......................
United
States
393,374
394,725
i
Automobile
Components
0.1%
f
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
C
,
7.408
%
,
(
12-month
SOFR
+
3.25
%
),
9/20/32
..
United
States
295,398
296,506
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan
,
6.422
%
,
(
1-month
SOFR
+
2.75
%
),
1/28/32
.........
United
States
768,016
770,174
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
7.678
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
........
United
States
347,032
345,774
g
First
Brands
Group
LLC,
First
Lien,
2021
CME
Term
Loan
,
PIK,
10.814
%
,
(
1-month
SOFR
+
7
%
),
3/30/27
................
United
States
437,275
2,442
g
First
Brands
Group
LLC,
First
Lien,
Debtor-In-Possession
Roll
Up
CME
Term
Loan
,
PIK,
13.759
%
,
(
12-month
SOFR
+
10
%
),
6/29/26
.........................................
United
States
311,010
2,451
g
First
Brands
Group
LLC,
First
Lien,
USD
Debtor-In-Possession
New
Money
CME
Term
Loan
,
PIK,
5.238
%
,
(
1-month
SOFR
+
1.55
%
),
6/29/26
...................................
United
States
267,051
40,281
g
First
Brands
Group
LLC,
Second
Lien,
2021
CME
Term
Loan
,
PIK,
14.314
%
,
(
1-month
SOFR
+
10.5
%
),
3/30/28
.........
United
States
1,092,959
3,131
Highline
Aftermarket
Acquisition
LLC,
First
Lien,
2025-1
CME
Term
Loan
,
7.322
%
,
(
3-month
SOFR
+
3.5
%
),
2/13/30
......
United
States
431,327
433,216
1,893,975
a
a
a
a
a
a
Beverages
0.0%
†
i
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.922
%
,
(
3-month
SOFR
+
2.25
%
),
3/31/28
.........
United
States
528,268
529,039
Biotechnology
0.0%
†
f,j
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan
,
TBD,
12/28/32
........................................
United
States
157,291
157,684
Broadline
Retail
0.0%
†
i
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
7/01/31
......................
Netherlands
317,037
317,393
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Building
Products
0.1%
Chariot
Buyer
LLC,
First
Lien,
Amendment
No.
5
Incremental
CME
Term
Loan
,
6.466
%
,
(
1-month
SOFR
+
2.75
%
),
9/08/32
.
United
States
91,645
$
91,691
Cornerstone
Building
Brands,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
8.18
%
,
(
1-month
SOFR
+
4.5
%
),
5/15/31
................
United
States
1,136,301
785,468
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
6.122
%
,
(
6-month
SOFR
+
2.25
%
),
8/04/31
.
United
States
219,128
219,123
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
3/19/29
.....................
United
States
401,137
402,094
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/10/32
.....................
United
States
273,793
274,085
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/30/29
............
United
States
69,904
69,948
1,842,409
a
a
a
a
a
a
i
Capital
Markets
0.1%
Citadel
Securities
Global
Holdings
LLC,
First
Lien,
2024
CME
Term
Loan
,
5.672
%
,
(
3-month
SOFR
+
2
%
),
10/31/31
......
United
States
698,488
700,328
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
4/07/28
...
United
States
244,596
244,971
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan
,
5.822
%
,
(
3-month
SOFR
+
2
%
),
12/15/31
................
United
States
498,087
495,099
1,440,398
a
a
a
a
a
a
i
Chemicals
0.1%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.417
%
,
(
3-month
SOFR
+
2.75
%
),
9/09/31
.....................
United
States
306,883
308,034
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
4/06/29
.....................
United
States
612,928
599,137
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
2/18/30
..............
Luxembourg
795,688
576,874
INEOS
US
Petrochem
LLC,
First
Lien,
New
CME
Term
Loan,
B1
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
4/02/29
..............
United
States
396,992
278,224
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/31/29
...................................
United
States
439,038
440,171
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B2
,
6.917
%
,
(
3-month
SOFR
+
3.25
%
),
4/03/28
..
Netherlands
492,626
492,857
Paint
Intermediate
III
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.87
%
,
(
3-month
SOFR
+
3
%
),
10/09/31
................
United
States
522,118
521,795
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.593
%
,
(
3-month
SOFR
+
1.75
%
),
10/29/32
.............
United
States
225,090
226,427
3,443,519
a
a
a
a
a
a
i
Commercial
Services
&
Supplies
0.1%
Allied
Universal
Holdco
LLC,
First
Lien,
Amendment
No.
7
Replacement
USD
CME
Term
Loan
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
8/20/32
...................................
United
States
328,939
329,953
Cimpress
USA,
Inc.,
First
Lien,
2024-2
Refinancing
CME
Term
Loan,
B1
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
5/17/28
.......
Ireland
460,434
461,299
f
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
2/01/29
.....
Canada
413,321
413,321
OPENLANE,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan
,
6.365
%
,
(
3-month
SOFR
+
2.5
%
),
10/01/32
..............
United
States
250,000
250,469
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Commercial
Services
&
Supplies
(continued)
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.934
%
,
(
3-month
SOFR
+
4
%
),
3/06/28
.......................
United
States
131,898
$
107,431
1,562,473
a
a
a
a
a
a
Communications
Equipment
0.0%
†
i
Viavi
Solutions,
Inc.,
First
Lien,
CME
Term
Loan
,
6.171
%
,
(
3-month
SOFR
+
2.5
%
),
10/18/32
.....................
United
States
173,010
173,587
Construction
&
Engineering
0.0%
†
i
Radar
Bidco
SARL,
First
Lien,
CME
Term
Loan,
B3
,
6.896
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/31
.....................
Luxembourg
290,932
291,902
Consumer
Finance
0.0%
†
i
Neon
Maple
US
Debt
Mergersub,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.216
%
,
(
1-month
SOFR
+
2.5
%
),
11/17/31
......
United
States
500,927
497,616
Consumer
Staples
Distribution
&
Retail
0.0%
†
i
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan
,
7.206
%
,
(
3-month
SOFR
+
3.5
%
),
8/30/32
..........
United
Kingdom
293,238
294,643
i
Containers
&
Packaging
0.1%
BradyPlus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.19
%
,
(
3-month
SOFR
+
3.5
%
),
12/29/32
...............
United
States
500,000
497,915
Charter
Next
Generation,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
11/29/30
.............
United
States
397,065
397,782
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
578,374
576,208
f
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
B
,
7.413
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
8,160
8,130
f
Graham
Packaging
Co.,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.691
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
.............
United
States
64,389
64,412
Kleopatra
Finco
SARL,
First
Lien,
Debtor-In-Possession
Roll-Up
CME
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
...
Luxembourg
669,054
601,032
Kleopatra
Finco
SARL,
First
Lien,
USD
Debtor-In-Possession
CME
Term
Loan
Term
Loan
,
6.675
%
,
(
1-month
SOFR
+
3
%
),
8/07/26
.........................................
Luxembourg
444,696
399,484
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
9.044
%
,
(
6-month
SOFR
+
4.75
%
),
2/12/26
.......
Luxembourg
1,390,971
222,555
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
9/30/32
.........
United
States
309,100
310,356
3,077,874
a
a
a
a
a
a
i
Distributors
0.0%
†
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
D
,
5.69
%
,
(
3-month
SOFR
+
2
%
),
7/27/28
...............................
United
States
453,446
455,006
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
11/30/30
...........
United
States
521,881
512,161
967,167
a
a
a
a
a
a
i
Electric
Utilities
0.0%
†
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.68
%
,
(
1-month
SOFR
+
2
%
),
9/30/31
.................
United
States
546,310
546,414
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Electric
Utilities
(continued)
Astoria
Energy
LLC,
First
Lien,
Advance
CME
Term
Loan,
B
,
6.463
%
,
(
1-month
SOFR
+
2.75%;
3-month
SOFR
+
2.75%
),
6/16/32
.........................................
United
States
171,175
$
171,910
718,324
a
a
a
a
a
a
i
Electrical
Equipment
0.0%
†
Indicor
LLC,
First
Lien,
Dollar
CME
Term
Loan,
D
,
6.422
%
,
(
3-month
SOFR
+
2.75
%
),
11/22/29
....................
United
States
485,689
486,241
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.161
%
,
(
3-month
SOFR
+
2.5
%
),
10/01/32
..............
United
States
182,189
182,690
668,931
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
0.0%
†
i
Project
Aurora
US
Finco,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
6.49
%
,
(
3-month
SOFR
+
2.75
%
),
9/30/32
...............
United
States
35,608
35,720
Energy
Equipment
&
Services
0.0%
†
i
Star
Holding
LLC,
First
Lien,
CME
Term
Loan,
B
,
8.172
%
,
(
1-month
SOFR
+
4.5
%
),
7/18/31
......................
United
States
397,859
391,344
Entertainment
0.0%
†
i
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.536
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
685,221
666,511
i
Financial
Services
0.0%
†
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.172
%
,
(
3-month
SOFR
+
3.5
%
),
8/16/32
...............
United
States
484,044
480,944
Speed
Midco
3
SARL,
First
Lien,
USD
CME
Term
Loan,
B
,
6.288
%
,
(
6-month
SOFR
+
2.5
%
),
10/01/32
..............
Luxembourg
182,749
183,434
664,378
a
a
a
a
a
a
i
Food
Products
0.0%
†
Aspire
Bakeries
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
12/23/30
................
United
States
272,978
274,741
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
10/28/32
....................
United
States
272,641
273,596
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4
,
6.285
%
,
(
6-month
SOFR
+
2.25
%
),
9/30/31
..............
United
Kingdom
375,332
375,174
923,511
a
a
a
a
a
a
i
Ground
Transportation
0.1%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan
,
6.868
%
,
(
3-month
SOFR
+
3
%
),
5/21/31
.......
United
Kingdom
87,536
87,304
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
230,201
230,249
First
Student
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
6.172
%
,
(
3-month
SOFR
+
2.5
%
),
8/15/30
......................
United
States
42,121
42,095
f
Hertz
Corp.
(The),
First
Lien,
Initial
CME
Term
Loan,
B
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/30/28
......................
United
States
208,340
178,102
f
Hertz
Corp.
(The),
First
Lien,
Initial
CME
Term
Loan,
C
,
7.286
%
,
(
1-month
SOFR
+
3.5
%
),
6/30/28
......................
United
States
41,114
35,147
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/25/29
......
United
States
447,727
444,033
WWEX
Uni
Topco
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
7/26/28
............
United
States
370,180
370,645
1,387,575
a
a
a
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Health
Care
Equipment
&
Supplies
0.1%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/15/31
.........
United
States
594,698
$
599,902
f
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.755
%
,
(
12-month
SOFR
+
2.25
%
),
1/14/33
............................
United
States
500,000
496,970
1,096,872
a
a
a
a
a
a
i
Health
Care
Providers
&
Services
0.1%
Medical
Solutions
Holdings,
Inc.,
First
Lien,
CME
Term
Loan
,
7.267
%
,
(
3-month
SOFR
+
3.5
%
),
11/01/28
..............
United
States
638,471
143,257
Pacific
Dental
Services,
Inc.,
First
Lien,
CME
Term
Loan
,
6.175
%
,
(
1-month
SOFR
+
2.5
%
),
3/17/31
......................
United
States
401,737
402,211
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan
,
8.172
%
,
(
3-month
SOFR
+
4.5
%
),
4/16/32
......................
United
States
249,375
213,839
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/21/31
......................
United
States
344,759
344,681
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
12/19/30
.....
United
States
57,631
57,786
US
Anesthesia
Partners,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.814
%
,
(
1-month
SOFR
+
4
%
),
10/02/28
................
United
States
473,545
474,140
1,635,914
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
i
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B
,
6.45
%
,
(
1-month
SOFR
+
2.75
%
),
5/01/31
............................
United
States
310,926
288,579
i
Hotels,
Restaurants
&
Leisure
0.1%
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
5.922
%
,
(
1-month
SOFR
+
2.25
%
),
2/06/30
...
United
States
300,132
298,913
Dave
&
Buster's,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
7.125
%
,
(
3-month
SOFR
+
3.25
%
),
6/29/29
.......
United
States
321,443
300,111
Flynn
Restaurant
Group
LP,
First
Lien,
2025
CME
Term
Loan
,
7.422
%
,
(
1-month
SOFR
+
3.75
%
),
1/28/32
..............
United
States
639,028
639,827
Golden
State
Foods
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.672
%
,
(
3-month
SOFR
+
4
%
),
12/04/31
................
United
States
209,221
210,033
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.445
%
,
(
3-month
SOFR
+
4.75
%
),
11/01/29
.............
Canada
522,990
512,858
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
CME
Term
Loan.
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
8/03/28
........
United
States
621,685
621,877
2,583,619
a
a
a
a
a
a
i
Household
Durables
0.1%
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B
,
6.773
%
,
(
3-month
SOFR
+
3
%
),
7/31/28
..........
United
States
494,825
495,570
Bingo
Holdings
I
LLC,
First
Lien,
CME
Term
Loan
,
8.422
%
,
(
3-month
SOFR
+
4.75
%
),
6/11/32
.....................
United
States
498,750
491,892
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
3-month
SOFR
+
3
%
),
1/16/32
.......................
Netherlands
503,213
502,794
1,490,256
a
a
a
a
a
a
Household
Products
0.0%
†
f,i
Lavender
Dutch
BorrowerCo
BV,
First
Lien,
USD
CME
Term
Loan,
B
,
6.935
%
,
(
3-month
SOFR
+
3.25
%
),
12/02/32
......
Netherlands
204,255
205,192
i
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.422
%
,
(
1-month
SOFR
+
1.75
%
),
7/31/30
...................................
United
States
300,000
300,714
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B
,
6.353
%
,
(
3-month
SOFR
+
2.5
%
),
12/11/31
...
United
States
133,184
$
133,455
434,169
a
a
a
a
a
a
i
Insurance
0.1%
Acrisure
LLC,
First
Lien,
2025
Refinancing
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
6/21/32
..............
United
States
290,511
290,813
Acrisure
LLC,
First
Lien,
CME
Term
Loan,
B6
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
11/06/30
..............................
United
States
280,293
279,838
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10
,
7.772
%
,
(
1-month
SOFR
+
4
%
),
8/21/28
.......................
United
States
236,529
237,120
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11
,
8.022
%
,
(
1-month
SOFR
+
4.25
%
),
8/21/28
.....................
United
States
86,299
86,542
Broadstreet
Partners
Group
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
6/16/31
........
United
States
739,875
736,804
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
7/31/31
..
United
States
429,053
428,015
2,059,132
a
a
a
a
a
a
i
IT
Services
0.0%
†
Kaseya,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/22/32
...............................
United
States
744,375
719,021
MH
Sub
I
LLC
(Micro
Holding
Corp.),
First
Lien,
CME
Term
Loan
,
7.922
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
..............
United
States
150,166
136,759
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan
,
7.922
%
,
(
1-month
SOFR
+
4.25
%
),
12/31/31
.............
United
States
101,643
83,565
939,345
a
a
a
a
a
a
i
Machinery
0.0%
†
f
Columbus
McKinnon
Corp.,
First
Lien,
CME
Term
Loan,
B
,
6.924
%
,
(
12-month
SOFR
+
3.5
%
),
1/21/33
..............
United
States
72,404
72,042
Tiger
Acquisition
LLC,
First
Lien,
Refinancing
Initial
CME
Term
Loan
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
8/23/32
..........
United
States
103,646
103,624
175,666
a
a
a
a
a
a
i
Media
0.1%
f
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
CME
Term
Loan,
B1
,
8.163
%
,
(
3-month
SOFR
+
4.25
%
),
10/28/27
..........
United
States
299,096
253,816
Cengage
Learning,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.263
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
3/24/31
....................................
United
States
492,525
492,678
Wasserman
Media
Group
LLC,
First
Lien,
Refinancing
CME
Term
Loan
,
6.2
%
,
(
1-month
SOFR
+
2.5
%
),
6/23/32
............
United
States
256,500
256,820
1,003,314
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
i
Starwood
Property
Mortgage
LLC,
First
Lien,
CME
Term
Loan,
B5
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
1/02/30
.............
United
States
247,506
247,816
i
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
7.316
%
,
(
1-month
SOFR
+
3.5
%
),
11/09/29
.....................
United
States
447,692
447,294
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
518,809
519,782
967,076
a
a
a
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
5.918
%
,
(
3-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
291,802
$
292,410
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
5.418
%
,
(
3-month
SOFR
+
1.75
%
),
10/15/31
.............
United
States
422,611
425,651
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.673
%
,
(
1-month
SOFR
+
2
%
),
2/24/31
.......................
United
States
262,158
262,922
980,983
a
a
a
a
a
a
Pharmaceuticals
0.0%
†
i
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan
,
6.173
%
,
(
1-month
SOFR
+
2.5
%
),
12/04/31
.....
United
States
249,375
249,532
Professional
Services
0.0%
†
i
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.672
%
,
(
1-month
SOFR
+
2
%
),
5/30/31
...............................
United
States
278,984
280,263
Semiconductors
&
Semiconductor
Equipment
0.0%
†
i
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan
,
6.783
%
,
(
12-month
SOFR
+
3.1
%
),
2/01/29
.............................
United
States
497,423
492,324
Software
0.1%
i
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6
,
6.172
%
,
(
1-month
SOFR
+
2.5
%
),
6/08/28
......................
United
States
570,366
571,079
i
Central
Parent
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
6.922
%
,
(
3-month
SOFR
+
3.25
%
),
7/06/29
.........
United
States
376,499
303,082
i
Clover
Holdings
2
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.674
%
,
(
1-month
SOFR
+
4
%
),
12/09/31
......................
United
States
147,343
145,132
f,i
Dawn
Bidco
LLC,
First
Lien,
CME
Term
Loan
,
6.759
%
,
(
12-month
SOFR
+
3
%
),
8/20/32
...............................
United
States
500,000
487,187
i
KnowBe4,
Inc.,
First
Lien,
CME
Term
Loan
,
7.417
%
,
(
3-month
SOFR
+
3.75
%
),
7/23/32
............................
United
States
281,250
271,406
i
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.672
%
,
(
1-month
SOFR
+
3
%
),
3/01/29
...............................
United
States
383,455
340,795
i
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan
,
6.591
%
,
(
3-month
SOFR
+
2.75
%
),
11/15/32
.............
United
States
118,483
117,743
i
Relativity
Intermediate
Holdco
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.167
%
,
(
12-month
SOFR
+
2.75
%
),
1/14/33
...........
United
States
277,778
276,042
f,i
Tuple
US
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.261
%
,
(
12-month
SOFR
+
3.75
%
),
1/14/33
....................
United
States
246,520
244,055
a,e
WorkCapital
BSD
SARL,
Term
Loan
,
6.5
%
,
1/01/38
..........
Luxembourg
20,000,000
—
2,756,521
a
a
a
a
a
a
i
Specialty
Retail
0.2%
Evergreen
Acqco
1
LP,
First
Lien,
Initial
CME
Term
Loan
,
6.701
%
,
(
3-month
SOFR
+
3
%
),
9/17/32
.......................
United
States
408,422
409,954
a,g
GNC
Holdings,
Inc.,
Second
Lien,
CME
Term
Loan
,
PIK,
9.772
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
......................
United
States
3,017,872
2,263,404
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.922
%
,
(
1-month
SOFR
+
3.25
%
),
1/23/32
..............
United
States
440,564
441,170
RealTruck
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.536
%
,
(
1-month
SOFR
+
3.75
%
),
1/31/28
.....................
United
States
615,193
481,161
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C
,
6.966
%
,
(
1-month
SOFR
+
3.25
%
),
10/19/29
.............
United
States
520,033
519,754
4,115,443
a
a
a
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
i
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.354
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
366,887
$
329,373
Trading
Companies
&
Distributors
0.0%
†
i
Herc
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.424
%
,
(
1-month
SOFR
+
1.75
%
),
7/02/32
.....................
United
States
464,164
465,712
Water
Utilities
0.0%
†
i
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.438
%
,
(
1-month
SOFR
+
2.75
%
),
10/01/32
.............
United
States
124,304
124,848
Total
Senior
Floating
Rate
Interests
(Cost
$
70,056,379
)
........................
46,104,327
k
Marketplace
Loans
0.2%
a
Financial
Services
0.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
11,006,095
)
..................................
3,924,933
Foreign
Government
and
Agency
Securities
2.7%
d
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.25
%
,
5/09/28
.
Angola
1,560,000
1,574,146
d
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
1,140,000
1,178,250
d
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
1,660,000
EUR
1,856,214
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
........................
Brazil
3,100,000
2,969,645
Senior
Bond
,
6
%
,
10/20/33
...........................
Brazil
720,000
729,432
d
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
3/05/37
......................
Bulgaria
530,000
523,905
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
...................
Bulgaria
1,230,000
EUR
1,505,828
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,360,000
1,387,540
Colombia
Government
Bond
,
Senior
Bond
,
8
%
,
11/14/35
...........................
Colombia
780,000
834,522
Senior
Note
,
4.5
%
,
11/26/30
..........................
Colombia
1,030,000
EUR
1,205,728
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
.........................................
Mexico
2,000,000
1,809,687
d
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3.75
%
,
1/15/31
.........................................
Chile
1,570,000
1,514,642
d
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
1/25/27
...................
Dominican
Republic
1,520,000
1,541,280
Senior
Bond
,
Reg
S,
4.875
%
,
9/23/32
..................
Dominican
Republic
1,630,000
1,564,360
d
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,100,000
1,118,777
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
800,000
719,393
d
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
1,440,000
1,515,474
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
1,430,000
1,540,625
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
1,700,000
1,758,237
d
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.6
%
,
6/13/36
....................
Guatemala
2,200,000
2,356,706
Senior
Note
,
144A,
7.05
%
,
10/04/32
....................
Guatemala
710,000
777,716
d
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,680,000
1,713,858
d
Indonesia
Government
Bond
,
Senior
Bond
,
Reg
S,
4.35
%
,
1/08/27
.........................................
Indonesia
1,570,000
1,579,283
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
2,050,000
2,030,816
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Kazakhstan
Government
Bond
,
Senior
Bond
,
Reg
S,
4.714
%
,
4/09/35
.........................................
Kazakhstan
1,890,000
$
1,863,689
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
1,760,000
1,563,936
d
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
1,290,000
EUR
1,573,925
d
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
1,450,000
1,544,355
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
1,370,000
1,512,000
d
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
3.849
%
,
6/28/33
.........................................
Paraguay
2,950,000
2,775,950
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
2,520,000
2,331,882
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
830,000
829,179
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
1,460,000
1,525,792
d
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
1,690,000
1,644,680
d
Romania
Government
Bond
,
Senior
Bond
,
Reg
S,
5.625
%
,
2/22/36
..................
Romania
1,960,000
EUR
2,376,836
Senior
Note
,
Reg
S,
3
%
,
2/27/27
......................
Romania
1,990,000
1,963,329
d
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
1,880,000
1,949,924
South
Africa
Government
Bond
,
Senior
Bond
,
4.85
%
,
9/27/27
.........................
South
Africa
1,470,000
1,483,928
Senior
Bond
,
5.875
%
,
4/20/32
........................
South
Africa
1,530,000
1,570,479
d
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
1,500,000
1,509,485
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
3,160,000
3,166,131
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
1/23/31
....
Uruguay
2,660,000
2,691,787
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
6.9
%
,
2/28/32
Uzbekistan
1,400,000
1,508,018
Total
Foreign
Government
and
Agency
Securities
(Cost
$
68,885,171
)
............
70,691,369
U.S.
Government
and
Agency
Securities
16.2%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
7,700,000
6,174,632
U.S.
Treasury
Bonds
,
3.875
%,
2/15/43
..................................
United
States
19,000,000
17,039,141
4.125
%,
8/15/44
..................................
United
States
18,500,000
16,923,887
2.5
%,
5/15/46
....................................
United
States
40,450,000
28,003,724
2.875
%,
5/15/49
..................................
United
States
55,250,000
39,505,908
4.25
%,
8/15/54
...................................
United
States
134,700,000
121,187,906
4.75
%,
8/15/55
...................................
United
States
1,105,000
1,081,001
U.S.
Treasury
Notes
,
4
%,
2/15/26
.....................................
United
States
23,000,000
23,001,747
2.375
%,
4/30/26
..................................
United
States
100,000
99,686
3.625
%,
5/15/26
..................................
United
States
3,500,000
3,499,542
4.375
%,
8/15/26
..................................
United
States
12,100,000
12,146,675
1.875
%,
2/28/27
..................................
United
States
48,200,000
47,363,964
3.875
%,
11/30/27
.................................
United
States
43,700,000
43,961,176
2.875
%,
5/15/28
..................................
United
States
37,000,000
36,453,672
4.5
%,
5/31/29
....................................
United
States
6,930,000
7,113,807
4.375
%,
11/30/30
.................................
United
States
24,000,000
24,609,375
Total
U.S.
Government
and
Agency
Securities
(Cost
$
437,652,062
)
..............
428,165,843
Asset-Backed
Securities
7.5%
Financial
Services
7.5%
d
,i
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.497
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
1,312,434
1,322,465
d
,i
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.848
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
5,100,000
5,107,064
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
,i
Ares
LXV
CLO
Ltd.
,
2022-65A
,
A1R
,
144A,
FRN
,
4.788
%
,
(
3-month
SOFR
+
1.12
%
),
7/25/34
.
....................
United
States
9,900,000
$
9,920,516
d
,i
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.819
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
5,200,000
5,205,192
d
,i
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.919
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
4,132,000
4,137,831
d
,i
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1R
,
144A,
FRN
,
4.768
%
,
(
3-month
SOFR
+
1.1
%
),
4/19/34
.
...............
United
States
12,470,000
12,498,413
d
BRAVO
Residential
Funding
Trust
,
2024-CES1
,
A1A
,
144A,
6.377
%
,
4/25/54
................
United
States
2,708,856
2,749,444
i
2025-HE1
,
A1
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
...................................
United
States
2,828,706
2,836,942
d
,i
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-2RA
,
B
,
144A,
FRN
,
5.938
%
,
(
3-month
SOFR
+
2.087
%
),
5/15/31
.
........
United
States
580,000
581,927
d
,i
CIFC
Funding
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.084
%
,
(
3-month
SOFR
+
1.412
%
),
7/15/36
.
...........................
United
States
6,090,000
6,097,556
d
Compass
Datacenters
Issuer
II
LLC
,
2024-2A
,
A1
,
144A,
5.022
%
,
8/25/49
...................
United
States
1,191,000
1,193,971
2025-1A
,
A1
,
144A,
5.316
%
,
5/25/50
...................
United
States
1,279,000
1,289,885
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
..................
United
States
6,207,000
6,187,550
d
,i
Dryden
53
CLO
Ltd.
,
2017-53A
,
AR
,
144A,
FRN
,
4.672
%
,
(
3-month
SOFR
+
1
%
),
1/15/31
.
.......................
United
States
3,734,802
3,740,130
d
,i
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR3
,
144A,
FRN
,
4.712
%
,
(
3-month
SOFR
+
1.04
%
),
4/14/34
.
....................
United
States
12,600,000
12,608,305
d
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
..................
United
States
2,055,838
2,069,408
2025-FL2
,
A1
,
144A,
5.053
%
,
11/25/55
.................
United
States
1,759,021
1,766,545
l
2025-HE4
,
A
,
144A,
FRN
,
5.408
%
,
7/25/55
..............
United
States
5,021,213
5,098,694
l
2025-HE5
,
A
,
144A,
FRN
,
5.285
%
,
8/25/55
..............
United
States
1,478,494
1,496,256
d
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2
,
A1
,
144A,
5.18
%
,
9/25/55
..................
United
States
2,279,458
2,293,982
i
2025-HE1
,
A1
,
144A,
FRN
,
5.247
%
,
(
30-day
SOFR
Average
+
1.55
%
),
10/25/55
..................................
United
States
3,266,660
3,286,945
d
Home
Partners
of
America
Trust
,
2021-2
,
B
,
144A,
2.302
%
,
12/17/26
....................
United
States
11,868,960
11,646,986
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.....................
United
States
4,274,649
4,028,636
d
J.P.
Morgan
Mortgage
Trust
,
2024-CES1
,
A1A
,
144A,
5.919
%
,
6/25/54
................
United
States
1,027,702
1,038,509
l
2025-CES2
,
A1
,
144A,
FRN
,
5.592
%
,
6/25/55
............
United
States
3,100,717
3,138,152
i
2025-HE3
,
A1
,
144A,
FRN
,
5.053
%
,
(
30-day
SOFR
Average
+
1.35
%
),
3/20/56
...................................
United
States
1,768,575
1,777,446
d
,i
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R
,
144A,
FRN
,
5.422
%
,
(
3-month
SOFR
+
1.75
%
),
1/15/36
.
............................
Jersey
3,800,000
3,813,248
d
,i
LCM
34
Ltd.
,
34A
,
A1R
,
144A,
FRN
,
4.848
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
.................................
United
States
10,900,000
10,912,877
d
,i
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
5.534
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
.................................
United
States
2,065,763
2,070,647
d
,i
MidOcean
Credit
CLO
XVIII
LLC
,
2025-18A
,
A1
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.17
%
),
10/18/35
.
..............
United
States
10,000,000
10,022,231
d
,i
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR
,
144A,
FRN
,
4.921
%
,
(
3-month
SOFR
+
1.25
%
),
7/23/36
.
....
Jersey
1,820,000
1,824,283
d
,i
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
4.904
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
.............
United
States
581,481
582,059
d
,i
Octagon
Investment
Partners
45
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.822
%
,
(
3-month
SOFR
+
1.15
%
),
4/15/35
.
.........
United
States
7,180,000
7,194,268
d
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
1,227,000
1,229,362
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
,f
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
4,974,000
$
5,002,756
d
,i
Trinitas
CLO
XVIII
Ltd.
,
2021-18A
,
A1R
,
144A,
FRN
,
4.888
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
10,000,000
10,020,943
d
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
3,263,981
3,281,250
d
,i
Venture
45
CLO
Ltd.
,
2022-45A
,
A1R
,
144A,
FRN
,
4.94
%
,
(
3-month
SOFR
+
1.27
%
),
7/20/35
.
....................
Jersey
13,000,000
13,030,758
d
,i
Voya
CLO
Ltd.
,
2013-2A
,
A2AR
,
144A,
FRN
,
5.33
%
,
(
3-month
SOFR
+
1.662
%
),
4/25/31
..................................
United
States
2,200,000
2,206,567
2013-2A
,
BR
,
144A,
FRN
,
5.78
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.........................................
United
States
5,770,000
5,797,815
2016-1A
,
BR
,
144A,
FRN
,
5.729
%
,
(
3-month
SOFR
+
2.062
%
),
1/20/31
.........................................
United
States
590,000
592,733
2019-3A
,
AR
,
144A,
FRN
,
5.009
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
........................................
United
States
1,636,463
1,641,919
d
,i
Wind
River
CLO
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.9
%
,
(
3-month
SOFR
+
1.23
%
),
1/20/35
.
............................
United
States
6,500,000
6,514,130
198,856,596
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
198,736,910
)
............................
198,856,596
Commercial
Mortgage-Backed
Securities
5.6%
Financial
Services
5.5%
l
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.199
%
,
9/15/48
..............................
United
States
2,600,000
2,568,395
l
,m
BANK
,
2020-BN26
,
XA
,
IO,
FRN
,
1.19
%
,
3/15/63
...........
United
States
26,538,896
954,238
l
BANK5
Trust
,
d,m
2025-5YR13
,
XA
,
IO,
144A,
FRN
,
1.062
%
,
1/15/58
.........
United
States
49,393,261
1,875,097
m
2025-5YR14
,
XA
,
IO,
FRN
,
0.983
%
,
4/15/58
.............
United
States
50,138,503
1,857,817
2025-5YR18
,
AS
,
FRN
,
5.466
%
,
12/15/58
...............
United
States
3,758,000
3,852,457
l
,m
BBCMS
Mortgage
Trust
,
2024-5C31
,
XA
,
IO,
FRN
,
1.061
%
,
12/15/57
..............
United
States
38,515,247
1,396,309
2025-5C33
,
XA
,
IO,
FRN
,
0.817
%
,
3/15/58
...............
United
States
53,558,526
1,572,767
Benchmark
Mortgage
Trust
,
2019-B13
,
A2
,
2.889
%
,
8/15/57
.......................
United
States
5,285,807
5,113,882
l,m
2020-B20
,
XA
,
IO,
FRN
,
1.523
%
,
10/15/53
...............
United
States
36,846,548
1,765,745
l,m
2020-B22
,
XA
,
IO,
FRN
,
1.489
%
,
1/15/54
................
United
States
26,336,305
1,547,187
l,m
2024-V12
,
XA
,
IO,
FRN
,
0.847
%
,
12/15/57
...............
United
States
51,022,156
1,568,304
l,m
2025-V13
,
XA
,
IO,
FRN
,
0.914
%
,
2/15/58
................
United
States
46,939,000
1,441,032
l,m
2025-V14
,
XA
,
IO,
FRN
,
0.768
%
,
4/15/57
................
United
States
78,348,317
2,235,693
l
2025-V19
,
AS
,
FRN
,
5.597
%
,
1/15/58
...................
United
States
3,779,000
3,908,249
l
,m
BMO
Mortgage
Trust
,
2024-5C8
,
XA
,
IO,
FRN
,
1.021
%
,
12/15/57
...............
United
States
47,153,872
1,704,188
2025-5C9
,
XA
,
IO,
FRN
,
0.707
%
,
4/15/58
................
United
States
73,087,024
1,953,960
d
,i
BX
Commercial
Mortgage
Trust
,
2022-LP2
,
A
,
144A,
FRN
,
4.693
%
,
(
1-month
SOFR
+
1.013
%
),
2/15/39
.............
United
States
1,390,003
1,390,263
d
BX
Trust
,
l
2025-ARIA
,
C
,
144A,
FRN
,
5.517
%
,
12/13/42
.............
United
States
5,210,000
5,300,911
i
2025-VOLT
,
A
,
144A,
FRN
,
5.38
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
1,834,000
1,845,704
CFCRE
Commercial
Mortgage
Trust
,
2016-C6
,
B
,
3.804
%
,
11/10/49
........................
United
States
3,371,000
3,203,388
2016-C7
,
A3
,
3.839
%
,
12/10/54
.......................
United
States
2,540,000
2,524,974
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
l
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
3,326,000
$
3,268,569
Citigroup
Commercial
Mortgage
Trust
,
2016-C3
,
A4
,
3.154
%
,
11/15/49
.......................
United
States
6,526,137
6,470,335
2016-P4
,
A2
,
2.45
%
,
7/10/49
.........................
United
States
1,618,597
1,616,749
COMM
Mortgage
Trust
,
d
2012-CR3
,
B
,
144A,
3.922
%
,
10/15/45
..................
United
States
3,404,473
3,323,777
2014-CR17
,
B
,
4.377
%
,
5/10/47
.......................
United
States
2,634,330
2,608,810
d,l
2014-LC15
,
D
,
144A,
FRN
,
4.809
%
,
4/10/47
.............
United
States
2,546,584
2,509,475
l
2015-CR26
,
B
,
FRN
,
4.613
%
,
10/10/48
.................
United
States
2,202,085
2,175,363
l
2015-LC19
,
C
,
FRN
,
4.426
%
,
2/10/48
..................
United
States
1,149,940
1,121,993
l
,m
CSAIL
Commercial
Mortgage
Trust
,
2021-C20
,
XA
,
IO,
FRN
,
0.988
%
,
3/15/54
...................................
United
States
39,334,339
1,460,795
d
,l
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.56
%
,
11/10/42
...................................
United
States
3,422,000
3,404,685
GS
Mortgage
Securities
Trust
,
d,l
2013-GC13
,
AS
,
144A,
FRN
,
3.858
%
,
7/10/46
............
United
States
1,049,476
1,036,751
l
2014-GC24
,
B
,
FRN
,
4.497
%
,
9/10/47
..................
United
States
3,481,000
3,385,762
2016-GS2
,
A4
,
3.05
%
,
5/10/49
........................
United
States
1,150,000
1,147,411
2016-GS3
,
A3
,
2.592
%
,
10/10/49
......................
United
States
6,061,269
6,029,792
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-JP2
,
AS
,
3.056
%
,
8/15/49
.......................
United
States
2,684,000
2,606,641
2016-JP3
,
AS
,
3.144
%
,
8/15/49
.......................
United
States
3,990,000
3,903,446
l
2016-JP3
,
B
,
FRN
,
3.397
%
,
8/15/49
....................
United
States
1,368,000
1,291,641
JPMBB
Commercial
Mortgage
Securities
Trust
,
d,l
2014-C19
,
F
,
144A,
FRN
,
3.75
%
,
4/15/47
................
United
States
3,949,192
3,872,369
2016-C1
,
A5
,
3.576
%
,
3/17/49
........................
United
States
737,033
735,733
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
l
2013-C10
,
B
,
FRN
,
3.952
%
,
7/15/46
...................
United
States
3,235,228
3,091,439
l
2013-C10
,
C
,
FRN
,
3.952
%
,
7/15/46
...................
United
States
4,935,000
4,595,092
l
2013-C9
,
B
,
FRN
,
3.708
%
,
5/15/46
....................
United
States
3,029,143
2,950,560
l
2013-C9
,
C
,
FRN
,
3.706
%
,
5/15/46
....................
United
States
3,888,000
3,646,564
l,m
2025-5C1
,
XA
,
IO,
FRN
,
1.156
%
,
3/15/58
................
United
States
39,341,726
1,636,270
2025-5C2
,
AS
,
5.384
%
,
11/15/58
......................
United
States
4,968,000
5,077,687
l
Morgan
Stanley
Capital
I
Trust
,
2018-H3
,
AS
,
FRN
,
4.429
%
,
7/15/51
...................
United
States
2,265,000
2,252,956
m
2021-L5
,
XA
,
IO,
FRN
,
1.261
%
,
5/15/54
.................
United
States
36,986,315
1,595,061
d
,l
NYC
Commercial
Mortgage
Trust
,
2025-28L
,
A
,
144A,
FRN
,
4.668
%
,
11/05/38
..................................
United
States
4,200,000
4,223,202
d
,l
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
2,750,000
2,787,390
Wells
Fargo
Commercial
Mortgage
Trust
,
2018-C46
,
AS
,
4.382
%
,
8/15/51
.......................
United
States
2,363,000
2,342,464
l,m
2025-5C3
,
XA
,
IO,
FRN
,
0.814
%
,
1/15/58
................
United
States
41,743,957
1,229,105
2025-5C4
,
AS
,
6.093
%
,
5/15/58
.......................
United
States
3,517,000
3,697,161
l
WFRBS
Commercial
Mortgage
Trust
,
2014-C21
,
B
,
FRN
,
4.213
%
,
8/15/47
...................
United
States
2,314,972
2,272,232
2014-C23
,
B
,
FRN
,
4.278
%
,
10/15/57
...................
United
States
1,881,000
1,824,246
144,772,086
a
a
a
a
a
a
Retail
REITs
0.1%
d
,l
Fashion
Show
Mall
LLC
,
2024-SHOW
,
A
,
144A,
FRN
,
5.274
%
,
10/10/41
........................................
United
States
2,962,000
3,017,282
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
146,580,383
)
.............
147,789,368
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
41.2%
n
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
6,749
$
6,890
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.8%
FHLMC
Gold
Pool,
20
Year
,
5
%,
5/01/27
-
5/01/30
...........
United
States
38,950
39,377
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
10/01/40
...............
United
States
29,096
29,264
FHLMC
Gold
Pool,
30
Year
,
5
%,
3/01/34
-
2/01/38
...........
United
States
154,366
157,132
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
6/01/33
-
6/01/36
.........
United
States
260,224
269,799
FHLMC
Gold
Pool,
30
Year
,
6
%,
6/01/33
-
6/01/37
...........
United
States
122,415
127,715
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
11/01/27
-
6/01/36
........
United
States
24,641
26,002
FHLMC
Gold
Pool,
30
Year
,
7
%,
8/01/32
..................
United
States
1,134
1,186
FHLMC
Gold
Pool,
30
Year
,
7.5
%,
1/01/31
................
United
States
943
980
FHLMC
Pool,
30
Year
,
2
%,
3/01/52
......................
United
States
30,700,082
25,006,282
FHLMC
Pool,
30
Year
,
4
%,
6/01/52
......................
United
States
31,849,489
30,562,354
FHLMC
Pool,
30
Year
,
4.5
%,
8/01/52
.....................
United
States
21,617,189
21,278,669
FHLMC
Pool,
30
Year
,
5.5
%,
11/01/52
....................
United
States
21,910,112
22,337,782
99,836,542
n
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA
,
6.05
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
.
United
States
24,948
25,673
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
28.5%
FNMA,
15
Year
,
2.5
%,
7/01/27
.........................
United
States
14,284
14,136
FNMA,
20
Year
,
4.5
%,
3/01/28
.........................
United
States
2,357
2,355
FNMA,
20
Year
,
5
%,
3/01/28
-
6/01/31
....................
United
States
60,984
61,586
FNMA,
30
Year
,
2
%,
4/01/52
...........................
United
States
93,515,333
76,156,677
FNMA,
30
Year
,
3
%,
9/01/48
-
9/01/51
....................
United
States
13,125,760
11,796,870
FNMA,
30
Year
,
3.5
%,
8/01/52
.........................
United
States
30,447,132
28,397,487
FNMA,
30
Year
,
4
%,
2/01/49
...........................
United
States
6,527,006
6,386,212
FNMA,
30
Year
,
4.5
%,
2/01/41
.........................
United
States
96,772
97,219
FNMA,
30
Year
,
5
%,
10/01/35
..........................
United
States
196,701
201,401
FNMA,
30
Year
,
5
%,
4/01/53
...........................
United
States
21,076,649
21,166,321
FNMA,
30
Year
,
5.5
%,
9/01/33
-
12/01/35
.................
United
States
285,513
294,588
FNMA,
30
Year
,
6
%,
6/01/34
-
5/01/38
....................
United
States
532,779
552,004
FNMA,
30
Year
,
6
%,
8/01/53
...........................
United
States
18,532,747
19,084,951
FNMA,
30
Year
,
6.5
%,
3/01/28
-
10/01/37
.................
United
States
80,411
84,434
FNMA,
30
Year
,
7.5
%,
10/01/29
.........................
United
States
1,038
1,068
o
Uniform
Mortgage-Backed
Securities
,
1.5
%
,
TBA,
2/25/56
.....
United
States
15,910,000
12,299,515
o
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
2/25/56
......
United
States
7,099,000
5,760,879
o
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
2/25/56
.....
United
States
110,861,000
94,119,351
o
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
2/25/56
......
United
States
51,901,000
46,010,215
o
Uniform
Mortgage-Backed
Securities
,
5.5
%
,
TBA,
2/25/56
.....
United
States
395,590,000
401,154,670
o
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
2/25/56
......
United
States
29,040,000
29,740,900
753,382,839
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
8.9%
GNMA
I,
Single-family,
30
Year
,
5
%,
6/15/34
-
7/15/34
........
United
States
24,058
24,434
GNMA
I,
Single-family,
30
Year
,
5.5
%,
2/15/33
-
6/15/36
......
United
States
120,504
122,701
GNMA
I,
Single-family,
30
Year
,
6
%,
8/15/36
...............
United
States
5,364
5,636
GNMA
I,
Single-family,
30
Year
,
7.5
%,
5/15/27
..............
United
States
70
71
o
GNMA
II,
Single-family,
30
Year
,
2
%,
2/15/56
...............
United
States
34,310,000
28,543,703
o
GNMA
II,
Single-family,
30
Year
,
2.5
%,
2/15/56
.............
United
States
14,570,000
12,622,413
o
GNMA
II,
Single-family,
30
Year
,
3.5
%,
2/15/56
.............
United
States
19,960,000
18,288,574
o
GNMA
II,
Single-family,
30
Year
,
4.5
%,
2/15/56
.............
United
States
23,000,000
22,463,668
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
11/20/33
.......
United
States
48,722
49,687
o
GNMA
II,
Single-family,
30
Year
,
5
%,
2/15/56
...............
United
States
18,439,000
18,438,936
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/34
.............
United
States
26,341
27,295
o
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/15/56
.............
United
States
27,833,000
28,141,367
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year
,
6
%,
11/20/34
..............
United
States
29,185
$
30,812
o
GNMA
II,
Single-family,
30
Year
,
6
%,
3/15/56
...............
United
States
81,518,000
83,102,258
GNMA
II,
Single-family,
30
Year
,
6.5
%,
7/20/28
-
12/20/31
.....
United
States
14,190
14,839
o
GNMA
II,
Single-family,
30
Year
,
6.5
%,
2/15/56
.............
United
States
23,635,000
24,443,382
GNMA
II,
Single-family,
30
Year
,
7.5
%,
4/20/32
.............
United
States
4,151
4,249
236,324,025
Total
Mortgage-Backed
Securities
(Cost
$
1,084,626,482
)
.......................
1,089,575,969
Residential
Mortgage-Backed
Securities
2.7%
Financial
Services
2.7%
d
,i
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.547
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,675,000
2,763,999
d
BRAVO
Residential
Funding
Trust
,
l
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
.................
United
States
1,784,058
1,724,812
2023-NQM6
,
A1
,
144A,
6.602
%
,
9/25/63
................
United
States
872,563
878,980
2024-NQM3
,
A1
,
144A,
6.191
%
,
3/25/64
................
United
States
826,798
837,583
d
,i
Chase
Home
Lending
Mortgage
Trust
,
2025-3
,
A11
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
....................................
United
States
1,993,608
2,003,123
2025-7
,
A11
,
144A,
FRN
,
5.097
%
,
(
30-day
SOFR
Average
+
1.4
%
),
5/25/56
....................................
United
States
1,737,587
1,747,851
d
,l
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
................
United
States
383,714
369,523
2019-INV2
,
A3
,
144A,
FRN
,
4
%
,
5/25/49
................
United
States
1,141,652
1,086,987
d
,i
Citigroup
Mortgage
Loan
Trust
,
2025-4
,
A28
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
10/25/55
...............
United
States
1,764,124
1,772,401
d
Cross
Mortgage
Trust
,
2024-H1
,
A1
,
144A,
6.085
%
,
12/25/68
..
United
States
646,463
652,732
d
,i
FHLMC
STACR
REMIC
Trust
,
2025-DNA1
,
A1
,
144A,
FRN
,
4.647
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
1,911,555
1,914,909
2025-DNA3
,
M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
..................................
United
States
3,257,324
3,264,705
i
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01
,
1M2
,
FRN
,
10.562
%
,
(
30-day
SOFR
Average
+
6.864
%
),
8/25/28
..................................
United
States
223,104
224,116
d
2025-R01
,
1M1
,
144A,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
1/25/45
....................................
United
States
1,330,224
1,333,298
d
2025-R02
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/45
.....................................
United
States
1,196,130
1,197,722
d
2025-R03
,
2A1
,
144A,
FRN
,
5.147
%
,
(
30-day
SOFR
Average
+
1.45
%
),
3/25/45
...................................
United
States
1,596,287
1,605,956
d
2025-R04
,
1A1
,
144A,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
5/25/45
.....................................
United
States
1,454,584
1,456,643
d
,i
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8
,
A27
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
.....
United
States
864,582
870,246
d
,i
Home
Re
Ltd.
,
2026-1
,
M1C
,
144A,
FRN
,
7.078
%
,
(
30-day
SOFR
Average
+
2.6
%
),
1/25/36
............................
United
States
978,000
985,629
d
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
612,118
620,025
d
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
1,779,285
1,775,001
d
J.P.
Morgan
Mortgage
Trust
,
l
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
.................
United
States
3,180,171
2,875,101
2025-VIS2
,
A2
,
144A,
5.638
%
,
12/25/55
.................
United
States
2,996,129
3,026,390
d
,l
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
897,000
906,278
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d
,l
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
3,392,436
$
3,352,654
d
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1
,
A1
,
144A,
6.152
%
,
12/25/68
..........................
United
States
1,860,203
1,880,064
d
OBX
Trust
,
l
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
................
United
States
903,624
819,646
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
................
United
States
1,650,428
1,667,096
2024-NQM2
,
A1
,
144A,
5.878
%
,
12/25/63
...............
United
States
1,070,493
1,079,755
2024-NQM3
,
A1
,
144A,
6.129
%
,
12/25/63
...............
United
States
1,360,671
1,376,852
2024-NQM8
,
A1
,
144A,
6.233
%
,
5/25/64
................
United
States
2,238,359
2,271,715
i
2025-J2
,
AF
,
144A,
FRN
,
4.997
%
,
(
30-day
SOFR
Average
+
1.3
%
),
9/25/55
....................................
United
States
3,438,020
3,454,455
d
,l
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
2,476,823
2,429,709
d
,l
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
1,414,349
1,393,411
d
,i
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
5.047
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
543,992
546,610
d
,l
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,454,475
1,312,415
d
,l
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
1,234,573
1,084,250
d
,l
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
8,048,516
7,346,276
d
,i
Radian
Mortgage
Capital
Trust
,
2025-J3
,
A25
,
144A,
FRN
,
5.197
%
,
(
30-day
SOFR
Average
+
1.5
%
),
12/25/55
........
United
States
2,534,716
2,551,572
d
,i
Sequoia
Mortgage
Trust
,
2025-8
,
A26F
,
144A,
FRN
,
5.097
%
,
(
30-
day
SOFR
Average
+
1.4
%
),
9/25/55
...................
United
States
1,907,519
1,916,735
d
Verus
Securitization
Trust
,
2023-6
,
A1
,
144A,
6.665
%
,
9/25/68
....................
United
States
425,114
428,977
2024-4
,
A1
,
144A,
6.218
%
,
6/25/69
....................
United
States
1,398,796
1,419,781
72,225,983
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
73,838,777
)
...............
72,225,983
Agency
Commercial
Mortgage-Backed
Securities
4.5%
Financial
Services
4.5%
m
FHLMC
,
4988
,
LI
,
IO,
4
%
,
7/25/50
............................
United
States
26,045,401
6,107,766
5052
,
KI
,
IO,
4
%
,
12/25/50
...........................
United
States
19,749,221
4,037,732
5070
,
HI
,
IO,
3.5
%
,
2/25/51
..........................
United
States
29,698,472
5,551,120
5125
,
IL
,
IO,
4.5
%
,
11/15/47
..........................
United
States
22,806,330
4,820,266
5147
,
NI
,
IO,
3
%
,
10/25/46
...........................
United
States
67,542,154
9,688,436
5164
,
IC
,
IO,
4
%
,
11/25/51
...........................
United
States
23,032,697
4,805,943
5187
,
EI
,
IO,
4.5
%
,
1/25/52
..........................
United
States
12,204,601
2,810,663
5206
,
IV
,
IO,
4
%
,
1/25/50
............................
United
States
31,887,056
5,227,232
5365
,
IO,
2.5
%
,
7/25/51
.............................
United
States
47,429,471
7,563,601
5529
,
EI
,
IO,
4.5
%
,
11/25/51
.........................
United
States
19,301,686
4,258,099
FNMA
,
m
2021-12
,
MI
,
IO,
3
%
,
3/25/51
.........................
United
States
15,887,316
3,019,338
i
2024-105
,
KF
,
FRN
,
4.697
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/55
.........................................
United
States
9,593,286
9,665,219
i
2024-87
,
FB
,
FRN
,
4.797
%
,
(
30-day
SOFR
Average
+
1.1
%
),
12/25/54
........................................
United
States
9,445,715
9,512,389
m
GNMA
,
2019-137
,
PI
,
IO,
3.5
%
,
11/20/49
......................
United
States
29,570,843
5,826,039
2020-151
,
MI
,
IO,
2.5
%
,
10/20/50
......................
United
States
28,538,167
4,115,834
2022-78
,
IO,
3
%
,
8/20/51
............................
United
States
23,588,456
4,017,234
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
m
GNMA,
(continued)
2023-168
,
IE
,
IO,
3
%
,
11/20/51
.......................
United
States
34,367,037
$
5,672,647
2023-171
,
IO,
3
%
,
2/20/51
...........................
United
States
15,211,068
2,541,114
2023-40
,
CI
,
IO,
2
%
,
10/20/50
........................
United
States
21,365,745
2,162,387
2024-79
,
IN
,
IO,
3
%
,
11/20/51
........................
United
States
22,678,584
4,854,253
2025-173
,
DI
,
IO,
3
%
,
8/20/51
........................
United
States
25,966,776
4,355,540
2025-25
,
IG
,
IO,
4.5
%
,
12/20/52
.......................
United
States
11,229,372
2,281,185
2025-5
,
IO,
3.5
%
,
4/20/51
...........................
United
States
27,107,913
5,175,012
118,069,049
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
117,738,644
)
......
118,069,049
Municipal
Bonds
0.1%
California
0.1%
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
4.62
%,
8/15/32
.........................................
United
States
1,710,000
1,273,078
Total
Municipal
Bonds
(Cost
$
1,274,087
)
.....................................
1,273,078
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
620,001
10,119
b
Mesquite
Energy,
Inc.,
Escrow
Account
...................
United
States
6,000,000
30,300
Total
Escrows
and
Litigation
Trusts
(Cost
$
5,707,489
)
.........................
40,419
Total
Long
Term
Investments
(Cost
$
3,368,038,399
)
...........................
3,306,765,268
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.1%
Puts
-
Over-the-Counter
Currency
Options
0.0%
†
Foreign
Exchange
EUR/JPY
,
Counterparty
JPHQ
,
March
Strike
Price
181.05
JPY
,
Expires
3/16/26
.....................
1
81,743,000
EUR
746,013
Interest
Rate
Swaptions
0.1%
Receive
Floating
1-day
SOFR
,
Pay
Fixed
3.753%
,
Counterparty
CITI
,
Expires
3/18/26
...............................
1
234,507,000
3,142,762
3,888,775
Total
Options
Purchased
(Cost
$
4,016,639
)
...................................
3,888,775
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
Short
Term
Investments
4.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.7%
p,q
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
123,763,960
$
123,763,960
Total
Money
Market
Funds
(Cost
$
123,763,960
)
...............................
123,763,960
Total
Short
Term
Investments
(Cost
$
123,763,960
)
.............................
123,763,960
a
Total
Investments
(Cost
$
3,495,818,998
)
129.9
%
..............................
$3,434,418,003
TBA
Sale
Commitments
(
7.0
)
%
..............................................
(
184,000,387
)
Options
Written
(
0.1
)
%
.....................................................
(3,490,377)
Other
Assets,
less
Liabilities
(
22.8
)
%
........................................
(604,070,643)
Net
Assets
100.0%
.........................................................
$2,642,856,596
a
a
a
Principal
Amount
*
r
TBA
Sale
Commitments
(7.0)%
Mortgage-Backed
Securities
(7.0)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(7.0)%
Uniform
Mortgage-Backed
Securities
,
3.5
%
,
TBA,
2/25/56
................................
United
States
(5,811,000)
(
5,375,562
)
4
%
,
TBA,
2/25/56
..................................
United
States
(17,250,000)
(
16,476,596
)
4.5
%
,
TBA,
2/25/56
................................
United
States
(139,000,000)
(
136,199,296
)
5
%
,
TBA,
2/25/56
..................................
United
States
(25,950,000)
(
25,948,933
)
(184,000,387)
Total
TBA
Sale
Commitments
(Proceeds
$
(
184,559,504
)
)
.......................
$(184,000,387)
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Puts
-
Over-the-Counter
Currency
Options
(0.0)%
†
Foreign
Exchange
EUR/JPY
,
Counterparty
JPHQ
,
March
Strike
Price
176.45
JPY
,
Expires
3/16/26
.....................
1
81,743,000
EUR
(
273,772
)
Interest
Rate
Swaptions
(0.1)%
Receive
Floating
1-day
SOFR
,
Pay
Fixed
3.401%
,
Counterparty
CITI
,
Expires
3/18/26
...............................
1
(404,707,000)
(
3,216,605
)
(
3,490,377
)
Total
Options
Written
(Premiums
received
$
3,133,661
)
.........................
$
(
3,490,377
)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$851,175,113,
representing
32.2%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
The
rate
shown
represents
the
yield
at
period
end.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
k
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(MBS
margin).
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
p
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
r
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
,
At
January
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.2%
Block,
Inc.
a
8147240.SQ.FTS.B
,
4
.783
%
,
3/03/26
....
$
1,016
$
866
a
8152425.SQ.FTS.B
,
6
.667
%
,
3/04/26
....
155
92
a,b
8155930.SQ.FTS.B
,
5
.114
%
,
3/05/26
....
1,954
1,046
a
8158885.SQ.FTS.B
,
5
.92
%
,
3/05/26
.....
1,084
604
a,b
8162440.SQ.FTS.B
,
6
.421
%
,
3/07/26
....
6,964
176
a,b
8163826.SQ.FTS.B
,
6
.4
%
,
3/08/26
......
676
336
a,b
8165084.SQ.FTS.B
,
5
.41
%
,
3/09/26
.....
11,638
242
a
8166378.SQ.FTS.B
,
6
.148
%
,
3/09/26
....
137
110
a,b
8164934.SQ.FTS.B
,
6
.159
%
,
3/09/26
....
1,203
25
a,b
8165043.SQ.FTS.B
,
6
.348
%
,
3/09/26
....
1,256
543
a
8167762.SQ.FTS.B
,
5
.105
%
,
3/10/26
....
367
295
a,b
8177398.SQ.FTS.B
,
4
.779
%
,
3/12/26
....
7,486
4,475
a,b
8178539.SQ.FTS.B
,
4
.78
%
,
3/12/26
.....
9,322
251
a,b
8181148.SQ.FTS.B
,
5
.628
%
,
3/13/26
....
3,454
50
a
8180916.SQ.FTS.B
,
6
.346
%
,
3/13/26
....
696
361
a
8185295.SQ.FTS.B
,
5
.101
%
,
3/15/26
....
536
359
a,b
8185861.SQ.FTS.B
,
6
.336
%
,
3/15/26
....
900
471
a,b
8187056.SQ.FTS.B
,
4
.779
%
,
3/16/26
....
28,289
17,519
a
8190366.SQ.FTS.B
,
5
.119
%
,
3/17/26
....
689
549
a
8190913.SQ.FTS.B
,
5
.418
%
,
3/17/26
....
403
341
a,b
8193726.SQ.FTS.B
,
5
.114
%
,
3/18/26
....
14,703
547
a
8203270.SQ.FTS.B
,
5
.413
%
,
3/20/26
....
2,259
1,512
a
8205825.SQ.FTS.B
,
5
.614
%
,
3/20/26
....
435
254
a,b
8205976.SQ.FTS.B
,
5
.912
%
,
3/20/26
....
3,833
1,816
a,b
8205369.SQ.FTS.B
,
6
.329
%
,
3/20/26
....
1,746
14
a
8205642.SQ.FTS.B
,
6
.42
%
,
3/20/26
.....
827
677
a,b
8204610.SQ.FTS.B
,
6
.682
%
,
3/20/26
....
2,461
57
a,b
8206989.SQ.FTS.B
,
6
.551
%
,
3/21/26
....
2,066
1,265
a
8210538.SQ.FTS.B
,
4
.96
%
,
3/23/26
.....
1,768
1,119
a
8209672.SQ.FTS.B
,
5
.41
%
,
3/23/26
.....
2,777
2,167
a,b
8209177.SQ.FTS.B
,
6
.148
%
,
3/23/26
....
4,860
115
a
8209660.SQ.FTS.B
,
6
.394
%
,
3/23/26
....
72
53
a
8213268.SQ.FTS.B
,
4
.958
%
,
3/24/26
....
2,070
1,250
a
8215602.SQ.FTS.B
,
4
.784
%
,
3/25/26
....
803
612
a
8217705.SQ.FTS.B
,
5
.107
%
,
3/25/26
....
839
735
a
8216882.SQ.FTS.B
,
5
.66
%
,
3/25/26
.....
4,829
3,095
a,b
8216590.SQ.FTS.B
,
6
.314
%
,
3/25/26
....
1,287
34
a
8223240.SQ.FTS.B
,
6
.146
%
,
3/26/26
....
202
176
a,b
8221997.SQ.FTS.B
,
6
.536
%
,
3/26/26
....
342
159
a
8226398.SQ.FTS.B
,
5
.627
%
,
3/27/26
....
522
340
a
8227883.SQ.FTS.B
,
5
.913
%
,
3/27/26
....
5,296
4,082
a
8228042.SQ.FTS.B
,
4
.779
%
,
3/28/26
....
10,298
6,586
a
8228286.SQ.FTS.B
,
5
.635
%
,
3/28/26
....
1,206
711
a
8237680.SQ.FTS.B
,
4
.956
%
,
4/01/26
....
14,004
7,697
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8239718.SQ.FTS.B
,
4
.924
%
,
4/02/26
....
$
149
$
3
a
8246946.SQ.FTS.B
,
5
.409
%
,
4/03/26
....
3,935
3,358
a,b
8247535.SQ.FTS.B
,
6
.552
%
,
4/03/26
....
1,830
43
a
8248806.SQ.FTS.B
,
6
.675
%
,
4/03/26
....
10,218
5,691
a
8250977.SQ.FTS.B
,
4
.778
%
,
4/04/26
....
2,958
2,209
a
8250191.SQ.FTS.B
,
6
.334
%
,
4/04/26
....
452
203
a
8255354.SQ.FTS.B
,
4
.958
%
,
4/07/26
....
655
200
a
8255421.SQ.FTS.B
,
5
.41
%
,
4/07/26
.....
7,188
4,535
a
8277202.SQ.FTS.B
,
5
.113
%
,
4/11/26
....
3,861
2,413
a
8276869.SQ.FTS.B
,
5
.114
%
,
4/11/26
....
6,524
5,328
a,b
8283179.SQ.FTS.B
,
5
.117
%
,
4/15/26
....
6,353
135
a
8281860.SQ.FTS.B
,
5
.408
%
,
4/15/26
....
3,357
1,924
a
8284751.SQ.FTS.B
,
5
.63
%
,
4/15/26
.....
851
341
a
8284791.SQ.FTS.B
,
5
.66
%
,
4/15/26
.....
692
361
a
8283828.SQ.FTS.B
,
6
.324
%
,
4/15/26
....
1,780
620
a,b
8287641.SQ.FTS.B
,
5
.112
%
,
4/16/26
....
4,543
158
a,b
8287420.SQ.FTS.B
,
5
.909
%
,
4/16/26
....
2,138
52
a
8286678.SQ.FTS.B
,
6
.164
%
,
4/16/26
....
33
31
a,b
8288479.SQ.FTS.B
,
6
.326
%
,
4/16/26
....
5,431
83
a,b
8286845.SQ.FTS.B
,
6
.411
%
,
4/16/26
....
1,221
27
a
8287565.SQ.FTS.B
,
6
.414
%
,
4/16/26
....
892
644
a,b
8286690.SQ.FTS.B
,
6
.534
%
,
4/16/26
....
1,636
36
a
8298055.SQ.FTS.B
,
4
.78
%
,
4/18/26
.....
1,294
979
a
8298827.SQ.FTS.B
,
5
.41
%
,
4/19/26
.....
4,740
2,602
a
8299881.SQ.FTS.B
,
4
.782
%
,
4/20/26
....
3,740
3,138
a
8299665.SQ.FTS.B
,
6
.663
%
,
4/20/26
....
318
228
a
8304334.SQ.FTS.B
,
5
.409
%
,
4/21/26
....
2,705
1,884
a,b
8301755.SQ.FTS.B
,
6
.326
%
,
4/21/26
....
4,584
96
a,b
8304151.SQ.FTS.B
,
6
.673
%
,
4/21/26
....
2,265
53
a
8304649.SQ.FTS.B
,
6
.325
%
,
4/22/26
....
2,215
1,027
a
8308031.SQ.FTS.B
,
4
.776
%
,
4/23/26
....
540
518
a
8317207.SQ.FTS.B
,
5
.412
%
,
4/24/26
....
856
817
a
8318235.SQ.FTS.B
,
5
.646
%
,
4/25/26
....
1,525
513
a,b
8319657.SQ.FTS.B
,
5
.66
%
,
4/25/26
.....
16,368
327
a
8322385.SQ.FTS.B
,
4
.78
%
,
4/27/26
.....
1,555
1,233
a
8322107.SQ.FTS.B
,
6
.54
%
,
4/27/26
.....
1,215
748
a
8323377.SQ.FTS.B
,
6
.552
%
,
4/28/26
....
1,053
833
a
8329865.SQ.FTS.B
,
5
.114
%
,
4/29/26
....
10,272
8,847
a
8327713.SQ.FTS.B
,
5
.413
%
,
4/29/26
....
1,392
1,081
a
8333141.SQ.FTS.B
,
4
.966
%
,
4/30/26
....
181
125
a
8333158.SQ.FTS.B
,
5
.115
%
,
4/30/26
....
1,222
1,155
a
8334093.SQ.FTS.B
,
5
.635
%
,
4/30/26
....
5,166
3,447
a
8339406.SQ.FTS.B
,
6
.152
%
,
4/30/26
....
3,703
2,975
a,b
8339247.SQ.FTS.B
,
6
.673
%
,
4/30/26
....
8,515
115
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8340531.SQ.FTS.B
,
5
.409
%
,
5/01/26
....
$
23,669
$
16,567
a
8344345.SQ.FTS.B
,
6
.329
%
,
5/02/26
....
2,248
1,252
a
8344398.SQ.FTS.B
,
6
.359
%
,
5/02/26
....
155
97
a
8345584.SQ.FTS.B
,
6
.415
%
,
5/03/26
....
1,848
717
a,b
8348402.SQ.FTS.B
,
4
.952
%
,
5/04/26
....
409
283
a
8347538.SQ.FTS.B
,
5
.115
%
,
5/04/26
....
2,175
1,849
a,b
8347967.SQ.FTS.B
,
5
.117
%
,
5/04/26
....
3,507
1,624
a
8348640.SQ.FTS.B
,
5
.66
%
,
5/04/26
.....
971
703
a,b
8349157.SQ.FTS.B
,
6
.327
%
,
5/04/26
....
5,772
110
a
8352758.SQ.FTS.B
,
4
.78
%
,
5/05/26
.....
55,299
40,308
a
8351752.SQ.FTS.B
,
6
.422
%
,
5/05/26
....
5,095
3,876
a
8350374.SQ.FTS.B
,
6
.554
%
,
5/05/26
....
2
1
a
8362642.SQ.FTS.B
,
5
.113
%
,
5/07/26
....
5,745
4,383
a
8360828.SQ.FTS.B
,
5
.66
%
,
5/07/26
.....
10,417
6,021
a
8361678.SQ.FTS.B
,
6
.141
%
,
5/07/26
....
727
455
a
8361761.SQ.FTS.B
,
6
.152
%
,
5/07/26
....
2,450
1,642
a
8363676.SQ.FTS.B
,
6
.176
%
,
5/07/26
....
14
13
a,b
8367859.SQ.FTS.B
,
4
.78
%
,
5/08/26
.....
2,964
87
a
8367817.SQ.FTS.B
,
4
.954
%
,
5/08/26
....
1,406
738
a
8368633.SQ.FTS.B
,
5
.675
%
,
5/09/26
....
573
438
a
8368496.SQ.FTS.B
,
6
.151
%
,
5/09/26
....
1,193
1,035
a,b
8370594.SQ.FTS.B
,
5
.615
%
,
5/11/26
....
265
88
a
8370406.SQ.FTS.B
,
6
.154
%
,
5/11/26
....
740
659
a,b
8370392.SQ.FTS.B
,
6
.301
%
,
5/11/26
....
311
118
a,b
8370612.SQ.FTS.B
,
6
.42
%
,
5/11/26
.....
4,659
71
a
8373109.SQ.FTS.B
,
5
.402
%
,
5/12/26
....
153
148
a,b
8373458.SQ.FTS.B
,
5
.912
%
,
5/12/26
....
2,826
1,041
a,b
8373052.SQ.FTS.B
,
6
.141
%
,
5/12/26
....
2,470
49
a
8372657.SQ.FTS.B
,
6
.154
%
,
5/12/26
....
5,240
3,144
a,b
8373371.SQ.FTS.B
,
6
.321
%
,
5/12/26
....
3,913
78
a
8374700.SQ.FTS.B
,
6
.424
%
,
5/12/26
....
4,218
2,341
a,b
8376661.SQ.FTS.B
,
4
.956
%
,
5/13/26
....
1,560
30
a,b
8376230.SQ.FTS.B
,
5
.66
%
,
5/13/26
.....
4,232
48
a
8380787.SQ.FTS.B
,
4
.781
%
,
5/14/26
....
495
474
a,b
8381919.SQ.FTS.B
,
4
.965
%
,
5/14/26
....
1,506
23
a
8383275.SQ.FTS.B
,
5
.404
%
,
5/14/26
....
1,371
1,153
a,b
8382098.SQ.FTS.B
,
6
.149
%
,
5/14/26
....
8,174
173
a,b
8383353.SQ.FTS.B
,
6
.15
%
,
5/14/26
.....
37,881
518
a,b
8382493.SQ.FTS.B
,
6
.55
%
,
5/14/26
.....
10,128
113
a
8385298.SQ.FTS.B
,
5
.66
%
,
5/15/26
.....
714
673
a
8387911.SQ.FTS.B
,
4
.781
%
,
5/16/26
....
2,605
1,720
a
8388466.SQ.FTS.B
,
5
.125
%
,
5/16/26
....
906
448
a
8388312.SQ.FTS.B
,
5
.427
%
,
5/16/26
....
773
571
a,b
8392372.SQ.FTS.B
,
4
.78
%
,
5/18/26
.....
3,862
111
a,b
8391986.SQ.FTS.B
,
5
.112
%
,
5/18/26
....
5,055
2,730
a
8390042.SQ.FTS.B
,
5
.66
%
,
5/18/26
.....
1,387
978
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8390639.SQ.FTS.B
,
6
.427
%
,
5/18/26
....
$
136
$
114
a,b
8396180.SQ.FTS.B
,
4
.959
%
,
5/19/26
....
1,271
22
a
8396115.SQ.FTS.B
,
5
.115
%
,
5/19/26
....
1,034
930
a
8395941.SQ.FTS.B
,
6
.146
%
,
5/19/26
....
2,109
921
a
8396223.SQ.FTS.B
,
6
.152
%
,
5/19/26
....
4,829
3,745
a,b
8398764.SQ.FTS.B
,
5
.66
%
,
5/20/26
.....
21,029
429
a
8406914.SQ.FTS.B
,
6
.547
%
,
5/21/26
....
6,971
4,077
a
8407557.SQ.FTS.B
,
4
.78
%
,
5/22/26
.....
3,139
2,941
a
8412573.SQ.FTS.B
,
4
.784
%
,
5/22/26
....
3,885
2,732
a,b
8408339.SQ.FTS.B
,
6
.551
%
,
5/22/26
....
5,451
50
a
8414495.SQ.FTS.B
,
4
.781
%
,
5/24/26
....
3,851
3,032
a
8417488.SQ.FTS.B
,
5
.112
%
,
5/25/26
....
595
571
a,b
8418827.SQ.FTS.B
,
5
.409
%
,
5/25/26
....
63,980
841
a
8422169.SQ.FTS.B
,
5
.663
%
,
5/26/26
....
5,765
4,209
a
8424605.SQ.FTS.B
,
5
.911
%
,
5/26/26
....
5,522
2,502
a
8423665.SQ.FTS.B
,
6
.152
%
,
5/26/26
....
9,763
8,447
a
8432444.SQ.FTS.B
,
4
.78
%
,
5/28/26
.....
17,320
15,569
a
8431777.SQ.FTS.B
,
5
.663
%
,
5/28/26
....
328
323
a
8431678.SQ.FTS.B
,
6
.153
%
,
5/28/26
....
1,536
1,315
a,b
8435782.SQ.FTS.B
,
4
.943
%
,
5/29/26
....
1,958
37
a
8436467.SQ.FTS.B
,
4
.962
%
,
5/29/26
....
942
324
a
8435257.SQ.FTS.B
,
5
.917
%
,
5/29/26
....
1,285
1,140
a
8437080.SQ.FTS.B
,
5
.112
%
,
5/30/26
....
1,177
1,148
a
8440181.SQ.FTS.B
,
5
.639
%
,
6/02/26
....
1,646
495
a
8439564.SQ.FTS.B
,
5
.908
%
,
6/02/26
....
883
419
a,b
8439931.SQ.FTS.B
,
6
.559
%
,
6/02/26
....
1,480
490
a
8444430.SQ.FTS.B
,
5
.666
%
,
6/03/26
....
1,127
1,018
a,b
8445397.SQ.FTS.B
,
6
.325
%
,
6/03/26
....
12,637
158
a
8448998.SQ.FTS.B
,
6
.334
%
,
6/03/26
....
132
113
a
8452856.SQ.FTS.B
,
4
.769
%
,
6/04/26
....
169
166
a,b
8451575.SQ.FTS.B
,
5
.409
%
,
6/04/26
....
20,874
11,952
a
8449424.SQ.FTS.B
,
6
.419
%
,
6/04/26
....
1,282
816
a,b
8458127.SQ.FTS.B
,
5
.114
%
,
6/05/26
....
19,354
321
a
8457102.SQ.FTS.B
,
6
.428
%
,
6/05/26
....
2,683
1,646
a
8461445.SQ.FTS.B
,
4
.78
%
,
6/06/26
.....
6,047
5,852
a
8463921.SQ.FTS.B
,
4
.948
%
,
6/06/26
....
951
331
a,b
8463484.SQ.FTS.B
,
6
.672
%
,
6/06/26
....
9,869
123
a
8467646.SQ.FTS.B
,
6
.657
%
,
6/08/26
....
1,127
309
a
8470542.SQ.FTS.B
,
5
.114
%
,
6/09/26
....
10,593
7,262
a,b
8471165.SQ.FTS.B
,
5
.635
%
,
6/09/26
....
18,441
358
a,b
8470455.SQ.FTS.B
,
6
.325
%
,
6/09/26
....
984
21
a
8468131.SQ.FTS.B
,
6
.42
%
,
6/09/26
.....
3,537
2,794
a
8474537.SQ.FTS.B
,
4
.78
%
,
6/10/26
.....
4,473
4,345
a
8475672.SQ.FTS.B
,
5
.115
%
,
6/10/26
....
445
438
a
8476774.SQ.FTS.B
,
6
.326
%
,
6/10/26
....
583
369
a
8480113.SQ.FTS.B
,
6
.533
%
,
6/11/26
....
397
279
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8485153.SQ.FTS.B
,
4
.78
%
,
6/12/26
.....
$
1,073
$
879
a
8485124.SQ.FTS.B
,
4
.953
%
,
6/12/26
....
101
77
a
8488063.SQ.FTS.B
,
4
.957
%
,
6/12/26
....
1,250
592
a,b
8485522.SQ.FTS.B
,
6
.42
%
,
6/12/26
.....
13,205
245
a
8490498.SQ.FTS.B
,
4
.78
%
,
6/13/26
.....
175
174
a
8490622.SQ.FTS.B
,
4
.781
%
,
6/13/26
....
7,059
6,551
a
8489971.SQ.FTS.B
,
5
.113
%
,
6/13/26
....
2,155
2,011
a
8492444.SQ.FTS.B
,
5
.11
%
,
6/14/26
.....
1,617
1,532
a
8494017.SQ.FTS.B
,
6
.424
%
,
6/15/26
....
435
395
a
8497694.SQ.FTS.B
,
5
.11
%
,
6/16/26
.....
2,540
2,336
a
8495866.SQ.FTS.B
,
5
.409
%
,
6/16/26
....
1,863
1,783
a
8496689.SQ.FTS.B
,
6
.15
%
,
6/16/26
.....
2,723
946
a
8506309.SQ.FTS.B
,
4
.778
%
,
6/18/26
....
3,114
2,574
a
8503138.SQ.FTS.B
,
6
.415
%
,
6/18/26
....
1,828
553
a,b
8512865.SQ.FTS.B
,
5
.912
%
,
6/19/26
....
21,196
523
a
8513998.SQ.FTS.B
,
4
.779
%
,
6/20/26
....
3,483
3,430
a
8517466.SQ.FTS.B
,
6
.668
%
,
6/20/26
....
379
282
a
8520522.SQ.FTS.B
,
6
.114
%
,
6/22/26
....
466
371
a
8520316.SQ.FTS.B
,
6
.442
%
,
6/22/26
....
2,627
676
a
8524499.SQ.FTS.B
,
4
.707
%
,
6/23/26
....
825
752
a,b
8523060.SQ.FTS.B
,
4
.979
%
,
6/23/26
....
1,036
12
a,b
8523082.SQ.FTS.B
,
6
.335
%
,
6/23/26
....
3,415
47
a
8525381.SQ.FTS.B
,
4
.776
%
,
6/24/26
....
3,474
2,668
a
8526175.SQ.FTS.B
,
4
.927
%
,
6/24/26
....
339
213
a
8528509.SQ.FTS.B
,
5
.031
%
,
6/24/26
....
1,004
983
a
8530766.SQ.FTS.B
,
6
.102
%
,
6/25/26
....
1,878
1,666
a,b
8530595.SQ.FTS.B
,
6
.289
%
,
6/25/26
....
11,746
193
a
8531342.SQ.FTS.B
,
4
.78
%
,
6/26/26
.....
504
503
a
8533570.SQ.FTS.B
,
5
.035
%
,
6/26/26
....
69
67
a
8533616.SQ.FTS.B
,
5
.338
%
,
6/26/26
....
1,123
927
a
8531192.SQ.FTS.B
,
5
.914
%
,
6/26/26
....
3,875
2,304
a,b
8534044.SQ.FTS.B
,
6
.448
%
,
6/26/26
....
11,141
198
a
8539477.SQ.FTS.B
,
4
.717
%
,
6/28/26
....
4,678
4,641
a
8539334.SQ.FTS.B
,
4
.78
%
,
6/28/26
.....
672
663
a,b
8539874.SQ.FTS.B
,
5
.031
%
,
6/28/26
....
8,313
101
a
8540718.SQ.FTS.B
,
5
.343
%
,
6/29/26
....
3,501
1,172
a
8546597.SQ.FTS.B
,
4
.717
%
,
6/30/26
....
883
830
a
8541256.SQ.FTS.B
,
4
.95
%
,
6/30/26
.....
208
161
a
8546235.SQ.FTS.B
,
5
.911
%
,
6/30/26
....
3,024
2,579
a
8558468.SQ.FTS.B
,
4
.715
%
,
7/03/26
....
1,698
1,381
a
8557229.SQ.FTS.B
,
4
.717
%
,
7/03/26
....
6,417
6,371
a,b
8557100.SQ.FTS.B
,
4
.945
%
,
7/03/26
....
2,142
25
a
8560945.SQ.FTS.B
,
5
.904
%
,
7/05/26
....
854
650
a
8591105.SQ.FTS.B
,
4
.719
%
,
7/06/26
....
432
431
a
8586236.SQ.FTS.B
,
5
.029
%
,
7/06/26
....
1,999
1,789
a,b
8590354.SQ.FTS.B
,
5
.348
%
,
7/06/26
....
2,989
39
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8592557.SQ.FTS.B
,
6
.095
%
,
7/06/26
....
$
2,028
$
45
a
8593881.SQ.FTS.B
,
4
.717
%
,
7/07/26
....
1,022
993
a,b
8596048.SQ.FTS.B
,
5
.598
%
,
7/07/26
....
15,182
399
a
8598300.SQ.FTS.B
,
4
.717
%
,
7/08/26
....
3,364
3,253
a
8598520.SQ.FTS.B
,
5
.031
%
,
7/08/26
....
6,421
5,765
a
8598846.SQ.FTS.B
,
5
.596
%
,
7/08/26
....
4,615
4,156
a,b
8603241.SQ.FTS.B
,
5
.031
%
,
7/09/26
....
5,719
1,679
a
8604154.SQ.FTS.B
,
5
.031
%
,
7/09/26
....
27,019
9,814
a
8605739.SQ.FTS.B
,
5
.621
%
,
7/09/26
....
831
345
a
8608267.SQ.FTS.B
,
4
.717
%
,
7/10/26
....
330
326
a,b
8608202.SQ.FTS.B
,
5
.66
%
,
7/10/26
.....
340
4
a
8606281.SQ.FTS.B
,
6
.097
%
,
7/10/26
....
1,637
1,295
a,b
8606413.SQ.FTS.B
,
6
.45
%
,
7/10/26
.....
5,442
91
a
8609461.SQ.FTS.B
,
5
.031
%
,
7/11/26
....
442
420
a
8609898.SQ.FTS.B
,
6
.455
%
,
7/11/26
....
1,526
1,144
a
8610388.SQ.FTS.B
,
5
.596
%
,
7/12/26
....
423
407
a
8613403.SQ.FTS.B
,
4
.717
%
,
7/13/26
....
4,980
4,760
a
8611635.SQ.FTS.B
,
4
.722
%
,
7/13/26
....
1,714
1,280
a
8614012.SQ.FTS.B
,
5
.571
%
,
7/13/26
....
137
123
a
8612102.SQ.FTS.B
,
6
.099
%
,
7/13/26
....
2,214
1,625
a
8617158.SQ.FTS.B
,
6
.101
%
,
7/14/26
....
2,599
2,441
a
8618340.SQ.FTS.B
,
4
.95
%
,
7/15/26
.....
190
114
a
8621156.SQ.FTS.B
,
5
.347
%
,
7/15/26
....
16,525
14,841
a,b
8621035.SQ.FTS.B
,
6
.443
%
,
7/15/26
....
1,808
36
a
8626509.SQ.FTS.B
,
4
.717
%
,
7/16/26
....
3,585
3,495
a
8626992.SQ.FTS.B
,
4
.717
%
,
7/16/26
....
1,355
1,307
a
8627682.SQ.FTS.B
,
4
.721
%
,
7/16/26
....
2,495
2,352
a,b
8627433.SQ.FTS.B
,
5
.603
%
,
7/16/26
....
2,857
1,745
a
8625165.SQ.FTS.B
,
5
.64
%
,
7/16/26
.....
1,249
578
a,b
8625097.SQ.FTS.B
,
6
.081
%
,
7/16/26
....
1,551
23
a,b
8625055.SQ.FTS.B
,
6
.44
%
,
7/16/26
.....
1,294
21
a,b
8624623.SQ.FTS.B
,
6
.445
%
,
7/16/26
....
1,687
1,432
a,b
8630161.SQ.FTS.B
,
4
.928
%
,
7/17/26
....
844
11
a,b
8630113.SQ.FTS.B
,
6
.11
%
,
7/17/26
.....
3,058
37
a,b
8632209.SQ.FTS.B
,
5
.619
%
,
7/18/26
....
348
9
a
8632662.SQ.FTS.B
,
4
.718
%
,
7/19/26
....
2,517
2,504
a
8633549.SQ.FTS.B
,
4
.717
%
,
7/20/26
....
307
305
a
8633728.SQ.FTS.B
,
4
.937
%
,
7/20/26
....
882
672
a
8633413.SQ.FTS.B
,
5
.028
%
,
7/20/26
....
1,707
1,432
a
8633610.SQ.FTS.B
,
5
.918
%
,
7/20/26
....
649
494
a
8633174.SQ.FTS.B
,
6
.289
%
,
7/20/26
....
775
473
a
8634408.SQ.FTS.B
,
4
.715
%
,
7/21/26
....
3,397
3,117
a
8635256.SQ.FTS.B
,
5
.031
%
,
7/21/26
....
19,070
14,268
a
8637175.SQ.FTS.B
,
6
.289
%
,
7/21/26
....
208
180
a
8639095.SQ.FTS.B
,
5
.031
%
,
7/22/26
....
20,344
11,412
a
8640527.SQ.FTS.B
,
5
.344
%
,
7/22/26
....
2,551
2,330
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8638798.SQ.FTS.B
,
6
.099
%
,
7/22/26
....
$
5,273
$
3,810
a
8637462.SQ.FTS.B
,
6
.1
%
,
7/22/26
......
8,106
7,495
a
8640249.SQ.FTS.B
,
6
.448
%
,
7/22/26
....
2,540
1,568
a
8646278.SQ.FTS.B
,
4
.719
%
,
7/23/26
....
3,255
3,124
a
8646055.SQ.FTS.B
,
6
.094
%
,
7/23/26
....
958
877
a
8647947.SQ.FTS.B
,
5
.046
%
,
7/24/26
....
265
254
a
8649457.SQ.FTS.B
,
5
.6
%
,
7/24/26
......
712
675
a
8646799.SQ.FTS.B
,
6
.447
%
,
7/24/26
....
153
138
a
8650857.SQ.FTS.B
,
4
.717
%
,
7/25/26
....
15,546
15,286
a
8652314.SQ.FTS.B
,
6
.447
%
,
7/26/26
....
1,492
749
a,b
8659412.SQ.FTS.B
,
4
.72
%
,
7/28/26
.....
7,301
3,164
a
8656818.SQ.FTS.B
,
5
.031
%
,
7/28/26
....
3,728
2,607
a
8657901.SQ.FTS.B
,
5
.6
%
,
7/28/26
......
1,133
1,042
a
8661211.SQ.FTS.B
,
6
.499
%
,
7/28/26
....
130
85
a
8662975.SQ.FTS.B
,
4
.712
%
,
7/29/26
....
904
887
a
8665558.SQ.FTS.B
,
4
.719
%
,
7/29/26
....
3,092
2,916
a
8666384.SQ.FTS.B
,
6
.1
%
,
7/29/26
......
19,146
14,781
a,b
8662647.SQ.FTS.B
,
6
.445
%
,
7/29/26
....
3,734
92
a
8673869.SQ.FTS.B
,
4
.717
%
,
7/30/26
....
528
528
a
8673390.SQ.FTS.B
,
4
.722
%
,
7/30/26
....
858
838
a
8673280.SQ.FTS.B
,
5
.036
%
,
7/30/26
....
3,631
2,762
a
8674563.SQ.FTS.B
,
5
.344
%
,
7/30/26
....
5,177
4,058
a,b
8671964.SQ.FTS.B
,
5
.346
%
,
7/30/26
....
6,876
3,145
a
8674429.SQ.FTS.B
,
5
.617
%
,
7/30/26
....
265
251
a,b
8674744.SQ.FTS.B
,
6
.472
%
,
7/30/26
....
927
427
a
8677309.SQ.FTS.B
,
4
.719
%
,
7/31/26
....
7,869
7,071
a
8679117.SQ.FTS.B
,
5
.347
%
,
7/31/26
....
407
393
a
8678529.SQ.FTS.B
,
5
.349
%
,
7/31/26
....
575
562
a
8680247.SQ.FTS.B
,
5
.027
%
,
8/01/26
....
444
430
a
8680461.SQ.FTS.B
,
5
.031
%
,
8/01/26
....
8,682
7,598
a
8686611.SQ.FTS.B
,
4
.717
%
,
8/03/26
....
81
81
a
8684229.SQ.FTS.B
,
4
.722
%
,
8/03/26
....
1,225
1,034
a
8689297.SQ.FTS.B
,
5
.031
%
,
8/04/26
....
4,891
4,620
a
8688026.SQ.FTS.B
,
5
.912
%
,
8/04/26
....
889
826
a,b
8692180.SQ.FTS.B
,
5
.912
%
,
8/04/26
....
34,128
827
a
8689069.SQ.FTS.B
,
6
.454
%
,
8/04/26
....
728
564
a
8697405.SQ.FTS.B
,
4
.717
%
,
8/05/26
....
905
897
a
8693676.SQ.FTS.B
,
5
.031
%
,
8/05/26
....
3,437
3,186
a
8694466.SQ.FTS.B
,
5
.031
%
,
8/05/26
....
417
414
a
8697792.SQ.FTS.B
,
5
.343
%
,
8/05/26
....
5,744
1,426
a
8704218.SQ.FTS.B
,
4
.719
%
,
8/06/26
....
1,296
1,278
a
8704195.SQ.FTS.B
,
5
.612
%
,
8/06/26
....
530
492
a
8706579.SQ.FTS.B
,
5
.597
%
,
8/07/26
....
9,967
4,110
a
8712320.SQ.FTS.B
,
5
.031
%
,
8/09/26
....
433
424
a
8712364.SQ.FTS.B
,
6
.447
%
,
8/09/26
....
806
181
a
8715175.SQ.FTS.B
,
5
.361
%
,
8/10/26
....
507
466
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8713665.SQ.FTS.B
,
5
.6
%
,
8/10/26
......
$
951
$
792
a
8720364.SQ.FTS.B
,
5
.353
%
,
8/11/26
....
1,670
1,280
a
8719381.SQ.FTS.B
,
6
.102
%
,
8/11/26
....
4,412
3,814
a,b
8723059.SQ.FTS.B
,
4
.717
%
,
8/12/26
....
20,170
487
a,b
8723864.SQ.FTS.B
,
5
.627
%
,
8/12/26
....
9,920
203
a,b
8722338.SQ.FTS.B
,
5
.63
%
,
8/12/26
.....
1,713
35
a
8734581.SQ.FTS.B
,
4
.717
%
,
8/13/26
....
2,091
1,847
a
8734221.SQ.FTS.B
,
5
.907
%
,
8/13/26
....
1,546
1,228
a,b
8734472.SQ.FTS.B
,
6
.444
%
,
8/13/26
....
3,490
45
a
8738617.SQ.FTS.B
,
4
.717
%
,
8/14/26
....
700
695
a,b
8738312.SQ.FTS.B
,
6
.45
%
,
8/14/26
.....
6,129
67
a,b
8739327.SQ.FTS.B
,
6
.447
%
,
8/15/26
....
10,390
2,861
a
8740558.SQ.FTS.B
,
5
.031
%
,
8/16/26
....
23,179
573
a
8740399.SQ.FTS.B
,
5
.597
%
,
8/16/26
....
7,822
5,448
a
8741215.SQ.FTS.B
,
5
.595
%
,
8/17/26
....
6,016
3,441
a
8741832.SQ.FTS.B
,
6
.101
%
,
8/17/26
....
1,527
1,462
a
8744200.SQ.FTS.B
,
5
.342
%
,
8/18/26
....
3,135
2,100
a
8745696.SQ.FTS.B
,
5
.346
%
,
8/18/26
....
825
815
a
8744746.SQ.FTS.B
,
5
.596
%
,
8/18/26
....
1,493
1,430
a
8748954.SQ.FTS.B
,
4
.719
%
,
8/19/26
....
5,351
5,192
a
8753827.SQ.FTS.B
,
5
.346
%
,
8/20/26
....
1,964
1,829
a
8754516.SQ.FTS.B
,
5
.346
%
,
8/20/26
....
8,400
8,230
a
8757818.SQ.FTS.B
,
5
.348
%
,
8/21/26
....
5,202
4,870
a,b
8760036.SQ.FTS.B
,
5
.598
%
,
8/21/26
....
1,795
407
a
8757666.SQ.FTS.B
,
6
.102
%
,
8/21/26
....
513
416
a,b
8757027.SQ.FTS.B
,
6
.105
%
,
8/21/26
....
3,241
63
a
8762080.SQ.FTS.B
,
4
.712
%
,
8/23/26
....
1,651
1,613
a
8762148.SQ.FTS.B
,
4
.718
%
,
8/23/26
....
4,524
4,446
a
8762628.SQ.FTS.B
,
5
.031
%
,
8/23/26
....
1,910
1,877
a
8766315.SQ.FTS.B
,
4
.718
%
,
8/24/26
....
4,143
4,097
a
8763721.SQ.FTS.B
,
4
.72
%
,
8/24/26
.....
3,122
2,435
a
8767283.SQ.FTS.B
,
4
.738
%
,
8/24/26
....
195
193
a,b
8764217.SQ.FTS.B
,
5
.346
%
,
8/24/26
....
8,186
2,799
a
8771967.SQ.FTS.B
,
4
.718
%
,
8/25/26
....
10,455
10,247
a
8771205.SQ.FTS.B
,
4
.738
%
,
8/25/26
....
683
631
a
8768911.SQ.FTS.B
,
5
.031
%
,
8/25/26
....
2,454
2,423
a
8771150.SQ.FTS.B
,
5
.91
%
,
8/25/26
.....
1,171
1,131
a
8769719.SQ.FTS.B
,
6
.287
%
,
8/25/26
....
2,056
1,438
a,b
8767996.SQ.FTS.B
,
6
.447
%
,
8/25/26
....
7,938
158
a,b
8768460.SQ.FTS.B
,
6
.451
%
,
8/25/26
....
4,904
62
a
8775913.SQ.FTS.B
,
5
.031
%
,
8/26/26
....
4,405
3,150
a
8772121.SQ.FTS.B
,
5
.6
%
,
8/26/26
......
8,846
5,850
a
8775615.SQ.FTS.B
,
5
.6
%
,
8/26/26
......
2,395
2,055
a
8773308.SQ.FTS.B
,
6
.103
%
,
8/26/26
....
3,076
2,539
a
8779933.SQ.FTS.B
,
4
.729
%
,
8/27/26
....
287
282
a
8779589.SQ.FTS.B
,
5
.031
%
,
8/27/26
....
2,282
2,151
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8783977.SQ.FTS.B
,
5
.036
%
,
8/28/26
....
$
3,628
$
2,547
a,b
8784101.SQ.FTS.B
,
6
.095
%
,
8/28/26
....
1,625
24
a
8785201.SQ.FTS.B
,
6
.445
%
,
8/28/26
....
271
262
a
8786222.SQ.FTS.B
,
6
.453
%
,
8/28/26
....
1,008
228
a
8789099.SQ.FTS.B
,
6
.459
%
,
9/01/26
....
879
772
a,b
8789983.SQ.FTS.B
,
5
.031
%
,
9/02/26
....
9,342
2,370
a
8794022.SQ.FTS.B
,
4
.717
%
,
9/03/26
....
485
477
a
8794574.SQ.FTS.B
,
4
.941
%
,
9/03/26
....
190
144
a
8792611.SQ.FTS.B
,
5
.031
%
,
9/03/26
....
8,854
8,735
a
8791740.SQ.FTS.B
,
5
.594
%
,
9/03/26
....
1,368
1,329
a
8793937.SQ.FTS.B
,
6
.439
%
,
9/03/26
....
432
315
a,b
8798528.SQ.FTS.B
,
4
.937
%
,
9/04/26
....
15,760
6,536
a
8798501.SQ.FTS.B
,
5
.024
%
,
9/04/26
....
159
156
a
8797084.SQ.FTS.B
,
5
.346
%
,
9/04/26
....
2,003
1,915
a
8799571.SQ.FTS.B
,
5
.353
%
,
9/04/26
....
863
852
a
8797688.SQ.FTS.B
,
6
.1
%
,
9/04/26
......
9,215
6,070
a
8799251.SQ.FTS.B
,
6
.293
%
,
9/04/26
....
2,686
1,239
a
8797465.SQ.FTS.B
,
6
.314
%
,
9/04/26
....
398
267
a
8800909.SQ.FTS.B
,
4
.717
%
,
9/05/26
....
1,872
1,786
a,b
8803302.SQ.FTS.B
,
5
.031
%
,
9/05/26
....
7,833
164
a
8803453.SQ.FTS.B
,
6
.289
%
,
9/05/26
....
3,357
1,587
a,b
8803185.SQ.FTS.B
,
6
.448
%
,
9/05/26
....
6,688
126
a
8801255.SQ.FTS.B
,
6
.449
%
,
9/05/26
....
3,140
1,830
a
8808960.SQ.FTS.B
,
4
.711
%
,
9/06/26
....
197
196
a
8810202.SQ.FTS.B
,
4
.714
%
,
9/06/26
....
1,167
1,136
a
8808482.SQ.FTS.B
,
4
.717
%
,
9/06/26
....
2,110
2,095
a
8806298.SQ.FTS.B
,
4
.721
%
,
9/06/26
....
445
442
a,b
8808155.SQ.FTS.B
,
4
.949
%
,
9/06/26
....
713
12
a
8810619.SQ.FTS.B
,
5
.912
%
,
9/06/26
....
302
299
a
8814570.SQ.FTS.B
,
4
.719
%
,
9/07/26
....
4,385
3,879
a
8813700.SQ.FTS.B
,
5
.031
%
,
9/07/26
....
10,077
9,546
a
8811330.SQ.FTS.B
,
5
.346
%
,
9/07/26
....
27,679
24,087
a
8810676.SQ.FTS.B
,
5
.591
%
,
9/07/26
....
1,825
1,150
a
8815047.SQ.FTS.B
,
5
.345
%
,
9/08/26
....
3,438
2,364
a
8816217.SQ.FTS.B
,
4
.717
%
,
9/09/26
....
13,392
12,160
a,b
8816010.SQ.FTS.B
,
6
.452
%
,
9/09/26
....
1,906
1,186
a
8817311.SQ.FTS.B
,
4
.716
%
,
9/10/26
....
4,091
3,959
a
8817896.SQ.FTS.B
,
4
.718
%
,
9/10/26
....
4,971
4,570
a
8817802.SQ.FTS.B
,
5
.031
%
,
9/10/26
....
541
531
a
8819695.SQ.FTS.B
,
5
.342
%
,
9/10/26
....
2,286
2,011
a
8824115.SQ.FTS.B
,
4
.717
%
,
9/11/26
....
1,211
1,202
a
8824350.SQ.FTS.B
,
4
.717
%
,
9/11/26
....
7,217
6,604
a
8824912.SQ.FTS.B
,
4
.939
%
,
9/11/26
....
7,765
3,513
a
8823852.SQ.FTS.B
,
5
.027
%
,
9/11/26
....
1,910
1,357
a
8822169.SQ.FTS.B
,
5
.348
%
,
9/11/26
....
2,983
2,667
a
8822671.SQ.FTS.B
,
6
.099
%
,
9/11/26
....
2,827
676
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8827182.SQ.FTS.B
,
4
.714
%
,
9/12/26
....
$
1,779
$
1,743
a
8825752.SQ.FTS.B
,
4
.715
%
,
9/12/26
....
2,287
2,242
a
8830042.SQ.FTS.B
,
4
.721
%
,
9/12/26
....
1,239
1,219
a
8829866.SQ.FTS.B
,
6
.1
%
,
9/12/26
......
6,813
1,536
a
8837259.SQ.FTS.B
,
4
.717
%
,
9/13/26
....
1,744
1,727
a
8836466.SQ.FTS.B
,
5
.911
%
,
9/13/26
....
1,364
1,248
a
8838758.SQ.FTS.B
,
5
.918
%
,
9/13/26
....
762
683
a
8839647.SQ.FTS.B
,
4
.718
%
,
9/14/26
....
12,525
11,485
a
8843521.SQ.FTS.B
,
4
.718
%
,
9/14/26
....
8,321
8,249
a
8841697.SQ.FTS.B
,
5
.031
%
,
9/14/26
....
3,860
3,595
a
8843311.SQ.FTS.B
,
5
.344
%
,
9/14/26
....
2,288
2,184
a
8842210.SQ.FTS.B
,
5
.583
%
,
9/14/26
....
583
549
a
8845996.SQ.FTS.B
,
4
.729
%
,
9/15/26
....
1,248
1,156
a
8845787.SQ.FTS.B
,
4
.946
%
,
9/15/26
....
1,391
665
a
8844470.SQ.FTS.B
,
5
.041
%
,
9/15/26
....
734
706
a
8844260.SQ.FTS.B
,
5
.348
%
,
9/15/26
....
4,322
4,128
a,b
8846019.SQ.FTS.B
,
6
.095
%
,
9/15/26
....
1,341
25
a
8846996.SQ.FTS.B
,
5
.6
%
,
9/16/26
......
3,580
2,727
a
8848129.SQ.FTS.B
,
5
.597
%
,
9/17/26
....
7,312
6,759
a,b
8855947.SQ.FTS.B
,
5
.358
%
,
9/18/26
....
1,680
38
a
8861563.SQ.FTS.B
,
4
.717
%
,
9/19/26
....
6,661
6,393
a,b
8862132.SQ.FTS.B
,
6
.1
%
,
9/19/26
......
4,940
2,790
a
8860584.SQ.FTS.B
,
6
.277
%
,
9/19/26
....
402
363
a
8861860.SQ.FTS.B
,
6
.447
%
,
9/19/26
....
239
231
a,b
8860499.SQ.FTS.B
,
6
.455
%
,
9/19/26
....
1,554
635
a
8867824.SQ.FTS.B
,
4
.719
%
,
9/20/26
....
6,093
5,872
a
8869520.SQ.FTS.B
,
4
.719
%
,
9/20/26
....
2,264
2,220
a
8868019.SQ.FTS.B
,
4
.72
%
,
9/20/26
.....
3,626
3,533
a,b
8867817.SQ.FTS.B
,
4
.953
%
,
9/20/26
....
580
14
a
8865647.SQ.FTS.B
,
5
.031
%
,
9/20/26
....
841
807
a
8867560.SQ.FTS.B
,
5
.031
%
,
9/20/26
....
717
704
a
8869193.SQ.FTS.B
,
5
.031
%
,
9/20/26
....
902
897
a,b
8865093.SQ.FTS.B
,
5
.914
%
,
9/20/26
....
5,971
78
a
8866511.SQ.FTS.B
,
6
.289
%
,
9/20/26
....
6,099
3,536
a
8869364.SQ.FTS.B
,
6
.289
%
,
9/20/26
....
1,449
912
a
8867633.SQ.FTS.B
,
6
.295
%
,
9/20/26
....
546
500
a
8866657.SQ.FTS.B
,
6
.447
%
,
9/20/26
....
26,140
6,961
a
8871615.SQ.FTS.B
,
4
.719
%
,
9/21/26
....
2,933
2,431
a
8872963.SQ.FTS.B
,
4
.719
%
,
9/21/26
....
2,859
2,834
a
8873146.SQ.FTS.B
,
4
.719
%
,
9/21/26
....
6,142
5,927
a
8873955.SQ.FTS.B
,
4
.966
%
,
9/21/26
....
157
116
a
8869821.SQ.FTS.B
,
5
.045
%
,
9/21/26
....
414
406
a
8873449.SQ.FTS.B
,
5
.35
%
,
9/21/26
.....
2,962
2,717
a
8871698.SQ.FTS.B
,
5
.6
%
,
9/21/26
......
892
884
a,b
8870696.SQ.FTS.B
,
5
.618
%
,
9/21/26
....
1,558
18
a
8875640.SQ.FTS.B
,
6
.102
%
,
9/22/26
....
1,412
1,223
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8875536.SQ.FTS.B
,
6
.446
%
,
9/22/26
....
$
922
$
868
a
8876611.SQ.FTS.B
,
4
.717
%
,
9/23/26
....
5,425
5,351
a
8876148.SQ.FTS.B
,
4
.72
%
,
9/23/26
.....
3,072
2,849
a
8876249.SQ.FTS.B
,
5
.031
%
,
9/23/26
....
4,708
4,601
a
8878383.SQ.FTS.B
,
4
.717
%
,
9/24/26
....
339
338
a
8877024.SQ.FTS.B
,
6
.45
%
,
9/24/26
.....
1,568
1,361
a
8881432.SQ.FTS.B
,
4
.717
%
,
9/25/26
....
242
242
a
8881961.SQ.FTS.B
,
4
.717
%
,
9/25/26
....
4,401
4,112
a
8882391.SQ.FTS.B
,
4
.717
%
,
9/25/26
....
1,833
1,821
a
8883550.SQ.FTS.B
,
4
.717
%
,
9/25/26
....
28,262
27,792
a
8881760.SQ.FTS.B
,
5
.038
%
,
9/25/26
....
2,018
1,825
a
8882306.SQ.FTS.B
,
5
.595
%
,
9/25/26
....
512
501
a
8881344.SQ.FTS.B
,
6
.453
%
,
9/25/26
....
1,858
1,673
a
8887729.SQ.FTS.B
,
4
.719
%
,
9/26/26
....
3,560
3,518
a
8886794.SQ.FTS.B
,
5
.346
%
,
9/26/26
....
12,476
10,661
a
8890340.SQ.FTS.B
,
5
.597
%
,
9/26/26
....
3,940
2,098
a
8888248.SQ.FTS.B
,
6
.436
%
,
9/26/26
....
1,097
541
a,b
8886342.SQ.FTS.B
,
6
.445
%
,
9/26/26
....
5,001
2,731
a
8888165.SQ.FTS.B
,
6
.457
%
,
9/26/26
....
978
782
a
8896783.SQ.FTS.B
,
4
.717
%
,
9/27/26
....
2,228
2,214
a
8895373.SQ.FTS.B
,
5
.026
%
,
9/27/26
....
2,120
1,987
a,b
8894126.SQ.FTS.B
,
6
.447
%
,
9/27/26
....
4,659
83
a
8900001.SQ.FTS.B
,
4
.718
%
,
9/28/26
....
5,438
5,235
a
8898889.SQ.FTS.B
,
5
.031
%
,
9/28/26
....
1,020
725
a
8898952.SQ.FTS.B
,
5
.598
%
,
9/28/26
....
8,997
8,300
a
8898743.SQ.FTS.B
,
6
.105
%
,
9/28/26
....
702
596
a
8903852.SQ.FTS.B
,
4
.717
%
,
9/29/26
....
14,481
13,526
a
8903819.SQ.FTS.B
,
6
.283
%
,
9/29/26
....
473
427
a
8907242.SQ.FTS.B
,
4
.717
%
,
9/30/26
....
289
288
a
8908825.SQ.FTS.B
,
4
.719
%
,
9/30/26
....
5,561
3,475
a
8904726.SQ.FTS.B
,
4
.72
%
,
9/30/26
.....
4,304
4,200
a
8904946.SQ.FTS.B
,
5
.346
%
,
9/30/26
....
1,559
1,509
a
8909029.SQ.FTS.B
,
6
.101
%
,
9/30/26
....
9,212
8,825
a,b
8906652.SQ.FTS.B
,
6
.102
%
,
9/30/26
....
6,028
2,390
a
8904679.SQ.FTS.B
,
6
.294
%
,
9/30/26
....
796
704
a
8905771.SQ.FTS.B
,
6
.452
%
,
9/30/26
....
1,735
1,347
a
8910557.SQ.FTS.B
,
5
.031
%
,
10/01/26
...
4,370
4,339
a
8913761.SQ.FTS.B
,
5
.342
%
,
10/01/26
...
994
749
a
8911997.SQ.FTS.B
,
5
.345
%
,
10/01/26
...
1,776
1,662
a
8913778.SQ.FTS.B
,
5
.355
%
,
10/01/26
...
1,162
1,093
a
8913217.SQ.FTS.B
,
6
.448
%
,
10/01/26
...
1,314
1,268
a
8914772.SQ.FTS.B
,
4
.714
%
,
10/02/26
...
2,198
2,056
a
8914971.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
2,530
2,507
a,b
8916787.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
5,743
129
a
8917861.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
2,101
2,062
a
8918904.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
4,787
3,867
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8917299.SQ.FTS.B
,
4
.72
%
,
10/02/26
....
$
2,907
$
2,870
a
8918085.SQ.FTS.B
,
4
.72
%
,
10/02/26
....
2,219
2,195
a
8916577.SQ.FTS.B
,
5
.349
%
,
10/02/26
...
3,308
3,247
a
8916766.SQ.FTS.B
,
6
.284
%
,
10/02/26
...
791
627
a
8916567.SQ.FTS.B
,
6
.316
%
,
10/02/26
...
645
151
a
8918224.SQ.FTS.B
,
6
.476
%
,
10/02/26
...
421
384
a
8922950.SQ.FTS.B
,
4
.717
%
,
10/03/26
...
8,907
8,380
a
8923924.SQ.FTS.B
,
4
.717
%
,
10/03/26
...
5,577
5,291
a
8925465.SQ.FTS.B
,
4
.722
%
,
10/03/26
...
185
185
a
8925868.SQ.FTS.B
,
4
.962
%
,
10/03/26
...
538
274
a
8925982.SQ.FTS.B
,
5
.031
%
,
10/03/26
...
2,637
2,022
a
8925791.SQ.FTS.B
,
5
.609
%
,
10/03/26
...
546
528
a,b
8925548.SQ.FTS.B
,
6
.099
%
,
10/03/26
...
5,133
1,007
a
8923475.SQ.FTS.B
,
6
.114
%
,
10/03/26
...
532
515
a,b
8921608.SQ.FTS.B
,
6
.473
%
,
10/03/26
...
711
17
a,b
8928016.SQ.FTS.B
,
5
.6
%
,
10/04/26
.....
4,939
1,803
a,b
8927566.SQ.FTS.B
,
6
.449
%
,
10/04/26
...
6,399
96
a
8927942.SQ.FTS.B
,
6
.452
%
,
10/04/26
...
994
689
a
8930299.SQ.FTS.B
,
4
.717
%
,
10/05/26
...
7,640
7,496
a
8930918.SQ.FTS.B
,
4
.72
%
,
10/05/26
....
2,113
2,090
a
8934372.SQ.FTS.B
,
5
.031
%
,
10/07/26
...
4,450
4,362
a
8935811.SQ.FTS.B
,
5
.031
%
,
10/07/26
...
8,174
5,339
a
8936681.SQ.FTS.B
,
6
.101
%
,
10/07/26
...
805
730
a
8940929.SQ.FTS.B
,
4
.717
%
,
10/08/26
...
4,948
4,633
a
8939540.SQ.FTS.B
,
4
.719
%
,
10/08/26
...
3,887
3,486
a
8940083.SQ.FTS.B
,
5
.912
%
,
10/08/26
...
14,961
14,522
a
8937064.SQ.FTS.B
,
6
.447
%
,
10/08/26
...
1,206
880
a
8943535.SQ.FTS.B
,
4
.717
%
,
10/09/26
...
1,391
1,380
a
8944162.SQ.FTS.B
,
4
.717
%
,
10/09/26
...
167
166
a
8944415.SQ.FTS.B
,
4
.717
%
,
10/09/26
...
1,724
1,697
a
8942921.SQ.FTS.B
,
4
.962
%
,
10/09/26
...
297
178
a
8942058.SQ.FTS.B
,
5
.031
%
,
10/09/26
...
25,652
19,274
a
8942926.SQ.FTS.B
,
5
.603
%
,
10/09/26
...
1,109
1,082
a
8943220.SQ.FTS.B
,
6
.447
%
,
10/09/26
...
9,148
2,450
a
8942798.SQ.FTS.B
,
6
.45
%
,
10/09/26
....
1,409
1,346
a
8951448.SQ.FTS.B
,
4
.721
%
,
10/10/26
...
290
288
a
8951516.SQ.FTS.B
,
4
.723
%
,
10/10/26
...
1,717
1,685
a
8948714.SQ.FTS.B
,
5
.912
%
,
10/10/26
...
6,463
5,538
a
8956353.SQ.FTS.B
,
4
.717
%
,
10/11/26
...
19,475
19,181
a
8955097.SQ.FTS.B
,
5
.031
%
,
10/11/26
...
1,218
1,206
a
8952685.SQ.FTS.B
,
5
.348
%
,
10/11/26
...
2,514
1,728
a
8955351.SQ.FTS.B
,
5
.915
%
,
10/11/26
...
3,376
3,175
a
8955300.SQ.FTS.B
,
6
.478
%
,
10/11/26
...
643
446
a
8957334.SQ.FTS.B
,
4
.719
%
,
10/12/26
...
2,750
2,721
a
8958970.SQ.FTS.B
,
4
.717
%
,
10/13/26
...
7,102
6,901
a
8962446.SQ.FTS.B
,
4
.72
%
,
10/14/26
....
3,307
3,252
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8961176.SQ.FTS.B
,
5
.031
%
,
10/14/26
...
$
2,239
$
2,231
a
8963717.SQ.FTS.B
,
5
.034
%
,
10/14/26
...
4,528
1,171
a
8960728.SQ.FTS.B
,
5
.354
%
,
10/14/26
...
1,401
1,353
a
8968276.SQ.FTS.B
,
5
.346
%
,
10/15/26
...
25,818
24,446
a
8964612.SQ.FTS.B
,
6
.446
%
,
10/15/26
...
5,657
1,129
a
8970353.SQ.FTS.B
,
4
.721
%
,
10/16/26
...
3,077
2,990
a
8971413.SQ.FTS.B
,
5
.338
%
,
10/16/26
...
950
882
a
8972917.SQ.FTS.B
,
5
.598
%
,
10/16/26
...
447
441
a
8978934.SQ.FTS.B
,
4
.717
%
,
10/17/26
...
15,515
10,619
a
8977614.SQ.FTS.B
,
5
.037
%
,
10/17/26
...
1,068
656
a
8979562.SQ.FTS.B
,
5
.628
%
,
10/17/26
...
6,845
3,744
a
8979331.SQ.FTS.B
,
6
.1
%
,
10/17/26
.....
4,086
3,596
a,b
8977675.SQ.FTS.B
,
6
.277
%
,
10/17/26
...
971
14
a
8978308.SQ.FTS.B
,
6
.447
%
,
10/17/26
...
1,137
987
a
8983931.SQ.FTS.B
,
4
.722
%
,
10/18/26
...
2,172
2,120
a
8981904.SQ.FTS.B
,
5
.031
%
,
10/18/26
...
4,014
3,988
a
8980596.SQ.FTS.B
,
5
.346
%
,
10/18/26
...
3,811
3,715
a
8983195.SQ.FTS.B
,
6
.11
%
,
10/18/26
....
1,220
1,041
a
8985546.SQ.FTS.B
,
4
.724
%
,
10/19/26
...
1,040
1,029
a
8985653.SQ.FTS.B
,
4
.969
%
,
10/19/26
...
766
400
a
8985454.SQ.FTS.B
,
5
.029
%
,
10/19/26
...
1,842
1,789
a
8985623.SQ.FTS.B
,
5
.36
%
,
10/19/26
....
1,243
1,157
a
8985684.SQ.FTS.B
,
6
.113
%
,
10/19/26
...
747
712
a
8986502.SQ.FTS.B
,
4
.72
%
,
10/20/26
....
2,189
2,165
a
8986677.SQ.FTS.B
,
5
.031
%
,
10/20/26
...
2,681
2,512
a
8987256.SQ.FTS.B
,
4
.717
%
,
10/21/26
...
3,527
3,458
a
8992162.SQ.FTS.B
,
5
.034
%
,
10/22/26
...
1,727
1,642
a
8995697.SQ.FTS.B
,
5
.346
%
,
10/22/26
...
10,942
3,297
a
8995502.SQ.FTS.B
,
6
.09
%
,
10/22/26
....
581
559
a,b
8995610.SQ.FTS.B
,
6
.1
%
,
10/22/26
.....
6,434
64
a
8992365.SQ.FTS.B
,
6
.445
%
,
10/22/26
...
1,913
1,840
a
8993020.SQ.FTS.B
,
6
.449
%
,
10/22/26
...
1,633
1,494
a
8996846.SQ.FTS.B
,
4
.719
%
,
10/23/26
...
5,799
5,616
a
8999594.SQ.FTS.B
,
5
.92
%
,
10/23/26
....
1,629
226
a
8999514.SQ.FTS.B
,
6
.441
%
,
10/23/26
...
1,654
1,487
a
9004381.SQ.FTS.B
,
4
.717
%
,
10/24/26
...
2,760
2,704
a
9003833.SQ.FTS.B
,
4
.72
%
,
10/24/26
....
1,511
1,468
a
9006035.SQ.FTS.B
,
4
.722
%
,
10/24/26
...
1,267
1,236
a
9003619.SQ.FTS.B
,
5
.346
%
,
10/24/26
...
1,694
1,633
a,b
9006269.SQ.FTS.B
,
5
.597
%
,
10/24/26
...
20,237
308
a
9009247.SQ.FTS.B
,
4
.712
%
,
10/25/26
...
2,510
1,610
a
9008810.SQ.FTS.B
,
4
.717
%
,
10/25/26
...
2,954
2,851
a
9010818.SQ.FTS.B
,
4
.717
%
,
10/25/26
...
10,475
10,256
a
9009735.SQ.FTS.B
,
6
.447
%
,
10/25/26
...
13,632
11,974
a
9012243.SQ.FTS.B
,
4
.713
%
,
10/26/26
...
1,574
1,540
a
9012361.SQ.FTS.B
,
4
.717
%
,
10/26/26
...
1,790
1,453
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
9012201.SQ.FTS.B
,
5
.6
%
,
10/26/26
.....
$
1,240
$
1,161
a
9013090.SQ.FTS.B
,
4
.952
%
,
10/27/26
...
144
132
a
9013704.SQ.FTS.B
,
5
.596
%
,
10/27/26
...
6,096
5,695
a
9018948.SQ.FTS.B
,
6
.457
%
,
10/28/26
...
1,892
1,212
a,b
4578615.SQ.FTS.B
,
4
.717
%
,
4/01/33
....
1,525
–
a,b
4583983.SQ.FTS.B
,
4
.403
%
,
4/04/33
....
3,383
–
a,b
4585288.SQ.FTS.B
,
4
.874
%
,
4/04/33
....
13,554
–
a,b
4587010.SQ.FTS.B
,
3
.938
%
,
4/05/33
....
1,755
–
a,b
4590358.SQ.FTS.B
,
3
.953
%
,
4/05/33
....
226
–
a,b
4588245.SQ.FTS.B
,
4
.558
%
,
4/05/33
....
3,204
–
a,b
4589702.SQ.FTS.B
,
4
.569
%
,
4/05/33
....
3,489
–
a,b
4598182.SQ.FTS.B
,
4
.574
%
,
4/07/33
....
1,281
–
a,b
4602285.SQ.FTS.B
,
4
.403
%
,
4/08/33
....
31,712
–
a,b
4604615.SQ.FTS.B
,
4
.56
%
,
4/09/33
.....
13,726
–
a,b
4604886.SQ.FTS.B
,
4
.717
%
,
4/10/33
....
2,273
–
a,b
4606179.SQ.FTS.B
,
3
.932
%
,
4/11/33
....
10,364
–
a,b
4606464.SQ.FTS.B
,
4
.403
%
,
4/11/33
....
12,284
1
a,b
4606335.SQ.FTS.B
,
4
.882
%
,
4/11/33
....
2,103
–
a,b
4609551.SQ.FTS.B
,
4
.56
%
,
4/12/33
.....
5,454
–
a,b
4612920.SQ.FTS.B
,
3
.314
%
,
4/13/33
....
2,172
–
a,b
4610443.SQ.FTS.B
,
4
.403
%
,
4/13/33
....
10,147
–
a,b
4622639.SQ.FTS.B
,
3
.928
%
,
4/15/33
....
3,183
–
a,b
4624869.SQ.FTS.B
,
4
.554
%
,
4/17/33
....
1,488
–
a,b
4626298.SQ.FTS.B
,
3
.934
%
,
4/18/33
....
10,268
–
a,b
4627586.SQ.FTS.B
,
4
.403
%
,
4/18/33
....
4,624
–
a,b
4626514.SQ.FTS.B
,
5
.031
%
,
4/18/33
....
2,949
1
a,b
4629149.SQ.FTS.B
,
4
.403
%
,
4/19/33
....
6,425
–
a,b
4632596.SQ.FTS.B
,
4
.705
%
,
4/20/33
....
848
–
a,b
4635753.SQ.FTS.B
,
4
.874
%
,
4/21/33
....
11,156
–
a,b
4642502.SQ.FTS.B
,
4
.868
%
,
4/25/33
....
676
–
a,b
4643970.SQ.FTS.B
,
4
.56
%
,
4/26/33
.....
2,081
–
a,b
4657373.SQ.FTS.B
,
3
.296
%
,
4/30/33
....
3,122
–
a,b
4656958.SQ.FTS.B
,
4
.717
%
,
4/30/33
....
3,103
–
a,b
4661015.SQ.FTS.B
,
4
.566
%
,
5/01/33
....
2,307
–
a,b
4661890.SQ.FTS.B
,
3
.931
%
,
5/02/33
....
2,289
–
a,b
4663096.SQ.FTS.B
,
4
.403
%
,
5/02/33
....
27,120
–
a,b
4663916.SQ.FTS.B
,
4
.403
%
,
5/02/33
....
24,742
1
a,b
4662184.SQ.FTS.B
,
5
.031
%
,
5/02/33
....
2,428
–
a,b
4665676.SQ.FTS.B
,
4
.564
%
,
5/03/33
....
4,624
–
a,b
4675799.SQ.FTS.B
,
3
.306
%
,
5/05/33
....
3,282
–
a,b
4677893.SQ.FTS.B
,
5
.031
%
,
5/06/33
....
2,173
–
a,b
4693423.SQ.FTS.B
,
4
.403
%
,
5/09/33
....
7,036
–
a,b
4693941.SQ.FTS.B
,
4
.561
%
,
5/09/33
....
8,872
–
a,b
4692191.SQ.FTS.B
,
4
.562
%
,
5/09/33
....
9,113
–
a,b
4692982.SQ.FTS.B
,
4
.591
%
,
5/09/33
....
430
–
a,b
4691756.SQ.FTS.B
,
4
.715
%
,
5/09/33
....
7,269
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4706450.SQ.FTS.B
,
4
.561
%
,
5/10/33
....
$
6,009
$
–
a,b
4706808.SQ.FTS.B
,
4
.563
%
,
5/10/33
....
5,406
–
a,b
4701939.SQ.FTS.B
,
4
.717
%
,
5/10/33
....
1,446
–
a,b
4707248.SQ.FTS.B
,
4
.732
%
,
5/11/33
....
641
–
a,b
4711828.SQ.FTS.B
,
5
.031
%
,
5/12/33
....
3,618
–
a,b
4714060.SQ.FTS.B
,
5
.031
%
,
5/13/33
....
1,082
–
a,b
4714469.SQ.FTS.B
,
3
.27
%
,
5/14/33
.....
828
–
a,b
4738688.SQ.FTS.B
,
4
.418
%
,
5/18/33
....
840
–
a,b
4747188.SQ.FTS.B
,
3
.31
%
,
5/19/33
.....
553
–
a,b
4750103.SQ.FTS.B
,
4
.403
%
,
5/20/33
....
8,831
–
a,b
4750803.SQ.FTS.B
,
4
.403
%
,
5/21/33
....
3,382
–
a,b
4764584.SQ.FTS.B
,
5
.031
%
,
5/23/33
....
523
–
a,b
4773604.SQ.FTS.B
,
4
.403
%
,
5/24/33
....
9,605
–
a,b
4777853.SQ.FTS.B
,
4
.565
%
,
5/24/33
....
1,347
–
a,b
4774144.SQ.FTS.B
,
4
.57
%
,
5/24/33
.....
1,718
–
a,b
4779678.SQ.FTS.B
,
3
.301
%
,
5/25/33
....
912
–
a,b
4782528.SQ.FTS.B
,
3
.333
%
,
5/26/33
....
51
–
a,b
4796651.SQ.FTS.B
,
4
.564
%
,
6/01/33
....
3,524
–
a,b
4808500.SQ.FTS.B
,
4
.403
%
,
6/02/33
....
7,711
–
a,b
4807880.SQ.FTS.B
,
4
.56
%
,
6/02/33
.....
19,691
2
a,b
4815646.SQ.FTS.B
,
4
.403
%
,
6/05/33
....
5,300
–
a,b
4820091.SQ.FTS.B
,
4
.564
%
,
6/07/33
....
1,630
–
a,b
4820553.SQ.FTS.B
,
4
.875
%
,
6/07/33
....
10,164
–
a,b
4821904.SQ.FTS.B
,
4
.56
%
,
6/08/33
.....
796
–
a,b
4831001.SQ.FTS.B
,
3
.774
%
,
6/10/33
....
847
–
a,b
4831653.SQ.FTS.B
,
3
.926
%
,
6/10/33
....
2,099
–
a,b
4830931.SQ.FTS.B
,
4
.528
%
,
6/10/33
....
27
–
a,b
4831110.SQ.FTS.B
,
4
.57
%
,
6/10/33
.....
962
–
a,b
4834162.SQ.FTS.B
,
4
.574
%
,
6/12/33
....
208
–
a,b
4839102.SQ.FTS.B
,
3
.296
%
,
6/14/33
....
1,596
–
a,b
4838333.SQ.FTS.B
,
3
.941
%
,
6/14/33
....
750
–
a,b
4842631.SQ.FTS.B
,
3
.302
%
,
6/15/33
....
5,776
–
a,b
4842605.SQ.FTS.B
,
3
.937
%
,
6/15/33
....
4,000
–
a,b
4841116.SQ.FTS.B
,
4
.562
%
,
6/15/33
....
11,234
–
a,b
4848622.SQ.FTS.B
,
3
.302
%
,
6/16/33
....
2,069
–
a,b
4862341.SQ.FTS.B
,
2
.982
%
,
6/18/33
....
522
–
a,b
4862443.SQ.FTS.B
,
4
.227
%
,
6/18/33
....
7,578
–
a,b
4863062.SQ.FTS.B
,
4
.391
%
,
6/19/33
....
3,882
–
a,b
4863238.SQ.FTS.B
,
4
.42
%
,
6/19/33
.....
2,993
–
a,b
4862998.SQ.FTS.B
,
4
.559
%
,
6/19/33
....
1,221
–
a,b
4863412.SQ.FTS.B
,
4
.56
%
,
6/19/33
.....
11,561
–
a,b
4862938.SQ.FTS.B
,
5
.031
%
,
6/19/33
....
691
–
a,b
4867257.SQ.FTS.B
,
3
.939
%
,
6/20/33
....
607
–
a,b
4867843.SQ.FTS.B
,
3
.675
%
,
6/21/33
....
493
–
a,b
4868757.SQ.FTS.B
,
4
.406
%
,
6/21/33
....
3,219
–
a,b
4869815.SQ.FTS.B
,
4
.56
%
,
6/21/33
.....
7,257
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4873297.SQ.FTS.B
,
3
.376
%
,
6/22/33
....
$
113
$
–
a,b
4871837.SQ.FTS.B
,
3
.928
%
,
6/22/33
....
1,490
–
a,b
4872072.SQ.FTS.B
,
4
.557
%
,
6/22/33
....
4,085
–
a,b
4873405.SQ.FTS.B
,
4
.56
%
,
6/22/33
.....
5,886
–
a,b
4873313.SQ.FTS.B
,
5
.031
%
,
6/22/33
....
1,287
–
a,b
4874535.SQ.FTS.B
,
3
.306
%
,
6/23/33
....
977
–
a,b
4875940.SQ.FTS.B
,
4
.539
%
,
6/23/33
....
7,944
1
a,b
4874845.SQ.FTS.B
,
4
.559
%
,
6/23/33
....
3,811
–
a,b
4874157.SQ.FTS.B
,
4
.877
%
,
6/23/33
....
3,873
–
a,b
4877067.SQ.FTS.B
,
3
.562
%
,
6/24/33
....
1,174
–
a,b
4877254.SQ.FTS.B
,
3
.774
%
,
6/25/33
....
1,462
–
a,b
4877394.SQ.FTS.B
,
4
.225
%
,
6/25/33
....
4,239
–
a,b
4877534.SQ.FTS.B
,
4
.931
%
,
6/25/33
....
1,841
–
a,b
4879828.SQ.FTS.B
,
2
.958
%
,
6/27/33
....
1,403
–
a,b
4879371.SQ.FTS.B
,
3
.443
%
,
6/27/33
....
536
–
a,b
4879124.SQ.FTS.B
,
4
.073
%
,
6/27/33
....
4,098
–
a,b
4878787.SQ.FTS.B
,
4
.233
%
,
6/27/33
....
4,067
–
a,b
4880273.SQ.FTS.B
,
4
.416
%
,
6/27/33
....
32,499
1
a,b
4879728.SQ.FTS.B
,
4
.695
%
,
6/27/33
....
2,694
–
a,b
4878103.SQ.FTS.B
,
5
.346
%
,
6/27/33
....
627
–
a,b
4881967.SQ.FTS.B
,
2
.297
%
,
6/28/33
....
368
–
a,b
4881632.SQ.FTS.B
,
2
.333
%
,
6/28/33
....
5,202
–
a,b
4880881.SQ.FTS.B
,
2
.411
%
,
6/28/33
....
274
–
a,b
4882630.SQ.FTS.B
,
3
.643
%
,
6/28/33
....
5,042
1
a,b
4881595.SQ.FTS.B
,
4
.069
%
,
6/28/33
....
1,106
–
a,b
4881625.SQ.FTS.B
,
4
.427
%
,
6/28/33
....
1,074
–
a,b
4881933.SQ.FTS.B
,
4
.55
%
,
6/28/33
.....
502
–
a,b
4882127.SQ.FTS.B
,
4
.561
%
,
6/28/33
....
35,043
–
a,b
4880840.SQ.FTS.B
,
4
.719
%
,
6/28/33
....
1,132
–
a,b
4886903.SQ.FTS.B
,
3
.296
%
,
6/30/33
....
2,071
–
a,b
4889268.SQ.FTS.B
,
3
.31
%
,
6/30/33
.....
524
–
a,b
4886912.SQ.FTS.B
,
4
.563
%
,
6/30/33
....
2,287
–
a,b
4889574.SQ.FTS.B
,
4
.877
%
,
7/01/33
....
2,517
–
a,b
4894101.SQ.FTS.B
,
4
.717
%
,
7/04/33
....
12,955
1
a,b
4893066.SQ.FTS.B
,
5
.031
%
,
7/04/33
....
3,265
–
a,b
4896547.SQ.FTS.B
,
5
.849
%
,
7/05/33
....
4,712
–
a,b
4899151.SQ.FTS.B
,
4
.563
%
,
7/06/33
....
3,147
–
a,b
4898852.SQ.FTS.B
,
4
.874
%
,
7/06/33
....
2,213
–
a,b
4908064.SQ.FTS.B
,
4
.403
%
,
7/11/33
....
16,814
1
a,b
4907364.SQ.FTS.B
,
5
.031
%
,
7/11/33
....
1,373
–
a,b
4922562.SQ.FTS.B
,
4
.56
%
,
7/14/33
.....
6,112
–
a,b
4916400.SQ.FTS.B
,
4
.569
%
,
7/14/33
....
955
–
a,b
4916673.SQ.FTS.B
,
4
.719
%
,
7/14/33
....
9,163
–
a,b
4923493.SQ.FTS.B
,
3
.354
%
,
7/15/33
....
134
–
a,b
4925329.SQ.FTS.B
,
4
.145
%
,
7/18/33
....
1,389
–
a,b
4928876.SQ.FTS.B
,
3
.333
%
,
7/19/33
....
514
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4931020.SQ.FTS.B
,
4
.56
%
,
7/20/33
.....
$
10,152
$
–
a,b
4935511.SQ.FTS.B
,
4
.403
%
,
7/22/33
....
450
–
a,b
4941224.SQ.FTS.B
,
5
.031
%
,
7/25/33
....
4,401
–
a,b
4947272.SQ.FTS.B
,
4
.885
%
,
7/27/33
....
1,224
–
a,b
4954105.SQ.FTS.B
,
4
.557
%
,
7/28/33
....
2,531
–
a,b
4961597.SQ.FTS.B
,
3
.303
%
,
7/31/33
....
6,826
–
a,b
4964338.SQ.FTS.B
,
4
.886
%
,
8/01/33
....
1,028
–
a,b
4975322.SQ.FTS.B
,
4
.539
%
,
8/05/33
....
1,106
–
a,b
4976561.SQ.FTS.B
,
4
.553
%
,
8/07/33
....
2,306
–
a,b
4977248.SQ.FTS.B
,
4
.56
%
,
8/07/33
.....
23,393
1
a,b
4980976.SQ.FTS.B
,
4
.557
%
,
8/08/33
....
3,062
–
a,b
4978982.SQ.FTS.B
,
4
.561
%
,
8/08/33
....
8,763
1
a,b
4979694.SQ.FTS.B
,
6
.253
%
,
8/08/33
....
7,423
–
a,b
4981159.SQ.FTS.B
,
4
.717
%
,
8/09/33
....
3,017
–
a,b
4983108.SQ.FTS.B
,
5
.031
%
,
8/09/33
....
419
–
a,b
4989442.SQ.FTS.B
,
6
.239
%
,
8/11/33
....
717
–
a,b
4990668.SQ.FTS.B
,
3
.935
%
,
8/12/33
....
1,655
–
a,b
4995431.SQ.FTS.B
,
4
.556
%
,
8/15/33
....
6,247
–
a,b
5004424.SQ.FTS.B
,
4
.56
%
,
8/16/33
.....
1,829
–
a,b
5016072.SQ.FTS.B
,
5
.435
%
,
8/17/33
....
5,014
–
a,b
5025752.SQ.FTS.B
,
2
.033
%
,
8/19/33
....
6,406
–
a,b
5025882.SQ.FTS.B
,
4
.885
%
,
8/19/33
....
1,669
–
a,b
5027373.SQ.FTS.B
,
4
.018
%
,
8/21/33
....
8,844
–
a,b
5030831.SQ.FTS.B
,
4
.56
%
,
8/22/33
.....
5,213
–
a,b
5031471.SQ.FTS.B
,
4
.563
%
,
8/22/33
....
5,258
–
a,b
5033148.SQ.FTS.B
,
3
.906
%
,
8/23/33
....
471
–
a,b
5035669.SQ.FTS.B
,
4
.725
%
,
8/23/33
....
3,399
–
a,b
5044258.SQ.FTS.B
,
5
.149
%
,
8/27/33
....
8,147
2
a,b
5045662.SQ.FTS.B
,
4
.574
%
,
8/28/33
....
2,040
–
a,b
5047314.SQ.FTS.B
,
4
.591
%
,
8/28/33
....
460
–
a,b
5047321.SQ.FTS.B
,
4
.717
%
,
8/28/33
....
5,110
–
a,b
5044794.SQ.FTS.B
,
4
.807
%
,
8/28/33
....
5,731
–
a,b
5059326.SQ.FTS.B
,
4
.561
%
,
9/04/33
....
13,048
–
a,b
5062512.SQ.FTS.B
,
2
.6
%
,
9/06/33
......
3,648
–
a,b
5062340.SQ.FTS.B
,
4
.883
%
,
9/06/33
....
2,074
–
a,b
5065404.SQ.FTS.B
,
4
.572
%
,
9/07/33
....
2,639
–
a,b
5067242.SQ.FTS.B
,
4
.382
%
,
9/08/33
....
5,352
–
a,b
5067403.SQ.FTS.B
,
5
.351
%
,
9/08/33
....
2,045
–
a,b
5071139.SQ.FTS.B
,
3
.848
%
,
9/09/33
....
2,742
1
a,b
5075119.SQ.FTS.B
,
3
.748
%
,
9/10/33
....
1,106
–
a,b
5072967.SQ.FTS.B
,
4
.066
%
,
9/10/33
....
542
–
a,b
5074442.SQ.FTS.B
,
4
.861
%
,
9/10/33
....
1,909
–
a,b
5077583.SQ.FTS.B
,
5
.031
%
,
9/11/33
....
3,691
–
a,b
5081612.SQ.FTS.B
,
4
.666
%
,
9/14/33
....
1,324
–
a,b
5084934.SQ.FTS.B
,
3
.774
%
,
9/16/33
....
33,929
–
a,b
5085858.SQ.FTS.B
,
3
.936
%
,
9/16/33
....
884
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5090272.SQ.FTS.B
,
4
.563
%
,
9/17/33
....
$
4,187
$
–
a,b
5093863.SQ.FTS.B
,
4
.558
%
,
9/19/33
....
9,864
–
a,b
5094427.SQ.FTS.B
,
3
.774
%
,
9/20/33
....
2,121
–
a,b
5096674.SQ.FTS.B
,
4
.56
%
,
9/21/33
.....
13,763
1
a,b
5095917.SQ.FTS.B
,
5
.031
%
,
9/21/33
....
17,638
–
a,b
5098275.SQ.FTS.B
,
6
.063
%
,
9/22/33
....
6,026
–
a,b
5100485.SQ.FTS.B
,
5
.722
%
,
9/23/33
....
4,264
–
a,b
5106538.SQ.FTS.B
,
4
.562
%
,
9/24/33
....
11,727
–
a,b
5107353.SQ.FTS.B
,
5
.031
%
,
9/24/33
....
1,383
–
a,b
5109145.SQ.FTS.B
,
5
.031
%
,
9/25/33
....
1,195
–
a,b
5111024.SQ.FTS.B
,
4
.724
%
,
9/27/33
....
858
–
a,b
5112445.SQ.FTS.B
,
3
.774
%
,
9/28/33
....
344
–
a,b
5114206.SQ.FTS.B
,
4
.571
%
,
9/28/33
....
573
–
a,b
5112955.SQ.FTS.B
,
5
.031
%
,
9/28/33
....
4,811
–
a,b
5113266.SQ.FTS.B
,
5
.387
%
,
9/28/33
....
1,765
–
a,b
5124518.SQ.FTS.B
,
3
.351
%
,
9/30/33
....
11,687
–
a,b
5119221.SQ.FTS.B
,
4
.403
%
,
9/30/33
....
2,448
–
a,b
5119131.SQ.FTS.B
,
4
.56
%
,
9/30/33
.....
1,948
–
a,b
5126438.SQ.FTS.B
,
3
.495
%
,
10/01/33
...
22,782
1
a,b
5128413.SQ.FTS.B
,
3
.917
%
,
10/02/33
...
1,332
–
a,b
5131669.SQ.FTS.B
,
4
.56
%
,
10/04/33
....
22,967
–
a,b
5132006.SQ.FTS.B
,
5
.007
%
,
10/04/33
...
790
–
a,b
5138072.SQ.FTS.B
,
4
.672
%
,
10/06/33
...
4,185
–
a,b
5142028.SQ.FTS.B
,
3
.927
%
,
10/07/33
...
612
–
a,b
5142049.SQ.FTS.B
,
4
.503
%
,
10/07/33
...
537
–
a,b
5141482.SQ.FTS.B
,
4
.508
%
,
10/07/33
...
2,827
–
a,b
5149269.SQ.FTS.B
,
4
.974
%
,
10/10/33
...
941
–
a,b
5153369.SQ.FTS.B
,
4
.559
%
,
10/11/33
...
12,680
–
a,b
5153956.SQ.FTS.B
,
3
.94
%
,
10/12/33
....
2,957
–
a,b
5157152.SQ.FTS.B
,
4
.407
%
,
10/12/33
...
4,186
–
a,b
5154314.SQ.FTS.B
,
4
.567
%
,
10/12/33
...
2,780
–
a,b
5154612.SQ.FTS.B
,
4
.57
%
,
10/12/33
....
1,314
–
a,b
5157821.SQ.FTS.B
,
4
.557
%
,
10/13/33
...
4,950
–
a,b
5159643.SQ.FTS.B
,
4
.886
%
,
10/13/33
...
1,281
–
a,b
5163000.SQ.FTS.B
,
3
.303
%
,
10/14/33
...
6,619
–
a,b
5162509.SQ.FTS.B
,
4
.561
%
,
10/14/33
...
55,221
–
a,b
5165754.SQ.FTS.B
,
4
.566
%
,
10/14/33
...
1,218
–
a,b
5170843.SQ.FTS.B
,
4
.403
%
,
10/15/33
...
14,553
–
a,b
5168750.SQ.FTS.B
,
4
.558
%
,
10/15/33
...
2,545
–
a,b
5171656.SQ.FTS.B
,
4
.053
%
,
10/16/33
...
875
–
a,b
5172517.SQ.FTS.B
,
3
.302
%
,
10/17/33
...
3,231
–
a,b
5173148.SQ.FTS.B
,
5
.012
%
,
10/17/33
...
670
–
a,b
5175259.SQ.FTS.B
,
3
.354
%
,
10/18/33
...
30
–
a,b
5176617.SQ.FTS.B
,
4
.294
%
,
10/18/33
...
935
–
a,b
5175826.SQ.FTS.B
,
4
.557
%
,
10/18/33
...
3,657
–
a,b
5176935.SQ.FTS.B
,
5
.031
%
,
10/18/33
...
489
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5177078.SQ.FTS.B
,
5
.189
%
,
10/18/33
...
$
260
$
–
a,b
5184366.SQ.FTS.B
,
3
.774
%
,
10/19/33
...
3,564
–
a,b
5189604.SQ.FTS.B
,
3
.774
%
,
10/20/33
...
4,636
–
a,b
5203735.SQ.FTS.B
,
3
.298
%
,
10/21/33
...
6,108
–
a,b
5210519.SQ.FTS.B
,
5
.535
%
,
10/24/33
...
11,522
–
a,b
5223636.SQ.FTS.B
,
4
.563
%
,
10/27/33
...
2,509
–
a,b
5230601.SQ.FTS.B
,
3
.301
%
,
10/28/33
...
5,805
–
a,b
5234006.SQ.FTS.B
,
4
.403
%
,
10/28/33
...
25,481
1
a,b
5230330.SQ.FTS.B
,
4
.717
%
,
10/28/33
...
1,320
–
a,b
5238828.SQ.FTS.B
,
3
.774
%
,
10/29/33
...
19,166
–
a,b
5240546.SQ.FTS.B
,
3
.953
%
,
10/30/33
...
1,371
–
a,b
5240481.SQ.FTS.B
,
4
.563
%
,
10/30/33
...
1,280
–
a,b
5240561.SQ.FTS.B
,
4
.95
%
,
10/30/33
....
993
–
a,b
5240923.SQ.FTS.B
,
4
.56
%
,
11/01/33
....
7,658
–
a,b
5245023.SQ.FTS.B
,
3
.936
%
,
11/02/33
...
1,235
–
a,b
5252966.SQ.FTS.B
,
4
.188
%
,
11/04/33
...
2,234
–
a,b
5256925.SQ.FTS.B
,
4
.403
%
,
11/04/33
...
12,494
–
a,b
5251953.SQ.FTS.B
,
4
.553
%
,
11/04/33
...
1,860
–
a,b
5267302.SQ.FTS.B
,
3
.354
%
,
11/06/33
...
212
–
a,b
5267196.SQ.FTS.B
,
4
.723
%
,
11/06/33
...
2,396
–
a,b
5270825.SQ.FTS.B
,
4
.877
%
,
11/06/33
...
4,533
–
a,b
5273714.SQ.FTS.B
,
4
.563
%
,
11/08/33
...
2,002
–
a,b
5276774.SQ.FTS.B
,
4
.556
%
,
11/09/33
...
3,264
–
a,b
5280986.SQ.FTS.B
,
4
.555
%
,
11/10/33
...
1,327
–
a,b
5284007.SQ.FTS.B
,
4
.403
%
,
11/11/33
...
1,049
–
a,b
5289917.SQ.FTS.B
,
3
.774
%
,
11/12/33
...
702
–
a,b
5287039.SQ.FTS.B
,
4
.475
%
,
11/12/33
...
8,749
–
a,b
5288567.SQ.FTS.B
,
6
.146
%
,
11/12/33
...
487
–
a,b
5292026.SQ.FTS.B
,
4
.719
%
,
11/13/33
...
5,106
–
a,b
5293955.SQ.FTS.B
,
4
.721
%
,
11/14/33
...
5,278
–
a,b
5293907.SQ.FTS.B
,
4
.874
%
,
11/14/33
...
2,714
–
a,b
5295255.SQ.FTS.B
,
3
.303
%
,
11/16/33
...
1,890
1
a,b
5296246.SQ.FTS.B
,
4
.26
%
,
11/16/33
....
1,628
–
a,b
5300323.SQ.FTS.B
,
4
.569
%
,
11/17/33
...
1,387
–
a,b
5312373.SQ.FTS.B
,
4
.56
%
,
11/18/33
....
721
–
a,b
5317481.SQ.FTS.B
,
4
.528
%
,
11/19/33
...
593
–
a,b
5319057.SQ.FTS.B
,
5
.031
%
,
11/19/33
...
2,284
–
a,b
5325009.SQ.FTS.B
,
3
.047
%
,
11/22/33
...
6,356
–
a,b
5325109.SQ.FTS.B
,
4
.114
%
,
11/22/33
...
3,741
–
a,b
5325953.SQ.FTS.B
,
3
.673
%
,
11/23/33
...
27,323
2
a,b
5331997.SQ.FTS.B
,
3
.29
%
,
11/24/33
....
1,138
–
a,b
5333772.SQ.FTS.B
,
3
.324
%
,
11/24/33
...
967
–
a,b
5334010.SQ.FTS.B
,
3
.33
%
,
11/24/33
....
435
–
a,b
5332017.SQ.FTS.B
,
4
.403
%
,
11/24/33
...
3,457
–
a,b
5334017.SQ.FTS.B
,
4
.403
%
,
11/24/33
...
710
–
a,b
5334919.SQ.FTS.B
,
4
.56
%
,
11/24/33
....
1,216
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5332382.SQ.FTS.B
,
4
.858
%
,
11/24/33
...
$
1,453
$
–
a,b
5333523.SQ.FTS.B
,
4
.881
%
,
11/24/33
...
620
–
a,b
5337318.SQ.FTS.B
,
3
.962
%
,
11/25/33
...
1,470
–
a,b
5336258.SQ.FTS.B
,
4
.558
%
,
11/25/33
...
4,115
–
a,b
5365379.SQ.FTS.B
,
4
.56
%
,
11/26/33
....
768
–
a,b
5364900.SQ.FTS.B
,
4
.571
%
,
11/26/33
...
1,391
–
a,b
5377413.SQ.FTS.B
,
3
.944
%
,
11/27/33
...
944
–
a,b
5378585.SQ.FTS.B
,
3
.953
%
,
11/27/33
...
392
–
a,b
5369148.SQ.FTS.B
,
4
.354
%
,
11/27/33
...
969
–
a,b
5377620.SQ.FTS.B
,
4
.414
%
,
11/27/33
...
13,408
2
a,b
5397535.SQ.FTS.B
,
3
.585
%
,
11/30/33
...
5,543
–
a,b
5393796.SQ.FTS.B
,
5
.031
%
,
11/30/33
...
95
–
a,b
5408127.SQ.FTS.B
,
3
.774
%
,
12/01/33
...
1,021
–
a,b
5412734.SQ.FTS.B
,
3
.992
%
,
12/01/33
...
8,127
–
a,b
5413423.SQ.FTS.B
,
4
.879
%
,
12/01/33
...
2,550
–
a,b
5411388.SQ.FTS.B
,
5
.031
%
,
12/01/33
...
563
–
a,b
5447961.SQ.FTS.B
,
4
.557
%
,
12/02/33
...
697
–
a,b
5472760.SQ.FTS.B
,
4
.479
%
,
12/04/33
...
3,648
–
a,b
5475686.SQ.FTS.B
,
4
.56
%
,
12/06/33
....
2,736
–
a,b
5479438.SQ.FTS.B
,
4
.866
%
,
12/06/33
...
631
–
a,b
5480752.SQ.FTS.B
,
5
.031
%
,
12/06/33
...
3,098
–
a,b
5505930.SQ.FTS.B
,
6
.289
%
,
12/07/33
...
1,048
–
a,b
5518310.SQ.FTS.B
,
3
.913
%
,
12/08/33
...
390
–
a,b
5515187.SQ.FTS.B
,
4
.403
%
,
12/08/33
...
4,692
–
a,b
5516154.SQ.FTS.B
,
4
.72
%
,
12/08/33
....
12,489
–
a,b
5507000.SQ.FTS.B
,
4
.758
%
,
12/08/33
...
38,614
1
a,b
5533995.SQ.FTS.B
,
3
.277
%
,
12/09/33
...
813
–
a,b
5534121.SQ.FTS.B
,
5
.031
%
,
12/09/33
...
5,159
–
a,b
5534689.SQ.FTS.B
,
3
.346
%
,
12/10/33
...
3,849
–
a,b
5537817.SQ.FTS.B
,
4
.193
%
,
12/10/33
...
798
–
a,b
5537728.SQ.FTS.B
,
4
.447
%
,
12/10/33
...
2,668
–
a,b
5535547.SQ.FTS.B
,
4
.724
%
,
12/10/33
...
4,404
–
a,b
5537953.SQ.FTS.B
,
5
.029
%
,
12/10/33
...
4,030
–
a,b
5539948.SQ.FTS.B
,
4
.239
%
,
12/11/33
...
1,314
–
a,b
5541083.SQ.FTS.B
,
2
.917
%
,
12/12/33
...
114
–
a,b
5541094.SQ.FTS.B
,
4
.721
%
,
12/12/33
...
5,085
–
a,b
5546515.SQ.FTS.B
,
4
.556
%
,
12/13/33
...
2,064
–
a,b
5552344.SQ.FTS.B
,
3
.537
%
,
12/14/33
...
1,674
–
a,b
5547946.SQ.FTS.B
,
5
.031
%
,
12/14/33
...
1,134
–
a,b
5554641.SQ.FTS.B
,
3
.292
%
,
12/15/33
...
62,255
–
a,b
5556696.SQ.FTS.B
,
5
.344
%
,
12/15/33
...
5,553
1
a,b
5563038.SQ.FTS.B
,
4
.564
%
,
12/16/33
...
4,772
–
a,b
5562047.SQ.FTS.B
,
4
.565
%
,
12/16/33
...
3,095
–
a,b
5564628.SQ.FTS.B
,
3
.302
%
,
12/17/33
...
2,787
–
a,b
5565992.SQ.FTS.B
,
4
.875
%
,
12/17/33
...
2,616
–
a,b
5568881.SQ.FTS.B
,
3
.298
%
,
12/19/33
...
1,314
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5569070.SQ.FTS.B
,
4
.568
%
,
12/19/33
...
$
29,610
$
–
a,b
5572327.SQ.FTS.B
,
4
.572
%
,
12/20/33
...
243
–
a,b
5574351.SQ.FTS.B
,
4
.403
%
,
12/21/33
...
10,696
1
a,b
5573406.SQ.FTS.B
,
4
.546
%
,
12/21/33
...
363
–
a,b
5575886.SQ.FTS.B
,
4
.557
%
,
12/21/33
...
894
–
a,b
5586899.SQ.FTS.B
,
3
.653
%
,
12/24/33
...
2,468
–
a,b
5585522.SQ.FTS.B
,
4
.55
%
,
12/24/33
....
445
–
a,b
5588173.SQ.FTS.B
,
3
.774
%
,
12/25/33
...
3,183
–
a,b
5589322.SQ.FTS.B
,
4
.564
%
,
12/26/33
...
4,040
–
a,b
5588832.SQ.FTS.B
,
4
.719
%
,
12/26/33
...
7,140
–
a,b
5594180.SQ.FTS.B
,
2
.869
%
,
12/28/33
...
732
–
a,b
5595624.SQ.FTS.B
,
4
.567
%
,
12/28/33
...
789
–
a,b
5600496.SQ.FTS.B
,
2
.664
%
,
12/29/33
...
371
–
a,b
5599728.SQ.FTS.B
,
2
.797
%
,
12/29/33
...
4,867
–
a,b
5597497.SQ.FTS.B
,
4
.56
%
,
12/29/33
....
1,451
–
a,b
5600632.SQ.FTS.B
,
5
.031
%
,
12/29/33
...
3,133
–
a,b
5600526.SQ.FTS.B
,
5
.296
%
,
12/29/33
...
1,008
–
a,b
5611517.SQ.FTS.B
,
4
.558
%
,
12/30/33
...
2,001
–
a,b
5612507.SQ.FTS.B
,
4
.56
%
,
12/30/33
....
11,600
1
a,b
5616046.SQ.FTS.B
,
2
.619
%
,
1/01/34
....
1,631
–
a,b
5616216.SQ.FTS.B
,
3
.563
%
,
1/01/34
....
5,841
1
a,b
5614938.SQ.FTS.B
,
4
.555
%
,
1/01/34
....
2,188
–
a,b
5618116.SQ.FTS.B
,
4
.875
%
,
1/02/34
....
8,099
1
a,b
5618863.SQ.FTS.B
,
3
.774
%
,
1/03/34
....
1,492
–
a,b
5619959.SQ.FTS.B
,
4
.559
%
,
1/04/34
....
2,374
–
a,b
5620066.SQ.FTS.B
,
4
.566
%
,
1/04/34
....
2,868
–
a,b
5619464.SQ.FTS.B
,
4
.582
%
,
1/04/34
....
646
–
a,b
5623363.SQ.FTS.B
,
4
.559
%
,
1/05/34
....
10,990
–
a,b
5624299.SQ.FTS.B
,
4
.712
%
,
1/05/34
....
6,091
–
a,b
5630151.SQ.FTS.B
,
3
.936
%
,
1/06/34
....
506
–
a,b
5647775.SQ.FTS.B
,
4
.257
%
,
1/07/34
....
1,305
–
a,b
5654133.SQ.FTS.B
,
4
.875
%
,
1/08/34
....
32,774
–
a,b
5655643.SQ.FTS.B
,
3
.936
%
,
1/09/34
....
4,363
–
a,b
5656207.SQ.FTS.B
,
4
.559
%
,
1/09/34
....
8,733
1
a,b
5663245.SQ.FTS.B
,
3
.302
%
,
1/11/34
....
500
–
a,b
5663983.SQ.FTS.B
,
3
.826
%
,
1/11/34
....
461
–
a,b
5662691.SQ.FTS.B
,
4
.56
%
,
1/11/34
.....
573
–
a,b
5666806.SQ.FTS.B
,
3
.304
%
,
1/12/34
....
13,430
–
a,b
5671581.SQ.FTS.B
,
4
.559
%
,
1/12/34
....
18,583
–
a,b
5672653.SQ.FTS.B
,
3
.774
%
,
1/13/34
....
252
–
a,b
5673210.SQ.FTS.B
,
3
.934
%
,
1/13/34
....
2,838
–
a,b
5675130.SQ.FTS.B
,
4
.718
%
,
1/13/34
....
490
–
a,b
5695450.SQ.FTS.B
,
3
.323
%
,
1/14/34
....
26,182
1
a,b
5694816.SQ.FTS.B
,
3
.38
%
,
1/14/34
.....
1,074
–
a,b
5689248.SQ.FTS.B
,
4
.556
%
,
1/14/34
....
1,934
–
a,b
5700432.SQ.FTS.B
,
4
.193
%
,
1/15/34
....
929
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5696963.SQ.FTS.B
,
4
.559
%
,
1/15/34
....
$
8,836
$
–
a,b
5703401.SQ.FTS.B
,
5
.031
%
,
1/17/34
....
1,653
–
a,b
5703743.SQ.FTS.B
,
5
.031
%
,
1/17/34
....
1,220
–
a,b
5708905.SQ.FTS.B
,
3
.906
%
,
1/18/34
....
553
–
a,b
5709549.SQ.FTS.B
,
4
.174
%
,
1/18/34
....
12,160
–
a,b
5708392.SQ.FTS.B
,
4
.561
%
,
1/18/34
....
9,171
–
a,b
5706022.SQ.FTS.B
,
5
.179
%
,
1/18/34
....
194
–
a,b
5721102.SQ.FTS.B
,
4
.871
%
,
1/20/34
....
1,302
–
a,b
5728577.SQ.FTS.B
,
4
.56
%
,
1/21/34
.....
3,241
–
a,b
5732624.SQ.FTS.B
,
4
.56
%
,
1/22/34
.....
11,619
–
a,b
5731303.SQ.FTS.B
,
4
.574
%
,
1/22/34
....
1,418
–
a,b
5735573.SQ.FTS.B
,
4
.403
%
,
1/24/34
....
5,816
1
a,b
5737632.SQ.FTS.B
,
3
.931
%
,
1/25/34
....
5,796
–
a,b
5741303.SQ.FTS.B
,
4
.567
%
,
1/26/34
....
2,044
–
a,b
5751520.SQ.FTS.B
,
3
.308
%
,
1/28/34
....
2,991
–
a,b
5754310.SQ.FTS.B
,
3
.164
%
,
1/29/34
....
1,070
–
a,b
5756610.SQ.FTS.B
,
3
.774
%
,
1/29/34
....
4,556
–
a,b
5757607.SQ.FTS.B
,
3
.929
%
,
1/31/34
....
9,346
–
a,b
5760954.SQ.FTS.B
,
4
.102
%
,
2/01/34
....
2,824
–
a,b
5758291.SQ.FTS.B
,
4
.565
%
,
2/01/34
....
5,772
–
a,b
5767488.SQ.FTS.B
,
4
.566
%
,
2/03/34
....
1,226
–
a,b
5773116.SQ.FTS.B
,
4
.87
%
,
2/04/34
.....
3,729
–
a,b
5777772.SQ.FTS.B
,
4
.558
%
,
2/05/34
....
8,178
–
a,b
5778008.SQ.FTS.B
,
4
.687
%
,
2/05/34
....
4,729
–
a,b
5781951.SQ.FTS.B
,
4
.557
%
,
2/08/34
....
4,019
–
a,b
5784874.SQ.FTS.B
,
5
.153
%
,
2/09/34
....
3,818
–
a,b
5792518.SQ.FTS.B
,
4
.876
%
,
2/10/34
....
16,456
–
a,b
5802478.SQ.FTS.B
,
3
.774
%
,
2/11/34
....
7,637
–
a,b
5812068.SQ.FTS.B
,
3
.302
%
,
2/12/34
....
2,493
–
a,b
5809201.SQ.FTS.B
,
3
.975
%
,
2/12/34
....
718
–
a,b
5812645.SQ.FTS.B
,
4
.529
%
,
2/12/34
....
5,108
–
a,b
5810852.SQ.FTS.B
,
4
.558
%
,
2/12/34
....
3,602
–
a,b
5813253.SQ.FTS.B
,
4
.558
%
,
2/12/34
....
7,311
–
a,b
5813184.SQ.FTS.B
,
4
.894
%
,
2/12/34
....
1,676
–
a,b
5813462.SQ.FTS.B
,
4
.687
%
,
2/13/34
....
1,394
–
a,b
5814016.SQ.FTS.B
,
4
.876
%
,
2/13/34
....
2,868
–
a,b
5814576.SQ.FTS.B
,
3
.308
%
,
2/14/34
....
2,223
–
a,b
5816945.SQ.FTS.B
,
4
.876
%
,
2/15/34
....
4,384
–
a,b
5815447.SQ.FTS.B
,
5
.156
%
,
2/15/34
....
1,227
–
a,b
5817070.SQ.FTS.B
,
5
.158
%
,
2/15/34
....
30,140
–
a,b
5823345.SQ.FTS.B
,
3
.944
%
,
2/17/34
....
1,884
–
a,b
5825002.SQ.FTS.B
,
4
.56
%
,
2/17/34
.....
35,998
–
a,b
5823283.SQ.FTS.B
,
4
.633
%
,
2/17/34
....
18
–
a,b
5824742.SQ.FTS.B
,
4
.688
%
,
2/17/34
....
3,323
–
a,b
5825354.SQ.FTS.B
,
4
.723
%
,
2/17/34
....
4,905
–
a,b
5827842.SQ.FTS.B
,
4
.561
%
,
2/18/34
....
7,668
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5830440.SQ.FTS.B
,
4
.562
%
,
2/18/34
....
$
2,577
$
–
a,b
5828926.SQ.FTS.B
,
4
.685
%
,
2/18/34
....
17,907
–
a,b
5832209.SQ.FTS.B
,
4
.403
%
,
2/19/34
....
26,120
–
a,b
5832576.SQ.FTS.B
,
4
.581
%
,
2/19/34
....
62
–
a,b
5832609.SQ.FTS.B
,
4
.929
%
,
2/19/34
....
2,194
–
a,b
5834318.SQ.FTS.B
,
3
.304
%
,
2/20/34
....
8,185
–
a,b
5834294.SQ.FTS.B
,
4
.537
%
,
2/20/34
....
502
–
a,b
5835079.SQ.FTS.B
,
5
.031
%
,
2/20/34
....
683
–
a,b
5837211.SQ.FTS.B
,
4
.56
%
,
2/22/34
.....
2,901
–
a,b
5837315.SQ.FTS.B
,
4
.561
%
,
2/22/34
....
4,547
–
a,b
5837252.SQ.FTS.B
,
5
.262
%
,
2/22/34
....
1,427
–
a,b
5840394.SQ.FTS.B
,
4
.809
%
,
2/23/34
....
7,735
–
a,b
5839815.SQ.FTS.B
,
4
.859
%
,
2/23/34
....
615
–
a,b
5842093.SQ.FTS.B
,
4
.874
%
,
2/23/34
....
1,240
–
a,b
5851647.SQ.FTS.B
,
4
.534
%
,
2/25/34
....
1,396
–
a,b
5848551.SQ.FTS.B
,
4
.685
%
,
2/25/34
....
1,094
–
a,b
5852027.SQ.FTS.B
,
4
.82
%
,
2/26/34
.....
570
–
a,b
5854311.SQ.FTS.B
,
5
.158
%
,
2/26/34
....
663
–
a,b
5853740.SQ.FTS.B
,
5
.288
%
,
2/26/34
....
2,104
–
a,b
5855240.SQ.FTS.B
,
5
.19
%
,
2/27/34
.....
6,098
–
a,b
5866864.SQ.FTS.B
,
4
.019
%
,
2/28/34
....
2,964
–
a,b
5857039.SQ.FTS.B
,
4
.523
%
,
2/28/34
....
219
–
a,b
5861134.SQ.FTS.B
,
4
.529
%
,
2/28/34
....
14,061
2
a,b
5866568.SQ.FTS.B
,
4
.617
%
,
2/28/34
....
2,638
–
a,b
5855911.SQ.FTS.B
,
4
.687
%
,
2/28/34
....
2,925
–
a,b
5861125.SQ.FTS.B
,
4
.772
%
,
2/28/34
....
619
–
a,b
5862630.SQ.FTS.B
,
5
.067
%
,
2/28/34
....
5,065
–
a,b
5873819.SQ.FTS.B
,
5
.09
%
,
3/01/34
.....
1,232
–
a,b
5874482.SQ.FTS.B
,
4
.762
%
,
3/02/34
....
657
–
a,b
5874329.SQ.FTS.B
,
5
.179
%
,
3/02/34
....
422
–
a,b
5877776.SQ.FTS.B
,
5
.458
%
,
3/03/34
....
691
–
a,b
5878846.SQ.FTS.B
,
5
.302
%
,
3/05/34
....
356
–
a,b
5885192.SQ.FTS.B
,
5
.384
%
,
3/07/34
....
2,394
–
a,b
5884477.SQ.FTS.B
,
5
.518
%
,
3/07/34
....
988
–
a,b
5883334.SQ.FTS.B
,
5
.524
%
,
3/07/34
....
1,109
–
a,b
5889080.SQ.FTS.B
,
4
.718
%
,
3/08/34
....
771
–
a,b
5889436.SQ.FTS.B
,
4
.844
%
,
3/08/34
....
14,724
–
a,b
5889875.SQ.FTS.B
,
5
.174
%
,
3/08/34
....
97
–
a,b
5889597.SQ.FTS.B
,
5
.287
%
,
3/08/34
....
1,085
–
a,b
5894091.SQ.FTS.B
,
4
.599
%
,
3/09/34
....
2,167
–
a,b
5893929.SQ.FTS.B
,
4
.751
%
,
3/09/34
....
788
–
a,b
5893541.SQ.FTS.B
,
5
.441
%
,
3/09/34
....
4,112
–
a,b
5893815.SQ.FTS.B
,
5
.451
%
,
3/09/34
....
1,195
–
a,b
5898769.SQ.FTS.B
,
3
.93
%
,
3/12/34
.....
2,169
–
a,b
5898320.SQ.FTS.B
,
5
.031
%
,
3/12/34
....
8,262
–
a,b
5900989.SQ.FTS.B
,
3
.935
%
,
3/13/34
....
5,386
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5900390.SQ.FTS.B
,
4
.434
%
,
3/13/34
....
$
13,495
$
–
a,b
5900600.SQ.FTS.B
,
5
.093
%
,
3/13/34
....
7,701
–
a,b
5903864.SQ.FTS.B
,
5
.043
%
,
3/14/34
....
2,296
–
a,b
5911495.SQ.FTS.B
,
4
.309
%
,
3/16/34
....
40,359
3
a,b
5910869.SQ.FTS.B
,
5
.031
%
,
3/16/34
....
2,092
–
a,b
5913989.SQ.FTS.B
,
5
.445
%
,
3/17/34
....
1,336
–
a,b
5914396.SQ.FTS.B
,
5
.177
%
,
3/18/34
....
1,467
–
a,b
5915505.SQ.FTS.B
,
5
.283
%
,
3/19/34
....
16,318
1
a,b
5917707.SQ.FTS.B
,
5
.541
%
,
3/19/34
....
3,053
–
a,b
5921285.SQ.FTS.B
,
4
.747
%
,
3/20/34
....
2,698
–
a,b
5921918.SQ.FTS.B
,
5
.156
%
,
3/20/34
....
11,547
–
a,b
5923022.SQ.FTS.B
,
5
.284
%
,
3/21/34
....
1,435
–
a,b
5934059.SQ.FTS.B
,
5
.076
%
,
3/24/34
....
1,242
–
a,b
5934219.SQ.FTS.B
,
5
.158
%
,
3/24/34
....
22,371
–
a,b
5934730.SQ.FTS.B
,
4
.74
%
,
3/25/34
.....
2,564
–
a,b
5936923.SQ.FTS.B
,
4
.526
%
,
3/26/34
....
9,927
–
a,b
5938584.SQ.FTS.B
,
5
.097
%
,
3/26/34
....
6,806
–
a,b
5937124.SQ.FTS.B
,
5
.189
%
,
3/26/34
....
181
–
a,b
5941367.SQ.FTS.B
,
4
.717
%
,
3/27/34
....
4,768
–
a,b
5945082.SQ.FTS.B
,
3
.927
%
,
3/28/34
....
2,500
–
a,b
5943947.SQ.FTS.B
,
4
.74
%
,
3/28/34
.....
1,308
–
a,b
5945214.SQ.FTS.B
,
5
.367
%
,
3/28/34
....
656
–
a,b
5950686.SQ.FTS.B
,
4
.744
%
,
3/29/34
....
810
–
a,b
5954440.SQ.FTS.B
,
4
.843
%
,
3/30/34
....
7,514
–
a,b
5953097.SQ.FTS.B
,
5
.031
%
,
3/30/34
....
885
–
a,b
5956888.SQ.FTS.B
,
4
.221
%
,
4/02/34
....
2,980
–
a,b
5956650.SQ.FTS.B
,
5
.084
%
,
4/02/34
....
182
–
a,b
5956268.SQ.FTS.B
,
5
.096
%
,
4/02/34
....
609
–
a,b
5960434.SQ.FTS.B
,
5
.182
%
,
4/03/34
....
375
–
a,b
5959931.SQ.FTS.B
,
5
.429
%
,
4/03/34
....
1,644
–
a,b
5959978.SQ.FTS.B
,
5
.543
%
,
4/03/34
....
1,182
–
a,b
5966156.SQ.FTS.B
,
4
.03
%
,
4/05/34
.....
4,893
–
a,b
5964109.SQ.FTS.B
,
5
.28
%
,
4/05/34
.....
3,134
1
a,b
5980129.SQ.FTS.B
,
4
.947
%
,
4/10/34
....
695
–
a,b
5981924.SQ.FTS.B
,
4
.843
%
,
4/11/34
....
12,026
1
a,b
5983869.SQ.FTS.B
,
5
.031
%
,
4/11/34
....
1,723
–
a,b
5983705.SQ.FTS.B
,
5
.441
%
,
4/11/34
....
4,402
–
a,b
5986027.SQ.FTS.B
,
5
.095
%
,
4/12/34
....
3,601
–
a,b
5991404.SQ.FTS.B
,
4
.591
%
,
4/13/34
....
1,408
1
a,b
5995853.SQ.FTS.B
,
4
.028
%
,
4/14/34
....
7,553
–
a,b
5995769.SQ.FTS.B
,
4
.938
%
,
4/14/34
....
4,698
–
a,b
5996582.SQ.FTS.B
,
5
.428
%
,
4/15/34
....
330
–
a,b
6000328.SQ.FTS.B
,
5
.275
%
,
4/17/34
....
2,618
–
a,b
6001519.SQ.FTS.B
,
4
.591
%
,
4/18/34
....
505
–
a,b
6010572.SQ.FTS.B
,
4
.216
%
,
4/20/34
....
6,145
–
a,b
6010705.SQ.FTS.B
,
4
.906
%
,
4/20/34
....
4,090
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6015748.SQ.FTS.B
,
4
.756
%
,
4/21/34
....
$
3,151
$
–
a,b
6023977.SQ.FTS.B
,
5
.196
%
,
4/25/34
....
871
–
a,b
6024354.SQ.FTS.B
,
5
.439
%
,
4/26/34
....
6,553
–
a,b
6037378.SQ.FTS.B
,
4
.751
%
,
4/29/34
....
732
–
a,b
6038361.SQ.FTS.B
,
4
.526
%
,
4/30/34
....
2,968
–
a,b
6057823.SQ.FTS.B
,
4
.905
%
,
5/04/34
....
17,364
–
a,b
6063087.SQ.FTS.B
,
4
.305
%
,
5/07/34
....
4,299
–
a,b
6064155.SQ.FTS.B
,
5
.379
%
,
5/08/34
....
694
–
a,b
6064464.SQ.FTS.B
,
5
.542
%
,
5/08/34
....
3,001
–
a,b
6111911.SQ.FTS.B
,
5
.379
%
,
5/09/34
.....
1,257
1
a,b
6120978.SQ.FTS.B
,
4
.769
%
,
5/10/34
....
836
–
a,b
6123828.SQ.FTS.B
,
4
.906
%
,
5/10/34
....
15,343
–
a,b
6122851.SQ.FTS.B
,
5
.157
%
,
5/10/34
....
5,276
–
a,b
6122683.SQ.FTS.B
,
5
.438
%
,
5/10/34
....
9,407
–
a,b
6126543.SQ.FTS.B
,
5
.457
%
,
5/12/34
....
452
–
a,b
6127052.SQ.FTS.B
,
5
.539
%
,
5/13/34
....
2,897
–
a,b
6134462.SQ.FTS.B
,
4
.527
%
,
5/15/34
....
5,519
1
a,b
6143084.SQ.FTS.B
,
5
.515
%
,
5/17/34
....
140
–
a,b
6145383.SQ.FTS.B
,
5
.158
%
,
5/18/34
....
25,311
1
a,b
6147718.SQ.FTS.B
,
5
.373
%
,
5/20/34
....
3,339
–
a,b
6147775.SQ.FTS.B
,
5
.453
%
,
5/20/34
....
1,022
–
a,b
6149657.SQ.FTS.B
,
4
.748
%
,
5/21/34
....
8,931
–
a,b
6149268.SQ.FTS.B
,
5
.031
%
,
5/21/34
....
3,411
–
a,b
6154074.SQ.FTS.B
,
4
.534
%
,
5/22/34
....
4,237
–
a,b
6160262.SQ.FTS.B
,
4
.751
%
,
5/23/34
....
4,566
–
a,b
6159444.SQ.FTS.B
,
4
.901
%
,
5/23/34
....
605
–
a,b
6159521.SQ.FTS.B
,
5
.283
%
,
5/23/34
....
196
–
a,b
6161261.SQ.FTS.B
,
5
.287
%
,
5/24/34
....
1,545
–
a,b
6162505.SQ.FTS.B
,
5
.376
%
,
5/25/34
....
279
–
a,b
6164819.SQ.FTS.B
,
5
.444
%
,
5/26/34
....
480
–
a,b
6164962.SQ.FTS.B
,
5
.445
%
,
5/26/34
....
3,092
–
a,b
6169262.SQ.FTS.B
,
5
.444
%
,
5/28/34
....
142
–
a,b
6173109.SQ.FTS.B
,
4
.311
%
,
5/29/34
....
732
–
a,b
6173073.SQ.FTS.B
,
4
.906
%
,
5/29/34
....
1,600
–
a,b
6185954.SQ.FTS.B
,
5
.441
%
,
6/03/34
....
1,742
–
a,b
6185770.SQ.FTS.B
,
5
.547
%
,
6/03/34
....
2,564
–
a,b
6190982.SQ.FTS.B
,
4
.314
%
,
6/05/34
....
4,546
–
a,b
6191154.SQ.FTS.B
,
5
.532
%
,
6/06/34
....
2,148
–
a,b
6209210.SQ.FTS.B
,
4
.309
%
,
6/09/34
....
6,712
1
a,b
6209706.SQ.FTS.B
,
5
.036
%
,
6/10/34
....
2,323
–
a,b
6211694.SQ.FTS.B
,
5
.372
%
,
6/12/34
....
3,075
–
a,b
6217699.SQ.FTS.B
,
4
.748
%
,
6/13/34
....
3,192
–
a,b
6217315.SQ.FTS.B
,
5
.031
%
,
6/13/34
....
687
–
a,b
6220586.SQ.FTS.B
,
5
.031
%
,
6/14/34
....
3,429
–
a,b
6220625.SQ.FTS.B
,
5
.378
%
,
6/14/34
....
8,814
–
a,b
6227194.SQ.FTS.B
,
5
.02
%
,
6/16/34
.....
1,892
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6236255.SQ.FTS.B
,
5
.436
%
,
6/18/34
....
$
2,023
$
–
a,b
6237088.SQ.FTS.B
,
4
.742
%
,
6/19/34
....
1,309
–
a,b
6237213.SQ.FTS.B
,
5
.438
%
,
6/19/34
....
994
–
a,b
6243468.SQ.FTS.B
,
4
.969
%
,
6/20/34
....
12,676
–
a,b
6243792.SQ.FTS.B
,
5
.374
%
,
6/21/34
....
2,999
–
a,b
6245571.SQ.FTS.B
,
5
.674
%
,
6/21/34
....
502
–
a,b
6254473.SQ.FTS.B
,
5
.251
%
,
6/23/34
....
13,950
–
a,b
6254361.SQ.FTS.B
,
5
.374
%
,
6/23/34
....
1,745
–
a,b
6254841.SQ.FTS.B
,
5
.443
%
,
6/23/34
....
4,682
–
a,b
6259695.SQ.FTS.B
,
5
.545
%
,
6/27/34
....
2,225
–
a,b
6265153.SQ.FTS.B
,
5
.127
%
,
6/29/34
....
11,421
–
a,b
6266370.SQ.FTS.B
,
5
.252
%
,
6/29/34
....
7,717
–
a,b
6275326.SQ.FTS.B
,
5
.44
%
,
7/03/34
.....
2,114
–
a,b
6277033.SQ.FTS.B
,
5
.25
%
,
7/04/34
.....
3,011
–
a,b
6278139.SQ.FTS.B
,
5
.61
%
,
7/04/34
.....
931
–
a,b
6282812.SQ.FTS.B
,
4
.969
%
,
7/06/34
....
15,894
–
a,b
6285291.SQ.FTS.B
,
4
.969
%
,
7/06/34
....
21,510
–
a,b
6285821.SQ.FTS.B
,
5
.609
%
,
7/07/34
....
1,998
–
a,b
6300866.SQ.FTS.B
,
5
.66
%
,
7/13/34
.....
274
–
a,b
6309341.SQ.FTS.B
,
5
.767
%
,
7/18/34
....
1,719
–
a,b
6314763.SQ.FTS.B
,
4
.749
%
,
7/19/34
....
982
–
a,b
6319056.SQ.FTS.B
,
4
.748
%
,
7/21/34
....
430
–
a,b
6351823.SQ.FTS.B
,
4
.966
%
,
7/24/34
....
1,939
–
a,b
6353581.SQ.FTS.B
,
5
.118
%
,
7/24/34
....
916
–
a,b
6351975.SQ.FTS.B
,
5
.478
%
,
7/24/34
....
2,638
–
a,b
6359468.SQ.FTS.B
,
5
.627
%
,
7/26/34
....
432
–
a,b
6370285.SQ.FTS.B
,
5
.757
%
,
7/30/34
....
1,998
–
a,b
6372961.SQ.FTS.B
,
5
.377
%
,
7/31/34
....
57,137
–
a,b
6379092.SQ.FTS.B
,
5
.66
%
,
8/02/34
.....
954
–
a,b
6382243.SQ.FTS.B
,
4
.969
%
,
8/03/34
....
40,502
–
a,b
6386635.SQ.FTS.B
,
4
.99
%
,
8/05/34
.....
1,423
–
a,b
6389269.SQ.FTS.B
,
5
.373
%
,
8/06/34
....
5,046
–
a,b
6389202.SQ.FTS.B
,
5
.751
%
,
8/06/34
....
3,677
–
a,b
6392987.SQ.FTS.B
,
4
.75
%
,
8/07/34
.....
7,102
–
a,b
6392793.SQ.FTS.B
,
5
.48
%
,
8/07/34
.....
432
–
a,b
6393441.SQ.FTS.B
,
4
.971
%
,
8/08/34
....
2,464
–
a,b
6404033.SQ.FTS.B
,
4
.755
%
,
8/11/34
....
2,159
–
a,b
6410608.SQ.FTS.B
,
5
.471
%
,
8/14/34
....
23,537
–
a,b
6413090.SQ.FTS.B
,
5
.251
%
,
8/15/34
....
14,328
–
a,b
6422493.SQ.FTS.B
,
4
.96
%
,
8/17/34
.....
96
–
a,b
6424176.SQ.FTS.B
,
4
.969
%
,
8/18/34
....
22,930
2
a,b
6427394.SQ.FTS.B
,
4
.75
%
,
8/21/34
.....
24,524
–
a,b
6427044.SQ.FTS.B
,
5
.471
%
,
8/21/34
....
637
–
a,b
6431015.SQ.FTS.B
,
4
.969
%
,
8/22/34
....
2,894
–
a,b
6439616.SQ.FTS.B
,
4
.969
%
,
8/23/34
....
2,924
–
a,b
6439850.SQ.FTS.B
,
5
.472
%
,
8/23/34
....
7,981
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6436390.SQ.FTS.B
,
5
.597
%
,
8/23/34
....
$
3,413
$
–
a,b
6442480.SQ.FTS.B
,
5
.383
%
,
8/24/34
....
1,919
–
a,b
6451818.SQ.FTS.B
,
4
.528
%
,
8/28/34
....
32,683
1
a,b
6452723.SQ.FTS.B
,
4
.75
%
,
8/28/34
.....
1,840
–
a,b
6454314.SQ.FTS.B
,
4
.97
%
,
9/01/34
.....
6,133
–
a,b
6461434.SQ.FTS.B
,
5
.252
%
,
9/03/34
....
6,632
1
a,b
6464078.SQ.FTS.B
,
5
.121
%
,
9/04/34
....
818
–
a,b
6467555.SQ.FTS.B
,
5
.377
%
,
9/06/34
....
3,596
–
a,b
6465421.SQ.FTS.B
,
5
.451
%
,
9/06/34
....
1,180
–
a,b
6470092.SQ.FTS.B
,
5
.469
%
,
9/07/34
....
3,576
–
a,b
6475454.SQ.FTS.B
,
5
.126
%
,
9/08/34
....
2,557
–
a,b
6475554.SQ.FTS.B
,
5
.597
%
,
9/08/34
....
8,062
–
a,b
6481328.SQ.FTS.B
,
4
.748
%
,
9/09/34
....
6,302
–
a,b
6483513.SQ.FTS.B
,
4
.528
%
,
9/10/34
....
7,992
–
a,b
6484336.SQ.FTS.B
,
5
.253
%
,
9/10/34
....
22,221
1
a,b
6488356.SQ.FTS.B
,
5
.66
%
,
9/13/34
.....
3,633
–
a,b
6496050.SQ.FTS.B
,
5
.598
%
,
9/15/34
....
2,621
–
a,b
6503201.SQ.FTS.B
,
4
.755
%
,
9/17/34
....
1,828
–
a,b
6508534.SQ.FTS.B
,
5
.66
%
,
9/20/34
.....
3,125
–
a,b
6523267.SQ.FTS.B
,
4
.84
%
,
9/24/34
.....
5,923
–
a,b
6531074.SQ.FTS.B
,
5
.031
%
,
9/28/34
....
24,833
–
a,b
6533670.SQ.FTS.B
,
5
.44
%
,
9/28/34
.....
2,210
1
a,b
6535323.SQ.FTS.B
,
5
.252
%
,
9/29/34
....
449
–
a,b
6537472.SQ.FTS.B
,
5
.437
%
,
9/29/34
....
2,567
–
a,b
6541353.SQ.FTS.B
,
5
.597
%
,
9/30/34
....
727
–
a,b
6547411.SQ.FTS.B
,
4
.749
%
,
10/01/34
...
14,177
1
a,b
6552948.SQ.FTS.B
,
5
.131
%
,
10/04/34
...
1,758
–
a,b
6553144.SQ.FTS.B
,
5
.44
%
,
10/04/34
....
734
–
a,b
6563116.SQ.FTS.B
,
5
.436
%
,
10/07/34
...
626
–
a,b
6566625.SQ.FTS.B
,
5
.189
%
,
10/08/34
...
10,420
–
a,b
6570679.SQ.FTS.B
,
5
.44
%
,
10/10/34
....
15,812
–
a,b
6577981.SQ.FTS.B
,
5
.251
%
,
10/12/34
...
10,021
–
a,b
6581786.SQ.FTS.B
,
5
.755
%
,
10/13/34
...
584
–
a,b
6582337.SQ.FTS.B
,
6
.008
%
,
10/13/34
...
569
–
a,b
6592468.SQ.FTS.B
,
5
.188
%
,
10/18/34
...
26,389
–
a,b
6591444.SQ.FTS.B
,
6
.157
%
,
10/18/34
...
1,914
–
a,b
6608375.SQ.FTS.B
,
6
.263
%
,
10/24/34
...
1,568
–
a,b
6614457.SQ.FTS.B
,
5
.759
%
,
10/26/34
...
2,216
–
a,b
6617414.SQ.FTS.B
,
6
.006
%
,
10/27/34
...
2,152
–
a,b
6623607.SQ.FTS.B
,
6
.419
%
,
10/28/34
...
2,737
–
a,b
6624957.SQ.FTS.B
,
6
.411
%
,
10/30/34
...
3,183
–
a,b
6628247.SQ.FTS.B
,
4
.937
%
,
11/01/34
...
3,665
–
a,b
6626404.SQ.FTS.B
,
6
.006
%
,
11/01/34
...
693
–
a,b
6628104.SQ.FTS.B
,
6
.162
%
,
11/01/34
...
8,424
–
a,b
6629787.SQ.FTS.B
,
5
.57
%
,
11/02/34
....
7,692
–
a,b
6632388.SQ.FTS.B
,
6
.413
%
,
11/02/34
...
6,201
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6633231.SQ.FTS.B
,
4
.745
%
,
11/03/34
...
$
238
$
–
a,b
6639032.SQ.FTS.B
,
5
.442
%
,
11/04/34
...
11,342
–
a,b
6644191.SQ.FTS.B
,
5
.189
%
,
11/05/34
...
32,363
–
a,b
6641907.SQ.FTS.B
,
5
.372
%
,
11/05/34
...
3,766
–
a,b
6641788.SQ.FTS.B
,
5
.445
%
,
11/05/34
...
1,794
–
a,b
6651688.SQ.FTS.B
,
4
.654
%
,
11/09/34
...
53,478
–
a,b
6649660.SQ.FTS.B
,
5
.185
%
,
11/09/34
...
121
–
a,b
6651437.SQ.FTS.B
,
5
.454
%
,
11/09/34
...
494
–
a,b
6655130.SQ.FTS.B
,
5
.442
%
,
11/10/34
...
888
–
a,b
6663871.SQ.FTS.B
,
4
.935
%
,
11/12/34
...
3,838
–
a,b
6662849.SQ.FTS.B
,
4
.936
%
,
11/12/34
...
4,461
–
a,b
6662189.SQ.FTS.B
,
6
.013
%
,
11/12/34
...
858
–
a,b
6664005.SQ.FTS.B
,
6
.167
%
,
11/12/34
...
3,617
–
a,b
6665226.SQ.FTS.B
,
6
.006
%
,
11/13/34
...
660
–
a,b
6668780.SQ.FTS.B
,
5
.566
%
,
11/15/34
...
9,273
–
a,b
6672424.SQ.FTS.B
,
5
.377
%
,
11/16/34
...
4,203
4
a,b
6670037.SQ.FTS.B
,
5
.571
%
,
11/16/34
...
6,805
–
a,b
6674961.SQ.FTS.B
,
5
.44
%
,
11/17/34
....
5,853
–
a,b
6678696.SQ.FTS.B
,
4
.936
%
,
11/18/34
...
19,360
–
a,b
6681578.SQ.FTS.B
,
4
.937
%
,
11/18/34
...
10,776
–
a,b
6679343.SQ.FTS.B
,
5
.379
%
,
11/18/34
...
3,191
–
a,b
6684387.SQ.FTS.B
,
4
.738
%
,
11/19/34
...
1,197
–
a,b
6682519.SQ.FTS.B
,
5
.381
%
,
11/19/34
...
771
–
a,b
6685009.SQ.FTS.B
,
5
.752
%
,
11/20/34
...
2,633
–
a,b
6685907.SQ.FTS.B
,
5
.568
%
,
11/21/34
...
6,526
–
a,b
6686639.SQ.FTS.B
,
4
.937
%
,
11/22/34
...
1,131
–
a,b
6686940.SQ.FTS.B
,
4
.937
%
,
11/22/34
...
2,880
–
a,b
6689856.SQ.FTS.B
,
4
.659
%
,
11/23/34
...
4,087
–
a,b
6692529.SQ.FTS.B
,
5
.186
%
,
11/23/34
...
6,099
–
a,b
6689979.SQ.FTS.B
,
5
.377
%
,
11/23/34
...
12,919
–
a,b
6709316.SQ.FTS.B
,
5
.767
%
,
11/29/34
...
108
–
a,b
6719810.SQ.FTS.B
,
6
.432
%
,
12/01/34
...
1,571
–
a,b
6724464.SQ.FTS.B
,
4
.747
%
,
12/02/34
...
9,907
–
a,b
6729931.SQ.FTS.B
,
6
.262
%
,
12/05/34
...
5,140
–
a,b
6731838.SQ.FTS.B
,
4
.654
%
,
12/06/34
...
5,855
–
a,b
6731255.SQ.FTS.B
,
5
.188
%
,
12/06/34
...
1,286
–
a,b
6730881.SQ.FTS.B
,
5
.755
%
,
12/06/34
...
5,559
–
a,b
6737291.SQ.FTS.B
,
5
.203
%
,
12/07/34
...
1,511
–
a,b
6742103.SQ.FTS.B
,
6
.26
%
,
12/08/34
....
970
–
a,b
6746092.SQ.FTS.B
,
4
.659
%
,
12/09/34
...
1,222
–
a,b
6745247.SQ.FTS.B
,
4
.74
%
,
12/09/34
....
775
–
a,b
6746977.SQ.FTS.B
,
5
.188
%
,
12/10/34
...
15,911
–
a,b
6753247.SQ.FTS.B
,
4
.655
%
,
12/13/34
...
9,691
–
a,b
6753008.SQ.FTS.B
,
4
.749
%
,
12/13/34
...
6,085
–
a,b
6756294.SQ.FTS.B
,
5
.751
%
,
12/14/34
...
2,192
–
a,b
6764489.SQ.FTS.B
,
4
.937
%
,
12/15/34
...
21,402
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6770530.SQ.FTS.B
,
5
.39
%
,
12/19/34
....
$
1,058
$
–
a,b
6771134.SQ.FTS.B
,
6
.006
%
,
12/19/34
...
18,256
–
a,b
6774551.SQ.FTS.B
,
5
.567
%
,
12/20/34
...
17,810
–
a,b
6781272.SQ.FTS.B
,
5
.566
%
,
12/22/34
...
37,439
–
a,b
6783369.SQ.FTS.B
,
6
.27
%
,
12/23/34
....
1,854
–
a,b
6792314.SQ.FTS.B
,
6
.005
%
,
12/27/34
...
6,421
–
a,b
6795315.SQ.FTS.B
,
6
.417
%
,
12/28/34
...
1,229
–
a,b
6800044.SQ.FTS.B
,
6
.258
%
,
12/29/34
...
4,878
–
a,b
6804745.SQ.FTS.B
,
5
.449
%
,
12/30/34
...
180
–
a,b
6806677.SQ.FTS.B
,
5
.568
%
,
12/30/34
...
3,293
–
a,b
6808256.SQ.FTS.B
,
5
.546
%
,
1/01/35
....
794
–
a,b
6812850.SQ.FTS.B
,
4
.652
%
,
1/03/35
....
1,848
–
a,b
6812517.SQ.FTS.B
,
5
.566
%
,
1/03/35
....
14,910
–
a,b
6810642.SQ.FTS.B
,
6
.009
%
,
1/03/35
....
5,633
–
a,b
6815367.SQ.FTS.B
,
5
.371
%
,
1/05/35
....
1,775
–
a,b
6822097.SQ.FTS.B
,
4
.751
%
,
1/06/35
....
1,805
–
a,b
6818955.SQ.FTS.B
,
4
.938
%
,
1/06/35
....
7,512
–
a,b
6826532.SQ.FTS.B
,
5
.749
%
,
1/08/35
....
3,960
–
a,b
6836269.SQ.FTS.B
,
4
.747
%
,
1/12/35
....
758
–
a,b
6833875.SQ.FTS.B
,
5
.189
%
,
1/12/35
....
1,457
–
a,b
6836478.SQ.FTS.B
,
5
.749
%
,
1/12/35
....
673
–
a,b
6841626.SQ.FTS.B
,
4
.748
%
,
1/13/35
....
5,625
–
a,b
6838796.SQ.FTS.B
,
6
.176
%
,
1/13/35
....
1,173
–
a,b
6839643.SQ.FTS.B
,
6
.205
%
,
1/13/35
....
576
–
a,b
6843667.SQ.FTS.B
,
6
.415
%
,
1/14/35
....
32,216
–
a,b
6845960.SQ.FTS.B
,
4
.748
%
,
1/15/35
....
2,193
–
a,b
6846131.SQ.FTS.B
,
5
.747
%
,
1/15/35
....
779
–
a,b
6846797.SQ.FTS.B
,
5
.191
%
,
1/16/35
....
623
–
a,b
6846652.SQ.FTS.B
,
5
.773
%
,
1/16/35
....
183
–
a,b
6849498.SQ.FTS.B
,
4
.655
%
,
1/17/35
....
5,530
–
a,b
6849711.SQ.FTS.B
,
4
.743
%
,
1/17/35
....
628
–
a,b
6849119.SQ.FTS.B
,
5
.563
%
,
1/17/35
....
260
–
a,b
6848265.SQ.FTS.B
,
6
.172
%
,
1/17/35
....
1,144
–
a,b
6852615.SQ.FTS.B
,
4
.756
%
,
1/18/35
....
1,041
–
a,b
6855849.SQ.FTS.B
,
4
.653
%
,
1/19/35
....
3,144
–
a,b
6862957.SQ.FTS.B
,
6
.254
%
,
1/21/35
....
4,171
–
a,b
6871369.SQ.FTS.B
,
5
.567
%
,
1/25/35
....
499
–
a,b
6871155.SQ.FTS.B
,
6
.012
%
,
1/25/35
....
3,560
–
a,b
6873383.SQ.FTS.B
,
6
.15
%
,
1/26/35
.....
334
–
a,b
6880856.SQ.FTS.B
,
5
.366
%
,
1/28/35
....
1,568
–
a,b
6884787.SQ.FTS.B
,
6
.262
%
,
1/29/35
....
3,067
–
a,b
6889119.SQ.FTS.B
,
6
.008
%
,
1/31/35
....
3,513
–
a,b
6889109.SQ.FTS.B
,
6
.258
%
,
1/31/35
....
1,082
–
a,b
6891067.SQ.FTS.B
,
6
.255
%
,
2/01/35
....
5,566
–
a,b
6895588.SQ.FTS.B
,
4
.657
%
,
2/02/35
....
10,603
–
a,b
6893023.SQ.FTS.B
,
5
.378
%
,
2/02/35
....
14,273
1
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6899300.SQ.FTS.B
,
4
.643
%
,
2/03/35
....
$
1,221
$
–
a,b
6899194.SQ.FTS.B
,
4
.754
%
,
2/03/35
....
463
–
a,b
6903284.SQ.FTS.B
,
4
.654
%
,
2/04/35
....
3,163
–
a,b
6904989.SQ.FTS.B
,
5
.189
%
,
2/05/35
....
22,112
–
a,b
6904822.SQ.FTS.B
,
5
.573
%
,
2/05/35
....
285
–
a,b
6908001.SQ.FTS.B
,
5
.565
%
,
2/07/35
....
23,167
–
a,b
6909141.SQ.FTS.B
,
5
.379
%
,
2/08/35
....
19,068
–
a,b
6913052.SQ.FTS.B
,
4
.942
%
,
2/09/35
....
2,970
–
a,b
6914678.SQ.FTS.B
,
5
.758
%
,
2/09/35
....
3,385
–
a,b
6916173.SQ.FTS.B
,
5
.577
%
,
2/10/35
....
512
–
a,b
6920447.SQ.FTS.B
,
6
.006
%
,
2/11/35
....
24,973
–
a,b
6923496.SQ.FTS.B
,
6
.258
%
,
2/15/35
....
3,417
8
a,b
6934833.SQ.FTS.B
,
4
.938
%
,
2/17/35
....
4,744
–
a,b
6934329.SQ.FTS.B
,
6
.258
%
,
2/17/35
....
12,367
–
a,b
6936990.SQ.FTS.B
,
4
.748
%
,
2/18/35
....
3,340
–
a,b
6937130.SQ.FTS.B
,
6
.132
%
,
2/18/35
....
381
–
a,b
6938552.SQ.FTS.B
,
6
.416
%
,
2/18/35
....
6,233
–
a,b
6942251.SQ.FTS.B
,
4
.656
%
,
2/20/35
....
3,601
–
a,b
6946078.SQ.FTS.B
,
4
.937
%
,
2/21/35
....
150
2
a,b
6946120.SQ.FTS.B
,
6
.164
%
,
2/21/35
....
10,031
1
a,b
6944161.SQ.FTS.B
,
6
.261
%
,
2/21/35
....
1,708
–
a,b
6966531.SQ.FTS.B
,
4
.749
%
,
2/28/35
....
3,997
1
a,b
6978952.SQ.FTS.B
,
4
.937
%
,
2/28/35
....
51,353
–
a,b
6967741.SQ.FTS.B
,
5
.189
%
,
2/28/35
....
1,401
–
a,b
6966362.SQ.FTS.B
,
5
.376
%
,
2/28/35
....
275
–
a,b
6968103.SQ.FTS.B
,
5
.455
%
,
2/28/35
....
537
–
a,b
6966621.SQ.FTS.B
,
5
.569
%
,
2/28/35
....
1,752
–
a,b
6971755.SQ.FTS.B
,
5
.975
%
,
2/28/35
....
353
–
a,b
6970716.SQ.FTS.B
,
6
.005
%
,
2/28/35
....
1,583
–
a,b
6966412.SQ.FTS.B
,
6
.167
%
,
2/28/35
....
2,449
1
a,b
6978418.SQ.FTS.B
,
6
.247
%
,
2/28/35
....
1,258
–
a,b
6966854.SQ.FTS.B
,
6
.26
%
,
2/28/35
.....
3,823
–
a,b
6981964.SQ.FTS.B
,
5
.376
%
,
3/01/35
....
13,283
–
a,b
6984708.SQ.FTS.B
,
5
.567
%
,
3/02/35
....
1,263
–
a,b
6987569.SQ.FTS.B
,
5
.754
%
,
3/05/35
....
3,671
2
a,b
6993089.SQ.FTS.B
,
4
.76
%
,
3/06/35
.....
594
–
a,b
7009269.SQ.FTS.B
,
6
.165
%
,
3/12/35
....
22,063
2
a,b
7014159.SQ.FTS.B
,
5
.56
%
,
3/13/35
.....
1,246
–
a,b
7021732.SQ.FTS.B
,
5
.376
%
,
3/15/35
....
2,798
2
a,b
7022730.SQ.FTS.B
,
6
.259
%
,
3/15/35
....
3,666
4
a,b
7028537.SQ.FTS.B
,
5
.189
%
,
3/18/35
....
66,996
52
a,b
7032279.SQ.FTS.B
,
5
.567
%
,
3/19/35
....
1,308
1
a,b
7043444.SQ.FTS.B
,
5
.376
%
,
3/21/35
....
6,529
1
a,b
7040179.SQ.FTS.B
,
5
.564
%
,
3/21/35
....
8,897
308
a,b
7046836.SQ.FTS.B
,
6
.261
%
,
3/22/35
....
2,078
–
a,b
7050197.SQ.FTS.B
,
4
.749
%
,
3/25/35
....
13,025
17
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7052668.SQ.FTS.B
,
4
.936
%
,
3/25/35
....
$
1,948
$
1
a,b
7052092.SQ.FTS.B
,
5
.754
%
,
3/25/35
....
4,535
2
a,b
7050592.SQ.FTS.B
,
6
.263
%
,
3/25/35
....
912
–
a,b
7054612.SQ.FTS.B
,
6
.006
%
,
3/26/35
....
5,385
1
a,b
7061323.SQ.FTS.B
,
5
.189
%
,
3/28/35
....
34,494
31
a,b
7062421.SQ.FTS.B
,
6
.006
%
,
3/28/35
....
896
1
a,b
7062617.SQ.FTS.B
,
6
.164
%
,
3/28/35
....
20,347
18
a,b
7067874.SQ.FTS.B
,
6
.003
%
,
3/29/35
....
3,096
2
a,b
7065573.SQ.FTS.B
,
6
.258
%
,
3/29/35
....
13,691
1
a,b
7071000.SQ.FTS.B
,
4
.721
%
,
4/02/35
....
645
–
a,b
7071948.SQ.FTS.B
,
6
.248
%
,
4/02/35
....
631
–
a,b
7080510.SQ.FTS.B
,
6
.274
%
,
4/04/35
....
1,437
1
a,b
7085620.SQ.FTS.B
,
6
.007
%
,
4/05/35
....
8,877
6
a,b
7089901.SQ.FTS.B
,
5
.375
%
,
4/06/35
....
7,927
5
a,b
7091540.SQ.FTS.B
,
5
.756
%
,
4/06/35
....
10,017
9
a,b
7091737.SQ.FTS.B
,
6
.421
%
,
4/06/35
....
949
1
a,b
7095396.SQ.FTS.B
,
5
.76
%
,
4/09/35
.....
2,090
41
a,b
7098792.SQ.FTS.B
,
4
.653
%
,
4/10/35
....
2,031
–
a,b
7101698.SQ.FTS.B
,
5
.393
%
,
4/11/35
....
1,010
1
a,b
7102724.SQ.FTS.B
,
5
.566
%
,
4/11/35
....
4,584
4
a,b
7102932.SQ.FTS.B
,
6
.255
%
,
4/11/35
....
1,825
1
a,b
7105121.SQ.FTS.B
,
4
.938
%
,
4/12/35
....
1,161
2
a,b
7106451.SQ.FTS.B
,
5
.377
%
,
4/12/35
....
11,899
10
a,b
7108839.SQ.FTS.B
,
4
.653
%
,
4/13/35
....
3,313
7
a,b
7109927.SQ.FTS.B
,
6
.418
%
,
4/13/35
....
8,573
9
a,b
7112255.SQ.FTS.B
,
6
.155
%
,
4/14/35
....
2,323
1
a,b
7115405.SQ.FTS.B
,
4
.655
%
,
4/16/35
....
34,107
2,709
a,b
7115331.SQ.FTS.B
,
5
.762
%
,
4/16/35
....
561
17
a,b
7121272.SQ.FTS.B
,
6
.012
%
,
4/17/35
....
2,783
3
a,b
7122345.SQ.FTS.B
,
4
.762
%
,
4/18/35
....
402
–
a,b
7123668.SQ.FTS.B
,
4
.936
%
,
4/18/35
....
2,218
1
a,b
7123343.SQ.FTS.B
,
6
.006
%
,
4/18/35
....
2,848
5
a,b
7134939.SQ.FTS.B
,
5
.756
%
,
4/19/35
....
9,292
6
a,b
7137611.SQ.FTS.B
,
5
.189
%
,
4/20/35
....
10,916
24
a,b
7147597.SQ.FTS.B
,
5
.364
%
,
4/23/35
....
1,926
2
a,b
7147279.SQ.FTS.B
,
5
.38
%
,
4/23/35
.....
6,976
644
a,b
7154719.SQ.FTS.B
,
5
.759
%
,
4/25/35
....
6,577
5
a,b
7163900.SQ.FTS.B
,
6
.413
%
,
4/27/35
....
5,443
10
a,b
7164193.SQ.FTS.B
,
5
.377
%
,
4/28/35
....
5,624
4
a,b
7165931.SQ.FTS.B
,
5
.385
%
,
4/29/35
....
1,875
1
a,b
7168044.SQ.FTS.B
,
5
.764
%
,
4/30/35
....
2,062
1
a,b
7176646.SQ.FTS.B
,
4
.762
%
,
5/01/35
....
1,231
1
a,b
7176634.SQ.FTS.B
,
5
.445
%
,
5/01/35
....
1,458
1
a,b
7173920.SQ.FTS.B
,
5
.759
%
,
5/01/35
....
251
–
a,b
7173881.SQ.FTS.B
,
6
.415
%
,
5/01/35
....
2,005
1
a,b
7180807.SQ.FTS.B
,
4
.654
%
,
5/02/35
....
2,907
7
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7180850.SQ.FTS.B
,
4
.935
%
,
5/02/35
....
$
2,462
$
3
a,b
7179318.SQ.FTS.B
,
5
.189
%
,
5/02/35
....
11,067
14
a,b
7196096.SQ.FTS.B
,
6
.003
%
,
5/07/35
....
8,216
5
a,b
7201085.SQ.FTS.B
,
6
.419
%
,
5/08/35
....
1,847
2
a,b
7203631.SQ.FTS.B
,
4
.745
%
,
5/09/35
....
1,386
2
a,b
7204614.SQ.FTS.B
,
5
.184
%
,
5/09/35
....
3,537
6
a,b
7206450.SQ.FTS.B
,
5
.373
%
,
5/09/35
....
1,582
2
a,b
7204933.SQ.FTS.B
,
5
.409
%
,
5/09/35
....
381
–
a,b
7206160.SQ.FTS.B
,
6
.258
%
,
5/09/35
....
11,872
12
a,b
7215803.SQ.FTS.B
,
4
.932
%
,
5/13/35
....
3,486
9
a,b
7215930.SQ.FTS.B
,
6
.257
%
,
5/13/35
....
13,761
17
a,b
7224254.SQ.FTS.B
,
5
.757
%
,
5/15/35
....
3,116
205
a,b
7222451.SQ.FTS.B
,
6
.258
%
,
5/15/35
....
1,847
146
a,b
7235145.SQ.FTS.B
,
6
.008
%
,
5/18/35
....
20,605
28
a,b
7237806.SQ.FTS.B
,
5
.384
%
,
5/20/35
....
768
3
a,b
7243413.SQ.FTS.B
,
5
.382
%
,
5/21/35
....
837
112
a,b
7244368.SQ.FTS.B
,
6
%
,
5/21/35
.......
620
1
a,b
7243236.SQ.FTS.B
,
6
.26
%
,
5/21/35
.....
8,746
9
a,b
7247605.SQ.FTS.B
,
5
.185
%
,
5/22/35
....
1,856
10
a,b
7249679.SQ.FTS.B
,
6
.422
%
,
5/22/35
....
245
–
a,b
7249518.SQ.FTS.B
,
6
.424
%
,
5/22/35
....
1,960
2
a,b
7253237.SQ.FTS.B
,
6
.01
%
,
5/24/35
.....
270
1
a,b
7252834.SQ.FTS.B
,
6
.167
%
,
5/24/35
....
4,847
2
a,b
7254743.SQ.FTS.B
,
4
.656
%
,
5/25/35
....
23
4
a,b
7256122.SQ.FTS.B
,
5
.365
%
,
5/25/35
....
1,533
1
a,b
7256570.SQ.FTS.B
,
4
.935
%
,
5/26/35
....
5,380
17
a,b
7262532.SQ.FTS.B
,
4
.752
%
,
5/28/35
....
3,144
5
a,b
7262602.SQ.FTS.B
,
5
.43
%
,
5/28/35
.....
462
–
a,b
7264204.SQ.FTS.B
,
4
.654
%
,
5/29/35
....
20,052
71
a,b
7275604.SQ.FTS.B
,
5
.374
%
,
6/01/35
....
756
1
a,b
7280873.SQ.FTS.B
,
5
.192
%
,
6/04/35
....
5,514
11
a,b
7281601.SQ.FTS.B
,
5
.409
%
,
6/04/35
....
1,132
1
a,b
7282811.SQ.FTS.B
,
6
.248
%
,
6/04/35
....
529
2
a,b
7281210.SQ.FTS.B
,
6
.261
%
,
6/04/35
....
901
1
a,b
7287176.SQ.FTS.B
,
6
.006
%
,
6/05/35
....
5,152
11
a,b
7284693.SQ.FTS.B
,
6
.007
%
,
6/05/35
....
1,055
2
a,b
7287732.SQ.FTS.B
,
6
.184
%
,
6/05/35
....
300
1
a,b
7287144.SQ.FTS.B
,
6
.267
%
,
6/05/35
....
1,419
2
a,b
7290056.SQ.FTS.B
,
5
.377
%
,
6/06/35
....
5,162
5
a,b
7289261.SQ.FTS.B
,
5
.565
%
,
6/06/35
....
1,039
4
a,b
7299621.SQ.FTS.B
,
4
.654
%
,
6/08/35
....
35,360
123
a,b
7300176.SQ.FTS.B
,
6
.008
%
,
6/08/35
....
546
105
a,b
7303540.SQ.FTS.B
,
5
.565
%
,
6/10/35
....
1,343
3
a,b
7303522.SQ.FTS.B
,
6
.265
%
,
6/10/35
....
335
1
a,b
7314543.SQ.FTS.B
,
5
.191
%
,
6/12/35
....
3,475
10
a,b
7316842.SQ.FTS.B
,
4
.743
%
,
6/13/35
....
1,433
198
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7317981.SQ.FTS.B
,
5
.434
%
,
6/13/35
....
$
1,348
$
3
a,b
7314697.SQ.FTS.B
,
5
.559
%
,
6/13/35
....
3,749
4
a,b
7318018.SQ.FTS.B
,
5
.564
%
,
6/13/35
....
6,392
6
a,b
7323718.SQ.FTS.B
,
6
.006
%
,
6/14/35
....
3,869
10
a,b
7327791.SQ.FTS.B
,
4
.748
%
,
6/15/35
....
8,988
17
a,b
7324925.SQ.FTS.B
,
5
.182
%
,
6/15/35
....
1,333
4
a,b
7328914.SQ.FTS.B
,
5
.566
%
,
6/16/35
....
10,484
26
a,b
7329210.SQ.FTS.B
,
6
.42
%
,
6/17/35
.....
3,315
8
a,b
7334014.SQ.FTS.B
,
5
.459
%
,
6/18/35
....
1,044
4
a,b
7330422.SQ.FTS.B
,
6
.162
%
,
6/18/35
....
625
2
a,b
7336581.SQ.FTS.B
,
4
.937
%
,
6/19/35
....
49,530
75
a,b
7335932.SQ.FTS.B
,
5
.566
%
,
6/19/35
....
8,474
24
a,b
7334863.SQ.FTS.B
,
5
.763
%
,
6/19/35
....
1,344
4
a,b
7339897.SQ.FTS.B
,
4
.653
%
,
6/20/35
....
3,395
16
a,b
7340806.SQ.FTS.B
,
6
.008
%
,
6/20/35
....
3,592
10
a,b
7344575.SQ.FTS.B
,
6
.009
%
,
6/21/35
....
4,098
9
a,b
7346393.SQ.FTS.B
,
6
.164
%
,
6/21/35
....
62,612
73
a,b
7348505.SQ.FTS.B
,
6
.038
%
,
6/22/35
....
564
1
a,b
7351981.SQ.FTS.B
,
4
.654
%
,
6/23/35
....
17,215
45
a,b
7352490.SQ.FTS.B
,
4
.752
%
,
6/23/35
....
1,987
4
a,b
7352850.SQ.FTS.B
,
6
.257
%
,
6/24/35
....
12,690
27
a,b
7353901.SQ.FTS.B
,
6
.167
%
,
6/25/35
....
4,755
13
a,b
7360937.SQ.FTS.B
,
4
.654
%
,
6/27/35
....
619
147
a,b
7359006.SQ.FTS.B
,
5
.439
%
,
6/27/35
....
2,767
6
a,b
7371685.SQ.FTS.B
,
5
.752
%
,
6/30/35
....
3,456
8
a,b
7370367.SQ.FTS.B
,
5
.764
%
,
6/30/35
....
1,662
3
a,b
7370851.SQ.FTS.B
,
6
.02
%
,
6/30/35
.....
664
3
a,b
7375076.SQ.FTS.B
,
5
.374
%
,
7/02/35
....
6,359
17
a,b
7377813.SQ.FTS.B
,
5
.76
%
,
7/03/35
.....
5,830
10
a,b
7387529.SQ.FTS.B
,
5
.372
%
,
7/06/35
....
631
2
a,b
7389966.SQ.FTS.B
,
4
.756
%
,
7/08/35
....
1,331
4
a,b
7389892.SQ.FTS.B
,
5
.193
%
,
7/08/35
....
2,172
8
a,b
7402047.SQ.FTS.B
,
5
.75
%
,
7/11/35
.....
5,039
12
a,b
7401076.SQ.FTS.B
,
6
.161
%
,
7/11/35
....
4,234
12
a,b
7411525.SQ.FTS.B
,
6
.169
%
,
7/16/35
....
946
70
a,b
7412344.SQ.FTS.B
,
4
.707
%
,
7/17/35
....
212
1
a,b
7412972.SQ.FTS.B
,
5
.377
%
,
7/17/35
....
6,512
30
a,b
7416105.SQ.FTS.B
,
4
.939
%
,
7/18/35
....
2,940
12
a,b
7417924.SQ.FTS.B
,
5
.566
%
,
7/18/35
....
5,269
36
a,b
7422446.SQ.FTS.B
,
5
.773
%
,
7/20/35
....
126
14
a,b
7423387.SQ.FTS.B
,
5
.574
%
,
7/21/35
....
1,914
6
a,b
7426750.SQ.FTS.B
,
4
.758
%
,
7/22/35
....
1,835
8
a,b
7430504.SQ.FTS.B
,
4
.654
%
,
7/24/35
....
68,115
93
a,b
7438053.SQ.FTS.B
,
5
.566
%
,
7/25/35
....
9,004
31
a,b
7441625.SQ.FTS.B
,
4
.937
%
,
7/26/35
....
27,213
85
a,b
7443079.SQ.FTS.B
,
6
.271
%
,
7/28/35
....
415
2
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7447048.SQ.FTS.B
,
4
.749
%
,
7/29/35
....
$
43,825
$
80
a,b
7446590.SQ.FTS.B
,
5
.377
%
,
7/29/35
....
8,070
70
a,b
7461359.SQ.FTS.B
,
6
.162
%
,
8/02/35
....
10,885
21
a,b
7468484.SQ.FTS.B
,
4
.653
%
,
8/06/35
....
27,792
91
a,b
7473943.SQ.FTS.B
,
5
.377
%
,
8/07/35
....
2,381
200
a,b
7483714.SQ.FTS.B
,
5
.453
%
,
8/10/35
....
442
3
a,b
7484428.SQ.FTS.B
,
5
.189
%
,
8/11/35
....
4,409
34
a,b
7483959.SQ.FTS.B
,
5
.756
%
,
8/11/35
....
2,817
11
a,b
7488673.SQ.FTS.B
,
5
.581
%
,
8/13/35
....
805
5
a,b
7489102.SQ.FTS.B
,
5
.757
%
,
8/13/35
....
1,307
7
a,b
7490203.SQ.FTS.B
,
6
.424
%
,
8/13/35
....
509
3
a,b
7500824.SQ.FTS.B
,
6
.258
%
,
8/15/35
....
27,055
95
a,b
7508686.SQ.FTS.B
,
4
.934
%
,
8/16/35
....
2,765
19
a,b
7508856.SQ.FTS.B
,
4
.932
%
,
8/17/35
....
3,854
24
a,b
7511303.SQ.FTS.B
,
4
.939
%
,
8/19/35
....
5,973
31
a,b
7511680.SQ.FTS.B
,
5
.381
%
,
8/19/35
....
5,184
21
a,b
7511795.SQ.FTS.B
,
5
.761
%
,
8/19/35
....
2,165
13
a,b
7514863.SQ.FTS.B
,
4
.654
%
,
8/20/35
....
9,340
42
a,b
7519968.SQ.FTS.B
,
6
.415
%
,
8/21/35
....
10,143
58
a,b
7533921.SQ.FTS.B
,
5
.566
%
,
8/26/35
....
9,844
106
a,b
7535779.SQ.FTS.B
,
4
.653
%
,
8/27/35
....
3,761
24
a,b
7537580.SQ.FTS.B
,
4
.937
%
,
8/27/35
....
25,953
230
a,b
7539738.SQ.FTS.B
,
5
.566
%
,
8/27/35
....
10,362
3,047
a,b
7542074.SQ.FTS.B
,
4
.654
%
,
8/28/35
....
5,237
44
a,b
7549987.SQ.FTS.B
,
5
.732
%
,
8/29/35
....
653
72
a,b
7552166.SQ.FTS.B
,
5
.418
%
,
9/01/35
....
717
4
a,b
7560015.SQ.FTS.B
,
6
.262
%
,
9/04/35
....
1,773
14
a,b
7573684.SQ.FTS.B
,
4
.764
%
,
9/07/35
....
481
3
a,b
7574028.SQ.FTS.B
,
4
.934
%
,
9/07/35
....
971
110
a,b
7573640.SQ.FTS.B
,
4
.937
%
,
9/07/35
....
3,544
20
a,b
7573480.SQ.FTS.B
,
5
.571
%
,
9/07/35
....
3,736
36
a,b
7573972.SQ.FTS.B
,
6
.003
%
,
9/07/35
....
4,128
1,444
a,b
7571507.SQ.FTS.B
,
6
.169
%
,
9/07/35
....
2,659
22
a,b
7578877.SQ.FTS.B
,
4
.78
%
,
9/09/35
.....
61
1
a,b
7580830.SQ.FTS.B
,
5
.189
%
,
9/11/35
....
4,100
559
a,b
7581869.SQ.FTS.B
,
6
.01
%
,
9/11/35
.....
1,493
9
a,b
7581762.SQ.FTS.B
,
6
.253
%
,
9/11/35
....
384
3
a,b
7586278.SQ.FTS.B
,
4
.654
%
,
9/12/35
....
8,025
70
a,b
7586914.SQ.FTS.B
,
5
.375
%
,
9/12/35
....
9,130
79
a,b
7590230.SQ.FTS.B
,
5
.196
%
,
9/13/35
....
855
88
a,b
7596084.SQ.FTS.B
,
4
.94
%
,
9/14/35
.....
7,942
72
a,b
7599917.SQ.FTS.B
,
6
.447
%
,
9/15/35
....
492
3
a,b
7600486.SQ.FTS.B
,
4
.769
%
,
9/16/35
....
645
3
a,b
7600104.SQ.FTS.B
,
5
.752
%
,
9/16/35
....
3,186
29
a,b
7601096.SQ.FTS.B
,
5
.377
%
,
9/17/35
....
12,879
107
a,b
7603430.SQ.FTS.B
,
5
.38
%
,
9/18/35
.....
4,283
45
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7602494.SQ.FTS.B
,
6
.255
%
,
9/18/35
....
$
2,210
$
9
a,b
7608442.SQ.FTS.B
,
5
.565
%
,
9/19/35
....
5,862
73
a,b
7617942.SQ.FTS.B
,
5
.758
%
,
9/21/35
....
2,823
28
a,b
7621404.SQ.FTS.B
,
6
.413
%
,
9/23/35
....
3,184
21
a,b
7623850.SQ.FTS.B
,
5
.19
%
,
9/25/35
.....
796
354
a,b
7623781.SQ.FTS.B
,
5
.379
%
,
9/25/35
....
1,952
19
a,b
7624159.SQ.FTS.B
,
6
.261
%
,
9/25/35
....
668
7
a,b
7629674.SQ.FTS.B
,
5
.189
%
,
9/26/35
....
7,987
76
a,b
7626558.SQ.FTS.B
,
5
.564
%
,
9/26/35
....
970
10
a,b
7629259.SQ.FTS.B
,
5
.565
%
,
9/26/35
....
2,930
21
a,b
7629134.SQ.FTS.B
,
6
.413
%
,
9/26/35
....
4,696
40
a,b
7630481.SQ.FTS.B
,
5
.189
%
,
9/27/35
....
11,930
78
a,b
7643054.SQ.FTS.B
,
6
.165
%
,
9/29/35
....
373
5
a,b
7639746.SQ.FTS.B
,
6
.415
%
,
9/29/35
....
63,645
437
a,b
7643615.SQ.FTS.B
,
6
.134
%
,
9/30/35
....
212
2
a,b
7648077.SQ.FTS.B
,
4
.75
%
,
10/01/35
....
6,098
75
a,b
7647696.SQ.FTS.B
,
5
.441
%
,
10/01/35
...
11,385
109
a,b
7654130.SQ.FTS.B
,
6
.264
%
,
10/03/35
...
310
94
a,b
7669547.SQ.FTS.B
,
5
.432
%
,
10/07/35
...
1,177
156
a,b
7674523.SQ.FTS.B
,
6
.289
%
,
10/09/35
...
6,179
693
a,b
7675618.SQ.FTS.B
,
6
.415
%
,
10/09/35
...
38,440
393
a,b
7679612.SQ.FTS.B
,
5
.562
%
,
10/10/35
...
2,603
287
a,b
7682366.SQ.FTS.B
,
5
.376
%
,
10/11/35
...
4,325
51
a,b
7684952.SQ.FTS.B
,
5
.567
%
,
10/11/35
...
799
298
a,b
7685699.SQ.FTS.B
,
6
.305
%
,
10/11/35
...
968
12
a,b
7686665.SQ.FTS.B
,
5
.569
%
,
10/12/35
...
2,104
27
a,b
7694250.SQ.FTS.B
,
4
.749
%
,
10/15/35
...
606
85
a,b
7693783.SQ.FTS.B
,
5
.378
%
,
10/15/35
...
11,907
158
a,b
7696123.SQ.FTS.B
,
5
.912
%
,
10/16/35
...
1,117
147
a,b
7696300.SQ.FTS.B
,
5
.912
%
,
10/16/35
...
5,166
59
a,b
7695636.SQ.FTS.B
,
6
.27
%
,
10/16/35
....
276
4
a,b
7703086.SQ.FTS.B
,
5
.093
%
,
10/18/35
...
1,487
21
a,b
7705651.SQ.FTS.B
,
4
.654
%
,
10/19/35
...
4,024
1,705
a,b
7714659.SQ.FTS.B
,
5
.193
%
,
10/24/35
...
5,959
81
a,b
7723470.SQ.FTS.B
,
4
.78
%
,
10/25/35
....
302
48
a,b
7725398.SQ.FTS.B
,
5
.907
%
,
10/26/35
...
3,637
48
a,b
7725775.SQ.FTS.B
,
6
.163
%
,
10/26/35
...
3,004
48
a,b
7729059.SQ.FTS.B
,
6
.165
%
,
10/26/35
...
13,362
160
a,b
7726167.SQ.FTS.B
,
6
.289
%
,
10/26/35
...
560
230
a,b
7735985.SQ.FTS.B
,
6
.479
%
,
10/29/35
...
2,176
19
a,b
7740921.SQ.FTS.B
,
4
.779
%
,
10/30/35
...
11,985
188
a,b
7738357.SQ.FTS.B
,
5
.723
%
,
10/30/35
...
36,237
530
a,b
7742677.SQ.FTS.B
,
5
.094
%
,
11/01/35
...
5,339
91
a,b
7745617.SQ.FTS.B
,
5
.533
%
,
11/01/35
...
930
441
a,b
7742967.SQ.FTS.B
,
6
.293
%
,
11/01/35
...
1,098
481
a,b
7751779.SQ.FTS.B
,
5
.105
%
,
11/02/35
...
894
13
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7755332.SQ.FTS.B
,
5
.357
%
,
11/03/35
...
$
208
$
93
a,b
7755761.SQ.FTS.B
,
5
.723
%
,
11/03/35
...
8,935
130
a,b
7756617.SQ.FTS.B
,
5
.725
%
,
11/03/35
...
590
100
a,b
7763863.SQ.FTS.B
,
4
.783
%
,
11/06/35
...
361
4
a,b
7764093.SQ.FTS.B
,
4
.767
%
,
11/07/35
...
1,341
10
a,b
7765591.SQ.FTS.B
,
6
.162
%
,
11/07/35
...
3,033
83
a,b
7769643.SQ.FTS.B
,
6
.178
%
,
11/08/35
...
1,249
14
a,b
7768040.SQ.FTS.B
,
6
.293
%
,
11/08/35
...
1,043
16
a,b
7781183.SQ.FTS.B
,
6
.289
%
,
11/10/35
...
5,882
2,733
a,b
7779968.SQ.FTS.B
,
6
.479
%
,
11/10/35
...
604
72
a,b
7781843.SQ.FTS.B
,
6
.164
%
,
11/11/35
...
675
10
a,b
7782479.SQ.FTS.B
,
6
.272
%
,
11/11/35
...
1,198
16
a,b
7782836.SQ.FTS.B
,
6
.302
%
,
11/12/35
...
1,154
8
a,b
7786042.SQ.FTS.B
,
6
.167
%
,
11/13/35
...
7,212
63
a,b
7791025.SQ.FTS.B
,
4
.783
%
,
11/14/35
...
6,835
550
a,b
7790524.SQ.FTS.B
,
6
.16
%
,
11/14/35
....
2,565
22
a,b
7794575.SQ.FTS.B
,
4
.78
%
,
11/15/35
....
17,650
342
a,b
7791568.SQ.FTS.B
,
5
.537
%
,
11/15/35
...
2,384
32
a,b
7791405.SQ.FTS.B
,
6
.16
%
,
11/15/35
....
6,235
53
a,b
7794434.SQ.FTS.B
,
6
.169
%
,
11/15/35
...
6,526
46
a,b
7794291.SQ.FTS.B
,
6
.173
%
,
11/15/35
...
1,915
32
a,b
7805584.SQ.FTS.B
,
5
.536
%
,
11/19/35
...
962
488
a,b
7808746.SQ.FTS.B
,
5
.346
%
,
11/20/35
...
13,544
281
a,b
7812943.SQ.FTS.B
,
4
.765
%
,
11/21/35
...
1,044
102
a,b
7811957.SQ.FTS.B
,
6
.287
%
,
11/21/35
...
4,258
57
a,b
7812879.SQ.FTS.B
,
6
.48
%
,
11/21/35
....
2,192
39
a,b
7816821.SQ.FTS.B
,
4
.749
%
,
11/22/35
...
3,477
313
a,b
7815015.SQ.FTS.B
,
5
.719
%
,
11/22/35
...
3,550
63
a,b
7813617.SQ.FTS.B
,
5
.91
%
,
11/22/35
....
9,140
85
a,b
7822474.SQ.FTS.B
,
4
.781
%
,
11/23/35
...
1,268
729
a,b
7826745.SQ.FTS.B
,
5
.094
%
,
11/24/35
...
2,944
1,779
a,b
7829173.SQ.FTS.B
,
5
.912
%
,
11/24/35
...
5,086
89
a,b
7830023.SQ.FTS.B
,
4
.78
%
,
11/25/35
....
11,412
248
a,b
7830496.SQ.FTS.B
,
6
.302
%
,
11/26/35
...
104
57
a,b
7831708.SQ.FTS.B
,
5
.535
%
,
11/27/35
...
2,942
28
a,b
7835424.SQ.FTS.B
,
4
.749
%
,
11/28/35
...
17,516
146
a,b
7836267.SQ.FTS.B
,
6
.475
%
,
11/28/35
...
590
11
a,b
7840090.SQ.FTS.B
,
4
.75
%
,
11/29/35
....
1,654
18
a,b
7836996.SQ.FTS.B
,
5
.912
%
,
11/29/35
...
1,538
821
a,b
7846633.SQ.FTS.B
,
4
.75
%
,
11/30/35
....
5,174
84
a,b
7848953.SQ.FTS.B
,
5
.723
%
,
11/30/35
...
16,191
247
a,b
7847801.SQ.FTS.B
,
5
.905
%
,
11/30/35
...
160
90
a,b
7844476.SQ.FTS.B
,
6
.476
%
,
11/30/35
...
2,233
1,365
a
7850420.SQ.FTS.B
,
5
.91
%
,
12/01/35
....
290
162
a
7851585.SQ.FTS.B
,
5
.915
%
,
12/02/35
...
244
107
a,b
7856432.SQ.FTS.B
,
4
.776
%
,
12/03/35
...
2,360
1,280
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7854215.SQ.FTS.B
,
6
.167
%
,
12/03/35
...
$
1,540
$
17
a,b
7858606.SQ.FTS.B
,
5
.094
%
,
12/04/35
...
11,300
192
a,b
7858486.SQ.FTS.B
,
5
.954
%
,
12/04/35
...
814
7
a
7869186.SQ.FTS.B
,
4
.772
%
,
12/06/35
...
692
387
a,b
7867381.SQ.FTS.B
,
6
.163
%
,
12/06/35
...
10,339
170
a,b
7869657.SQ.FTS.B
,
6
.168
%
,
12/06/35
...
1,298
26
a
7872677.SQ.FTS.B
,
5
.094
%
,
12/07/35
...
10,160
1,677
a,b
7874634.SQ.FTS.B
,
5
.103
%
,
12/08/35
...
972
20
a,b
7874816.SQ.FTS.B
,
5
.921
%
,
12/08/35
...
1,135
181
a
7875298.SQ.FTS.B
,
6
.287
%
,
12/09/35
...
1,576
310
a,b
7876499.SQ.FTS.B
,
4
.762
%
,
12/10/35
...
600
17
a
7876109.SQ.FTS.B
,
5
.344
%
,
12/10/35
...
364
210
a,b
7883146.SQ.FTS.B
,
4
.747
%
,
12/11/35
...
7,837
85
a,b
7880155.SQ.FTS.B
,
6
.164
%
,
12/11/35
...
1,351
21
a,b
7886840.SQ.FTS.B
,
4
.747
%
,
12/12/35
...
511
5
a,b
7885173.SQ.FTS.B
,
5
.433
%
,
12/12/35
...
636
14
a,b
7886251.SQ.FTS.B
,
5
.912
%
,
12/12/35
...
10,832
1,987
a
7885639.SQ.FTS.B
,
6
.163
%
,
12/12/35
...
3,984
753
a,b
7889998.SQ.FTS.B
,
4
.78
%
,
12/13/35
....
4,101
73
a
7890338.SQ.FTS.B
,
5
.094
%
,
12/13/35
...
86
57
a
7894822.SQ.FTS.B
,
5
.912
%
,
12/14/35
...
686
407
a,b
7895307.SQ.FTS.B
,
6
.289
%
,
12/14/35
...
20,016
223
a,b
7898689.SQ.FTS.B
,
5
.346
%
,
12/15/35
...
7,435
4,702
a
7898977.SQ.FTS.B
,
5
.914
%
,
12/15/35
...
669
392
a,b
7899279.SQ.FTS.B
,
6
.156
%
,
12/15/35
...
1,617
30
a,b
7900211.SQ.FTS.B
,
4
.745
%
,
12/16/35
...
1,260
15
a
7899843.SQ.FTS.B
,
5
.914
%
,
12/16/35
...
341
200
a
7901651.SQ.FTS.B
,
4
.78
%
,
12/17/35
....
1,160
311
a,b
7902820.SQ.FTS.B
,
5
.344
%
,
12/17/35
...
118
65
a
7910935.SQ.FTS.B
,
4
.782
%
,
12/19/35
...
167
113
a,b
7910537.SQ.FTS.B
,
5
.346
%
,
12/19/35
...
16,066
227
a,b
7914153.SQ.FTS.B
,
5
.348
%
,
12/20/35
...
5,956
67
a,b
7913994.SQ.FTS.B
,
6
.177
%
,
12/20/35
...
1,646
19
a,b
7915978.SQ.FTS.B
,
5
.094
%
,
12/21/35
...
36,680
673
a
7919163.SQ.FTS.B
,
5
.102
%
,
12/22/35
...
633
374
a,b
7919471.SQ.FTS.B
,
5
.912
%
,
12/22/35
...
5,680
1,769
a
7921307.SQ.FTS.B
,
4
.78
%
,
12/24/35
....
281
193
a
7923129.SQ.FTS.B
,
4
.781
%
,
12/24/35
...
6,985
2,256
a,b
7926597.SQ.FTS.B
,
5
.911
%
,
12/25/35
...
3,105
61
a
7930175.SQ.FTS.B
,
5
.105
%
,
12/26/35
...
788
509
a
7931961.SQ.FTS.B
,
5
.439
%
,
12/26/35
...
4,203
1,951
a,b
7929420.SQ.FTS.B
,
6
.281
%
,
12/26/35
...
2,513
49
a,b
7935066.SQ.FTS.B
,
4
.725
%
,
12/27/35
...
208
3
a,b
7935729.SQ.FTS.B
,
6
.153
%
,
12/27/35
...
1,923
24
a,b
7939914.SQ.FTS.B
,
5
.534
%
,
12/28/35
...
7,671
202
a,b
7942180.SQ.FTS.B
,
4
.757
%
,
12/29/35
...
2,229
29
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7942057.SQ.FTS.B
,
5
.904
%
,
12/29/35
...
$
3,066
$
39
a,b
7944955.SQ.FTS.B
,
5
.093
%
,
1/01/36
....
24,782
458
a
7950936.SQ.FTS.B
,
5
.347
%
,
1/02/36
....
3,313
2,295
a,b
7951446.SQ.FTS.B
,
5
.719
%
,
1/02/36
....
3,188
72
a,b
7950515.SQ.FTS.B
,
5
.911
%
,
1/02/36
....
1,304
14
a
7960559.SQ.FTS.B
,
5
.912
%
,
1/05/36
....
1,455
833
a,b
7962505.SQ.FTS.B
,
6
.163
%
,
1/05/36
....
20,002
272
a
7963762.SQ.FTS.B
,
5
.346
%
,
1/06/36
....
5,328
3,711
a,b
7964764.SQ.FTS.B
,
4
.759
%
,
1/07/36
....
1,606
34
a,b
7968350.SQ.FTS.B
,
4
.746
%
,
1/08/36
....
1,919
30
a
7965591.SQ.FTS.B
,
5
.535
%
,
1/08/36
....
1,214
838
a
7967330.SQ.FTS.B
,
6
.172
%
,
1/08/36
....
727
444
a,b
7971372.SQ.FTS.B
,
4
.748
%
,
1/09/36
....
1,085
25
a
7969237.SQ.FTS.B
,
5
.097
%
,
1/09/36
....
667
442
a,b
7970839.SQ.FTS.B
,
5
.718
%
,
1/09/36
....
2,717
1,052
a,b
7978500.SQ.FTS.B
,
4
.766
%
,
1/11/36
....
771
287
a,b
7977115.SQ.FTS.B
,
5
.436
%
,
1/11/36
....
1,089
18
a
7980752.SQ.FTS.B
,
5
.912
%
,
1/11/36
....
418
250
a,b
7983953.SQ.FTS.B
,
5
.723
%
,
1/12/36
....
6,777
2,778
a
7984687.SQ.FTS.B
,
4
.721
%
,
1/13/36
....
137
60
a,b
7984842.SQ.FTS.B
,
4
.741
%
,
1/13/36
....
3,159
36
a,b
7984169.SQ.FTS.B
,
6
.164
%
,
1/13/36
....
24,072
563
a
7987316.SQ.FTS.B
,
5
.093
%
,
1/15/36
....
2,925
2,040
a
7986712.SQ.FTS.B
,
6
.165
%
,
1/15/36
....
1,824
1,052
a,b
7990281.SQ.FTS.B
,
6
.165
%
,
1/16/36
....
9,974
164
a
7994628.SQ.FTS.B
,
4
.78
%
,
1/17/36
.....
1,318
961
a,b
7993294.SQ.FTS.B
,
6
.151
%
,
1/17/36
....
1,119
19
a,b
8000517.SQ.FTS.B
,
6
.284
%
,
1/17/36
....
1,021
27
a,b
7997671.SQ.FTS.B
,
6
.289
%
,
1/17/36
....
580
359
a
8003744.SQ.FTS.B
,
5
.522
%
,
1/18/36
....
565
314
a,b
8004096.SQ.FTS.B
,
6
.163
%
,
1/18/36
....
67,437
1,093
a,b
8008266.SQ.FTS.B
,
4
.722
%
,
1/19/36
....
232
6
a,b
8008601.SQ.FTS.B
,
4
.78
%
,
1/19/36
.....
6,115
202
a
8009685.SQ.FTS.B
,
5
.346
%
,
1/19/36
....
623
424
a
8008734.SQ.FTS.B
,
5
.535
%
,
1/19/36
....
2,596
1,580
a,b
8010295.SQ.FTS.B
,
5
.911
%
,
1/20/36
....
13,906
181
a
8010141.SQ.FTS.B
,
6
.174
%
,
1/20/36
....
268
187
a
8010733.SQ.FTS.B
,
4
.759
%
,
1/21/36
....
327
164
a
8010866.SQ.FTS.B
,
5
.547
%
,
1/21/36
....
528
242
a
8014533.SQ.FTS.B
,
5
.347
%
,
1/22/36
....
152
94
a,b
8012825.SQ.FTS.B
,
5
.906
%
,
1/22/36
....
785
336
a
8015166.SQ.FTS.B
,
6
.158
%
,
1/22/36
....
810
450
a
8016257.SQ.FTS.B
,
5
.095
%
,
1/23/36
....
1,585
995
a
8016630.SQ.FTS.B
,
6
.465
%
,
1/23/36
....
213
89
a,b
8016541.SQ.FTS.B
,
6
.477
%
,
1/23/36
....
4,399
114
a,b
8021419.SQ.FTS.B
,
4
.759
%
,
1/24/36
....
1,975
32
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
8021596.SQ.FTS.B
,
5
.093
%
,
1/24/36
....
$
2,023
$
98
a
8021477.SQ.FTS.B
,
6
.142
%
,
1/24/36
....
468
278
a,b
8020710.SQ.FTS.B
,
6
.162
%
,
1/24/36
....
5,242
95
a,b
8021730.SQ.FTS.B
,
6
.478
%
,
1/24/36
....
10,299
270
a
8025631.SQ.FTS.B
,
4
.717
%
,
1/25/36
....
66
28
a,b
8025995.SQ.FTS.B
,
5
.422
%
,
1/25/36
....
943
20
a
8027367.SQ.FTS.B
,
6
.164
%
,
1/25/36
....
291
124
a
8031599.SQ.FTS.B
,
5
.346
%
,
1/27/36
....
872
549
a,b
8031473.SQ.FTS.B
,
5
.445
%
,
1/27/36
....
3,422
83
a
8032057.SQ.FTS.B
,
5
.912
%
,
1/27/36
....
256
157
a
8035724.SQ.FTS.B
,
5
.724
%
,
1/29/36
....
630
370
a
8040547.SQ.FTS.B
,
5
.351
%
,
1/30/36
....
1,542
1,077
a,b
8038659.SQ.FTS.B
,
5
.535
%
,
1/30/36
....
532
303
a,b
8037317.SQ.FTS.B
,
6
.165
%
,
1/30/36
....
1,336
815
a,b
8048220.SQ.FTS.B
,
4
.78
%
,
2/01/36
.....
618
373
a
8050429.SQ.FTS.B
,
4
.78
%
,
2/01/36
.....
786
578
a,b
8051888.SQ.FTS.B
,
4
.744
%
,
2/02/36
....
1,531
28
a,b
8052271.SQ.FTS.B
,
6
.163
%
,
2/02/36
....
669
20
a,b
8050565.SQ.FTS.B
,
6
.164
%
,
2/02/36
....
6,532
123
a
8054476.SQ.FTS.B
,
5
.094
%
,
2/03/36
....
616
470
a
8055348.SQ.FTS.B
,
5
.535
%
,
2/04/36
....
12,954
6,786
a,b
8056576.SQ.FTS.B
,
6
.477
%
,
2/05/36
....
669
19
a
8066050.SQ.FTS.B
,
5
.534
%
,
2/07/36
....
1,373
767
a
8072491.SQ.FTS.B
,
4
.78
%
,
2/08/36
.....
10,729
6,370
a
8070664.SQ.FTS.B
,
4
.803
%
,
2/08/36
....
523
383
a
8071458.SQ.FTS.B
,
5
.433
%
,
2/08/36
....
64
26
a
8070315.SQ.FTS.B
,
5
.902
%
,
2/08/36
....
420
263
a
8070499.SQ.FTS.B
,
6
.289
%
,
2/08/36
....
660
321
a
8074535.SQ.FTS.B
,
4
.78
%
,
2/09/36
.....
19,807
12,540
a
8074449.SQ.FTS.B
,
5
.916
%
,
2/09/36
....
275
172
a,b
8073409.SQ.FTS.B
,
6
.296
%
,
2/09/36
....
1,109
20
a,b
8076636.SQ.FTS.B
,
4
.776
%
,
2/10/36
....
547
9
a
8076650.SQ.FTS.B
,
5
.094
%
,
2/10/36
....
4,501
2,957
a
8080348.SQ.FTS.B
,
4
.78
%
,
2/12/36
.....
310
267
a
8083196.SQ.FTS.B
,
5
.347
%
,
2/13/36
....
5,067
3,230
a
8083106.SQ.FTS.B
,
5
.35
%
,
2/13/36
.....
846
547
a
8085601.SQ.FTS.B
,
4
.782
%
,
2/14/36
....
6,595
4,180
a,b
8085032.SQ.FTS.B
,
6
.48
%
,
2/14/36
.....
9,808
242
a
8091464.SQ.FTS.B
,
5
.092
%
,
2/15/36
....
1,718
1,400
a
8097211.SQ.FTS.B
,
5
.909
%
,
2/17/36
....
2,015
1,185
a
8098680.SQ.FTS.B
,
5
.095
%
,
2/18/36
....
10,394
6,972
a
8098527.SQ.FTS.B
,
5
.72
%
,
2/18/36
.....
1,723
1,118
a
8100592.SQ.FTS.B
,
5
.912
%
,
2/19/36
....
11,540
5,567
a
8099364.SQ.FTS.B
,
5
.917
%
,
2/19/36
....
1,283
849
a,b
8104579.SQ.FTS.B
,
6
.474
%
,
2/20/36
....
2,671
45
a,b
8113190.SQ.FTS.B
,
6
.543
%
,
2/22/36
....
2,143
95
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a
8117156.SQ.FTS.B
,
6
.152
%
,
2/23/36
....
$
12,231
$
6,423
a
8119065.SQ.FTS.B
,
6
.155
%
,
2/24/36
....
3,355
1,347
a
8119612.SQ.FTS.B
,
5
.102
%
,
2/25/36
....
394
336
a
8122481.SQ.FTS.B
,
4
.78
%
,
2/26/36
.....
12,832
9,703
a,b
8125247.SQ.FTS.B
,
4
.749
%
,
2/27/36
....
2,612
76
a,b
8124817.SQ.FTS.B
,
5
.644
%
,
2/27/36
....
1,528
35
a
8137603.SQ.FTS.B
,
4
.782
%
,
2/28/36
....
4,026
3,037
a
8137228.SQ.FTS.B
,
5
.668
%
,
2/28/36
....
1,307
881
a
8139332.SQ.FTS.B
,
6
.318
%
,
2/28/36
....
322
155
a,b
8139400.SQ.FTS.B
,
6
.423
%
,
2/28/36
....
564
16
1,521,491
Freedom
Financial
Asset
Management
LLC
APP-12050179.FP.FTS.B
,
16
.49
%
,
3/07/26
650
651
APP-12139578.FP.FTS.B
,
15
.24
%
,
3/24/26
349
350
APP-12414582.FP.FTS.B
,
18
.49
%
,
3/28/26
1,553
1,577
APP-12199831.FP.FTS.B
,
16
.99
%
,
5/22/26
1,934
1,966
APP-14891119.FP.FTS.B
,
18
.74
%
,
7/24/26
7,655
7,823
APP-15053612.FP.FTS.B
,
13
.99
%
,
7/26/26
1,436
1,447
APP-15053337.FP.FTS.B
,
17
.99
%
,
7/26/26
1,836
1,886
APP-16637564.FP.FTS.B
,
15
.99
%
,
9/03/26
1,607
1,621
APP-16719236.FP.FTS.B
,
10
.49
%
,
9/04/26
3,114
3,138
APP-16630984.FP.FTS.B
,
14
.49
%
,
9/12/26
2,866
2,899
APP-16335651.FP.FTS.B
,
14
.49
%
,
9/15/26
3,253
3,284
APP-17464221.FP.FTS.B
,
16
.74
%
,
9/15/26
2,296
2,341
APP-16710569.FP.FTS.B
,
15
.49
%
,
9/16/26
4,877
4,925
APP-17279512.FP.FTS.B
,
16
.74
%
,
9/22/26
2,942
3,015
APP-17112272.FP.FTS.B
,
14
.24
%
,
9/25/26
3,631
3,660
APP-16676602.FP.FTS.B
,
11
.24
%
,
11/05/26
2,160
2,170
APP-11381442.FP.FTS.B
,
20
.49
%
,
11/26/26
5,865
6,063
APP-11579549.FP.FTS.B
,
13
.49
%
,
12/15/26
..........................
10,907
11,028
APP-11022370.FP.FTS.B
,
16
.49
%
,
12/20/26
..........................
2,153
2,175
APP-11740523.FP.FTS.B
,
10
.99
%
,
12/21/26
..........................
5,563
5,622
APP-11723942.FP.FTS.B
,
19
.49
%
,
12/21/26
..........................
14,161
14,664
APP-12116526.FP.FTS.B
,
18
.99
%
,
1/05/27
3,907
3,992
APP-11410185.FP.FTS.B
,
22
.49
%
,
1/10/27
8,686
9,015
APP-11946615.FP.FTS.B
,
16
.49
%
,
1/11/27
5,541
5,618
APP-12032875.FP.FTS.B
,
11
.24
%
,
1/16/27
6,151
6,223
APP-11694985.FP.FTS.B
,
12
.99
%
,
1/21/27
3,567
3,613
APP-12169743.FP.FTS.B
,
24
.24
%
,
1/22/27
9,024
9,410
APP-12186510.FP.FTS.B
,
9
.74
%
,
1/23/27
.
10,726
10,850
APP-11595106.FP.FTS.B
,
13
.49
%
,
1/26/27
3,393
3,438
APP-11595260.FP.FTS.B
,
18
.99
%
,
1/30/27
1,273
1,273
APP-11694211.FP.FTS.B
,
11
.99
%
,
2/04/27
13,387
13,584
APP-11724908.FP.FTS.B
,
12
.74
%
,
2/04/27
8,317
8,385
APP-11709701.FP.FTS.B
,
16
.49
%
,
2/04/27
3,651
3,693
APP-11725393.FP.FTS.B
,
17
.99
%
,
2/04/27
14,480
14,851
APP-11694359.FP.FTS.B
,
19
.99
%
,
2/04/27
563
567
APP-11660434.FP.FTS.B
,
20
.49
%
,
2/04/27
9,269
9,626
APP-11694079.FP.FTS.B
,
10
.99
%
,
2/05/27
5,431
5,483
APP-11722179.FP.FTS.B
,
11
.99
%
,
2/05/27
7,212
7,284
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11742867.FP.FTS.B
,
23
.24
%
,
2/05/27
$
6,443
$
6,692
APP-12337990.FP.FTS.B
,
16
.49
%
,
2/07/27
2,345
2,371
APP-11738196.FP.FTS.B
,
21
.99
%
,
2/15/27
3,586
3,708
APP-12029572.FP.FTS.B
,
16
.99
%
,
2/24/27
1,811
1,831
APP-12050224.FP.FTS.B
,
11
.74
%
,
3/01/27
11,516
11,628
APP-12168636.FP.FTS.B
,
13
.24
%
,
3/01/27
5,522
5,583
APP-12158633.FP.FTS.B
,
23
.24
%
,
3/02/27
6,707
6,944
APP-12050159.FP.FTS.B
,
13
.24
%
,
3/07/27
9,695
9,814
APP-12105970.FP.FTS.B
,
10
.99
%
,
3/08/27
5,644
5,701
APP-12155604.FP.FTS.B
,
11
.24
%
,
3/08/27
1,805
1,810
APP-12097459.FP.FTS.B
,
13
.24
%
,
3/08/27
7,157
7,247
APP-12106008.FP.FTS.B
,
13
.49
%
,
3/08/27
4,505
4,561
APP-12432804.FP.FTS.B
,
13
.24
%
,
3/09/27
10,121
10,237
APP-11508449.FP.FTS.B
,
8
.49
%
,
3/10/27
.
7,900
7,979
APP-12203395.FP.FTS.B
,
22
.49
%
,
3/10/27
4,145
2,617
APP-12210087.FP.FTS.B
,
18
.74
%
,
3/11/27
14,553
14,962
APP-12071137.FP.FTS.B
,
19
.99
%
,
3/11/27
8,801
9,092
APP-12460903.FP.FTS.B
,
10
.99
%
,
3/15/27
10,707
10,824
APP-12467297.FP.FTS.B
,
13
.24
%
,
3/15/27
8,705
8,814
APP-12418630.FP.FTS.B
,
17
.99
%
,
3/18/27
6,221
6,423
APP-12463831.FP.FTS.B
,
19
.99
%
,
3/18/27
2,868
2,952
APP-12380981.FP.FTS.B
,
13
.74
%
,
3/20/27
2,762
2,792
APP-12230901.FP.FTS.B
,
20
.24
%
,
3/20/27
14,591
15,088
APP-12424835.FP.FTS.B
,
23
.99
%
,
3/20/27
11,235
11,764
APP-12459776.FP.FTS.B
,
10
.99
%
,
3/21/27
9,150
9,261
APP-12287335.FP.FTS.B
,
13
.24
%
,
3/21/27
6,469
6,572
APP-12345261.FP.FTS.B
,
15
.49
%
,
3/22/27
7,278
7,491
APP-12270745.FP.FTS.B
,
17
.74
%
,
3/23/27
11,499
11,911
APP-12429877.FP.FTS.B
,
19
.74
%
,
3/23/27
10,508
10,903
APP-12107351.FP.FTS.B
,
16
.49
%
,
3/24/27
7,178
7,424
APP-12468743.FP.FTS.B
,
18
.24
%
,
3/24/27
1,983
1,977
APP-11872544.FP.FTS.B
,
19
.99
%
,
3/25/27
4,891
1,846
APP-12408935.FP.FTS.B
,
19
.99
%
,
4/17/27
204
202
APP-11397497.FP.FTS.B
,
11
.99
%
,
4/19/27
7,500
7,601
APP-12345892.FP.FTS.B
,
13
.49
%
,
4/22/27
3,664
3,705
APP-12033253.FP.FTS.B
,
17
.99
%
,
4/24/27
4,975
5,195
APP-12133804.FP.FTS.B
,
10
.99
%
,
4/30/27
7,223
7,326
APP-12468566.FP.FTS.B
,
19
.74
%
,
6/25/27
14,966
15,640
APP-15007182.FP.FTS.B
,
16
.99
%
,
7/11/27
4,272
4,342
APP-15105817.FP.FTS.B
,
11
.74
%
,
7/15/27
7,608
7,703
APP-15103060.FP.FTS.B
,
19
.99
%
,
7/15/27
6,183
6,379
APP-16662334.FP.FTS.B
,
15
.24
%
,
7/26/27
9,852
10,008
APP-15066733.FP.FTS.B
,
18
.99
%
,
7/26/27
5,604
5,873
APP-15116487.FP.FTS.B
,
21
.49
%
,
7/28/27
7,111
7,469
APP-16465567.FP.FTS.B
,
15
.49
%
,
7/30/27
6,028
6,130
b
APP-11709913.FP.FTS.B
,
21
.49
%
,
7/30/27
30,548
3,382
APP-16640475.FP.FTS.B
,
12
.74
%
,
8/02/27
6,931
7,014
APP-12159801.FP.FTS.B
,
16
.99
%
,
8/15/27
10,611
10,960
APP-15106325.FP.FTS.B
,
23
.24
%
,
8/28/27
1,347
1,338
APP-16632155.FP.FTS.B
,
11
.49
%
,
9/01/27
6,656
6,736
APP-16448250.FP.FTS.B
,
13
.49
%
,
9/01/27
2,741
2,779
APP-16676570.FP.FTS.B
,
15
.24
%
,
9/01/27
8,397
8,624
APP-12175594.FP.FTS.B
,
18
.99
%
,
9/01/27
2,394
2,411
APP-16852920.FP.FTS.B
,
10
.99
%
,
9/04/27
14,701
14,885
APP-16640455.FP.FTS.B
,
10
.99
%
,
9/05/27
8,525
8,631
APP-15052242.FP.FTS.B
,
11
.74
%
,
9/13/27
19,666
20,039
APP-17458875.FP.FTS.B
,
16
.49
%
,
9/13/27
2,039
2,065
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-16687847.FP.FTS.B
,
9
.49
%
,
9/15/27
.
$
7,481
$
7,589
APP-17011228.FP.FTS.B
,
14
.74
%
,
9/15/27
20,538
20,890
b
APP-17497296.FP.FTS.B
,
17
.74
%
,
9/23/27
6,466
1,378
APP-17490395.FP.FTS.B
,
15
.24
%
,
9/26/27
13,523
13,769
APP-17504832.FP.FTS.B
,
13
.74
%
,
9/27/27
2,598
2,611
APP-12176796.FP.FTS.B
,
8
.99
%
,
10/25/27
3,775
3,800
APP-16627732.FP.FTS.B
,
12
.99
%
,
10/25/27
..........................
11,348
11,546
APP-16800634.FP.FTS.B
,
15
.99
%
,
10/28/27
..........................
23,057
7,433
673,482
LendingClub
Corp.
-
LCX
162966512.LC.FTS.B
,
11
.02
%
,
4/12/35
...
1,778
–
LendingClub
Corp.
-
LCX
PM
172665217.LC.FTS.B
,
15
.4
%
,
12/04/35
...
1,354
1,351
173203429.LC.FTS.B
,
15
.4
%
,
2/02/36
...
250
250
1,601
Prosper
Funding
LLC
1592846.PS.FTS.B
,
15
.9
%
,
7/23/26
.....
1,121
1,137
1599440.PS.FTS.B
,
26
.4
%
,
8/05/26
.....
417
425
1600466.PS.FTS.B
,
18
.73
%
,
8/06/26
....
2,557
2,581
1603759.PS.FTS.B
,
20
.59
%
,
8/06/26
....
1,763
1,782
1611384.PS.FTS.B
,
13
.88
%
,
8/09/26
....
1,556
1,556
1611390.PS.FTS.B
,
22
.8
%
,
8/09/26
.....
84
84
1611810.PS.FTS.B
,
13
%
,
8/10/26
.......
383
383
1606042.PS.FTS.B
,
14
.74
%
,
8/10/26
....
3,571
2,288
1611807.PS.FTS.B
,
19
.33
%
,
8/10/26
....
2,612
2,646
1612149.PS.FTS.B
,
20
.7
%
,
8/10/26
.....
1,096
1,110
1612140.PS.FTS.B
,
23
.74
%
,
8/10/26
....
1,212
1,227
1603532.PS.FTS.B
,
20
.5
%
,
8/12/26
.....
1,915
1,943
1611322.PS.FTS.B
,
12
.5
%
,
8/19/26
.....
5,303
5,312
1618149.PS.FTS.B
,
13
.7
%
,
8/19/26
.....
1,595
1,599
1615738.PS.FTS.B
,
13
.3
%
,
8/27/26
.....
615
618
1611798.PS.FTS.B
,
25
.74
%
,
9/01/26
....
2,472
2,540
1625300.PS.FTS.B
,
11
.79
%
,
9/23/26
....
1,187
1,190
1631647.PS.FTS.B
,
12
.7
%
,
9/28/26
.....
2,727
2,739
1638105.PS.FTS.B
,
13
.4
%
,
9/28/26
.....
1,271
1,276
1648282.PS.FTS.B
,
14
%
,
10/26/26
......
2,971
3,018
1645223.PS.FTS.B
,
10
.5
%
,
10/27/26
....
1,669
1,675
1648588.PS.FTS.B
,
14
.39
%
,
10/27/26
...
2,992
3,040
1646309.PS.FTS.B
,
9
.62
%
,
10/28/26
....
3,133
3,145
1646072.PS.FTS.B
,
28
.23
%
,
10/28/26
...
2,948
3,061
1647161.PS.FTS.B
,
10
.5
%
,
10/29/26
....
1,436
1,455
1646819.PS.FTS.B
,
11
.2
%
,
10/29/26
....
831
843
1650901.PS.FTS.B
,
11
.2
%
,
10/29/26
....
3,220
3,265
1489833.PS.FTS.B
,
16
.99
%
,
10/30/26
...
1,942
1,950
1649809.PS.FTS.B
,
11
.1
%
,
10/31/26
....
1,709
1,713
1656183.PS.FTS.B
,
14
.38
%
,
10/31/26
...
1,665
1,671
1650023.PS.FTS.B
,
14
.79
%
,
11/04/26
....
2,436
2,441
1649791.PS.FTS.B
,
15
.1
%
,
11/05/26
....
5,616
5,705
1651754.PS.FTS.B
,
10
.5
%
,
11/08/26
....
4,099
4,101
1658080.PS.FTS.B
,
14
.63
%
,
11/08/26
....
2,972
3,000
1652300.PS.FTS.B
,
21
.18
%
,
11/08/26
....
2,312
2,325
1666449.PS.FTS.B
,
14
.6
%
,
11/09/26
....
2,538
2,569
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1658839.PS.FTS.B
,
14
.68
%
,
11/09/26
....
$
3,316
$
3,318
1658842.PS.FTS.B
,
17
%
,
11/09/26
......
2,910
2,951
1659079.PS.FTS.B
,
19
%
,
11/09/26
......
1,429
1,452
1667757.PS.FTS.B
,
18
.25
%
,
11/12/26
....
3,056
3,111
1661797.PS.FTS.B
,
21
%
,
11/15/26
......
556
576
1664327.PS.FTS.B
,
13
.5
%
,
11/30/26
....
1,060
1,078
1687146.PS.FTS.B
,
11
.43
%
,
12/16/26
....
2,742
2,744
1680241.PS.FTS.B
,
14
.38
%
,
12/16/26
...
6,010
6,022
1680301.PS.FTS.B
,
18
.5
%
,
12/16/26
....
1,291
1,314
1675265.PS.FTS.B
,
10
.5
%
,
12/20/26
....
5,166
5,175
1688964.PS.FTS.B
,
13
.93
%
,
12/21/26
...
4,186
1,083
1689036.PS.FTS.B
,
14
.6
%
,
12/21/26
....
5,024
5,089
1676534.PS.FTS.B
,
15
.29
%
,
12/21/26
...
3,472
3,513
1676819.PS.FTS.B
,
14
.68
%
,
12/22/26
...
7,745
7,762
1680116.PS.FTS.B
,
14
%
,
12/29/26
......
7,002
7,200
1690116.PS.FTS.B
,
23
.11
%
,
12/31/26
....
4,572
4,764
1694572.PS.FTS.B
,
11
.6
%
,
1/13/27
.....
5,418
5,424
1694605.PS.FTS.B
,
15
.2
%
,
1/13/27
.....
555
561
b
1694593.PS.FTS.B
,
23
.4
%
,
1/13/27
.....
5,967
–
1702152.PS.FTS.B
,
12
.87
%
,
1/14/27
....
1,525
1,527
1688534.PS.FTS.B
,
12
.9
%
,
1/16/27
.....
2,380
2,374
1704984.PS.FTS.B
,
10
.29
%
,
1/19/27
....
3,157
3,165
1698709.PS.FTS.B
,
15
.2
%
,
1/20/27
.....
3,964
4,019
1674146.PS.FTS.B
,
18
.78
%
,
1/20/27
....
3,059
3,116
1721439.PS.FTS.B
,
12
%
,
2/15/27
.......
866
745
1708901.PS.FTS.B
,
18
.33
%
,
2/15/27
....
5,972
6,096
1720974.PS.FTS.B
,
18
.4
%
,
2/15/27
.....
5,906
6,016
1709498.PS.FTS.B
,
25
.9
%
,
2/16/27
.....
3,339
3,475
1708466.PS.FTS.B
,
18
.6
%
,
2/22/27
.....
1,961
1,997
1719415.PS.FTS.B
,
10
.8
%
,
2/23/27
.....
3,142
3,152
1722171.PS.FTS.B
,
18
.78
%
,
3/14/27
....
2,574
2,623
1709507.PS.FTS.B
,
13
.5
%
,
3/15/27
.....
2,398
2,414
1739157.PS.FTS.B
,
11
.5
%
,
3/18/27
.....
11,614
9,943
1749006.PS.FTS.B
,
19
.53
%
,
3/31/27
....
3,827
3,866
1749429.PS.FTS.B
,
25
.9
%
,
4/01/27
.....
2,295
2,364
b
1603750.PS.FTS.B
,
15
.9
%
,
5/20/27
.....
3,170
403
b
1708907.PS.FTS.B
,
18
.13
%
,
11/20/27
....
10,300
1,391
b
1682455.PS.FTS.B
,
11
.43
%
,
11/21/27
....
17,002
1,083
b
1689368.PS.FTS.B
,
16
.2
%
,
1/14/35
.....
354
–
200,319
Upgrade,
Inc.
b
24468287.UG.FTS.B
,
Zero
Cpn
,
11/26/29
.
17,864
1,374
Upgrade,
Inc.
-
Card
991695320.UG.FTS.B
,
29
.49
%
,
3/05/26
..
12
13
b
991738330.UG.FTS.B
,
29
.49
%
,
4/21/26
..
9
1
991721350.UG.FTS.B
,
29
.49
%
,
5/16/26
..
542
560
991762816.UG.FTS.B
,
29
.49
%
,
6/20/26
..
35
30
b
991771961.UG.FTS.B
,
29
.49
%
,
8/07/26
..
87
–
991545568.UG.FTS.B
,
29
.49
%
,
8/16/26
..
508
531
991693967.UG.FTS.B
,
19
.99
%
,
9/05/26
..
80
26
991573331.UG.FTS.B
,
29
.49
%
,
9/17/26
..
94
98
991645022.UG.FTS.B
,
29
.49
%
,
10/21/26
.
37
32
991579043.UG.FTS.B
,
19
.99
%
,
11/17/26
.
1,299
1,325
991658250.UG.FTS.B
,
16
.99
%
,
1/20/27
..
144
145
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991721939.UG.FTS.B
,
16
.99
%
,
2/02/27
..
$
414
$
428
991894965.UG.FTS.B
,
16
.99
%
,
2/03/27
..
1,742
1,797
991693097.UG.FTS.B
,
26
.94
%
,
5/20/27
..
317
5
991664785.UG.FTS.B
,
18
.98
%
,
5/26/27
..
155
163
991663324.UG.FTS.B
,
22
.36
%
,
5/29/27
..
46
47
991727635.UG.FTS.B
,
28
.98
%
,
6/07/27
..
173
1
991579317.UG.FTS.B
,
29
.49
%
,
6/16/27
..
87
70
b
991742865.UG.FTS.B
,
29
.49
%
,
9/21/27
..
331
–
991716805.UG.FTS.B
,
22
.97
%
,
11/08/27
.
323
329
991735384.UG.FTS.B
,
29
.49
%
,
6/06/29
..
360
218
991719643.UG.FTS.B
,
29
.49
%
,
10/22/29
.
150
96
b
991757545.UG.FTS.B
,
28
.98
%
,
11/06/29
.
191
–
b
991536394.UG.FTS.B
,
28
.98
%
,
1/15/30
..
4,143
292
991587677.UG.FTS.B
,
29
.49
%
,
1/17/30
..
465
493
991687274.UG.FTS.B
,
19
.99
%
,
11/23/30
.
7
8
991883200.UG.FTS.B
,
29
.49
%
,
1/07/31
..
35
35
991758368.UG.FTS.B
,
29
.49
%
,
1/20/31
..
38
39
991754815.UG.FTS.B
,
29
.49
%
,
2/24/31
..
18
19
6,801
Upstart
Network,
Inc.
L1711804.UP.FTS.B
,
9
.08
%
,
9/14/26
.....
1,607
1,581
L1709773.UP.FTS.B
,
9
.1
%
,
9/14/26
.....
204
201
L1710250.UP.FTS.B
,
9
.72
%
,
9/14/26
....
1,303
1,284
L1711112.UP.FTS.B
,
12
.03
%
,
9/14/26
....
1,866
1,842
L1709990.UP.FTS.B
,
12
.82
%
,
9/14/26
....
65
65
L1711626.UP.FTS.B
,
13
.98
%
,
9/14/26
....
3,531
3,481
FW1711241.UP.FTS.B
,
16
.08
%
,
9/14/26
..
734
726
L1707201.UP.FTS.B
,
16
.24
%
,
9/14/26
....
2,760
2,730
L1711610.UP.FTS.B
,
17
.32
%
,
9/14/26
....
4,683
4,618
L1708807.UP.FTS.B
,
17
.72
%
,
9/14/26
....
1,887
1,867
L1710981.UP.FTS.B
,
17
.81
%
,
9/14/26
....
1,986
1,959
FW1709424.UP.FTS.B
,
18
.79
%
,
9/14/26
..
2,891
2,861
L1711904.UP.FTS.B
,
19
.49
%
,
9/14/26
....
3,747
3,690
L1709643.UP.FTS.B
,
20
.04
%
,
9/14/26
....
784
773
L1708429.UP.FTS.B
,
20
.63
%
,
9/14/26
....
596
587
L1709924.UP.FTS.B
,
24
.74
%
,
9/14/26
....
420
146
L1710379.UP.FTS.B
,
24
.83
%
,
9/14/26
....
115
113
L1710592.UP.FTS.B
,
25
.03
%
,
9/14/26
....
278
274
L1706788.UP.FTS.B
,
25
.12
%
,
9/14/26
....
468
173
L1712014.UP.FTS.B
,
25
.46
%
,
9/14/26
....
366
361
L1710375.UP.FTS.B
,
25
.49
%
,
9/14/26
....
426
420
L1711582.UP.FTS.B
,
25
.87
%
,
9/14/26
....
6,251
6,164
L1709668.UP.FTS.B
,
25
.91
%
,
9/14/26
....
325
321
FW1708283.UP.FTS.B
,
30
.95
%
,
9/14/26
..
912
900
FW1709045.UP.FTS.B
,
31
.04
%
,
9/14/26
..
787
649
FW1709237.UP.FTS.B
,
31
.24
%
,
9/14/26
..
1,177
1,161
FW1712567.UP.FTS.B
,
31
.44
%
,
9/14/26
..
685
676
L1709686.UP.FTS.B
,
14
.5
%
,
9/16/26
....
3,994
3,206
FW1711817.UP.FTS.B
,
20
.95
%
,
9/20/26
..
963
949
L1873953.UP.FTS.B
,
6
.89
%
,
10/18/26
....
9,434
7,276
L1873001.UP.FTS.B
,
11
.14
%
,
10/18/26
...
1,423
1,402
L1872155.UP.FTS.B
,
11
.36
%
,
10/18/26
...
300
296
L1873842.UP.FTS.B
,
11
.7
%
,
10/18/26
....
3,265
3,219
L1873090.UP.FTS.B
,
11
.9
%
,
10/18/26
....
285
281
FW1873975.UP.FTS.B
,
13
.55
%
,
10/18/26
.
1,275
1,257
L1874369.UP.FTS.B
,
14
.32
%
,
10/18/26
...
1,600
1,584
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1874328.UP.FTS.B
,
14
.8
%
,
10/18/26
..
$
2,008
$
1,988
L1860167.UP.FTS.B
,
14
.86
%
,
10/18/26
...
341
338
L1873835.UP.FTS.B
,
15
.93
%
,
10/18/26
...
2,063
1,674
L1872814.UP.FTS.B
,
16
.38
%
,
10/18/26
...
2,898
2,870
L1873320.UP.FTS.B
,
16
.64
%
,
10/18/26
...
415
411
L1873707.UP.FTS.B
,
17
.21
%
,
10/18/26
...
1,751
1,734
FW1869707.UP.FTS.B
,
17
.52
%
,
10/18/26
.
3,159
3,118
L1874163.UP.FTS.B
,
17
.64
%
,
10/18/26
...
1,450
1,432
L1868602.UP.FTS.B
,
18
.18
%
,
10/18/26
...
489
483
b
L1873350.UP.FTS.B
,
19
.42
%
,
10/18/26
...
3,641
263
L1873356.UP.FTS.B
,
19
.63
%
,
10/18/26
...
331
326
L1872983.UP.FTS.B
,
19
.88
%
,
10/18/26
...
833
823
FW1873856.UP.FTS.B
,
20
.15
%
,
10/18/26
.
1,324
1,307
L1873825.UP.FTS.B
,
20
.43
%
,
10/18/26
...
11,075
10,922
L1873221.UP.FTS.B
,
20
.79
%
,
10/18/26
...
448
442
L1873820.UP.FTS.B
,
21
.93
%
,
10/18/26
...
675
666
L1872738.UP.FTS.B
,
21
.97
%
,
10/18/26
...
342
337
L1874034.UP.FTS.B
,
22
.67
%
,
10/18/26
...
506
499
b
L1873307.UP.FTS.B
,
23
.79
%
,
10/18/26
...
522
38
L1873180.UP.FTS.B
,
24
.02
%
,
10/18/26
...
235
232
L1873408.UP.FTS.B
,
24
.34
%
,
10/18/26
...
710
700
L1870381.UP.FTS.B
,
24
.72
%
,
10/18/26
...
1,539
1,519
L1868887.UP.FTS.B
,
24
.97
%
,
10/18/26
...
3,152
3,111
L1872784.UP.FTS.B
,
25
.04
%
,
10/18/26
...
1,559
1,539
L1873304.UP.FTS.B
,
25
.15
%
,
10/18/26
...
308
304
FW1873077.UP.FTS.B
,
25
.29
%
,
10/18/26
.
719
710
L1872764.UP.FTS.B
,
25
.4
%
,
10/18/26
....
361
357
L1874416.UP.FTS.B
,
25
.46
%
,
10/18/26
...
6,388
6,307
L1874151.UP.FTS.B
,
25
.48
%
,
10/18/26
...
264
261
L1870887.UP.FTS.B
,
26
.18
%
,
10/18/26
...
414
408
FW1874429.UP.FTS.B
,
27
.19
%
,
10/18/26
.
942
931
FW1873344.UP.FTS.B
,
27
.72
%
,
10/18/26
.
3,489
3,446
FW1872622.UP.FTS.B
,
28
.59
%
,
10/18/26
.
876
696
FW1874208.UP.FTS.B
,
29
.47
%
,
10/18/26
.
896
886
FW1873268.UP.FTS.B
,
30
.52
%
,
10/18/26
.
469
463
FW1872558.UP.FTS.B
,
30
.55
%
,
10/18/26
.
338
334
FW1874112.UP.FTS.B
,
31
.18
%
,
10/18/26
.
1,289
1,274
FW1873980.UP.FTS.B
,
31
.12
%
,
10/28/26
.
734
725
L1874280.UP.FTS.B
,
15
.62
%
,
11/01/26
...
6,666
6,600
L2010047.UP.FTS.B
,
7
.23
%
,
11/09/26
....
1,717
1,687
FW2005584.UP.FTS.B
,
8
.98
%
,
11/09/26
..
3,187
3,129
L2009940.UP.FTS.B
,
9
.06
%
,
11/09/26
....
6,775
6,653
L1982018.UP.FTS.B
,
9
.85
%
,
11/09/26
....
1,011
993
L2008329.UP.FTS.B
,
10
.3
%
,
11/09/26
....
1,224
1,202
L2009188.UP.FTS.B
,
10
.68
%
,
11/09/26
...
4,710
4,638
L2009665.UP.FTS.B
,
10
.88
%
,
11/09/26
...
1,752
1,724
L2006518.UP.FTS.B
,
11
.38
%
,
11/09/26
...
609
600
L1977043.UP.FTS.B
,
11
.43
%
,
11/09/26
...
1,124
1,106
L2007707.UP.FTS.B
,
12
.19
%
,
11/09/26
...
3,019
2,972
L2005066.UP.FTS.B
,
12
.51
%
,
11/09/26
...
3,214
3,163
FW2009636.UP.FTS.B
,
13
.06
%
,
11/09/26
.
334
329
FW2004957.UP.FTS.B
,
13
.66
%
,
11/09/26
.
542
534
L2006397.UP.FTS.B
,
13
.66
%
,
11/09/26
...
2,172
2,138
L2008524.UP.FTS.B
,
14
.03
%
,
11/09/26
...
4,252
4,187
b
L2008113.UP.FTS.B
,
14
.06
%
,
11/09/26
...
7,186
517
L2009234.UP.FTS.B
,
14
.43
%
,
11/09/26
...
2,225
2,194
L2008618.UP.FTS.B
,
14
.73
%
,
11/09/26
...
1,325
1,305
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2009287.UP.FTS.B
,
14
.91
%
,
11/09/26
...
$
1,285
$
1,266
L2008691.UP.FTS.B
,
15
.38
%
,
11/09/26
...
1,062
1,046
L2008772.UP.FTS.B
,
15
.55
%
,
11/09/26
...
2,241
2,215
L2009243.UP.FTS.B
,
15
.94
%
,
11/09/26
...
2,257
2,231
FW2010280.UP.FTS.B
,
16
.52
%
,
11/09/26
.
3,649
3,607
FW2009372.UP.FTS.B
,
16
.77
%
,
11/09/26
.
3,432
3,393
L2008272.UP.FTS.B
,
17
.06
%
,
11/09/26
...
4,624
4,571
L2006918.UP.FTS.B
,
18
.03
%
,
11/09/26
...
7,470
7,355
FW2005538.UP.FTS.B
,
18
.4
%
,
11/09/26
..
1,373
1,352
FW2005908.UP.FTS.B
,
18
.71
%
,
11/09/26
.
1,064
1,048
b
L2006524.UP.FTS.B
,
18
.79
%
,
11/09/26
...
1,626
118
FW2009511.UP.FTS.B
,
18
.82
%
,
11/09/26
.
1,416
1,394
L2007966.UP.FTS.B
,
18
.98
%
,
11/09/26
...
475
468
L2007377.UP.FTS.B
,
19
.06
%
,
11/09/26
...
4,036
3,991
L2007099.UP.FTS.B
,
20
.26
%
,
11/09/26
...
7,853
7,716
L2008551.UP.FTS.B
,
20
.27
%
,
11/09/26
...
5,268
5,175
b
L2009017.UP.FTS.B
,
20
.52
%
,
11/09/26
...
2,468
149
FW2004995.UP.FTS.B
,
21
%
,
11/09/26
...
1,424
1,403
FW2006513.UP.FTS.B
,
21
.09
%
,
11/09/26
.
430
424
L2006375.UP.FTS.B
,
21
.38
%
,
11/09/26
...
616
606
FW2009886.UP.FTS.B
,
22
.16
%
,
11/09/26
.
1,001
986
L2009468.UP.FTS.B
,
22
.18
%
,
11/09/26
...
3,251
3,197
L2009034.UP.FTS.B
,
22
.22
%
,
11/09/26
...
1,010
993
L2007056.UP.FTS.B
,
24
.37
%
,
11/09/26
...
648
637
L2009896.UP.FTS.B
,
24
.89
%
,
11/09/26
...
10
10
FW2006718.UP.FTS.B
,
24
.97
%
,
11/09/26
.
1,313
1,291
L2007001.UP.FTS.B
,
25
.04
%
,
11/09/26
...
393
387
L2009837.UP.FTS.B
,
25
.1
%
,
11/09/26
....
396
389
L2008646.UP.FTS.B
,
25
.12
%
,
11/09/26
...
341
335
L2005357.UP.FTS.B
,
25
.2
%
,
11/09/26
....
1,312
1,291
L2006252.UP.FTS.B
,
25
.33
%
,
11/09/26
...
1,095
1,076
L2007046.UP.FTS.B
,
25
.34
%
,
11/09/26
...
474
466
FW2009941.UP.FTS.B
,
25
.35
%
,
11/09/26
.
2,127
2,092
L2009460.UP.FTS.B
,
25
.35
%
,
11/09/26
...
815
802
L2007026.UP.FTS.B
,
25
.44
%
,
11/09/26
...
475
467
L1976857.UP.FTS.B
,
25
.45
%
,
11/09/26
...
2,107
2,073
L2008185.UP.FTS.B
,
25
.45
%
,
11/09/26
...
1,063
1,045
L2007383.UP.FTS.B
,
25
.64
%
,
11/09/26
...
1,031
1,014
FW2007576.UP.FTS.B
,
26
.1
%
,
11/09/26
..
1,511
1,486
L2009167.UP.FTS.B
,
26
.14
%
,
11/09/26
...
2,662
2,620
FW2006658.UP.FTS.B
,
26
.38
%
,
11/09/26
.
1,603
1,580
FW2008080.UP.FTS.B
,
27
.3
%
,
11/09/26
..
407
400
FW2009450.UP.FTS.B
,
27
.39
%
,
11/09/26
.
2,177
2,142
FW2005768.UP.FTS.B
,
27
.98
%
,
11/09/26
.
470
34
FW2005859.UP.FTS.B
,
28
.42
%
,
11/09/26
.
3,737
3,679
FW2005194.UP.FTS.B
,
29
.14
%
,
11/09/26
.
1,763
1,736
FW2005025.UP.FTS.B
,
31
.15
%
,
11/09/26
.
2,142
2,109
b
FW2008432.UP.FTS.B
,
31
.3
%
,
11/09/26
..
1,795
127
FW2008400.UP.FTS.B
,
31
.31
%
,
11/09/26
.
967
958
FW2009323.UP.FTS.B
,
31
.47
%
,
11/09/26
.
1,750
1,724
FW2009221.UP.FTS.B
,
30
.79
%
,
11/12/26
.
4,260
2,932
L2005604.UP.FTS.B
,
7
.24
%
,
11/15/26
....
4,630
4,545
L2009697.UP.FTS.B
,
20
.69
%
,
11/15/26
...
1,238
1,219
L2077278.UP.FTS.B
,
10
.24
%
,
11/19/26
...
370
364
L2079683.UP.FTS.B
,
10
.46
%
,
11/19/26
...
885
872
L2077229.UP.FTS.B
,
11
.22
%
,
11/19/26
...
4,147
4,087
L2079790.UP.FTS.B
,
11
.54
%
,
11/19/26
...
1,786
1,760
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
b
L2078831.UP.FTS.B
,
11
.67
%
,
11/19/26
...
$
553
$
37
L2069545.UP.FTS.B
,
12
.88
%
,
11/19/26
...
1,283
1,265
L2077586.UP.FTS.B
,
13
.74
%
,
11/19/26
...
1,108
1,093
L2080759.UP.FTS.B
,
14
.39
%
,
11/19/26
...
3,148
3,104
L2077934.UP.FTS.B
,
15
.05
%
,
11/19/26
...
1,667
1,644
L2079762.UP.FTS.B
,
15
.07
%
,
11/19/26
...
944
935
L2080949.UP.FTS.B
,
16
.51
%
,
11/19/26
...
475
470
L2077345.UP.FTS.B
,
16
.52
%
,
11/19/26
...
76
75
L2077136.UP.FTS.B
,
16
.73
%
,
11/19/26
...
2,286
2,266
FW2080998.UP.FTS.B
,
16
.87
%
,
11/19/26
.
185
183
FW2078513.UP.FTS.B
,
16
.88
%
,
11/19/26
.
4,130
4,093
L2079147.UP.FTS.B
,
16
.93
%
,
11/19/26
...
3,778
3,744
L2073789.UP.FTS.B
,
17
.39
%
,
11/19/26
...
783
604
FW2078252.UP.FTS.B
,
19
.1
%
,
11/19/26
..
212
210
L2079089.UP.FTS.B
,
19
.11
%
,
11/19/26
...
1,414
1,402
L2077889.UP.FTS.B
,
19
.41
%
,
11/19/26
...
1,729
1,708
L2079136.UP.FTS.B
,
19
.7
%
,
11/19/26
....
3,967
3,915
FW2076082.UP.FTS.B
,
20
.04
%
,
11/19/26
.
3,912
3,865
L2077767.UP.FTS.B
,
20
.73
%
,
11/19/26
...
2,445
2,414
FW2080860.UP.FTS.B
,
21
.93
%
,
11/19/26
.
4,575
4,516
L2080597.UP.FTS.B
,
22
.59
%
,
11/19/26
...
554
548
L2079001.UP.FTS.B
,
24
.08
%
,
11/19/26
...
2,632
2,598
FW2076263.UP.FTS.B
,
24
.18
%
,
11/19/26
.
944
303
L2079636.UP.FTS.B
,
25
.5
%
,
11/19/26
....
234
231
L2080301.UP.FTS.B
,
25
.61
%
,
11/19/26
...
1,229
1,214
L2077747.UP.FTS.B
,
25
.84
%
,
11/19/26
...
304
300
FW2080275.UP.FTS.B
,
26
.15
%
,
11/19/26
.
931
920
L2075827.UP.FTS.B
,
27
%
,
11/19/26
.....
2,509
2,480
L2078364.UP.FTS.B
,
15
.16
%
,
11/20/26
...
1,338
1,325
FW2009687.UP.FTS.B
,
29
.61
%
,
11/21/26
.
1,441
1,419
L2008677.UP.FTS.B
,
10
.77
%
,
11/23/26
...
2,067
2,034
L2010117.UP.FTS.B
,
24
.96
%
,
11/23/26
...
1,059
1,042
FW2007433.UP.FTS.B
,
21
.02
%
,
11/24/26
.
1,831
1,800
L2079956.UP.FTS.B
,
14
.89
%
,
12/01/26
...
1,712
1,695
FW2080677.UP.FTS.B
,
18
.72
%
,
12/04/26
.
4,432
4,392
L2196810.UP.FTS.B
,
7
.42
%
,
12/07/26
....
1,272
1,248
L2198501.UP.FTS.B
,
8
.94
%
,
12/07/26
....
871
855
L2195995.UP.FTS.B
,
9
.12
%
,
12/07/26
....
941
923
L2199695.UP.FTS.B
,
9
.66
%
,
12/07/26
....
1,326
1,301
L2199924.UP.FTS.B
,
9
.76
%
,
12/07/26
....
1,550
1,521
L2197856.UP.FTS.B
,
11
.23
%
,
12/07/26
...
1,229
1,208
FW2199260.UP.FTS.B
,
12
.51
%
,
12/07/26
.
5,698
5,604
L2200250.UP.FTS.B
,
13
.28
%
,
12/07/26
...
1,180
1,160
L2197658.UP.FTS.B
,
13
.72
%
,
12/07/26
...
1,193
1,173
FW2198593.UP.FTS.B
,
14
.12
%
,
12/07/26
.
1,695
520
L2199997.UP.FTS.B
,
14
.15
%
,
12/07/26
...
886
871
L2198350.UP.FTS.B
,
15
.19
%
,
12/07/26
...
204
201
L2199879.UP.FTS.B
,
16
.31
%
,
12/07/26
...
3,006
2,122
L2198446.UP.FTS.B
,
16
.58
%
,
12/07/26
...
11,823
11,679
L2198345.UP.FTS.B
,
17
.18
%
,
12/07/26
...
6,501
4,151
L2198376.UP.FTS.B
,
17
.42
%
,
12/07/26
...
5,658
5,563
L2199726.UP.FTS.B
,
18
.1
%
,
12/07/26
....
1,536
1,518
L2196412.UP.FTS.B
,
18
.83
%
,
12/07/26
...
466
461
L2199248.UP.FTS.B
,
19
.04
%
,
12/07/26
...
3,954
3,906
b
L2199663.UP.FTS.B
,
19
.69
%
,
12/07/26
...
2,129
370
L2199129.UP.FTS.B
,
20
.12
%
,
12/07/26
...
583
576
L2197655.UP.FTS.B
,
20
.75
%
,
12/07/26
...
1,340
1,315
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2196680.UP.FTS.B
,
21
.47
%
,
12/07/26
...
$
1,635
$
1,608
L2197631.UP.FTS.B
,
21
.55
%
,
12/07/26
...
1,229
1,208
L2199874.UP.FTS.B
,
22
.34
%
,
12/07/26
...
2,253
2,211
L2192706.UP.FTS.B
,
22
.47
%
,
12/07/26
...
2,741
2,691
FW2196522.UP.FTS.B
,
23
.26
%
,
12/07/26
.
1,233
90
L2200210.UP.FTS.B
,
24
.56
%
,
12/07/26
...
6,477
2,101
L2198546.UP.FTS.B
,
25
.32
%
,
12/07/26
...
431
423
L2197183.UP.FTS.B
,
25
.46
%
,
12/07/26
...
490
482
L2197844.UP.FTS.B
,
25
.47
%
,
12/07/26
...
889
873
L2199814.UP.FTS.B
,
25
.68
%
,
12/07/26
...
1,732
1,701
FW2199793.UP.FTS.B
,
25
.9
%
,
12/07/26
..
2,317
2,277
FW2200076.UP.FTS.B
,
28
.24
%
,
12/07/26
.
14,996
14,742
FW2200069.UP.FTS.B
,
28
.54
%
,
12/07/26
.
1,087
1,068
FW2198176.UP.FTS.B
,
29
.22
%
,
12/07/26
.
928
912
FW2199632.UP.FTS.B
,
32
.42
%
,
12/07/26
.
1,562
1,536
L2201511.UP.FTS.B
,
5
.03
%
,
12/08/26
....
148
146
L2201100.UP.FTS.B
,
5
.82
%
,
12/08/26
....
2,058
2,012
L2203382.UP.FTS.B
,
6
.5
%
,
12/08/26
....
2,084
2,037
L2206413.UP.FTS.B
,
7
.44
%
,
12/08/26
....
1,598
1,569
L2201126.UP.FTS.B
,
7
.87
%
,
12/08/26
....
2,945
2,898
L2200918.UP.FTS.B
,
8
.74
%
,
12/08/26
....
935
917
FW2202215.UP.FTS.B
,
9
.76
%
,
12/08/26
..
7,019
6,912
L2205258.UP.FTS.B
,
10
.97
%
,
12/08/26
...
734
722
L2202707.UP.FTS.B
,
11
.01
%
,
12/08/26
...
2,267
2,229
L2200873.UP.FTS.B
,
11
.09
%
,
12/08/26
...
2,042
2,008
L2205661.UP.FTS.B
,
11
.13
%
,
12/08/26
...
2,723
2,679
FW2202691.UP.FTS.B
,
11
.21
%
,
12/08/26
.
682
669
FW2201210.UP.FTS.B
,
12
.48
%
,
12/08/26
.
464
457
L2202867.UP.FTS.B
,
13
.27
%
,
12/08/26
...
783
772
L2202534.UP.FTS.B
,
13
.68
%
,
12/08/26
...
3,563
3,506
L2200884.UP.FTS.B
,
13
.99
%
,
12/08/26
...
1,767
1,739
L2201701.UP.FTS.B
,
14
.19
%
,
12/08/26
...
1,677
1,651
b
L2200543.UP.FTS.B
,
14
.23
%
,
12/08/26
...
1,516
268
FW2206534.UP.FTS.B
,
14
.38
%
,
12/08/26
.
767
755
FW2201365.UP.FTS.B
,
14
.41
%
,
12/08/26
.
3,487
3,431
L2205970.UP.FTS.B
,
14
.78
%
,
12/08/26
...
641
631
L2203172.UP.FTS.B
,
14
.86
%
,
12/08/26
...
2,425
2,386
L2203888.UP.FTS.B
,
15
.35
%
,
12/08/26
...
733
722
L2205432.UP.FTS.B
,
15
.94
%
,
12/08/26
...
5,847
5,778
L2195672.UP.FTS.B
,
16
.2
%
,
12/08/26
....
3,192
3,154
L2203269.UP.FTS.B
,
16
.66
%
,
12/08/26
...
1,126
1,112
L2200406.UP.FTS.B
,
17
.28
%
,
12/08/26
...
1,112
1,099
L2203876.UP.FTS.B
,
17
.53
%
,
12/08/26
...
6,083
3,936
L2202653.UP.FTS.B
,
17
.59
%
,
12/08/26
...
3,150
3,113
L2200437.UP.FTS.B
,
17
.72
%
,
12/08/26
...
635
625
L2206114.UP.FTS.B
,
17
.92
%
,
12/08/26
...
516
510
L2201870.UP.FTS.B
,
17
.98
%
,
12/08/26
...
767
755
L2202316.UP.FTS.B
,
18
.78
%
,
12/08/26
...
649
638
L2171699.UP.FTS.B
,
19
.26
%
,
12/08/26
...
2,372
2,329
FW2201480.UP.FTS.B
,
19
.28
%
,
12/08/26
.
1,831
1,810
L2201833.UP.FTS.B
,
19
.78
%
,
12/08/26
...
1,310
1,289
L2203346.UP.FTS.B
,
19
.86
%
,
12/08/26
...
1,688
1,669
b
L2200446.UP.FTS.B
,
20
.19
%
,
12/08/26
...
428
31
L2200528.UP.FTS.B
,
20
.47
%
,
12/08/26
...
932
917
L2201790.UP.FTS.B
,
20
.6
%
,
12/08/26
....
748
736
L2203266.UP.FTS.B
,
21
.37
%
,
12/08/26
...
1,399
1,374
L2203685.UP.FTS.B
,
21
.52
%
,
12/08/26
...
948
931
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2206634.UP.FTS.B
,
21
.58
%
,
12/08/26
...
$
596
$
586
FW2202543.UP.FTS.B
,
22
.46
%
,
12/08/26
.
382
376
L2200624.UP.FTS.B
,
22
.5
%
,
12/08/26
....
550
541
L2203293.UP.FTS.B
,
22
.93
%
,
12/08/26
...
470
463
L2203557.UP.FTS.B
,
23
.55
%
,
12/08/26
...
341
269
L2200929.UP.FTS.B
,
23
.61
%
,
12/08/26
...
460
33
b
L2197277.UP.FTS.B
,
23
.68
%
,
12/08/26
...
2,199
381
FW2200085.UP.FTS.B
,
23
.88
%
,
12/08/26
.
489
35
L2204440.UP.FTS.B
,
24
.51
%
,
12/08/26
...
340
334
L2200752.UP.FTS.B
,
24
.63
%
,
12/08/26
...
285
280
FW2200668.UP.FTS.B
,
24
.66
%
,
12/08/26
.
2,510
2,466
L2201876.UP.FTS.B
,
24
.84
%
,
12/08/26
...
314
309
L2200418.UP.FTS.B
,
24
.91
%
,
12/08/26
...
1,976
1,946
L2201388.UP.FTS.B
,
24
.93
%
,
12/08/26
...
745
733
L2204236.UP.FTS.B
,
25
.3
%
,
12/08/26
....
907
892
L2201267.UP.FTS.B
,
25
.35
%
,
12/08/26
...
105
103
L2207019.UP.FTS.B
,
25
.36
%
,
12/08/26
...
262
257
L2204385.UP.FTS.B
,
25
.38
%
,
12/08/26
...
347
341
L2204272.UP.FTS.B
,
25
.42
%
,
12/08/26
...
322
316
L2200539.UP.FTS.B
,
25
.48
%
,
12/08/26
...
1,572
1,545
L2202382.UP.FTS.B
,
25
.5
%
,
12/08/26
....
518
510
L2206619.UP.FTS.B
,
25
.63
%
,
12/08/26
...
2,164
2,128
L2205529.UP.FTS.B
,
25
.96
%
,
12/08/26
...
2,029
1,995
FW2200840.UP.FTS.B
,
27
.39
%
,
12/08/26
.
2,489
2,448
FW2200263.UP.FTS.B
,
28
.29
%
,
12/08/26
.
5,630
5,539
FW2202084.UP.FTS.B
,
28
.33
%
,
12/08/26
.
434
427
FW2206080.UP.FTS.B
,
28
.43
%
,
12/08/26
.
374
367
FW2203128.UP.FTS.B
,
28
.72
%
,
12/08/26
.
292
287
b
FW2200463.UP.FTS.B
,
28
.91
%
,
12/08/26
.
525
38
FW2201641.UP.FTS.B
,
29
.67
%
,
12/08/26
.
2,510
2,470
FW2206862.UP.FTS.B
,
29
.87
%
,
12/08/26
.
834
820
FW2202866.UP.FTS.B
,
30
.6
%
,
12/08/26
..
378
372
FW2203290.UP.FTS.B
,
31
.07
%
,
12/08/26
.
437
430
b
FW2206683.UP.FTS.B
,
31
.07
%
,
12/08/26
.
878
63
FW2205002.UP.FTS.B
,
31
.08
%
,
12/08/26
.
970
955
FW2200524.UP.FTS.B
,
31
.14
%
,
12/08/26
.
1,396
1,373
FW2199311.UP.FTS.B
,
31
.18
%
,
12/08/26
.
438
431
FW2199186.UP.FTS.B
,
25
.95
%
,
12/09/26
.
708
696
FW2201142.UP.FTS.B
,
31
.05
%
,
12/12/26
.
313
309
L2202911.UP.FTS.B
,
21
.13
%
,
12/14/26
...
1,707
1,681
FW2203667.UP.FTS.B
,
23
.01
%
,
12/14/26
.
4,158
4,087
L2196899.UP.FTS.B
,
24
.65
%
,
12/15/26
...
1,659
1,629
FW2199126.UP.FTS.B
,
31
.54
%
,
12/15/26
.
1,963
1,932
L2200110.UP.FTS.B
,
25
.93
%
,
12/16/26
...
2,298
1,783
L2203117.UP.FTS.B
,
13
.79
%
,
12/17/26
...
2,054
2,021
L2201499.UP.FTS.B
,
21
.34
%
,
12/17/26
...
3,493
1,129
FW2205704.UP.FTS.B
,
28
.05
%
,
12/18/26
.
1,502
1,478
L2206448.UP.FTS.B
,
16
%
,
12/19/26
.....
2,514
2,475
L2196775.UP.FTS.B
,
22
.04
%
,
12/19/26
...
275
271
L2203118.UP.FTS.B
,
8
.78
%
,
12/20/26
....
1,872
1,384
L2195912.UP.FTS.B
,
25
.21
%
,
12/22/26
...
2,609
2,008
L2206744.UP.FTS.B
,
13
.51
%
,
12/28/26
...
7,163
7,050
b
FW2197646.UP.FTS.B
,
16
.34
%
,
1/01/27
..
2,680
440
L2411009.UP.FTS.B
,
5
.26
%
,
1/11/27
.....
7,750
7,566
L2402399.UP.FTS.B
,
6
.09
%
,
1/11/27
.....
6,093
5,950
L2413519.UP.FTS.B
,
6
.19
%
,
1/11/27
.....
5,188
5,071
FW2411884.UP.FTS.B
,
6
.2
%
,
1/11/27
....
3,683
3,613
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2406810.UP.FTS.B
,
7
.3
%
,
1/11/27
....
$
1,163
$
1,140
L2408660.UP.FTS.B
,
7
.61
%
,
1/11/27
.....
1,596
1,564
L2412785.UP.FTS.B
,
7
.81
%
,
1/11/27
.....
464
455
L2413727.UP.FTS.B
,
8
.61
%
,
1/11/27
.....
1,013
993
L2407187.UP.FTS.B
,
8
.85
%
,
1/11/27
.....
1,178
1,155
FW2411415.UP.FTS.B
,
9
.04
%
,
1/11/27
...
1,519
1,491
L2410685.UP.FTS.B
,
9
.48
%
,
1/11/27
.....
2,428
1,430
FW2406985.UP.FTS.B
,
9
.83
%
,
1/11/27
...
722
708
L2411458.UP.FTS.B
,
10
.12
%
,
1/11/27
....
532
522
L2413945.UP.FTS.B
,
10
.53
%
,
1/11/27
....
5,358
5,269
L2413044.UP.FTS.B
,
11
.78
%
,
1/11/27
....
2,042
2,008
L2405206.UP.FTS.B
,
12
.1
%
,
1/11/27
.....
6,108
6,006
L2412100.UP.FTS.B
,
13
.07
%
,
1/11/27
....
1,669
1,642
L2411596.UP.FTS.B
,
13
.42
%
,
1/11/27
....
1,277
1,257
FW2412293.UP.FTS.B
,
13
.57
%
,
1/11/27
..
1,016
1,001
FW2412839.UP.FTS.B
,
13
.8
%
,
1/11/27
...
2,797
2,751
FW2407206.UP.FTS.B
,
13
.82
%
,
1/11/27
..
1,547
1,522
L2409821.UP.FTS.B
,
14
.42
%
,
1/11/27
....
1,407
1,384
L2410324.UP.FTS.B
,
14
.46
%
,
1/11/27
....
5,172
5,089
L2408774.UP.FTS.B
,
14
.55
%
,
1/11/27
....
1,044
1,033
L2408843.UP.FTS.B
,
14
.84
%
,
1/11/27
....
634
625
L2408436.UP.FTS.B
,
15
.99
%
,
1/11/27
....
10,845
10,723
L2406986.UP.FTS.B
,
16
.62
%
,
1/11/27
....
1,351
1,337
L2412621.UP.FTS.B
,
16
.62
%
,
1/11/27
....
1,081
1,069
FW2411635.UP.FTS.B
,
17
.05
%
,
1/11/27
..
1,388
1,366
L2411840.UP.FTS.B
,
17
.48
%
,
1/11/27
....
8,613
2,695
L2406982.UP.FTS.B
,
17
.53
%
,
1/11/27
....
2,746
1,727
FW2411466.UP.FTS.B
,
17
.75
%
,
1/11/27
..
551
545
L2407285.UP.FTS.B
,
17
.96
%
,
1/11/27
....
1,446
925
L2410765.UP.FTS.B
,
18
.19
%
,
1/11/27
....
2,003
1,981
L2412345.UP.FTS.B
,
18
.51
%
,
1/11/27
....
852
838
FW2406958.UP.FTS.B
,
18
.83
%
,
1/11/27
..
501
495
L2407160.UP.FTS.B
,
18
.83
%
,
1/11/27
....
4,900
4,848
L2412374.UP.FTS.B
,
19
.25
%
,
1/11/27
....
3,444
3,384
FW2410395.UP.FTS.B
,
20
.34
%
,
1/11/27
..
1,434
1,412
FW2412890.UP.FTS.B
,
20
.68
%
,
1/11/27
..
2,978
2,927
L2407644.UP.FTS.B
,
21
.08
%
,
1/11/27
....
1,160
1,140
L2410907.UP.FTS.B
,
21
.6
%
,
1/11/27
.....
1,042
1,024
L2410622.UP.FTS.B
,
23
.11
%
,
1/11/27
....
1,437
1,413
FW2412083.UP.FTS.B
,
23
.34
%
,
1/11/27
..
1,380
1,357
FW2412786.UP.FTS.B
,
24
.26
%
,
1/11/27
..
2,591
2,549
FW2407461.UP.FTS.B
,
25
.01
%
,
1/11/27
..
1,540
1,515
L2407824.UP.FTS.B
,
25
.08
%
,
1/11/27
....
1,264
1,244
L2406959.UP.FTS.B
,
25
.22
%
,
1/11/27
....
1,410
1,386
L2413560.UP.FTS.B
,
25
.29
%
,
1/11/27
....
1,116
1,098
FW2411982.UP.FTS.B
,
25
.34
%
,
1/11/27
..
1,780
549
L2411780.UP.FTS.B
,
25
.37
%
,
1/11/27
....
372
207
L2409900.UP.FTS.B
,
25
.4
%
,
1/11/27
.....
311
306
L2411491.UP.FTS.B
,
25
.4
%
,
1/11/27
.....
353
348
L2411973.UP.FTS.B
,
25
.47
%
,
1/11/27
....
403
396
FW2412928.UP.FTS.B
,
25
.61
%
,
1/11/27
..
622
612
FW2411046.UP.FTS.B
,
26
.47
%
,
1/11/27
..
3,018
1,955
L2409231.UP.FTS.B
,
26
.66
%
,
1/11/27
....
1,381
1,359
FW2406988.UP.FTS.B
,
27
.86
%
,
1/11/27
..
1,604
1,580
FW2410159.UP.FTS.B
,
27
.94
%
,
1/11/27
..
1,342
1,321
FW2411293.UP.FTS.B
,
29
.42
%
,
1/11/27
..
525
517
FW2407567.UP.FTS.B
,
29
.43
%
,
1/11/27
..
1,345
898
FW2408568.UP.FTS.B
,
29
.5
%
,
1/11/27
...
1,475
1,453
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2412942.UP.FTS.B
,
30
.18
%
,
1/11/27
..
$
1,339
$
1,319
FW2413390.UP.FTS.B
,
30
.33
%
,
1/11/27
..
1,388
1,367
b
FW2413147.UP.FTS.B
,
30
.55
%
,
1/11/27
..
1,750
299
FW2412502.UP.FTS.B
,
30
.76
%
,
1/11/27
..
4,999
4,926
FW2411299.UP.FTS.B
,
30
.92
%
,
1/11/27
..
559
550
FW2392367.UP.FTS.B
,
30
.94
%
,
1/11/27
..
714
703
FW2411010.UP.FTS.B
,
31
.02
%
,
1/11/27
..
1,509
1,487
FW2407947.UP.FTS.B
,
31
.05
%
,
1/11/27
..
1,232
824
FW2411738.UP.FTS.B
,
31
.08
%
,
1/11/27
..
578
569
FW2410751.UP.FTS.B
,
34
.47
%
,
1/11/27
..
1,716
1,706
L2414801.UP.FTS.B
,
6
.11
%
,
1/12/27
.....
2,656
1,568
L2419361.UP.FTS.B
,
6
.41
%
,
1/12/27
....
339
331
L2402757.UP.FTS.B
,
6
.51
%
,
1/12/27
....
1,445
1,413
L2416784.UP.FTS.B
,
6
.53
%
,
1/12/27
....
454
443
L2418799.UP.FTS.B
,
6
.56
%
,
1/12/27
....
2,741
2,676
L2417049.UP.FTS.B
,
6
.6
%
,
1/12/27
.....
335
331
FW2414856.UP.FTS.B
,
6
.64
%
,
1/12/27
...
227
222
L2416695.UP.FTS.B
,
6
.86
%
,
1/12/27
....
1,027
1,003
L2414595.UP.FTS.B
,
7
.05
%
,
1/12/27
....
1,717
1,683
FW2415988.UP.FTS.B
,
7
.29
%
,
1/12/27
...
788
778
L2410292.UP.FTS.B
,
7
.3
%
,
1/12/27
.....
879
862
L2417990.UP.FTS.B
,
7
.34
%
,
1/12/27
....
11,507
11,282
L2417199.UP.FTS.B
,
7
.43
%
,
1/12/27
....
9,569
9,389
FW2419541.UP.FTS.B
,
7
.5
%
,
1/12/27
....
3,149
3,089
L2414153.UP.FTS.B
,
7
.51
%
,
1/12/27
....
577
564
L2417691.UP.FTS.B
,
7
.69
%
,
1/12/27
....
5,190
5,071
L2417969.UP.FTS.B
,
8
.13
%
,
1/12/27
....
1,728
1,694
L2418009.UP.FTS.B
,
9
.08
%
,
1/12/27
....
2,849
2,794
L2414926.UP.FTS.B
,
9
.43
%
,
1/12/27
....
7,528
7,381
L2413887.UP.FTS.B
,
9
.49
%
,
1/12/27
....
1,550
939
FW2415990.UP.FTS.B
,
9
.9
%
,
1/12/27
....
7,929
4,828
L2414275.UP.FTS.B
,
9
.91
%
,
1/12/27
....
8,744
8,582
L2417012.UP.FTS.B
,
10
.17
%
,
1/12/27
....
439
431
FW2417548.UP.FTS.B
,
10
.24
%
,
1/12/27
..
3,636
3,566
FW2417403.UP.FTS.B
,
10
.31
%
,
1/12/27
..
1,702
1,674
L2414718.UP.FTS.B
,
10
.85
%
,
1/12/27
....
980
964
L2414779.UP.FTS.B
,
11
.77
%
,
1/12/27
....
996
980
L2419353.UP.FTS.B
,
12
.95
%
,
1/12/27
....
8,291
8,160
L2414553.UP.FTS.B
,
14
.38
%
,
1/12/27
....
5,629
3,468
L2418960.UP.FTS.B
,
15
.54
%
,
1/12/27
....
5,309
5,252
L2414253.UP.FTS.B
,
16
.15
%
,
1/12/27
....
2,163
2,140
L2414473.UP.FTS.B
,
16
.4
%
,
1/12/27
....
243
240
L2420474.UP.FTS.B
,
16
.75
%
,
1/12/27
....
4,100
4,037
L2417581.UP.FTS.B
,
17
.27
%
,
1/12/27
....
1,202
1,190
FW2394068.UP.FTS.B
,
18
.18
%
,
1/12/27
..
1,673
1,649
FW2415024.UP.FTS.B
,
19
.94
%
,
1/12/27
..
2,481
2,441
L2418100.UP.FTS.B
,
20
.74
%
,
1/12/27
....
5,225
5,150
L2389418.UP.FTS.B
,
22
.12
%
,
1/12/27
....
1,658
1,631
L2415799.UP.FTS.B
,
22
.22
%
,
1/12/27
....
904
890
L2416737.UP.FTS.B
,
23
.4
%
,
1/12/27
....
821
809
FW2416362.UP.FTS.B
,
23
.42
%
,
1/12/27
..
1,345
1,324
L2409743.UP.FTS.B
,
23
.49
%
,
1/12/27
....
3,788
2,223
L2415306.UP.FTS.B
,
24
.21
%
,
1/12/27
....
3,283
3,234
L2411740.UP.FTS.B
,
25
.36
%
,
1/12/27
....
496
488
L2414777.UP.FTS.B
,
25
.43
%
,
1/12/27
....
412
406
b
L2417114.UP.FTS.B
,
25
.49
%
,
1/12/27
....
775
56
L2418684.UP.FTS.B
,
25
.49
%
,
1/12/27
....
971
612
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2418174.UP.FTS.B
,
25
.89
%
,
1/12/27
..
$
3,000
$
2,955
FW2419574.UP.FTS.B
,
26
.43
%
,
1/12/27
..
5,693
5,607
b
FW2418008.UP.FTS.B
,
28
.88
%
,
1/12/27
..
671
117
b
FW2418306.UP.FTS.B
,
29
.61
%
,
1/12/27
..
3,073
218
FW2417562.UP.FTS.B
,
30
.84
%
,
1/12/27
..
315
218
FW2418392.UP.FTS.B
,
30
.87
%
,
1/12/27
..
692
682
FW2416140.UP.FTS.B
,
30
.99
%
,
1/12/27
..
737
727
FW2419527.UP.FTS.B
,
33
.12
%
,
1/12/27
..
386
381
L2418737.UP.FTS.B
,
5
.93
%
,
1/16/27
....
898
877
L2410494.UP.FTS.B
,
17
.56
%
,
1/16/27
....
5,537
5,476
L2413379.UP.FTS.B
,
24
.03
%
,
1/18/27
....
6,096
5,998
FW2415348.UP.FTS.B
,
30
.45
%
,
1/19/27
..
6,702
6,603
L2419563.UP.FTS.B
,
14
.64
%
,
1/27/27
....
7,544
7,427
L2417088.UP.FTS.B
,
15
.78
%
,
2/12/27
....
2,240
2,217
L1708544.UP.FTS.B
,
12
.57
%
,
2/14/27
....
1,058
762
FW1708581.UP.FTS.B
,
23
.53
%
,
2/14/27
..
1,108
1,092
L1709217.UP.FTS.B
,
25
.78
%
,
2/14/27
....
9,445
9,314
L2632551.UP.FTS.B
,
5
.37
%
,
2/15/27
....
2,878
2,807
L2632779.UP.FTS.B
,
5
.63
%
,
2/15/27
....
1,686
1,644
L2630774.UP.FTS.B
,
8
.69
%
,
2/15/27
....
1,018
993
L2635638.UP.FTS.B
,
9
.41
%
,
2/15/27
....
1,886
1,853
FW2633029.UP.FTS.B
,
9
.57
%
,
2/15/27
...
387
379
L2633022.UP.FTS.B
,
9
.86
%
,
2/15/27
....
3,881
3,804
FW2635247.UP.FTS.B
,
10
.37
%
,
2/15/27
..
2,212
2,176
L2632232.UP.FTS.B
,
11
.83
%
,
2/15/27
....
595
588
L2633836.UP.FTS.B
,
12
%
,
2/15/27
......
3,100
2,233
L2630147.UP.FTS.B
,
12
.15
%
,
2/15/27
....
10,810
10,634
L2635861.UP.FTS.B
,
12
.41
%
,
2/15/27
....
2,304
2,266
L2637042.UP.FTS.B
,
13
.14
%
,
2/15/27
....
2,197
2,161
L2631332.UP.FTS.B
,
13
.22
%
,
2/15/27
....
1,374
1,352
FW2633237.UP.FTS.B
,
13
.24
%
,
2/15/27
..
1,105
1,087
L2632724.UP.FTS.B
,
14
.48
%
,
2/15/27
....
1,485
1,461
L2637603.UP.FTS.B
,
14
.83
%
,
2/15/27
....
1,796
1,767
FW2631558.UP.FTS.B
,
15
.18
%
,
2/15/27
..
4,254
4,187
L2635221.UP.FTS.B
,
15
.45
%
,
2/15/27
....
1,823
1,795
FW2631951.UP.FTS.B
,
15
.91
%
,
2/15/27
..
2,769
2,014
FW2634727.UP.FTS.B
,
16
.18
%
,
2/15/27
..
1,904
1,885
L2635424.UP.FTS.B
,
16
.37
%
,
2/15/27
....
11,568
11,451
FW2635945.UP.FTS.B
,
17
.32
%
,
2/15/27
..
1,614
1,590
FW2635531.UP.FTS.B
,
18
.53
%
,
2/15/27
..
3,528
3,494
FW1709115.UP.FTS.B
,
20
.14
%
,
2/15/27
..
1,808
1,783
L2633648.UP.FTS.B
,
20
.29
%
,
2/15/27
....
3,030
3,001
L2632212.UP.FTS.B
,
21
.09
%
,
2/15/27
....
1,216
1,199
FW2631142.UP.FTS.B
,
21
.84
%
,
2/15/27
..
960
946
L2636740.UP.FTS.B
,
22
.15
%
,
2/15/27
....
316
311
L2633500.UP.FTS.B
,
22
.28
%
,
2/15/27
....
1,615
1,590
L2629665.UP.FTS.B
,
24
.47
%
,
2/15/27
....
2,444
1,829
L2634268.UP.FTS.B
,
25
.05
%
,
2/15/27
....
756
745
L2632154.UP.FTS.B
,
25
.31
%
,
2/15/27
....
7,770
7,660
L2636370.UP.FTS.B
,
25
.4
%
,
2/15/27
....
1,097
351
L2631893.UP.FTS.B
,
25
.41
%
,
2/15/27
....
1,151
1,134
L2634591.UP.FTS.B
,
25
.45
%
,
2/15/27
....
364
359
FW2631141.UP.FTS.B
,
25
.72
%
,
2/15/27
..
4,381
4,320
L2634677.UP.FTS.B
,
25
.78
%
,
2/15/27
....
1,331
1,313
L2636195.UP.FTS.B
,
25
.92
%
,
2/15/27
....
5,000
4,929
L2635199.UP.FTS.B
,
26
.23
%
,
2/15/27
....
2,108
2,079
FW2634760.UP.FTS.B
,
26
.38
%
,
2/15/27
..
1,978
1,950
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2637086.UP.FTS.B
,
26
.68
%
,
2/15/27
..
$
1,112
$
1,096
FW2632183.UP.FTS.B
,
27
.72
%
,
2/15/27
..
2,399
2,367
FW2629864.UP.FTS.B
,
30
.9
%
,
2/15/27
...
895
671
FW2631968.UP.FTS.B
,
30
.98
%
,
2/15/27
..
1,449
1,429
FW2633604.UP.FTS.B
,
31
.13
%
,
2/15/27
..
941
929
L2640422.UP.FTS.B
,
7
.19
%
,
2/16/27
....
807
794
L2641249.UP.FTS.B
,
9
.09
%
,
2/16/27
....
3,766
3,691
FW2640044.UP.FTS.B
,
9
.77
%
,
2/16/27
...
1,458
1,430
L2628258.UP.FTS.B
,
10
.4
%
,
2/16/27
....
4,269
4,200
L2639939.UP.FTS.B
,
10
.73
%
,
2/16/27
....
3,790
3,728
L2640107.UP.FTS.B
,
11
.57
%
,
2/16/27
....
2,861
2,815
L2642580.UP.FTS.B
,
11
.66
%
,
2/16/27
....
937
922
L2642829.UP.FTS.B
,
11
.96
%
,
2/16/27
....
5,759
5,667
L2640589.UP.FTS.B
,
12
.31
%
,
2/16/27
....
13,528
13,313
L2637999.UP.FTS.B
,
12
.45
%
,
2/16/27
....
3,036
2,988
L2639543.UP.FTS.B
,
14
.06
%
,
2/16/27
....
2,787
2,744
L2637807.UP.FTS.B
,
14
.59
%
,
2/16/27
....
4,107
4,044
L2643572.UP.FTS.B
,
14
.72
%
,
2/16/27
....
563
555
FW2640160.UP.FTS.B
,
14
.88
%
,
2/16/27
..
6,495
6,395
L2643245.UP.FTS.B
,
15
.83
%
,
2/16/27
....
6,222
6,127
b
FW2637690.UP.FTS.B
,
16
.3
%
,
2/16/27
...
2,647
191
FW2643607.UP.FTS.B
,
16
.31
%
,
2/16/27
..
14,438
14,301
FW2638305.UP.FTS.B
,
16
.48
%
,
2/16/27
..
3,153
3,124
L2639711.UP.FTS.B
,
16
.7
%
,
2/16/27
.....
465
461
L2641429.UP.FTS.B
,
17
.81
%
,
2/16/27
....
3,844
3,809
L2638277.UP.FTS.B
,
18
.32
%
,
2/16/27
....
1,497
1,483
L2639587.UP.FTS.B
,
20
.1
%
,
2/16/27
....
1,225
1,208
FW2640938.UP.FTS.B
,
20
.16
%
,
2/16/27
..
3,351
3,302
L2643431.UP.FTS.B
,
20
.38
%
,
2/16/27
....
4,855
3,534
FW2639130.UP.FTS.B
,
21
.01
%
,
2/16/27
..
1,242
1,224
L2641584.UP.FTS.B
,
21
.92
%
,
2/16/27
....
16,800
16,579
L2631819.UP.FTS.B
,
22
.11
%
,
2/16/27
....
6,611
6,515
L2637903.UP.FTS.B
,
22
.13
%
,
2/16/27
....
3,668
3,620
L2639752.UP.FTS.B
,
22
.85
%
,
2/16/27
....
15,954
15,749
FW2643737.UP.FTS.B
,
23
.79
%
,
2/16/27
..
4,845
4,777
L2644184.UP.FTS.B
,
24
.14
%
,
2/16/27
....
3,485
990
L2638887.UP.FTS.B
,
24
.84
%
,
2/16/27
....
657
648
L2642235.UP.FTS.B
,
24
.97
%
,
2/16/27
....
495
489
L2644251.UP.FTS.B
,
25
.49
%
,
2/16/27
....
432
323
L2643938.UP.FTS.B
,
25
.5
%
,
2/16/27
....
518
511
L2638678.UP.FTS.B
,
25
.84
%
,
2/16/27
....
2,350
2,317
FW2638017.UP.FTS.B
,
27
.09
%
,
2/16/27
..
2,914
2,877
FW2636711.UP.FTS.B
,
27
.4
%
,
2/16/27
...
3,410
3,367
FW2644630.UP.FTS.B
,
28
.55
%
,
2/16/27
..
3,844
2,859
FW2639696.UP.FTS.B
,
30
.14
%
,
2/16/27
..
353
348
FW2642792.UP.FTS.B
,
31
.15
%
,
2/16/27
..
386
28
FW2639361.UP.FTS.B
,
31
.17
%
,
2/16/27
..
500
494
FW2638060.UP.FTS.B
,
31
.21
%
,
2/16/27
..
933
923
FW2645630.UP.FTS.B
,
12
.87
%
,
2/17/27
..
2,863
2,821
L2644980.UP.FTS.B
,
12
.95
%
,
2/17/27
....
469
462
FW2645588.UP.FTS.B
,
15
.61
%
,
2/17/27
..
1,166
869
L2645010.UP.FTS.B
,
20
.52
%
,
2/17/27
....
3,456
3,411
FW2642053.UP.FTS.B
,
21
.61
%
,
2/17/27
..
1,306
1,288
L2645131.UP.FTS.B
,
25
.45
%
,
2/17/27
....
429
423
FW2645571.UP.FTS.B
,
26
.48
%
,
2/17/27
..
1,344
1,328
FW2645842.UP.FTS.B
,
30
.86
%
,
2/17/27
..
1,017
1,005
FW2639867.UP.FTS.B
,
26
.3
%
,
2/19/27
...
697
688
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2633374.UP.FTS.B
,
7
.21
%
,
2/22/27
....
$
4,720
$
4,603
b
L2642691.UP.FTS.B
,
8
.69
%
,
2/23/27
....
11,979
874
FW2636201.UP.FTS.B
,
12
.12
%
,
2/28/27
..
1,900
1,869
FW2645675.UP.FTS.B
,
15
.8
%
,
2/28/27
...
7,839
7,766
L2643974.UP.FTS.B
,
25
.5
%
,
2/28/27
....
1,216
1,200
FW2644598.UP.FTS.B
,
29
.38
%
,
3/01/27
..
4,035
3,985
L1874284.UP.FTS.B
,
13
.39
%
,
3/18/27
....
1,889
1,860
L1874238.UP.FTS.B
,
17
.32
%
,
3/18/27
....
1,813
1,318
b
L1873877.UP.FTS.B
,
25
.05
%
,
3/18/27
....
2,038
102
FW1873866.UP.FTS.B
,
28
.25
%
,
3/18/27
..
365
272
FW1874435.UP.FTS.B
,
31
.05
%
,
3/18/27
..
701
693
FW1872975.UP.FTS.B
,
32
.03
%
,
3/18/27
..
1,693
508
L1874548.UP.FTS.B
,
26
.04
%
,
3/26/27
....
2,475
2,445
b
L1873528.UP.FTS.B
,
25
.71
%
,
3/28/27
....
3,114
536
b
FW1874302.UP.FTS.B
,
13
.81
%
,
4/02/27
..
26,379
–
FW2204427.UP.FTS.B
,
30
.34
%
,
4/08/27
..
2,854
1,832
L1947969.UP.FTS.B
,
8
.25
%
,
4/09/27
....
855
478
L1991534.UP.FTS.B
,
12
.48
%
,
4/09/27
....
1,785
1,755
L2004674.UP.FTS.B
,
22
.44
%
,
4/09/27
....
4,496
2,688
L2006933.UP.FTS.B
,
23
.7
%
,
4/09/27
....
2,190
2,155
L2006560.UP.FTS.B
,
24
.67
%
,
4/09/27
....
3,028
2,979
L2004971.UP.FTS.B
,
25
.6
%
,
4/09/27
....
3,527
3,464
FW2007255.UP.FTS.B
,
28
.65
%
,
4/09/27
..
2,400
2,361
FW2009107.UP.FTS.B
,
29
.81
%
,
4/09/27
..
1,432
1,409
FW2008461.UP.FTS.B
,
31
.23
%
,
4/09/27
..
595
586
L2008701.UP.FTS.B
,
10
.48
%
,
4/16/27
....
1,952
599
L2078117.UP.FTS.B
,
17
.47
%
,
4/19/27
....
1,622
461
L2079526.UP.FTS.B
,
17
.98
%
,
4/19/27
....
1,166
1,148
L2078541.UP.FTS.B
,
18
.53
%
,
4/19/27
....
1,094
1,079
b
L2080091.UP.FTS.B
,
20
.35
%
,
4/19/27
....
1,136
81
L2076557.UP.FTS.B
,
21
.86
%
,
4/19/27
....
9,380
9,273
L2078089.UP.FTS.B
,
22
.76
%
,
4/19/27
....
7,644
7,545
FW2078029.UP.FTS.B
,
23
.15
%
,
4/19/27
..
1,543
1,178
FW2077484.UP.FTS.B
,
23
.29
%
,
4/19/27
..
7,029
2,072
FW2076494.UP.FTS.B
,
27
.89
%
,
4/19/27
..
1,904
1,884
b
FW2079921.UP.FTS.B
,
29
.67
%
,
4/19/27
..
1,622
116
L2005313.UP.FTS.B
,
17
.04
%
,
4/20/27
....
17,598
17,414
FW2009466.UP.FTS.B
,
29
.96
%
,
4/24/27
..
829
818
L2412142.UP.FTS.B
,
8
.74
%
,
4/26/27
....
5,132
5,017
L2196542.UP.FTS.B
,
14
.21
%
,
5/07/27
....
3,469
1,867
FW2198673.UP.FTS.B
,
15
.71
%
,
5/07/27
..
8,858
4,845
b
L2197670.UP.FTS.B
,
22
.54
%
,
5/07/27
....
1,416
16
L2197891.UP.FTS.B
,
23
.8
%
,
5/07/27
....
1,223
1,201
FW2198564.UP.FTS.B
,
27
.96
%
,
5/07/27
..
1,993
1,958
FW2197220.UP.FTS.B
,
29
.81
%
,
5/07/27
..
1,121
1,103
b
FW2196279.UP.FTS.B
,
31
.01
%
,
5/07/27
..
1,865
132
L2203856.UP.FTS.B
,
13
.82
%
,
5/08/27
....
12,256
3,290
L2205206.UP.FTS.B
,
15
.97
%
,
5/08/27
....
11,367
11,242
L2205436.UP.FTS.B
,
16
.02
%
,
5/08/27
....
13,386
13,232
L2201272.UP.FTS.B
,
16
.5
%
,
5/08/27
....
1,695
1,664
L2205691.UP.FTS.B
,
16
.93
%
,
5/08/27
....
11,399
825
L2203740.UP.FTS.B
,
19
.62
%
,
5/08/27
....
861
846
b
FW2202220.UP.FTS.B
,
20
.45
%
,
5/08/27
..
11,075
1,844
b
L2203340.UP.FTS.B
,
21
.11
%
,
5/08/27
....
1,861
299
L2204624.UP.FTS.B
,
23
.54
%
,
5/08/27
....
10,485
6,021
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2204118.UP.FTS.B
,
23
.56
%
,
5/08/27
....
$
7,474
$
7,344
FW2202542.UP.FTS.B
,
24
.64
%
,
5/08/27
..
2,325
2,288
L2203217.UP.FTS.B
,
25
.16
%
,
5/08/27
....
420
412
FW2201944.UP.FTS.B
,
25
.52
%
,
5/08/27
..
2,736
1,554
L2195192.UP.FTS.B
,
17
.22
%
,
5/15/27
....
1,354
1,339
L2197038.UP.FTS.B
,
12
.26
%
,
5/16/27
....
1,395
370
FW2198942.UP.FTS.B
,
24
.77
%
,
5/18/27
..
7,846
5,616
FW2645832.UP.FTS.B
,
18
.88
%
,
5/21/27
..
5,207
5,161
L2194879.UP.FTS.B
,
17
.51
%
,
5/22/27
....
7,086
4,924
FW2195399.UP.FTS.B
,
29
.81
%
,
5/22/27
..
1,190
1,171
L2203741.UP.FTS.B
,
7
.33
%
,
5/23/27
....
5,144
5,030
FW2199867.UP.FTS.B
,
13
.82
%
,
5/23/27
..
6,539
6,423
L2203381.UP.FTS.B
,
18
.04
%
,
5/23/27
....
3,400
3,361
L2204897.UP.FTS.B
,
23
.87
%
,
5/23/27
....
13,442
9,440
FW2185665.UP.FTS.B
,
20
.17
%
,
6/08/27
..
3,397
243
L2412468.UP.FTS.B
,
7
.67
%
,
6/11/27
.....
16,240
8,291
L2412874.UP.FTS.B
,
8
.03
%
,
6/11/27
.....
2,344
1,205
L2412901.UP.FTS.B
,
8
.44
%
,
6/11/27
.....
4,718
4,608
L2408318.UP.FTS.B
,
10
.27
%
,
6/11/27
....
1,428
1,400
L2413229.UP.FTS.B
,
11
.26
%
,
6/11/27
....
7,138
3,747
FW2407472.UP.FTS.B
,
18
.08
%
,
6/11/27
..
10,838
10,648
L2413373.UP.FTS.B
,
23
.72
%
,
6/11/27
....
16,202
4,361
FW2409812.UP.FTS.B
,
24
.81
%
,
6/11/27
..
1,402
1,379
FW2411228.UP.FTS.B
,
26
.37
%
,
6/11/27
..
1,923
1,892
FW2413018.UP.FTS.B
,
30
.69
%
,
6/11/27
..
370
364
L2415490.UP.FTS.B
,
12
.71
%
,
6/12/27
....
6,033
1,551
L2415810.UP.FTS.B
,
22
.13
%
,
6/12/27
....
1,826
1,797
L2418697.UP.FTS.B
,
22
.86
%
,
6/12/27
....
1,820
1,792
b
L2417411.UP.FTS.B
,
24
%
,
6/12/27
......
6,376
462
b
FW2414026.UP.FTS.B
,
30
.61
%
,
6/12/27
..
587
92
FW2418092.UP.FTS.B
,
30
.98
%
,
6/12/27
..
678
669
L2412701.UP.FTS.B
,
25
.09
%
,
6/15/27
....
449
442
FW2411936.UP.FTS.B
,
13
.61
%
,
6/26/27
..
2,676
2,626
L2198053.UP.FTS.B
,
20
.47
%
,
7/08/27
....
1,817
1,785
FW1711888.UP.FTS.B
,
15
.29
%
,
7/14/27
..
2,538
2,510
b
L1711759.UP.FTS.B
,
15
.35
%
,
7/14/27
....
3,518
232
L2637476.UP.FTS.B
,
21
.48
%
,
7/15/27
....
5,090
1,358
L2633167.UP.FTS.B
,
24
.54
%
,
7/15/27
....
2,967
2,049
FW2634310.UP.FTS.B
,
27
.59
%
,
7/15/27
..
3,931
3,880
FW2634423.UP.FTS.B
,
28
.99
%
,
7/15/27
..
11,827
8,402
FW2637881.UP.FTS.B
,
14
.54
%
,
7/16/27
..
2,189
2,148
L2639355.UP.FTS.B
,
21
.49
%
,
7/16/27
....
1,582
1,558
FW2639691.UP.FTS.B
,
23
.69
%
,
7/16/27
..
7,293
7,172
L2645113.UP.FTS.B
,
10
.21
%
,
7/17/27
....
2,872
2,817
FW2645472.UP.FTS.B
,
26
.31
%
,
7/17/27
..
7,611
7,502
FW2632915.UP.FTS.B
,
24
.46
%
,
7/20/27
..
6,504
6,395
FW2644628.UP.FTS.B
,
30
.88
%
,
7/24/27
..
838
829
L2642277.UP.FTS.B
,
22
.82
%
,
7/28/27
....
2,938
2,897
L2407955.UP.FTS.B
,
27
%
,
8/11/27
......
3,050
218
L2009631.UP.FTS.B
,
16
.91
%
,
9/09/27
....
3,248
3,209
b
L2004813.UP.FTS.B
,
23
.68
%
,
9/09/27
....
3,310
–
FW2007802.UP.FTS.B
,
23
.93
%
,
9/09/27
..
15,657
15,327
L2004302.UP.FTS.B
,
21
.93
%
,
9/24/27
....
1,332
1,306
FW2005949.UP.FTS.B
,
25
.57
%
,
9/24/27
..
3,251
3,197
FW2192438.UP.FTS.B
,
23
.66
%
,
10/07/27
.
4,197
2,633
L2202159.UP.FTS.B
,
13
.54
%
,
10/08/27
...
9,657
9,430
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2201626.UP.FTS.B
,
25
.65
%
,
10/08/27
...
$
3,108
$
798
L2206615.UP.FTS.B
,
25
.87
%
,
10/08/27
...
9,116
4,641
b
FW2202975.UP.FTS.B
,
30
.2
%
,
10/08/27
..
2,446
121
L2641861.UP.FTS.B
,
16
.53
%
,
10/17/27
...
4,451
322
L2200600.UP.FTS.B
,
11
.71
%
,
10/23/27
...
1,834
1,796
FW2410081.UP.FTS.B
,
8
.78
%
,
11/11/27
..
2,977
216
L2413593.UP.FTS.B
,
23
.06
%
,
11/11/27
...
4,875
1,189
FW2410499.UP.FTS.B
,
31
.67
%
,
11/11/27
.
837
825
FW2415964.UP.FTS.B
,
31
.16
%
,
11/12/27
.
563
555
L2645397.UP.FTS.B
,
26
.19
%
,
11/19/27
...
1,295
1,276
FW2406392.UP.FTS.B
,
23
.41
%
,
12/11/27
.
3,507
254
L2644100.UP.FTS.B
,
5
.16
%
,
12/16/27
....
1,305
1,275
FW2643411.UP.FTS.B
,
29
.58
%
,
12/16/27
.
3,038
2,999
L1710242.UP.FTS.B
,
16
.42
%
,
9/14/28
....
1,520
1,499
L1973640.UP.FTS.B
,
20
.1
%
,
11/09/28
....
5,962
5,886
L2009558.UP.FTS.B
,
26
.34
%
,
11/09/28
...
10,175
10,159
L2195991.UP.FTS.B
,
26
.01
%
,
12/07/28
...
5,763
5,765
L2204377.UP.FTS.B
,
25
.94
%
,
12/08/28
...
2,782
2,754
L2635238.UP.FTS.B
,
13
.81
%
,
2/15/29
....
8,349
8,309
L2631621.UP.FTS.B
,
15
.64
%
,
2/15/29
....
12,335
12,137
L2633434.UP.FTS.B
,
17
.36
%
,
2/15/29
....
2,701
2,693
1,519,865
Total
Marketplace
Loans
(Cost
$
11,006,095
)
.......................
$3,924,933
a
The
rate
shown
represents
the
yield
at
period
end.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
At
January
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
January
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
January
31,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
29
$
4,008,486
3/06/26
$
(
8,081
)
Euro-Bund
.................................
Short
28
4,253,937
3/06/26
8,522
U.S.
Treasury
10
Year
Notes
....................
Short
262
29,298,969
3/20/26
(
59,396
)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
512
58,448,000
3/20/26
(
547,387
)
U.S.
Treasury
2
Year
Notes
.....................
Short
1
208,492
3/31/26
366
U.S.
Treasury
5
Year
Notes
.....................
Short
168
18,300,188
3/31/26
56,249
U.S.
Treasury
Long
Bonds
.....................
Long
1,037
119,384,625
3/20/26
(
2,116,053
)
U.S.
Treasury
Ultra
Bonds
......................
Long
204
23,957,250
3/20/26
(
438,307
)
Total
Futures
Contracts
......................................................................
$(3,104,087)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Sell
2,247,000
2,628,362
4/13/26
$
—
$
(
44,035
)
Euro
.............
JPHQ
Sell
485,000
566,309
4/30/26
—
(
10,920
)
Euro
.............
JPHQ
Sell
3,974,000
4,614,963
5/26/26
—
(
120,198
)
Euro
.............
JPHQ
Sell
2,600,000
3,085,770
6/22/26
—
(
15,966
)
Total
Forward
Exchange
Contracts
...................................................
—
$(191,119)
Net
unrealized
appreciation
(depreciation)
............................................
$(191,119)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
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
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.44
.
(5.00)%
Quarterly
6/20/30
60,650,000
$
(
5,512,864
)
$
(
2,918,768
)
$
(
2,594,096
)
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
At
January
31,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.45
.
5.00%
Quarterly
12/20/30
10,230,000
$
906,511
$
710,208
$
196,303
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(4,606,353)
$(2,208,560)
$(2,397,793)
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
9,300,000
(
1,459,841
)
(
1,359,067
)
(
100,774
)
Total
OTC
Swap
Contracts
..............................................
$(1,459,841)
$(1,359,067)
$(100,774)
Total
Credit
Default
Swap
Contracts
....................................
$(6,066,194)
$
(
3,567,627
)
$(2,498,567)
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.75%
....
Annual
3/18/36
23,539,000
$
234,207
$
8,451
$
225,756
Total
Interest
Rate
Swap
Contracts
.................................
$234,207
$
8,451
$225,756
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
101.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Growth
Opportunities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.0%
Aerospace
&
Defense
5.3%
a,b,c
Anduril
Industries,
Inc.
,
B
.............................
United
States
117,526
$
7,286,612
a,b,c
Anduril
Industries,
Inc.
,
C
.............................
United
States
55
3,410
b
Axon
Enterprise,
Inc.
.................................
United
States
80,066
38,718,316
BWX
Technologies,
Inc.
..............................
United
States
168,598
34,635,087
Curtiss-Wright
Corp.
.................................
United
States
83,386
54,758,753
Howmet
Aerospace,
Inc.
..............................
United
States
183,253
38,131,284
a,b,c
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
142,857
60,142,797
233,676,259
Automobiles
3.0%
b
Tesla,
Inc.
.........................................
United
States
303,763
130,742,633
Beverages
0.6%
Coca-Cola
Co.
(The)
.................................
United
States
326,610
24,433,694
Biotechnology
2.1%
b
Insmed,
Inc.
.......................................
United
States
270,335
42,407,451
b
Natera,
Inc.
........................................
United
States
216,932
50,141,663
92,549,114
Broadline
Retail
5.3%
b
Amazon.com,
Inc.
...................................
United
States
974,686
233,242,360
Building
Products
1.1%
Trane
Technologies
plc
...............................
United
States
110,655
46,539,280
Capital
Markets
2.2%
Ares
Management
Corp.
,
A
............................
United
States
233,160
34,897,057
b
Robinhood
Markets,
Inc.
,
A
............................
United
States
243,955
24,268,643
S&P
Global,
Inc.
....................................
United
States
67,706
35,734,550
94,900,250
Chemicals
0.8%
Linde
plc
..........................................
United
States
80,837
36,940,084
Commercial
Services
&
Supplies
1.1%
a,b,c
Celonis
SE
........................................
Germany
4,619
687,763
a,b,c
Celonis
SE
,
D
......................................
Germany
25,571
3,807,491
a,b
Optoro,
Inc.
........................................
United
States
556,026
—
Republic
Services,
Inc.
,
A
.............................
United
States
209,953
45,158,791
49,654,045
Communications
Equipment
1.1%
b
Arista
Networks,
Inc.
.................................
United
States
351,009
49,752,016
Construction
Materials
0.8%
Martin
Marietta
Materials,
Inc.
..........................
United
States
57,275
37,340,436
Consumer
Staples
Distribution
&
Retail
1.6%
Casey's
General
Stores,
Inc.
...........................
United
States
115,652
70,142,938
Electrical
Equipment
1.0%
GE
Vernova,
Inc.
....................................
United
States
63,348
46,014,087
Electronic
Equipment,
Instruments
&
Components
3.0%
Amphenol
Corp.
,
A
..................................
United
States
766,808
110,481,697
b
Celestica,
Inc.
......................................
Canada
74,998
21,073,688
131,555,385
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Entertainment
2.2%
b
Netflix,
Inc.
........................................
United
States
571,680
$
47,729,563
b
ROBLOX
Corp.
,
A
...................................
United
States
402,009
26,436,112
b
Spotify
Technology
SA
................................
United
States
42,129
21,079,245
95,244,920
Financial
Services
2.1%
Mastercard,
Inc.
,
A
..................................
United
States
169,506
91,328,138
Ground
Transportation
1.0%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
126,083
21,837,575
b
Uber
Technologies,
Inc.
...............................
United
States
277,899
22,245,815
44,083,390
Health
Care
Equipment
&
Supplies
1.6%
b
Boston
Scientific
Corp.
...............................
United
States
237,038
22,170,164
b
Dexcom,
Inc.
.......................................
United
States
359,238
26,238,744
b
Intuitive
Surgical,
Inc.
................................
United
States
41,520
20,935,214
69,344,122
Health
Care
Providers
&
Services
1.7%
McKesson
Corp.
....................................
United
States
88,962
73,946,104
Hotels,
Restaurants
&
Leisure
1.5%
b
DoorDash,
Inc.
,
A
...................................
United
States
205,632
42,076,420
Wingstop,
Inc.
......................................
United
States
93,528
24,825,137
66,901,557
Interactive
Media
&
Services
9.8%
Alphabet,
Inc.
,
C
....................................
United
States
669,462
226,632,971
Meta
Platforms,
Inc.
,
A
...............................
United
States
283,248
202,947,192
429,580,163
IT
Services
1.5%
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A
.....................
Australia
3,094
5,093,157
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
B
.....................
Australia
11,829
19,472,190
b
Shopify,
Inc.
,
A
.....................................
Canada
300,846
39,480,021
64,045,368
Leisure
Products
1.5%
a,b,c
Fanatics
Holdings,
Inc.
...............................
United
States
1,029,939
68,167,578
Life
Sciences
Tools
&
Services
1.0%
b
Repligen
Corp.
.....................................
United
States
213,219
31,848,522
b,d
Tempus
AI,
Inc.
,
A
...................................
United
States
186,393
11,150,029
42,998,551
Machinery
1.0%
Parker-Hannifin
Corp.
................................
United
States
47,348
44,310,152
Personal
Care
Products
0.3%
b
Oddity
Tech
Ltd.
,
A
..................................
Israel
373,526
12,266,594
Pharmaceuticals
3.4%
Eli
Lilly
&
Co.
......................................
United
States
112,675
116,860,876
b
Jazz
Pharmaceuticals
plc
.............................
United
States
203,213
33,426,507
150,287,383
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
0.5%
Verisk
Analytics,
Inc.
,
A
...............................
United
States
98,714
$
21,466,346
Semiconductors
&
Semiconductor
Equipment
21.4%
b
Advanced
Micro
Devices,
Inc.
..........................
United
States
149,386
35,364,148
Analog
Devices,
Inc.
.................................
United
States
100,531
31,253,077
Broadcom,
Inc.
.....................................
United
States
715,864
237,165,743
KLA
Corp.
.........................................
United
States
15,916
22,727,093
b
Lattice
Semiconductor
Corp.
...........................
United
States
437,397
35,219,207
Monolithic
Power
Systems,
Inc.
.........................
United
States
54,601
61,379,714
NVIDIA
Corp.
......................................
United
States
2,310,569
441,619,053
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
160,443
53,036,038
Teradyne,
Inc.
......................................
United
States
98,639
23,776,931
941,541,004
Software
9.3%
a,b,c
Aestas
Management
Co.
LLC
..........................
United
States
8,668
4,127,051
b
AppLovin
Corp.
,
A
...................................
United
States
81,465
38,541,906
b
Autodesk,
Inc.
......................................
United
States
39,996
10,113,788
a,b,c
ClearMotion,
Inc.
....................................
United
States
6,309,366
799,674
b
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
57,593
25,421,838
b
Fair
Isaac
Corp.
....................................
United
States
18,911
27,670,008
a,b
Fortinet,
Inc.
.......................................
United
States
810,440
—
Microsoft
Corp.
.....................................
United
States
560,747
241,283,827
Oracle
Corp.
.......................................
United
States
81,163
13,357,807
a,b,c
Plaid,
Inc.
,
A
.......................................
Japan
56,433
9,398,194
a,b,c
Stripe,
Inc.
,
B
......................................
United
States
260,482
10,880,732
b
Synopsys,
Inc.
.....................................
United
States
53,327
24,803,188
406,398,013
Specialty
Retail
1.8%
b
AutoZone,
Inc.
.....................................
United
States
11,877
43,995,853
b
Carvana
Co.
,
A
.....................................
United
States
90,366
36,246,706
80,242,559
Technology
Hardware,
Storage
&
Peripherals
5.9%
Apple,
Inc.
........................................
United
States
919,424
238,572,139
b
Pure
Storage,
Inc.
,
A
.................................
United
States
310,470
21,590,084
260,162,223
Trading
Companies
&
Distributors
0.5%
b,d
QXO,
Inc.
.........................................
United
States
931,611
20,663,132
Total
Common
Stocks
(Cost
$
2,094,299,866
)
..................................
4,260,459,878
Convertible
Preferred
Stocks
2.1%
Aerospace
&
Defense
0.3%
a,b,c
Anduril
Industries,
Inc.
,
G
.............................
United
States
180,222
11,173,764
Automobile
Components
0.2%
a,b,c
Flock
Group,
Inc.
,
B
.................................
United
States
750,387
8,636,609
a,b,c
Flock
Group,
Inc.
,
C
.................................
United
States
80,684
928,636
a,b,c
Flock
Group,
Inc.
,
F-1
................................
United
States
21,303
245,187
9,810,432
Software
1.6%
a,b,c
Databricks,
Inc.
,
G
..................................
United
States
338,280
64,273,200
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
See
Abbreviations
on
page
101
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Software
(continued)
a,b,c
OneTrust
LLC
,
C
....................................
United
States
517,056
$
7,127,598
71,400,798
Total
Convertible
Preferred
Stocks
(Cost
$
50,096,490
)
.........................
92,384,994
Preferred
Stocks
0.3%
Software
0.3%
a,b,c
Anthropic
PBC
,
F-1
..................................
United
States
49,656
12,867,677
a,b,c
ClearMotion,
Inc.
,
A-3
................................
United
States
417,667
66,067
a,b,c
ClearMotion,
Inc.
,
A-4
................................
United
States
2,606,463
385,225
13,318,969
Total
Preferred
Stocks
(Cost
$
7,251,387
)
.....................................
13,318,969
Escrows
and
Litigation
Trusts
0.0%
a,b
Wheels
Up
Experience,
Inc.,
Escrow
Account
..............
United
States
10,278
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
2,151,647,743
)
...........................
4,366,163,841
a
Short
Term
Investments
1.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
32,171,495
32,171,495
Total
Money
Market
Funds
(Cost
$
32,171,495
)
................................
32,171,495
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
20,432,650
20,432,650
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
20,432,650
)
.........................................................
20,432,650
Total
Short
Term
Investments
(Cost
$
52,604,145
)
..............................
52,604,145
a
Total
Investments
(Cost
$
2,204,251,888
)
100.6
%
..............................
$4,418,767,986
Other
Assets,
less
Liabilities
(
0.6
)
%
.........................................
(26,303,150)
Net
Assets
100.0%
.........................................................
$4,392,464,836
a
a
a
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Natural
Resources
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Country
Shares
a
Value
a
Common
Stocks
93.7%
Agricultural
Products
&
Services
0.7%
Bunge
Global
SA
.....................................
United
States
28,400
$
3,234,192
Coal
&
Consumable
Fuels
0.8%
Cameco
Corp.
.......................................
Canada
29,700
3,664,683
Construction
&
Engineering
0.5%
a
Cadeler
A/S
,
ADR
.....................................
Denmark
90,424
2,161,134
a
Construction
Materials
2.0%
Martin
Marietta
Materials,
Inc.
............................
United
States
13,600
8,866,520
Copper
7.9%
Antofagasta
plc
.......................................
Chile
126,400
6,263,311
a
Capstone
Copper
Corp.
................................
Canada
495,300
5,488,985
a
ERO
Copper
Corp.
....................................
Brazil
166,700
5,592,374
Freeport-McMoRan,
Inc.
................................
United
States
158,500
9,546,455
Lundin
Mining
Corp.
...................................
Chile
355,300
8,963,063
35,854,188
Diversified
Chemicals
0.1%
Huntsman
Corp.
......................................
United
States
64,100
693,562
Diversified
Metals
&
Mining
11.9%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
431,100
1,152,428
a,b
Aclara
Resources,
Inc.
,
144A
............................
United
Kingdom
510,754
1,365,362
Anglo
American
plc
....................................
South
Africa
51,516
2,388,684
c
BHP
Group
Ltd.
,
ADR
..................................
Australia
182,400
12,536,352
a
Brazilian
Rare
Earths
Ltd.
...............................
Australia
581,286
1,538,158
Glencore
plc
.........................................
Australia
313,300
2,135,878
Hudbay
Minerals,
Inc.
..................................
Canada
158,000
3,742,151
a
IperionX
Ltd.
.........................................
Australia
649,100
3,252,873
a
Ivanhoe
Electric,
Inc.
...................................
United
States
71,100
1,215,099
a
Ivanhoe
Mines
Ltd.
,
A
..................................
Congo
232,000
2,933,970
a
Lindian
Resources
Ltd.
.................................
Australia
5,933,452
1,755,998
a,c
MP
Materials
Corp.
....................................
United
States
43,500
2,556,495
Rio
Tinto
plc
,
ADR
.....................................
Australia
76,500
6,963,795
South32
Ltd.
.........................................
Australia
685,800
2,172,524
Teck
Resources
Ltd.
,
B
.................................
Canada
135,700
7,295,232
53,004,999
Electrical
Components
&
Equipment
1.1%
a
Otovo
ASA
..........................................
Norway
8,112,864
1,314,165
a
T1
Energy,
Inc.
.......................................
Norway
449,500
3,744,335
5,058,500
Electronic
Equipment
&
Instruments
0.5%
Badger
Meter,
Inc.
.....................................
United
States
14,800
2,169,384
Fertilizers
&
Agricultural
Chemicals
3.5%
Corteva,
Inc.
.........................................
United
States
115,200
8,386,560
Nutrien
Ltd.
..........................................
Canada
103,400
7,123,226
15,509,786
Gold
12.4%
Agnico
Eagle
Mines
Ltd.
................................
Canada
57,900
11,006,379
Alamos
Gold,
Inc.
,
A
...................................
Canada
110,700
4,102,318
Barrick
Mining
Corp.
...................................
Canada
322,500
14,767,275
a
Equinox
Gold
Corp.
....................................
Canada
414,700
5,930,210
a
New
Gold,
Inc.
.......................................
Canada
138,500
1,389,155
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Newmont
Corp.
.......................................
United
States
168,700
$
18,953,445
56,148,782
Heavy
Electrical
Equipment
0.6%
GE
Vernova,
Inc.
......................................
United
States
3,600
2,614,932
Industrial
Gases
3.8%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
28,400
7,739,000
Linde
plc
............................................
United
States
20,500
9,367,885
17,106,885
Industrial
Machinery
&
Supplies
&
Components
0.6%
Xylem,
Inc.
..........................................
United
States
21,200
2,922,844
Integrated
Oil
&
Gas
12.1%
Chevron
Corp.
.......................................
United
States
74,640
13,203,816
Exxon
Mobil
Corp.
.....................................
United
States
133,806
18,920,168
Occidental
Petroleum
Corp.
.............................
United
States
84,000
3,812,760
Shell
plc
,
ADR
........................................
United
States
91,200
7,025,136
Suncor
Energy,
Inc.
....................................
Canada
129,300
6,834,151
c
TotalEnergies
SE
.....................................
France
63,100
4,568,440
54,364,471
Metal,
Glass
&
Plastic
Containers
0.9%
Ball
Corp.
...........................................
United
States
39,000
2,217,930
Crown
Holdings,
Inc.
...................................
United
States
19,300
2,020,324
4,238,254
Oil
&
Gas
Drilling
0.3%
a
Precision
Drilling
Corp.
.................................
Canada
17,200
1,371,528
a
Oil
&
Gas
Equipment
&
Services
6.5%
Baker
Hughes
Co.
,
A
...................................
United
States
60,100
3,368,004
Cactus,
Inc.
,
A
........................................
United
States
34,300
1,928,689
Halliburton
Co.
.......................................
United
States
52,400
1,756,448
Liberty
Energy,
Inc.
,
A
..................................
United
States
134,600
3,317,890
a
Oceaneering
International,
Inc.
...........................
United
States
38,600
1,161,860
Ranger
Energy
Services,
Inc.
,
A
..........................
United
States
68,800
1,060,896
Select
Water
Solutions,
Inc.
,
A
............................
United
States
90,100
1,089,309
SLB
Ltd.
............................................
United
States
124,900
6,042,662
Solaris
Energy
Infrastructure,
Inc.
,
A
.......................
United
States
25,400
1,401,826
Technip
Energies
NV
...................................
France
39,199
1,536,187
TechnipFMC
plc
......................................
United
Kingdom
92,600
5,159,672
Trican
Well
Service
Ltd.
.................................
Canada
249,600
1,281,316
29,104,759
Oil
&
Gas
Exploration
&
Production
13.9%
Aker
BP
ASA
.........................................
Norway
91,900
2,705,344
Canadian
Natural
Resources
Ltd.
.........................
Canada
213,200
7,927,379
ConocoPhillips
.......................................
United
States
142,200
14,821,506
Coterra
Energy,
Inc.
...................................
United
States
365,100
10,533,135
EOG
Resources,
Inc.
..................................
United
States
56,100
6,290,493
EQT
Corp.
..........................................
United
States
100,000
5,773,000
a
Infinity
Natural
Resources,
Inc.
,
A
.........................
United
States
204,900
3,253,812
Matador
Resources
Co.
................................
United
States
66,700
3,017,508
Ovintiv,
Inc.
..........................................
United
States
60,800
2,642,976
Permian
Resources
Corp.
,
A
.............................
United
States
146,500
2,363,045
a
Tamboran
Resources
Corp.
..............................
Australia
45,074
1,349,516
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Oil
&
Gas
Exploration
&
Production
(continued)
Tourmaline
Oil
Corp.
...................................
Canada
41,600
$
1,968,717
62,646,431
Oil
&
Gas
Refining
&
Marketing
3.4%
Marathon
Petroleum
Corp.
..............................
United
States
23,600
4,158,084
Phillips
66
...........................................
United
States
48,100
6,905,236
Valero
Energy
Corp.
...................................
United
States
25,900
4,699,037
15,762,357
Oil
&
Gas
Storage
&
Transportation
7.3%
Cheniere
Energy,
Inc.
..................................
United
States
17,300
3,659,296
Enbridge,
Inc.
........................................
Canada
64,300
3,140,412
Kinder
Morgan,
Inc.
....................................
United
States
193,500
5,899,815
Targa
Resources
Corp.
.................................
United
States
33,200
6,672,536
TC
Energy
Corp.
......................................
Canada
104,300
6,119,281
Williams
Cos.,
Inc.
(The)
................................
United
States
103,900
6,988,314
32,479,654
Paper
&
Plastic
Packaging
Products
&
Materials
0.5%
Packaging
Corp.
of
America
.............................
United
States
10,400
2,314,520
Precious
Metals
&
Minerals
0.1%
Valterra
Platinum
Ltd.
..................................
South
Africa
5,648
509,378
Specialty
Chemicals
0.9%
Albemarle
Corp.
......................................
United
States
10,400
1,774,552
Neo
Performance
Materials,
Inc.
..........................
Canada
75,400
1,060,966
b
Neo
Performance
Materials,
Inc.
,
144A
.....................
Canada
85,000
1,196,049
4,031,567
Steel
1.4%
Reliance,
Inc.
........................................
United
States
9,800
3,229,100
Vale
SA
,
ADR
,
B
......................................
Brazil
199,400
3,204,358
6,433,458
Total
Common
Stocks
(Cost
$
206,534,862
)
.....................................
422,266,768
a
Convertible
Preferred
Stocks
0.9%
Environmental
&
Facilities
Services
0.4%
a,d,e
Redwood
Materials,
Inc.
,
E
..............................
United
States
39,802
1,899,983
a
Specialty
Chemicals
0.5%
Albemarle
Corp.
,
7.25
%
................................
United
States
30,800
2,135,672
Total
Convertible
Preferred
Stocks
(Cost
$
3,439,982
)
............................
4,035,655
Warrants
a
a
a
a
a
Warrants
0.1%
Integrated
Oil
&
Gas
0.1%
a
Occidental
Petroleum
Corp.
,
8/03/27
.......................
United
States
17,900
421,187
Total
Warrants
(Cost
$
88,605
)
.................................................
421,187
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
See
Abbreviations
on
page
101
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Convertible
Bonds
0.6%
Gold
0.3%
b
B2Gold
Corp.
,
Senior
Note
,
144A,
2.75
%
,
2/01/30
.............
Canada
933,000
$
1,607,841
Oil
&
Gas
Equipment
&
Services
0.3%
Oil
States
International,
Inc.
,
Senior
Note
,
4.75
%
,
4/01/26
.......
United
States
1,200,000
1,226,333
Total
Convertible
Bonds
(Cost
$
2,133,000
)
.....................................
2,834,174
Total
Long
Term
Investments
(Cost
$
212,196,449
)
...............................
429,557,784
a
Short
Term
Investments
6.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.1%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
United
States
18,544,074
18,544,074
Total
Money
Market
Funds
(Cost
$
18,544,074
)
..................................
18,544,074
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
2.3%
Money
Market
Funds
2.3%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
United
States
10,468,975
10,468,975
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
10,468,975
)
................................................................
10,468,975
Total
Short
Term
Investments
(Cost
$
29,013,049
)
................................
29,013,049
a
Total
Investments
(Cost
$
241,209,498
)
101.7
%
..................................
$458,570,833
Other
Assets,
less
Liabilities
(
1.7
)
%
...........................................
(7,633,567)
Net
Assets
100.0%
...........................................................
$450,937,266
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$4,169,252,
representing
0.9%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Small
Cap
Growth
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.5%
Aerospace
&
Defense
8.3%
a
AAR
Corp.
........................................
United
States
690,262
$
73,105,648
BWX
Technologies,
Inc.
..............................
United
States
418,276
85,926,439
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
386,519
39,815,322
a
York
Space
Systems,
Inc.
.............................
United
States
147,119
4,994,690
203,842,099
Banks
1.8%
FB
Financial
Corp.
..................................
United
States
345,481
19,875,522
Western
Alliance
Bancorp
.............................
United
States
266,968
23,800,197
43,675,719
Biotechnology
10.0%
a
Apogee
Therapeutics,
Inc.
.............................
United
States
134,866
8,835,072
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
344,407
8,737,606
a,b
ARS
Pharmaceuticals,
Inc.
............................
United
States
704,527
7,038,225
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
117,458
26,557,254
a
Benitec
Biopharma,
Inc.
..............................
Australia
75,967
925,278
a,b
Bicara
Therapeutics,
Inc.
..............................
United
States
471,207
7,916,278
a
Bridgebio
Pharma,
Inc.
...............................
United
States
400,630
30,956,680
a
Centessa
Pharmaceuticals
plc
,
ADR
.....................
United
States
590,822
14,516,496
a
CG
oncology,
Inc.
...................................
United
States
241,287
12,558,988
a
Cytokinetics,
Inc.
....................................
United
States
203,111
12,834,584
a
Dianthus
Therapeutics,
Inc.
............................
United
States
163,883
8,749,713
a
Dyne
Therapeutics,
Inc.
..............................
United
States
467,829
8,369,461
a
Mirum
Pharmaceuticals,
Inc.
...........................
United
States
55,935
5,773,611
a
Newamsterdam
Pharma
Co.
NV
........................
Netherlands
221,608
6,896,441
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
419,348
10,785,631
a
Oruka
Therapeutics,
Inc.
..............................
United
States
114,911
3,933,403
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
38,709
12,154,626
a
PTC
Therapeutics,
Inc.
...............................
United
States
121,935
9,209,750
a
Revolution
Medicines,
Inc.
.............................
United
States
196,351
19,036,229
a
Soleno
Therapeutics,
Inc.
.............................
United
States
261,241
10,073,453
a
Syndax
Pharmaceuticals,
Inc.
..........................
United
States
679,164
13,793,821
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
184,067
7,548,588
247,201,188
Building
Products
1.7%
AAON,
Inc.
........................................
United
States
475,124
43,264,792
Capital
Markets
4.1%
Evercore,
Inc.
,
A
....................................
United
States
109,608
38,721,218
Hamilton
Lane,
Inc.
,
A
................................
United
States
87,938
12,420,363
Houlihan
Lokey,
Inc.
,
A
...............................
United
States
200,151
33,689,417
a,b
Miami
International
Holdings,
Inc.
.......................
United
States
370,388
15,456,291
100,287,289
Commercial
Services
&
Supplies
0.0%
a,c
Optoro,
Inc.
........................................
United
States
554,878
—
Communications
Equipment
1.9%
a
Lumentum
Holdings,
Inc.
..............................
United
States
120,550
47,236,312
Construction
&
Engineering
4.9%
Arcosa,
Inc.
.......................................
United
States
594,046
68,000,446
Granite
Construction,
Inc.
.............................
United
States
440,734
53,214,223
121,214,669
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
Materials
0.3%
b
Titan
America
SA
...................................
Belgium
361,738
$
6,279,772
Consumer
Staples
Distribution
&
Retail
1.0%
a
Performance
Food
Group
Co.
..........................
United
States
270,396
25,809,298
Diversified
Consumer
Services
0.1%
a,b
Nerdy,
Inc.
........................................
United
States
2,208,757
2,164,582
Electronic
Equipment,
Instruments
&
Components
3.2%
Badger
Meter,
Inc.
...................................
United
States
131,506
19,276,149
a
Mirion
Technologies,
Inc.
,
A
............................
United
States
707,908
17,584,435
Vontier
Corp.
.......................................
United
States
1,136,014
42,600,525
79,461,109
Energy
Equipment
&
Services
2.3%
Cactus,
Inc.
,
A
......................................
United
States
383,223
21,548,629
Liberty
Energy,
Inc.
,
A
................................
United
States
1,412,394
34,815,512
56,364,141
Financial
Services
1.7%
a
Flywire
Corp.
......................................
United
States
995,101
12,538,273
a
Paymentus
Holdings,
Inc.
,
A
...........................
United
States
1,106,506
29,576,905
42,115,178
Food
Products
1.4%
a
Freshpet,
Inc.
......................................
United
States
514,722
35,876,123
Health
Care
Equipment
&
Supplies
4.0%
a
Ceribell,
Inc.
.......................................
United
States
587,325
12,104,768
a
Haemonetics
Corp.
..................................
United
States
332,684
22,176,715
a
Inspire
Medical
Systems,
Inc.
..........................
United
States
127,912
9,693,171
a
Integer
Holdings
Corp.
...............................
United
States
465,432
40,427,424
a
Kestra
Medical
Technologies
Ltd.
.......................
United
States
568,635
14,028,226
98,430,304
Health
Care
Providers
&
Services
4.5%
Ensign
Group,
Inc.
(The)
..............................
United
States
91,487
15,704,659
a
GeneDx
Holdings
Corp.
,
A
.............................
United
States
133,797
12,879,299
a
Guardant
Health,
Inc.
................................
United
States
266,273
30,365,773
a
HealthEquity,
Inc.
...................................
United
States
271,014
23,217,769
a
Privia
Health
Group,
Inc.
..............................
United
States
1,261,886
29,300,993
111,468,493
Health
Care
Technology
0.7%
a
Phreesia,
Inc.
......................................
United
States
1,349,638
18,125,638
Hotel
&
Resort
REITs
0.5%
Pebblebrook
Hotel
Trust
..............................
United
States
1,079,302
12,325,629
Hotels,
Restaurants
&
Leisure
3.9%
a
Cava
Group,
Inc.
....................................
United
States
344,996
20,913,657
a,b
Navan,
Inc.
,
A
......................................
United
States
522,612
5,999,586
a,b
Portillo's,
Inc.
,
A
....................................
United
States
679,748
3,840,576
Red
Rock
Resorts,
Inc.
,
A
.............................
United
States
137,989
8,711,246
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
151,628
27,271,812
Wingstop,
Inc.
......................................
United
States
111,626
29,628,889
96,365,766
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
2.0%
a
M/I
Homes,
Inc.
.....................................
United
States
183,849
$
24,580,611
a
Tri
Pointe
Homes,
Inc.
................................
United
States
709,591
23,664,860
48,245,471
Life
Sciences
Tools
&
Services
1.7%
Bio-Techne
Corp.
...................................
United
States
283,880
18,193,869
a
Repligen
Corp.
.....................................
United
States
166,064
24,804,980
42,998,849
Machinery
2.2%
a,b
Alliance
Laundry
Holdings,
Inc.
.........................
United
States
466,925
10,309,704
a
RBC
Bearings,
Inc.
..................................
United
States
86,675
43,308,897
53,618,601
Media
1.8%
New
York
Times
Co.
(The)
,
A
...........................
United
States
612,061
44,870,192
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Infinity
Natural
Resources,
Inc.
,
A
.......................
United
States
939,795
14,923,945
Matador
Resources
Co.
..............................
United
States
562,539
25,449,264
40,373,209
Passenger
Airlines
1.9%
a
Alaska
Air
Group,
Inc.
................................
United
States
477,946
24,293,995
a
Allegiant
Travel
Co.
..................................
United
States
242,638
21,505,006
45,799,001
Personal
Care
Products
1.2%
a
BellRing
Brands,
Inc.
.................................
United
States
1,184,846
29,467,120
Pharmaceuticals
3.4%
a
Amylyx
Pharmaceuticals,
Inc.
..........................
United
States
542,384
7,750,667
a
EyePoint,
Inc.
......................................
United
States
1,282,222
17,335,642
a
Jazz
Pharmaceuticals
plc
.............................
United
States
152,570
25,096,239
a,b
LENZ
Therapeutics,
Inc.
..............................
United
States
206,641
3,269,061
a
Structure
Therapeutics,
Inc.
,
ADR
.......................
United
States
136,279
12,053,878
a
Terns
Pharmaceuticals,
Inc.
...........................
United
States
499,682
17,288,997
82,794,484
Professional
Services
1.5%
a,b
Andersen
Group,
Inc.
,
A
..............................
United
States
844,180
18,951,841
a
Legalzoom.com,
Inc.
.................................
United
States
1,950,747
17,342,141
36,293,982
Semiconductors
&
Semiconductor
Equipment
8.8%
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
237,585
29,764,649
a
Lattice
Semiconductor
Corp.
...........................
United
States
658,680
53,036,914
a
Onto
Innovation,
Inc.
.................................
United
States
331,168
66,912,494
a
Silicon
Laboratories,
Inc.
..............................
United
States
137,134
19,534,738
a
SiTime
Corp.
.......................................
United
States
133,591
48,508,228
217,757,023
Software
9.4%
a
AvePoint,
Inc.
......................................
United
States
253,472
2,947,879
a,c,d
ClearMotion,
Inc.
....................................
United
States
3,698,772
468,797
a
Clearwater
Analytics
Holdings,
Inc.
,
A
....................
United
States
428,984
10,334,225
a
Freshworks,
Inc.
,
A
..................................
United
States
1,337,928
14,422,864
a
Gitlab,
Inc.
,
A
......................................
United
States
746,628
26,117,048
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Intapp,
Inc.
........................................
United
States
699,845
$
23,759,738
a
JFrog
Ltd.
.........................................
United
States
355,738
19,494,442
a
Klaviyo,
Inc.
,
A
.....................................
United
States
922,961
20,498,964
a
LiveRamp
Holdings,
Inc.
..............................
United
States
693,586
16,888,819
a
nCino,
Inc.
........................................
United
States
1,015,364
21,678,021
a,b
Netskope,
Inc.
,
A
....................................
United
States
1,227,268
18,224,930
a
Procore
Technologies,
Inc.
............................
United
States
488,708
27,607,115
a
ServiceTitan,
Inc.
,
A
.................................
United
States
392,118
30,718,524
233,161,366
Specialty
Retail
1.7%
a
Boot
Barn
Holdings,
Inc.
..............................
United
States
115,782
20,664,772
Lithia
Motors,
Inc.
,
A
.................................
United
States
63,812
20,639,353
41,304,125
Textiles,
Apparel
&
Luxury
Goods
1.0%
Steven
Madden
Ltd.
.................................
United
States
554,273
24,321,499
Trading
Companies
&
Distributors
1.0%
Herc
Holdings,
Inc.
..................................
United
States
174,515
25,014,980
Total
Common
Stocks
(Cost
$
1,556,685,699
)
..................................
2,357,528,003
Convertible
Preferred
Stocks
2.6%
Automobile
Components
0.5%
a,c,d
Flock
Group,
Inc.
,
G
.................................
United
States
987,540
11,366,131
Diversified
Consumer
Services
0.5%
a,c,d
Newsela,
Inc.
,
D
....................................
United
States
709,046
12,885,548
Software
1.4%
a,c,d
Benchling,
Inc.
,
F
...................................
United
States
382,306
2,534,565
a,c,d
Checkr,
Inc.
,
E
.....................................
United
States
1,388,889
22,017,435
a,c,d
OneTrust
LLC
,
A
....................................
United
States
625,361
8,620,578
a,c,d
OneTrust
LLC
,
A-1
..................................
United
States
56,457
778,258
a,c,d
Smule,
Inc.
,
J
......................................
United
States
162,712
1,807,169
35,758,005
Specialty
Retail
0.2%
a,c,d
1661,
Inc.
,
F
.......................................
United
States
3,436,485
4,284,156
Total
Convertible
Preferred
Stocks
(Cost
$
90,764,293
)
.........................
64,293,840
Preferred
Stocks
0.4%
Automobile
Components
0.3%
a,c,d
Tula
eTechnology,
Inc.
................................
United
States
361,111
—
a,c,d
Tula
eTechnology,
Inc.
,
E
.............................
United
States
3,611,111
8,761,794
8,761,794
Software
0.1%
a,c,d
ClearMotion,
Inc.
,
A-3
................................
United
States
1,037,942
164,184
a,c,d
ClearMotion,
Inc.
,
A-4
................................
United
States
6,477,294
957,318
a,c,d
Smule,
Inc.
,
144A
,
G
.................................
United
States
1,542,673
229,418
a,c,d
Smule,
Inc.
,
144A
,
H
.................................
United
States
352,675
62,005
1,412,925
Total
Preferred
Stocks
(Cost
$
21,224,990
)
....................................
10,174,719
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
See
Abbreviations
on
page
101
.
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
Biotechnology
0.0%
a,c,d
Chinook
Therapeutics,
Inc.,
CVR
,
6/30/30
.................
United
States
410,500
$
—
Total
Rights
(Cost
$
–
)
......................................................
—
Shares
Escrows
and
Litigation
Trusts
0.0%
a,c
Wheels
Up
Experience,
Inc.,
Escrow
Account
..............
United
States
8,808
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
1,668,674,982
)
...........................
2,431,996,562
a
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
16,222,085
16,222,085
Total
Money
Market
Funds
(Cost
$
16,222,085
)
................................
16,222,085
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.3%
Money
Market
Funds
1.3%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
31,357,953
31,357,954
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
31,357,954
)
.........................................................
31,357,954
Total
Short
Term
Investments
(Cost
$
47,580,039
)
..............................
47,580,039
a
Total
Investments
(Cost
$
1,716,255,021
)
100.4
%
..............................
$2,479,576,601
Other
Assets,
less
Liabilities
(
0.4
)
%
.........................................
(11,365,830)
Net
Assets
100.0%
.........................................................
$2,468,210,771
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2026
Franklin
Small-Mid
Cap
Growth
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.6%
Aerospace
&
Defense
6.4%
a
Axon
Enterprise,
Inc.
.................................
United
States
132,581
$
64,113,520
BWX
Technologies,
Inc.
..............................
United
States
274,012
56,290,285
Howmet
Aerospace,
Inc.
..............................
United
States
518,230
107,833,299
228,237,104
Banks
1.2%
Fifth
Third
Bancorp
..................................
United
States
851,600
42,767,352
Biotechnology
5.6%
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
168,685
57,025,651
a
Ascendis
Pharma
A/S,
ADR
...........................
Denmark
55,163
12,472,354
a
CG
oncology,
Inc.
...................................
United
States
385,071
20,042,946
a
Insmed,
Inc.
.......................................
United
States
228,863
35,901,739
a
Natera,
Inc.
........................................
United
States
324,800
75,074,272
200,516,962
Building
Products
1.5%
AAON,
Inc.
........................................
United
States
597,073
54,369,467
Capital
Markets
8.3%
Ares
Management
Corp.,
A
............................
United
States
434,625
65,050,324
b
Blue
Owl
Capital,
Inc.,
A
..............................
United
States
2,935,479
40,039,933
LPL
Financial
Holdings,
Inc.
...........................
United
States
139,948
51,011,046
MSCI,
Inc.,
A
.......................................
United
States
109,440
66,673,037
Nasdaq,
Inc.
.......................................
United
States
443,736
42,993,581
Tradeweb
Markets,
Inc.,
A
.............................
United
States
296,376
30,547,474
296,315,395
Construction
&
Engineering
1.3%
Comfort
Systems
USA,
Inc.
............................
United
States
40,444
46,191,092
Consumer
Staples
Distribution
&
Retail
1.0%
Casey's
General
Stores,
Inc.
...........................
United
States
60,400
36,632,600
Electrical
Equipment
4.4%
AMETEK,
Inc.
......................................
United
States
265,345
59,431,973
Vertiv
Holdings
Co.,
A
................................
United
States
530,646
98,795,672
158,227,645
Entertainment
2.4%
a
ROBLOX
Corp.,
A
...................................
United
States
1,311,637
86,253,249
Financial
Services
0.6%
a
Paymentus
Holdings,
Inc.,
A
...........................
United
States
824,016
22,025,948
Ground
Transportation
1.2%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
244,488
42,345,322
Health
Care
Equipment
&
Supplies
4.5%
a
Dexcom,
Inc.
.......................................
United
States
1,018,535
74,393,796
a
IDEXX
Laboratories,
Inc.
..............................
United
States
75,702
50,755,163
a
Penumbra,
Inc.
.....................................
United
States
102,611
36,752,182
161,901,141
Health
Care
Providers
&
Services
2.3%
Cencora,
Inc.
......................................
United
States
226,951
81,525,338
Health
Care
Technology
1.2%
a
Veeva
Systems,
Inc.,
A
...............................
United
States
218,031
44,460,882
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
12.9%
a
Cava
Group,
Inc.
....................................
United
States
851,209
$
51,600,290
a
DoorDash,
Inc.,
A
...................................
United
States
269,209
55,085,545
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
266,715
79,617,095
Marriott
International,
Inc.,
A
...........................
United
States
156,800
49,439,040
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
398,174
129,267,189
Texas
Roadhouse,
Inc.,
A
.............................
United
States
288,800
51,943,568
Wingstop,
Inc.
......................................
United
States
175,597
46,608,712
463,561,439
Household
Durables
1.1%
a
NVR,
Inc.
.........................................
United
States
5,278
40,301,383
Independent
Power
and
Renewable
Electricity
Producers
1.8%
Vistra
Corp.
........................................
United
States
411,253
65,121,913
Interactive
Media
&
Services
0.7%
a
Pinterest,
Inc.,
A
....................................
United
States
1,150,581
25,462,358
IT
Services
1.1%
a
Cloudflare,
Inc.,
A
...................................
United
States
228,339
40,495,922
Leisure
Products
1.5%
a,c,d
Fanatics
Holdings,
Inc.
...............................
United
States
793,714
52,532,782
Life
Sciences
Tools
&
Services
1.3%
a
Repligen
Corp.
.....................................
United
States
305,031
45,562,480
Machinery
1.4%
Xylem,
Inc.
........................................
United
States
348,707
48,076,234
Media
1.6%
a,c
Blaize
Events
&
Media,
Inc.
............................
United
States
343,168
—
New
York
Times
Co.
(The),
A
...........................
United
States
731,486
53,625,239
a
Trade
Desk,
Inc.
(The),
A
..............................
United
States
137,717
4,176,956
57,802,195
Oil,
Gas
&
Consumable
Fuels
2.5%
Cheniere
Energy,
Inc.
................................
United
States
88,393
18,696,887
Targa
Resources
Corp.
...............................
United
States
349,596
70,261,804
88,958,691
Professional
Services
3.4%
Paychex,
Inc.
......................................
United
States
373,625
38,531,946
TransUnion
........................................
United
States
254,166
20,084,197
Verisk
Analytics,
Inc.,
A
...............................
United
States
291,117
63,306,303
121,922,446
Real
Estate
Management
&
Development
0.5%
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
52,417
18,760,568
Residential
REITs
0.6%
Equity
LifeStyle
Properties,
Inc.
.........................
United
States
323,560
20,439,285
Semiconductors
&
Semiconductor
Equipment
4.6%
a,c
Blaize
Holdings,
Inc.
.................................
United
States
114,150
—
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
59,667
7,475,082
a
Lattice
Semiconductor
Corp.
...........................
United
States
445,335
35,858,374
Monolithic
Power
Systems,
Inc.
.........................
United
States
79,894
89,812,840
a
Onto
Innovation,
Inc.
.................................
United
States
152,849
30,883,141
164,029,437
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
8.6%
a,b
Alkami
Technology,
Inc.
...............................
United
States
1,020,496
$
21,624,310
a
Arteris,
Inc.
........................................
United
States
1,456,454
21,861,375
a
Datadog,
Inc.,
A
....................................
United
States
519,477
67,178,766
a
Fair
Isaac
Corp.
....................................
United
States
41,892
61,295,118
a
Guidewire
Software,
Inc.
..............................
United
States
177,228
24,946,613
a
Manhattan
Associates,
Inc.
............................
United
States
210,209
31,743,661
a,c,d
Plaid,
Inc.,
A
.......................................
Japan
30,940
5,152,661
a
Procore
Technologies,
Inc.
............................
United
States
552,941
31,235,637
a,b
SailPoint,
Inc.
......................................
United
States
602,600
9,454,794
a
Tyler
Technologies,
Inc.
...............................
United
States
94,400
34,871,360
309,364,295
Specialty
Retail
7.8%
a
AutoZone,
Inc.
.....................................
United
States
15,400
57,046,066
a
Burlington
Stores,
Inc.
................................
United
States
240,443
71,137,466
a
Carvana
Co.,
A
.....................................
United
States
200,070
80,250,078
Tractor
Supply
Co.
..................................
United
States
1,377,833
70,104,143
278,537,753
Technology
Hardware,
Storage
&
Peripherals
0.6%
a
Pure
Storage,
Inc.,
A
.................................
United
States
308,997
21,487,651
Trading
Companies
&
Distributors
1.7%
Fastenal
Co.
.......................................
United
States
417,357
18,096,599
United
Rentals,
Inc.
..................................
United
States
54,446
42,580,039
60,676,638
Total
Common
Stocks
(Cost
$
2,388,015,353)
..................................
3,424,862,967
Convertible
Preferred
Stocks
2.5%
Aerospace
&
Defense
0.7%
a,c,d
Anduril
Industries,
Inc.,
F
..............................
United
States
414,483
25,697,946
Diversified
Consumer
Services
0.2%
a,c,d
Newsela,
Inc.,
D
....................................
United
States
423,782
7,701,423
Semiconductors
&
Semiconductor
Equipment
0.0%
a,c,d
Phononic
Devices,
Inc.,
F-S
...........................
United
States
2,970,061
—
Software
1.6%
a,c,d
Benchling,
Inc.,
F
...................................
United
States
347,106
2,301,200
a,c,d
Databricks,
Inc.,
G
..................................
United
States
227,829
43,287,510
a,c,d
OneTrust
LLC,
C
....................................
United
States
767,526
10,580,318
56,169,028
Total
Convertible
Preferred
Stocks
(Cost
$65,344,990)
.........................
89,568,397
Preferred
Stocks
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d
Phononic
Devices,
Inc.,
G-2-S
..........................
United
States
513,050
23
a,c,d
Phononic,
Inc.,
H-S
..................................
United
States
117,763
207,264
207,287
Total
Preferred
Stocks
(Cost
$460,692)
.......................................
207,287
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
See
Abbreviations
on
page
101
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d
Phononic,
Inc.,
H-S,
12/31/29
..........................
United
States
23,970
$
354
a,c,d
Phononic,
Inc.,
H-S-X,
12/31/29
........................
United
States
47,104
696
1,050
Total
Warrants
(Cost
$44,031)
...............................................
1,050
Principal
Amount
*
Convertible
Bonds
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
c,d
Phononic,
Inc.
,
5.31
%
,
11/30/27
........................
United
States
66,235
66,235
c,d
Phononic,
Inc.
,
H-S
,
5.31
%
,
11/30/27
....................
United
States
132,470
132,470
198,705
Total
Convertible
Bonds
(Cost
$198,705)
.....................................
198,705
Senior
Floating
Rate
Interests
0.0%
†
c,e
Phononic,
Inc.,
First
Lien,
Term
Loan,
B,
PIK,
12%,
12/31/27
...
United
States
1,139,848
964,589
Total
Senior
Floating
Rate
Interests
(Cost
$1,093,163)
.........................
964,589
Total
Long
Term
Investments
(Cost
$2,455,156,934)
...........................
3,515,802,995
a
Short
Term
Investments
2.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.0%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
.........................................
United
States
70,797,808
70,797,808
Total
Money
Market
Funds
(Cost
$70,797,808)
................................
70,797,808
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
.........................................
United
States
17,380,450
17,380,450
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$17,380,450)
.........................................................
17,380,450
Total
Short
Term
Investments
(Cost
$88,178,258
)
..............................
88,178,258
a
Total
Investments
(Cost
$2,543,335,192)
100.6%
..............................
$3,603,981,253
Other
Assets,
less
Liabilities
(0.6)%
.........................................
(19,688,250)
Net
Assets
100.0%
.........................................................
$3,584,293,003
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
84
franklintempleton.com
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Strategic
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
ten
separate funds, six
of
which
are
included
in
this
report
(Funds).
The Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
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
to
determine
fair
value. 
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
and
certain
preferred
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
85
franklintempleton.com
Quarterly
Schedules
of
Investments
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
January
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
January
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Biotechnology
Discovery
Fund
1,519,609
Candid,
Inc.,
B
..............................
8/19/24
$
1,823,531
$
2,735,296
69,673
a
IN8bio,
Inc.,
C,
10/04/27
.......................
10/10/24
—
33,677
859,370
Lycia
LLC,
C
...............................
4/26/24
1,754,576
2,814,331
Total
Restricted
Securities
(Value
is
0.5%
of
Net
Assets)
...............
$3,578,107
$5,583,304
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Core
Plus
Bond
Fund
6,000,000
b
WorkCapital
BSD
SARL,
2/13/26
................
2/15/19
$
750,000
$
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
...............
$750,000
$—
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
8,668
Aestas
Management
Co.
LLC
...................
10/03/25
$
3,727,240
$
4,127,051
117,526
Anduril
Industries,
Inc.,
B
......................
7/22/25
4,804,792
7,286,612
55
Anduril
Industries,
Inc.,
C
......................
7/22/25
2,249
3,410
180,222
Anduril
Industries,
Inc.,
G
......................
5/08/25
7,367,980
11,173,764
49,656
Anthropic
PBC,
F-1
..........................
8/29/25
6,999,887
12,867,677
3,094
Canva
Australia
Holdings
Pty.
Ltd.,
A
.............
3/18/24
3,300,249
5,093,157
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
86
franklintempleton.com
Quarterly
Schedules
of
Investments
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
(continued)
11,829
Canva
Australia
Holdings
Pty.
Ltd.,
B
.............
12/22/21
$
20,158,531
$
19,472,190
4,619
Celonis
SE
.................................
6/16/21
1,708,060
687,763
25,571
Celonis
SE,
D
..............................
6/16/21
-
10/04/22
9,427,681
3,807,491
6,309,366
ClearMotion
,
Inc.
............................
11/06/17
-
12/21/18
15,500,000
799,674
417,667
ClearMotion
,
Inc.,
A-3
.........................
3/23/23
—
66,067
2,606,463
ClearMotion
,
Inc.,
A-4
.........................
12/21/21
251,500
385,225
338,280
Databricks,
Inc.,
G
...........................
2/01/21
20,000,005
64,273,200
1,029,939
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
19,730,229
68,167,578
750,387
Flock
Group,
Inc.,
B
..........................
3/26/25
11,082,616
8,636,609
80,684
Flock
Group,
Inc.,
C
..........................
3/26/25
1,191,638
928,636
21,303
Flock
Group,
Inc.,
F-1
........................
3/26/25
314,628
245,187
517,056
OneTrust
LLC,
C
............................
4/01/21
10,139,623
7,127,598
56,433
Plaid,
Inc.,
A
................................
3/31/25
11,511,011
9,398,194
142,857
Space
Exploration
Technologies
Corp.,
A
..........
5/25/22
9,999,990
60,142,797
260,482
Stripe,
Inc.,
B
...............................
4/30/25
9,377,352
10,880,732
Total
Restricted
Securities
(Value
is
6.7%
of
Net
Assets)
...............
$166,595,261
$295,570,612
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Natural
Resources
Fund
39,802
Redwood
Materials,
Inc.,
E
.....................
10/20/25
$
1,899,983
$
1,899,983
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
...............
$1,899,983
$1,899,983
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
3,436,485
1661,
Inc.,
F
................................
5/28/21
$
19,999,999
$
4,284,156
382,306
Benchling
,
Inc.,
F
............................
10/20/21
12,499,992
2,534,565
1,388,889
Checkr
,
Inc.,
E
..............................
8/24/21
25,000,002
22,017,435
410,500
Chinook
Therapeutics,
Inc.,
CVR,
6/30/30
.........
8/14/23
—
—
3,698,772
ClearMotion
,
Inc.
............................
12/21/18
10,000,000
468,797
1,037,942
ClearMotion
,
Inc.,
A-3
.........................
3/23/23
—
164,184
6,477,294
ClearMotion
,
Inc.,
A-4
.........................
12/21/21
625,000
957,318
987,540
Flock
Group,
Inc.,
G
..........................
3/08/24
9,999,899
11,366,131
709,046
Newsela,
Inc.,
D
.............................
1/21/21
15,000,010
12,885,548
625,361
OneTrust
LLC,
A
............................
3/10/23
6,878,971
8,620,578
56,457
OneTrust
LLC,
A-1
...........................
3/10/23
621,027
778,258
1,542,673
Smule
,
Inc.,
144A,
G
.........................
5/31/16
11,099,995
229,418
352,675
Smule
,
Inc.,
144A,
H
.........................
4/27/17
2,999,995
62,005
162,712
Smule
,
Inc.,
J
...............................
8/05/22
-
11/28/22
764,393
1,807,169
361,111
Tula
eTechnology
,
Inc.
........................
11/01/18
—
—
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
87
franklintempleton.com
Quarterly
Schedules
of
Investments
4.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
January
31,
2026,
unfunded
commitments
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
(continued)
3,611,111
Tula
eTechnology
,
Inc.,
E
......................
9/08/17
$
6,500,000
$
8,761,794
Total
Restricted
Securities
(Value
is
3.0%
of
Net
Assets)
...............
$121,989,283
$74,937,356
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
414,483
Anduril
Industries,
Inc.,
F
......................
7/17/24
$
9,009,451
$
25,697,946
347,106
Benchling
,
Inc.,
F
............................
10/20/21
11,349,082
2,301,200
227,829
Databricks,
Inc.,
G
...........................
2/01/21
13,469,851
43,287,510
793,714
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
14,052,061
52,532,782
423,782
Newsela,
Inc.,
D
.............................
1/21/21
8,965,193
7,701,423
767,526
OneTrust
LLC,
C
............................
4/01/21
15,051,415
10,580,318
2,970,061
Phononic
Devices,
Inc.,
F-S
....................
6/06/19
7,499,998
—
513,050
Phononic
Devices,
Inc.,
G-2-S
..................
1/17/20
-
11/03/20
47
23
66,235
Phononic
,
Inc.,
5.31%,
11/30/27
.................
2/11/25
66,235
66,235
117,763
Phononic
,
Inc.,
H-S
..........................
10/17/22
460,645
207,264
23,970
Phononic
,
Inc.,
H-S,
12/31/29
...................
5/15/24
-
2/11/25
2
354
132,470
Phononic
,
Inc.,
H-S,
5.31%,
11/30/27
.............
5/15/24
132,470
132,470
47,104
Phononic
,
Inc.,
H-S-X,
12/31/29
.................
10/17/22
44,029
696
30,940
Plaid,
Inc.,
A
................................
3/31/25
6,311,036
5,152,661
Total
Restricted
Securities
(Value
is
4.1%
of
Net
Assets)
...............
$86,411,515
$147,660,882
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$654,203
as
of
January
31,
2026.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
January
31,
2026.
Borrower
Unfunded
Commitment
Franklin
Core
Plus
Bond
Fund
Clydesdale
Acquisition
Holdings,
Inc.
$
1,692
GC
Ferry
Acquisition
I,
Inc.
82,642
Pinnacle
Buyer
LLC
35,124
$
119,458
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
88
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$17,698,635
$162,411,526
$(166,980,647)
$—
$—
$13,129,514
13,129,514
$546,087
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$6,416,814
$356,357,571
$(329,822,501)
$—
$—
$32,951,884
32,951,884
$870,346
Total
Affiliated
Securities
...
$24,115,449
$518,769,097
$(496,803,148)
$—
$—
$46,081,398
$1,416,433
Franklin
Core
Plus
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
BSP
Real
Estate
Debt
BDC
..................
$24,292,230
$—
$(23,568,878)
$338,565
$(1,061,917)
$—
—
$663,723
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
20,674,651
496,386,378
(393,297,069)
—
—
123,763,960
123,763,960
2,187,243
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$—
$10,224,000
$(10,224,000)
$—
$—
$—
—
$4,804
Total
Affiliated
Securities
...
$44,966,881
$506,610,378
$(427,089,947)
$338,565
$(1,061,917)
$123,763,960
$2,855,770
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$40,512,033
$704,667,026
$(713,007,564)
$—
$—
$32,171,495
32,171,495
$951,252
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
89
franklintempleton.com
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Growth
Opportunities
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$9,816,000
$295,120,086
$(284,503,436)
$—
$—
$20,432,650
20,432,650
$613,602
Total
Affiliated
Securities
...
$50,328,033
$999,787,112
$(997,511,000)
$—
$—
$52,604,145
$1,564,854
Franklin
Natural
Resources
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$12,963,979
$54,199,459
$(48,619,364)
$—
$—
$18,544,074
18,544,074
$229,873
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$8,457,500
$195,931,400
$(193,919,925)
$—
$—
$10,468,975
10,468,975
$329,745
Total
Affiliated
Securities
...
$21,421,479
$250,130,859
$(242,539,289)
$—
$—
$29,013,049
$559,618
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$27,922,674
$483,050,113
$(494,750,702)
$—
$—
$16,222,085
16,222,085
$1,342,896
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$19,765,870
$653,517,255
$(641,925,171)
$—
$—
$31,357,954
31,357,953
$1,517,140
Total
Affiliated
Securities
...
$47,688,544
$1,136,567,368
$(1,136,675,873)
$—
$—
$47,580,039
$2,860,036
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
90
franklintempleton.com
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The Funds
follow
a
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
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$67,276,399
$476,741,476
$(473,220,067)
$—
$—
$70,797,808
70,797,808
$2,127,282
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$8,437,275
$268,135,266
$(259,192,091)
$—
$—
$17,380,450
17,380,450
$261,055
Total
Affiliated
Securities
...
$75,713,674
$744,876,742
$(732,412,158)
$—
$—
$88,178,258
$2,388,337
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Biotechnology
.........................
$
774,086,809
$
4,661,362
$
531,572
$
779,279,743
Health
Care
Providers
&
Services
..........
28,394,249
—
—
28,394,249
Life
Sciences
Tools
&
Services
............
4,963,895
2,257,028
—
7,220,923
Pharmaceuticals
.......................
180,753,070
—
—
180,753,070
Convertible
Preferred
Stocks
................
—
—
2,735,296
2,735,296
Preferred
Stocks
:
Life
Sciences
Tools
&
Services
............
—
2,571,335
—
2,571,335
Real
Estate
Management
&
Development
....
—
—
2,814,331
2,814,331
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
91
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Warrants
:
Biotechnology
.........................
$
—
$
—
$
7,643,191
$
7,643,191
Pharmaceuticals
.......................
4,380
—
—
4,380
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
46,081,398
—
—
46,081,398
Total
Investments
in
Securities
...........
$1,034,283,801
$9,489,725
c
$13,724,390
$1,057,497,916
Franklin
Core
Plus
Bond
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Diversified
Consumer
Services
............
—
—
—
b
—
Machinery
............................
—
—
884,443
884,443
Oil,
Gas
&
Consumable
Fuels
.............
26,546
258,585
—
285,131
Warrants
...............................
—
—
—
b
—
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
24,809,478
—
24,809,478
Air
Freight
&
Logistics
...................
—
934,663
—
934,663
Automobile
Components
.................
—
1,566,158
—
1,566,158
Automobiles
..........................
—
7,376,826
—
7,376,826
Banks
...............................
—
132,802,788
—
132,802,788
Biotechnology
.........................
—
13,022,120
—
13,022,120
Broadline
Retail
.......................
—
4,708,634
—
b
4,708,634
Building
Products
......................
—
13,377,083
—
13,377,083
Capital
Markets
........................
—
73,326,690
—
73,326,690
Chemicals
...........................
—
9,335,085
—
9,335,085
Commercial
Services
&
Supplies
...........
—
14,372,014
—
14,372,014
Communications
Equipment
..............
—
7,519,183
—
7,519,183
Construction
&
Engineering
...............
—
3,964,293
—
3,964,293
Consumer
Finance
.....................
—
45,440,627
—
45,440,627
Consumer
Staples
Distribution
&
Retail
......
—
2,267,546
—
2,267,546
Containers
&
Packaging
.................
—
10,150,597
—
10,150,597
Diversified
Consumer
Services
............
—
4,310,853
—
4,310,853
Diversified
REITs
......................
—
8,018,691
—
8,018,691
Diversified
Telecommunication
Services
.....
—
30,403,570
—
30,403,570
Electric
Utilities
........................
—
70,331,635
—
70,331,635
Electronic
Equipment,
Instruments
&
Components
........................
—
18,729,489
—
18,729,489
Energy
Equipment
&
Services
.............
—
12,015,163
—
12,015,163
Entertainment
.........................
—
4,824,552
—
4,824,552
Financial
Services
......................
—
16,777,632
—
16,777,632
Food
Products
........................
—
17,208,744
—
17,208,744
Gas
Utilities
..........................
—
1,928,774
—
1,928,774
Ground
Transportation
..................
—
17,190,216
—
17,190,216
Health
Care
Equipment
&
Supplies
.........
—
10,959,116
—
10,959,116
Health
Care
Providers
&
Services
..........
—
61,815,415
—
61,815,415
Health
Care
REITs
.....................
—
10,316,138
—
10,316,138
Health
Care
Technology
.................
—
3,848,740
—
3,848,740
Hotel
&
Resort
REITs
...................
—
5,978,826
—
5,978,826
Hotels,
Restaurants
&
Leisure
.............
—
23,472,529
—
23,472,529
Household
Durables
....................
—
11,629,347
—
11,629,347
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
20,444,420
—
20,444,420
Insurance
............................
—
56,695,848
—
56,695,848
IT
Services
...........................
—
7,407,182
—
7,407,182
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
92
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Core
Plus
Bond
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Leisure
Products
.......................
$
—
$
1,146,601
$
—
$
1,146,601
Machinery
............................
—
5,546,967
—
5,546,967
Media
...............................
—
46,404,639
—
46,404,639
Metals
&
Mining
.......................
—
4,840,602
—
4,840,602
Multi-Utilities
..........................
—
18,758,721
—
18,758,721
Oil,
Gas
&
Consumable
Fuels
.............
—
128,404,964
—
128,404,964
Passenger
Airlines
.....................
—
748,863
—
748,863
Personal
Care
Products
.................
—
11,163,645
—
11,163,645
Pharmaceuticals
.......................
—
30,426,760
—
30,426,760
Professional
Services
...................
—
1,324,453
—
1,324,453
Residential
REITs
......................
—
2,666,540
—
2,666,540
Semiconductors
&
Semiconductor
Equipment
.
—
13,237,176
—
13,237,176
Software
.............................
—
8,868,576
—
8,868,576
Specialized
REITs
......................
—
8,821,207
—
8,821,207
Specialty
Retail
........................
—
1,917,626
—
1,917,626
Technology
Hardware,
Storage
&
Peripherals
.
—
14,156,332
—
14,156,332
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,857,255
—
1,857,255
Tobacco
.............................
—
13,998,717
—
13,998,717
Trading
Companies
&
Distributors
..........
—
6,307,647
—
6,307,647
Transportation
Infrastructure
..............
—
157,871
—
157,871
Wireless
Telecommunication
Services
.......
—
28,812,563
30,370
28,842,933
Senior
Floating
Rate
Interests
...............
—
43,840,923
2,263,404
b
46,104,327
Marketplace
Loans
.......................
—
—
3,924,933
b
3,924,933
Foreign
Government
and
Agency
Securities
....
—
70,691,369
—
70,691,369
U.S.
Government
and
Agency
Securities
.......
—
428,165,843
—
428,165,843
Asset-Backed
Securities
...................
—
198,856,596
—
198,856,596
Commercial
Mortgage-Backed
Securities
......
—
147,789,368
—
147,789,368
Mortgage-Backed
Securities
................
—
1,089,575,969
—
1,089,575,969
Residential
Mortgage-Backed
Securities
.......
—
72,225,983
—
72,225,983
Agency
Commercial
Mortgage-Backed
Securities
—
118,069,049
—
118,069,049
Municipal
Bonds
.........................
—
1,273,078
—
1,273,078
Escrows
and
Litigation
Trusts
...............
—
30,300
10,119
40,419
Options
Purchased
.......................
—
3,888,775
—
3,888,775
Short
Term
Investments
...................
123,763,960
—
—
123,763,960
Total
Investments
in
Securities
...........
$123,790,506
$3,303,514,228
$7,113,269
$3,434,418,003
Other
Financial
Instruments:
Futures
Contracts
.......................
$65,137
$—
$—
$65,137
Swap
Contracts
.........................
—
422,059
—
422,059
Unfunded
Loan
Commitments
..............
—
96
—
96
Total
Other
Financial
Instruments
.........
$65,137
$422,155
$—
$487,292
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
184,000,387
$
—
$
184,000,387
Options
Written
..........................
—
3,490,377
—
3,490,377
Forward
Exchange
Contracts
...............
—
191,119
—
191,119
Futures
Contracts
........................
3,169,224
—
—
3,169,224
Swap
Contracts
.........................
—
2,694,870
—
2,694,870
Unfunded
Loan
Commitments
...............
—
535
—
535
Total
Other
Financial
Instruments
.........
$3,169,224
$190,377,288
$—
$193,546,512
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
93
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
166,243,440
$
—
$
67,432,819
$
233,676,259
Automobiles
..........................
130,742,633
—
—
130,742,633
Beverages
...........................
24,433,694
—
—
24,433,694
Biotechnology
.........................
92,549,114
—
—
92,549,114
Broadline
Retail
.......................
233,242,360
—
—
233,242,360
Building
Products
......................
46,539,280
—
—
46,539,280
Capital
Markets
........................
94,900,250
—
—
94,900,250
Chemicals
...........................
36,940,084
—
—
36,940,084
Commercial
Services
&
Supplies
...........
45,158,791
—
4,495,254
b
49,654,045
Communications
Equipment
..............
49,752,016
—
—
49,752,016
Construction
Materials
..................
37,340,436
—
—
37,340,436
Consumer
Staples
Distribution
&
Retail
......
70,142,938
—
—
70,142,938
Electrical
Equipment
....................
46,014,087
—
—
46,014,087
Electronic
Equipment,
Instruments
&
Components
........................
131,555,385
—
—
131,555,385
Entertainment
.........................
95,244,920
—
—
95,244,920
Financial
Services
......................
91,328,138
—
—
91,328,138
Ground
Transportation
..................
44,083,390
—
—
44,083,390
Health
Care
Equipment
&
Supplies
.........
69,344,122
—
—
69,344,122
Health
Care
Providers
&
Services
..........
73,946,104
—
—
73,946,104
Hotels,
Restaurants
&
Leisure
.............
66,901,557
—
—
66,901,557
Interactive
Media
&
Services
..............
429,580,163
—
—
429,580,163
IT
Services
...........................
39,480,021
—
24,565,347
64,045,368
Leisure
Products
.......................
—
—
68,167,578
68,167,578
Life
Sciences
Tools
&
Services
............
42,998,551
—
—
42,998,551
Machinery
............................
44,310,152
—
—
44,310,152
Personal
Care
Products
.................
12,266,594
—
—
12,266,594
Pharmaceuticals
.......................
150,287,383
—
—
150,287,383
Professional
Services
...................
21,466,346
—
—
21,466,346
Semiconductors
&
Semiconductor
Equipment
.
941,541,004
—
—
941,541,004
Software
.............................
381,192,362
—
25,205,651
b
406,398,013
Specialty
Retail
........................
80,242,559
—
—
80,242,559
Technology
Hardware,
Storage
&
Peripherals
.
260,162,223
—
—
260,162,223
Trading
Companies
&
Distributors
..........
20,663,132
—
—
20,663,132
Convertible
Preferred
Stocks
................
—
—
92,384,994
92,384,994
Preferred
Stocks
.........................
—
—
13,318,969
13,318,969
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
52,604,145
—
—
52,604,145
Total
Investments
in
Securities
...........
$4,123,197,374
$—
$295,570,612
$4,418,767,986
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Agricultural
Products
&
Services
...........
$
3,234,192
$
—
$
—
$
3,234,192
Coal
&
Consumable
Fuels
................
3,664,683
—
—
3,664,683
Construction
&
Engineering
...............
2,161,134
—
—
2,161,134
Construction
Materials
..................
8,866,520
—
—
8,866,520
Copper
..............................
29,590,877
6,263,311
—
35,854,188
Diversified
Chemicals
...................
693,562
—
—
693,562
Diversified
Metals
&
Mining
...............
43,055,040
9,949,959
—
53,004,999
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
94
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Electrical
Components
&
Equipment
........
$
5,058,500
$
—
$
—
$
5,058,500
Electronic
Equipment
&
Instruments
........
2,169,384
—
—
2,169,384
Fertilizers
&
Agricultural
Chemicals
.........
15,509,786
—
—
15,509,786
Gold
................................
56,148,782
—
—
56,148,782
Heavy
Electrical
Equipment
..............
2,614,932
—
—
2,614,932
Industrial
Gases
.......................
17,106,885
—
—
17,106,885
Industrial
Machinery
&
Supplies
&
Components
2,922,844
—
—
2,922,844
Integrated
Oil
&
Gas
....................
54,364,471
—
—
54,364,471
Metal,
Glass
&
Plastic
Containers
..........
4,238,254
—
—
4,238,254
Oil
&
Gas
Drilling
......................
1,371,528
—
—
1,371,528
Oil
&
Gas
Equipment
&
Services
...........
27,568,572
1,536,187
—
29,104,759
Oil
&
Gas
Exploration
&
Production
.........
59,941,087
2,705,344
—
62,646,431
Oil
&
Gas
Refining
&
Marketing
............
15,762,357
—
—
15,762,357
Oil
&
Gas
Storage
&
Transportation
.........
32,479,654
—
—
32,479,654
Paper
&
Plastic
Packaging
Products
&
Materials
2,314,520
—
—
2,314,520
Precious
Metals
&
Minerals
...............
—
509,378
—
509,378
Specialty
Chemicals
....................
4,031,567
—
—
4,031,567
Steel
................................
6,433,458
—
—
6,433,458
Convertible
Preferred
Stocks
:
Environmental
&
Facilities
Services
.........
—
—
1,899,983
1,899,983
Specialty
Chemicals
....................
2,135,672
—
—
2,135,672
Warrants
..............................
421,187
—
—
421,187
Convertible
Bonds
.......................
—
2,834,174
—
2,834,174
Short
Term
Investments
...................
29,013,049
—
—
29,013,049
Total
Investments
in
Securities
...........
$432,872,497
$23,798,353
d
$1,899,983
$458,570,833
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
203,842,099
$
—
$
—
$
203,842,099
Banks
...............................
43,675,719
—
—
43,675,719
Biotechnology
.........................
247,201,188
—
—
247,201,188
Building
Products
......................
43,264,792
—
—
43,264,792
Capital
Markets
........................
100,287,289
—
—
100,287,289
Commercial
Services
&
Supplies
...........
—
—
—
b
—
Communications
Equipment
..............
47,236,312
—
—
47,236,312
Construction
&
Engineering
...............
121,214,669
—
—
121,214,669
Construction
Materials
..................
6,279,772
—
—
6,279,772
Consumer
Staples
Distribution
&
Retail
......
25,809,298
—
—
25,809,298
Diversified
Consumer
Services
............
2,164,582
—
—
2,164,582
Electronic
Equipment,
Instruments
&
Components
........................
79,461,109
—
—
79,461,109
Energy
Equipment
&
Services
.............
56,364,141
—
—
56,364,141
Financial
Services
......................
42,115,178
—
—
42,115,178
Food
Products
........................
35,876,123
—
—
35,876,123
Health
Care
Equipment
&
Supplies
.........
98,430,304
—
—
98,430,304
Health
Care
Providers
&
Services
..........
111,468,493
—
—
111,468,493
Health
Care
Technology
.................
18,125,638
—
—
18,125,638
Hotel
&
Resort
REITs
...................
12,325,629
—
—
12,325,629
Hotels,
Restaurants
&
Leisure
.............
96,365,766
—
—
96,365,766
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
95
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Household
Durables
....................
$
48,245,471
$
—
$
—
$
48,245,471
Life
Sciences
Tools
&
Services
............
42,998,849
—
—
42,998,849
Machinery
............................
53,618,601
—
—
53,618,601
Media
...............................
44,870,192
—
—
44,870,192
Oil,
Gas
&
Consumable
Fuels
.............
40,373,209
—
—
40,373,209
Passenger
Airlines
.....................
45,799,001
—
—
45,799,001
Personal
Care
Products
.................
29,467,120
—
—
29,467,120
Pharmaceuticals
.......................
82,794,484
—
—
82,794,484
Professional
Services
...................
36,293,982
—
—
36,293,982
Semiconductors
&
Semiconductor
Equipment
.
217,757,023
—
—
217,757,023
Software
.............................
232,692,569
—
468,797
233,161,366
Specialty
Retail
........................
41,304,125
—
—
41,304,125
Textiles,
Apparel
&
Luxury
Goods
..........
24,321,499
—
—
24,321,499
Trading
Companies
&
Distributors
..........
25,014,980
—
—
25,014,980
Convertible
Preferred
Stocks
................
—
—
64,293,840
64,293,840
Preferred
Stocks
.........................
—
—
10,174,719
b
10,174,719
Rights
.................................
—
—
—
b
—
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
47,580,039
—
—
47,580,039
Total
Investments
in
Securities
...........
$2,404,639,245
$—
$74,937,356
$2,479,576,601
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
228,237,104
—
—
228,237,104
Banks
...............................
42,767,352
—
—
42,767,352
Biotechnology
.........................
200,516,962
—
—
200,516,962
Building
Products
......................
54,369,467
—
—
54,369,467
Capital
Markets
........................
296,315,395
—
—
296,315,395
Construction
&
Engineering
...............
46,191,092
—
—
46,191,092
Consumer
Staples
Distribution
&
Retail
......
36,632,600
—
—
36,632,600
Electrical
Equipment
....................
158,227,645
—
—
158,227,645
Entertainment
.........................
86,253,249
—
—
86,253,249
Financial
Services
......................
22,025,948
—
—
22,025,948
Ground
Transportation
..................
42,345,322
—
—
42,345,322
Health
Care
Equipment
&
Supplies
.........
161,901,141
—
—
161,901,141
Health
Care
Providers
&
Services
..........
81,525,338
—
—
81,525,338
Health
Care
Technology
.................
44,460,882
—
—
44,460,882
Hotels,
Restaurants
&
Leisure
.............
463,561,439
—
—
463,561,439
Household
Durables
....................
40,301,383
—
—
40,301,383
Independent
Power
and
Renewable
Electricity
Producers
..........................
65,121,913
—
—
65,121,913
Interactive
Media
&
Services
..............
25,462,358
—
—
25,462,358
IT
Services
...........................
40,495,922
—
—
40,495,922
Leisure
Products
.......................
—
—
52,532,782
52,532,782
Life
Sciences
Tools
&
Services
............
45,562,480
—
—
45,562,480
Machinery
............................
48,076,234
—
—
48,076,234
Media
...............................
57,802,195
—
—
b
57,802,195
Oil,
Gas
&
Consumable
Fuels
.............
88,958,691
—
—
88,958,691
Professional
Services
...................
121,922,446
—
—
121,922,446
Real
Estate
Management
&
Development
....
18,760,568
—
—
18,760,568
Residential
REITs
......................
20,439,285
—
—
20,439,285
Semiconductors
&
Semiconductor
Equipment
.
164,029,437
—
—
b
164,029,437
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
96
franklintempleton.com
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At January
31,
2026,
the
reconciliations
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Software
.............................
$
304,211,634
$
—
$
5,152,661
$
309,364,295
Specialty
Retail
........................
278,537,753
—
—
278,537,753
Technology
Hardware,
Storage
&
Peripherals
.
21,487,651
—
—
21,487,651
Trading
Companies
&
Distributors
..........
60,676,638
—
—
60,676,638
Convertible
Preferred
Stocks
................
—
—
89,568,397
b
89,568,397
Preferred
Stocks
.........................
—
—
207,287
207,287
Warrants
...............................
—
—
1,050
1,050
Convertible
Bonds
.......................
—
—
198,705
198,705
Senior
Floating
Rate
Interests
...............
—
—
964,589
964,589
Short
Term
Investments
...................
88,178,258
—
—
88,178,258
Total
Investments
in
Securities
...........
$3,455,355,782
$—
$148,625,471
$3,603,981,253
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$9,489,725,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$20,964,179,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Biotechnology
......
$
400,031
$
—
$
(62,257)
$
—
$
—
$
—
$
62,257
$
131,541
$
531,572
$
131,541
Convertible
Preferred
Stocks
:
Household
Products
..
1,275,136
—
—
—
—
—
—
1,460,160
2,735,296
1,460,160
Preferred
Stocks
:
Real
Estate
Management
&
Development
.....
1,311,980
—
—
—
—
—
—
1,502,351
2,814,331
1,502,351
Warrants
:
Biotechnology
......
289,723
1,020,138
(9)
d
4,224,842
—
—
(13)
2,108,510
7,643,191
2,108,510
Escrows
and
Litigation
Trusts
:
—
d
—
(776,290)
—
—
—
776,290
—
—
d
—
Total
Investments
in
Securities
............
$3,276,870
$1,020,138
$(838,556)
$4,224,842
$—
$—
$838,534
$5,202,562
$13,724,390
$5,202,562
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
97
franklintempleton.com
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Core
Plus
Bond
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
d
$
—
$
—
d
$
—
$
—
$
—
$
(986,430)
$
986,430
$
—
$
—
Diversified
Consumer
Services
........
—
—
d
—
—
—
—
—
—
—
d
—
Machinery
.........
750,386
—
—
—
—
—
—
134,057
884,443
134,057
Management
Investment
Companies
:
Capital
Markets
.....
24,292,230
—
(23,568,878)
—
—
—
338,565
(1,061,917)
—
—
Warrants
:
Machinery
.........
1,787
—
—
d
—
—
—
(1,272)
(515)
—
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
d
—
—
—
—
—
—
—
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Financial
Services
...
—
d
—
(20,345)
—
—
—
(1,446,931)
1,467,276
—
—
Wireless
Telecommunication
Services
........
30,370
—
—
—
—
16,100
—
(16,100)
30,370
(16,100)
Senior
Floating
Rate
Interests
:
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Specialty
Retail
.....
—
—
(7,300)
2,057,117
—
202,062
590
10,935
2,263,404
211,251
Marketplace
Loans
:
Financial
Services
...
29,226,804
93,553
(25,138,054)
—
—
—
199,199
(456,569)
3,924,933
d
(5,087,740)
Escrows
and
Litigation
Trusts
...........
8,787
—
—
—
—
—
—
1,332
10,119
1,332
Total
Investments
in
Securities
............
$54,310,364
$93,553
$(48,734,577)
$2,057,117
$—
$218,162
$(1,896,279)
$1,064,929
$7,113,269
$(4,757,200)
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
26,428,545
4,807,041
—
—
—
—
—
36,197,233
67,432,819
36,197,233
Commercial
Services
&
Supplies
........
6,471,119
—
d
—
—
—
—
—
(1,975,865)
4,495,254
d
(1,975,865)
IT
Services
........
19,175,724
—
—
—
—
—
—
5,389,623
24,565,347
5,389,623
Leisure
Products
....
55,397,163
—
—
—
—
—
—
12,770,415
68,167,578
12,770,415
Software
..........
21,592,488
d
3,727,240
—
—
—
—
—
(114,077)
25,205,651
d
(114,077)
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
—
7,367,980
—
—
—
—
—
3,805,784
11,173,764
3,805,784
Automobile
Components
12,588,882
—
—
—
—
—
—
(2,778,450)
9,810,432
(2,778,450)
Software
..........
37,296,393
—
—
—
—
—
—
34,104,405
71,400,798
34,104,405
Preferred
Stocks
:
Commercial
Services
&
Supplies
........
7,445,041
—
(549,993)
—
—
—
(10,392,598)
3,497,550
—
—
Software
..........
5,669,986
6,999,887
(3,223,200)
—
—
—
(777,033)
4,649,329
13,318,969
5,926,713
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
98
franklintempleton.com
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Growth
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Escrows
and
Litigation
Trusts
:
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Total
Investments
in
Securities
............
$192,065,341
$22,902,148
$(3,773,193)
$—
$—
$—
$(11,169,631)
$95,545,947
$295,570,612
$93,325,781
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Commercial
Services
&
Supplies
........
—
—
d
—
—
—
—
—
—
—
d
—
Software
..........
412,783
—
—
—
—
—
—
56,014
468,797
56,014
Convertible
Preferred
Stocks
:
Automobile
Components
14,585,176
—
—
—
—
—
—
(3,219,045)
11,366,131
(3,219,045)
Diversified
Consumer
Services
........
11,929,905
—
—
—
—
—
—
955,643
12,885,548
955,643
Software
..........
36,310,373
—
—
—
—
—
—
(552,368)
35,758,005
(552,368)
Specialty
Retail
.....
5,047,362
—
—
—
—
—
—
(763,206)
4,284,156
(763,206)
Preferred
Stocks
:
Automobile
Components
7,317,732
d
—
—
—
—
—
—
1,444,062
8,761,794
d
1,444,062
Commercial
Services
&
Supplies
........
7,429,670
—
(548,857)
—
—
—
(10,371,141)
3,490,328
—
—
Software
..........
1,456,951
—
—
—
—
—
—
(44,026)
1,412,925
(44,026)
Rights
:
Biotechnology
......
802,045
—
(820,999)
—
—
—
660,905
(641,951)
—
d
(802,046)
Escrows
and
Litigation
Trusts
...........
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$85,291,997
$—
$(1,369,856)
$—
$—
$—
$(9,710,236)
$725,451
$74,937,356
$(2,924,972)
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
42,691,367
—
—
—
—
—
—
9,841,415
52,532,782
9,841,415
Media
...........
—
d
—
—
—
—
—
—
—
—
d
—
Semiconductors
&
Semiconductor
Equipment
.......
—
d
—
—
—
—
—
—
—
—
d
—
Software
..........
6,311,036
—
—
—
—
—
—
(1,158,375)
5,152,661
(1,158,375)
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
16,944,894
—
—
—
—
—
—
8,753,052
25,697,946
8,753,052
Diversified
Consumer
Services
........
7,130,256
—
—
—
—
—
—
571,167
7,701,423
571,167
Semiconductors
&
Semiconductor
Equipment
.......
135,046
—
—
—
—
—
—
(135,046)
—
d
(135,046)
Software
..........
35,005,434
—
—
—
—
—
—
21,163,594
56,169,028
21,163,594
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
99
franklintempleton.com
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
January
31,
2026,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Preferred
Stocks
:
Semiconductors
&
Semiconductor
Equipment
.......
$
180,297
$
—
$
—
$
—
$
—
$
—
$
—
$
26,990
$
207,287
$
26,990
Warrants
:
Semiconductors
&
Semiconductor
Equipment
.......
6,183
—
—
—
—
—
—
(5,133)
1,050
(5,133)
Convertible
Bonds
:
Semiconductors
&
Semiconductor
Equipment
.......
198,705
—
—
—
—
—
—
—
198,705
—
Senior
Floating
Rate
Interests
:
Semiconductors
&
Semiconductor
Equipment
.......
824,303
80,466
—
—
—
(19,528)
—
79,348
964,589
79,348
Total
Investments
in
Securities
............
$109,427,521
$80,466
$—
$—
$—
$(19,528)
$—
$39,137,012
$148,625,471
$39,137,012
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
...............
$68,167,578
Market
comparables
Discount
for
lack
of
marketability
9.8%
Decrease
EV
/
revenue
multiple
3.4x
Increase
Revenue
$9.3
bil
Increase
Trade
Price
$60.9
Increase
All
Other
Investments
.............
227,403,034
b,c,d
Total
..........................
$295,570,612
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
100
franklintempleton.com
Quarterly
Schedules
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Diversified
Consumer
Services
.....
$12,885,548
Market
comparables
Discount
for
lack
of
marketability
9.3%
Decrease
Estimated
EBITDA
$46.8
mil
Increase
EV
/
EBITDA
multiple
6.1x
Increase
EV
/
revenue
multiple
1.3x
Increase
Estimated
Revenue
$124.7
mil
Increase
Volatility
42.7%
Increase
Software
......................
$22,017,435
Market
comparables
Discount
for
lack
of
marketability
9.0%
Decrease
Estimated
Revenue
$468.3-491.7
mil
($480.0
mil)
Increase
EV
/
revenue
multiple
3.4x-3.7x
(3.6x)
Increase
Volatility
41.6%
Increase
All
Other
Investments
.............
40,034,373
b,c
Total
..........................
$74,937,356
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
...............
$52,532,782
Market
comparables
Discount
for
lack
of
marketability
9.8%
Decrease
EV
/
revenue
multiple
3.4x
Increase
Revenue
$9.3
bil
Increase
Trade
Price
$60.9
Increase
All
Other
Investments
.............
96,092,689
b,c,d
Total
..........................
$148,625,471
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
101
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
3
financial
instruments,
for
the
Franklin
Biotechnology
Discovery
Fund,
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
Abbreviations
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
Counterparty
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
Currency
EUR
Euro
JPY
Japanese
Yen
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CVR
Contingent
Value
Right
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
MBS
Mortgage-Backed
Security
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
6. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.