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FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Consolidated Schedule of Investments, February 28, 2026 (unaudited)

Franklin Alternative Strategies Fund


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests 18.5%

Aerospace & Defense 0.3%
^aThe Boeing Co.		United States		6,962	$	1,584,064
^a,bIntuitive Machines, Inc., A		United States		700		11,536
^aSatellogic Inc., A, 1/25/27, wts.		United States		2,058		1,029

						1,596,629

Air Freight & Logistics 0.2%
^cC.H. Robinson Worldwide Inc.		United States		5,247		972,007

Automobiles 0.2%
^aStellantis NV		United States		117,093		950,078

Biotechnology 5.5%
^aAbivax SA, ADR		France		3,794		460,136
^a,bApellis Pharmaceuticals Inc.		United States		39,182		821,255
^a,bApogee Therapeutics Inc.		United States		14,531		1,017,170
^aArcutis Biotherapeutics Inc.		United States		26,910		725,763
^aArgenx SE, ADR		Netherlands		2,580		1,978,654
^aBeone Medicines Ltd., ADR		United States		5,727		1,815,402
^aBridgebio Pharma Inc.		United States		1,070		71,134
^a,bCelcuity Inc.		United States		7,384		824,867
^aDisc Medicine Inc., A		United States		19,401		1,292,495
Gilead Sciences Inc.		United States		6,193		922,447
^aIdeaya Biosciences Inc.		United States		14,332		461,490
^a,bImmunovant Inc.		United States		18,634		516,721
^aInsmed Inc.		United States		10,474		1,564,082
^a,bKymera Therapeutics Inc.		United States		11,780		1,076,103
^a,bMineralys Therapeutics Inc.		United States		40,511		1,185,352
^aNewAmsterdam Pharma Co. NV		Netherlands		29,107		1,032,134
^aOlema Pharmaceuticals Inc.		United States		28,134		680,843
^aProtagonist Therapeutics Inc.		United States		8,512		783,785
Regeneron Pharmaceuticals Inc.		United States		1,818		1,421,076
^aRevolution Medicines Inc.		United States		9,813		1,001,122
^aRoivant Sciences Ltd.		United States		56,233		1,627,383
^aScholar Rock Holding Corp.		United States		40,344		1,786,029
^auniQure NV		Netherlands		40,132		627,263
^a,bVaxcyte Inc.		United States		30,742		1,898,011
^aVertex Pharmaceuticals Inc.		United States		2,227		1,106,440
^aViridian Therapeutics Inc.		United States		30,396		893,034
^aXenon Pharmaceuticals Inc.		Canada		32,692		1,413,275

						29,003,466

Building Products 0.3%
^aBuilders FirstSource Inc.		United States		830		86,561
^aJohnson Controls International PLC		United States		9,128		1,317,170
^aMasterbrand Inc.		United States		6,992		70,759
Owens Corning		United States		700		85,449

						1,559,939

Chemicals 0.2%
Dow Inc.		United States		26,006		799,164

Communications Equipment 0.0%^†
^a,dRiverbed Technology, Inc.		United States		1,499		—

Construction & Engineering 0.7%
^aMastec Inc.		United States		10,784		3,213,847
^aSolv Energy Inc., A		United States		10,459		329,668

						3,543,515

Quarterly Consolidated Schedule of Investments | See Notes to the Consolidated Schedule of Investments.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)

Construction Materials 0.0%^†
^aJames Hardie Ind PLC		United States		3,517	$	85,639

Consumer Discretionary 0.0%^†
^a,dVinty Holding 5 SA		Luxembourg		11,369,458		51,163

Diversified Telecommunication Services 0.1%
Comcast Corp., A		United States		11,219		347,340
^a,cUniti Group Inc.		United States		54,767		400,895

						748,235

Electric Utilities 2.8%
Constellation Energy Corp.		United States		8,471		2,794,414
^cEdison International		United States		5,156		385,359
^cEntergy Corp.		United States		19,689		2,108,889
^cFirstEnergy Corp.		United States		41,495		2,122,884
^cNextEra Energy Inc.		United States		24,955		2,340,030
NRG Energy Inc.		United States		6,509		1,164,851
^cPG&E Corp.		United States		54,731		1,039,889
^cXcel Energy Inc.		United States		29,800		2,484,128

						14,440,444

Electrical Equipment 0.8%
^a,cEnovix Corp.		United States		59,126		311,594
^aForgent Power Solutions Inc., A		United States		11,250		386,887
Fujikura Ltd.		Japan		3,889		664,057
Mitsubishi Electric Corp.		Japan		59,687		2,271,868
Nidec Corp.		Japan		40,451		636,144

						4,270,550

Electronic Equipment, Instruments & Components 0.6%
^aAeva Technologies Inc.		United States		12,534		166,201
^a,cCoherent Corp.		United States		5,521		1,429,552
^aFlex Ltd.		United States		15,201		957,967
^aKeysight Technologies Inc.		United States		2,593		796,907

						3,350,627

Financial Services 0.1%
^aDSG TopCo Inc.		United States		27,996		391,944
^a,dPershing Square Tontine Holdings Ltd., A		United States		42,829		—
^dPershing Square Tontine Holdings Ltd., A, 12/31/33, Contingent Value, rts.		United States		10,707		—
^a,bShift4 Payments Inc., A		United States		285		12,560
^a,dSpree Acquisition Corp. 1 Ltd., 12/22/28, wts.		Israel		3,069		—
^a,dTarget Global Acquisition I Corp., A, 12/31/27, wts.		Israel		3,516		37

						404,541

Ground Transportation 0.0%^†
^a,b,fHertz Global Holdings Inc.		United States		10,955		49,736

Health Care Equipment & Supplies 1.1%
Abbott Laboratories		United States		16,578		1,928,850
^aAlign Technology Inc.		United States		7,797		1,482,209
^aEdwards Lifesciences Corp.		United States		25,842		2,234,558
^a,bLantheus Holdings Inc.		United States		169		12,660

						5,658,277

Health Care Providers & Services 0.7%
^a,cCommunity Health Systems Inc.		United States		77,602		268,503
CVS Health Corp.		United States		33,420		2,670,258

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)

Health Care Providers & Services (continued)
UnitedHealth Group Inc.		United States		2,829	$	829,661

						3,768,422

Hotels, Restaurants & Leisure 0.0%^†
^a,gDelivery Hero SE, A, 144A		South Korea		9,830		226,089

Household Durables 0.0%^†
^aMohawk Industries Inc.		United States		652		81,676

Independent Power & Renewable Electricity Producers 0.1%
The AES Corp.		United States		24,649		425,935

Interactive Media & Services 0.1%
^a,cIAC Inc.		United States		6,365		243,907
^aMatch Group Inc.		United States		191		6,036
^a,bZiff Davis Inc.		United States		420		11,373

						261,316

IT Services 0.0%^†
^aBrand Engagement Network Inc., A, 3/14/29, wts.		United States		241		79

Life Sciences Tools & Services 1.1%
Agilent Technologies Inc.		United States		16,539		2,007,504
Danaher Corp., W		United States		3,337		702,906
Lonza Group AG		Switzerland		3,547		2,467,091
Thermo Fisher Scientific Inc.		United States		1,251		651,908

						5,829,409

Machinery 0.3%
Dover Corp.		United States		5,318		1,199,209
Ihi Corp.		Japan		16,020		438,269
^a,dMaxeon Solar Technologies, 1/15/28, wts.		United States		32,750		3,906

						1,641,384

Media 0.2%
^aEchostar Corp., A		United States		7,221		834,242
^aOptimum Communications Inc., A		United States		59,384		85,513
^aSirius XM Holdings Inc.		United States		460		10,102

						929,857

Metals & Mining 0.1%
^a,cCleveland-Cliffs Inc.		United States		27,280		290,805
^a,dSamarco Mineracao SA Escrow		Brazil		384,000		15,763

						306,568

Multi-Utilities 0.0%^†
^aCenterPoint Energy Inc.		United States		74		3,219
^aCMS Energy Corp.		United States		29		2,264

						5,483

Oil, Gas & Consumable Fuels 0.4%
China Petroleum & Chemical Corp., H		China		791,498		550,779
^a,dGazprom PJSC		Russia		615,160		—
The Williams Cos. Inc.		United States		17,663		1,319,779

						1,870,558

Pharmaceuticals 2.1%
^aAstrazeneca PLC		United Kingdom		5,089		1,060,802
Bayer AG		Germany		20,004		989,816
^a,bCrinetics Pharmaceuticals Inc.		United States		23,451		963,836
Eli Lilly & Co.		United States		1,702		1,790,487
Merck & Co. Inc.		United States		21,868		2,707,696

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)

Pharmaceuticals (continued)
^a,bPacira Biosciences Inc.		United States		218	$	4,776
^aTarsus Pharmaceuticals Inc.		United States		13,185		995,731
^aTeva Pharmaceutical Industries Ltd., ADR		Israel		49,821		1,686,939
UCB SA		Belgium		2,280		684,875

						10,884,958

Professional Services 0.2%
^a,cFalcon’s Beyond Global, Inc., A, 3/16/26, wts.		United States		180		135
^cUl Solutions Inc., A		United States		11,456		961,960

						962,095

Real Estate Management & Development 0.0%^†
^aCompass, Inc., A		United States		501		4,885
^a,c,dConx Corp., A, 10/30/27, wts.		United States		14,679		—
^aKaisa Group Holdings Ltd.		China		56,339		640
^aOpendoor Technologies Inc., A, 11/20/26, wts.		United States		28		12
^aOpendoor Technologies Inc., K, 11/20/26, wts.		United States		28		24
^aOpendoor Technologies Inc., Z, 11/20/26, wts.		United States		28		10

						5,571

Semiconductors & Semiconductor Equipment 0.2%
^aEnphase Energy Inc.		United States		5,607		237,008
^a,cSolarEdge Technologies Inc.		United States		20,402		722,231

						959,239

Software 0.0%^†
^aBill Holdings Inc.		United States		609		27,107
^a,bNebius Group NV, A		Netherlands		350		31,916
^aPAR Technology Corp.		United States		215		3,524
^aPorch Group Inc.		United States		115		944
^a,bVertex Inc., A		United States		642		9,296
^aZscaler Inc.		United States		4		588

						73,375

Specialty Retail 0.3%
^a,cCarmax Inc.		United States		15,697		677,639
^aCarvana Co., A		United States		1,804		602,825
^aGamestop Corp., 10/30/26, wts.		United States		320		1,376
^aTeract SA, 2/08/27, wts.		France		3,920		18
^aWayfair Inc., A		United States		400		30,532

						1,312,390

Technology Hardware, Storage & Peripherals 0.0%^†
^a,dPivotal Software Escrow NPV		United States		73,957		—

Total Common Stocks and Other Equity Interests (Cost $80,887,340)						97,028,414


Preferred Stocks (Cost $12,500) 0.0%^†
Consumer Discretionary 0.0%^†
Whirlpool Corp., 8.50%, pfd., A		United States		250		12,463

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Convertible Bonds 21.0%

Aerospace & Defense 0.1%
^gAstronics Corp., senior note, 144A, zero cpn., 1/15/31		United States		136,000		$	219,096
^gIntuitive Machines Inc., senior note, 144A, 2.50%, 10/01/30		United States		254,000			413,791

							632,887

Automobile Components 0.1%
^gIndie Semiconductor Inc., senior note, 144A, 4.50%, 11/15/27		China		354,000			363,735

Automobiles 0.1%
LI Auto Inc., senior note, 0.25%, 5/01/28		China		282,000			282,917
Rivian Automotive Inc., senior note, 4.625%, 3/15/29		United States		20,000			21,834

							304,751

Biotechnology 1.3%
Ani Pharmaceuticals Inc., senior note, 2.25%, 9/01/29		United States		14,000			17,028
Arrowhead Pharmaceuticals Inc., senior note, zero cpn., 1/15/32		United States		290,000			306,095
^cBioMarin Pharmaceutical Inc., senior sub. note, 1.25%, 5/15/27		United States		343,000			331,707
Bridgebio Pharma Inc., senior note, 2.50%, 3/15/27		United States		645,000			1,059,574
^gCytokinetics Inc., senior note, 144A, 1.75%, 10/01/31		United States		63,000			78,041
^cExact Sciences Corp., senior note, 0.375%, 3/01/28		United States		891,000			927,531
Guardant Health Inc., senior note, 1.25%, 2/15/31		United States		7,000			12,001
^gHalozyme Therapeutics Inc., senior note, 144A, zero cpn., 2/15/31		United States		32,000			32,592
Ionis Pharmaceuticals Inc., senior note,
1.75%, 6/15/28		United States		183,000			293,258
^g144A, zero cpn., 12/01/30		United States		135,000			148,884
^cMirum Pharmaceuticals Inc., senior note, 4.00%, 5/01/29		United States		513,000			1,533,549
^gPharming Group NV, senior note, Reg S, 4.50%, 4/25/29		Netherlands		100,000	EUR		165,599
^cPTC Therapeutics Inc., senior note, 1.50%, 9/15/26		United States		632,000			856,897
^cTransmedics Group Inc., senior note, 1.50%, 6/01/28		United States		512,000			864,742
Travere Therapeutics Inc., senior note, 2.25%, 3/01/29		United States		14,000			17,757

							6,645,255

Building Products 0.1%
^bPatrick Industries Inc., senior note, 1.75%, 12/01/28		United States		174,000			332,514

Chemicals 0.0%^†
^cAmyris Inc., senior note, zero cpn., 11/15/26		United States		1,108,000			6,094

Commercial Services & Supplies 0.0%^†
^gThe Hertz Corp., senior note, 144A, 5.50%, 10/01/30		United States		187,000			129,965
^c,gPitney Bowes Inc., senior note, 144A, 1.50%, 8/15/30		United States		107,000			108,525

							238,490

Communications Equipment 1.9%
Comcast Holdings Corp.,
senior bond, 2.00%, 10/15/29		United States		386,500			248,326
sub. bond, 2.00%, 11/15/29		United States		338,600			244,639
^cInterDigital Inc., senior note, 3.50%, 6/01/27		United States		808,000			3,835,980
Lumentum Holdings Inc., senior note, 0.50%, 12/15/26		United States		773,000			5,455,447

							9,784,392

Computers 0.2%
^gCheck Point Software Technologies Ltd., senior note, 144A, zero cpn., 12/15/30		Israel		203,000			193,362
^gCyberark Software Ltd., senior note, 144A, zero cpn., 6/15/30		United States		44,000			44,884
^gLenovo Group Ltd., senior note, Reg S, 2.50%, 8/26/29		China		306,000			384,719
Par Technology Corp., senior note, 1.00%, 1/15/30		United States		71,000			56,445
Varonis Systems Inc., senior note, 1.00%, 9/15/29		United States		342,000			307,885
^gZscaler Inc., senior note, 144A, zero cpn., 7/15/28		United States		27,000			24,773

							1,012,068

Construction & Engineering 0.3%
^cFluor Corp., senior note, 1.125%, 8/15/29		United States		486,000			648,688

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Convertible Bonds (continued)

Construction & Engineering (continued)
Granite Construction Inc., senior note, 3.75%, 5/15/28		United States		361,000	$	1,064,409

						1,713,097

Consumer Cyclical 0.3%
^cH World Group Ltd., senior note, 3.00%, 5/01/26		China		661,000		970,017
Wayfair Inc., senior note, 3.50%, 11/15/28		United States		423,000		756,113

						1,726,130

Consumer Finance 0.3%
^cEncore Capital Group Inc., senior note, 4.00%, 3/15/29		United States		392,000		489,020
^gSoFi Technologies Inc., senior note, 144A,
1.25%, 3/15/29		United States		399,000		796,803
zero cpn., 10/15/26		United States		428,000		453,252

						1,739,075

Cosmetics & Personal Care 0.0%^†
^gOddity Finance LLC, senior note, 144A, zero cpn., 6/15/30		United States		292,000		191,625

Diversified Consumer Services 0.5%
Affirm Holdings Inc., senior note,
^b,c0.75%, 12/15/29		United States		488,000		464,039
zero cpn., 11/15/26		United States		728,000		702,520
Stride Inc., senior note, 1.125%, 9/01/27		United States		779,000		1,295,867

						2,462,426

Diversified Financial Services 0.5%
^c,gGalaxy Digital Holdings LP, senior note, 144A,
3.00%, 12/15/26		United States		500,000		529,000
2.50%, 12/01/29		United States		500,000		609,750
^gTerawulf Inc., senior note, 144A, 2.75%, 2/01/30		United States		581,000		1,242,643
^cUpstart Holdings Inc., senior note, 2.00%, 10/01/29		United States		214,000		213,914

						2,595,307

Diversified Telecommunication Services 0.1%
^c,gA10 Networks Inc., senior note, 144A, 2.75%, 4/01/30		United States		35,000		38,198
^c,gMatch Group Financeco 3 Inc., senior bond, 144A, 2.00%, 1/15/30		United States		713,000		643,839

						682,037

Electric Utilities 0.6%
^c,hEchostar Corp., senior secured note, PIK, 3.875%, 11/30/30		United States		545,407		1,928,014
^cEvergy Inc., senior note, 4.50%, 12/15/27		United States		769,000		1,051,800
PG&E Corp., senior secured note, 4.25%, 12/01/27		United States		141,000		150,806

						3,130,620

Electrical Equipment 1.5%
Bloom Energy Corp., senior note,
3.00%, 6/01/28		United States		489,000		4,064,812
3.00%, 6/01/29		United States		520,000		3,919,500

						7,984,312

Electronic Equipment, Instruments & Components 0.3%
^cApplied Optoelectronics Inc., senior note, 2.75%, 1/15/30		United States		12,000		26,011
Itron Inc., senior note, 1.375%, 7/15/30		United States		81,000		84,544
^gMirion Technologies Inc., 144A, 0.25%, 6/01/30		United States		145,000		172,731
^cOSI Systems Inc., senior note,
^b2.25%, 8/01/29		United States		230,000		373,118
^g144A, 0.50%, 2/01/31		United States		403,000		428,147
PAR Technology Corp., senior note,
2.875%, 4/15/26		United States		36,000		35,888
^c1.50%, 10/15/27		United States		202,000		191,153

						1,311,592

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Convertible Bonds (continued)

Electronics 0.0%^†
^gAvnet Inc., senior note, 144A, 1.75%, 9/01/30		United States		15,000		$	16,920

Energy Equipment & Services 0.1%
^gEos Energy Enterprises Inc., senior note, 144A, 6.75%, 6/15/30		United States		182,000			271,192
TETRA Tech Inc., senior note, 2.25%, 8/15/28		United States		185,000			210,826

							482,018

Energy-Alternate Sources 0.1%
^gCanadian Solar Inc., senior note, 144A, 3.25%, 1/15/31		Canada		138,000			133,722
^gEnergy Vault Holdings Inc., senior note, 144A, 5.25%, 3/01/31		United States		19,000			17,565
^gEos Energy Enterprises Inc., senior note, 144A, 1.75%, 12/01/31		United States		176,000			119,592
^gPlug Power Inc., senior note, 144A, 6.75%, 12/01/33		United States		122,000			124,020
Solaredge Technologies Inc., senior note, 2.25%, 7/01/29		United States		25,000			33,388

							428,287

Entertainment 0.0%^†
Live Nation Entertainment Inc., senior note,
3.125%, 1/15/29		United States		41,000			65,756
2.875%, 1/15/30		United States		34,000			38,165

							103,921

Equity Real Estate Investment Trusts (REITs) 0.0%^†
^gHat Holdings I LLC / Hat Holdings II LLC, senior note, 144A, 3.75%, 8/15/28		United States		36,000			50,992

Financial Services 1.3%
^gBitdeer Technologies Group, senior note, 144A, 4.00%, 11/15/31		United States		169,000			124,215
Cipher Digital Inc., senior note,
1.75%, 5/15/30		United States		287,000			1,054,366
^g144A, zero cpn., 10/01/31		United States		492,000			620,227
Iren Ltd., senior note,
3.25%, 6/15/30		Australia		277,000			730,311
^g144A, 0.25%, 6/01/32		Australia		32,000			31,842
^g144A, 3.50%, 12/15/29		Australia		1,056,000			3,387,331
^cWisdomtree Inc., senior note, 3.25%, 8/15/29		United States		693,000			1,063,409

							7,011,701

Food & Beverage 0.1%
^c,gThe Cheesecake Factory Inc., senior note, 144A, 2.00%, 3/15/30		United States		125,000			139,066
^cMGP Ingredients Inc., senior bond, 1.875%, 11/15/41		United States		437,000			425,524
Premium Brands Holdings Corp., senior note, 5.50%, 12/31/32		Canada		27,000	CAD		20,642

							585,232

Food & Staples Retailing 0.1%
^c,gJbt Marel Corp., senior note, 144A, 0.375%, 9/15/30		United States		542,000			577,230

Gas Utilities 0.0%^†
UGI Corp., senior note, 5.00%, 6/01/28		United States		70,000			100,082

Health Care Equipment & Supplies 0.6%
^cAlphatec Holdings Inc., senior note,
0.75%, 8/01/26		United States		187,000			191,208
^g144A, 0.75%, 3/15/30		United States		13,000			15,128
^cConmed Corp., senior note, 2.25%, 6/15/27		United States		827,000			808,393
^cDexCom Inc., senior note, 0.375%, 5/15/28		United States		539,000			505,447
^cEnovis Corp., senior note, 3.875%, 10/15/28		United States		315,000			313,031
Haemonetics Corp., senior note, 2.50%, 6/01/29		United States		162,000			159,683
Lantheus Holdings Inc., senior note, 2.625%, 12/15/27		United States		345,000			414,086
^cLivanova PLC, senior note, 2.50%, 3/15/29		United States		564,000			701,729
^bTandem Diabetes Care Inc., 2024, senior note, 1.50%, 3/15/29		United States		137,000			153,526

							3,262,231

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Convertible Bonds (continued)

Health Care Providers & Services 0.2%
^cGuardant Health Inc., senior note, zero cpn., 11/15/27		United States		931,000		$	972,849

Health Care Technology 0.1%
Bill Holdings Inc., senior note, zero cpn., 4/01/27		United States		49,000			47,530
^ciRhythm Holdings Inc., senior note, 1.50%, 9/01/29		United States		7,000			8,235
^cPagerduty Inc., senior note, 1.50%, 10/15/28		United States		178,000			162,559
Unity Software Inc., senior note, zero cpn., 11/15/26		United States		234,000			226,863

							445,187

Healthcare-Products 0.0%^†
Lemaitre Vascular Inc., senior note, 2.50%, 2/01/30		United States		56,000			63,159
Omnicell Inc., senior note, 1.00%, 12/01/29		United States		70,000			72,380
^bSpectrum Brands Inc., senior note, 3.375%, 6/01/29		United States		70,000			71,067

							206,606

Healthcare-Services 0.0%^†
^gOscar Health Inc., senior sub. note, 144A, 2.25%, 9/01/30		United States		132,000			129,954

Hotel & Resort REITs 0.0%^†
Pebblebrook Hotel Trust, senior note, 1.75%, 12/15/26		United States		67,000			65,752

Hotels, Restaurants & Leisure 0.0%^†
Draftkings Holdings Inc., senior note, zero cpn., 3/15/28		United States		14,000			12,663
^bShake Shack Inc., senior note, zero cpn., 3/01/28		United States		36,000			34,785
^cTrip.com Group Ltd., senior note, 0.75%, 6/15/29		China		81,000			85,738

							133,186

Insurance 0.2%
^gPing An Insurance Group Co. of China Ltd., senior note, Reg S, 0.875%, 7/22/29		China		700,000			1,180,025

Interactive Media & Services 0.1%
Snap Inc., senior note, 0.125%, 3/01/28		United States		409,000			374,726

Internet & Direct Marketing Retail 0.5%
^gDelivery Hero SE, senior note, Reg S, 3.25%, 2/21/30		South Korea		100,000	EUR		113,201
^gDoordash Inc., senior note, 144A, zero cpn., 5/15/30		United States		250,000			241,375
^cEtsy Inc., senior note, 0.25%, 6/15/28		United States		503,000			452,952
Grab Holdings Ltd., senior note, zero cpn., 6/15/30		Singapore		34,000			34,187
^gLyft Inc., senior note, 144A, zero cpn., 9/15/30		United States		87,000			84,165
^gOpendoor Technologies Inc., senior note, 144A, 7.00%, 5/15/30		United States		131,000			489,115
^gUber Technologies Inc., senior secured note, 144A, zero cpn., 5/15/28		United States		439,000			448,548
^gWix.Com Ltd., senior note, 144A, zero cpn., 9/15/30		Israel		419,000			347,016
^cZiff Davis Inc., senior note,
1.75%, 11/01/26		United States		32,000			31,320
^g144A, 3.625%, 3/01/28		United States		639,000			614,558

							2,856,437

IT Services 3.0%
^cAkamai Technologies Inc., senior note,
0.375%, 9/01/27		United States		75,000			80,857
1.125%, 2/15/29		United States		203,000			217,961
^gCore Scientific Inc., senior note, 144A, 3.00%, 9/01/29		United States		636,000			1,121,348
Digitalocean Holdings Inc., senior note, zero cpn., 12/01/26		United States		31,000			30,109
^cRapid7 Inc., senior note, 0.25%, 3/15/27		United States		511,000			482,895
^cSeagate HDD Cayman, senior note, 3.50%, 6/01/28		United States		821,000			4,051,840
^cShift4 Payments Inc., senior note, 0.50%, 8/01/27		United States		771,000			721,849
Western Digital Corp., senior note, 3.00%, 11/15/28		United States		1,201,000			8,916,584

							15,623,443

Leisure Products 0.1%
^cCallaway Golf Co., senior note, 2.75%, 5/01/26		United States		212,000			213,484

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Convertible Bonds (continued)

Leisure Products (continued)
NCL Corp. Ltd., senior note,
1.125%, 2/15/27		United States		263,000	$	269,444
^g144A, 0.875%, 4/15/30		United States		67,000		80,266
^c,g144A, 0.75%, 9/15/30		United States		68,000		70,631
Peloton Interactive Inc., senior note, 5.50%, 12/01/29		United States		23,000		30,268

						664,093

Life Sciences Tools & Services 0.0%^†
Inotiv Inc., senior note, 3.25%, 10/15/27		United States		244,000		58,865
^gTempus AI Inc., senior note, 144A, 0.75%, 7/15/30		United States		32,000		32,872

						91,737

Machinery 0.1%
^cThe Greenbrier Cos. Inc., senior note, 2.875%, 4/15/28		United States		455,000		547,183

Media 0.2%
Liberty Interactive LLC,
senior bond, 4.00%, 11/15/29		United States		366,000		18,300
senior note, 3.75%, 2/15/30		United States		860,000		38,700
^gLiberty Live Holdings Inc., senior bond, 144A, 2.375%, 9/30/53		United States		740,000		1,195,470
^cSirius XM Holdings Inc., senior note, 3.75%, 3/15/28		United States		27,000		27,864

						1,280,334

Metals & Mining 0.5%
^gB2gold Corp., senior note, 144A, 2.75%, 2/01/30		Canada		221,000		454,652
Equinox Gold Corp., senior note, 4.75%, 10/15/28		Canada		327,000		1,005,525
^cFortuna Mining Corp., senior note, 3.75%, 6/30/29		Canada		191,000		428,890
Silvercorp Metals Inc., senior note, 4.75%, 12/15/29		China		158,000		507,433
^gVizsla Silver Corp., senior note, 144A, 5.00%, 1/15/31		Canada		135,000		161,393

						2,557,893

Oil, Gas & Consumable Fuels 0.3%
Array Technologies Inc., senior note,
1.00%, 12/01/28		United States		14,000		12,586
^g144A, 2.875%, 7/01/31		United States		49,000		62,818
Solaris Energy Infrastructure Inc., senior note,
4.75%, 5/01/30		United States		495,000		1,059,052
^c0.25%, 10/01/31		United States		285,000		333,308

						1,467,764

Pharmaceuticals 0.2%
Ascendis Pharma A/S, senior note, 2.25%, 4/01/28		Denmark		10,000		15,052
^cCollegium Pharmaceutical Inc., senior note, 2.875%, 2/15/29		United States		35,000		46,778
^gCormedix Inc., senior note, 144A, 4.00%, 8/01/30		United States		219,000		214,051
Herbalife Ltd., senior note, 4.25%, 6/15/28		United States		92,000		128,156
^cPacira Biosciences Inc., senior note, 2.125%, 5/15/29		United States		340,000		329,154
^gZoetis Inc., senior note, 144A, 0.25%, 6/15/29		United States		315,000		331,537

						1,064,728

Professional Services 0.3%
^cDayforce Inc., senior note, 0.25%, 3/15/26		United States		997,000		995,504
Upwork Inc., senior note, 0.25%, 8/15/26		United States		492,000		482,775

						1,478,279

Real Estate Management & Development 0.1%
^c,gCompass Inc., senior note, 144A, 0.25%, 4/15/31		United States		277,000		264,906
^gKaisa Group Holdings Ltd., senior secured note, 144A, zero cpn.,
12/31/26		China		45,451		159
12/31/27		China		56,816		114
12/31/28		China		90,902		136
12/31/29		China		90,902		109

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Convertible Bonds (continued)

Real Estate Management & Development (continued)
^gKaisa Group Holdings Ltd., senior secured note, 144A, zero cpn., (continued)
12/31/30		China		113,628		$	199
12/31/31		China		113,628			125
12/31/32		China		214,367			2,144
^gStoragevault Canada Inc., senior note, 144A, 5.00%, 3/31/28		Canada		296,000	CAD		220,212

							488,104

Retail REITs 0.0%^†
^gKite Realty Group LP, senior note, 144A, 0.75%, 4/01/27		United States		36,000			40,539
^gWelltower Op LLC, senior note, 144A, 3.125%, 7/15/29		United States		44,000			73,018

							113,557

Semiconductors & Semiconductor Equipment 1.2%
^gCamtek Ltd., senior note, 144A, zero cpn., 9/15/30		Israel		181,000			300,369
^gCOHU Inc., senior note, 144A, 1.50%, 1/15/31		United States		334,000			447,894
Impinj Inc., senior note,
1.125%, 5/15/27		United States		352,000			445,914
^g144A, zero cpn., 9/15/29		United States		6,000			5,502
^c,gIndie Semiconductor Inc., senior note, 144A, 3.50%, 12/15/29		China		370,000			393,310
Microchip Technology Inc., senior note,
^c0.75%, 6/01/30		United States		304,000			310,385
^g144A, zero cpn., 2/15/30		United States		23,000			23,839
MKS Inc., senior note, 1.25%, 6/01/30		United States		432,000			752,544
On Semiconductor Corp., senior note,
^c0.50%, 3/01/29		United States		680,000			684,760
zero cpn., 5/01/27		United States		438,000			590,862
^cPenguin Solutions Inc., senior note,
2.00%, 2/01/29		United States		327,000			396,324
2.00%, 8/15/30		United States		342,000			372,284
Semtech Corp., senior note,
1.625%, 11/01/27		United States		267,000			657,688
^g144A, zero cpn., 10/15/30		United States		101,000			121,983
Synaptics Inc., senior note, 0.75%, 12/01/31		United States		43,000			49,439
^gUltra Clean Holdings Inc., senior note, 144A, zero cpn., 3/15/31		United States		14,000			14,711
^b,cVeeco Instruments Inc., senior note, 2.875%, 6/01/29		United States		69,000			89,717
Vishay Intertechnology Inc., senior note, 2.25%, 9/15/30		United States		429,000			424,925

							6,082,450

Software 2.1%
^c,gAkamai Technologies Inc., senior note, 144A, 0.25%, 5/15/33		United States		120,000			150,402
Alarm.com Holdings Inc., senior note, 2.25%, 6/01/29		United States		81,000			76,707
Bentley Systems Inc., senior note, 0.375%, 7/01/27		United States		116,000			110,954
Bill Holdings Inc., senior note, zero cpn., 4/01/30		United States		694,000			641,082
^gBitdeer Technologies Group, senior note, 144A, 5.00%, 3/01/32		United States		107,000			105,462
Blackline Inc., senior note, 1.00%, 6/01/29		United States		338,000			315,607
^cBox Inc., senior note, 1.50%, 9/15/29		United States		129,000			120,615
^gCloudflare Inc., senior note, 144A, zero cpn., 6/15/30		United States		190,000			199,576
^gCommvault Systems Inc., senior note, 144A, zero cpn., 9/15/30		United States		195,000			163,995
^gCore Scientific Inc., senior note, 144A, zero cpn., 6/15/31		United States		135,000			155,287
^gCoreweave Inc., senior note, 144A, 1.75%, 12/01/31		United States		189,000			195,576
Datadog Inc., senior note, zero cpn., 12/01/29		United States		14,000			13,555
^gDigitalocean Holdings Inc., senior note, 144A, zero cpn., 8/15/30		United States		38,000			61,085
^cDropbox Inc., senior note, zero cpn., 3/01/28		United States		819,000			809,991
^cFive9 Inc., senior note, 1.00%, 3/15/29		United States		599,000			530,714
Guidewire Software Inc., senior note, 1.25%, 11/01/29		United States		280,000			279,720
^gLife360 Inc., senior note, 144A, zero cpn., 6/01/30		United States		294,000			297,602
^gNebius Group NV, senior note, 144A,
2.00%, 6/05/29		Netherlands		815,000			1,586,601
^c3.00%, 6/05/31		Netherlands		870,000			1,716,162

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Convertible Bonds (continued)

Software (continued)
^cNutanix Inc., senior note, 0.50%, 12/15/29		United States		162,000	$	149,364
Pagaya Technologies Ltd., senior note, 6.125%, 10/01/29		United States		260,000		304,850
^gPlanet Labs Pbc, senior note, 144A, 0.50%, 10/15/30		United States		198,000		438,818
^c,gPorch Group Inc., senior secured note, 144A, 6.75%, 10/01/28		United States		348,000		352,002
Progress Software Corp., senior note, 3.50%, 3/01/30		United States		26,000		26,202
^cQ2 Holdings Inc., senior note, 0.75%, 6/01/26		United States		615,000		609,465
^gRubrik Inc., senior note, 144A, zero cpn., 6/15/30		United States		618,000		552,338
Snowflake Inc., senior note, zero cpn.,
10/01/27		United States		309,000		390,267
10/01/29		United States		147,000		192,864
^bUnity Software Inc., senior note, zero cpn., 3/15/30		United States		63,000		58,826
^cWorkiva Inc., senior note, 1.25%, 8/15/28		United States		467,000		441,198

						11,046,887

Specialty Retail 0.3%
The Cheesecake Factory Inc., senior note, 0.375%, 6/15/26		United States		78,000		80,692
Etsy Inc., senior note, 0.125%, 9/01/27		United States		69,000		64,481
^gGamestop Corp., senior note, 144A, zero cpn.,
4/01/30		United States		14,000		15,078
6/15/32		United States		448,000		483,168
^c,gThe Realreal Inc., senior note, 144A, 4.00%, 2/15/31		United States		280,000		406,140
Wayfair Inc., senior note, 3.25%, 9/15/27		United States		572,000		762,762

						1,812,321

Technology Hardware, Storage & Peripherals 0.2%
Parsons Corp., senior note, 2.625%, 3/01/29		United States		312,000		327,600
Super Micro Computer Inc., senior note,
^c2.25%, 7/15/28		United States		272,000		268,804
3.50%, 3/01/29		United States		134,000		124,745
^g144A, zero cpn., 6/15/30		United States		400,000		360,280

						1,081,429

Telecommunications 0.4%
^cApplied Digital Corp., senior note, 2.75%, 6/01/30		United States		438,000		1,309,578
^gAst Spacemobile Inc., senior note, 144A, 2.375%, 10/15/32		United States		156,000		224,445
^gViavi Solutions Inc., senior note, 144A, 0.625%, 3/01/31		United States		154,000		341,688

						1,875,711

Trading Companies & Distributors 0.2%
Xometry Inc., senior note,
^c1.00%, 2/01/27		United States		459,000		483,786
^g144A, 0.75%, 6/15/30		United States		255,000		301,920

						785,706

Transportation 0.0%^†
World Kinect Corp., senior note, 3.25%, 7/01/28		United States		135,000		147,987

Total Convertible Bonds (Cost $94,429,699)						110,049,349


Convertible Bonds in Reorganization 0.0%^†
Automobiles 0.0%^†
^g,iFisker Inc., senior note, 144A, 2.50%, 9/15/26		United States		943,587		1,514

Basic Materials 0.0%^†
ⁱDanimer Scientific Inc., senior note, 3.25%, 12/15/26		United States		264,000		554

Specialty Retail 0.0%^†
^g,iShift Technologies Inc., senior note, 144A, 4.75%, 5/15/26		United States		1,014,000		1,118

Total Convertible Bonds in Reorganization (Cost $1,968,101)						3,186

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Corporate Bonds and Notes 3.2%

Airlines 0.0%^†
^c,gGOL Finance Inc., senior secured note, 144A, 14.375%, 6/06/30		Brazil		131,500		$	136,102

Banks 0.5%
^g,jAkbank TAS, junior sub. note, 144A, 9.369%, Perpetual		Turkey		536,000			562,561
Asian Development Bank, senior note, zero cpn., 3/03/35		Supranational^k		59,920,000	TRY		171,779
European Bank for Reconstruction & Development, zero cpn.,
senior bond, EMTN, 7/11/36		Supranational^k		133,400,000	TRY		247,236
senior note, 3/04/31		Supranational^k		57,000,000	TRY		351,258
^d,gICBC Standard Bank PLC, EMTN, 144A, zero cpn., 3/19/26		United Kingdom		1,387,000,000	NGN		974,341
Yapi Kredi Bankasi, senior bond, 9.25%, 1/17/34		Turkey		537,000			572,917

							2,880,092

Building Products 0.2%
^d,eAtlas Security Products, senior note, zero cpn.,
A, 2/08/27		United States		364,401			340,421
B, 2/08/28		United States		364,401			318,296
C, 2/08/29		United States		364,401			296,847

							955,564

Diversified Financial Services 0.2%
^dGoldman Sachs International, senior note, zero cpn.,
5/12/26		United States		19,925,000	EGP		392,234
4/02/26		United States		21,550,000	EGP		442,344

							834,578

Electric Utilities 0.1%
^gLuz del Sur Saa, senior note, 144A, 6.75%, 10/09/32		Peru		1,739,000	PEN		531,289

Financial Services 0.3%
^gCredicorp Capital Sociedad Titulizadora SA, senior bond, 144A, Reg S, 10.10%, 12/15/43		Peru		500,000	PEN		163,486
^c,gIcahn Enterprises LP / Icahn Enterprises Finance Corp., senior secured note, 144A, 10.00%, 11/15/29		United States		670,000			662,422
^c,gLBM Acquisition LLC, senior secured note, 144A, 9.50%, 6/15/31		United States		716,000			668,708

							1,494,616

Health Care Equipment & Supplies 0.1%
^cBaxter International Inc., senior bond, 3.132%, 12/01/51		United States		721,000			449,810

Health Care Providers & Services 0.0%^†
^c,gCHS/Community Health Systems Inc., senior secured note, 144A, 9.75%, 1/15/34		United States		191,000			201,518

Home Builders 0.2%
^c,gK Hovnanian Enterprises Inc., senior note, 144A,
8.00%, 4/01/31		United States		463,000			476,548
8.375%, 10/01/33		United States		506,000			519,333

							995,881

Media 0.2%
^gCSC Holdings LLC, 144A,
senior bond, 5.75%, 1/15/30		United States		561,000			217,311
^csenior bond, 4.625%, 12/01/30		United States		21,000			7,792
senior bond, 5.00%, 11/15/31		United States		24,000			8,989
senior note, 11.25%, 5/15/28		United States		12,000			9,519
senior note, 11.75%, 1/31/29		United States		18,000			12,838

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*				Value

Corporate Bonds and Notes (continued)

Media (continued)
^gVZ Secured Financing BV, senior secured note, 144A, 7.50%, 1/15/33		Netherlands		539,000			$	530,148

								786,597

Metals & Mining 0.2%
^g,hSamarco Mineracao SA, senior note, PIK, Reg S, 9.50%, 6/30/31		Brazil		947,916				951,705

Oil, Gas & Consumable Fuels 0.8%
Ecopetrol SA,
senior bond, 8.875%, 1/13/33		Colombia		649,000				689,229
senior bond, 5.875%, 11/02/51		Colombia		440,000				318,083
senior note, 7.75%, 2/01/32		Colombia		717,000				732,219
^c,gNabors Industries Inc., senior note, 144A, 7.625%, 11/15/32		United States		453,000				466,971
Petroleos Mexicanos,
senior bond, 6.375%, 1/23/45		Mexico		1,096,000				908,237
senior bond, 6.95%, 1/28/60		Mexico		494,000				407,970
^g,jsenior note, Reg S, 6.625%, Perpetual		Mexico		230,000				175,078
^gYinson Boronia Production BV, senior secured bond, Reg S, 8.947%, 7/31/42		Brazil		562,475				620,702

								4,318,489

Pharmaceuticals 0.1%
Abbvie Inc., senior bond, 4.75%, 3/15/36		United States		50,000				50,282
^gCentrient Holding BV, senior secured note, Reg S, 6.75%, 5/30/30		Netherlands		200,000		EUR		213,077

								263,359

Real Estate Management & Development 0.0%^†
^g,hKaisa Group Holdings Ltd., senior secured note, 144A, PIK,
7.721%, 12/28/27		China		52,295				1,308
6.25%, 12/28/28		China		76,436				1,911
6.50%, 12/28/29		China		127,961				2,559
6.75%, 12/28/30		China		154,233				3,470
7.00%, 12/28/31		China		232,370				5,228
7.25%, 12/28/32		China		218,681				3,554

								18,030

Software 0.0%^†
Concentrix Corp., senior note, 6.50%, 3/01/29		United States		25,000				24,716

Specialty Retail 0.2%
^c,g,hGuitar Center Inc., senior secured note, 144A, PIK, 8.50%, 1/15/29		United States		461,953				371,873
^c,gS&S Holdings LLC, senior secured note, 144A, 8.375%, 10/01/31		United States		832,000				780,436

								1,152,309

Telecommunications 0.2%
America Movil SAB de CV, senior note,
10.125%, 1/22/29		Mexico		3,790,000	^l	MXN		231,796
10.30%, 1/30/34		Mexico		7,540,000	^l	MXN		468,503
^gSv Rno Property Owner 1 LLC, senior secured note, 144A, 5.875%, 3/01/31		United States		39,000				39,202
^c,gUniti Services LLC, senior secured note, 144A, 7.50%, 10/15/33		United States		228,000				237,385

								976,886

Total Corporate Bonds and Notes (Cost $17,104,256)								16,971,541

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Corporate Bonds and Notes in Reorganization 0.1%

Diversified Telecommunication Services 0.1%
^g,iLigado Networks LLC, senior secured note, 144A, 15.50%, 7/07/24		United States		1,762,066	$	625,533

Packaging & Containers 0.0%^†
ⁱLABL Inc., senior note, 9.50%, 11/01/28		United States		320,000		129,600

Real Estate Management & Development 0.0%^†
ⁱZhenro Properties Group Ltd., senior note,
8.00%, 3/06/23		China		981,000		4,905
^gReg S, 6.63%, 1/07/26		China		203,000		1,015

						5,920

Total Corporate Bonds and Notes in Reorganization (Cost $904,403)						761,053

^mSenior Floating Rate Interests 1.2%
Automobile Components 0.0%^†
ⁿFirst Brands Group LLC, First Lien Term Loan, 10.786%, (3-Month SOFR + 5.00%), 3/30/27		United States		25,282		96

Building Products 0.0%^†
Cornerstone Building Brands, Inc., Term Loan B, 7.01%, (1-Month SOFR + 3.25%), 4/12/28		United States		86,210		63,765

Communications Equipment 0.1%
Ligado Networks LLC, Roll-Up Loan,
15.50%, (fixed), 3/31/26		United States		229,840		203,983
^d17.50%, (fixed), 3/31/26		United States		234,479		192,273
^d17.50%, (fixed), 12/31/27		United States		23,196		20,296
^hRiverbed Technology Inc., Exit Term Loan, PIK, 8.172%, (1-Month SOFR + 4.50%), 7/01/28		United States		58,552		26,907

						443,459

Diversified Telecommunication Services 0.0%^†
DTI Holdings Inc., 2025 Refinancing Term Loan, 7.673%, (SOFR + 4.00%), 4/26/29		United States		55,572		48,096
ⁿLiberty Communications of Puerto Rico LLC, Term Loan B, 7.664%, (SOFR + 3.75%), 10/16/28		United States		118,167		82,231

						130,327

Entertainment 0.0%^†
Stubhub, Term Loan B, 8.423%, (SOFR + 4.75%), 3/15/30		United States		69,322		67,271

Financial Services 0.4%
^dMidcap Financial Issuer Trust, Initial Term Loan, 8.25%, (fixed), 1/07/32		United States		2,020,000		2,081,459

Food & Staples Retailing 0.1%
^dH-Food Holdings LLC,
Initial Term Loan, 12.188%, (3-Month SOFR + 3.95%), 3/31/26		United States		1,000,742		500,371
Initial Term Loan, 12.50%, (3-Month SOFR + 4.26%), 3/31/26		United States		339,377		169,689
Incremental Term Loan B-3, 13.75%, (3-Month SOFR + 5.26%), 3/31/26		United States		49,841		24,920

						694,980

Health Care Providers & Services 0.2%
Gainwell Acquisition Corp, Term Loan B, 7.772%, (1-Month SOFR + 4.10%), 10/01/27		United States		536,918		510,743
Petco Health & Wellness Co. Inc., First Lien Term Loan, 7.184%, (3-Month SOFR + 3.51%), 3/03/28		United States		372,047		371,956

						882,699

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

^mSenior Floating Rate Interests (continued)

IT Services 0.2%
Databricks Inc.,
2026 Delayed Draw Term Loan, 1.00%, (fixed), 1/12/28		United States		198,224		$	199,091
Initial Delayed Draw Term Loan, 8.809%, (1-Month SOFR + 4.50%), 1/03/31		United States		91,517			92,433
2026 Term Loan, 8.171%, (1-Month SOFR + 4.50%), 1/05/32		United States		413,483			417,100
Idera, Inc., Bank Debt Term Loan, 7.16%, (SOFR + 3.50%), 3/02/28		United States		26,890			21,647
ⁿSonicWall, Bank Debt Term Loan, 8.672%, (SOFR + 5.00%), 5/18/28		United States		10,466			3,424
Starlight Parent LLC, Initial Term Loan (First Lien), 7.701%, (SOFR + 4.00%), 4/16/32		United States		123,276			106,557

							840,252

Leisure Products 0.0%^†
ⁿ888 Holdings Ltd., Term Loan B, 9.048%, (1-Month SOFR + 5.25%), 7/03/28		United States		92,317			87,086
Peloton Interactive Inc., Initial Term Loan, 9.173%, (1-Month SOFR + 6.00%), 5/30/29		United States		153,448			154,359

							241,445

Media 0.1%
Altice USA Inc., Term Loan B-5, 8.25%, (1-Month SOFR + 2.50%), 4/15/27		United States		281,675			244,089
MH Sub I LLC, Bank Debt Term Loan, 7.923%, (1- Month SOFR + 4.25%), 12/31/31		United States		130,686			89,847
X Corp., Term Loan B-3, 9.50%, (fixed), 10/26/29		United States		22,256			23,386

							357,322

Packaging & Containers 0.1%
LABL Inc., Initial Euro Term Loan, 7.026%, (EURIBOR + 5.00%), 10/30/28		United States		18,108	EUR		9,799
Multi-Color,
Interim New Money Dollar Term Loan, 10.41%, (1-Month SOFR + 6.75%), 12/02/26		United States		55,558			55,489
Initial Revolving Loan, 7.667%, (1-Month SOFR + 4.00%), 10/08/28		United States		37,569			16,906
Initial Dollar Term Loan, 8.767%, (1-Month SOFR + 5.00%), 10/30/28		United States		942,911			438,850

							521,044

Professional Services 0.0%^†
Pre Paid Legal Services Inc., First Lien Initial Term Loan, 6.923%, (SOFR + 3.25%), 12/15/28		United States		221			189

Software 0.0%^†
ⁿPerforce, Term Loan B, 8.423%, (SOFR + 4.75%), 7/02/29		United States		129,184			99,473
Skopima Consilio Parent LLC, Amendment No. 5 Term Loan, 7.423%, (SOFR + 3.75%), 5/12/28		United States		28,561			22,824
XAI Holdings, Initial Fixed Rate Term Loan, 12.50%, (fixed), 6/28/30		United States		31,759			36,030

							158,327

Specialty Retail 0.0%^†
Harbor Freight Tools, Term Loan B, 5.923%, (SOFR + 2.50%), 6/11/31		United States		21,486			21,197

Total Senior Floating Rate Interests (Cost $7,703,500)							6,503,832


Foreign Government and Agency Securities 5.8%
^gBogota Distrito Capital, senior bond, 144A, 13.14%, 11/05/35		Colombia		5,133,000,000	COP		1,368,358
^gDevelopment Bank of Kazakhstan JSC, senior note, 144A, 13.489%, 5/23/28		Kazakhstan		100,000,000	KZT		190,416
^gEgypt Government International Bond, senior bond, Reg S, 8.15%, 11/20/59		Egypt		348,000			317,426

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*			Value

Foreign Government and Agency Securities (continued)
^gGovernment of Angola, 144A,
senior bond, 9.875%, 10/15/35		Angola		450,000		$	460,167
senior note, 9.244%, 1/15/31		Angola		510,000			518,833
Government of Argentina,
senior bond, 5.00%, 1/09/38		Argentina		1,367,591			1,025,337
senior bond, zero cpn., 12/15/35		Argentina		6,518,000			519,869
senior note, 0.75%, 7/09/30		Argentina		796,320			676,872
senior note, 0.125%, 7/09/30		Argentina		421,920	EUR		421,364
Government of Brazil, senior bond, 6.25%, 5/22/36		Brazil		724,000			730,299
Government of Colombia,
senior bond, B, 13.25%, 2/09/33		Colombia		4,526,100,000	COP		1,171,497
senior bond, B, 7.25%, 10/26/50		Colombia		1,573,700,000	COP		237,356
senior note, 6.50%, 1/21/33		Colombia		243,000			241,617
^gGovernment of Dominican Republic, senior bond, 144A,
11.25%, 9/15/35		Dominican Republic		11,150,000	DOP		209,547
10.75%, 6/01/36		Dominican Republic		22,300,000	DOP		413,875
^gGovernment of Ecuador,
senior bond, Reg S, 6.90%, 7/31/35		Ecuador		1,115,441			1,014,808
senior bond, 144A, 9.25%, 1/29/39		Ecuador		558,000			566,370
senior note, 144A, 8.75%, 1/29/34		Ecuador		475,000			479,275
^gGovernment of Egypt, senior bond, Reg S, 7.903%, 2/21/48		Egypt		775,000			700,796
Government of El Salvador, senior bond,
9.50%, 7/15/52		El Salvador		345,000			390,281
^gReg S, 9.65%, 11/21/54		El Salvador		650,000			741,000
Government of Indonesia, senior bond,
4.46%, 3/04/38		Indonesia		290,000	EUR		344,743
4.97%, 3/04/46		Indonesia		245,000	EUR		294,094
7.125%, 6/15/38		Indonesia		15,015,000,000	IDR		935,919
^gGovernment of Kenya, 144A,
senior bond, 8.80%, 10/09/38		Kenya		570,000			565,709
senior bond, 8.70%, 2/26/39		Kenya		455,000			444,217
senior note, 7.875%, 10/09/33		Kenya		365,000			363,901
senior note, 7.875%, 2/26/34		Kenya		670,000			660,730
Government of Mexico, senior bond, 6.75%, 2/09/56		Mexico		752,000			763,844
^gGovernment of Nigeria, senior bond, 144A,
8.631%, 1/13/36		Nigeria		369,000			397,235
9.13%, 1/13/46		Nigeria		360,000			392,301
^gGovernment of Pakistan, senior bond, Reg S, 7.375%, 4/08/31		Pakistan		516,000			511,592
^gGovernment of Paraguay, senior bond, 144A, 8.50%, 4/04/38		Paraguay		2,013,000,000	PYG		313,796
^gGovernment of Peru, senior bond, 144A, 7.60%, 8/12/39		Peru		2,270,000	PEN		733,932
^gGovernment of Romania, 144A,
senior bond, 5.75%, 7/04/36		Romania		300,000			299,355
senior note, 4.625%, 3/04/33		Romania		440,000	EUR		518,969
^gGovernment of Senegal, senior bond, Reg S, 4.75%, 3/13/28		Senegal		270,000	EUR		254,563
Government of South Africa, senior bond,
^g144A, 7.25%, 12/11/55		South Africa		460,000			460,687
5.00%, 10/12/46		South Africa		220,000			172,229
5.375%, 7/24/44		South Africa		220,000			185,556
8.75%, 1/31/44		South Africa		9,388,000	ZAR		595,806
8.75%, 2/28/48		South Africa		5,725,000	ZAR		364,742
Government of Sri Lanka,
senior bond, 3.60%, 6/15/35		Sri Lanka		333,000			317,827
senior note, 3.35%, 3/15/33		Sri Lanka		105,000			98,700
^gsenior note, Reg S, 4.00%, 4/15/28		Sri Lanka		69,350			67,579
^gGovernment of Suriname, 144A,
senior bond, 8.50%, 11/06/35		Suriname		474,000			504,514
senior note, 7.70%, 11/06/30		Suriname		387,000			398,707

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*				Value

Foreign Government and Agency Securities (continued)
^gGovernment of Tunisia, senior note, Reg S, 6.375%, 7/15/26		Tunisia		586,000		EUR	$	686,618
Government of Turkey, senior note,
5.15%, 3/10/34		Turkey		496,000		EUR		592,262
26.20%, 10/05/33		Turkey		10,324,000		TRY		219,888
31.08%, 11/08/28		Turkey		6,051,000		TRY		136,500
27.70%, 9/27/34		Turkey		34,568,000		TRY		769,916
^gGovernment of Ukraine, senior note, 144A, 4.00%, 2/01/32		Ukraine		578,000				452,846
Mexican Bonos, M, senior bond, 8.00%, 2/21/36		Mexico		6,000,000	^l	MXN		333,435
Petroleos Mexicanos, senior bond, 10.80%, 8/08/34		Mexico		23,000,000	^l	MXN		1,354,706
^gProvincia de Buenos Aires, senior bond, Reg S, 6.625%, 9/01/37		Argentina		2,266,405				1,802,679
^gProvincia de Cordoba, senior note, Reg S, 9.75%, 7/02/32		Argentina		437,000				456,883

Total Foreign Government and Agency Securities (Cost $27,919,310)								30,162,343


Foreign Government and Agency Securities in Reorganization 0.4%
^g,iGovernment of Lebanon, Reg S,
senior bond, 8.25%, 4/12/21		Lebanon		50,000				14,994
senior bond, 6.00%, 1/27/23		Lebanon		212,000				62,222
senior bond, 6.75%, 11/29/27		Lebanon		163,000				48,217
senior bond, E, 6.85%, 5/25/29		Lebanon		212,000				63,070
senior note, G, 6.25%, 11/04/24		Lebanon		212,000				62,254
ⁱGovernment of Venezuela, senior bond
7.75%, 10/13/19		Venezuela		405,000				152,928
6.00%, 12/09/20		Venezuela		135,000				47,803
12.75%, 8/23/22		Venezuela		1,100,000				516,010
^gReg S, 9.00%, 5/07/23		Venezuela		1,381,000				562,896
^gReg S, 8.25%, 10/13/24		Venezuela		305,000				119,743
^gReg S, 7.65%, 4/21/25		Venezuela		750,000				291,450
^gReg S, 11.75%, 10/21/26		Venezuela		380,000				177,118

Total Foreign Government and Agency Securities in Reorganization (Cost $1,670,691)								2,118,705


U.S. Government and Agency Securities 4.0%
U.S. Treasury Bond,
4.125%, 2/15/36		United States		537,900				545,086
4.625%, 11/15/45		United States		312,500				314,624
4.625%, 2/15/46		United States		105,600				106,351
4.75%, 8/15/55		United States		5,918,700				6,028,751
4.625%, 11/15/55		United States		309,300				308,841
U.S. Treasury Note,
3.375%, 11/30/27		United States		163,000				162,911
3.375%, 12/31/27		United States		60,000				59,974
3.50%, 1/31/28		United States		142,900				143,185
3.50%, 11/15/28		United States		220,000				220,645
3.50%, 12/15/28		United States		44,000				44,136
3.50%, 1/15/29		United States		279,500				280,384
3.50%, 2/15/29		United States		182,700				183,278
4.00%, 3/31/30		United States		4,627,000				4,720,263
3.625%, 8/31/30		United States		914,000				918,820
3.50%, 11/30/30		United States		466,000				465,818

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

U.S. Government and Agency Securities (continued)
U.S. Treasury Note, (continued)
3.625%, 12/31/30		United States		461,900	$	464,101
3.75%, 1/31/31		United States		203,100		205,194
3.875%, 12/31/32		United States		97,000		97,970
4.00%, 1/31/33		United States		204,000		207,538
4.25%, 8/15/35		United States		2,191,000		2,245,775
4.00%, 11/15/35		United States		3,389,000		3,401,709

Total U.S. Government and Agency Securities (Cost $20,693,782)						21,125,354


	Number of Contracts		Notional Amount^#

Options Purchased 0.1%

Calls - Exchange-Traded 0.0%^†
B2Gold Corp., April Strike Price $5.00, Expires 4/17/26		6		4,290		768
BILL Holdings Inc., March Strike Price $50.00, Expires 3/20/26		6		26,184		816
BlackLine Inc., March Strike Price $45.00, Expires 3/20/26		6		22,224		180
Bridgebio Pharma Inc., April Strike Price $85.00, Expires 4/17/26		4		26,616		480
Bridgebio Pharma Inc., April Strike Price $90.00, Expires 4/17/26		7		46,578		700
Compass Inc., March Strike Price $13.00, Expires 3/20/26		7		6,643		56
CorMedix Inc., March Strike Price $13.00, Expires 3/20/26		14		9,968		70
Delivery Hero SE, September Strike Price 26.00 EUR, Expires 9/18/26		403		846,300		97,618
Dropbox Inc., April Strike Price $30.00, Expires 4/17/26		7		18,319		420
Galaxy Digital Inc., April Strike Price $35.00, Expires 4/17/26		7		15,047		196
Guardant Health Inc., April Strike Price $135.00, Expires 4/17/26		6		54,720		765
Guidewire Software Inc., April Strike Price $160.00, Expires 4/17/26		3		46,137		2,445
Indie Semiconductor Inc., May Strike Price $4.00, Expires 5/15/26		29		7,511		1,305
Indie Semiconductor Inc., May Strike Price $5.50, Expires 5/15/26		14		3,626		315
IREN Ltd., March Strike Price $50.00, Expires 3/02/26		10		43,840		30
Nutanix Inc., March Strike Price $45.00, Expires 3/20/26		3		12,096		114
Nutanix Inc., March Strike Price $60.00, Expires 3/20/26		7		28,224		63
Progress Software Corp., March Strike Price $50.00, Expires 3/20/26		6		23,220		600
Shift4 Payments Inc., March Strike Price $65.00, Expires 3/20/26		3		14,238		6
Shift4 Payments Inc., April Strike Price $85.00, Expires 4/17/26		5		23,730		63
Stride Inc., March Strike Price $85.00, Expires 3/20/26		3		26,007		1,020

						108,030

Calls - Over-the-Counter 0.0%^†

Currency Options 0.0%^†
USD/JPY, Counterparty DBAB, July Strike Price 170.00 JPY, Expires 7/30/26		1		13,800,000		22,789
USD/ZAR, Counterparty BZWS, April Strike Price 17.25 ZAR, Expires 4/01/26		1		116,129		9,000

						31,789

Puts - Exchange-Traded 0.1%
Aston Martin Lagonda Global Holdings PLC, March Strike Price 60.00 GBP, Expires 3/20/26		960		54,605		18,112
Concentrix Corp., July Strike Price $25.00, Expires 7/17/26		80		263,680		19,400
E-mini S&P 500 Futures, March Strike Price $6,600.00, Expires 3/31/26		5		3,444,500		29,850

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Number of Contracts		Notional Amount^#			Value

Options Purchased (continued)

Puts - Exchange-Traded (continued)
Hertz Global Holdings Inc., March Strike Price $4.00, Expires 3/20/26		26		11,284		$	338
iShares MSCI Europe Financials ETF, March Strike Price $37.00, Expires 3/20/26		276		990,840			17,940
iShares Russell 2000 ETF, March Strike Price $259.00, Expires 3/02/26		15		392,640			15
JPMorgan Chase & Co., May Strike Price $250.00, Expires 5/15/26		82		2,454,998			31,160
NVIDIA Corp., March Strike Price $165.00, Expires 3/20/26		114		2,086,656			43,320
Pagaya Technologies Ltd., April Strike Price $10.00, Expires 4/17/26		13		15,184			1,040
Plug Power Inc., March Strike Price $1.50, Expires 3/06/26		68		16,864			136
Plug Power Inc., March Strike Price $1.50, Expires 3/13/26		68		16,864			204
Progressive Corp., March Strike Price $200.00, Expires 3/20/26		21		443,940			4,620
S&P E-Mini 3rd Week, December Strike Price $6,500.00, Expires 12/18/26		3		1,034,850			40,125
State Street Financial Select Sector SPDR ETF, March Strike Price $50.00, Expires 3/20/26		210		1,081,500			13,020
State Street Industrial Select Sector SPDR ETF, March Strike Price $171.00, Expires 3/27/26		223		3,924,131			52,628
State Street SPDR S&P Regional Banking ETF, May Strike Price $63.00, Expires 5/15/26		106		715,500			28,620
VanEck Semiconductor ETF, March Strike Price $370.00, Expires 3/20/26		153		6,106,230			74,970

							375,498

Puts - Over-the-Counter 0.0%^†

Currency Options 0.0%^†
EUR/USD, Counterparty BZWS, April Strike Price $1.12, Expires 4/17/26		1		20,408,163	EUR		6,609

Total Options Purchased (Cost $729,445)							521,926

Total Investments before Short Term Investments (Cost $254,023,027)							285,258,166


	Country		Shares

Short Term Investments 36.6%

Money Market Funds 24.4%
^o,pDreyfus Government Cash Management, Institutional, 3.56%		United States		86,394,345			86,394,345
^oFidelity Investments Money Market Government Portfolio, Institutional, 3.55%		United States		41,400,873			41,400,873

Total Money Market Funds (Cost $127,795,218)							127,795,218


Investments from Cash Collateral Received for Loaned Securities (Cost $581,000) 0.1%

Money Market Fund 0.1%
^o,qFranklin Institutional U.S. Government Money Market Fund, 3.58%		United States		581,000			581,000

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Short Term Investments (continued)

U.S. Government and Agency Securities 12.2%
U.S. Treasury Bill,
^r1.225%, 3/03/26		United States		500,000	$	499,950
^r3.113%, 3/12/26		United States		15,000,000		14,984,892
^r3.457%, 3/26/26		United States		12,000,000		11,970,988
^r3.553%, 4/09/26		United States		14,000,000		13,946,541
^r3.596%, 4/21/26		United States		5,000,000		4,974,896
^r3.592%, 4/23/26		United States		1,000,000		994,793
^r3.632%, 4/30/26		United States		2,000,000		1,988,110
^r3.589%, 5/05/26		United States		7,500,000		7,452,336
^r3.613%, 5/07/26		United States		1,000,000		993,409
^r3.615%, 5/14/26		United States		3,500,000		3,474,557
^r3.619%, 5/21/26		United States		2,500,000		2,480,110

Total U.S. Government and Agency Securities (Cost $63,756,293)						63,760,582


Total Short Term Investments (Cost $192,132,511)						192,136,800


Total Investments (Cost $446,155,538) 91.0%						477,394,966

Options Written (0.0)%^†						(196,607	)

Securities Sold Short (25.0)%						(130,966,201	)

Other Assets, less Liabilities 34.0%						178,210,484


Net Assets 100.0%					$	524,442,642


	Number of Contracts		Notional Amount^#
Options Written (0.0)%^†

Calls - Exchange-Traded (0.0)%^†
Delivery Hero SE, September Strike Price 36.00 EUR, Expires 9/18/26		403		846,300		(35,714	)
Hertz Global Holdings Inc., March Strike Price $6.00, Expires 3/20/26		26		11,284		(156	)

						(35,870	)

Puts - Exchange-Traded (0.0)%^†
Aston Martin Lagonda Global Holdings PLC, March Strike Price 50.00 GBP, Expires 3/20/26		960		54,605		(6,469	)
Bridgebio Pharma Inc., April Strike Price $55.00, Expires 4/17/26		4		26,616		(450	)
Bridgebio Pharma Inc., April Strike Price $65.00, Expires 4/17/26		7		46,578		(3,255	)
CorMedix Inc., March Strike Price $10.00, Expires 3/20/26		14		9,968		(3,675	)
E-mini S&P 500 Futures, March Strike Price $6,200.00, Expires 3/31/26		5		3,444,500		(11,950	)
Guardant Health Inc., April Strike Price $85.00, Expires 4/17/26		6		54,720		(2,430	)
iShares Russell 2000 ETF, March Strike Price $247.00, Expires 3/03/26		119		3,114,944		(119	)
Nutanix Inc., March Strike Price $47.50, Expires 3/20/26		7		28,224		(6,503	)
S&P E-Mini 3rd Week, December Strike Price $7,200.00, Expires 12/18/26		3		1,034,850		(55,387	)
State Street Industrial Select Sector SPDR ETF, March Strike Price $164.00, Expires 3/27/26		223		3,924,131		(22,969	)
VanEck Semiconductor ETF, March Strike Price $370.00, Expires 3/20/26		97		3,871,270		(47,530	)

						(160,737	)

Total Options Written (Premiums Received $291,363)						(196,607	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (25.0)%

Common Stocks (16.7)%

Aerospace & Defense (0.1)%
Astronics Corp.		United States		2,153	$	(173,575	)
Intuitive Machines, Inc., A		United States		17,640		(290,707	)

						(464,282	)

Automobile Components (0.2)%
Aptiv PLC		United States		6,526		(479,922	)
Patrick Industries Inc.		United States		2,519		(311,827	)
Quantumscape Corp., A		United States		19,795		(136,982	)
Solid Power Inc.		United States		15,006		(53,121	)

						(981,852	)

Automobiles (0.1)%
LI Auto Inc., ADR		China		925		(16,271	)
Mercedes-Benz Group AG		Germany		3,575		(247,349	)
Rivian Automotive Inc., A		United States		6,698		(102,681	)

						(366,301	)

Biotechnology (0.8)%
Arrowhead Pharmaceuticals Inc.		United States		2,652		(167,792	)
Ascendis Pharma A/S, ADR		Denmark		47		(10,974	)
BioMarin Pharmaceutical Inc.		United States		135		(8,334	)
Bridgebio Pharma Inc.		United States		14,271		(948,736	)
Cytokinetics Inc.		United States		709		(44,114	)
Exact Sciences Corp.		United States		1,827		(188,875	)
Halozyme Therapeutics Inc.		United States		243		(16,896	)
Ionis Pharmaceuticals Inc.		United States		3,940		(319,731	)
Mirum Pharmaceuticals Inc.		United States		15,620		(1,441,570	)
Pharming Group NV		Netherlands		62,852		(103,844	)
PTC Therapeutics Inc.		United States		10,165		(693,151	)
Travere Therapeutics Inc.		United States		274		(8,162	)

						(3,952,179	)

Capital Markets (0.2)%
Galaxy Digital Inc., A		United States		21,047		(433,358	)
Wisdomtree Inc.		United States		49,783		(851,787	)

						(1,285,145	)

Commercial Services & Supplies (0.0)%^†
Pitney Bowes Inc.		United States		4,723		(50,678	)
TETRA Tech Inc.		United States		2,813		(100,818	)

						(151,496	)

Communications Equipment (1.1)%
Applied Optoelectronics Inc.		United States		253		(21,310	)
Lumentum Holdings Inc.		United States		7,783		(5,455,182	)
Viavi Solutions Inc.		United States		10,363		(307,885	)

						(5,784,377	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)

Construction & Engineering (0.3)%
Fluor Corp.		United States		7,838	$	(410,006	)
Granite Construction Inc.		United States		7,677		(1,032,249	)

						(1,442,255	)

Consumer Finance (0.3)%
Credit Acceptance Corp.		United States		394		(186,433	)
Encore Capital Group Inc.		United States		4,513		(308,193	)
SoFi Technologies Inc.		United States		44,324		(787,194	)
Upstart Holdings Inc.		United States		3,178		(86,537	)

						(1,368,357	)

Diversified Consumer Services (0.2)%
Stride Inc.		United States		13,059		(1,101,918	)

Diversified Telecommunication Services (0.0)%^†
AST Spacemobile Inc., A		United States		1,986		(157,271	)

Electric Utilities (0.7)%
Duke Energy Corp.		United States		10,553		(1,380,860	)
Evergy Inc.		United States		11,431		(956,318	)
NextEra Energy Inc.		United States		270		(25,318	)
Oklo Inc., A		United States		820		(51,619	)
PG&E Corp.		United States		2,862		(54,378	)
The Southern Co.		United States		13,159		(1,281,423	)

						(3,749,916	)

Electrical Equipment (1.7)%
Array Technologies Inc.		United States		5,400		(40,932	)
Bloom Energy Corp., A		United States		51,572		(8,028,213	)
Eaton Corp. PLC		United States		1,841		(692,069	)
Energy Vault Holdings Inc.		United States		3,083		(9,249	)
Eos Energy Enterprises Inc.		United States		39,564		(225,317	)
Nuscale Power Corp.		United States		3,411		(43,832	)
Plug Power Inc.		United States		35,532		(63,602	)

						(9,103,214	)

Electronic Equipment, Instruments & Components (0.2)%
Avnet Inc.		United States		132		(8,691	)
Itron Inc.		United States		364		(34,198	)
Mirion Technologies Inc., A		United States		4,679		(101,113	)
OSI Systems Inc.		United States		1,790		(510,508	)
Vishay Intertechnology Inc.		United States		7,232		(135,383	)

						(789,893	)

Energy Equipment & Services (0.2)%
Solaris Energy Infrastructure Inc., A		United States		21,084		(1,046,399	)

Entertainment (0.2)%
Live Nation Entertainment Inc.		United States		6,833		(1,107,903	)

Financial Services (0.0)%^†
Affirm Holdings Inc., A		United States		2,532		(118,954	)
HA Sustainable Infrastructure Capital Inc.		United States		1,091		(39,843	)
Shift4 Payments Inc., A		United States		662		(29,174	)

						(187,971	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)

Food Products (0.0)%^†
Premium Brands Holdings Corp.		Canada		79	$	(6,140	)

Gas Utilities (0.0)%^†
UGI Corp.		United States		2,128		(79,608	)

Ground Transportation (0.0)%^†
Grab Holdings Ltd.		Singapore		2,276		(9,605	)
Lyft Inc., A		United States		2,429		(33,617	)

						(43,222	)

Health Care Equipment & Supplies (0.3)%
Alphatec Holdings Inc.		United States		2,902		(39,525	)
DexCom Inc.		United States		725		(53,237	)
Enovis Corp.		United States		1,912		(48,699	)
Haemonetics Corp.		United States		492		(31,153	)
iRhythm Technologies Inc.		United States		34		(4,547	)
Lantheus Holdings Inc.		United States		2,893		(216,715	)
Lemaitre Vascular Inc.		United States		300		(32,454	)
LivaNova PLC		United States		5,873		(414,634	)
Omnicell Inc.		United States		800		(32,880	)
Tandem Diabetes Care Inc.		United States		2,667		(67,475	)
Transmedics Group Inc.		United States		4,669		(678,219	)

						(1,619,538	)

Health Care Providers & Services (0.1)%
Guardant Health Inc.		United States		3,319		(311,654	)

Health Care REITs (0.0)%^†
Welltower Inc.		United States		321		(66,485	)

Hotels, Restaurants & Leisure (0.3)%
The Cheesecake Factory Inc.		United States		1,508		(97,688	)
Doordash Inc., A		United States		457		(80,647	)
H World Group Ltd., ADR		China		17,572		(962,945	)
MGM Resorts International		United States		5,451		(200,924	)
Norwegian Cruise Line Holdings Ltd.		United States		5,695		(141,179	)
Shake Shack Inc., A		United States		68		(6,529	)
Trip.Com Group Ltd., ADR		China		629		(33,098	)

						(1,523,010	)

Household Durables (0.1)%
Lennar Corp., A		United States		2,983		(341,136	)

Household Products (0.0)%^†
Spectrum Brands Holdings Inc.		United States		229		(17,949	)

Independent Power & Renewable Electricity Producers (0.1)%
RWE AG		Germany		8,844		(568,924	)

Insurance (0.2)%
Oscar Health Inc., A		United States		3,623		(49,418	)
Ping An Insurance Group Co. of China Ltd., H		China		127,600		(1,103,822	)

						(1,153,240	)

Interactive Media & Services (0.0)%^†
Match Group Inc.		United States		1,277		(40,353	)
Ziff Davis Inc.		United States		420		(11,374	)

						(51,727	)

IT Services (0.4)%
Akamai Technologies Inc.		United States		2,268		(223,149	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)

IT Services (continued)
Applied Digital Corp.		United States		42,359	$	(1,155,130	)
Cloudflare Inc., A		United States		507		(87,300	)
Coreweave Inc., A		United States		1,521		(121,011	)
Digitalocean Holdings Inc.		United States		832		(46,642	)
Snowflake Inc., A		United States		2,041		(343,725	)
Wix.com Ltd.		Israel		938		(66,091	)

						(2,043,048	)

Leisure Products (0.0)%^†
Peloton Interactive Inc., A		United States		3,617		(14,540	)

Life Sciences Tools & Services (0.0)%^†
Inotiv Inc.		United States		18,533		(5,017	)
Tempus AI Inc., A		United States		265		(14,111	)

						(19,128	)

Machinery (0.3)%
The Greenbrier Cos. Inc.		United States		5,475		(308,899	)
Illinois Tool Works Inc.		United States		3,004		(873,053	)
John Bean Technologies Corp.		United States		1,887		(290,598	)

						(1,472,550	)

Media (0.3)%
Echostar Corp., A		United States		11,851		(1,369,146	)
Sirius XM Holdings Inc.		United States		778		(17,085	)

						(1,386,231	)

Metals & Mining (0.4)%
B2gold Corp.		Canada		61,913		(381,384	)
Equinox Gold Corp.		Canada		49,555		(929,652	)
Fortuna Mining Corp.		Canada		26,519		(362,250	)
Silvercorp Metals Inc.		China		32,093		(447,055	)
Vizsla Silver Corp.		Canada		17,917		(78,476	)

						(2,198,817	)

Multi-Utilities (0.7)%
Ameren Corp.		United States		7,541		(854,244	)
CenterPoint Energy Inc.		United States		17,790		(773,865	)
CMS Energy Corp.		United States		29		(2,264	)
E.ON Se		Germany		18,712		(435,127	)
NiSource Inc.		United States		10,148		(480,000	)
Public Service Enterprise Group Inc.		United States		8,327		(716,705	)
WEC Energy Group Inc.		United States		2,959		(346,085	)

						(3,608,290	)

Oil, Gas & Consumable Fuels (0.2)%
Kinder Morgan Inc.		United States		25,008		(832,016	)
World Kinect Corp.		United States		2,776		(69,261	)

						(901,277	)

Personal Care Products (0.0)%^†
Herbalife Ltd.		United States		3,905		(76,226	)
Oddity Tech Ltd.		Israel		1,308		(15,395	)

						(91,621	)

Pharmaceuticals (0.1)%
ANI Pharmaceuticals Inc.		United States		141		(10,420	)
Collegium Pharmaceutical Inc.		United States		753		(31,378	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)

Pharmaceuticals (continued)
Cormedix Inc.		United States		10,842	$	(77,303	)
Pacira Biosciences Inc.		United States		4,021		(88,100	)
Zoetis Inc., A		United States		1,245		(163,219	)

						(370,420	)

Professional Services (0.1)%
Parsons Corp.		United States		1,658		(109,428	)
Planet Labs Pbc		United States		15,161		(365,987	)

						(475,415	)

Real Estate Management & Development (0.1)%
Compass, Inc., A		United States		12,373		(120,637	)
Opendoor Technologies Inc.		United States		79,971		(433,443	)
Storagevault Canada Inc.		Canada		4,108		(14,907	)

						(568,987	)

Retail REITs (0.0)%^†
Kite Realty Group Trust		United States		1,115		(29,046	)

Semiconductors & Semiconductor Equipment (0.8)%
Camtek Ltd.		Israel		1,420		(237,694	)
Canadian Solar Inc.		Canada		3,721		(65,899	)
COHU Inc.		United States		9,817		(296,473	)
First Solar Inc.		United States		757		(149,280	)
Impinj Inc.		United States		1,987		(243,726	)
Indie Semiconductor Inc., A		China		67,270		(246,208	)
Microchip Technology Inc.		United States		978		(72,998	)
MKS Inc.		United States		2,411		(589,393	)
ON Semiconductor Corp.		United States		12,791		(850,346	)
Penguin Solutions Inc.		United States		18,967		(394,134	)
Semtech Corp.		United States		7,750		(699,205	)
SolarEdge Technologies Inc.		United States		611		(21,629	)
Synaptics Inc.		United States		326		(26,556	)
Ultra Clean Holdings Inc.		United States		120		(7,282	)
Veeco Instruments Inc.		United States		1,575		(48,132	)

						(3,948,955	)

Software (2.8)%
A10 Networks Inc.		United States		955		(18,393	)
Alarm.Com Holdings Inc.		United States		327		(15,647	)
Aurora Innovation Inc., A		United States		25,628		(119,939	)
Bill Holdings Inc.		United States		722		(32,136	)
Bitdeer Technologies Group		United States		16,290		(125,433	)
Blackline Inc.		United States		1,597		(56,294	)
Box Inc., A		United States		1,026		(24,162	)
Check Point Software Technologies Ltd.		Israel		293		(44,557	)
Cipher Digital Inc.		United States		87,311		(1,362,052	)
Commvault Systems Inc.		United States		40		(3,403	)
Core Scientific Inc.		United States		54,719		(928,581	)
Datadog Inc., A		United States		27		(3,023	)
Dropbox Inc., A		United States		8,192		(204,718	)
Guidewire Software Inc.		United States		569		(82,687	)
InterDigital Inc.		United States		10,463		(3,835,003	)
Iren Ltd.		Australia		88,969		(3,643,281	)
Life360 Inc.		United States		2,333		(122,833	)
Nebius Group NV, A		Netherlands		28,691		(2,616,332	)
Nutanix Inc., A		United States		1,245		(47,659	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)

Software (continued)
Pagaya Technologies, Ltd.		United States		15,652	$	(175,146	)
Palo Alto Networks Inc.		United States		96		(14,296	)
PAR Technology Corp.		United States		449		(7,359	)
Porch Group Inc.		United States		115		(944	)
Progress Software Corp.		United States		172		(7,203	)
Rubrik Inc., A		United States		2,610		(135,616	)
Terawulf Inc.		United States		61,777		(1,002,023	)
Unity Software Inc.		United States		1,029		(18,759	)
Varonis Systems Inc., B		United States		1,753		(40,494	)
Vertex Inc., A		United States		642		(9,296	)
Workiva Inc., A		United States		962		(59,240	)
Zscaler Inc.		United States		12		(1,764	)

						(14,758,273	)

Specialty Retail (0.4)%
Gamestop Corp., A		United States		11,244		(270,193	)
The Realreal Inc.		United States		22,837		(279,982	)
Wayfair Inc., A		United States		20,493		(1,564,231	)

						(2,114,406	)

Technology Hardware, Storage & Peripherals (2.6)%
Ionq Inc.		United States		1,835		(70,409	)
Lenovo Group Ltd.		China		197,500		(243,779	)
Quantum Computing Inc.		United States		7,156		(60,182	)
Seagate Technology Holdings PLC		United States		9,955		(4,060,047	)
Super Micro Computer Inc.		United States		8,206		(265,793	)
Western Digital Corp.		United States		31,863		(8,912,081	)

						(13,612,291	)

Trading Companies & Distributors (0.1)%
Xometry Inc., A		United States		7,183		(294,611	)

Water Utilities (0.1)%
American Water Works Co. Inc.		United States		5,200		(707,356	)


Total Common Stocks (Proceeds $79,446,963)						(87,438,624	)

Exchange Traded Funds (0.9)%
Eldridge BBB-B CLO		United States		27,334		(703,030	)
iShares iBoxx High Yield Corporate Bond ETF		United States		17,844		(1,440,368	)
iShares MSCI Brazil ETF		Brazil		21,808		(844,624	)
Janus Henderson B-BBB CLO		United States		17,104		(798,928	)
State Street Industrial Select Sector SPDR ETF		United States		5,382		(953,367	)


Total Exchange Traded Funds (Proceeds $4,503,083)						(4,740,317	)


Preferred Stocks (Proceeds $361,734) (0.1)%

Automobiles (0.1)%
Volkswagen AG, pfd., 2.08%		Germany		3,086		(366,928	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Securities Sold Short (continued)

U.S. Government and Agency Securities (3.3)%
U.S. Treasury Bond,
4.125%, 2/15/36		United States		433,600	$	(439,393	)
4.625%, 11/15/45		United States		240,000		(241,631	)
4.75%, 8/15/55		United States		4,212,600		(4,290,928	)
4.625%, 11/15/55		United States		1,397,400		(1,395,326	)
U.S. Treasury Note,
3.875%, 3/31/27		United States		375,000		(376,479	)
3.75%, 4/30/27		United States		490,000		(491,464	)
3.75%, 6/30/27		United States		703,000		(705,691	)
3.875%, 7/31/27		United States		709,000		(713,168	)
3.625%, 8/31/27		United States		674,000		(675,817	)
3.50%, 11/15/28		United States		65,000		(65,190	)
3.50%, 12/15/28		United States		342,800		(343,858	)
3.50%, 1/15/29		United States		111,500		(111,853	)
3.50%, 2/15/29		United States		88,300		(88,579	)
3.875%, 4/30/30		United States		979,000		(994,144	)
3.875%, 6/30/30		United States		349,000		(354,467	)
3.50%, 11/30/30		United States		290,000		(289,887	)
3.625%, 12/31/30		United States		325,000		(326,549	)
3.75%, 1/31/31		United States		179,000		(180,846	)
3.875%, 12/31/32		United States		96,000		(96,960	)
4.00%, 1/31/33		United States		204,000		(207,538	)
4.25%, 8/15/35		United States		2,191,000		(2,245,775	)
4.00%, 11/15/35		United States		2,419,200		(2,428,272	)

Total U.S. Government and Agency Securities (Proceeds $16,774,204)						(17,063,815	)


Corporate Bonds and Notes (2.7)%
Advertising (0.1)%
^gDotdash Meredith Inc., senior secured note, 144A, 7.625%, 6/15/32		United States		444,000		(411,053	)
^gStagwell Global LLC, senior note, 144A, 5.625%, 8/15/29		United States		160,000		(147,633	)

						(558,686	)

Airlines (0.0)%^†
^gVistajet Malta Finance PLC / Vista Management Holding Inc., senior note, 144A, 9.50%, 6/01/28		Switzerland		143,000		(147,607	)

Banks (0.1)%
^g,jIndustrial & Commercial Bank of China Ltd., junior sub. note, Reg S, 3.2% to 9/24/26, FRN thereafter, Perpetual		China		279,000		(277,752	)

Basic Materials (0.0)%^†
^gCleveland-Cliffs Inc., senior note, 144A, 7.375%, 5/01/33		United States		105,000		(107,842	)

Chemicals (0.2)%
Celanese US Holdings LLC, senior note,
6.50%, 4/15/30		United States		449,000		(460,384	)
7.375%, 2/15/34		United States		572,000		(588,002	)

						(1,048,386	)

Commercial Services & Supplies (0.1)%
^gIon Platform Finance US Inc., senior secured note, 144A,
9.50%, 5/30/29		United States		103,000		(96,858	)
7.875%, 9/30/32		United States		44,000		(35,335	)
^gVt Topco Inc., senior secured note, 144A, 8.50%, 8/15/30		United States		202,000		(200,844	)

						(333,037	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Securities Sold Short (continued)

Corporate Bonds and Notes (continued)

Communications Equipment (0.0)%^†
^gEquipmentshare.Com Inc., secured note, 144A, 8.00%, 3/15/33		United States		192,000	$	(204,189	)

Diversified Financial Services (0.1)%
Assured Guaranty US Holdings Inc., senior bond, 3.15%, 6/15/31		United States		92,000		(86,766	)
^gGoeasy Ltd., senior note, 144A, 6.875%, 2/15/31		Canada		204,000		(176,104	)

						(262,870	)

Financial Services (0.5)%
Blue Owl Technology Finance Corp., senior note,
6.10%, 3/15/28		United States		168,000		(167,419	)
6.75%, 4/04/29		United States		847,000		(843,956	)
^gEncore Capital Group Inc., senior secured note, 144A, 8.50%, 5/15/30		United States		205,000		(219,426	)
^gJefferson Capital Holdings LLC, senior note, 144A, 8.25%, 5/15/30		United States		194,000		(203,402	)
^gLBM Acquisition LLC, senior note, 144A, 6.25%, 1/15/29		United States		701,000		(535,159	)
^gPRA Group Inc., senior note, 144A, 8.875%, 1/31/30		United States		243,000		(247,556	)
^gRFNA LP, senior note, 144A, 7.875%, 2/15/30		United States		195,000		(194,283	)

						(2,411,201	)

Food & Beverages (0.1)%
^gAlbertsons Cos. Inc. / Safeway Inc. / New Albertsons LP / Albertsons LLC, senior note, 144A, 5.75%, 3/31/34		United States		714,000		(711,342	)

Industrial Conglomerates (0.2)%
3M Co., senior bond, 2.25%, 9/19/26		United States		220,000		(218,086	)
Icahn Enterprises LP / Icahn Enterprises Finance Corp., senior secured note, 9.00%, 6/15/30		United States		735,000		(699,748	)

						(917,834	)

Insurance (0.2)%
^g,sMeiji Yasuda Life Insurance Co., sub. bond, 144A, FRN, 6.10%, (US 5 Year CMT T-Note + 2.91%), 6/11/55		Japan		276,000		(286,070	)
^g,sNippon Life Insurance Co., sub. bond, 144A, FRN, 6.50%, (US 5 Year CMT T-Note + 3.19%), 4/30/55		Japan		412,000		(443,307	)
^gSBL Holdings Inc., 144A,
senior bond, 7.20%, 10/30/34		United States		23,000		(21,075	)
senior note, 5.90%, 9/26/28		United States		23,000		(22,340	)
^g,sSumitomo Life Insurance Co., sub. bond, 144A, FRN, 5.875%, (US 5 Year CMT T-Note + 2.65%), 9/10/55		Japan		258,000		(261,750	)

						(1,034,542	)

Internet (0.1)%
Meta Platforms Inc., senior bond, 5.625%, 11/15/55		United States		711,000		(696,494	)

IT Services (0.1)%
^gBooz Allen Hamilton Inc., senior note, 144A, 4.00%, 7/01/29		United States		488,000		(478,360	)

Media (0.2)%
^gUnivision Communications Inc., senior secured note, 144A,
4.50%, 5/01/29		United States		534,000		(507,003	)
7.375%, 6/30/30		United States		431,000		(431,364	)
9.375%, 8/01/32		United States		48,000		(50,832	)

						(989,199	)

Oil, Gas & Consumable Fuels (0.3)%
Helmerich & Payne Inc., senior note, 4.85%, 12/01/29		United States		342,000		(348,845	)
^gNabors Industries Inc., senior note, 144A, 8.875%, 8/15/31		United States		451,000		(467,473	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Securities Sold Short (continued)

Corporate Bonds and Notes (continued)

Oil, Gas & Consumable Fuels (continued)
^gSaturn Oil & Gas Inc., senior secured note, 144A, 9.625%, 6/15/29		Canada		525,000	$	(540,164	)

						(1,356,482	)

Pharmaceuticals (0.0)%^†
^gOrganon & Co. / Organon Foreign Debt Co.-Issuer BV, senior secured note, 144A, 4.125%, 4/30/28		United States		93,000		(91,352	)

Retail REITs (0.0)%^†
Kilroy Realty LP, senior bond,
3.05%, 2/15/30		United States		84,000		(78,303	)
5.875%, 10/15/35		United States		45,000		(44,380	)

						(122,683	)

Semiconductors (0.0)%^†
NVIDIA Corp., senior bond, 3.50%, 4/01/50		United States		190,000		(145,134	)

Software (0.2)%
Concentrix Corp.,
senior note, 6.60%, 8/02/28		United States		173,000		(174,554	)
senior note, 6.50%, 3/01/29		United States		144,000		(142,367	)
senior bond, 6.85%, 8/02/33		United States		189,000		(181,837	)
Oracle Corp., senior bond,
6.55%, 2/04/46		United States		210,000		(204,747	)
6.70%, 2/04/56		United States		252,000		(244,534	)
^gPagaya US Holdings Co. LLC, senior note, 144A, 8.875%, 8/01/30		United States		220,000		(159,606	)

						(1,107,645	)

Specialty Retail (0.2)%
^gAdvance Auto Parts Inc., senior note, 144A, 7.375%, 8/01/33		United States		168,000		(172,284	)
^gVictra Holdings LLC / Victra Finance Corp., senior secured note, 144A, 8.75%, 9/15/29		United States		988,000		(1,039,093	)

						(1,211,377	)


Total Corporate Bonds and Notes (Proceeds $14,322,323)						(14,214,014	)


^mSenior Floating Rate Interests (1.4)%

Automobile Components (0.0)%^†
ⁿFirst Brands Group LLC, First Lien Term Loan, 10.786%, (3-Month SOFR + 5.00%), 3/30/27		United States		726,035		(2,755	)

Building Products (0.1)%
Cornerstone Building Brands, Inc., Term Loan B, 7.01%, (1-Month SOFR + 3.25%), 4/12/28		United States		86,210		(63,765	)
Gulfside Supply, Initial Term Loan, 7.002%, (SOFR + 3.00%), 6/17/31		United States		400,555		(371,265	)

						(435,030	)

Commercial Services & Supplies (0.1)%
VT Topco Inc., Second Amendment Term Loan (First Lien), 6.873%, (SOFR + 3.00%), 8/09/30		United States		527,273		(498,107	)

Diversified Telecommunication Services (0.1)%
DTI Holdings Inc., 2025 Refinancing Term Loan, 7.673%, (SOFR + 4.00%), 4/26/29		United States		744,899		(644,688	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Securities Sold Short (continued)

^mSenior Floating Rate Interests (continued)

Diversified Telecommunication Services (continued)
ⁿLiberty Communications of Puerto Rico LLC, Term Loan B, 7.664%, (SOFR + 3.75%), 10/16/28		United States		163,623	$	(113,864	)

						(758,552	)

Entertainment (0.2)%
Stubhub, Term Loan B, 8.423%, (SOFR + 4.75%), 3/15/30		United States		1,004,956		(975,224	)

Financial Services (0.1)%
Amwins Group,
Initial Term Loan, 6.423%, (1-Month SOFR + 2.75%), 2/15/29		United States		92,317		(90,162	)
2026 Refinancing Term Loan, 5.673%, (1-Month SOFR + 2.00%), 1/30/32		United States		46,158		(45,754	)
Baldwin INS Group Holdings, Refinancing Term B-2 Loan, 6.16%, (1-Month SOFR + 2.50%), 5/27/31		United States		27,695		(27,222	)
Broadstreet Partner, 2025 Tranche B, 6.173%, (1-Month SOFR + 2.50%), 6/13/31		United States		110,780		(106,372	)
Hub International, 2025 Incremental Term Loan, 5.92%, (1-Month SOFR + 2.25%), 6/20/30		United States		92,317		(91,455	)
Nexus, Initial Term Loan, 7.173%, (1-Month SOFR + 3.50%), 7/31/31		United States		92,317		(87,038	)
OneDigital Borrowers, 2025 Refinancing Term Loan, 6.673%, (1-Month SOFR + 3.00%), 7/02/31		United States		27,695		(26,769	)

						(474,772	)

Health Care Providers & Services (0.1)%
Petco Health & Wellness Co. Inc., First Lien Term Loan, 7.184%, (3-Month SOFR + 3.51%), 3/03/28		United States		372,047		(371,955	)

Health Care Technology (0.0)%^†
Project Ruby Ultimate Parent, Incremental Term B-5 Loan, 6.537%, (1-Month SOFR + 2.75%), 3/10/28		United States		138,475		(136,138	)
Raven Acquisition Holdings, 2024 Delayed Draw Term Loan, 3.00%, (1-Month SOFR + 3.00%), 11/19/31		United States		7,437		(7,103	)
Raven Acquisition Holdings, Initial Term Loan, 6.673%, (1-Month SOFR + 3.00%), 11/19/31		United States		103,342		(98,692	)

						(241,933	)

IT Services (0.4)%
ConnectWise, Initial Term Loan, 7.434%, (1-Month SOFR + 3.50%), 9/29/28		United States		27,695		(25,050	)
First Advantage Holdings, Term B-3 Loan, 6.423%, (1-Month SOFR + 2.75%), 10/31/31		United States		288,215		(276,831	)
Idera, Inc., Bank Debt Term Loan, 7.16%, (SOFR + 3.50%), 3/02/28		United States		29,225		(23,527	)
ION Platform Finance, Initial Dollar Term Loan, 7.422%, (1-Month SOFR + 3.75%), 10/07/32		United States		138,475		(114,501	)
Nord SE, Initial Term Loan, 7.937%, (SOFR + 4.00%), 10/08/32		United States		507,426		(500,662	)
ⁿProofpoint, 2025-B Incremental Term Loan, 6.672%, (1-Month SOFR + 3.00%), 8/31/28		United States		92,317		(88,638	)
ⁿSonicWall, Bank Debt Term Loan, 8.672%, (SOFR + 5.00%), 5/18/28		United States		380,816		(124,582	)
Starlight Parent LLC, Initial Term Loan (First Lien), 7.701%, (SOFR + 4.00%), 4/16/32		United States		924,236		(798,887	)
UK, 2024 Refinancing Term Loan, 6.167%, (1-Month SOFR + 2.50%), 2/10/31		United States		27,695		(26,290	)

						(1,978,968	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)


	Country		Principal Amount^*		Value

Securities Sold Short (continued)

^mSenior Floating Rate Interests (continued)

Media (0.0)%^†
Dotdash Meredith Inc., Term B-2 Loan, 7.373%, (SOFR + 3.50%), 6/17/32		United States		67,925	$	(62,968	)
MH Sub I LLC, Bank Debt Term Loan, 7.923%, (1- Month SOFR + 4.25%), 12/31/31		United States		130,686		(89,847	)

						(152,815	)

Professional Services (0.0)%^†
ⁿSedgwick Claims, 2024 Term Loan, 6.173%, (1-Month SOFR + 2.50%), 7/31/31		United States		138,475		(134,528	)

Real Estate Management & Development (0.1)%
Oceankey US II, Initial Term Loan (First Lien), 7.516%, (SOFR + 3.60%), 12/15/28		United States		492,268		(440,334	)

Software (0.1)%
Avalara, First Amendment Term Loan, 6.422%, (1-Month SOFR + 2.75%), 3/26/32		United States		46,158		(43,043	)
Cloud Software Group, Tenth Amendment Tranche B-2, 6.922%, (1-Month SOFR + 3.25%), 3/21/31		United States		46,158		(43,020	)
Ellucian Holdings, Initial Term Loan, 6.173%, (1-Month SOFR + 2.50%), 10/08/29		United States		92,317		(89,580	)
Epicor Software, Term F Loan, 6.173%, (1-Month SOFR + 2.50%), 5/30/31		United States		41,542		(40,400	)
Javelin, First Amendment Term Loan, 6.417%, (1-Month SOFR + 2.75%), 12/05/31		United States		46,158		(43,216	)
ⁿPerforce, Term Loan B, 8.423%, (SOFR + 4.75%), 7/02/29		United States		259,000		(199,431	)
ⁿProject Boost, 2025-2 Refinancing Term Loan, 6.422%, (1-Month SOFR + 2.75%), 7/16/31		United States		64,459		(61,609	)
RealPage, Initial Term Loan, 6.934%, (1-Month SOFR + 3.00%), 4/24/28		United States		92,317		(85,605	)
Skopima Consilio Parent LLC, Amendment No. 5 Term Loan, 7.423%, (SOFR + 3.75%), 5/12/28		United States		29,319		(23,429	)
ⁿZodiac Purchaser LLC, Term Loan, 7.416%, (SOFR + 3.50%), 2/14/32		United States		29,674		(26,892	)

						(656,225	)

Specialty Retail (0.0)%^†
Harbor Freight Tools, Term Loan B, 5.923%, (SOFR + 2.50%), 6/11/31		United States		21,595		(21,305	)

Total Senior Floating Rate Interests (Proceeds $8,466,703)						(7,142,503	)


Total Securities Sold Short (Proceeds $123,875,010)					$	(130,966,201	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

^†

Rounds to less than 0.1% of net assets.

The principal amount is stated in U.S. dollars unless otherwise indicated.

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.

Non-income producing.

A portion or all of the security is on loan at February 28, 2026.

A portion or all of the security has been segregated as collateral for securities sold short, open swap contracts, open forward exchange contracts, open futures contracts and/or open written option contracts. At February 28, 2026, the aggregate value of these securities and/or cash pledged amounted to $175,167,029, representing 33.4% of net assets.

Fair valued using significant unobservable inputs. See Note 7 regarding fair value measurements.

See Note 3 regarding restricted securities.

A portion or all of the security is held in connection with written option contracts open at period end.

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 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 February 28, 2026, the net value of these securities was $50,626,708, representing 9.7% of net assets.

Income may be received in additional securities and/or cash.

ⁱ

Defaulted security or security for which income has been deemed uncollectible.

Perpetual security with no stated maturity date.

A supranational organization is an entity formed by two or more central governments through international treaties.

Principal amount is stated in 100 Mexican Peso Units.

The coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.

ⁿ

See Note 4 regarding unfunded loan commitments.

The rate shown is the annualized seven-day effective yield at period end.

A portion or all of the security is owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 6.

See Note 5 regarding investments in affiliated investment companies.

Rate shown represents yield-to-maturity.

The coupon rate shown represents the rate at period end.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

At February 28, 2026, the Fund had the following futures contracts outstanding.

Futures Contracts


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)

Commodity Contracts^a
Aluminum		Long		9	$	706,354		3/16/26	$	54,658
Aluminum		Short		9		706,354		3/16/26		(8,865	)
Aluminum		Long		9		707,600		6/15/26		8,010
Brent Crude Oil		Long		46		3,352,020		3/31/26		174,807
Brent Crude Oil		Long		15		1,084,350		4/30/26		25,734
Brent Crude Oil		Long		3		214,830		5/29/26		9,787
Canola		Short		7		70,582		5/14/26		(1,387	)
Canola		Short		3		30,725		7/14/26		(541	)
Canola		Short		2		20,290		11/13/26		(417	)
Cattle Feeder		Long		2		355,425		3/26/26		(11,054	)
Cattle Feeder		Long		3		526,800		4/30/26		(20,094	)
Cattle Feeder		Long		1		173,600		5/21/26		(6,702	)
Cattle Feeder		Long		1		173,663		8/27/26		(6,677	)
Cocoa		Short		4		113,202		5/13/26		52,388
Cocoa		Short		1		29,420		7/16/26		32,968
Coffee		Long		3		315,844		5/18/26		(19,902	)
Copper		Long		10		3,325,215		3/16/26		480,468
Copper		Short		10		3,325,215		3/16/26		(26,369	)
Copper		Long		11		1,666,363		5/27/26		31,694
Copper		Long		4		1,336,916		6/15/26		22,469
Copper		Short		1		334,229		6/15/26		(7,564	)
Corn		Short		68		1,524,900		5/14/26		(26,477	)
Corn		Short		14		319,200		7/14/26		(918	)
Corn		Short		3		68,362		9/14/26		(1,132	)
Corn		Short		19		446,025		12/14/26		(7,254	)
Corn		Short		1		24,037		3/12/27		(215	)
Cotton		Long		13		426,465		5/06/26		9,776
Cotton		Long		1		33,660		7/09/26		308
Cotton		Long		1		34,850		12/08/26		303
ECX Emission		Short		1		83,055		12/14/26		16,607
Frozen Orange Juice		Long		1		27,225		5/08/26		320
Gasoline		Long		13		1,247,883		3/31/26		62,658
Gasoline		Long		3		288,918		4/30/26		8,345
Gasoline		Long		3		287,582		5/29/26		12,969
Gasoline		Long		2		189,890		6/30/26		10,199
Gold 100 Oz		Long		14		7,347,060		4/28/26		15,175
Gold 100 Oz		Long		1		528,760		6/26/26		25,948
Hard Red Winter Wheat		Short		37		1,073,925		5/14/26		(48,132	)
Hard Red Winter Wheat		Short		25		741,875		7/14/26		(36,424	)
Hard Red Winter Wheat		Short		2		60,800		9/14/26		(279	)
Hard Red Winter Wheat		Short		1		31,450		12/14/26		(302	)
Lean Hogs		Short		4		153,160		4/15/26		(7,209	)
Lean Hogs		Short		1		43,820		6/12/26		(1,692	)
Lean Hogs		Short		1		44,670		7/15/26		(2,782	)
Live Cattle		Long		13		1,207,570		4/30/26		4,102
Live Cattle		Long		5		458,300		6/30/26		(4,871	)
Live Cattle		Long		3		273,360		8/31/26		(2,017	)
Live Cattle		Long		1		90,890		10/30/26		(2,262	)
Low Sulphur Gas Oil		Long		4		301,100		3/12/26		30,521
Low Sulphur Gas Oil		Long		22		1,634,600		4/10/26		151,819
Low Sulphur Gas Oil		Long		4		291,000		5/12/26		16,846

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)

Commodity Contracts^a (continued)
Low Sulphur Gas Oil		Long		1	$	71,400		6/11/26	$	1,974
Milling Wheat		Short		60		714,278		5/11/26		(28,604	)
Milling Wheat		Short		15		182,557		9/10/26		(8,446	)
Milling Wheat		Short		11		137,612		12/10/26		(4,330	)
Natural Gas		Short		24		686,160		3/27/26		49,699
Natural Gas		Short		5		144,050		4/28/26		10,602
Natural Gas		Short		1		30,630		5/27/26		5,888
NY Harbor Ultra Low Sulfur Diesel		Long		12		1,308,384		3/31/26		144,673
NY Harbor Ultra Low Sulfur Diesel		Long		1		106,319		4/30/26		11,326
NY Harbor Ultra Low Sulfur Diesel		Long		2		208,866		5/29/26		20,123
Palladium		Short		4		731,400		6/26/26		(4,657	)
Platinum		Short		6		712,050		4/28/26		(31,355	)
Rapeseed		Short		8		230,176		4/30/26		(3,925	)
Rapeseed		Short		2		55,683		7/31/26		(1,075	)
Rapeseed		Short		1		27,989		10/30/26		(810	)
Robusta Coffee		Long		5		181,200		5/22/26		(6,456	)
Robusta Coffee		Long		3		106,560		7/27/26		(4,274	)
Silver		Long		1		466,455		5/27/26		31,178
Silver		Short		2		932,910		5/27/26		(37,713	)
Soybean Meal		Short		23		737,150		5/14/26		(28,049	)
Soybean Meal		Short		3		96,840		7/14/26		1,883
Soybean Meal		Short		1		32,180		8/14/26		(662	)
Soybean Meal		Short		1		31,950		9/14/26		(1,052	)
Soybean Oil		Long		12		445,320		5/14/26		32,792
Soybean Oil		Short		13		482,430		5/14/26		(44,567	)
Soybean Oil		Short		5		185,670		7/14/26		(11,189	)
Soybean Oil		Short		1		36,822		8/14/26		(746	)
Soybean Oil		Short		1		36,450		9/14/26		(4,682	)
Soybeans		Long		15		878,062		5/14/26		11,756
Soybeans		Short		18		1,053,675		5/14/26		(41,540	)
Soybeans		Short		8		473,100		7/14/26		(21,643	)
Soybeans		Short		6		339,675		9/14/26		(2,851	)
Sugar		Short		50		777,840		4/30/26		5,835
Sugar		Short		5		77,672		6/30/26		2,072
UK Natural Gas		Long		15		476,482		3/30/26		19,505
Wheat		Short		25		739,375		5/14/26		(50,663	)
Wheat		Short		6		179,625		7/14/26		(10,426	)
Wheat		Short		1		30,488		9/14/26		(2,377	)
Wheat		Short		1		31,338		12/14/26		(2,440	)
White Sugar		Short		6		122,310		4/15/26		1,843
White Sugar		Short		1		20,285		7/16/26		119
WTI Crude Oil		Long		2		134,040		3/19/26		14,908
WTI Crude Oil		Long		21		1,407,420		3/20/26		88,046
WTI Crude Oil		Long		2		133,780		4/20/26		11,988
WTI Crude Oil		Long		6		401,340		4/21/26		25,961
WTI Crude Oil		Long		2		133,120		5/18/26		6,158
WTI Crude Oil		Long		4		266,240		5/19/26		28,994
WTI Crude Oil		Long		1		66,180		6/22/26		918
Zinc		Long		6		496,449		3/16/26		37,514
Zinc		Short		6		496,449		3/16/26		3,780
Zinc		Long		5		415,219		6/15/26		(5,858	)

										1,216,486

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)

Currency Contracts^a
Australian Dollar Index		Short		174	$	12,378,360		3/16/26	$	(745,279	)
British Pound Index		Long		209		17,608,250		3/16/26		159,093
Canadian Dollar Index		Short		90		6,606,450		3/17/26		(41,132	)
EUR/CZK		Long		4		779,705		3/16/26		1,654
EUR/HUF		Long		13		1,220,355		3/16/26		25,742
EUR/NOK		Short		1		147,799		3/16/26		3,297
EUR/PLN		Long		9		1,258,263		3/16/26		8,530
EUR/SEK		Short		1		147,672		3/16/26		3,829
Euro Index		Long		125		18,481,250		3/16/26		27,209
Japanese Yen Index		Long		328		26,311,750		3/16/26		(201,796	)
Mexican Peso Index		Long		141		4,086,180		3/16/26		210,084
New Israeli Shekel Index		Short		8		2,547,440		3/16/26		(39,350	)
New Zealand Dollar Index		Short		49		2,939,755		3/16/26		(77,373	)
South African Rand Index		Long		41		1,287,400		3/16/26		65,837
Swiss Fran Index		Short		57		9,289,931		3/16/26		(276,824	)
U.S. Dollar Index		Short		262		2,617,815		3/16/26		21,213

										(855,266	)


Equity Contracts
CAC 40 10 Euro Indexa		Long		12		1,218,490		3/20/26		13,389
CAC 40 10 Euro Indexa		Short		25		2,538,521		3/20/26		(55,371	)
CBOE Volatility Indexa		Long		55		1,134,985		3/18/26		53,140
CBOE Volatility Indexa		Long		27		571,080		4/15/26		16,283
CBOE Volatility Indexa		Long		7		149,775		5/19/26		3,163
DAX Indexa		Long		9		6,738,758		3/20/26		258,640
DJ EURO STOXX 50 Indexa		Long		16		1,163,262		3/20/26		23,569
DJ EURO STOXX 50 Indexa		Short		70		5,089,273		3/20/26		(84,615	)
DJIA Mini E-CBOT Indexa		Long		14		3,430,000		3/20/26		(14,491	)
E-Mini Russell 2000a		Long		7		922,145		3/20/26		(11,020	)
E-Mini Russell 2000a		Short		38		5,005,930		3/20/26		(104,284	)
E-Mini S&P MidCap 400 Indexa		Short		3		1,073,370		3/20/26		(55,774	)
FTSE 100 Indexa		Long		17		2,498,571		3/20/26		151,153
FTSE 100 Indexa		Short		18		2,645,546		3/20/26		(244,782	)
FTSE China A50 Indexa		Long		429		6,281,418		3/30/26		(62,944	)
FTSE Taiwan Indexa		Short		12		1,360,920		3/30/26		(36,591	)
FTSE/JSE Top 40 Indexa		Short		17		1,282,365		3/19/26		(130,591	)
FTSE/MIB Indexa		Long		10		2,792,773		3/20/26		162,057
Hang Seng China Enterprises Indexa		Short		2		113,493		3/30/26		2,536
Hang Seng Indexa		Long		7		1,190,378		3/30/26		4,146
Hang Seng Indexa		Short		12		2,040,647		3/30/26		1,384
IBEX 35 Indexa		Short		4		870,187		3/20/26		(13,900	)
KOSPI 200 Indexa		Long		32		5,215,433		3/12/26		1,918,137
Mini TOPIX Index		Short		35		886,290		3/12/26		(126,106	)
MSCI Emerging Markets Indexa		Short		9		721,665		3/20/26		(16,168	)
MSCI Singapore Indexa		Long		33		1,204,139		3/30/26		(4,619	)
NASDAQ 100 E-Mini Indexa		Long		59		29,505,605		3/20/26		(457,835	)
NIKKEI 225 Indexa		Long		6		2,270,675		3/12/26		187,668
NIKKEI 225 Indexa		Short		64		5,070,919		3/12/26		(622,241	)
NSE IFSC Nifty 50 Indexa		Long		11		556,270		3/30/26		(12,283	)
S&P 500 E-Mini Indexa		Long		110		37,889,500		3/20/26		(33,974	)
S&P 500 E-Mini Index		Short		3		1,033,350		3/20/26		(6,065	)
S&P/TSX 60 Indexa		Long		19		5,492,248		3/19/26		303,116
SPI 200 Indexa		Short		1		163,146		3/19/26		(9,058	)
Swedish Indexa		Long		9		321,639		3/20/26		5,608

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)

Equity Contracts (continued)
TOPIX Indexa		Long		20	$	5,064,515		3/12/26	$	617,176

										1,618,453


Interest Rate Contracts
3 Month CORRAa		Short		2		358,491		9/15/26		(149	)
3 Month CORRAa		Short		17		3,047,643		12/15/26		(955	)
3 Month CORRAa		Short		3		537,654		3/16/27		(1,123	)
3 Month CORRAa		Short		2		358,253		6/15/27		(1,022	)
3 Month CORRAa		Short		2		358,051		9/14/27		(1,103	)
3 Month EURIBORa		Short		38		10,997,336		6/15/26		1,653
3 Month EURIBORa		Short		36		10,422,251		9/14/26		(1,513	)
3 Month EURIBORa		Short		39		11,293,076		12/14/26		(9,511	)
3 Month EURIBORa		Short		24		6,948,522		3/15/27		(13,195	)
3 Month EURIBORa		Long		105		30,390,478		6/14/27		25,039
3 Month EURIBORa		Short		25		7,235,828		6/14/27		(12,534	)
3 Month EURIBORa		Short		20		5,786,595		9/13/27		(12,695	)
3 Month EURIBORa		Short		19		5,495,020		12/13/27		(13,809	)
3 Month EURIBORa		Short		8		2,312,629		3/13/28		(7,534	)
3 Month SOFRa		Short		76		18,341,650		9/15/26		18,386
3 Month SOFRa		Short		84		20,322,750		12/15/26		(549	)
3 Month SOFRa		Short		129		31,264,763		3/16/27		(23,834	)
3 Month SOFRa		Short		102		24,741,375		6/15/27		(42,111	)
3 Month SOFRa		Long		20		4,853,000		9/14/27		5,985
3 Month SOFRa		Short		100		24,265,000		9/14/27		(56,071	)
3 Month SOFRa		Short		79		19,169,350		12/14/27		(41,055	)
3 Month SOFRa		Short		87		21,106,200		3/14/28		(30,953	)
3 Month SOFRa		Short		49		11,882,500		6/20/28		(40,865	)
3 Month SONIAa		Short		18		5,861,270		9/15/26		(10,344	)
3 Month SONIAa		Short		12		3,911,961		12/15/26		(10,369	)
3 Month SONIAa		Short		18		5,870,367		3/16/27		(17,733	)
3 Month SONIAa		Short		13		4,239,271		6/15/27		(9,700	)
3 Month SONIAa		Long		9		2,933,970		9/14/27		5,815
ASX 90 Day Bank Accepted Billa		Long		14		9,860,738		6/11/26		(13,295	)
ASX 90 Day Bank Accepted Billa		Long		23		16,195,832		9/10/26		(9,498	)
ASX 90 Day Bank Accepted Billa		Long		9		6,337,345		12/10/26		(8,263	)
ASX 90 Day Bank Accepted Billa		Long		6		4,225,206		3/11/27		(3,540	)
ASX 90 Day Bank Accepted Billa		Long		4		2,817,079		6/10/27		88
Australian 3 Yr. Bonda		Long		28		2,091,590		3/16/26		897
Australian 10 Yr. Bonda		Short		70		5,508,216		3/16/26		(56,713	)
Canadian 2 Yr. Bonda		Short		4		310,766		6/19/26		(224	)
Canadian 10 Yr. Bonda		Long		46		4,142,546		6/19/26		18,817
Euro-BOBLa		Long		169		23,455,650		3/06/26		147,727
Euro-BOBLa		Short		113		15,683,364		3/06/26		(143,213	)
Euro-Bunda		Long		15		2,308,198		3/06/26		11,086
Euro-Bunda		Short		59		9,078,913		3/06/26		(125,958	)
Euro-Buxla		Short		43		5,785,094		3/06/26		(112,736	)
Euro-OATa		Short		27		3,953,447		3/06/26		(55,257	)
Euro-SCHATZa		Long		50		6,323,337		3/06/26		5,303
Euro-SCHATZa		Short		86		10,876,139		3/06/26		(26,050	)
Euro-SCHATZa		Short		85		10,745,655		6/08/26		(6,883	)
Japanese 10 Yr. Bonda		Short		15		1,275,766		3/12/26		(9,595	)
Japanese 10 Yr. Bonda		Short		4		3,401,530		3/13/26		(10,082	)
Korean 3 Yr. Bonda		Short		38		2,787,987		3/17/26		(7,620	)
Korean 10 Yr. Bonda		Short		32		2,510,393		3/17/26		(6,900	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)

Interest Rate Contracts (continued)
Long Gilta		Long		37	$	4,671,173		6/26/26	$	50,190
U.S. Treasury 2 Yr. Note		Long		64		13,393,500		6/30/26		23,396
U.S. Treasury 2 Yr. Notea		Short		248		51,899,813		6/30/26		(82,141	)
U.S. Treasury 5 Yr. Notea		Long		34		3,744,781		6/30/26		12,393
U.S. Treasury 5 Yr. Notea		Short		91		10,022,797		6/30/26		(44,840	)
U.S. Treasury 10 Yr. Notea		Long		55		6,259,688		6/18/26		28,734
U.S. Treasury 10 Yr. Notea		Short		70		7,990,250		6/18/26		(26,857	)
U.S. Treasury Long Bonda		Long		30		3,554,063		6/18/26		25,839
U.S. Treasury Ultra Bonda		Long		28		3,404,625		6/18/26		35,229

										(691,815	)

Total Futures Contracts									$	1,287,858

^*	As of period end.

^a	A portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 6.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

At February 28, 2026, the Fund had the following forward exchange contracts outstanding.

Forward Exchange Contracts


Currency	Counterparty^a		Type		Quantity		Contract Amount^*		Settlement Date		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Exchange Contracts
Brazilian Realb		MSCO		Buy		1,488,000		283,649		3/03/26	$	6,369	$	–
Brazilian Realb		MSCO		Sell		1,488,000		285,754		3/03/26		–		(4,262	)
Indonesian Rupiahb		MSCO		Buy		1,839,360,000		109,309		3/17/26		364		(12	)
Indonesian Rupiahb		MSCO		Sell		7,585,700,000		450,128		3/17/26		–		(2,122	)
Australian Dollarb		MSCO		Buy		10,384,000		7,104,779		3/18/26		284,515		(80	)
Australian Dollarb		MSCO		Sell		4,279,000		2,909,896		3/18/26		321		(135,351	)
British Pound		GSCO		Buy		450,000		609,413		3/18/26		2,166		(5,102	)
British Pound		GSCO		Sell		42,000		56,138		3/18/26		–		(467	)
British Pound		JPHQ		Buy		90,000		120,083		3/18/26		1,212		–
British Pound		JPHQ		Sell		2,346,000		3,134,093		3/18/26		–		(27,675	)
British Poundb		MSCO		Buy		7,819,000		10,514,208		3/18/26		52,275		(28,618	)
British Poundb		MSCO		Sell		6,603,000		8,925,444		3/18/26		35,888		(9,474	)
Canadian Dollarb		MSCO		Buy		10,849,000		7,938,195		3/18/26		33,965		(12,404	)
Canadian Dollarb		MSCO		Sell		10,660,000		7,748,619		3/18/26		2,730		(75,202	)
Chilean Pesob		MSCO		Buy		109,214,000		123,897		3/18/26		1,625		(388	)
Chilean Pesob		MSCO		Sell		114,539,000		132,702		3/18/26		1,503		(36	)
Czech Korunab		MSCO		Buy		11,411,000		550,338		3/18/26		6,526		(335	)
Czech Korunab		MSCO		Sell		8,169,000		397,801		3/18/26		784		(1,395	)
Euro		GSCO		Buy		1,245,000		1,460,287		3/18/26		13,471		(1,176	)
Euro		GSCO		Sell		90,000		105,939		3/18/26		–		(513	)
Euro		JPHQ		Buy		210,000		251,499		3/18/26		–		(3,112	)
Euro		JPHQ		Sell		2,325,000		2,741,400		3/18/26		–		(8,602	)
Eurob		MSCO		Buy		12,629,000		14,854,928		3/18/26		100,695		(18,081	)
Eurob		MSCO		Sell		13,307,000		15,667,475		3/18/26		5,448		(77,451	)
Hungarian Forintb		MSCO		Buy		182,161,000		550,999		3/18/26		19,751		(280	)
Hungarian Forintb		MSCO		Sell		155,725,000		483,628		3/18/26		332		(4,386	)
Indian Rupeeb		MSCO		Buy		21,320,000		233,756		3/18/26		1,082		(782	)
Indian Rupeeb		MSCO		Sell		44,629,000		490,717		3/18/26		822		(48	)
Japanese Yenb		MSCO		Buy		1,266,178,000		8,213,908		3/18/26		10,091		(103,019	)
Japanese Yenb		MSCO		Sell		1,865,649,000		12,002,162		3/18/26		52,247		(15,934	)
Mexican Pesob		MSCO		Buy		37,391,000		2,041,754		3/18/26		125,574		(33	)
Mexican Pesob		MSCO		Sell		1,110,000		61,624		3/18/26		–		(2,715	)
New Israeli Shekelb		MSCO		Buy		1,623,000		517,169		3/18/26		2,230		(1,202	)
New Israeli Shekelb		MSCO		Sell		520,000		167,340		3/18/26		1,338		(27	)
New Zealand Dollarb		MSCO		Buy		6,107,000		3,623,745		3/18/26		53,735		(11,346	)
New Zealand Dollarb		MSCO		Sell		5,973,000		3,477,997		3/18/26		1,292		(108,984	)
Norwegian Kroneb		MSCO		Buy		13,054,000		1,351,432		3/18/26		21,965		(642	)
Norwegian Kroneb		MSCO		Sell		2,791,000		285,558		3/18/26		20		(7,963	)
Polish Zlotyb		MSCO		Buy		152,000		42,640		3/18/26		47		(148	)
Polish Zlotyb		MSCO		Sell		1,482,000		413,985		3/18/26		1,421		(2,177	)
Singapore Dollarb		MSCO		Buy		351,000		277,337		3/18/26		777		(217	)
Singapore Dollarb		MSCO		Sell		1,006,000		788,364		3/18/26		84		(8,196	)
South African Randb		MSCO		Buy		5,950,000		368,062		3/18/26		5,051		(13	)
South African Randb		MSCO		Sell		4,457,000		272,583		3/18/26		164		(7,063	)
South Korean Wonb		MSCO		Buy		856,921,000		585,563		3/18/26		10,551		(37	)
South Korean Wonb		MSCO		Sell		363,985,000		252,308		3/18/26		406		(1,287	)
Swedish Kronab		MSCO		Buy		2,133,000		239,199		3/18/26		73		(2,738	)
Swedish Kronab		MSCO		Sell		1,610,000		176,811		3/18/26		279		(2,010	)
Swiss Francb		MSCO		Buy		7,109,000		9,018,023		3/18/26		251,964		(2,590	)
Swiss Francb		MSCO		Sell		6,261,000		7,983,884		3/18/26		149		(178,193	)
Taiwan Dollarb		MSCO		Buy		11,323,000		358,480		3/18/26		4,776		–
Taiwan Dollarb		MSCO		Sell		5,859,000		185,855		3/18/26		–		(2,109	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Forward Exchange Contracts (continued)


Currency	Counterparty^a		Type		Quantity		Contract Amount^*		Settlement Date		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Exchange Contracts (continued)
Thai Bahtb		MSCO		Buy		7,514,000		241,194		3/18/26	$	1,019	$	(96	)
Thai Bahtb		MSCO		Sell		20,068,000		640,597		3/18/26		136		(6,174	)
Canadian Dollar		BNYM		Sell		192,000		139,955		3/26/26		–		(962	)
Euro		BNYM		Sell		106,000		124,769		3/26/26		–		(664	)
Brazilian Realb		MSCO		Buy		126,000		24,252		4/02/26		110		–
Brazilian Realb		MSCO		Sell		79,000		15,250		4/02/26		–		(25	)
Brazilian Real		MSCO		Buy		694,977		127,078		4/15/26		6,946		–
Brazilian Real		MSCO		Sell		4,663,732		859,568		4/15/26		–		(39,817	)
Chilean Peso		JPHQ		Buy		3,326,220,525		3,776,487		4/22/26		44,297		(10,162	)
Chilean Peso		JPHQ		Sell		1,358,158,914		1,557,723		4/22/26		1,774		–
Chinese Yuan		JPHQ		Buy		15,666,908		2,260,385		4/22/26		32,099		–
Colombian Peso		JPHQ		Buy		9,765,701,638		2,633,283		4/22/26		–		(65,684	)
Colombian Peso		JPHQ		Sell		13,593,875,052		3,611,374		4/22/26		37,272		–
Czech Koruna		JPHQ		Buy		22,886,600		1,098,440		4/22/26		18,168		–
Euro		JPHQ		Buy		290,000		343,657		4/22/26		–		(80	)
Euro		JPHQ		Sell		3,235,343		3,814,454		4/22/26		1,012		(19,629	)
Hungarian Forint		JPHQ		Buy		754,974,617		2,262,749		4/22/26		97,080		(112	)
Hungarian Forint		JPHQ		Sell		50,939,212		157,723		4/22/26		–		(1,490	)
Indian Rupee		JPHQ		Buy		10,497,603		115,000		4/22/26		–		(79	)
Indian Rupee		JPHQ		Sell		177,144,917		1,918,032		4/22/26		–		(21,236	)
Indonesian Rupiah		JPHQ		Buy		37,999,419,095		2,260,145		4/22/26		3,100		–
Indonesian Rupiah		JPHQ		Sell		24,064,045,362		1,420,799		4/22/26		–		(12,455	)
Japanese Yen		MLCO		Buy		47,029,693		299,728		4/22/26		2,899		–
Kazakhstan Tenge		CITI		Buy		578,950,032		1,104,336		4/22/26		34,372		–
Mexican Peso		JPHQ		Buy		75,406,418		4,228,055		4/22/26		129,448		–
Mexican Peso		JPHQ		Sell		44,233,945		2,526,352		4/22/26		3,171		(32,962	)
Peruvian Nuevo Sol		JPHQ		Buy		7,847,769		2,340,000		4/22/26		–		(4,384	)
Peruvian Nuevo Sol		JPHQ		Sell		13,129,007		3,896,083		4/22/26		–		(11,310	)
Polish Zloty		JPHQ		Buy		7,859,418		2,166,812		4/22/26		32,640		–
Polish Zloty		JPHQ		Sell		645,287		180,255		4/22/26		–		(328	)
South African Rand		JPHQ		Buy		84,729,022		5,191,820		4/22/26		108,148		–
South African Rand		JPHQ		Sell		72,336,624		4,497,169		4/22/26		–		(27,631	)
Turkish Lira		JPHQ		Buy		24,558,207		529,052		4/22/26		5,709		–
Turkish Lira		JPHQ		Sell		8,507,455		184,449		4/22/26		–		(803	)
Australian Dollar		MSCO		Sell		800,000		556,080		4/30/26		–		(13,065	)
Chinese Yuan		MSCO		Sell		7,500,000		1,084,693		4/30/26		–		(12,900	)
Indonesian Rupiah		MSCO		Sell		11,200,000,000		666,825		4/30/26		–		(113	)
Japanese Yen		MSCO		Buy		65,000,000		419,982		4/30/26		–		(1,410	)
Japanese Yen		MSCO		Sell		131,000,000		854,707		4/30/26		11,123		–
Malaysian Ringgit		MSCO		Buy		3,650,000		925,272		4/30/26		14,208		–
Philippine Peso		MSCO		Buy		8,500,000		144,157		4/30/26		2,974		–
Philippine Peso		MSCO		Sell		15,000,000		253,079		4/30/26		–		(6,564	)
Singapore Dollar		MSCO		Sell		400,000		317,414		4/30/26		–		(224	)
South Korean Won		MSCO		Buy		200,000,000		138,372		4/30/26		948		–
South Korean Won		MSCO		Sell		1,350,000,000		922,352		4/30/26		–		(18,056	)
Taiwan Dollar		MSCO		Buy		6,000,000		191,101		4/30/26		1,887		–
Taiwan Dollar		MSCO		Sell		29,000,000		915,672		4/30/26		–		(17,101	)
Thai Baht		MSCO		Buy		1,700,000		54,060		4/30/26		891		–
Thai Baht		MSCO		Sell		15,500,000		500,645		4/30/26		–		(382	)
Brazilian Real		JPHQ		Buy		20,216,902		3,778,763		5/05/26		103,189		–
Brazilian Real		JPHQ		Sell		1,090,103		202,787		5/05/26		–		(6,529	)
Chinese Yuan		MSCO		Sell		17,395,955		2,541,874		5/22/26		–		(7,135	)
British Pound		MSCO		Sell		1,600,000		2,158,705		5/29/26		1,791		–
Danish Krone		MSCO		Sell		3,400,000		539,313		5/29/26		–		(1,164	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Forward Exchange Contracts (continued)


Currency	Counterparty^a		Type		Quantity		Contract Amount^*		Settlement Date		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Exchange Contracts (continued)
Euro		MSCO		Sell		1,700,000		2,012,348		5/29/26	$	–	$	(5,146	)
Norwegian Krone		MSCO		Sell		7,300,000		763,235		5/29/26		–		(4,004	)
Swedish Krona		MSCO		Sell		6,600,000		732,251		5/29/26		–		(2,393	)
Swiss Franc		MSCO		Sell		730,000		951,890		5/29/26		–		(7,009	)
Turkish Lira		JPHQ		Buy		4,428,900		90,000		7/23/26		–		(191	)


Total Forward Exchange Contracts											$	1,812,489	$	(1,235,466	)

Net unrealized appreciation (depreciation)											$	577,023

^*	In U.S. dollars unless otherwise indicated.

^a	May be comprised of multiple contracts with the same counterparty, currency and settlement date.

^b	A portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 6.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

At February 28, 2026, the Fund had the following credit default swap contracts outstanding.

Credit Default Swap Contracts


Description	Annual Payment Rate Received (Paid)			Payment Frequency		Maturity Date		Notional Amount^a		Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)			Rating^b

Centrally Cleared Swap Contracts

Contracts to Buy Protection^c

Single Name
AGC Inc.		(5.00	)%		Quarterly		12/20/30		275,000	$	(51,682	)	$	(49,742	)	$	(1,940	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		614,000		(7,637	)		(7,675	)		38
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		250,000		(3,110	)		(7,466	)		4,356
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		307,000		(3,819	)		(7,157	)		3,338
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		145,000		(1,804	)		(6,709	)		4,905
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		246,000		(3,060	)		(3,075	)		15
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		49,000		(609	)		(1,236	)		627
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		123,000		(1,530	)		(1,230	)		(300	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		3,000		(37	)		(71	)		34
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		245,000		(10,201	)		(4,385	)		(5,816	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		316,000		(13,157	)		(2,001	)		(11,156	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		374,000		(15,572	)		(1,778	)		(13,794	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		27,000		(1,124	)		(102	)		(1,022	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		347,000		(14,448	)		434			(14,882	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		56,000		(2,332	)		560			(2,892	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		230,000		(9,577	)		2,875			(12,452	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		73,000		(908	)		(3,169	)		2,261
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		50,000		(622	)		(215	)		(407	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		77,000		(3,206	)		(212	)		(2,994	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		97,000		(4,039	)		(159	)		(3,880	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		41,000		(1,707	)		(90	)		(1,617	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		82,000		(3,414	)		(90	)		(3,324	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/27		82,000		(3,414	)		(45	)		(3,369	)
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		68,000		(846	)		(2,272	)		1,426
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		145,000		(1,804	)		(5,568	)		3,764
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		145,000		(1,804	)		(4,860	)		3,056
American Airlines Inc.		(5.00	)%		Quarterly		6/20/26		40,000		(498	)		(1,355	)		857
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		145,000		(12,224	)		(1,989	)		(10,235	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		116,000		(9,779	)		(1,335	)		(8,444	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		39,000		(3,288	)		(1,011	)		(2,277	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)			Payment Frequency		Maturity Date		Notional Amount^a			Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)			Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		29,000		$	(2,445	)	$	(978	)	$	(1,467	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		48,000			(4,047	)		(557	)		(3,490	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		29,000			(2,445	)		(421	)		(2,024	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		29,000			(2,445	)		(414	)		(2,031	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		29,000			(2,445	)		(371	)		(2,074	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		29,000			(2,445	)		(283	)		(2,162	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		48,000			(4,047	)		(277	)		(3,770	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		19,000			(1,602	)		(258	)		(1,344	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		6/20/30		19,000			(1,602	)		(88	)		(1,514	)
American Axle & Manufacturing Inc.		(5.00	)%		Quarterly		12/20/30		198,000			(15,792	)		(12,418	)		(3,374	)
Government of Egypt		(1.00	)%		Quarterly		6/20/26		365,000			579			137,787			(137,208	)
Government of Iceland		(5.00	)%		Quarterly		12/20/30		137,000	EUR		(8,042	)		(7,092	)		(950	)
Government of Italy		(1.00	)%		Quarterly		6/20/26		350,000			(1,049	)		(4,524	)		3,475
K. Hovnanian Enterprises Inc.		(5.00	)%		Quarterly		6/20/30		498,000			(41,414	)		(29,153	)		(12,261	)
K. Hovnanian Enterprises Inc.		(5.00	)%		Quarterly		6/20/30		347,000			(28,857	)		(16,279	)		(12,578	)
K. Hovnanian Enterprises Inc.		(5.00	)%		Quarterly		6/20/30		139,000			(11,559	)		(5,739	)		(5,820	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		32,000			2			1,040			(1,038	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		21,000			1			226			(225	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		21,000			1			1,155			(1,154	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		21,000			1			1,208			(1,207	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		54,000			3			1,890			(1,887	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		27,000			1			2,533			(2,532	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/26		50,000			3			4,253			(4,250	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/30		21,000			2,884			8,190			(5,306	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/30		24,000			3,296			9,300			(6,004	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/30		30,000			4,119			10,202			(6,083	)
Kohl’s Corp.		(5.00	)%		Quarterly		6/20/30		36,000			(242	)		10,530			(10,772	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/30		37,000			5,081			12,395			(7,314	)
Kohl’s Corp.		(5.00	)%		Quarterly		6/20/30		48,000			(323	)		12,900			(13,223	)
Kohl’s Corp.		(1.00	)%		Quarterly		6/20/30		55,000			7,552			18,035			(10,483	)
Kohl’s Corp.		(5.00	)%		Quarterly		6/20/30		102,000			(685	)		32,130			(32,815	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)			Payment Frequency			Maturity Date		Notional Amount^a			Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)			Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)
Kohl’s Corp.		(1.00	)%		Quarterly			6/20/30		196,000		$	26,913		$	59,488		$	(32,575	)
Kohl’s Corp.		(5.00	)%		Quarterly			6/20/30		204,000			(1,371	)		61,200			(62,571	)
Kohl’s Corp.		(1.00	)%		Quarterly			12/20/30		54,000			8,768			7,334			1,434
Lanxess AG		(1.00	)%		Quarterly			12/20/30		251,000	EUR		9,809			9,615			194
Lincoln National Corp.		(1.00	)%		Quarterly			6/20/27		32,000			(137	)		(207	)		70
Lincoln National Corp.		(1.00	)%		Quarterly			6/20/28		435,000			(892	)		(2,169	)		1,277
Lincoln National Corp.		(1.00	)%		Quarterly			6/20/28		100,000			(205	)		(451	)		246
Lincoln National Corp.		(1.00	)%		Quarterly			6/20/27		362,000			(1,551	)		1,572			(3,123	)
Macy’s Inc.		(1.00	)%		Quarterly			12/20/30		366,500			13,984			12,087			1,897
Organon & Co.		(5.00	)%		Quarterly			6/20/28		624,000			(40,271	)		(43,051	)		2,780

Contracts to Sell Protection^c,d

Traded Index
^eCDX.EM.44		1.00	%		Quarterly			12/20/30		1,000,000			(15,112	)		(20,980	)		5,868			Investment Grade
^eCDX.NA.HY.45		5.00	%		Quarterly			12/20/30		2,970,000			201,694			209,000			(7,306	)		Non-Investment Grade
^eCDX.NA.IG.45		1.00	%		Quarterly			12/20/30		17,000,000			330,684			391,820			(61,136	)		Investment Grade
^eITRX.EUR		1.00	%		Quarterly			12/20/30		8,000,000	EUR		191,472			206,277			(14,805	)		Investment Grade
^eITRX.EUR.XOVER		5.00	%		Quarterly			12/20/30		5,000,000	EUR		595,096			625,297			(30,201)			Non-Investment Grade

Total Centrally Cleared Swap Contracts												$	1,023,666		$	1,590,626		$	(566,960)


OTC Swap Contracts

Contracts to Buy Protection^c
Single Name						Counterparty
CCB		(1.00	)%		Quarterly	GSCO		12/20/30		790,000			(21,948	)		(19,986	)		(1,962	)
Government of China		(1.00	)%		Quarterly	GSCO		12/20/30		790,000			(19,742	)		(18,566	)		(1,176	)
Government of Egypt		(1.00	)%		Quarterly	CITI		6/20/26		197,000			(65	)		6,696			(6,761	)
Government of Korea		(1.00	)%		Quarterly	GSCO		12/20/30		3,028,000			(107,611	)		(104,538	)		(3,073	)
Industrial and Commercial Bank of China		(1.00	)%		Quarterly	GSCO		12/20/30		790,000			(22,068	)		(19,986	)		(2,082	)
Kingdom of Saudia Arabia		(1.00	)%		Quarterly	BZWS		12/20/30		1,025,000			(10,163	)		(13,563	)		3,400
Kingdom of Saudia Arabia		(1.00	)%		Quarterly	GSCO		12/20/30		3,900,000			(38,669	)		(50,749	)		12,080
Nippon Paper Industries Co.		(1.00	)%		Quarterly	GSCO		12/20/30		135,453,000	JPY		28,681			30,732			(2,051	)
Petroleos Mexicanos		(1.00	)%		Quarterly	BZWS		12/20/27		910,000			18,486			17,261			1,225
Rakuten Group Inc.		(1.00	)%		Quarterly	GSCO		12/20/30		88,521,000	JPY		25,511			27,532			(2,021	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)	Payment Frequency			Counterparty		Maturity Date		Notional Amount^a			Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)			Rating^b

OTC Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)
Saudi Arabia International			(1.00	)%		Quarterly		GSCO		6/20/35	495,000	$	5,403		$	–		$	5,403
Univision Communications Inc.			(5.00	)%		Quarterly		GSCO		6/20/30	99,000		(10,433	)		(2,978	)		(7,455	)

Contracts to Sell Protection^c,d

Single Name
Government of Nigeria			1.00	%		Quarterly		BZWS		12/20/30	306,000		(25,892	)		(26,950	)		1,058			B-

Total OTC Swap Contracts												$	(178,510	)	$	(175,095	)	$	(3,415)

Total Credit Default Swap Contracts												$	845,156		$	1,415,531		$	(570,375)

^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.

^e	A portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 6.

At February 28, 2026, the Fund had the following interest rate swap contracts outstanding.

Interest Rate Swap Contracts

Description

Payment
Frequency

Maturity
Date

Notional
Amount^*

Value/Unrealized
Appreciation
(Depreciation)

Centrally Cleared Swap Contracts

Receive Fixed 7.02%
Pay Floating 3-Month-JIBAR

Quarterly

12/18/26

34,983,147

ZAR

(9,246

)

Receive Fixed 13.29%
Pay Floating BRLCDI

Annually

1/04/27

2,980,054

BRL

6,692

Receive Fixed 13.41%
Pay Floating BRLCDI

Annually

1/04/27

5,875,629

BRL

17,600

Receive Fixed 16.25%
Pay Floating BRLCDI

Annually

1/04/27

9,083,263

BRL

(65,022

)

Receive Fixed 7.98%
Pay Floating COIR

Quarterly

3/19/27

5,531,819,764

COP

(55,852

)

Receive Fixed 8.02%
Pay Floating COIR

Quarterly

3/19/27

6,276,246,033

COP

(64,009

)

Receive Fixed 3.70%
Pay Floating SOFR

Annually

6/03/27

6,310,000

26,372

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Interest Rate Swap Contracts (continued)

Description

Payment
Frequency

Maturity
Date

Notional
Amount^*

Value/Unrealized
Appreciation
(Depreciation)

Centrally Cleared Swap Contracts (continued)

Receive Fixed 8.52%
Pay Floating COIR

Quarterly

12/17/27

1,890,683,756

COP

(28,337

)

Receive Fixed 8.52%
Pay Floating COIR

Quarterly

12/17/27

7,409,316,244

COP

(111,045

)

Receive Fixed 3.57%
Pay Floating SOFR

Annually

7/28/28

2,108,000

18,620

Receive Fixed 3.58%
Pay Floating SOFR

Annually

7/28/28

1,996,000

18,248

Receive Fixed 3.30%
Pay Floating SOFR

Annually

11/12/28

7,274,000

24,669

Receive Fixed 4.15%
Pay Floating SOFR

Annually

11/22/28

5,700,000

146,024

Receive Fixed 13.44%
Pay Floating BRLCDI

Annually

1/02/29

14,380,185

BRL

23,228

Receive Fixed 3.46%
Pay Floating SOFR

Annually

1/22/29

10,067,000

81,507

Receive Fixed 3.93%
Pay Floating SOFR

Annually

3/15/29

5,469,600

121,259

Receive Fixed 3.47%
Pay Floating 1-Day EONIA

Annually

12/18/29

13,815,899

CZK

(326

)

Receive Fixed 3.50%
Pay Floating 1-Day EONIA

Annually

12/18/29

22,360,157

CZK

569

Receive Fixed 5.41%
Pay Floating 6-Month-BUBOR

Annually

12/18/29

447,284,564

HUF

(15,499

)

Receive Fixed 5.42%
Pay Floating 6-Month-BUBOR

Annually

12/18/29

182,487,019

HUF

(6,036

)

Receive Fixed 5.44%
Pay Floating 6-Month-BUBOR

Annually

12/18/29

182,228,417

HUF

(5,644

)

Receive Fixed 7.68%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

6/12/30

30,200,000

MXN

39,988

Receive Fixed 6.17%
Pay Floating 6-Month-BUBOR

Annually

9/17/30

650,000,000

HUF

34,483

Receive Fixed 13.28%
Pay Floating BRLCDI

Annually

1/02/31

3,798,293

BRL

4,730

Receive Fixed 13.29%
Pay Floating BRLCDI

Annually

1/02/31

3,601,707

BRL

4,389

Receive Fixed 3.32%
Pay Floating SOFR

Annually

2/25/31

7,700,000

33,077

Receive Fixed 3.65%
Pay Floating rate 6-Month-PRIBOR

Annually

3/18/31

13,500,000

CZK

3,048

Receive Fixed 5.94%
Pay Floating rate 6-Month-BUBOR

Annually

3/18/31

77,000,000

HUF

1,948

Receive Fixed 5.83%
Pay Floating 6-Month-BUBOR

Annually

12/18/34

237,699,992

HUF

9,745

Receive Fixed 5.85%
Pay Floating 6-Month-BUBOR

Annually

12/18/34

100,982,120

HUF

3,763

Receive Fixed 5.87%
Pay Floating 6-Month-BUBOR

Annually

12/18/34

101,317,888

HUF

3,451

Receive Fixed 7.80%
Pay Floating 3-Month-JIBAR

Quarterly

12/17/35

29,000,000

ZAR

74,427

Receive Fixed 8.23%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

3/05/36

24,000,000

MXN

54,960

Total Centrally Cleared Swap Contracts

391,781

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Interest Rate Swap Contracts (continued)

Description

Payment
Frequency

Maturity
Date

Notional
Amount^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts

Receive Fixed 43.51%
Pay Floating TLREF, Counterparty JPHQ

Quarterly

4/16/26

27,734,327

TRY

(7,584

)

Receive Fixed 37.35%
Pay Floating TLREF, Counterparty BZWS

Quarterly

9/15/26

57,587,182

TRY

1,355

Receive Fixed 37.30%
Pay Floating TLREF, Counterparty JPHQ

Quarterly

9/15/26

65,412,818

TRY

2,047

Receive Fixed 5.43%
Pay Floating MIBOR, Counterparty CITI

Semi-Annually

12/17/27

210,000,000

INR

(4,648

)

Receive Fixed 3.26%
Pay Floating KLIBOR, Counterparty GSCO

Quarterly

6/18/30

6,126,158

MYR

(7,180

)

Receive Fixed 3.26%
Pay Floating KLIBOR, Counterparty HSBC

Quarterly

6/18/30

5,273,842

MYR

(5,989

)

Total OTC Swap Contracts

(21,999

)

Total Interest Rate Swap Contracts

369,782

^*	In U.S. dollars unless otherwise indicated.

At February 28, 2026, the Fund had the following total return swap contracts outstanding.

Total Return Swap Contracts

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts

Currency Contracts - Long^a

Cross Asset Trend

Fixed 0.00%

Monthly

BNPP

6/30/26

10,440,424

120,022

FX G10 Carry

Fixed 0.00%

Monthly

CITI

6/30/26

6,785,090

69,338

FX G10 Value

Fixed 0.00%

Monthly

CITI

6/30/26

22,236,962

(151,584)

37,776

Equity Contracts - Long^a

104 Corp

1-Day FEDEF + 0.10%

Monthly

MSCO

8/31/26

45,550

(687)

3i Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

217,436

GBP

(43,802)

77th Bank

TONAR + 0.35%

Monthly

GSCO

6/24/26

17,273,043

JPY

109,728

A Ethical Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/07/27

36,095

AUD

762

A1 Telekom Austria AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

97,653

EUR

5,921

Able Global Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

11,765

2,408

ABRDN PLC

1-Day SONIA + 0.275%

Monthly

MSCO

7/08/26

164,010

GBP

76,699

AcadeMedia AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,545,085

SEK

39,704

Accelleron

Euro STR + 0.30%

Monthly

JPHQ

2/10/27

80,678

CHF

(389)

Acciona SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/30

90,084

EUR

12,233

Accton Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/18/27

73,758

15,862

Aces Electronic Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/07/26

146,291

4,687

Acs Actividades De Construction

1-Day EONIA + 0.275%

Monthly

MSCO

7/07/26

37,574

EUR

9,059

Adaro Andalan Indonesia

1-Day FEDEF + 0.35%

Monthly

MSCO

11/27/26

70,535

12,195

AddLife AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/02/30

2,313,966

SEK

3,987

Adecco

1-Day SARON + 0.35%

Monthly

JPHQ

12/30/26

124,347

CHF

(12,056)

Adesso SE

Euro STR + 0.35%

Monthly

JPHQ

1/07/31

36,001

EUR

(10,037)

Adi Sarana Armada TBK

1-Day FEDEF + 0.35%

Monthly

MSCO

9/10/26

40,940

12,053

Adidas AG

Euro STR + 0.35%

Monthly

JPHQ

10/08/30

248,538

EUR

(36,621)

Admiral Group

1-Day SONIA + 0.275%

Monthly

MSCO

4/03/26

78,685

GBP

296

Advanced Info Service Pub

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

202,637

59,945

Advanced Media Inc

1-Day SONIA + 0.275%

Monthly

GSCO

8/05/26

7,688,168

JPY

403

Advanced Power Electronic

1-Day FEDEF + 0.10 %

Monthly

MSCO

6/24/26

138,667

11,011

Advantest Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,628,114

JPY

2,698

Advice IT Infinite Public

1-Day FEDEF + 0.25%

Monthly

MSCO

9/24/26

63,810

5,314

Aeci Limited

1-Day SABOR + 0.70%

Monthly

MSCS

7/17/30

2,405,530

ZAR

24,759

Aedifica

Euro STR + 0.35%

Monthly

JPHQ

7/14/26

128,138

EUR

30,254

Aegon

Euro STR + 0.35%

Monthly

JPHQ

4/03/26

162,274

EUR

15,884

Aew UK REIT Plc Ord

1-Day SONIA + 0.275%

Monthly

MSCO

8/25/26

6,549

GBP

549

AGC Inc.

TONAR + 0.35%

Monthly

GSCO

12/16/26

7,579,045

JPY

14,243

Agesa Hayat Emeklilik

1-Day FEDEF + 1.25%

Monthly

MSCO

9/24/26

122,927

10,771

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

AGL Energy Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

203,272

AUD

5,939

Ahresty Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,380,812

JPY

11,271

AIB Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

48,011

GBP

40,473

Aica Kogyo Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

20,162,100

JPY

13,248

Aida Engineering

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,719,331

JPY

22,494

AIMS APAC Reit

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

239,845

SGD

12,032

Air France-KLM

1-Day EONIA + 0.30%

Monthly

MSCS

10/02/29

172,495

EUR

11,832

Airtrip Corp.

TONAR + 0.35%

Monthly

GSCO

8/28/26

3,326,820

JPY

(1,602)

Aisan Industry Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

14,758,622

JPY

23,024

Aisin Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

23,248,428

JPY

50,324

AK Medical Holdings Ltd.

HONIA + 0.35%

Monthly

GSCO

12/18/26

271,781

HKD

2,812

Aker Solutions ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/30

3,130,985

NOK

90,018

AKR Corporido Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

2/10/27

25,085

(69)

Albaraka Turk Katilim Bankasi AS

1-Day FEDEF + 0.30%

Monthly

MSCS

11/27/30

168,762

16,017

Alfa Financial Software

1-Day SONIA + 0.35%

Monthly

MSCS

11/18/29

67,075

GBP

(5,890)

Alior Bank SA

1-Day FEDEF + 1.25%

Monthly

MSCO

1/06/31

136,041

7,929

A-Living Smart City Service

HIBOR + 0.35%

Monthly

GSCO

6/25/26

529,640

HKD

(14,217)

Alliance Global Group

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

23,478

5,009

Allianz Malaysia Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

1/18/27

44,826

678

Alps Alpine Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

12/23/26

14,405,674

JPY

14,334

Alten

1-Day EONIA + 0.275%

Monthly

MSCO

10/28/26

156,162

EUR

(20,336)

Aluminum Corp of China

HIBOR + 0.35%

Monthly

GSCO

6/26/26

705,768

HKD

75,883

Alzchem Group AG

Euro STR + 0.35%

Monthly

JPHQ

11/22/30

232,395

EUR

37,173

Amasten Fastighets AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/27/30

783,251

SEK

19,329

Amata Corp.

1-Day FEDEF + 0.25%

Monthly

MSCO

9/03/26

261,621

51,348

Ambea AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

2,784,119

SEK

35,202

Amedeo Air Four Plus

1-Day SONIA + 0.275%

Monthly

MSCO

4/09/26

35,601

GBP

23,111

Ammb Holdings Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

3/01/27

15,742

(539)

Amotiv Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

171,541

AUD

(5,757)

AMP FPO

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

162,313

AUD

(12,410)

AMS-Osram AG

1-Day SARON + 0.35%

Monthly

JPHQ

11/27/30

181,294

CHF

61,102

Ana Holdings Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

28,717,106

JPY

29,498

Anadolu Sigorta

1-Day FEDEF + 1.25%

Monthly

MSCO

12/30/35

95,488

(6,756)

Anapass Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

8/28/26

145,904

(528)

Aneka Tambang

1-Day FEDEF + 0.35%

Monthly

MSCO

10/08/26

81,557

22,881

Anest Iwata Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

11,020,618

JPY

13,602

Anima Holding SpA

1-Month EURIBOR + 0.40%

Monthly

JPHQ

7/17/30

49,729

EUR

7,067

Anker Innovations

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

98,646

(5,573)

Anpec Electronics Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/25/26

211,155

32,677

Ansell Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/15/27

104,001

AUD

(1,601)

AO World PLC

1-Day SONIA + 0.35%

Monthly

MSCS

12/02/30

113,852

GBP

15,359

Aoyama Trading Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

15,229,893

JPY

18,937

AP Memory Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/29/27

68,431

931

Arakawa Chemical Industrial

TONAR + 0.35%

Monthly

GSCO

6/24/26

1,672,707

JPY

3,229

Arcadyan Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

267,801

(9,347)

Arcelormettal Ord

1-Day EONIA + 0.40%

Monthly

MSCS

1/20/32

1,137,897

EUR

56,013

AREIT Inc.

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

19,208

(218)

Argosy Research

1-Day FEDEF + 0.10%

Monthly

MSCO

9/08/26

200,951

(14,962)

Ariston Holding NV

Euro STR + 0.35%

Monthly

JPHQ

11/29/30

101,953

EUR

15,233

Arjo AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,920,771

SEK

(56,267)

Aroundtown SA

Euro STR + 0.35%

Monthly

JPHQ

9/12/30

348,156

EUR

101,673

ARYZTA

1-Day SARON + 0.35%

Monthly

JPHQ

4/26/26

199,175

CHF

(56,811)

Asahi Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,921,974

JPY

970

Asahi Intecc Co Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

10/16/26

35,145,316

JPY

78,786

Asahi Kasei Corp.

TONAR + 0.35%

Monthly

GSCO

1/29/27

13,428,548

JPY

17,889

Asahi Net Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,005,200

JPY

Asahi Yukizai Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

11,787,206

JPY

15,526

Ascencio

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

79,446

EUR

17,444

Ascom Holding AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

34,609

CHF

32,567

Asia Pile Holdings Corpor

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,632,448

JPY

37,330

ASML Holding NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/29

176,072

EUR

138,588

Asrock Incorporation

1-Day FEDEF + 0.10%

Monthly

MSCO

8/17/26

248,745

(22,100)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Asseco Poland SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/30

161,205

38,919

Astral Foods Ltd.

1-Day SABOR + 0.30%

Monthly

MSCS

7/17/30

2,293,844

ZAR

76,514

Asustek Computer Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

8/28/26

201,062

(30,859)

Atea ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

3/18/35

290,322

NOK

(315)

Atlas Copco Ord

1-Week STIBOR + 0.40%

Monthly

MSCS

1/13/32

10,301,810

SEK

10,168

Atoss Software AG

Euro STR + 0.35%

Monthly

JPHQ

8/01/30

248,208

EUR

(72,459)

Attendo AB

1-Week STIBOR + 0.28%

Monthly

SEBA

1/08/31

1,741,998

SEK

122,903

Auclinical Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

177,182

AUD

(21,831)

Aumann AG

Euro STR + 0.35%

Monthly

JPHQ

1/22/31

49,867

EUR

13,705

Aurelia Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/21/27

35,503

AUD

(774)

Austevoll Seafood ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/12/26

819,825

NOK

(2,698)

Autel Intelligent

1-Day FEDEF + 1.00%

Monthly

MSCO

12/09/26

77,428

4,456

Autoneum

1-Day SARON + 0.35%

Monthly

JPHQ

11/27/30

120,127

CHF

37,664

Avanza Bank Holding AB

1-Week STIBOR + 0.275%

Monthly

SEBA

6/05/26

2,472,134

SEK

(10,068)

Avation PLC

1-Day SONIA + 0.275%

Monthly

MSCO

2/24/31

24,171

GBP

(611)

Avon Technologies Plc. Ord

1-Day SONIA + 0.275%

Monthly

MSCO

1/27/27

24,312

GBP

1,220

Avrupakent Gmyo

1-Day FEDEF + 1.25%

Monthly

MSCO

8/11/26

114,328

(18,959)

Axa SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

136,764

EUR

17,989

Axfood AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/33

1,965,195

SEK

(1,465)

Axial Retailing Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,423,168

JPY

10,628

Azimut Holding SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/29

254,977

EUR

20,477

Aztech Gbl

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

50,060

SGD

9,121

B Grimm Power Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

79,230

10,698

B&P Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,836,921

JPY

2,220

B2 Impact ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/30

736,354

NOK

104,382

Babcock International

1-Day SONIA + 0.275%

Monthly

MSCO

6/10/26

112,105

GBP

79,984

Bachem

1-Day SARON + 0.35%

Monthly

JPHQ

2/25/27

49,379

CHF

1,675

Balfour Beatty

1-Day SONIA + 0.35%

Monthly

MSCS

9/18/30

212,280

GBP

163,945

Banca Sistema

Euro STR + 0.35%

Monthly

JPHQ

1/25/27

19,545

EUR

(663)

Banco Bilbao Vizcaya Argentaria SA

1-Day EONIA + 0.35%

Monthly

MSCS

9/30/30

133,337

EUR

29,110

Bangkok Life Assurance

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

56,451

16,249

Bank Btpn Syariah Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

6/26/26

33,917

(4,860)

Bank Ocbc Nisp Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

34,237

3,803

Bank of Chongqing Co.

1-Day FEDEF + 1.00%

Monthly

MSCO

2/03/27

111,734

(7,589)

Bank of Georgia Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/31/30

148,475

GBP

192,605

Barclays PLC

1-Day SONIA + 0.44%

Monthly

MSCS

7/17/30

177,328

GBP

142,813

Barco

Euro STR + 0.35%

Monthly

JPHQ

12/31/49

148,834

EUR

(28,583)

Basilea Pharmaceutica AG

Euro STR + 6.75%

Monthly

JPHQ

5/08/26

205,528

CHF

79,355

Basler Ag

Euro STR + 0.35%

Monthly

JPHQ

1/13/27

38,924

EUR

(573)

BAWAG Group AG

Euro STR + 0.35%

Monthly

JPHQ

4/03/26

217,987

EUR

66,171

Bayer AG

Euro STR + 0.35%

Monthly

JPHQ

9/04/30

87,578

EUR

40,379

BB Biotech AG

1-Day SARON + 0.35%

Monthly

JPHQ

4/11/26

232,363

CHF

219,980

BE Group AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

345,132

SEK

(4,390)

Beach Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/08/27

36,310

AUD

(1,794)

Bega Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

320,846

AUD

26,936

Bekaert SA

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

112,810

EUR

44,266

Belc Co Ltd.

TONAR + 0.35%

Monthly

GSCO

8/27/26

10,172,838

JPY

5,566

Bellway PLC

1-Day SONIA + 0.35%

Monthly

MSCS

4/04/29

49,931

GBP

(1,208)

Beneteau

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

112,824

EUR

(17,886)

Betagro Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

9/24/26

46,501

6,730

Betsson AB

1-Week STIBOR + 0.275%

Monthly

SEBA

7/17/30

4,728,397

SEK

(198,423)

Bic Camera Inc.

TONAR + 0.35%

Monthly

GSCO

12/16/26

11,775,061

JPY

6,266

Bilfinger SE

Euro STR + 0.35%

Monthly

JPHQ

12/06/30

67,579

EUR

74,148

Billerud AB

1-Week STIBOR + 0.275%

Monthly

SEBA

7/29/30

5,050,548

SEK

(115,986)

Binggrae Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

11/23/26

63,674

6,161

Binjiang Svc Group Co Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,140,795

HKD

(2,320)

Blue Bird Tbk Pt

1-Day FEDEF + 0.35%

Monthly

MSCO

7/31/26

17,058

(1,474)

BNP Paribas SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

292,967

EUR

147,627

Boe Varitronix Ltd.

HIBOR + 0.35%

Monthly

GSCO

11/30/26

1,751,130

HKD

(20,138)

Bogdanka SA

1-Day FEDEF + 0.30%

Monthly

MSCS

8/19/30

102,629

(26,698)

Boliden AB

1-Week STIBOR + 0.275%

Monthly

SEBA

6/08/26

1,622,659

SEK

133,821

Bonheur ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

8/28/30

580,809

NOK

8,246

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Boozt AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/19/29

470,421

SEK

1,605

Bouygues

1-Day EONIA + 0.30%

Monthly

MSCO

3/14/26

191,517

EUR

68,045

Bpost

Euro STR + 0.35%

Monthly

JPHQ

11/07/30

34,551

EUR

(317)

Bravura Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

223,123

AUD

(4,957)

Brickability Group PLC

1-Day SONIA + 0.275%

Monthly

MSCO

12/08/30

14,982

GBP

(1,584)

Brother Industries

TONAR + 0.35%

Monthly

GSCO

12/08/26

15,760,052

JPY

2,503

Bulten AB

1-Week STIBOR + 0.275%

Monthly

SEBA

10/18/30

524,729

SEK

(20,126)

Bumitama Agri

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

58,281

SGD

(2,140)

Burberry Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/29

122,440

GBP

(5,101)

Burckhardt

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

398,438

CHF

(50,097)

Burkhalter Holdings

1-Day SARON + 0.35%

Monthly

JPHQ

9/12/30

126,232

CHF

54,108

Buysell Technologies Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,173,538

JPY

(284)

C&D Property Management

HIBOR + 0.35%

Monthly

GSCO

6/25/26

358,578

HKD

(1,456)

Cafe De Coral Hldgs

HIBOR + 0.35%

Monthly

GSCO

6/29/26

563,678

HKD

(17,720)

Cafe24 Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

183,419

(38,947)

Cairn Homes PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

147,843

GBP

85,862

Canal Plus SA Ord

1-Day SONIA + 0.275%

Monthly

MSCO

8/25/26

108,174

GBP

34,079

Cancom SE

Euro STR + 0.35%

Monthly

JPHQ

1/07/31

197,237

EUR

3,546

Canon Marketing Japan Inc.

TONAR + 0.35%

Monthly

GSCO

7/21/26

11,110,561

JPY

14,982

Capitaland Malaysia Trust

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

12,566

Care Property Invest

Euro STR + 0.35%

Monthly

JPHQ

12/16/30

66,821

EUR

12,448

Cargotec

Euro STR + 0.275%

Monthly

SEBA

8/23/30

172,428

EUR

(1,794)

Carmila

1-Day EONIA + 0.30%

Monthly

MSCS

8/07/30

213,162

EUR

37,001

Carnival PLC

1-Day SONIA + 0.275%

Monthly

MSCO

6/10/26

150,401

GBP

158,972

Carrefour

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

69,121

EUR

18,679

Catalyst Metals Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/08/27

90,225

AUD

9,020

Cathay Pacific Airways

HONIA + 0.35%

Monthly

GSCO

12/18/26

790,913

HKD

12,085

Cedarwoods Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

9/11/26

83,590

AUD

8,862

Cementir Holding NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

60,849

EUR

17,493

Central Asia Metals PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/25/29

89,477

GBP

51,604

Central Automotive Products

TONAR + 0.35%

Monthly

GSCO

12/03/26

1,770,719

JPY

1,735

Central Omega Resources

1-Day FEDEF + 0.35%

Monthly

MSCO

11/27/26

38,707

4,243

Central Pattana Public Co.

1-Day FEDEF + 0.25%

Monthly

MSCO

2/17/27

61,865

6,083

Centrica PLC ORD

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

179,296

GBP

84,366

Century Iron & Steel Industries

1-Day FEDEF + 0.10%

Monthly

MSCO

10/02/26

195,541

(28,295)

CEWE Stiftung & Co. KGaA

Euro STR + 0.35%

Monthly

JPHQ

3/18/26

106,413

EUR

7,251

Changgao Electric

1-Day FEDEF + 0.25%

Monthly

MSCO

8/21/26

103,531

41,492

Chaoju Eye Care Holdings

HIBOR + 0.35%

Monthly

GSCO

6/25/26

574,921

HKD

(2,941)

CHC Healthcare Group

1-Day FEDEF + 0.10%

Monthly

MSCO

2/03/27

29,149

253

Cheilworldwide

1-Day FEDEF + 0.10%

Monthly

MSCO

6/23/26

206,288

8,132

Chemometec

1-Week CIBOR + 0.28%

Monthly

SEBA

11/15/29

977,926

DKK

(55,119)

Chervon Holdings Ltd.

HIBOR + 0.35%

Monthly

GSCO

9/23/26

807,521

HKD

9,128

China Air Lines

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

294,229

(12,668)

China Aircraft Leasing Gp

HIBOR + 0.35%

Monthly

GSCO

6/25/26

192,898

HKD

3,223

China Aviation

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

51,104

SGD

28,728

China Bluechemical Limited

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,129,894

HKD

43,419

China Communications Services

HIBOR + 0.35%

Monthly

GSCO

6/25/26

209,409

HKD

(663)

China Education GP Holdings

HONIA + 0.35%

Monthly

GSCO

12/04/26

784,984

HKD

(5,893)

China Foods Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

922,621

HKD

27,728

China Intl Marine Contain

HIBOR + 0.35%

Monthly

GSCO

6/26/26

772,880

HKD

67,628

China Merchants

1-Day FEDEF + 0.25%

Monthly

MSCO

7/29/26

36,023

1,922

China New Higher Education

HIBOR + 0.35%

Monthly

GSCO

10/06/26

741,188

HKD

(21,902)

China Oilfield Services

HIBOR + 0.35%

Monthly

GSCO

10/07/26

737,501

HKD

30,189

China Overseas Property

HIBOR + 0.35%

Monthly

GSCO

6/25/26

385,589

HKD

(3,075)

China Railway Tielong

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

125,438

15,327

China Reinsurance

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,146,655

HKD

28,447

China Res Med Hldgs Co Lt

HIBOR + 0.35%

Monthly

GSCO

6/25/26

2,221,458

HKD

(54,419)

China Shineway Pharmaceutcal

HIBOR + 0.35%

Monthly

GSCO

6/25/26

985,002

HKD

11,910

China Tower Corp. Ltd.

HONIA + 0.35%

Monthly

GSCO

1/14/27

946,578

HKD

(2,067)

Chinasunsine

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

33,135

SGD

5,154

Chipmos Technologies Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/25/27

20,054

3,433

Chongqing Machinery & Electric

HONIA + 0.35%

Monthly

GSCO

12/07/26

441,007

HKD

40,557

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Chow Sang Sang Hldgs Intl

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,361,830

HKD

31,370

Chow Tai Fook Jewellery

HONIA + 0.35%

Monthly

GSCO

12/18/26

355,105

HKD

(467)

Chrysalis Investments

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

192,551

GBP

17,723

Chsocinfra Ord Units

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

264,205

AUD

(7,207)

Cikarang Listrindo TBK

1-Day FEDEF + 0.35%

Monthly

MSCO

9/24/26

11,860

802

Ciputra Development

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

35,322

(6,998)

Citizen Watch Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,744,205

JPY

30,837

1-Day FEDEF + 0.10%

Monthly

MSCO

6/19/26

162,265

37,728

CJ Logistics

1-Day FEDEF + 0.10%

Monthly

MSCO

1/22/27

101,154

26,544

Clariant International AG

1-Day SARON + 0.35%

Monthly

JPHQ

5/30/35

66,872

CHF

10,596

Clarkson PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/06/26

187,858

GBP

29,415

Clas Ohlson AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,709,513

SEK

84,439

Clinuvel Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

211,932

AUD

(17,699)

Cliq Digital AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

27,743

EUR

(24,709)

Cloetta AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/34

896,124

SEK

4,142

CMGE Technology Gp Ltd.

HIBOR + 0.35%

Monthly

GSCO

11/30/26

219,715

HKD

(2,392)

CMOC Group Limited

HIBOR + 0.35%

Monthly

GSCO

6/26/26

477,321

HKD

77,821

Coca-Cola Bottlers Japan

TONAR + 0.35%

Monthly

GSCO

2/26/27

4,033,683

JPY

578

Coca-Cola HBC AG-DI

1-Day SONIA + 0.35%

Monthly

MSCS

12/04/30

147,952

GBP

70,633

CoinShares International

1-Week STIBOR + 0.275%

Monthly

SEBA

5/19/26

1,136,359

SEK

(37,377)

Colesgroup Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

193,856

AUD

(6,227)

Collins Fd Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

320,048

AUD

12,670

Com7 Public Co Ltd.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/22/26

186,178

44,867

Commerzbank AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/30

176,185

EUR

50,125

Companhia De Saneamento Basico Ord

1-Day FEDEF + 0.60%

Monthly

MSCS

7/10/26

1,506,794

50,507

Computacenter PLC ORD

1-Day SONIA + 0.35%

Monthly

MSCS

7/15/26

114,832

GBP

41,838

Computer Engineering & Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,269,847

JPY

(4,805)

Construcciones y Auxiliar de Ferrocarriles

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/30

178,157

EUR

122,729

Consun Pharmaceutical Grp

HIBOR + 0.35%

Monthly

GSCO

6/24/26

1,503,928

HKD

53,915

Contemporary Amper

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

79,530

(4,771)

Continental AG

Euro STR + 0.35%

Monthly

JPHQ

11/03/30

235,722

EUR

47,763

Convatec Group Plc Ord Gb

1-Day SONIA + 0.275%

Monthly

MSCO

7/29/26

200,912

GBP

18,291

Corbion

Euro STR + 0.35%

Monthly

JPHQ

9/03/30

263,147

EUR

29,554

Cosco Shipping Specialty

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

108,801

27,321

Costain Group

1-Day SONIA + 0.35%

Monthly

MSCS

11/15/30

92,451

GBP

77,427

Costain Group

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

568

GBP

1,709

Country Garden Svcs Hldgs

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,114,086

HKD

(6,166)

Covivio

1-Day EONIA + 0.275%

Monthly

MSCO

7/28/26

19,063

EUR

2,282

CPI Europe AG

Euro STR + 0.35%

Monthly

JPHQ

11/27/30

138,497

EUR

(15,330)

Credit Agricole

1-Day EONIA + 0.275%

Monthly

MSCO

7/09/26

126,745

EUR

24,961

Creditcorp Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

263,705

AUD

(26,094)

Cresco Ltd

1-Day TONAR + 0.35%

Monthly

GSCO

11/02/26

6,498,174

JPY

(2,245)

Cromwell Stapled

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

104,619

AUD

8,607

CS Wind Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/10/26

102,817

27,412

CSHARE FPO

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

159,120

AUD

(17,317)

Currys PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

227,598

GBP

193,619

Cvilux Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

76,040

40,881

Cyber Agent

TONAR + 0.35%

Monthly

GSCO

2/11/27

15,970,437

JPY

3,596

Cyberlink Corp

1-Day FEDEF + 0.10%

Monthly

MSCO

10/05/26

87,829

(21,048)

Daesang

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

279,863

(6,781)

Daeyang Electric Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/17/26

58,010

7,721

Dah Sing Banking Group

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,197,802

HKD

56,778

Daihanpharm

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

48,978

(2,887)

Danieli & C Officine Meccaniche SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

214,876

EUR

270,116

Danske Bank A/S

1-Week CIBOR + 0.275%

Monthly

SEBA

11/13/30

255,042

DKK

9,230

Datatec Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

11/27/30

2,931,972

ZAR

76,172

DBA Group

Euro STR + 0.35%

Monthly

JPHQ

11/03/30

35,145

EUR

5,234

DCC PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

132,944

GBP

22,023

Deceuninck

Euro STR + 0.35%

Monthly

JPHQ

11/07/30

28,313

EUR

4,251

Dedicare AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/27/26

265,776

SEK

(5,721)

Delfi

1-Day SORA + 0.30%

Monthly

MSCO

12/15/26

32,369

SGD

7,584

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

DEME Group

Euro STR + 0.35%

Monthly

JPHQ

8/22/30

132,786

EUR

101,114

Deutsche Bank AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

160,861

EUR

75,545

Deutsche Lufthansa AG

Euro STR + 0.35%

Monthly

JPHQ

9/06/34

142,561

EUR

636

Develia SA

1-Day FEDEF + 1.25%

Monthly

MSCO

12/19/30

39,091

21,287

Dfirg Usd

1-Day FEDEF + 0.40%

Monthly

MSCO

7/10/26

214,495

50,469

Digiplus Interactive Corp.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/19/26

170,831

(53,318)

Digital Hearts Holdings

TONAR + 0.35%

Monthly

GSCO

2/15/27

2,551,476

JPY

821

Digital Information Techn

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,572,368

JPY

(3,153)

Dingzing Advanced Materia

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

112,885

(22,649)

Dip Corporation

TONAR + 0.35%

Monthly

GSCO

12/04/26

15,874,200

JPY

(3,703)

Distribuidora Internacional

1-Day EONIA + 0.275%

Monthly

MSCO

2/18/31

78,284

EUR

69,403

Dit Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

8/17/26

70,072

32,619

DKSH Switzerland Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/26

81,251

CHF

11,481

DNO ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/15/29

361,460

NOK

5,892

DO & CO AG

Euro STR + 0.35%

Monthly

JPHQ

9/06/30

142,190

EUR

19,279

Dogan Holding

1-Day FEDEF + 1.25%

Monthly

MSCO

9/25/26

266,297

19,170

Dogus Otomotiv

1-Day FEDEF + 1.25%

Monthly

MSCS

1/22/29

211,115

24,876

Dom Development

1-Day FEDEF + 1.25%

Monthly

MSCS

11/28/30

31,814

20,524

Dongkook Pharm

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

205,901

26,197

Dongsung Finetec

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

164,883

14,846

Dormakaba Holding AG

1-Day SARON + 0.35%

Monthly

JPHQ

3/04/31

286,583

CHF

(17,535)

Doublegames Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/01/26

87,413

572

Doutor Nichires Holdings

1-Day TONAR + 0.35%

Monthly

GSCO

10/12/26

20,715,181

JPY

20,183

Downer Edi Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

219,560

AUD

38,712

Dr. Martens PLC

1-Day SONIA + 0.275%

Monthly

MSCO

3/02/31

114,332

GBP

6,823

Drax Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

274,958

GBP

158,251

Duerr AG

Euro STR + 0.35%

Monthly

JPHQ

2/17/31

175,767

EUR

53,285

Dufry AG

Euro STR + 0.35%

Monthly

JPHQ

8/16/29

273,452

CHF

55,795

DWS Group SE

Euro STR + 0.35%

Monthly

JPHQ

12/07/26

101,808

EUR

12,092

E1 Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

2/05/27

29,367

748

East West Banking Corporation

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

248

Easy Holdings Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/07/27

42,931

6,382

Easyjet PLC

1-Day SONIA + 0.35%

Monthly

MSCO

7/17/26

280,152

GBP

(26,947)

Ebro Foods

1-Day EONIA + 0.35%

Monthly

MSCO

12/04/30

147,034

EUR

38,851

Eckert & Ziegler SE

Euro STR + 0.35%

Monthly

JPHQ

1/07/31

135,287

EUR

(5,042)

Econocom Group SE

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

39,045

EUR

(2,920)

Eeka Fashion Holdings Ltd.

HONIA + 0.35%

Monthly

GSCO

1/27/27

218,166

HKD

(1,103)

EFG International AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/30

206,959

CHF

177,877

EG Industries Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

10/30/26

51,600

(2,355)

Eiffage SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/29

67,213

EUR

26,770

El.En. SpA

Euro STR + 0.35%

Monthly

JPHQ

7/13/29

126,402

EUR

22,867

Elecom Co.

1-Day TONAR + 0.35%

Monthly

GSCO

9/30/26

10,040,271

JPY

(6)

Elekta AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/05/29

1,336,164

SEK

(2,739)

Elior Group

1-Day EONIA + 0.275%

Monthly

MSCO

9/08/30

182,401

EUR

2,795

Elmera Group ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

1/27/31

471,656

NOK

(3,915)

Elmos Semiconductor SE

Euro STR + 0.35%

Monthly

JPHQ

7/18/30

20,243

EUR

12,832

Elnusa Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

6/29/26

30,431

20,701

E-Mart Inc

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

210,277

34,860

Emlpayment Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

8/26/26

95,835

AUD

(23,286)

Emmi

1-Day SARON + 0.35%

Monthly

JPHQ

11/09/26

183,203

CHF

24,024

Enagas SA

1-Day EONIA + 0.275%

Monthly

MSCO

6/11/26

128,701

EUR

18,774

Endeavour Mining Plc Ord

1-Day SONIA + 0.275%

Monthly

MSCO

2/17/27

47,301

GBP

8,477

Endesa SA

1-Day EONIA + 0.35%

Monthly

MSCS

1/13/31

166,571

EUR

103,976

Endo Lighting Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,732,114

JPY

19,670

Enea AB

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/26

147,647

109,181

Enel Group

1-Day EONIA + 0.40%

Monthly

MSCS

12/05/30

882,222

EUR

110,353

Engie SA

1-Day EONIA + 0.40%

Monthly

MSCO

9/25/30

1,438,326

EUR

169,294

Ennoconn Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

174,797

(1,518)

EnQuest PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

125,998

GBP

29,011

Entra ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

5/05/26

1,640,931

NOK

(11,215)

Equasens

1-Day EONIA + 0.275%

Monthly

MSCO

11/17/26

41,838

EUR

(6,653)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Equity Flows

Fixed 0.00%

Monthly

JPHQ

6/30/26

2,093,250

6,352

Equity Low Beta

Fixed 0.00%

Monthly

DBAB

6/29/31

3,605,760

164,774

Equity Momentum

Fixed 0.00%

Monthly

DBAB

6/29/31

8,874,589

602,386

Equity Value

Fixed 0.00%

Monthly

DBAB

6/29/31

12,864,480

(274,823)

Erajaya Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

103,567

(6,246)

Erex Co Ltd.

TONAR + 0.35%

Monthly

GSCO

7/20/26

9,404,863

JPY

3,102

Ericsson

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

3,779,912

SEK

114,044

Esr REIT

1-Day SORA + 0.40%

Monthly

MSCO

11/26/26

128,503

SGD

(5,761)

Eubiologics Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/02/26

128,129

9,353

Eurocash

1-Day FEDEF + 1.25%

Monthly

MSCS

1/06/31

76,274

(11,845)

Eurocell PLC

1-Day SONIA + 0.275%

Monthly

MSCO

9/24/30

44,019

GBP

(13,632)

Eurocommercial Properties NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

162,636

EUR

26,269

Eurofins Scientific

1-Day EONIA + 0.275%

Monthly

MSCO

7/17/30

210,279

EUR

31,566

Eva Airways

1-Day FEDEF + 0.10%

Monthly

MSCO

6/19/26

279,729

(18,310)

Eva Precision Industrial

HIBOR + 0.35%

Monthly

GSCO

6/25/26

412,277

HKD

7,267

Evergreen Aviation Technology

1-Day FEDEF + 0.10%

Monthly

MSCO

1/22/27

66,945

4,498

Everlight Electronics Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/28/26

75,741

3,044

Everplay Group PLC

1-Day SONIA + 0.275%

Monthly

MSCO

4/15/26

181,748

GBP

(32,747)

EVN AG

Euro STR + 0.35%

Monthly

JPHQ

3/18/26

31,382

EUR

404

EVS Broadcast Equipment SA

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

82,683

EUR

(1,199)

Exem Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/20/26

49,872

(8,409)

Exor NV

Euro STR + 0.35%

Monthly

JPHQ

2/28/31

296,150

EUR

(1,027)

F&P Health Fpo Nzx

1-Day NZOCR + 0.30%

Monthly

MSCO

1/08/27

138,764

AUD

2,873

Fabege AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/21/29

2,264,318

SEK

6,245

Facc AG

Euro STR + 0.35%

Monthly

JPHQ

2/23/27

27,911

EUR

5,130

Fagron NV

Euro STR + 0.35%

Monthly

JPHQ

8/19/30

55,185

EUR

5,822

Far Eastern New Century

1-Day FEDEF + 0.10%

Monthly

MSCO

9/28/26

197,591

5,168

Farm Fresh Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

9/14/26

34,592

3,609

Ferrotec Corporation

TONAR + 0.35%

Monthly

GSCO

2/19/27

4,574,905

JPY

(837)

Ficont Industry

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

257,977

37,262

Finnair OYJ

Euro STR + 0.275%

Monthly

SEBA

4/15/26

74,985

EUR

5,373

First Gen Corporation

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

944

First Pacific Co.

HIBOR + 0.35%

Monthly

GSCO

7/03/26

842,192

HKD

3,694

First Resources

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

120,689

SGD

39,912

FirstGroup PLC

1-Day SONIA + 0.35%

Monthly

MSCS

8/24/30

240,968

GBP

22,254

Fisher & Paykel Healthcare

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

319,169

NZD

18,324

Fleetwood Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

9/17/26

108,849

AUD

(18,315)

Flight Ctr Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

228,521

AUD

(7,784)

Focusrite Plc Ord

1-Day SONIA + 0.275%

Monthly

MSCO

2/25/27

6,075

GBP

(167)

ForFarmers

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

102,753

EUR

73,280

Formosa Laboratories Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/08/26

31,979

(224)

Forterra Plc Ord

1-Day SONIA + 0.275%

Monthly

MSCO

8/27/26

101,740

GBP

4,504

Fortress REIT Ltd.

1-Day SABOR + 0.50%

Monthly

MSCS

11/27/30

4,102,817

ZAR

98,771

Forvia

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/30

40,205

EUR

4,478

Foster Electric Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

27,729,635

JPY

114,882

Fosun International

HONIA + 0.35%

Monthly

GSCO

2/16/27

139,086

HKD

(149)

Foxtons Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/18/30

56,812

GBP

3,399

Frasers Property Limited

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

4,809

SGD

471

Freebit Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

11,337,378

JPY

4,651

Fuchs Petrolub SE

Euro STR + 0.35%

Monthly

JPHQ

4/25/26

133,356

EUR

3,875

Fufeng Group Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,132,748

HKD

3,540

Fuji Seal International

TONAR + 0.35%

Monthly

GSCO

6/24/26

17,852,891

JPY

1,759

Fukuda Denshi Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

772,509

JPY

1,619

Furyu Corporation

TONAR + 0.35%

Monthly

GSCO

2/19/27

1,906,135

JPY

682

Fusheng Precision Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

159,165

(14,070)

Futaba Industrial Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,101,144

JPY

40,434

Fuyao Glass Industry

HONIA + 0.35%

Monthly

MSCO

1/18/27

90,736

(952)

Fuyao Glass Industry Group

HIBOR + 0.35%

Monthly

GSCO

6/26/26

1,648,405

HKD

14,878

Fuzhou Rockchip Electric

1-Day FEDEF + 1.00%

Monthly

MSCO

1/26/27

43,969

(2,006)

GA Technologies Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

45,858,720

JPY

(9,805)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Gakken Holdings Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

14,021,655

JPY

7,157

Galenica AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/29

210,181

CHF

20,586

Galliford Try Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

103,277

GBP

82,782

Gas Malaysia Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

39,102

8,434

^bGazprom PJSC ADR

1-Day FEDEF

Monthly

MSCS

1/31/31

173,903

GDI Prop Stapled

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

111,284

AUD

(3,355)

GEA Group

Euro STR + 0.35%

Monthly

JPHQ

6/05/26

83,508

EUR

12,685

Geely Automobile Holdings

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,581,509

HKD

(10,578)

Genians Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/28/26

43,486

(11,164)

Genius Electronic Optical

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

284,548

(1,669)

Genmab A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/30

1,002,703

DKK

32,439

Genus PLC

1-Day SONIA + 0.35%

Monthly

MSCS

8/22/30

178,590

GBP

43,983

Gestamp Automocion SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/30

227,553

EUR

Getac Holdings Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/10/26

92,495

(2,097)

Getinge AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/28

2,665,568

SEK

5,240

Gfpt Public Company Limit

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

141,194

15,534

Giordano International

HIBOR + 0.35%

Monthly

GSCO

9/09/26

332,531

HKD

(1,400)

Global Mixed Mode Technology

1-Day FEDEF + 0.10%

Monthly

MSCO

9/22/26

96,231

7,615

Global One Real Estate

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,468,070

JPY

2,261

Global Power Synergy Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

2/10/27

38,041

4,455

Global Tax Free Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/07/27

60,734

(1,910)

GMO Internet Group Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

34,232,712

JPY

(36,749)

GN Store Nord AS

1-Week CIBOR + 0.275%

Monthly

SEBA

12/08/26

850,629

DKK

(16,107)

Golden Agr-Res

1-Day SORA + 0.30%

Monthly

MSCO

12/02/26

96,380

SGD

1,258

Goodbaby Intl Hldgs Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/30/26

888,156

HKD

(7,552)

Gpt Stapled

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

279,749

AUD

(2,331)

Grand City Properties SA

Euro STR + 0.35%

Monthly

JPHQ

11/27/28

133,640

EUR

7,249

Grape King Bio Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

74,318

(4,217)

Great Wall Motor Company

HIBOR + 0.35%

Monthly

GSCO

10/06/26

1,616,956

HKD

(31,016)

Greatek Electronics Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

86,995

42,416

Greencore Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/12/30

208,911

GBP

109,550

Greentown Service Group C

HIBOR + 0.35%

Monthly

GSCO

6/25/26

2,421,173

HKD

(5,123)

Grenke AG

Euro STR + 0.35%

Monthly

JPHQ

11/30/26

118,727

EUR

(2,995)

Grifols SA

1-Day EONIA + 0.35%

Monthly

MSCO

3/25/26

179,034

EUR

578

Grupa Azoty SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/30

130,097

(14,512)

Grupo Empresarial San Jose

1-Day EONIA + 0.275%

Monthly

MSCO

9/22/26

55,987

EUR

22,083

GTT

1-Day EONIA + 0.275%

Monthly

MSCO

10/28/26

158,538

EUR

23,969

Guangdong Haid Group

1-Day FEDEF + 0.25%

Monthly

MSCO

8/28/26

46,920

(6,134)

Guangdong Investment

HIBOR + 0.35%

Monthly

GSCO

6/25/26

2,024,795

HKD

19,621

Guangshen Railway Co.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

61,703

3,629

Guangzhou Baiyun

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

93,788

2,794

Guangzhou Baiyunshan

HONIA + 0.35%

Monthly

GSCO

1/13/27

150,443

HKD

380

Gulf Marine Services Plc

1-Day SONIA + 0.275%

Monthly

MSCO

8/27/26

30,280

GBP

13,260

Gurit

1-Day SARON + 0.35%

Monthly

JPHQ

11/06/30

20,664

CHF

25,995

H. Lundbeck A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

11/27/30

426,092

DKK

(1,704)

H.I.S. Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

12/04/26

28,550,951

JPY

(1,802)

Hafnia Ltd.

1-Week NIBOR + 0.275%

Monthly

SEBA

4/15/26

2,267,268

NOK

97,281

Haier Smart Home Co Ltd.

HIBOR + 0.35%

Monthly

GSCO

10/06/26

1,997,545

HKD

9,034

Halfords Group Ord

1-Day SONIA + 0.255%

Monthly

MSCO

12/07/26

66,916

GBP

2,296

Hallenstein Glassons Hldg

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

65,867

NZD

5,979

Hammerson PLC

1-Day SONIA + 0.275%

Monthly

MSCO

11/27/30

169,922

GBP

68,483

Hana Financial Group

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

189,936

56,558

Hancom Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

3/01/27

6,363

(148)

Hankuk Carbon Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

11/23/26

85,786

33,092

Hanwa Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/15/27

4,400,716

JPY

533

Hanwha General Ins

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

173,236

51,122

Happinet Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

21,535,290

JPY

16,971

Harbin Electric Co Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

358,959

HKD

112,494

Harmony Gold Mining Co. Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

3/06/26

4,535,437

ZAR

83,452

Hartadinata Abadi

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

1,521

3,611

Hd Hyundai

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

62,932

45,367

Hd Hyundai Energy Solutions

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

103,655

83,320

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

HDC Holdings Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/07/26

97,343

29,532

Hdksoe

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

253,729

30,313

Heba Fastighets Ab Ser B

1-Week STIBOR + 0.275%

Monthly

SEBA

6/24/26

321,605

SEK

375

Hecto Innovation

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

74,671

28,942

Heidelberger Druckmaschin

Euro STR + 0.35%

Monthly

JPHQ

11/30/26

128,743

EUR

(37,609)

Heijmans NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

166,120

EUR

225,485

Heineken Malaysia Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

26,458

1,883

HelloFresh SE

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

230,933

EUR

(90,710)

Hexatronic Group AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/18/35

1,461,918

SEK

4,449

Hiag Immobilien

1-Day SARON + 0.35%

Monthly

JPHQ

9/12/30

100,774

CHF

57,904

Highton Ord

1-Day FEDEF + 0.25%

Monthly

MSCS

12/02/31

321,565

18,729

Hilton Food Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

10/18/30

51,423

GBP

(10,396)

Hisense Home Appliances

HIBOR + 0.35%

Monthly

GSCO

7/06/26

2,022,753

HKD

1,491

Hito-Communications Holdings

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,245,948

JPY

(1,028)

Hoist Finance AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/30

1,410,170

SEK

149,255

Holcim Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

5/09/26

62,500

CHF

383

Hong Kong Exchanges & CLE

HIBOR + 0.35%

Monthly

GSCO

9/28/26

942,759

HKD

(2,883)

Hong Leong Asia

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

91,822

SGD

46,114

Hong Leong Industries Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

49,984

18,590

Horizon Oil Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

70,998

AUD

9,899

HORNBACH Holding AG & Co. KGaA

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

148,672

EUR

(392)

Hosokawa Micron Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,801,183

JPY

39,916

HPH Trust USD

1-Day FEDEF + 0.40%

Monthly

MSCO

11/06/26

79,375

3,959

Huadian Power International

HIBOR + 0.35%

Monthly

GSCO

10/06/26

1,385,168

HKD

10,228

Huayu Automotive System

1-Day FEDEF + 1.00%

Monthly

MSCO

12/03/26

33,351

455

Hugel

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

63,612

1,286

Hugo Boss AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/26

321,516

EUR

(22,322)

Huhtamaki OYJ

Euro STR + 0.275%

Monthly

SEBA

1/30/31

338,127

EUR

(34,084)

Human Hldgs Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,499,738

JPY

1,558

Humana AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

833,362

SEK

1,808

Humedix

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

43,184

1,486

Hunting PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/28

125,171

GBP

80,968

Husqvarna AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/25/30

3,266,906

SEK

(45,220)

HUUUGE Inc.

1-Day FEDEF + 1.25%

Monthly

MSCS

7/01/27

68,849

7,308

Hwaway Tech Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/25/27

64,783

(1,273)

Hyundai Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

11/24/26

34,830

8,105

Hyundai Department Store

1-Day FEDEF + 0.10%

Monthly

MSCO

9/02/26

119,554

29,104

Hyundai Glovis

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

69,482

48,565

Hyundai Marine & Fire

1-Day FEDEF + 0.10%

Monthly

MSCO

1/07/27

107,516

19,553

Hyundai Wia

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

163,334

113,353

Icade

1-Day EONIA + 0.275%

Monthly

MSCO

7/13/26

161,746

EUR

533

ID Holdings Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,246,554

JPY

(4,305)

IFast

1-Day SORA + 0.30%

Monthly

MSCO

2/26/27

19,607

SGD

(80)

IG Design Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

52,149

GBP

(19,776)

IGG Inc.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,680,870

HKD

(48,131)

InBody

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

96,659

15,003

Incap Corp.

Euro STR + 0.28%

Monthly

SEBA

8/22/30

45,150

EUR

1,804

Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/28

55,803

(3,855)

Index Living Mall Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

24,034

5,574

Indosat

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

31,439

245

Indus-Holding AG

Euro STR + 0.35%

Monthly

JPHQ

10/11/30

67,344

EUR

21,370

Industri Jamu & Farmasi

1-Day FEDEF + 0.35%

Monthly

MSCO

12/01/26

31,543

(420)

Infomart Corporation

TONAR + 0.35%

Monthly

GSCO

12/16/26

14,405,195

JPY

847

Ingenia Stapled

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

395,080

AUD

(38,984)

Inghams Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

317,810

AUD

(86,847)

Inmobiliaria Colonial

1-Day EONIA + 0.35%

Monthly

MSCS

11/27/30

245,360

EUR

(7,917)

Instone Real Estate Group SE

Euro STR + 0.35%

Monthly

JPHQ

12/12/30

22,789

EUR

8,152

Integrafin Holdings Plc

1-Day SONIA + 0.275%

Monthly

MSCO

11/18/26

185,589

GBP

(19,223)

^cIntegrated Service Tech rts.

Fixed 0.00%

Monthly

MSCO

10/29/26

2,830

International Consolidated Airlines Group SA

1-Day SONIA + 0.30%

Monthly

MSCS

5/27/26

203,454

GBP

179,522

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Intesa Sanpaolo SpA

Euro STR + 0.35%

Monthly

JPHQ

4/22/26

180,718

EUR

38,462

Investec Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

9/15/30

3,496,776

ZAR

11,689

Ionos Group SE

Euro STR + 0.35%

Monthly

JPHQ

11/06/30

93,998

EUR

(23,775)

IP Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/29

47,055

GBP

(2,830)

Ipsos Group SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

125,030

EUR

7,755

Iren

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

256,175

EUR

29,192

ISDN

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

24,796

SGD

4,661

Ishihara Sangyo Kaisha

TONAR + 0.35%

Monthly

GSCO

6/24/26

17,130,224

JPY

73,445

ISS A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

11/27/30

1,167,211

DKK

19,676

Ive Group FPO

1-Day RBACR + 0.40%

Monthly

MSCO

7/28/26

96,632

AUD

1,501

Iyogin Holdings Inc

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,371,247

JPY

74,995

Jacquet Metals SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

10,603

EUR

2,062

Jafco Group Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

12/08/26

16,155,892

JPY

2,694

Japan Airlines Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

34,766,712

JPY

23,150

Japan Investment Adviser

TONAR + 0.35%

Monthly

GSCO

2/08/27

5,502,816

JPY

(738)

Japan Material Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/16/27

9,743,392

JPY

3,268

Japan Post Bank Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,419,091

JPY

35,156

Japan Property Management

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,764,728

JPY

10,216

Japfa Comfeed Indonesia

1-Day FEDEF + 0.35%

Monthly

MSCO

6/23/26

2,308

(238)

Jardine C&C

1-Day SORA + 0.40%

Monthly

MSCO

8/19/26

69,193

SGD

9,570

Jaya Tiasa Holdings Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

99,120

7,706

Jb Hi-Fi Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

297,027

AUD

(42,040)

JBCC Holdings Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

9,652,484

JPY

(825)

JCDecaux SE

1-Day EONIA + 0.30%

Monthly

MSCS

11/07/30

268,449

EUR

31,114

JD Logistics Inc.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

97,295

HKD

(370)

Jet2 PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/18/30

261,688

GBP

(37,688)

JG Summit Holdings Inc.

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

61,576

18,208

Jiangsu Changshu

1-Day FEDEF + 0.25%

Monthly

MSCO

6/29/26

71,193

(45)

Jiangsu Guotai

1-Day FEDEF + 1.00%

Monthly

MSCO

12/03/26

105,215

5,661

Jiangsu Hengli

1-Day FEDEF + 1.00%

Monthly

MSCO

1/26/27

25,234

(569)

Jiangsu Suzhou Rural

1-Day FEDEF + 0.25%

Monthly

MSCO

6/29/26

70,126

(2,862)

Jig Jp Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,911,078

JPY

(2,209)

Jinan Acetate Chemical Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/02/26

291,688

(107,550)

Jins Holdings Inc.

TONAR + 0.35%

Monthly

GSCO

7/15/26

4,824,383

JPY

103

JMH

1-Day FEDEF + 0.40%

Monthly

MSCO

7/13/26

94,498

37,385

JNBY Design Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,661,720

HKD

42,787

Johnson Electric Holdings

HIBOR + 0.35%

Monthly

GSCO

6/25/26

582,616

HKD

16,619

Johnson Health Tech

1-Day FEDEF + 0.10%

Monthly

MSCO

9/25/26

49,222

(6,166)

Johnson Service Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

6/07/26

147,269

GBP

3,247

JOST Werke SE

Euro STR + 0.35%

Monthly

JPHQ

7/05/26

40,507

EUR

7,609

JP Holdings Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,286,890

JPY

20,365

JSE Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

9/15/30

2,405,746

ZAR

28,703

JSP Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,416,770

JPY

14,000

Jtekt Corporation

TONAR + 0.35%

Monthly

GSCO

6/19/26

28,087,808

JPY

118,731

Julius Baer

Euro STR + 0.35%

Monthly

JPHQ

7/17/29

177,486

CHF

20,066

JVM

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

113,435

(12,267)

JW Pharmaceutical

1-Day FEDEF + 0.10%

Monthly

MSCO

1/07/27

54,897

12,376

K Car

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

87,198

(4,773)

K+S AG

Euro STR + 0.35%

Monthly

JPHQ

12/07/26

55,003

EUR

11,902

Kaimei Electronic Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/25/27

39,310

(32)

Kainos Group Plc Ord

1-Day SONIA + 0.263%

Monthly

MSCO

1/14/27

79,800

GBP

(20,806)

Kalbe Farma

1-Day FEDEF + 0.35%

Monthly

MSCO

10/08/26

55,884

(3,665)

Kalekim Kimyevi Maddeler

1-Day FEDEF + 1.25%

Monthly

MSCO

8/11/26

137,761

15,651

Kalmar Oyj

Euro STR + 0.275%

Monthly

SEBA

8/23/29

86,884

EUR

25,762

Kanamoto Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

31,677,772

JPY

51,033

Kaneka Corp.

1-Day TONAR + 0.35%

Monthly

GSCO

11/30/26

14,427,511

JPY

15,720

Kanematsu Corp

TONAR + 0.35%

Monthly

GSCO

6/24/26

31,780,576

JPY

119,162

Kansai Paint Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/09/27

8,476,089

JPY

571

Kaufman ET Broad

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/30

118,488

EUR

5,609

KCTech Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/12/27

61,455

13,022

Keller Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

158,186

GBP

94,140

Kepco

1-Day FEDEF + 4.00%

Monthly

MSCO

6/24/26

137,680

50,762

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Kernel Holding SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/30

11,632

17,773

Kia Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/23/26

161,862

115,362

Kier Group Plc

1-Day SONIA + 0.275%

Monthly

MSCO

10/29/26

66,984

GBP

6,061

KIH

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

47,638

22,744

Kina Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

68,204

AUD

(921)

Kingfa SCI&Tech Co.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

74,625

34,776

Kion Group AG

Euro STR + 0.35%

Monthly

JPHQ

11/27/28

61,217

EUR

(5,735)

Kioxia Holdings Corporation

TONAR + 0.35%

Monthly

GSCO

2/26/27

4,233,416

JPY

Kip Real Estate Investments

1-Day FEDEF + 0.25%

Monthly

MSCO

9/14/26

44,439

5,409

Kitron ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/19/29

843,649

NOK

36,229

The Klinique Medical Clinic

1-Day FEDEF + 0.25%

Monthly

MSCO

9/02/26

51,236

(3,135)

KoganCom Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

171,094

AUD

16,472

Kojamo Plc

Euro STR + 0.275%

Monthly

SEBA

2/23/27

53,673

EUR

392

Kolmar Korea

1-Day FEDEF + 0.10%

Monthly

MSCO

1/07/27

49,413

8,128

Konecranes OYJ

Euro STR + 0.28%

Monthly

SEBA

11/22/30

204,642

EUR

100,374

Kongsberg Gruppen As

1-Week NIBOR + 0.275%

Monthly

SEBA

7/17/30

1,395,857

NOK

54,410

Koninklijke Ahold Delhaize NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/26

310,999

EUR

92,969

Koninklijke BAM Groep NV

Euro STR + 0.35%

Monthly

JPHQ

8/14/30

188,920

EUR

156,440

Konoike Transport Co Limited

TONAR + 0.35%

Monthly

GSCO

6/24/26

44,360,642

JPY

45,130

Korea Gas

1-Day FEDEF + 0.10%

Monthly

MSCO

9/02/26

55,773

122

KorElecTerm

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

179,961

27,328

Koyou Rentia Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/25/26

1,833,150

JPY

2,513

KPIC

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

247,828

160,569

Krones AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

88,825

EUR

6,099

KT Skylife Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

10/30/26

18,649

Kubell Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

6,690,074

JPY

(13,887)

Kumba Iron Ore Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

3/25/26

3,428,808

ZAR

28,483

KWS Saat SE & Co. KGaA

Euro STR + 0.35%

Monthly

JPHQ

8/15/30

97,954

EUR

22,894

L.D.C.

1-Day EONIA + 0.275%

Monthly

MSCO

9/15/26

52,513

EUR

6,498

La Francaise Des Jeux SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

90,382

EUR

1,009

Lens Technology Co.

1-Day FEDEF + 1.00%

Monthly

MSCO

6/24/26

74,310

10,787

Leo Palace 21 Corp.

TONAR + 0.35%

Monthly

GSCO

6/22/26

25,971,860

JPY

33,289

Leong Hup International

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

68,110

23,386

LG Electronics

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

158,574

106,493

LG Innotek

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

187,623

89,330

LG Uplus

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

267,791

29,616

Life Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

33,175,458

JPY

46,050

Lime Technologies AB

1-Week STIBOR + 0.275%

Monthly

SEBA

1/22/27

858,676

SEK

(19,259)

Linea Directa Aseguradora

1-Day EONIA + 0.275%

Monthly

MSCO

6/08/26

44,554

EUR

3,699

Lion Travel Service Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

227,057

11,424

Lisi

1-Day EONIA + 0.275%

Monthly

MSCO

10/28/26

86,198

EUR

11,100

Livzon Pharmaceutical Group

HIBOR + 0.35%

Monthly

GSCO

7/03/26

974,683

HKD

(13,017)

Logitech International

1-Day SARON + 0.35%

Monthly

JPHQ

2/17/31

270,690

CHF

28,150

Lonking Holdings Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

894,801

HKD

43,206

Loomis AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/15/26

3,900,192

SEK

56,958

Lotte Fine Chem

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

93,908

14,320

Lotte Rental Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

8/14/26

35,195

4,412

LPP

1-Day FEDEF + 1.25%

Monthly

MSCS

10/10/35

208,331

5,405

LT Group Inc.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

10,833

961

Lumax International Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

90,494

21,345

Luotea Oyj

Euro STR + 0.275%

Monthly

SEBA

1/27/31

28,613

EUR

(24,698)

LY Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

20,410,678

JPY

(28,192)

Lygend Resources & Technologies

HONIA + 0.35%

Monthly

GSCO

1/07/27

525,768

HKD

11,724

M Up Holdings Inc.

1-Day TONAR + 0.35%

Monthly

GSCO

10/21/26

10,707,152

JPY

(16,962)

Mabuchi Motor Co.

TONAR + 0.35%

Monthly

GSCO

12/16/26

7,784,724

JPY

14,493

Macmahon Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

131,319

AUD

75,418

Magnum Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

9/18/26

21,574

619

Maire Tecnimont SpA

Euro STR + 0.35%

Monthly

JPHQ

8/14/30

199,455

EUR

128,659

Makus Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/07/26

77,599

35,930

Malayan Cement Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

2/11/27

70,054

1,047

Malayan Flour Mills Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

59,037

17,560

Manila Electric Company

1-Day FEDEF + 0.25%

Monthly

MSCO

6/23/26

5,036

599

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Manitou BF SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/28

34,820

EUR

8,000

Marimekko Corp.

Euro STR + 0.28%

Monthly

SEBA

7/17/30

34,405

EUR

(5,291)

Marketech International

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

215,013

77,883

Marks & Spencer Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

130,287

GBP

49,268

Marston’s PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

108,097

GBP

81,075

Matsuda Sangyo

TONAR + 0.35%

Monthly

GSCO

6/24/26

1,508,144

JPY

12,743

Maxis Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

8/26/26

223,533

21,580

Mayr-Melnhof Karton AG

Euro STR + 0.35%

Monthly

JPHQ

2/05/31

69,179

EUR

31,626

Mazda Motor Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

20,696,915

JPY

59,393

MBB SE

Euro STR + 0.35%

Monthly

JPHQ

9/11/26

57,997

EUR

14,819

Mcbride Ord

1-Day SONIA + 0.2544%

Monthly

MSCO

12/07/26

52,237

GBP

9,940

MCNEX

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

166,284

(9,333)

ME Group International PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/28/28

47,913

GBP

(1,248)

Mebuki Financial Group

TONAR + 0.35%

Monthly

GSCO

6/24/26

21,286,229

JPY

73,401

Medacta Group

1-Day SARON + 0.35%

Monthly

JPHQ

1/07/27

19,822

CHF

(697)

Medcap AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/09/26

1,151,363

SEK

(9,616)

MediaForEurope

1-Day EONIA + 0.35%

Monthly

JPHQ

5/31/26

248,180

EUR

9,637

MediaForEurope

1-Day EONIA + 0.35%

Monthly

MSCO

5/31/26

103,324

EUR

36,553

Mediobanca

Euro STR + 0.35%

Monthly

JPHQ

1/12/27

13,483

EUR

978

Medmix

1-Day SARON + 0.35%

Monthly

JPHQ

11/27/26

78,738

CHF

(12,668)

Mega Lifesciences Public

1-Day FEDEF + 0.25%

Monthly

MSCO

2/04/27

39,523

(206)

Megastudyedu

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

145,211

(4,078)

Megaworld Corporation

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

45,338

5,126

Megmilk Snow Brand Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

21,520,023

JPY

30,156

Melia Hotels International

1-Day EONIA + 0.35%

Monthly

MSCO

5/20/26

94,172

EUR

13,927

Members Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,420,886

JPY

(1,584)

Mercialys SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

45,896

EUR

7,359

Mercury Nz Ltd.

1-Day NZOCR + 0.30%

Monthly

MSCO

12/07/26

103,977

NZD

Mersen

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

69,351

EUR

16,527

Metals X Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

109,206

AUD

72,739

MGM China Hldgs Ltd.

HONIA + 0.35%

Monthly

GSCO

1/25/27

887,261

HKD

(4,130)

Micreed Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

1,258,062

JPY

348

Mikron Group

1-Day SARON + 0.35%

Monthly

JPHQ

9/12/30

19,305

CHF

3,105

Minor International

1-Day FEDEF + 0.25%

Monthly

MSCO

6/23/26

61,686

(602)

Mirait One Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,426,381

JPY

42,594

Miroku Jyoho Service Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,830,858

JPY

(544)

Mitchells & Butlers PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/30

134,702

GBP

39,076

Mitie Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

134,259

GBP

46,117

Mitra Adiperkasa Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

8/31/26

37,808

2,582

Mitsubishi Motor Corp.

TONAR + 0.35%

Monthly

GSCO

12/16/26

8,365,980

JPY

6,585

MLP SE

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

12,723

EUR

1,107

Modern Dental Group Limit

HIBOR + 0.35%

Monthly

GSCO

6/25/26

760,198

HKD

28,905

Modern Times Group MTG AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/08/26

3,587,132

SEK

(101,174)

Modetour

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

78,612

(3,170)

Mogan Enerji

1-Day FEDEF

Monthly

MSCO

12/01/26

36,697

7,360

Molten Ventures PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/33

76,653

GBP

(5,956)

Monadel Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

177,301

AUD

83,754

Monde Nissin Corporation

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

43,714

(1,951)

Moonpig Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/29

128,859

GBP

8,896

Morita Holdings

TONAR + 0.35%

Monthly

GSCO

3/01/27

297,508

JPY

Mostostal Zabrze SA

1-Day FEDEF + 1.25%

Monthly

MSCO

11/03/30

9,511

4,019

Mr Max Holdings Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,793,596

JPY

3,630

Mr Price Group Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

3/14/26

5,940,538

ZAR

(48,327)

MT Gibson Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

44,642

AUD

15,466

MTN Group Ltd.

1-Day SABOR + 0.32%

Monthly

MSCS

7/15/26

4,772,963

ZAR

179,999

Muhibbah Engineering

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

25,988

160

Muyuan Foods Co Ltd.

1-Day FEDEF + 0.25%

Monthly

MSCO

11/13/26

117,596

(719)

My Humble House Hospitality

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

57,780

(12,534)

Nagano Keiki Co Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

9/17/26

19,701,720

JPY

37,365

Nagarro SE

Euro STR + 0.35%

Monthly

JPHQ

1/13/27

66,185

EUR

(13,586)

Nak Sealing Technologies

1-Day FEDEF + 0.10%

Monthly

MSCO

6/25/26

10,648

788

Nan Pao Resins Chemical

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

290,065

(7,300)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Nanosonics Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

8/14/26

82,573

AUD

(9,665)

Nanya Technology Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

2/26/27

18,252

Napier Holdings Limited

1-Day NZOCR + 0.30%

Monthly

MSCO

12/07/26

19,833

NZD

354

National Express Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

8/26/29

2,637

GBP

931

National Grid PLC

1-Day SONIA + 0.40%

Monthly

MSCS

1/23/31

1,163,645

GBP

18,431

Naturgy Energy Group SA

1-Day EONIA + 0.275%

Monthly

MSCO

11/06/26

234,732

EUR

2,234

NatWest Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

214,713

GBP

105,019

NC Chem Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/01/26

51,499

22,474

NCC AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

2,917,444

SEK

39,635

NEC Corp.

TONAR + 0.35%

Monthly

GSCO

3/02/27

2,163,605

JPY

(158)

Nedap

Euro STR + 0.35%

Monthly

JPHQ

2/11/27

44,235

EUR

(1,517)

Neowiz

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

151,808

(917)

Netbay Public Co Ltd.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

61,424

966

Netcare Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

10/02/30

2,418,820

ZAR

16,255

Netcompany Group AS

1-Week CIBOR + 0.275%

Monthly

SEBA

11/13/26

1,015,715

DKK

(585)

Netease Inc.

HIBOR + 0.35%

Monthly

GSCO

11/10/26

1,191,062

HKD

(19,534)

Netronix Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

8/19/26

114,250

(11,229)

Netwealth Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

198,400

AUD

(13,933)

Newborn Town Inc.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,439,150

HKD

(12,282)

Newlat Food

Euro STR + 0.35%

Monthly

JPHQ

5/22/26

177,760

EUR

938

Nexans

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/30

341,754

EUR

(4,936)

Nexi

Euro STR + 0.35%

Monthly

JPHQ

11/30/26

295,387

EUR

(44,799)

Next Geosolutions Europe

Euro STR + 0.35%

Monthly

JPHQ

1/25/27

29,412

EUR

2,178

Nextone Inc.

1-Day TONAR + 0.35%

Monthly

GSCO

10/29/26

14,560,836

JPY

(4,098)

Nforce Secure Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

15,041

4,441

NH Foods Ltd.

TONAR + 0.35%

Monthly

GSCO

7/06/26

10,113,824

JPY

17,598

Nihon Dempa Kogyo

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,535,287

JPY

19,611

Nihon M&A Center Holdings

TONAR + 0.35%

Monthly

GSCO

3/01/27

2,365,395

JPY

125

Nihon Trim Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,750,711

JPY

5,644

Nilorngruppen AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/03/30

196,069

SEK

(2,808)

Ninety One Limited

1-Day SABOR + 0.70%

Monthly

MSCO

8/25/26

1,870,044

ZAR

15,262

Ninety One Plc Ord

1-Day SONIA + 0.275%

Monthly

MSCO

8/25/26

32,376

GBP

5,364

Niox Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/31

35,943

GBP

991

Nippon Carbide Industries

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,837,937

JPY

28,339

Nippon Dry Chemical Co Lt

TONAR + 0.35%

Monthly

GSCO

6/24/26

12,458,084

JPY

73,076

Nippon Reit Investment Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,701,395

JPY

2,225

Nippon Seiki Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,920,742

JPY

79,903

Nipro Corp.

TONAR + 0.35%

Monthly

GSCO

12/04/26

13,591,311

JPY

8,644

Nishi Nippon Financial HL

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,865,854

JPY

50,140

Nissi ASB Machine Co.

1-Day TONAR + 0.35%

Monthly

GSCO

11/11/26

7,038,827

JPY

20,131

Nitta Gelatin Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

6,980,887

JPY

23,893

Nitto Kogyo Corporation

1-Day TONAR + 0.35%

Monthly

GSCO

11/05/26

21,970,593

JPY

27,275

NN Group NV

Euro STR + 0.35%

Monthly

JPHQ

7/15/26

209,412

EUR

68,515

Nok Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,066,562

JPY

33,467

Nolato AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/23/26

1,025,542

SEK

(12,696)

Nordea Bank ABP

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,058,751

SEK

14,392

Nordex SE

Euro STR

Monthly

JPHQ

12/01/30

159,118

EUR

254,686

Nordnet Ab

1-Week STIBOR + 0.275%

Monthly

SEBA

2/08/27

1,587,702

SEK

(5,802)

Norion Bank AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/07/30

520,809

SEK

(4,664)

Noritsu Koki Co.

TONAR + 0.35%

Monthly

GSCO

12/16/26

35,298,310

JPY

25,040

Norooholdings

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

65,832

5,520

Norsk Hydro ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

4/08/30

1,809,761

NOK

53,489

Norwegian Air Shuttle ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/19/30

2,660,701

NOK

92,752

Note Ab

1-Week STIBOR + 0.275%

Monthly

SEBA

2/25/27

193,436

SEK

(11)

Nova Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

184,977

11,534

Novartis AG

1-Day SARON + 0.35%

Monthly

JPHQ

4/22/26

210,833

CHF

107,652

Nrwholdltd Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

356,829

AUD

190,586

Nsl Foods Pcl.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

18,926

(1,588)

NTN Corp

TONAR + 0.35%

Monthly

GSCO

6/24/26

18,599,987

JPY

63,344

Nyfosa AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/12/30

187,151

SEK

1,174

Odfjell SE

1-Week NIBOR + 0.275%

Monthly

SEBA

4/15/26

1,178,899

NOK

29,172

Odfjell Technology Ltd.

1-Week NIBOR + 0.28%

Monthly

SEBA

7/18/30

873,497

NOK

42,752

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Offshore Oil Engineering

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

107,145

33,486

Okabe Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

5,611,596

JPY

6,518

Okea ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/30

783,979

NOK

39,794

Okinawa Financial Grp Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

31,544,841

JPY

137,500

Old Mutual Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

4/30/26

3,650,885

ZAR

82,724

Olvi PLC

Euro STR + 0.275%

Monthly

SEBA

11/29/29

1,827

EUR

(2)

Omnia Holdings Ltd.

1-Day SABOR + 0.31%

Monthly

MSCS

7/17/30

2,541,702

ZAR

52,552

Omnivision Integrated

1-Day FEDEF + 1.00%

Monthly

MSCO

1/26/27

29,636

837

On The Beach Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

105,855

GBP

19,214

The One Enterprise Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

5,314

1,868

Onewo Inc.

HIBOR + 0.35%

Monthly

GSCO

9/18/26

837,670

HKD

(15,077)

Open House Group Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

17,976,181

JPY

77,394

Orange Polska SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/35

80,647

18,253

Orica Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

11/09/26

164,872

AUD

1,895

Oriola Corp.

Euro STR + 0.28%

Monthly

SEBA

7/17/30

33,844

EUR

(1,330)

ORSERO

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

57,142

EUR

34,711

Osaka Organic Chemical

1-Day TONAR + 0.35%

Monthly

GSCO

9/04/26

16,717,912

JPY

35,232

OSB Group

1-Day SONIA + 0.35%

Monthly

MSCS

9/12/30

183,481

GBP

62,524

Ouereit

1-Day SORA + 0.30%

Monthly

MSCO

12/15/26

63,791

SGD

3,244

OVS SpA

Euro STR + 0.35%

Monthly

JPHQ

7/26/30

211,735

EUR

173,841

Pacific Hospital Supply

1-Day FEDEF + 0.35%

Monthly

MSCO

6/24/26

49,663

(9,636)

Palfinger AG

Euro STR + 0.35%

Monthly

JPHQ

8/24/26

119,376

EUR

23,535

Pandora A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/15/26

192,148

DKK

(8,986)

Pantheon Infrastructure

1-Day SONIA + 0.35%

Monthly

MSCO

4/15/26

62,205

GBP

33,448

Panunited

1-Day SORA + 0.30%

Monthly

MSCO

12/10/26

31,474

SGD

5,127

Parade Technologies Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/21/27

87,178

Paragon Banking Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

2/03/30

244,990

GBP

6,969

Partners Group

1-Day SARON + 0.35%

Monthly

JPHQ

11/29/28

151,310

CHF

(27,306)

Partron

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

85,301

21,277

Peab AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/25/26

1,761,493

SEK

31,642

Pepco

1-Day FEDEF

Monthly

MSCO

1/21/31

223,908

136,169

Per Aarsleff Holding A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/30

1,330,905

DKK

102,329

Perenti Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

72,938

AUD

19,133

Perseus Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

144,541

AUD

55,268

Persol Holdings Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

53,141,445

JPY

(36,355)

Perusahaan Gas Negara Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

6/22/26

152,250

62,480

Perusahaan Perkebunan Lon

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

72,585

(8,768)

Petronas Dagangan Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

181,890

19,540

Pexip Holding

1-Week NIBOR + 0.28%

Monthly

SEBA

11/27/30

1,174,120

NOK

31,019

PGE Polska Grupa Energetyczna SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/15/26

267,486

141,555

Pha Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/27/26

43,294

6,865

Pharmanutra

Euro STR + 0.35%

Monthly

JPHQ

11/23/26

45,315

EUR

8,167

Pharmaresearch

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

116,934

(38,359)

Pharmaron Beijing Co Ltd.

HIBOR + 0.35%

Monthly

GSCO

7/06/26

1,296,759

HKD

(5,901)

Pharmicell

1-Day FEDEF + 0.10%

Monthly

MSCO

6/29/26

119,963

22,936

PHC Holdings Corp.

TONAR + 0.35%

Monthly

GSCO

12/16/26

18,651,213

JPY

(1,838)

Philippine National Bank

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

33,441

3,415

Pigeon Corp.

TONAR + 0.35%

Monthly

GSCO

12/18/26

22,172,198

JPY

9,194

Ping AN Insurance Group

1-Day FEDEF + 1.00%

Monthly

MSCO

3/01/27

14,886

(162)

Pirelli & C

Euro STR + 0.35%

Monthly

JPHQ

6/16/26

136,088

EUR

13,957

Pixart Imaging

1-Day FEDEF + 0.10%

Monthly

MSCO

8/04/26

78,361

6,196

PKO Bank Polski

1-Day FEDEF + 1.25%

Monthly

MSCO

11/06/30

133,422

43,157

Plastic Omnium

1-Day EONIA + 0.30%

Monthly

MSCO

3/14/26

143,550

EUR

128,343

Platzer Fastigheter Holdings

1-Week STIBOR + 0.275%

Monthly

SEBA

11/09/26

1,159,334

SEK

12,324

Playtech PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/12/30

145,903

GBP

43,449

Plejd Ab

1-Week STIBOR + 0.275%

Monthly

SEBA

2/08/27

1,252,419

SEK

(4,730)

Plus Alpha Consulting Co

1-Day TONAR + 0.35%

Monthly

GSCO

9/29/26

10,252,950

JPY

(2,592)

Pluxee NV

1-Day EONIA + 0.275%

Monthly

MSCO

6/09/26

141,035

EUR

(45,498)

Poco Ord

1-Day FEDEF + 0.30%

Monthly

MSCS

8/16/31

629,055

93,360

Polar Capital Holdings PLC

1-Day SONIA + 0.275%

Monthly

MSCO

11/03/30

130,588

GBP

49,630

Poly Property Services Co

HIBOR + 0.35%

Monthly

GSCO

6/22/26

2,274,050

HKD

(8,173)

Pop Mart Intl Grp Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,047,793

HKD

(4,961)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Postnl

Euro STR + 0.35%

Monthly

JPHQ

12/18/26

102,709

EUR

4,829

Pou Chen

1-Day FEDEF + 0.10%

Monthly

MSCO

6/23/26

202,141

(2,429

)

Power Wind Health Industry

1-Day FEDEF + 0.10%

Monthly

MSCO

11/23/26

55,228

(1,833

)

Powerlong Commercial Mgt

HIBOR + 0.35%

Monthly

GSCO

6/25/26

187,153

HKD

2,387

PPC Ltd.

1-Day SABOR + 0.32%

Monthly

MSCS

7/17/35

616,355

ZAR

3,394

PR Times Corporation

TONAR + 0.35%

Monthly

GSCO

3/02/27

239,973

JPY

(51

)

Praemium Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

7/22/26

135,939

AUD

2,808

Praram 9 Hospital Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

153,810

(17,003

)

Precision Tsugami

HONIA + 0.35%

Monthly

GSCO

1/25/27

206,719

HKD

1,977

Primary Health Properties

1-Day SONIA + 0.275%

Monthly

MSCO

5/14/26

316,488

GBP

62,510

Primax Electronics Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

246,457

15,322

Proact IT Group AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/07/26

545,319

SEK

4,062

Prosegur

1-Day EONIA + 0.35%

Monthly

MSCS

9/26/30

84,019

EUR

6,485

Prysmian SpA

Euro STR + 0.35%

Monthly

JPHQ

8/22/29

116,902

EUR

16,920

Pt Indofood Sukses Makmur

1-Day FEDEF + 0.35%

Monthly

MSCO

6/24/26

121,004

(21,890

)

Pt Pakuwon Jati

1-Day FEDEF + 0.35%

Monthly

MSCO

6/25/26

53,414

(1,004

)

Ptg Energy Public Company

1-Day FEDEF + 0.25%

Monthly

MSCO

8/26/26

55,085

17,541

Puig Brands SA Clase

1-Day EONIA + 0.275%

Monthly

MSCO

2/25/27

80,566

EUR

(136

)

Puregold Price Club Inc.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

37,569

1,880

Q Technology Group Co. Ltd.

HONIA + 0.35%

Monthly

GSCO

1/25/27

1,448,024

HKD

(9,419

)

Qantas Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/19/26

386,845

AUD

(12,438

)

Qbe Insur Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

8/14/26

230,299

AUD

10,089

QinetiQ Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/10/28

180,020

GBP

18,970

Quanta Computer

1-Day FEDEF + 0.10%

Monthly

MSCO

1/11/27

211,042

12,846

Quick Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

19,289,612

JPY

21,288

Raffles Medical

1-Day SORA + 0.30%

Monthly

MSCO

12/02/26

81,589

SGD

4,103

Rainbow

1-Day FEDEF + 1.25%

Monthly

MSCS

11/28/30

176,332

76,000

Rakus Co Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

9/30/26

15,692,312

JPY

(17,266

)

Ramssol Group Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

9/14/26

31,257

813

Randstad NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

44,745

EUR

1,870

Rank Group ORD

1-Day SONIA + 0.275%

Monthly

MSCO

11/07/30

84,529

GBP

(8,523

)

Ratchthani Leasing Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

3/01/27

3,125

(39

)

Raubex Group Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

9/15/30

278,748

ZAR

7,454

Raydium Semi-Conductor Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/25/26

82,695

(3,165

)

Raysearch Laboratories AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/04/30

117,982

SEK

(1,890

)

Realtek Semiconductor Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

310,984

(49,107

)

Reg Health Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

253,318

AUD

(16,401

)

Regional REIT Ltd.

1-Day SONIA + 0.275%

Monthly

MSCO

12/05/30

101,834

GBP

(2,237

)

Euro STR + 0.35%

Monthly

JPHQ

5/13/26

216,980

EUR

(75,056

)

Resolute Fpo

1-Day SONIA + 0.275%

Monthly

MSCO

6/24/26

190,813

AUD

122,958

Resolute Mining Ltd.

1-Day FEDEF

Monthly

MSCO

12/18/30

4,442

GBP

17,462

Reunert Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

8/15/30

671,370

ZAR

6,155

Richemont

1-Day SARON + 0.35%

Monthly

JPHQ

7/31/34

94,159

CHF

2,489

Riken Technos Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

9,690,272

JPY

40,136

Rinnai Corp.

1-Day TONAR + 0.35%

Monthly

GSCO

10/12/26

23,359,969

JPY

14,672

Robertet

1-Day EONIA + 0.275%

Monthly

MSCO

8/31/26

84,798

EUR

4,282

Robinsons Retail Holdings

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

1,105

(14

)

Roche

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

236,293

CHF

134,129

Rockwool AS

1-Week CIBOR + 0.275%

Monthly

SEBA

7/17/30

402,612

DKK

(3,096

)

Rolls-Royce Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCO

2/17/31

69,640

GBP

14,419

Royal Unibrew AS

1-Week CIBOR + 0.275%

Monthly

SEBA

7/03/28

1,267,801

DKK

45,667

RS Technologies Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/25/27

2,371,065

JPY

741

Rubis

1-Day EONIA + 0.30%

Monthly

MSCS

8/12/30

207,477

EUR

81,077

Rusta AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/12/30

575,455

SEK

(466

)

RVRC Holdings AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/04/35

1,356,322

SEK

5,158

Ryobi Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

9/02/26

7,462,860

JPY

4,969

S&D

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

90,804

(34,112

)

S-1

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

196,806

33,540

Sainsbury Ord

1-Day SONIA + 0.275%

Monthly

MSCO

1/21/27

120,378

GBP

15,191

Saipem

Euro STR + 0.35%

Monthly

JPHQ

10/14/30

215,006

EUR

206,353

Saizeriya Company

TONAR + 0.35%

Monthly

GSCO

1/08/27

6,378,179

JPY

4,009

Sakai Moving Service

1-Day TONAR + 0.35%

Monthly

GSCO

11/13/26

7,246,502

JPY

422

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Samart Aviation Solutions

1-Day FEDEF + 0.25%

Monthly

MSCO

8/27/26

39,020

5,206

Samsung E&A Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

241,925

94,264

Samsung Electronics Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

11/13/26

137,149

63,042

Samsung Securities

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

183,439

59,108

San Fang Chemical

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

180,487

(3,732)

Sangfor Technologies

1-Day FEDEF + 0.25%

Monthly

MSCO

9/30/26

59,952

3,102

Sanhua ORD

1-Day FEDEF

Monthly

MSCS

2/10/31

410,319

(16,316)

Sanix Holdings Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,689,787

JPY

(3,412)

Sanki Engineering Co.

TONAR + 0.35%

Monthly

GSCO

2/26/27

4,626,128

JPY

653

Sanko Gosei Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,396,627

JPY

27,780

Sankyo Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

14,568,031

JPY

(14,298)

Santam Limited

1-Day SABOR + 0.70%

Monthly

MSCO

11/11/26

1,683,618

ZAR

3,722

Sany Heavy Equipment

HIBOR + 0.35%

Monthly

GSCO

11/19/26

1,174,956

HKD

99,377

Sappi Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

11/27/30

7,125,640

ZAR

(240,077)

Sasol Ltd.

1-Day SABOR + 0.33%

Monthly

MSCS

7/17/30

4,049,777

ZAR

220,455

Sato Corporation

1-Day TONAR + 0.35%

Monthly

GSCO

11/02/26

7,128,433

JPY

3,950

SATS ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

2/17/31

1,268,470

NOK

34,865

SAVILLS PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

104,633

GBP

9,783

SBI Holdings Inc.

1-Day TONAR + 0.35%

Monthly

GSCO

10/16/26

8,962,376

JPY

(1,635)

Scales Corporation Limited

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

164,782

NZD

19,210

Scanfil PLC

Euro STR + 0.275%

Monthly

SEBA

10/17/30

19,050

EUR

5,695

Schindler

1-Day SARON + 0.35%

Monthly

JPHQ

11/29/30

273,251

CHF

29,370

Schouw & Co.

1-Week NIBOR + 0.275%

Monthly

SEBA

5/22/26

918,472

DKK

12,896

Schweiter Technologies AG

1-Day SARON + 0.35%

Monthly

JPHQ

9/24/30

52,538

CHF

(14,024)

SCOR SE

1-Day EONIA + 0.30%

Monthly

MSCS

8/12/30

126,848

EUR

19,981

Scout24 SE

Euro STR + 0.35%

Monthly

JPHQ

12/06/30

352,470

EUR

(110,530)

Secure Trust Bank PLC

1-Day FEDEF

Monthly

MSCO

12/17/30

44,493

GBP

72,054

Securitas AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

3,816,902

SEK

48,285

Security Bank Corporation

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

42,759

(47)

Seiren Co Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

10/16/26

12,434,568

JPY

11,127

Semitec Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,456,125

JPY

21,914

Senshu Electric Co.

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,232,030

JPY

44,643

Seraku Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,450,441

JPY

1,175

Serco Group

1-Day SONIA + 0.35%

Monthly

MSCS

9/30/30

120,451

GBP

110,089

Sevice Stream Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

453,978

AUD

8,632

SF Holding Co Ltd.

HIBOR + 0.35%

Monthly

GSCO

7/03/26

1,185,289

HKD

(18,327)

SFA

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

151,355

48,670

SFS Group AG

1-Day SARON + 0.35%

Monthly

JPHQ

2/08/29

189,837

CHF

34,388

SGX

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

121,934

SGD

18,667

Shandong Iron and Steel

1-Day FEDEF + 1.00%

Monthly

MSCO

1/19/27

77,658

9,371

Shandong Wit Dyne

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

63,101

3,643

Shanghai Aiyingshi Co Ltd.

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

45,809

1,802

Shanghai Chicmax Cosmetic

HONIA + 0.35%

Monthly

GSCO

12/04/26

717,810

HKD

(18,424)

Shanghai Haohai Biologica

HIBOR + 0.35%

Monthly

GSCO

10/06/26

620,428

HKD

(2,424)

Shanghai Pharmaceuticals

HIBOR + 0.35%

Monthly

GSCO

10/06/26

1,610,202

HKD

(6,402)

Sharingtechnology Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

6,270,776

JPY

1,436

Sheng Yu Steel

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

53,214

(5,998)

Shenzhen Hello

1-Day FEDEF + 0.25%

Monthly

MSCO

11/27/26

69,058

1,950

Shenzhen Kaifa Ord

1-Day FEDEF + 0.25%

Monthly

MSCS

1/19/32

312,784

21,417

Shin ETSU Polymer Co.

1-Day TONAR + 0.35%

Monthly

GSCO

9/10/26

10,019,505

JPY

8,799

Shin Maint Holdings Co Lt

TONAR + 0.35%

Monthly

GSCO

6/24/26

2,519,520

JPY

4,052

Shin Yang Group Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

13,850

1,645

Shinhan Financial Group

1-Day FEDEF + 0.10%

Monthly

MSCO

9/24/26

79,543

19,918

Shinnihonseiyaku Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

16,022,187

JPY

(4,169)

Shinsegae Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/24/26

154,439

97,693

Ship Health Care Holdings

TONAR + 0.35%

Monthly

GSCO

6/24/26

45,627,892

JPY

97,399

Shizuoka Financial Group

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,901,601

JPY

46,890

Shn Airport

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

93,801

5,647

SIA Engineering

1-Day SORA + 0.30%

Monthly

MSCO

1/20/27

77,892

SGD

2,121

Siemens Energy AG

Euro STR + 0.35%

Monthly

JPHQ

12/06/30

104,943

EUR

59,644

Siemens Energy AG

Euro STR + 0.35%

Monthly

MSCS

3/03/31

4,024,705

EUR

102,251

Sigmahealth Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

9/24/26

182,032

AUD

(8,037)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Signify NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

213,505

EUR

7,119

Siix Corp.

TONAR + 0.35%

Monthly

GSCO

6/24/26

27,359,144

JPY

34,402

Sime Darby Bhd

1-Day FEDEF + 0.25%

Monthly

MSCO

2/11/27

93,722

4,320

Sincere Navigation Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/16/26

78,425

18,798

Sinch

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/30

3,171,047

SEK

(19,892)

Sino-American Silicon Pro

1-Day FEDEF + 0.10%

Monthly

MSCO

2/10/27

26,598

(166)

Sinofert Holdings

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,560,396

HKD

50,273

Sinopac Financial Holdings

1-Day FEDEF + 0.10%

Monthly

MSCO

1/18/27

113,832

16,864

Sinopec Shanghai Petroche

HIBOR + 0.35%

Monthly

GSCO

7/06/26

728,074

HKD

15,636

Sinopharm Group Co. Ltd.

HONIA + 0.35%

Monthly

GSCO

12/04/26

1,477,282

HKD

5,491

Sise Cam

1-Day FEDEF + 1.10%

Monthly

MSCO

1/14/27

83,132

5,091

Sisram Medical Ltd.

HIBOR + 0.35%

Monthly

GSCO

11/30/26

434,343

HKD

(928)

Sitronix Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

171,565

(7,654)

SK Chemicals Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/22/27

19,088

1,081

SK Hynix Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

106,214

16,122

SK Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/02/27

51,628

12,144

Skellerup Holdings Npv

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

99,554

NZD

7,453

SKF AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/25/26

380,600

SEK

2,572

Sks Tech Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

83,448

AUD

36,533

Sky Network Television Ltd.

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

114,275

NZD

6,953

SL Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

9/24/26

78,081

65,405

Sleep Cycle AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/03/30

175,680

SEK

(12,393)

SMA Solar Technology AG

Euro STR + 0.35%

Monthly

JPHQ

9/12/29

182,456

EUR

60,401

Smartgroup Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

312,639

AUD

34,451

SMCP SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/29

35,591

EUR

3,709

Smith & Nephew Plc Ord US

1-Day SONIA + 0.275%

Monthly

MSCO

10/08/26

109,360

GBP

8,013

Sofina

Euro STR + 0.35%

Monthly

JPHQ

7/12/26

67,524

EUR

2,855

Softwareone

1-Day SARON + 0.35%

Monthly

JPHQ

2/24/27

44,581

CHF

687

Sogefi

Euro STR + 0.35%

Monthly

JPHQ

11/14/30

62,770

EUR

53,089

SOK Marketler Ticaret

1-Day FEDEF + 1.10%

Monthly

MSCO

12/08/26

107,964

17,702

Soken Chemical & Engineer

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,538,802

JPY

33,218

Solstad Offshore

1-Week NIBOR + 0.28%

Monthly

SEBA

11/27/30

833,927

NOK

43,429

Soop Co Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

7/23/26

232,889

(24,002)

SP Group A/S

1-Week CIBOR + 0.275%

Monthly

SEBA

9/10/30

489,552

DKK

34,599

The Spar Group Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

9/15/30

7,856,878

ZAR

(211,050)

Spc Samlip

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

72,204

(5,285)

Speed Tech

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

558

Speed Tech

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

57,487

(9,660)

Speedy Hire PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

84,907

GBP

(33,189)

SPIE

1-Day EONIA + 0.275%

Monthly

MSCO

6/16/30

168,056

EUR

24,248

Springer Nature Ag & Co.

Euro STR + 0.35%

Monthly

JPHQ

8/10/26

46,182

EUR

(11,606)

Srg Global Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

182,059

AUD

41,446

SSAB AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,825,754

SEK

42,997

SSP Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

12/04/28

164,522

GBP

20,959

ST Engineering

1-Day SORA + 0.30%

Monthly

MSCO

7/02/26

59,429

SGD

6,594

St James’s Place Ord

1-Day SONIA + 0.275%

Monthly

MSCO

7/05/29

153,140

GBP

3,656

Standard Chartered PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

194,630

GBP

162,997

Standard Chem & Pharm Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/14/26

47,601

5,635

Star Petroleum Refining

1-Day FEDEF + 0.25%

Monthly

MSCO

1/07/27

82,873

13,356

Starhill GBL Reit

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

127,322

SGD

9,803

Startia Hldgs Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

11,794,898

JPY

9,485

Starts Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

36,954,134

JPY

43,538

Sth X Elec Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

19,395

AUD

4,201

Stillfront Group AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/30

1,113,008

SEK

(20,270)

STMicroelectronic NV

Euro STR

Monthly

JPHQ

2/28/35

104,474

EUR

18,268

Stora Enso Oyj

Euro STR + 0.28%

Monthly

SEBA

10/23/28

180,580

EUR

28,866

Storytel AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/08/26

3,525,903

SEK

(25,807)

Subaru Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

21,347,858

JPY

11,336

Subsea 7

1-Week NIBOR + 0.275%

Monthly

SEBA

7/09/26

2,523,825

NOK

110,253

Suheung Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/03/26

37,226

794

Sulzer Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

11/11/30

109,296

CHF

41,792

Sun International Hotels Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

5/20/26

2,276,235

ZAR

13,081

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

^cSunowealth Electric Machines rts.

1-Day FEDEF + 0.10%

Monthly

MSCO

9/23/26

2,054

Sunowealth Electric Machines

1-Day FEDEF + 0.10%

Monthly

MSCO

9/23/26

288,726

18,737

Sunshine Insurance Group

HIBOR + 0.35%

Monthly

GSCO

9/18/26

691,218

HKD

549

Suntec Reit

1-Day SORA + 0.40%

Monthly

MSCO

7/14/26

11,753

SGD

(200)

Sunway Construction Group

1-Day FEDEF + 0.25%

Monthly

MSCO

7/02/26

218,323

50,464

Sunway Real Estate Invt

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

89,321

13,400

Suparetail Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/08/27

361,066

AUD

11,619

Suprema Inc

1-Day FEDEF + 0.10%

Monthly

MSCO

10/29/26

75,533

22,545

Suzuken Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

11,016,555

JPY

18,215

Suzuki Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

14,151,282

JPY

52,829

Sveafastigheter AB

1-Week STIBOR + 0.275%

Monthly

SEBA

6/02/26

61,206

SEK

(360)

Sweco AB

1-Week STIBOR + 0.275%

Monthly

SEBA

4/25/29

574,196

SEK

(1,459)

Swedish Orphan Biovitrum AB

1-Week STIBOR + 0.65%

Monthly

SEBA

7/15/26

2,476,858

SEK

43,477

Synektik

1-Day FEDEF + 1.25%

Monthly

MSCS

9/05/30

91,518

89,253

Synnex Technology Interna

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

130,116

12,549

Systems Technology Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/28/27

52,624

6,053

Tabcorp Fpo

1-Day RBACR + 0.30%

Monthly

MSCO

1/19/27

58,602

AUD

6,661

Taiwan Navigation Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/07/26

51,307

1,160

Taiwan Paiho

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

193,812

(12,931)

Taiwan Semiconductor Manufacturing

1-Day FEDEF + 0.10%

Monthly

MSCO

11/12/26

114,688

13,008

Taiwan Surface Mounting

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

287,506

(20,899)

Takaoka Toko Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

15,479,175

JPY

108,378

Take & Give Needs Co

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,964,928

JPY

(6,843)

Talanx AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/26

184,802

EUR

14,628

Tanseisha Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

12/17/26

11,512,550

JPY

3,951

Tauron Polska Energia SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/26

168,812

151,250

Tazmo Co Ltd

1-Day TONAR + 0.35%

Monthly

GSCO

9/30/26

13,116,175

JPY

2,153

TCL Electronics Holdings

HIBOR + 0.35%

Monthly

GSCO

6/25/26

2,210,660

HKD

52,769

Team Internet Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/26

179,123

GBP

(147,597)

Technip Energies NV

1-Day EONIA + 0.30%

Monthly

MSCS

8/07/29

217,389

EUR

3,761

Technogym SpA

Euro STR + 0.35%

Monthly

JPHQ

8/12/30

224,123

EUR

199,252

Teikoku Electric Mfg

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,912,363

JPY

3,219

Tele2 Ab Ser

1-Week STIBOR + 0.275%

Monthly

SEBA

1/13/27

856,586

SEK

20,764

Teleperformance

1-Day EONIA + 0.275%

Monthly

MSCO

3/24/26

204,832

EUR

(74,108)

Telia Company AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/11/35

617,044

SEK

4,828

Telkom SA SOC Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

7/17/30

1,624,368

ZAR

8,458

Temenos

1-Day SARON + 0.35%

Monthly

JPHQ

6/08/26

170,622

CHF

24,873

Ten Square Games

1-Day FEDEF + 1.25%

Monthly

MSCS

1/06/31

41,804

14,209

Tera Probe Inc

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,025,925

JPY

70,130

Teraskai Electric Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/22/27

1,739,249

JPY

Terrasky Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

15,636,066

JPY

(31,038)

Tessenderlo Group

Euro STR + 0.35%

Monthly

JPHQ

7/17/29

71,305

EUR

1,288

TF Bank Ab

1-Week STIBOR + 0.275%

Monthly

SEBA

12/09/26

566,472

SEK

(2,073)

TF1 Group

1-Day EONIA + 0.30%

Monthly

MSCS

7/12/26

210,138

EUR

(24,197)

Thai Foods Group Public Co

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

195,642

90,865

Thanachart Capital Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

2/17/27

43,065

Tharisa PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

37,414

GBP

18,860

Thungela Resources Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

8/23/30

704,490

ZAR

11,316

Tian Lun Gas Holdings Ltd

HIBOR + 0.35%

Monthly

GSCO

7/23/26

380,452

HKD

(7,677)

Tidlor Holdings Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

2/17/27

7,883

(79)

TK Group Limited

HIBOR + 0.35%

Monthly

GSCO

6/25/26

373,339

HKD

4,187

Toa Paint Thailand Pcl

1-Day FEDEF + 0.25%

Monthly

MSCO

9/03/26

81,447

8,422

Tokai Carbon Corp

TONAR + 0.35%

Monthly

GSCO

7/20/26

15,643,933

JPY

9,230

Tokyo Base Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

12/18/26

5,114,205

JPY

(3,295)

Topco Scientific Co.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/03/27

136,262

8,761

Topco Technologies Corp

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

33,223

(1,584)

Topkey Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

10/02/26

165,866

(1,519)

Toumei Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

6,548,013

JPY

825

Tourism Hldgs Ord.

1-Day NZOCR + 0.30%

Monthly

MSCO

12/07/26

25,117

NZD

955

Tovis

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

66,768

(1,185)

Tower Ltd Npv

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

55,459

NZD

2,457

Toyota Boshoku Corp

TONAR + 0.35%

Monthly

GSCO

6/24/26

43,021,378

JPY

101,417

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Toyota Tsusho Corp.

TONAR + 0.35%

Monthly

GSCO

2/19/27

4,737,269

JPY

981

Trainline PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/28

153,843

GBP

(42,613)

Transcosmos Inc.

1-Day TONAR + 0.35%

Monthly

GSCO

10/12/26

20,184,180

JPY

9,343

Travelsky Technology

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,855,946

HKD

2,291

Tre Hldgs Corp.

TONAR + 0.35%

Monthly

GSCO

12/16/26

21,432,988

JPY

9,998

Trelleborg AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/33

1,172,643

SEK

2,085

Trevi Fin Ind

Euro STR + 0.35%

Monthly

JPHQ

11/30/26

63,194

EUR

18,626

Triple Point Social Housing

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/31

74,697

GBP

29,804

Tripod Technology Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

252,778

83,853

Triputra Agro Persada Tbk

1-Day FEDEF + 0.35%

Monthly

MSCO

7/02/26

34,742

7,854

TS Lines Ltd.

HONIA + 0.35%

Monthly

GSCO

1/14/27

954,164

HKD

11,179

Tty Biopharm Company Limited

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

210,785

6,172

TUI AG

Euro STR + 0.35%

Monthly

JPHQ

4/30/26

309,763

EUR

63,686

Turk Telekom

1-Day FEDEF + 1.25%

Monthly

MSCO

6/30/26

244,876

20,984

Turkcell

1-Day FEDEF + 1.25%

Monthly

MSCO

9/24/26

248,080

26,364

Turkiye Sinai Kalkinma Bankasi AS

1-Day FEDEF + 0.30%

Monthly

MSCS

11/27/30

314,089

(18,422)

UBS Group AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/30

61,321

CHF

(444)

Ulker Biskuvi

1-Day FEDEF + 1.25%

Monthly

MSCO

9/24/26

148,489

10,501

Ulvac Inc.

1-Day TONAR + 0.35%

Monthly

GSCO

10/12/26

22,934,278

JPY

67,828

U-Media Communication Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

3,351

189

Umicore

Euro STR + 0.35%

Monthly

JPHQ

11/21/30

187,031

EUR

111,742

Unicaja Banco

1-Day EONIA + 0.35%

Monthly

MSCS

11/13/28

65,876

EUR

12,824

UniCredit SpA

Euro STR + 0.35%

Monthly

JPHQ

9/25/30

188,947

EUR

109,012

Unid

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

129,938

(4,310)

Union Semi Ord.

1-Day FEDEF + 0.25%

Monthly

MSCS

1/19/32

263,230

4,547

Unipol Gruppo SpA

Euro STR + 0.35%

Monthly

JPHQ

7/15/26

92,552

EUR

10,602

Uni-President China Holdings

HIBOR + 0.35%

Monthly

GSCO

8/05/26

1,380,657

HKD

(21,764)

Unistore Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

152,283

AUD

24,223

United Energy Group Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

625,482

HKD

25,096

United Micro Electronics

1-Day FEDEF + 0.10%

Monthly

MSCO

11/04/26

66,823

21,100

United Orthopedic Corporation

1-Day FEDEF + 0.10%

Monthly

MSCO

9/23/26

111,817

(6,651)

Universal Vision Biotechn

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

184,082

(49,533)

UT Group Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

4,375,533

JPY

8,427

Valeo

1-Day EONIA + 0.30%

Monthly

MSCS

10/09/30

311,861

EUR

97,098

Valiant

Euro STR + 0.35%

Monthly

JPHQ

7/12/26

177,320

CHF

85,381

Valmet OYJ

Euro STR + 0.28%

Monthly

SEBA

8/05/29

146,386

EUR

4,125

Valor Holdings Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

25,371,191

JPY

80,739

Value Added Technologies

1-Day FEDEF + 0.10%

Monthly

MSCO

10/29/26

51,865

17,296

Valuetronics

1-Day SORA + 0.40%

Monthly

MSCO

6/25/26

SGD

Vaudoise Assurances

1-Day SARON + 0.35%

Monthly

JPHQ

11/11/30

127,427

CHF

58,286

Vector Inc.

1-Day NZOCR + 0.40%

Monthly

GSCO

6/24/26

13,430,103

JPY

32,246

Veidekke

1-Week NIBOR + 0.28%

Monthly

SEBA

8/26/30

1,782,035

NOK

57,996

Velesto Energy Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

9/14/26

98,912

29,036

Ventia Fpo

1-Day RBACR + 0.40%

Monthly

MSCO

6/24/26

207,832

AUD

22,056

Venture Life Group PLC

1-Day SONIA + 0.275%

Monthly

MSCO

11/03/30

20,875

GBP

17,903

Veolia Environnement SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/26/30

164,390

EUR

47,445

Vertu Motors PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

55,301

GBP

(6,663)

Vestas Wind Systems AS

1-Week CIBOR + 0.275%

Monthly

SEBA

5/13/26

1,857,762

DKK

103,330

Vicat SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/30/30

115,277

EUR

97,157

Vidrala SA

1-Day EONIA + 0.275%

Monthly

MSCO

8/13/26

269,247

EUR

(27,184)

Vienna Insurance Group AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/30

123,661

EUR

96,206

Viridien

1-Day EONIA + 0.275%

Monthly

MSCO

8/14/26

177,005

EUR

116,471

Visco Vision Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

140,730

1,297

Vitzrocell Co Ltd

1-Day FEDEF + 0.10%

Monthly

MSCO

7/28/26

100,560

16,768

Vodafone Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/20/31

73,229

GBP

37,746

Voestalpine AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/30

194,865

EUR

189,320

Vstecs Holdings Ltd.

HONIA + 0.35%

Monthly

GSCO

12/04/26

796,871

HKD

(365)

Vtech Hldgs

HIBOR + 0.35%

Monthly

GSCO

6/25/26

730,085

HKD

11,247

Vusion Group

1-Day EONIA + 0.275%

Monthly

MSCO

10/28/26

320,236

EUR

(140,132)

Wacom Co. Ltd.

TONAR + 0.35%

Monthly

GSCO

2/19/27

956,978

JPY

Wallenius Wilhelmsen ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/26

2,952,256

NOK

155,824

Warehouse Group Ord Npv

1-Day NZOCR + 0.40%

Monthly

MSCO

6/24/26

8,365

NZD

(541)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Wartsila Corp.

Euro STR + 0.275%

Monthly

SEBA

10/17/30

143,002

EUR

121,364

Wasco Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

6/25/26

26,444

2,419

Waseda Academy

TONAR + 0.35%

Monthly

GSCO

6/24/26

8,123,151

JPY

(7,104)

Wasion Holdings Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

522,083

HKD

131,801

Watkin Jones PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

104,506

GBP

(71,348)

Wayfair Inc.

1-Day FEDEF + 0.80%

Monthly

BNPP

9/15/27

786,079

(313,509)

WBHO Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

12/04/30

1,805,157

ZAR

15,082

Weichai Power Co.

HIBOR + 0.35%

Monthly

GSCO

6/26/26

397,932

HKD

24,163

Westports Holdings Berhad

1-Day FEDEF + 0.25%

Monthly

MSCO

2/11/27

95,498

(131)

WH Group Limited

HIBOR + 0.35%

Monthly

GSCO

6/25/26

1,369,398

HKD

37,168

Wickes Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/30

116,652

GBP

82,938

Winbond Electronic Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

2/01/27

60,994

1,764

Won Tech Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

12/08/26

68,102

(1,387)

Wonderful Hi-Tech

1-Day FEDEF + 0.10%

Monthly

MSCO

7/17/26

94,909

11,339

Wonik IPS Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/29/27

44,301

8,643

Woori Net Co Ltd

1-Day FEDEF + 0.10%

Monthly

MSCO

11/03/26

30,239

(374)

World Co Ltd.

1-Day TONAR + 0.35%

Monthly

GSCO

6/24/26

11,521,490

JPY

19,492

Wowprime Corp.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

295,867

(47,637)

W-Scope Corporation

TONAR + 0.35%

Monthly

GSCO

12/03/26

7,791,509

JPY

668

Wt Microelectronics Co Lt

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

283,408

88,487

Wuxi Apptec Co Ltd

HIBOR + 0.35%

Monthly

GSCO

6/26/26

1,920,147

HKD

78,062

Wuxi Biologics

HIBOR + 0.35%

Monthly

GSCO

8/18/26

1,316,482

HKD

29,574

WW Holding Inc.

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

24,149

(5,355)

Xian Shaangu Power

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

96,444

31,043

Xin Point Hldgs Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

569,076

HKD

543

Yamabiko Corporation

TONAR + 0.35%

Monthly

GSCO

6/24/26

9,689,159

JPY

39,643

Yamaguchi Financial Group

TONAR + 0.35%

Monthly

GSCO

6/24/26

24,228,053

JPY

93,172

Yamazaki Baking Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

29,994,519

JPY

14,518

^cYangzijiang Maritime Development Ltd.

1-Day SORA + 0.40%

Monthly

MSCO

6/22/26

SGD

43,577

Yank Zi Jiang Financial Holdings

1-Day SORA + 0.40%

Monthly

MSCO

6/22/26

100,245

SGD

(32,864)

Yankey Engineering Co. Ltd.

1-Day FEDEF + 0.10%

Monthly

MSCO

1/25/27

133,218

19,798

Yara International ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/30

2,742,615

NOK

67,105

Youngoneholdings

1-Day FEDEF + 0.10%

Monthly

MSCO

6/24/26

188,651

108,915

YU Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

2/17/31

98,546

GBP

24,123

Yue Yuen Industrial Hldgs

HIBOR + 0.35%

Monthly

GSCO

6/25/26

421,200

HKD

16,155

Yuexiu Services Group Ltd.

HIBOR + 0.35%

Monthly

GSCO

6/25/26

581,417

HKD

(23,784)

Yurtec Corporation

TONAR + 0.35%

Monthly

GSCO

2/19/27

4,662,294

JPY

1,215

Yutong Bus Co. Ltd.

1-Day FEDEF + 1.00%

Monthly

MSCO

2/05/27

50,117

(2,091)

YZJ Shipbldg Sgd

1-Day SORA + 0.30%

Monthly

MSCO

6/25/26

127,516

SGD

28,498

Zanyu Technology

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

50,019

19,607

Zehnder

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

87,719

CHF

94,292

Zeon Corporation

TONAR + 0.35%

Monthly

GSCO

1/21/27

7,130,565

JPY

5,059

Zeria Pharmaceutical

TONAR + 0.35%

Monthly

GSCO

6/24/26

26,191,132

JPY

15,357

Zero Co Ltd

TONAR + 0.35%

Monthly

GSCO

6/24/26

7,424,171

JPY

9,087

Zero One Technology

1-Day FEDEF + 0.10%

Monthly

MSCO

10/28/26

151,611

10,957

Zhejiang China Electic

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

165,081

46,356

Zhengzhou Coal Mining

1-Day FEDEF + 0.25%

Monthly

MSCO

6/24/26

64,171

22,046

Zhenhua Chemical Ord

1-Day FEDEF + 0.25%

Monthly

MSCS

9/21/31

417,417

64,039

Zhuzhou CRRC Times Elec

HIBOR + 0.35%

Monthly

GSCO

10/06/26

2,254,204

HKD

8,808

Zigexn Co Ltd.

TONAR + 0.35%

Monthly

GSCO

6/24/26

22,124,773

JPY

(9,025)

Zinzino Ab

1-Week STIBOR + 0.275%

Monthly

SEBA

2/08/27

351,397

SEK

5,145

Zotefoams Ord

1-Day SONIA + 0.275%

Monthly

MSCO

9/16/26

37,771

GBP

1,695

Zuken Inc.

TONAR + 0.35%

Monthly

GSCO

6/24/26

10,571,046

JPY

(8,587)

Zumtobel Group AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/30

25,709

EUR

(1,023)

Zurich Insurance

1-Day SARON + 0.35%

Monthly

JPHQ

7/21/26

95,442

CHF

3,474

22,482,152

Equity Contracts - Short^d

AAK AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/30

2,428,554

SEK

16,282

Aalberts NV

Euro STR - 0.30%

Monthly

JPHQ

2/10/31

302,337

EUR

(69,464)

ABC Arbitrage

1-Day EONIA - 0.275%

Monthly

MSCO

6/13/26

10,223

EUR

(855)

Ability Opto Electronics

1-Day FEDEF - 9.25%

Monthly

MSCO

10/05/26

46,947

(2,455)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

abrdn European Logistics Income PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/26

41,907

GBP

28,764

Accor SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/26

263,841

EUR

(32,499)

Acer Inc.

1-Day FEDEF - 3.50%

Monthly

MSCO

6/24/26

99,024

11,975

Acerinox SA

1-Day EONIA - 0.275%

Monthly

MSCO

3/24/26

286,161

EUR

(63,963)

Ackermans & van Haaren

Euro STR - 0.30%

Monthly

JPHQ

3/18/26

67,313

EUR

(34,069)

Addnode Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/30

1,472,416

SEK

55,021

Advanced Medical Solution

1-Day SONIA - 0.275%

Monthly

MSCO

7/17/30

7,186

GBP

128

Advantech Co Ltd.

1-Day FEDEF - 0.675%

Monthly

MSCO

6/24/26

249,078

(9,408)

Adyen

Euro STR - 0.30%

Monthly

JPHQ

5/22/30

70,575

EUR

23,471

Aeon Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

1/22/27

3,911,651

JPY

735

Aeon Financial Service Co.

1-Day FEDEF - 0.25%

Monthly

GSCO

11/13/26

19,590,842

JPY

(13,458)

Aeon Thana Sinsa Thailand

1-Day FEDEF - 10.50%

Monthly

MSCO

9/24/26

25,976

3,363

Affin Bank Berhad

1-Day FEDEF - 4.00%

Monthly

MSCO

6/25/26

47,747

(8,195)

African Rainbow Minerals Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

7/22/30

3,558,843

ZAR

(130,900)

Afrimat Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

5/20/26

1,732,262

ZAR

35,048

Agilyx

1-Week NIBOR - 4.25%

Monthly

SEBA

8/07/30

298,953

NOK

14,506

Airbus SE

1-Day EONIA - 0.30%

Monthly

MSCO

12/11/30

73,761

EUR

(751)

Airports of Thailand

1-Day FEDEF - 2.50%

Monthly

MSCO

6/23/26

172,798

(95,763)

Aixtron SE

Euro STR - 0.30%

Monthly

JPHQ

3/20/26

153,766

EUR

(101,744)

Ajinomoto Co. Inc.

1-Day TONAR - 0.25%

Monthly

GSCO

2/02/27

6,465,228

JPY

(15,853)

Akbank

1-Day FEDEF - 1.50%

Monthly

MSCO

9/21/26

115,384

(40,540)

Akeso Inc.

1-Day HONIA - 0.40%

Monthly

GSCO

9/11/26

810,311

HKD

7,988

ALCON N

1-Day SARON - 0.35%

Monthly

JPHQ

8/12/30

171,530

CHF

4,456

Alibaba Group Holdings Ltd.

1-Day HONIA - 0.25%

Monthly

GSCO

1/06/27

280,858

HKD

3,047

All Ring Tech Co.

1-Day FEDEF - 10.00%

Monthly

MSCO

12/15/26

148,585

(79,820)

Allegro

1-Day FEDEF - 2.13%

Monthly

MSCS

7/12/26

114,951

6,090

Alleima AB

1-Week STIBOR - 0.275%

Monthly

SEBA

12/09/26

1,076,253

SEK

(795)

Alliance Bank Malaysia BE

1-Day FEDEF - 9.875%

Monthly

MSCO

11/19/26

41,531

(576)

Allreal Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

59,340

CHF

(22,589)

Alm. Brand A/S

1-Week CIBOR - 0.75%

Monthly

SEBA

7/26/30

1,001,064

DKK

(1,002)

Alpha Networks Inc.

1-Day FEDEF - 2.90%

Monthly

MSCO

7/22/26

143,983

(6,443)

Also

1-Day SARON - 0.35%

Monthly

JPHQ

10/05/26

163,185

CHF

58,623

Alterea

1-Day EONIA - 0.275%

Monthly

MSCO

9/29/26

63,864

EUR

(20,841)

Amaero Fpo

1-Day RBACR - 13.50%

Monthly

MSCO

7/09/26

69,640

AUD

9,174

Ame Elite Consortium Berh

1-Day FEDEF - 4.25%

Monthly

MSCO

6/25/26

14,190

(1,846)

AMG Advanced Metallurgical Group NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

90,688

EUR

(170,864)

Amman Mineral Internasion

1-Day FEDEF - 12.75%

Monthly

MSCO

6/26/26

33,208

Amper SA

1-Day EONIA - 4.50%

Monthly

MSCO

9/10/30

108,307

EUR

(33,060)

Amplifon

Euro STR - 0.30%

Monthly

JPHQ

11/27/30

94,891

EUR

8,969

AmRest

1-Day FEDEF -1.50%

Monthly

MSCS

7/17/30

39,222

3,621

Anadolu Efes

1-Day FEDEF - 7.75%

Monthly

MSCO

11/03/26

118,288

(17,479)

Andritz AG

Euro STR - 0.30%

Monthly

JPHQ

8/07/26

84,680

EUR

(17,560)

Angang Steel Co Lt

1-Day FEDEF - 12.45%

Monthly

MSCO

6/24/26

52,101

(9,221)

Angang Steel Co. Ltd.

1-Day HONIA - 1.00%

Monthly

GSCO

12/15/26

142,352

HKD

(2,262)

Anglo American Platinum Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

8/15/30

2,795,670

ZAR

(96,832)

Anglo Pacific Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

62,192

GBP

(87,296)

Anheuser-Busch InBev SA/NV

Euro STR - 0.30%

Monthly

JPHQ

7/13/30

137,994

EUR

(53,237)

Anhui Jianghuai Auto

1-Day FEDEF - 8.314%

Monthly

MSCO

1/29/27

62,780

(2,873)

ANP

1-Day FEDEF - 3.25%

Monthly

MSCO

6/24/26

166,664

(47,362)

Anta Sports Products

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,277,386

HKD

4,750

Antofagasta PLC

1-Day SONIA - 0.30%

Monthly

MSCS

2/17/31

30,468

GBP

(69,628)

Anymind Group Inc.

1-Day TONAR - 0.275%

Monthly

GSCO

11/19/26

4,775,570

JPY

6,473

Aperam

Euro STR - 0.30%

Monthly

JPHQ

6/06/30

51,332

EUR

(24,755)

Aplex Technology Inc.

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

3,483

Apotea AB

1-Week STIBOR - 0.275%

Monthly

SEBA

8/25/26

1,242,400

SEK

41,644

Arbonia AG

1-Day SARON - 0.35%

Monthly

JPHQ

11/08/30

23,470

CHF

2,449

Arcadis

Euro STR - 0.30%

Monthly

JPHQ

4/04/26

117,724

EUR

31,641

Arcelik

1-Day FEDEF - 5.00%

Monthly

MSCS

7/17/26

105,657

16,373

Argan SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

102,298

EUR

(9,788)

argenx SE

Euro STR - 0.30%

Monthly

JPHQ

7/01/30

22,529

EUR

1,768

Arkema

1-Day EONIA - 0.275%

Monthly

MSCO

12/02/26

95,332

EUR

(19,283)

Ascopiave SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

31,749

EUR

(9,745)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^c (continued)

Ashmore Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/19/29

149,425

GBP

(72,428)

Asia Polymer

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

13,306

(1,162)

Asiainfo Technologies Ltd.

1-Day HONIA - 7.75%

Monthly

GSCO

2/25/27

42,774

HKD

137

Asmpt Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

9/11/26

892,519

HKD

(52,069)

ASR Nederland

Euro STR - 0.30%

Monthly

JPHQ

6/13/26

224,716

EUR

(74,136)

Assa Abloy AB

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/30

648,006

SEK

(11,263)

Asset World Corp.

1-Day FEDEF - 13.75%

Monthly

MSCO

1/18/27

32,996

(7,745)

Assystem

1-Day EONIA - 2.75%

Monthly

MSCO

9/25/30

70,186

EUR

3,178

Asterasys Co Ltd.

1-Day FEDEF - 15.00%

Monthly

MSCO

9/17/26

8,846

(50)

Astroscale Holdings Inc.

1-Day TONAR - 10.00%

Monthly

GSCO

8/24/26

3,638,258

JPY

(8,992)

ASX FPO

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

52,920

AUD

627

Ate Energy International

1-Day FEDEF - 7.25%

Monthly

MSCO

6/24/26

41,641

5,766

Atlas Copco

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/35

1,267,869

SEK

(4,063)

Atos

1-Day EONIA - 4.625%

Monthly

MSCO

10/23/26

89,626

EUR

22,356

Atrium Ljungberg AB

1-Week STIBOR - 0.275%

Monthly

SEBA

5/25/26

367,614

SEK

(1,831)

Aub Group Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

212,737

AUD

35,473

Auden Techno Corp.

1-Day FEDEF - 3.75%

Monthly

MSCO

8/04/26

25,240

(20,166)

Audinategl Fpo

1-Day RBACR - 3.38%

Monthly

MSCO

6/24/26

197,508

AUD

65,694

Aura En Fpo

1-Day RBACR - 13.00%

Monthly

MSCO

6/24/26

24,726

AUD

2,512

Aust Ag Co Fpo

1-Day RBACR - 1.50%

Monthly

MSCO

6/24/26

44,133

AUD

504

AUTO1 Group SE

Euro STR - 0.75%

Monthly

JPHQ

7/14/26

101,762

EUR

(4,382)

Autopartner

1-Day FEDEF - 3.25%

Monthly

MSCO

9/18/30

71,408

(3,880)

Avio SpA

Euro STR - 3.25%

Monthly

JPHQ

9/01/28

57,232

EUR

(11,551)

Aviva

1-Day SONIA - 0.30%

Monthly

MSCS

9/23/30

72,452

GBP

(14,334)

Ayala Land Inc.

1-Day FEDEF - 2.50%

Monthly

MSCO

6/19/26

55,820

8,198

Az-Com Maruwa Holdings

1-Day TONAR - 0.35%

Monthly

GSCO

7/09/26

16,643,911

JPY

6,983

Azelis Holding SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

215,986

EUR

82,569

B&M European Value Retail SA

1-Day SONIA - 0.30%

Monthly

MSCS

10/31/35

65,634

GBP

(6,014)

Baic Bluepark New Energy

1-Day FEDEF - 8.87%

Monthly

MSCO

12/03/26

49,820

(2,405)

Baltic Classifieds Group

1-Day SONIA - 0.275%

Monthly

MSCO

8/12/26

97,444

GBP

39,297

Banca Generali SpA

Euro STR - 0.30%

Monthly

JPHQ

9/21/26

44,371

EUR

(627)

Banco De Sabadell

1-Day EONIA - 0.275%

Monthly

MSCO

2/15/27

43,651

EUR

(93)

Bangkok Chain Hospital

1-Day FEDEF - 8.50%

Monthly

MSCO

10/08/26

48,656

(2,590)

Bangkok Dusit Medical Services

1-Day FEDEF - 0.40%

Monthly

MSCO

6/24/26

153,248

(14,989)

Bank Central Asia

1-Day FEDEF - 6.50%

Monthly

MSCO

8/06/26

200,565

29,943

Bank Handlowy

1-Day FEDEF - 0.50%

Monthly

MSCO

4/03/26

120,855

(14,670)

Bank Islam Malaysia Berha

1-Day FEDEF - 3.50%

Monthly

MSCO

7/08/26

38,047

(6,892)

Bank Mandiri

1-Day FEDEF - 4.00%

Monthly

MSCO

7/14/26

178,242

(15,804)

Bank of Guitang Co.

1-Day FEDEF - 4.08%

Monthly

MSCO

2/15/27

14,619

(31)

Bank of the Philippine

1-Day FEDEF - 2.50%

Monthly

MSCO

6/25/26

165,636

10,244

Bank of Zheng Zhou

1-Day FEDEF - 13.35%

Monthly

MSCO

6/24/26

33,692

610

Bankinter SA

1-Day EONIA - 0.35%

Monthly

MSCO

3/06/26

58,421

EUR

(52,086)

Banque Cantonale Vaudoise

Euro STR - 0.35%

Monthly

JPHQ

7/12/26

286,555

CHF

(117,135)

Baowu Magnesium

1-Day FEDEF - 9.663%

Monthly

MSCO

8/06/26

36,384

(15,145)

Barito Pacific Tbk

1-Day FEDEF - 4.00%

Monthly

MSCO

6/22/26

20,787

4,440

Barratt Redrow PLC

1-Day SONIA - 0.275%

Monthly

MSCO

2/24/31

276,967

GBP

36,788

Barry Callebaut

1-Day SARON - 0.35%

Monthly

JPHQ

11/13/30

131,244

CHF

(60,532)

Basic-Fit

Euro STR - 1.75%

Monthly

JPHQ

7/14/26

80,085

EUR

(63,110)

Bavarian Nordic AS

1-Week CIBOR - 0.275%

Monthly

SEBA

10/06/26

540,305

DKK

(3,874)

BBMG Corporation

1-Day HONIA - 0.40%

Monthly

GSCO

7/09/26

507,869

HKD

300

BCI Mineral Fpo

1-Day RBACR - 18.00%

Monthly

MSCO

6/24/26

47,203

AUD

(4,885)

BDO Unibank Inc.

1-Day FEDEF - 2.50%

Monthly

MSCO

8/06/26

165,097

(3,457)

BE Semiconductor Industries

Euro STR - 0.30%

Monthly

JPHQ

2/28/31

156,104

EUR

(164,958)

Befesa SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/26

143,751

EUR

(87,387)

Beiersdorf AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

116,917

EUR

(16,455)

Beijing Capital Int Airport

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

691,899

HKD

16,919

Beijing Enterprises Water

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

2,160,525

HKD

(28,627)

Beijing Tong Ren Tang Chi

1-Day HONIA - 3.25%

Monthly

GSCO

6/25/26

293,650

HKD

(97)

Belimo Holding AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/30

179,750

CHF

(67,475)

Bell Systems 24 Holdings Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

10/12/26

12,947,526

JPY

(11,056)

Ben Ade Bk Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

176,813

AUD

8,584

Benefit

1-Day FEDEF - 4.00%

Monthly

MSCO

11/03/26

166,123

(38,830)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Benq Materials Corporation

1-Day FEDEF - 5.00%

Monthly

MSCO

9/23/26

54,040

268

Bergman & Beving Aktiebol

1-Week STIBOR - 0.275%

Monthly

SEBA

5/19/26

730,969

SEK

7,666

Berli Jucker Pcl

1-Day FEDEF - 18.875%

Monthly

MSCO

9/28/26

49,638

4,365

Better Collective A/S

1-Week STIBOR - 0.275%

Monthly

SEBA

10/09/30

608,574

SEK

(6,161)

BHP Group Ltd.

1-Day SONIA - 1.52%

Monthly

MSCO

12/02/30

39,730

GBP

(25,387)

BIC

1-Day EONIA - 0.275%

Monthly

MSCO

8/27/26

134,796

EUR

(16,259)

Biesse

Euro STR - 0.80%

Monthly

JPHQ

9/04/30

33,455

EUR

2,271

Big Yellow Group

1-Day SONIA - 0.30%

Monthly

MSCS

10/16/30

70,600

GBP

(198)

Bim Magazalar

1-Day FEDEF - 0.75%

Monthly

MSCO

9/21/26

119,138

(19,512)

Binex

1-Day FEDEF - 6.38%

Monthly

MSCO

6/24/26

107,292

3,764

Bioplus Co Ltd.

1-Day FEDEF - 4.00%

Monthly

MSCO

9/07/26

27,346

3,785

Bittium Corporation

Euro STR - 11.50%

Monthly

SEBA

2/23/27

43,253

EUR

702

BKW

1-Day SARON - 0.35%

Monthly

JPHQ

11/27/26

164,380

CHF

16,664

Bloomsbury Publishing Ord

1-Day SONIA - 0.275%

Monthly

MSCO

9/16/26

61,951

GBP

3,305

Blue Moon Group Hldgs Ltd.

1-Day HONIA - 5.25%

Monthly

GSCO

6/25/26

1,375,608

HKD

27,952

BlueNord ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

8/28/30

988,226

NOK

(14,216)

BMW Group

Euro STR - 0.30%

Monthly

JPHQ

5/15/26

117,729

EUR

Bollore SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

401,316

EUR

17,008

Borregaard ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

5/07/26

660,617

NOK

7,327

Bossard AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

221,297

CHF

17,377

Brembo

Euro STR - 0.30%

Monthly

JPHQ

3/25/26

166,952

EUR

(17,235)

Brenntag SE

Euro STR - 0.30%

Monthly

JPHQ

10/07/30

184,896

EUR

2,096

Breville Fpo

1-Day RBACR - 1.35%

Monthly

MSCO

6/24/26

164,602

AUD

(3,727)

Bridgepoint Group PLC

1-Day SONIA - 0.275%

Monthly

MSCO

2/24/31

123,034

GBP

17,863

British American Tobacco

1-Day SONIA - 0.30%

Monthly

MSCS

9/27/30

58,753

GBP

(894)

British Land Co Plc Ord

1-Day SONIA - 0.275%

Monthly

MSCO

6/08/26

183,694

GBP

(17,263)

Brogent Technologies Inc.

1-Day FEDEF - 5.50%

Monthly

MSCO

6/24/26

66,264

(429)

Brunello Cucinelli

Euro STR - 0.30%

Monthly

JPHQ

7/17/26

175,379

EUR

24,402

BTS Group Holdings Pcl

1-Day FEDEF - 7.75%

Monthly

MSCO

2/04/27

35,248

1,773

Budimex

1-Day FEDEF - 0.50%

Monthly

MSCO

5/07/26

302,073

(107,120)

Budweiser Brewing Company

1-Day HONIA - 0.75%

Monthly

GSCO

6/25/26

1,579,681

HKD

9,218

Bureau Veritas SA

1-Day EONIA - 0.30%

Monthly

MSCS

8/09/30

28,080

EUR

(1,949)

Burford Capital Ltd.

1-Day SONIA - 0.63%

Monthly

MSCS

7/17/29

177,577

GBP

70,101

Bursa Malaysia Bhd

1-Day FEDEF - 4.375%

Monthly

MSCO

6/23/26

112,313

(26,447)

Buzzi

Euro STR - 0.30%

Monthly

JPHQ

9/03/26

83,340

EUR

190

BW LPG Limited

1-Week NIBOR - 0.275%

Monthly

SEBA

1/27/27

392,774

NOK

(6,758)

Bystronic AG

Euro STR - 0.35%

Monthly

JPHQ

8/05/30

58,051

CHF

3,856

Bytes Technology Group

1-Day SONIA - 1.00%

Monthly

MSCO

1/22/27

39,255

GBP

4,953

Cadeler AS

1-Week NIBOR - 6.50%

Monthly

SEBA

7/17/30

2,568,674

NOK

(46,537)

Cairo Communication

Euro STR - 2.45%

Monthly

JPHQ

11/04/29

34,180

EUR

(1,090)

Calb Group Co. Ltd.

1-Day HONIA - 6.85%

Monthly

GSCO

2/08/27

347,623

HKD

(2,820)

Calbee Inc.

1-Day TONAR - 0.25%

Monthly

GSCO

6/25/26

10,613,093

JPY

(1,254)

Calix Fpo

1-Day RBACR - 8.875%

Monthly

MSCO

6/24/26

17,101

AUD

(27,402)

Campari

Euro STR - 0.30%

Monthly

JPHQ

7/31/30

62,032

EUR

(6,573)

Camurus AB

1-Week STIBOR - 0.75%

Monthly

SEBA

7/17/30

1,629,501

SEK

35,418

Canmax Techs Co.

1-Day FEDEF - 12.24%

Monthly

MSCO

2/03/27

181,619

(16,253)

Capcom Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

2/08/27

5,247,053

JPY

(5,506)

Capita PLC

1-Day SONIA - 1.125%

Monthly

MSCO

5/06/26

120,351

GBP

(22,313)

Capital and Invest

1-Day SORA - 0.75%

Monthly

MSCO

6/25/26

236,202

SGD

(28,769)

Caregen

1-Day FEDEF - 6.125%

Monthly

MSCO

6/24/26

44,929

(122,153)

Carel Industries

Euro STR - 0.30%

Monthly

JPHQ

9/23/30

92,593

EUR

(50,340)

Carl Zeiss Meditec AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/30

31,299

EUR

4,752

Carlsberg AS

1-Week CIBOR - 0.275%

Monthly

SEBA

12/31/26

713,126

DKK

(17,932)

Carnarvon Fpo

1-Day RBACR - 5.25%

Monthly

MSCO

6/25/26

16,798

AUD

2,184

Caswell Inc.

1-Day FEDEF - 4.75%

Monthly

MSCO

9/11/26

13,108

(54)

Catena AB

1-Week STIBOR - 0.275%

Monthly

SEBA

5/08/26

2,677,273

SEK

(50,550)

Catl Ord.

1-Day HONIA - 0.50%

Monthly

MSCS

1/13/32

6,050,065

HKD

51,328

CD Projekt SA

1-Day FEDEF - 1.25%

Monthly

MSCS

7/17/30

191,647

(119,888)

CDL Htrust

1-Day SORA - 1.50%

Monthly

MSCO

6/25/26

155,672

SGD

(11,462)

Celcomdigi Berhad

1-Day FEDEF - 8.00%

Monthly

MSCO

6/25/26

107,252

3,921

Cellnex Telecom SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/14/26

260,524

EUR

(7,829)

Celltrion

1-Day FEDEF - 1.50%

Monthly

MSCO

6/24/26

109,684

(28,808)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Celon Pharma SA

1-Day FEDEF - 12.75%

Monthly

MSCS

10/28/29

7,340

(411)

Cembra Money Bank

1-Day SARON - 0.35%

Monthly

JPHQ

12/10/26

57,597

CHF

(1,268)

Ceres Power Holdings PLC

1-Day SONIA - 1.38%

Monthly

MSCS

7/17/30

58,855

GBP

(82,549)

Cetc Digital Technology

1-Day FEDEF - 12.05%

Monthly

MSCO

2/15/27

27,981

(868)

Cgn Mining Company Ltd.

1-Day HONIA - 3.25%

Monthly

GSCO

6/25/26

1,062,244

HKD

(90,384)

CGN New Energy Holdings

1-Day HONIA - 2.25%

Monthly

GSCO

1/11/27

489,606

HKD

(2,882)

Chalice Fpo

1-Day RBACR - 2.75%

Monthly

MSCO

6/24/26

140,575

AUD

2,338

Champ Iron Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

9/08/26

142,255

AUD

501

Champion Real Estate

1-Day HONIA - 0.40%

Monthly

GSCO

7/31/26

847,475

HKD

(24,301)

Chandra Asri Pacific TBK

1-Day FEDEF - 11.50%

Monthly

MSCO

9/09/26

81,890

10,972

Channel Infrastructure Nz

1-Day NZOCR - 0.40%

Monthly

MSCO

6/24/26

167,567

NZD

(25,962)

Charm Care Corporation

1-Day TONAR - 0.35%

Monthly

GSCO

12/01/26

2,348,477

JPY

(2,729)

Charoen Pokphand Foods

1-Day FEDEF - 2.25%

Monthly

MSCO

1/19/27

92,595

(55)

Cheng Loong

1-Day FEDEF - 2.125%

Monthly

MSCO

11/23/26

44,383

(1,568)

Chesnara PLC

1-Day SONIA - 0.30%

Monthly

MSCS

12/26/29

77,595

GBP

(13,174)

China Cinda Asset Management

1-Day HONIA - 2.88%

Monthly

GSCO

9/09/26

2,335,829

HKD

13,986

China Energy Engineer

1-Day FEDEF - 9.15%

Monthly

MSCO

6/26/26

73,771

(12,700)

China Everbright Bank

1-Day FEDEF - 0.85%

Monthly

MSCO

6/24/26

57,576

7,860

China Everbright Limited

1-Day HONIA - 3.25%

Monthly

GSCO

1/07/27

454,957

HKD

6,451

China Feihe Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

9/11/26

1,790,826

HKD

16,254

China General Plastics Co.

1-Day FEDEF - 4.35%

Monthly

MSCO

6/24/26

60,359

(5,578)

China Jinmao Holdings Group

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

299,279

HKD

(3,336)

China Lesso Group Holding

1-Day HONIA - 0.25%

Monthly

GSCO

1/06/27

170,875

HKD

(9,934)

China Literature Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

7/31/26

986,521

HKD

11,475

China Longyuan Power Group

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,446,474

HKD

(16,766)

China Medical Systems Holdings

1-Day HONIA - 0.40%

Monthly

GSCO

11/13/26

1,153,978

HKD

(5,457)

China Motor Co.

1-Day FEDEF - 3.625%

Monthly

MSCO

6/24/26

146,680

1,357

China Petroleum

1-Day FEDEF - 4.08%

Monthly

MSCO

8/18/26

25,101

(5,288)

China Resource Power Holding

TONAR - 0.35%

Monthly

GSCO

3/02/27

74,144

HKD

(191)

China Risun Grp Ltd.

1-Day HONIA - 12.25%

Monthly

GSCO

6/25/26

502,736

HKD

(4,504)

China Ruyi Holdings Ltd.

1-Day HONIA - 2.75%

Monthly

GSCO

6/25/26

621,227

HKD

20,679

China Southern Airlines

1-Day HONIA - 2.50%

Monthly

GSCO

1/27/27

169,417

HKD

594

China Southern Power

1-Day FEDEF - 10.662%

Monthly

MSCO

6/24/26

16,407

(4,176)

China State Construction

1-Day HONIA - 0.25%

Monthly

GSCO

1/06/27

296,400

HKD

China Steel Corp.

1-Day FEDEF - 1.00%

Monthly

MSCO

10/06/26

194,243

(13,867)

China Tianying Inc.

1-Day FEDEF - 6.17%

Monthly

MSCO

2/12/27

46,442

(9,630)

China Travel International

1-Day HONIA - 10.75%

Monthly

GSCO

3/02/27

51,783

HKD

341

China Vanke Co Ltd.

1-Day HONIA - 3.00%

Monthly

GSCO

7/17/26

286,283

HKD

9,799

China Water Affair Group

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,241,225

HKD

27,929

Chinasoft International

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,672,544

HKD

32,815

Chiyoda Co. Ltd.

1-Day TONAR - 1.50%

Monthly

GSCO

2/15/27

2,236,567

JPY

(241)

Chongqing Millison

1-Day FEDEF - 6.15%

Monthly

MSCO

8/26/26

17,157

(5,400)

Chretailrt Ord.

1-Day RBACR - 0.30%

Monthly

MSCO

1/19/27

75,511

AUD

(2,126)

Chrysosltd Fpo

1-Day RBACR - 4.75%

Monthly

MSCO

6/24/26

102,390

AUD

(33,475)

Chugoku Electric Power Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

13,980,749

JPY

(26,851)

Chunbo

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

50,988

(9,041)

Chung Hung Steel Co.

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

134,697

(19,927)

Cibus Nordic Real Estate AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/31

1,368,615

SEK

10,451

CIE Automotive S.A.

1-Day EONIA - 0.35%

Monthly

MSCS

9/12/30

139,712

EUR

(49,579)

Citic Telecom Intl Hldgs

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,067,694

HKD

(9,184)

CJ CGV

1-Day FEDEF - 3.50%

Monthly

MSCO

6/24/26

94,940

2,257

CK Infrastructure Holding

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,591,621

HKD

(34,162)

Clariane SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/26

153,714

EUR

(12,268)

Clio Cosmetics

1-Day FEDEF - 5.75%

Monthly

MSCO

6/24/26

52,661

10,003

Close Brothers Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/30

179,629

GBP

(62,734)

Cloudberry Clean Energy ASA

1-Week NIBOR - 1.00%

Monthly

SEBA

7/17/30

372,576

NOK

(3,516)

CLP Holdings Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

8/25/26

794,799

HKD

(12,092)

CNH Industrial

Euro STR - 0.30%

Monthly

JPHQ

3/24/26

78,456

EUR

(4,142)

Coats Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

6/03/30

95,023

GBP

(17,590)

Cobram Fpo

1-Day RBACR - 10.25%

Monthly

MSCO

10/28/26

77,611

AUD

(3,757)

Coface

1-Day EONIA - 0.275%

Monthly

MSCO

1/14/31

236,156

EUR

1,694

Cognor Holding SA

1-Day FEDEF - 0.75%

Monthly

MSCS

7/17/30

54,520

8,315

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Colopl Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/26/26

8,956,241

JPY

7,128

Coloplast A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/26

1,798,829

DKK

66,778

Colruyt SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/29

25,486

EUR

(837)

Comet

1-Day SARON - 0.35%

Monthly

JPHQ

9/30/30

235,743

CHF

(154,049)

Cometridge Fpo

1-Day RBACR - 18.00%

Monthly

MSCO

6/24/26

26,505

AUD

493

Comforia Residential Reit

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

16,838,489

JPY

(15,818)

Continental Hldgs Corp.

1-Day FEDEF - 3.625%

Monthly

MSCO

6/24/26

142,746

9,377

Coretronics Corp.

1-Day FEDEF - 3.875%

Monthly

MSCO

6/24/26

227,875

(24,922)

Corporacion Acciona Energias Renovables SA

1-Day EONIA - 0.35%

Monthly

MSCS

8/05/30

313,563

EUR

(38,514)

Cosel Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

2/25/27

803,423

JPY

(111)

Cosmax

1-Day FEDEF - 3.125%

Monthly

MSCO

6/24/26

35,253

5,847

Cosmecca Korea

1-Day FEDEF - 8.625%

Monthly

MSCO

6/24/26

39,661

(13,471)

Cosmo Adv Materials & Tec

1-Day FEDEF - 5.50%

Monthly

MSCO

7/03/26

80,401

(31,843)

COSMO Pharmaceuticals NV

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

42,500

CHF

(39,461)

Cota Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

8,785,403

JPY

3,795

Cowell E Holdings Inc.

1-Day HONIA - 2.70%

Monthly

GSCO

12/15/26

347,835

HKD

1,439

CP All Public Company

1-Day FEDEF - 0.75%

Monthly

MSCO

9/17/26

30,590

(1,347)

Create Restaurants Holdings

1-Day TONAR - 0.35%

Monthly

GSCO

11/12/26

15,339,616

JPY

1,623

Crest Nicholson Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/21/30

43,716

GBP

5,073

Crh Ord Eur

1-Day SONIA - 0.275%

Monthly

MSCO

7/08/26

188,147

GBP

(40,749)

Croda International PLC

1-Day SONIA - 0.44%

Monthly

MSCS

11/27/30

247,987

GBP

20,211

CSPC Innovation

1-Day HONIA - 0.25%

Monthly

MSCO

2/03/27

36,579

1,808

Cspc Pharmaceutical Group

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,691,538

HKD

(38,837)

Ctci Corp.

1-Day FEDEF - 2.75%

Monthly

MSCO

6/24/26

156,211

(10,979)

Ctos Digital Berhad

1-Day FEDEF - 6.75%

Monthly

MSCO

8/06/26

87,679

1,447

CTP NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

20,323

EUR

(2,101)

Cub Elecparts Inc.

1-Day FEDEF - 8.75%

Monthly

MSCO

6/24/26

109,928

(24,972)

Cuc Inc.

1-Day TONAR - 5.00%

Monthly

GSCO

6/24/26

12,263,765

JPY

(364)

CVC Capital Partners

Euro STR - 0.30%

Monthly

JPHQ

12/08/30

140,672

EUR

41,749

CVS Group PLC

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/30

99,106

GBP

(42,081)

Cwlth Bank Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

422,363

AUD

(606)

Cy4gate SpA

Euro STR - 0.85%

Monthly

JPHQ

2/10/31

25,362

EUR

(11,707)

Cyberdyne Inc.

1-Day TONAR - 2.50%

Monthly

GSCO

6/24/26

11,317,884

JPY

(81,619)

Cyberflks

1-Day FEDEF - 6.50%

Monthly

MSCO

9/04/26

42,998

2,748

Cyfrowy Polsat SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/17/27

83,176

(4,016)

D&O Green Technologies

1-Day FEDEF - 10.00%

Monthly

MSCO

10/06/26

26,913

15,836

Daejoo

1-Day FEDEF - 11.50%

Monthly

MSCO

6/24/26

182,488

(74,914)

Daimler Truck Holdings AG

Euro STR - 0.30%

Monthly

JPHQ

3/28/26

189,463

EUR

(67,489)

Daiseki Co. Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

2/09/27

3,299,492

JPY

(1,892)

Daishin Securities Co.

1-Day FEDEF - 2.865%

Monthly

MSCO

7/24/26

196,387

(127,379)

Daishinku Corp.

1-Day TONAR - 0.75%

Monthly

GSCO

11/17/26

11,535,520

JPY

(16,684)

Daiwa Office Investment Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

12,412,333

JPY

(4,634)

Dalipal Holdings Ltd.

1-Day HONIA - 16.25%

Monthly

GSCO

6/25/26

440,143

HKD

(3,461)

Dassault Aviation

1-Day EONIA - 0.275%

Monthly

MSCO

10/23/26

66,718

EUR

(16,752)

Dassault Systemes SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/01/27

45,531

EUR

(2,655)

Deep Yellow Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

99,861

AUD

(35,095)

Delivery Hero SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/26

177,266

EUR

31,943

De’Longhi SpA

Euro STR - 0.30%

Monthly

JPHQ

5/08/26

97,032

EUR

(35,844)

Dentsu Soken Inc.

1-Day TONAR - 0.25%

Monthly

GSCO

12/15/26

15,987,380

JPY

11,287

Dermapharm Holding SE

Euro STR - 0.30%

Monthly

JPHQ

5/15/26

96,227

EUR

(17,061)

Derwent London PLC

1-Day SONIA - 0.275%

Monthly

MSCO

7/07/26

243,694

GBP

16,522

Deterra Re Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/23/26

227,918

AUD

(22,649)

Deutsche Boerse

Euro STR - 0.30%

Monthly

JPHQ

11/27/30

102,001

EUR

1,399

Deutsche Pfandriefbank AG

HIBOR - 0.30%

Monthly

JPHQ

1/30/31

138,185

EUR

52,851

Deutsche Post

Euro STR - 0.30%

Monthly

JPHQ

12/11/30

75,342

EUR

(28,135)

Develop Fpo

1-Day RBACR - 0.875%

Monthly

MSCO

6/25/26

184,380

AUD

(35,614)

Dexusind Stapled

1-Day RBACR - 0.40%

Monthly

MSCO

11/27/26

117,641

AUD

3,590

DFDS A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/29

364,423

DKK

(6,932)

Di Dongil

1-Day FEDEF - 6.375%

Monthly

MSCO

6/24/26

89,739

31,707

Diageo PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/30

38,262

GBP

7,633

Dialog Group Bhd

1-Day FEDEF - 5.125%

Monthly

MSCO

6/25/26

189,975

(36,957)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Dino Polska SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/14/26

135,107

(23,109)

Dios Fastigheter AB

1-Week STIBOR - 0.275%

Monthly

SEBA

10/31/29

700,410

SEK

(6,376)

Dis-Chem Pharmacies

1-Day SABOR - 0.50%

Monthly

MSCS

12/26/30

3,560,986

ZAR

(75,803)

Discovery Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/30

4,142,356

ZAR

(212,692)

DMG Mori Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

12/15/26

18,364,588

JPY

(14,074)

DNB Bank ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

7/17/30

497,295

NOK

(1,136)

Domino’s Pizza Group PLC

1-Day SONIA - 0.275%

Monthly

MSCO

9/05/30

198,096

GBP

79,048

Doosan Corporation

1-Day FEDEF - 2.75%

Monthly

MSCO

11/19/26

61,288

(29,298)

Doosan Enerbility Co Ltd.

1-Day FEDEF - 0.45%

Monthly

MSCO

11/18/26

80,581

(32,767)

Doosan Robotics

1-Day FEDEF - 18.00%

Monthly

MSCO

6/26/26

43,288

(17,994)

Doosanfc

1-Day FEDEF - 10.25%

Monthly

MSCO

6/24/26

105,627

(52,251)

Dottikon ES Holding AG

1-Day SARON - 1.40%

Monthly

JPHQ

7/17/30

44,113

CHF

(53,140)

Douglas AG

Euro STR - 0.30%

Monthly

JPHQ

1/26/27

45,051

EUR

(5,132)

Dovalue

Euro STR - 5.00%

Monthly

JPHQ

8/14/30

209,322

EUR

18,636

Dow Jones US Select Health Care Providers Index

SOFR - 0.25%

Monthly

GSCO

6/17/26

4,689,587

(160,690)

Dow Jones US Select Medical Equipment Index

SOFR - 0.25%

Monthly

GSCO

6/17/26

8,406,051

(235,689)

Dow Jones US Select Pharma Total Return Index

SOFR - 0.70%

Monthly

GSCO

6/17/26

6,730,114

(133,940)

DPC Dash Ltd.

1-Day HONIA - 4.00%

Monthly

GSCO

1/07/27

783,647

HKD

5,620

DRDGOLD Ltd.

1-Day SABOR - 1.00%

Monthly

MSCS

7/17/30

883,762

ZAR

(113,172)

Drewloong Precision Inc.

1-Day FEDEF - 9.875%

Monthly

MSCO

6/24/26

57,433

6,355

DSM Firmenich AG

Euro STR - 0.30%

Monthly

JPHQ

4/16/26

169,449

EUR

42,748

DSV A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/14/26

1,724,836

DKK

(40,546)

Dug Tech Fpo

1-Day RBACR - 7.125%

Monthly

MSCO

6/24/26

36,994

AUD

(11,782)

DWEC

1-Day FEDEF - 0.875%

Monthly

MSCO

6/24/26

126,735

(152,904)

Dynavox Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

8/25/26

1,631,707

SEK

29,968

E Ink Holdings Inc.

1-Day FEDEF - 1.50%

Monthly

MSCO

6/24/26

111,295

15,530

Eastern & Oriental Bhd

1-Day FEDEF - 4.50%

Monthly

MSCO

6/25/26

65,379

(24)

Ecopro Co Ltd.

1-Day FEDEF - 4.375%

Monthly

MSCO

9/07/26

56,954

(63,730)

Ecoprobm Co Ltd.

1-Day FEDEF - 8.375%

Monthly

MSCO

9/16/26

79,913

(52,442)

Edenred

1-Day EONIA - 0.30%

Monthly

MSCO

3/27/26

89,176

EUR

(9,866)

Edreams Odigeo SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/30

130,791

EUR

60,794

Eguarantee Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

7/17/26

20,187,825

JPY

(8,079)

Eiken Chemical Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

37,673,621

JPY

(84,410)

Eirgenix Inc.

1-Day FEDEF - 6.50%

Monthly

MSCO

6/24/26

79,506

6,700

Elec Optic Fpo

1-Day RBACR - 12.875%

Monthly

MSCO

11/05/26

40,861

AUD

(12,448)

Elecnor SA

1-Day EONIA - 1.375%

Monthly

MSCO

8/24/26

48,153

EUR

(8,618)

Elia Group

Euro STR - 0.30%

Monthly

JPHQ

5/16/26

157,208

EUR

(116,887)

Elisa Oyj

Euro STR - 0.28%

Monthly

SEBA

11/15/30

197,796

EUR

4,074

EM System Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

2/25/27

1,265,613

JPY

(126)

Emeis

1-Day EONIA - 1.50%

Monthly

MSCO

11/19/26

103,054

EUR

(16,942)

Ems-Chemie AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

215,678

CHF

(40,325)

En Japan Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

9/22/26

6,703,951

JPY

7,172

ENAV SpA

Euro STR - 0.30%

Monthly

JPHQ

9/23/30

160,078

EUR

(73,739)

Ence Energia Y Celulosa SA

1-Day EONIA - 0.35%

Monthly

MSCO

2/10/31

67,613

EUR

12,390

Enento Group OYJ

Euro STR - 0.28%

Monthly

SEBA

7/17/30

82,533

EUR

9,809

EnergieKontor AG

Euro STR - 0.30%

Monthly

JPHQ

3/07/26

109,424

EUR

6,103

Engcon AB

1-Week STIBOR - 3.50%

Monthly

SEBA

10/04/30

1,186,280

SEK

31,356

Eni SpA

Euro STR - 0.30%

Monthly

JPHQ

1/13/31

85,960

EUR

(53,902)

Enigmo Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

7/15/26

2,437,935

JPY

(8,992)

Envipco Holdings

1-Week NIBOR - 0.275%

Monthly

SEBA

5/21/26

754,738

NOK

14,119

Epiroc AB

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/30

2,488,838

SEK

(79,565)

Eramet SA

1-Day EONIA - 0.30%

Monthly

MSCS

8/30/30

203,081

EUR

(21,574)

ERG SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

146,582

EUR

(56,676)

Erste Group Bank AG

Euro STR - 0.30%

Monthly

JPHQ

10/14/30

157,423

EUR

(67,550)

ESR Kendall Square REIT

1-Day FEDEF - 3.875%

Monthly

MSCO

1/12/27

46,802

(525)

Essentra PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/01/30

141,010

GBP

40,850

EssilorLuxottica SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

65,255

EUR

11,152

Essity AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/30

1,996,433

SEK

(23,419)

Euglena Co Ltd.

1-Day TONAR - 1.25%

Monthly

GSCO

6/24/26

15,563,526

JPY

7,294

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Eurazeo SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/29

82,238

EUR

9,097

Euronav NV

Euro STR - 0.30%

Monthly

JPHQ

12/23/29

103,793

EUR

(58,672)

Eutelsat SA

1-Day EONIA - 0.40%

Monthly

MSCS

7/12/29

130,790

EUR

(4,888)

Everybot

1-Day FEDEF - 17.875%

Monthly

MSCO

6/24/26

8,503

(2,331)

Evotec SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

113,041

EUR

4,451

Evtltd Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

2/25/27

26,471

AUD

(446)

Experian PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/30

90,611

GBP

19,618

Ezaki Glico Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

20,735,508

JPY

(35,613)

Far East Htrust

1-Day SORA - 1.00%

Monthly

MSCO

6/25/26

47,110

SGD

(2,509)

Faraday Technology

1-Day FEDEF - 8.157%

Monthly

MSCO

11/20/26

76,899

(3,096)

Farglory Free Trade Zone

1-Day FEDEF - 7.50%

Monthly

MSCO

6/24/26

53,382

(13,750)

Fastighets AB Balder

1-Week STIBOR - 0.275%

Monthly

SEBA

5/25/26

1,997,792

SEK

(144)

FDM Group Holdings Plc

1-Day SONIA - 0.275%

Monthly

MSCO

2/25/27

6,677

GBP

113

Ferguson Enterprises Inc.

1-Day SONIA - 0.275%

Monthly

MSCO

2/10/31

59,750

GBP

(38,253)

Ferretti

Euro STR - 1.00%

Monthly

JPHQ

10/20/30

125,978

EUR

(81,021)

Ferrovial SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/30

128,438

EUR

(72,209)

Fila

Euro STR - 0.30%

Monthly

JPHQ

11/19/26

98,769

EUR

1,165

Finatext Hldgs Ltd.

1-Day TONAR - 1.50%

Monthly

GSCO

6/24/26

15,860,146

JPY

17,194

Fine M-Tec

1-Day FEDEF - 19.00%

Monthly

MSCO

6/24/26

14,478

(5,478)

FinecoBank SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

203,274

EUR

(70,063)

Fintel PLC

1-Day SONIA - 0.275%

Monthly

MSCO

8/20/30

43,646

GBP

13,701

Fiskars Group OYJ

Euro STR - 0.45%

Monthly

SEBA

8/23/30

46,581

EUR

7,523

Fittech Co Ltd.

1-Day FEDEF - 6.25%

Monthly

MSCO

6/24/26

22,110

(21,085)

Fletcher Building Fpo Nzx

1-Day RBACR - 0.40%

Monthly

MSCO

11/16/26

163,886

AUD

4,002

Flexium Interconnect Inc.

1-Day FEDEF - 2.375%

Monthly

MSCO

6/24/26

198,617

(19,326)

FLSmidth & Co. A/S

1-Week CIBOR - 0.275%

Monthly

SEBA

9/10/30

1,538,538

DKK

(99,576)

Flughafen Zurich AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

128,288

CHF

(38,504)

Fluidra SA

1-Day EONIA - 0.35%

Monthly

MSCS

9/30/30

185,220

EUR

(9,016)

Flutter Entertainment PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/30

125,358

GBP

87,311

Fnac Darty SA

1-Day EONIA - 0.30%

Monthly

MSCS

1/29/31

72,437

EUR

(23,959)

^cFoci Fiber Optic Communication rts.

1-Day FEDEF - 19.00%

Monthly

MSCO

10/01/26

–

(2,639)

Foci Fiber Optic Communication

1-Day FEDEF - 10.875%

Monthly

MSCO

10/01/26

75,331

(41,003)

Foosung

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

67,733

(23,043)

Forbo

1-Day SARON - 0.35%

Monthly

JPHQ

9/11/26

207,113

CHF

(40,169)

Formosa Plastic

1-Day FEDEF - 3.25%

Monthly

MSCO

6/19/26

211,614

(64,448)

Foschini Group Ltd. (The)

1-Day SABOR - 0.50%

Monthly

MSCS

8/30/29

2,136,913

ZAR

1,428

FP Partner Inc.

1-Day TONAR - 5.50%

Monthly

GSCO

6/24/26

11,536,396

JPY

(10,342)

Franbo Lines Corp.

1-Day FEDEF - 8.375%

Monthly

MSCO

11/17/26

97,007

(1,733)

Fraport AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

202,842

EUR

(134,049)

Fraser & Neave Holdings

1-Day FEDEF - 10.75%

Monthly

MSCO

2/02/27

40,147

(2,169)

Frasers Group PLC

1-Day SONIA - 0.275%

Monthly

MSCO

2/24/31

53,215

GBP

(7,064)

Frencken

1-Day SORA - 9.00%

Monthly

MSCO

12/16/26

87,225

SGD

(31,340)

Frequentis AG

Euro STR - 4.75%

Monthly

JPHQ

2/23/27

23,959

EUR

(932)

Fronteo Inc.

1-Day TONAR - 7.50%

Monthly

GSCO

6/29/26

12,512,236

JPY

(23,747)

FRP Advisory Group Plc

1-Day FEDEF - 1.875%

Monthly

MSCO

11/18/26

42,561

GBP

6,241

Fu Shou Yuan Intl Grp Lim

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

777,140

HKD

19,450

Fudo Tetra Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

7,059,518

JPY

(21,129)

Fugro

Euro STR - 0.30%

Monthly

JPHQ

10/12/29

114,564

EUR

(7,982)

Fuji Oil Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

23,550,917

JPY

(30,464)

Fujimi Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

25,060,551

JPY

(105,743)

Fujio Food Group Inc.

1-Day TONAR - 2.16%

Monthly

GSCO

8/24/26

10,309,425

JPY

3,998

Fukuyama Transporting Co.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

4,321,693

JPY

(15,356)

Fulgent Sun International

1-Day FEDEF - 4.625%

Monthly

MSCO

10/06/26

206,360

15,834

Funding Circle Holdings PLC

1-Day SONIA - 0.275%

Monthly

MSCO

8/11/30

127,345

GBP

(63,676)

Furuya Metal Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

11/20/26

11,416,675

JPY

(98,794)

Gamsung Corp.

1-Day FEDEF - 6.125%

Monthly

MSCO

6/24/26

33,917

1,327

Gamuda Bhd

1-Day FEDEF - 8.75%

Monthly

MSCO

6/25/26

138,930

1,631

GB Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

5/23/29

59,053

GBP

13,303

Geberit AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/30

224,038

CHF

(58,415)

Gecina SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

121,618

EUR

8,253

Gen Dev Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

7/03/26

155,499

AUD

16,182

Genda Inc.

1-Day TONAR - 6.00%

Monthly

GSCO

1/29/27

2,216,964

JPY

856

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Gentrack Fpo Nzx

1-Day RBACR - 8.375%

Monthly

MSCO

6/24/26

131,550

AUD

10,589

Genuit Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

62,462

GBP

(4,885)

Gerresheimer AG

Euro STR - 0.30%

Monthly

JPHQ

5/15/26

38,895

EUR

15,911

Getlink SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

296,870

EUR

(62,674)

GFT Technologies SE

Euro STR - 0.30%

Monthly

JPHQ

4/24/26

72,821

EUR

13,651

Gift Holdings Inc.

1-Day TONAR - 1.00%

Monthly

GSCO

8/20/26

8,748,809

JPY

(16,857)

Giken Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

7,547,004

JPY

(32,968)

GIMV NV

Euro STR - 0.30%

Monthly

JPHQ

12/16/29

77,724

EUR

(5,762)

Global Brands Manufacturer

1-Day FEDEF - 4.00%

Monthly

MSCO

11/20/26

91,752

916

Global Dominion

1-Day EONIA - 0.275%

Monthly

MSCO

7/30/30

105,960

EUR

(17,732)

Goldcrest Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

15,636,121

JPY

143

Goldsun Building Material

1-Day FEDEF - 2.75%

Monthly

MSCO

6/24/26

136,651

1,503

Good Group Stapled

1-Day RBACR - 0.40%

Monthly

MSCO

7/17/26

192,394

AUD

13,391

Goto Gojek Tokopedia

1-Day FEDEF - 4.00%

Monthly

MSCO

6/23/26

61,525

(2,203)

Grainger PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/26

61,139

GBP

(143)

Great Portland Estates PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

257,466

GBP

(95,663)

Great Tree Pharmacy Co Lt

1-Day FEDEF - 4.375%

Monthly

MSCO

6/24/26

65,118

17,984

Greatland Gold Plc

1-Day SONIA - 0.275%

Monthly

MSCO

7/17/30

68,017

GBP

(358,718)

Greentown China Holdings

1-Day HONIA - 5.75%

Monthly

GSCO

2/16/27

184,428

HKD

1,504

Greentown Mgmt Hldgs Co L

1-Day HONIA - 1.75%

Monthly

GSCO

6/25/26

1,025,833

HKD

10,268

Greggs Ord

1-Day SONIA - 0.275%

Monthly

MSCO

6/08/26

159,208

GBP

18,930

Groupe SEB

1-Day EONIA - 0.30%

Monthly

MSCS

8/30/30

74,051

EUR

6,511

Groupe ADP

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/30

233,944

EUR

(22,549)

Groupe Bruxelles Lambert NV

Euro STR - 0.30%

Monthly

JPHQ

7/12/26

325,810

EUR

(112,544)

Gruppo MutuiOnline SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

151,257

EUR

13,783

Guan Chong Bhd

1-Day FEDEF - 27.00%

Monthly

MSCO

12/08/26

87,098

1,520

Guangdong Electric

1-Day FEDEF - 5.83%

Monthly

MSCO

10/22/26

41,356

(3,930)

Guangzhou Automobile Group

1-Day HONIA - 3.50%

Monthly

GSCO

1/27/27

1,017,657

HKD

(823)

Gudeng Precision Industries

1-Day FEDEF - 12.75%

Monthly

MSCO

11/20/26

124,208

(26,132)

Gulf Development Public

1-Day FEDEF - 4.00%

Monthly

MSCO

6/25/26

148,219

(82,218)

Gungho Online Entertainment

1-Day TONAR - 0.25%

Monthly

GSCO

12/30/26

9,458,743

JPY

(286)

Gunosy Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

10,721,693

JPY

5,121

Guz Gomez Fpo

1-Day RBACR - 3.375%

Monthly

MSCO

6/24/26

265,271

AUD

43,975

GVS

Euro STR - 0.30%

Monthly

JPHQ

7/13/30

98,661

EUR

10,435

GWA Group Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

3/01/27

4,306

AUD

(23)

Haichang Ocean Park Holdings

1-Day HONIA - 13.50%

Monthly

GSCO

10/23/26

298,093

HKD

(773)

Haleon PLC

1-Day SONIA - 0.30%

Monthly

MSCS

3/13/26

183,432

GBP

(34,882)

Hamamatsu Photonics

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

29,421,935

JPY

(38,290)

Hana Technology

1-Day FEDEF - 15.50%

Monthly

MSCO

6/24/26

42,201

(3,221)

Hanall Biopharma

1-Day FEDEF - 1.125%

Monthly

MSCO

6/24/26

114,443

(140,069)

Hand Enterprise

1-Day FEDEF - 15.65%

Monthly

MSCO

12/15/26

2,159

(1,010)

Hankyu Hanshin Holdings

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

6,745,717

JPY

(6,374)

Hankyu Hanshin Reit Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

10,884,627

JPY

(2,297)

Hanmi Semiconductor Co Ltd.

1-Day FEDEF - 8.125%

Monthly

MSCO

9/11/26

67,201

(95,995)

Hanmipharm

1-Day FEDEF - 1.25%

Monthly

MSCO

6/24/26

66,185

(45,924)

Hanon Systems

1-Day FEDEF - 4.875%

Monthly

MSCO

6/24/26

56,040

(18,019)

Hansa Biopharma AB

1-Week STIBOR - 1.00%

Monthly

SEBA

7/17/30

563,782

SEK

(19,792)

Hansae

1-Day FEDEF - 7.875%

Monthly

MSCO

9/17/26

32,663

(1,810)

Hanssem

1-Day FEDEF - 3.375%

Monthly

MSCO

6/24/26

117,497

(5,541)

Hanwha Ocean

1-Day FEDEF - 1.50%

Monthly

MSCO

6/24/26

102,239

(44,033)

Hanwha REIT

1-Day FEDEF - 7.00%

Monthly

MSCO

10/13/26

7,010

(1,936)

Hanwha Solutions

1-Day FEDEF - 4.00%

Monthly

MSCO

6/24/26

189,899

(116,862)

Hapag-Lloyd AG

Euro STR - 0.50%

Monthly

JPHQ

10/07/30

80,707

EUR

(6,614)

Harmonic Drive Systems

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

16,489,025

JPY

(72,307)

Hartalega Holdings Bhd

1-Day FEDEF - 16.25%

Monthly

MSCO

9/28/26

53,292

6,004

Harvia PLC

Euro STR - 9.50%

Monthly

SEBA

7/17/30

144,797

EUR

21,791

Haypp Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

12/17/26

352,372

SEK

(3,401)

Hays PLC

1-Day SONIA - 0.275%

Monthly

MSCO

9/05/30

153,868

GBP

62,845

HBX Group International

1-Day EONIA - 0.275%

Monthly

MSCO

5/25/26

128,289

EUR

16,170

Healthcare Selectsectortr Index

SOFR - 0.25%

Monthly

GSCO

6/17/26

5,347,427

(158,632)

Heartland Group Hldgs Ltd.

1-Day NZOCR - 2.025%

Monthly

MSCO

6/24/26

117,649

NZD

(26,919)

Heineken

Euro STR - 0.35%

Monthly

JPHQ

11/27/30

132,368

EUR

(21,277)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Heiwa Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

19,745,085

JPY

2,429

Helios Towers PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/29

58,844

GBP

(19,439)

HELLA GmbH & Co. KGaA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

63,871

EUR

1,479

Henderson Land Development

1-Day HONIA - 0.25%

Monthly

GSCO

6/25/26

1,455,517

HKD

(31,227)

Hengyi Petrochecmical

1-Day FEDEF - 5.05%

Monthly

MSCO

9/29/26

38,835

(27,655)

Henkel AG & Co. KGaA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

253,748

EUR

(59,314)

Hensoldt AG

Euro STR - 0.30%

Monthly

JPHQ

3/20/26

140,307

EUR

(25,327)

Hermes International

1-Day SONIA - 0.40%

Monthly

MSCS

9/07/30

131,678

EUR

7,979

Hertz Global Hldgs Inc CFD

1-Day FEDEF - 0.75%

Monthly

MSCO

9/27/31

141,196

14,008

Hexagon AB

1-Week STIBOR - 0.275%

Monthly

SEBA

4/01/26

879,300

SEK

4,052

Hexagon Composites ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/17/26

552,105

NOK

31,731

Hibiya Engineering

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,858,727

JPY

(61,234)

Highwealth Construction

1-Day FEDEF - 1.00%

Monthly

MSCO

8/19/26

121,261

4,419

Hiwin Technologies Corp.

1-Day FEDEF - 4.375%

Monthly

MSCO

6/24/26

311,977

(19,616)

HKT Trust And HKT Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

908,455

HKD

(6,778)

HMM

1-Day FEDEF - 1.375%

Monthly

MSCO

6/24/26

66,906

(7,769)

Hollywood Bowl Group PLC

1-Day SONIA - 0.275%

Monthly

MSCO

2/10/31

128,807

GBP

(2,893)

Holmen AB

1-Week STIBOR - 0.275%

Monthly

SEBA

6/20/26

1,142,758

SEK

5,999

Holtek Semiconductor Inc.

1-Day FEDEF - 5.625%

Monthly

MSCO

6/30/26

33,211

(15,355)

Home Product Center Plc

1-Day FEDEF - 34.00%

Monthly

MSCO

6/26/26

151,797

(26,504)

Hongkong & China Gas Co.

1-Day HONIA - 0.25%

Monthly

GSCO

12/07/26

575,428

HKD

(3,240)

Horizon Robotics

1-Day HONIA - 1.75%

Monthly

GSCO

9/11/26

685,745

HKD

3,912

Hota Industrial Mfg Co.

1-Day FEDEF - 13.875%

Monthly

MSCO

6/24/26

227,187

534

Hotai Finance Co Ltd.

1-Day FEDEF - 2.25%

Monthly

MSCO

6/24/26

156,594

24,019

Hotel Shilla

1-Day FEDEF - 5.25%

Monthly

MSCO

6/24/26

227,744

22,227

House Foods Group Inc.

1-Day TONAR - 0.25%

Monthly

GSCO

2/02/27

3,346,990

JPY

(306)

HS Hyosung Advanced Materials

1-Day FEDEF - 2.625%

Monthly

MSCO

9/17/26

145,736

(37,810)

Hsin Kuang Steel Co.

1-Day FEDEF - 3.00%

Monthly

MSCO

6/24/26

13,608

1,055

HTC Corporation

1-Day FEDEF - 7.125%

Monthly

MSCO

6/24/26

189,211

(9,136)

Hua Hong Semiconductor

1-Day HONIA - 3.00%

Monthly

GSCO

6/25/26

836,447

HKD

(165,317)

Hua Nan Financial Holding

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

68,831

(21,137)

Huaku Development Co Ltd.

1-Day FEDEF - 2.125%

Monthly

MSCO

6/24/26

123,980

(1,833)

Hubei Yihua Chemical

1-Day FEDEF - 9.42%

Monthly

MSCO

9/18/26

123,856

(33,783)

Huber+Suhner

1-Day SARON - 0.35%

Monthly

JPHQ

12/17/26

33,515

CHF

(13,504)

Hutchmed

1-Day SONIA - 1.125%

Monthly

MSCO

9/03/30

25,609

GBP

6,414

Hutchmed Ltd.

1-Day SONIA - 28.75%

Monthly

GSCO

6/25/26

112,699

HKD

409

Hygeia Healthcare Hldgs

1-Day HONIA - 7.75%

Monthly

GSCO

6/25/26

945,637

HKD

(1,280)

Hypoport SE

1-Day SABOR - 0.75%

Monthly

JPHQ

9/27/30

110,186

EUR

48,230

Hyundai MTR

1-Day FEDEF - 0.45%

Monthly

MSCO

6/23/26

95,118

(178,436)

Ibiden Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

4,235,735

JPY

(46,161)

Ibstock PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/07/30

156,165

GBP

(122)

Ichibanya Co Ltd.

1-Day TONAR - 0.75%

Monthly

GSCO

6/24/26

32,010,261

JPY

2,023

Ichigo Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

30,450,142

JPY

(22,643)

I-Chun Precision Industry

1-Day FEDEF - 21.125%

Monthly

MSCO

1/11/27

32,709

(18,432)

Idom Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

11,182,601

JPY

(19,935)

Idorsia

Euro STR - 6.50%

Monthly

JPHQ

7/17/28

23,485

CHF

(502)

IEL Fpo

1-Day RBACR - 8.125%

Monthly

MSCO

1/04/27

74,184

AUD

8,610

IG Port Inc.

1-Day TONAR - 2.75%

Monthly

GSCO

10/21/26

2,558,892

JPY

(1,173)

Iino Kaiun Kaisha

1-Day TONAR - 0.35%

Monthly

GSCO

10/15/26

15,881,146

JPY

(27,765)

IJM Corporation Bhd

1-Day FEDEF - 5.625%

Monthly

MSCO

6/25/26

64,773

(640)

Iljin Hysolus

1-Day FEDEF - 18.25%

Monthly

MSCO

6/24/26

11,763

700

Iluka Res Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

12/03/26

169,809

AUD

(17,222)

IMCD Group NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

164,072

EUR

26,779

Imerys

1-Day EONIA - 0.275%

Monthly

MSCO

9/22/26

173,909

EUR

(18,853)

Immutep Fpo

1-Day RBACR - 1.1925%

Monthly

MSCO

12/01/26

75,750

AUD

(6,331)

Impedimed Fpo

1-Day RBACR - 6.50%

Monthly

MSCO

7/15/26

5,069

AUD

2,043

Imperial Hotel Limited

1-Day TONAR - 3.30%

Monthly

GSCO

6/24/26

18,060,679

JPY

(41,387)

Inari Amertron Berhad

1-Day FEDEF - 6.00%

Monthly

MSCO

7/08/26

75,035

17,924

Indah Kiat Pulp & Paper

1-Day FEDEF - 4.00%

Monthly

MSCO

1/20/27

22,404

(3,553)

Industria De Diseno Textil

1-Day EONIA - 0.275%

Monthly

MSCO

1/16/31

37,639

EUR

(8,209)

Indutrade AB

1-Week STIBOR - 0.275%

Monthly

SEBA

6/03/26

1,826,089

SEK

1,545

INFICON

1-Day SARON - 0.35%

Monthly

JPHQ

5/25/26

143,948

CHF

(36,584)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Infineon Technologies AG

Euro STR - 0.30%

Monthly

JPHQ

11/26/26

100,743

EUR

(32,670)

Informa Plc Ord

1-Day SONIA - 0.275%

Monthly

MSCO

7/02/26

157,997

GBP

3,563

Infratil Limited Ord Npv

1-Day NZOCR - 0.40%

Monthly

MSCO

6/19/26

452,310

NZD

(14,864)

INGBSK

1-Day FEDEF - 3.00%

Monthly

MSCO

8/11/26

62,268

(17,113)

Innospace

1-Day FEDEF -15.50%

Monthly

MSCO

6/24/26

6,241

(3,930)

Instalco AB

1-Week STIBOR - 0.45%

Monthly

SEBA

6/27/26

582,796

SEK

(23,451)

Integ Diag Fpo

1-Day RBACR - 0.563%

Monthly

MSCO

6/24/26

155,288

AUD

2,078

Intellian Tech

1-Day FEDEF - 6.368%

Monthly

MSCO

6/24/26

129,821

(168,350)

Inter Cars

1-Day FEDEF - 2.125%

Monthly

MSCO

3/19/26

58,296

(12,435)

Intercontinental Hotels

1-Day FEDEF - 0.25%

Monthly

MSCO

11/27/28

139,040

990

International Paper

1-Day SONIA - 0.744%

Monthly

MSCO

2/12/31

96,423

GBP

8,014

International Petroleum Corp.

1-Week STIBOR - 0.275%

Monthly

SEBA

12/06/30

2,289,843

SEK

(93,996)

Interpump Group

Euro STR - 0.30%

Monthly

JPHQ

5/20/26

42,085

EUR

(11,598)

Interroll Group

1-Day SARON - 0.35%

Monthly

JPHQ

10/28/30

41,865

CHF

6,653

Intops Co.

1-Day FEDEF - 2.75%

Monthly

MSCO

10/13/26

16,408

(4,142)

Investis Holdings SA

1-Day SARON - 0.35%

Monthly

JPHQ

9/12/30

23,112

CHF

(4,305)

Investor AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/14/26

1,407,636

SEK

(49,778)

INVISIO AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/26

1,884,425

SEK

7,843

Inwido AB

1-Week STIBOR - 0.275%

Monthly

SEBA

8/27/26

1,474,924

SEK

(3,695)

Inwit

Euro STR - 1.30%

Monthly

JPHQ

2/11/27

130,520

EUR

1,328

IOI Corporation Bhd

1-Day FEDEF - 3.125%

Monthly

MSCO

6/25/26

239,714

(30,790)

IOI Properties Group Berhad

1-Day FEDEF - 9.25%

Monthly

MSCO

10/30/26

69,946

(32,567)

Iperionx Fpo

1-Day RBACR - 1.012%

Monthly

MSCO

6/24/26

129,444

AUD

(24,533)

Italmobiliare

Euro STR - 0.30%

Monthly

JPHQ

9/27/30

93,905

EUR

(32,493)

Itmedia Inc.

1-Day TONAR - 1.00%

Monthly

GSCO

6/24/26

20,870,301

JPY

(20,949)

Ito EN Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

2/11/27

4,294,491

JPY

278

J Front Retailing Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

7/15/26

20,639,225

JPY

(21,404)

J&T Global Express Limited

1-Day HONIA - 0.90%

Monthly

GSCO

9/04/26

743,643

HKD

(4,157)

JA Solar Technology

1-Day FEDEF - 10.21%

Monthly

MSCO

9/04/26

59,638

3,883

James Halstead PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/26

33,823

GBP

8,157

Japan Eyewear Holdings Co.

1-Day TONAR - 10.00%

Monthly

GSCO

6/24/26

17,887,349

JPY

13,323

Japan Steel Works

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

13,349,965

JPY

(19,195)

JCR Pharmaceutical Co.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

20,832,320

JPY

(8,804)

Jean Co Ltd.

1-Day FEDEF - 6.125%

Monthly

MSCO

6/24/26

45,605

7,540

Jenoptik AG NA

Euro STR - 0.30%

Monthly

JPHQ

7/17/28

124,167

EUR

(3,789)

Jetema

1-Day FEDEF -15.00%

Monthly

MSCO

6/24/26

33,245

(7,525)

Jiangsu Expressway Co.

1-Day FEDEF - 9.35%

Monthly

GSCO

7/31/26

288,177

HKD

(2,357)

Jiangsu Expressway Co. – A Shares

1-Day FEDEF - 9.35%

Monthly

MSCO

6/24/26

30,327

5,009

Jiangsu Yuxing

1-Day FEDEF - 13.373%

Monthly

MSCO

6/24/26

3,868

(208)

Jiangsu Zhangjiaga

1-Day FEDEF - 5.53%

Monthly

MSCO

12/03/26

42,931

158

Jinushi Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

1,565,219

JPY

(3,633)

Jinxin Fertility Group Ltd.

1-Day HONIA - 8.75%

Monthly

GSCO

7/23/26

926,011

HKD

(841)

JM AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/35

1,409,390

SEK

(398)

JS Global Lifestyle Company

1-Day HONIA - 2.00%

Monthly

GSCO

9/11/26

1,362,089

HKD

6,111

Judges Scientific PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/05/26

165,011

GBP

104,166

Jungfraubahn Hld N

1-Day SARON - 0.35%

Monthly

JPHQ

6/11/26

55,277

CHF

(37,913)

Jvckenwood Corporation

1-Day TONAR - 0.25%

Monthly

GSCO

12/14/26

17,564,792

JPY

(8,259)

K Wah International Hldgs

1-Day HONIA - 0.75%

Monthly

GSCO

1/07/27

148,709

HKD

(4,347)

Kadokawa Corporation

1-Day TONAR - 0.25%

Monthly

GSCO

1/14/27

10,738,813

JPY

7,580

Kakao Games

1-Day FEDEF - 4.00%

Monthly

MSCO

6/23/26

182,697

44,328

Kakaopay

1-Day FEDEF - 9.00%

Monthly

MSCO

6/29/26

71,556

(2,384)

Kameda Seika Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

26,561,843

JPY

(16,269)

Kanro Co. Ltd.

1-Day TONAR - 9.50%

Monthly

GSCO

2/15/27

4,866,106

JPY

Kansai Electric Power Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

12,373,280

JPY

(32,825)

Karnov Group AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/30

882,205

SEK

18,560

Kawasaki Kisen Kaisha

1-Day TONAR - 0.35%

Monthly

GSCO

11/19/26

20,963,847

JPY

(21,837)

KBC Ancora Ord.

Euro STR - 0.30%

Monthly

JPHQ

1/27/27

67,171

EUR

3,331

KBC Groep NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

65,583

EUR

(43,043)

KE Holdings Inc.

1-Day HONIA - 0.40%

Monthly

GSCO

7/31/26

2,411,046

HKD

21,731

Keihanshin Building Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

8,444,922

JPY

(15,495)

Keisei Electric Railway

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

14,146,489

JPY

(3,159)

Kellington Group Berhad

1-Day FEDEF - 8.50%

Monthly

MSCO

1/19/27

33,332

(1,587)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Kempower OYJ

Euro STR - 3.75%

Monthly

SEBA

7/17/30

20,705

EUR

4,424

Kenda Rubber Industry

1-Day FEDEF - 0.75%

Monthly

MSCO

6/24/26

27,047

2,677

Kepco E&C

1-Day FEDEF - 4.00%

Monthly

MSCO

6/25/26

59,025

(31,375)

Keppel

1-Day SORA - 0.40%

Monthly

MSCO

6/23/26

161,862

SGD

(96,407)

Kering SA

1-Month EURIBOR - 0.40%

Monthly

MSCS

11/27/30

125,550

EUR

(22,179)

Kerry Group PLC

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

114,026

EUR

11,718

Kesko Corp.

Euro STR - 0.275%

Monthly

SEBA

10/17/30

106,991

EUR

190

K-Fast Holding AB

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/30

272,464

SEK

7,195

Kid ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

5/25/26

747,959

NOK

10,394

Kingdee Intl Software Group

1-Day HONIA - 0.25%

Monthly

GSCO

6/25/26

215,548

HKD

5,688

Kingsoft Corp.

1-Day HONIA - 0.25%

Monthly

GSCO

2/25/27

181,240

HKD

570

Kitwave Group Plc

1-Day SONIA - 1.875%

Monthly

MSCO

9/09/26

57,651

GBP

(19,343)

KMW

1-Day FEDEF - 9.00%

Monthly

MSCO

6/24/26

27,777

(7,979)

Knorr-Bremse AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/26

106,890

EUR

(38,045)

Kobayashi Pharmaceuticals

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

33,029,418

JPY

(18,032)

Komehyo Holdings Co Ltd.

1-Day TONAR - 1.00%

Monthly

GSCO

11/17/26

4,446,022

JPY

(18,920)

Koninklijke Philips NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/29

109,376

EUR

(12,096)

Kontron AG

Euro STR - 2.10%

Monthly

JPHQ

4/23/26

144,646

EUR

(2,322)

Korea Aerospace

1-Day FEDEF - 0.45%

Monthly

MSCO

6/19/26

87,733

(85,550)

Korean Air Lines Co.

1-Day FEDEF - 2.75%

Monthly

MSCO

1/13/27

20,309

(6,133)

Kosaido Holdings Co Ltd.

1-Day TONAR - 1.00%

Monthly

GSCO

7/06/26

27,834,710

JPY

(8,365)

Kossan Rubber Industries

1-Day FEDEF - 5.75%

Monthly

MSCO

10/27/26

30,892

1,018

Kruk

1-Day FEDEF - 0.50%

Monthly

MSCO

7/17/26

217,416

(18,019)

Kuala Lumpur Kepong Bhd

1-Day FEDEF - 7.875%

Monthly

MSCO

6/25/26

152,178

(3,236)

Kudan Inc.

1-Day TONAR - 13.33%

Monthly

GSCO

8/24/26

5,281,267

JPY

(21,285)

Kuehne+Nagel

1-Day SARON - 0.35%

Monthly

JPHQ

3/13/26

48,908

CHF

(2,412)

Kulun Tech Co. Ltd.

1-Day FEDEF - 11.15%

Monthly

MSCO

2/03/27

9,330

(1,509)

Kunshan Dongwei Technology

1-Day FEDEF - 5.62%

Monthly

MSCO

9/29/26

131,886

(29,048)

Kureha Corporation

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

5,951,328

JPY

(12,134)

Kweichow Moutai

1-Day FEDEF - 1.75%

Monthly

MSCO

7/10/26

17,663

(1,428)

Kyowa Kirin Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

8/18/26

13,921,031

JPY

(14,937)

L1 Group Fpo

1-Day RBACR - 3.625%

Monthly

MSCO

11/24/26

180,405

AUD

(20,946)

Laboratorios Farmaceutico

1-Day EONIA - 0.275%

Monthly

MSCO

12/08/30

205,468

EUR

(135,039)

Lagenda Properties Berhad

1-Day FEDEF - 6.625%

Monthly

MSCO

7/08/26

5,837

(1,602)

Lake

1-Day FEDEF - 8.50%

Monthly

MSCO

6/24/26

134,045

(104,152)

Land & Houses

1-Day FEDEF - 14.50%

Monthly

MSCO

7/07/26

75,906

(15,835)

Land Mark Optoelectronics

1-Day FEDEF - 5.25%

Monthly

MSCO

6/25/26

67,508

(132,905)

Land Securities Group Plc

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/26

166,066

GBP

(16,240)

Landis+Gyr Group AG

1-Day SARON - 0.35%

Monthly

JPHQ

1/23/31

206,279

CHF

25,211

Latour Investment AB Services

1-Week STIBOR - 0.275%

Monthly

SEBA

11/14/30

3,377,680

SEK

46,990

LCB

1-Day FEDEF - 5.125%

Monthly

MSCO

6/24/26

93,157

(31,992)

Lectra SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/01/29

39,025

EUR

7,126

Legal & General Group

1-Day SONIA - 0.30%

Monthly

MSCS

9/23/30

264,487

GBP

(57,231)

Lendlease Reit

1-Day SORA - 1.75%

Monthly

MSCO

6/24/26

112,847

SGD

(13,652)

Lenzing AG

Euro STR - 0.30%

Monthly

JPHQ

7/14/26

55,206

EUR

1,321

Leroy Seafood Group

1-Week NIBOR - 0.275%

Monthly

SEBA

9/03/26

269,814

NOK

(269)

Levima Advanced

1-Day FEDEF - 10.45%

Monthly

MSCO

6/25/26

85,052

(4,103)

LG Chem

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

165,430

(89,515)

LG Energy Solution Ltd.

1-Day FEDEF - 3.125%

Monthly

MSCO

12/16/26

65,273

(5,961)

LGMS Berhad

1-Day FEDEF - 4.00%

Monthly

MSCO

6/25/26

11,028

4,114

LI Auto Inc.

1-Day HONIA - 0.40%

Monthly

GSCO

9/11/26

706,094

HKD

4,186

Lianchuang Electro

1-Day FEDEF - 11.95%

Monthly

MSCO

6/24/26

6,548

(436)

Liberta Co Ltd.

1-Day TONAR - 17.00%

Monthly

GSCO

6/24/26

3,789,306

JPY

1,897

Liecht Landbk

1-Day SARON - 2.20%

Monthly

JPHQ

11/09/26

89,598

CHF

(18,006)

Lifenet Insurance Company

1-Day TONAR - 2.00%

Monthly

GSCO

6/24/26

15,352,668

JPY

(138)

Lifestyle Fpo

1-Day RBACR - 4.625%

Monthly

MSCO

6/24/26

197,766

AUD

24,033

Lindab International AB

1-Week STIBOR - 0.275%

Monthly

SEBA

6/20/26

1,390,766

SEK

24,068

Linde PLC

Euro STR - 0.30%

Monthly

JPHQ

5/15/26

171,707

EUR

(18,681)

Lindex Group

Euro STR - 0.275%

Monthly

SEBA

7/09/26

33,389

EUR

4,605

Litalico Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

11/17/26

3,947,942

JPY

(1,553)

LK Technology Holdings

1-Day HONIA - 14.50%

Monthly

GSCO

7/13/26

645,653

HKD

856

London Stock Exchange Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/26

68,841

GBP

10,476

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Longfor Group Hldgs Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,203,973

HKD

(2,694)

L’Oreal SA

1-Day EONIA - 0.30%

Monthly

MSCS

8/09/30

46,155

EUR

(2,255)

Lotes Co. Ltd.

1-Day FEDEF - 3.50%

Monthly

MSCO

12/15/26

174,022

(53,507)

Lotte Energy Materials Co.

1-Day FEDEF - 3.00%

Monthly

MSCO

6/24/26

117,195

(90,579)

Lotus Bakeries NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

173,833

EUR

(67,929)

Lotus Resources Fpo

1-Day RBACR - 2.00%

Monthly

MSCO

7/03/26

87,186

AUD

(3,491)

LS Marine Solution Co. Ltd.

1-Day FEDEF -15.75%

Monthly

MSCO

12/23/26

48,066

(8,918)

LS Materials Co. Ltd.

1-Day FEDEF - 6.113%

Monthly

MSCO

8/21/26

101,281

(54,618)

Lunit

1-Day FEDEF - 12.75%

Monthly

MSCO

6/24/26

81,416

17,911

Luxshare Precision

1-Day FEDEF - 1.75%

Monthly

MSCO

10/14/26

34,375

2,173

LVMH Moet Hennessy Louis Vuitton SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/03/26

99,344

EUR

2,360

Lynas Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

84,685

AUD

(43,501)

Maas Group Fpo

1-Day RBACR - 3.25%

Monthly

MSCO

6/24/26

186,006

AUD

(9,854)

Macq Group Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

322,130

AUD

(1,282)

Macronix International

1-Day FEDEF - 1.35%

Monthly

MSCO

6/24/26

97,924

(376,599)

Mag Finc Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

1/19/27

123,441

AUD

1,243

Magnora ASA

1-Week NIBOR - 7.00%

Monthly

SEBA

7/17/30

325,471

NOK

557

Mainfreight Ltd Ord

1-Day NZOCR - 0.40%

Monthly

MSCO

6/24/26

378,528

NZD

(4,011)

Malayan Banking Bhd

1-Day FEDEF - 3.00%

Monthly

MSCO

6/22/26

139,458

(40,986)

Malaysia Smelting Corporation

1-Day FEDEF - 9.50%

Monthly

MSCO

9/09/26

9,454

(5,908)

Malaysian Resources Corporation

1-Day FEDEF - 11.875%

Monthly

MSCO

9/09/26

100,762

30,547

Mandatum OYJ

Euro STR - 0.275%

Monthly

SEBA

7/17/30

281,314

EUR

(63,281)

Mapletree Log

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

194,058

SGD

(16,423)

Maq Tech Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

373,682

AUD

(14,879)

Marcopolo Marine

1-Day SORA - 7.875%

Monthly

MSCO

9/08/26

64,550

SGD

(24,987)

Marr

Euro STR - 0.30%

Monthly

JPHQ

12/11/30

61,382

EUR

(3,698)

Marumae Co Ltd.

1-Day TONAR - 2.00%

Monthly

GSCO

6/24/26

11,296,569

JPY

(99,652)

Matas A/S

1-Week CIBOR - 0.275%

Monthly

SEBA

4/17/26

516,515

DKK

12,578

Matrix Concepts Holdings

1-Day FEDEF - 4.125%

Monthly

MSCO

6/25/26

108,993

(13,793)

Matsuya Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

13,482,131

JPY

(126,203)

mBank SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/14/26

224,909

(169,715)

Mcmillan Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

222,289

AUD

(2,773)

Medical G

1-Day FEDEF - 12.75%

Monthly

MSCO

11/03/26

5,257

159

Medlive Technology Co Ltd.

1-Day HONIA - 6.50%

Monthly

GSCO

12/01/26

138,425

HKD

644

Mega Financial Holding Co.

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

218,443

6,907

Mega First Corporation

1-Day FEDEF - 8.375%

Monthly

MSCO

6/25/26

31,767

1,762

Megachips Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

21,850,833

JPY

(29,805)

Meituan

1-Day HONIA - 0.40%

Monthly

GSCO

7/30/26

701,786

HKD

19,255

Mekonomen AB

1-Week STIBOR - 0.275%

Monthly

SEBA

10/18/30

933,066

SEK

13,555

Melco International Develop

1-Day HONIA - 0.25%

Monthly

GSCO

1/06/27

639,098

HKD

2,145

Melrose Industries PLC

1-Day SONIA - 0.275%

Monthly

MSCO

2/24/31

259,517

GBP

(25,582)

Mercari Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

25,556,724

JPY

(57,505)

Meridian Energy Limited

1-Day NZOCR - 0.40%

Monthly

MSCO

6/23/26

330,503

NZD

1,831

Meritz Financial

1-Day FEDEF - 1.50%

Monthly

MSCO

6/24/26

131,394

(11,267)

Merlin Properties Socimi SA

1-Day EONIA - 0.30%

Monthly

MSCO

3/12/26

212,170

EUR

(123,321)

Mesoblast Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

73,851

AUD

9,551

Metall Zug AG

1-Day SARON - 0.35%

Monthly

JPHQ

3/13/26

57,499

CHF

9,983

Meteoric Fpo

1-Day RBACR - 19.125%

Monthly

MSCO

10/23/26

76,307

AUD

(8,122)

Metropole TV

1-Day EONIA - 0.275%

Monthly

MSCO

12/11/30

241,101

EUR

26,007

Metsa Board OYJ

Euro STR - 0.32%

Monthly

SEBA

6/13/26

176,651

EUR

12,537

Metso Outotec OYJ

Euro STR - 0.28%

Monthly

SEBA

7/17/26

176,365

EUR

(127,957)

Michelin

1-Day EONIA - 0.30%

Monthly

MSCS

12/11/29

188,126

EUR

(45,064)

Midac Holdings Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

7/15/26

15,102,955

JPY

(2,445)

Millennium

1-Day FEDEF - 0.50%

Monthly

MSCS

7/17/30

182,884

(139,823)

Ming Yuan Cloud Group Hld

1-Day HONIA - 1.25%

Monthly

GSCO

6/23/26

1,985,066

HKD

29,362

Miniso Group Hldg Ltd.

1-Day HONIA - 1.25%

Monthly

GSCO

6/25/26

1,318,098

HKD

5,500

Mitsubishi Gas Chemical

1-Day TONAR - 0.25%

Monthly

GSCO

1/21/27

13,920,839

JPY

(33,811)

Mitsubishi Pencil Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

36,671,495

JPY

(38,812)

Mitsuboshi Belting

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

12,187,264

JPY

(9,944)

Mitsui & Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

10,079,712

JPY

(63,288)

Mitsui Fudosan Logistics

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

27,618,298

JPY

(18,814)

Mitsui OSK Lines Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

21,979,417

JPY

(29,994)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Mitsui Soko Holdings Co.

1-Day TONAR - 0.35%

Monthly

GSCO

11/12/26

23,784,580

JPY

1,495

Mobimo Holdings AG

1-Day SARON - 0.35%

Monthly

JPHQ

1/23/29

133,473

CHF

(31,660)

Mo-Bruk SA

1-Day FEDEF - 2.375%

Monthly

MSCO

5/28/26

44,028

(7,784)

Momentum Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

3/27/30

475,078

SEK

6,723

Moncler

Euro STR - 0.30%

Monthly

JPHQ

2/06/31

52,543

EUR

(6,316)

Mondadori Edit

Euro STR - 0.30%

Monthly

JPHQ

9/03/26

79,521

EUR

1,472

Mondi Plc Ord.

1-Day SONIA - 0.275%

Monthly

MSCO

2/10/27

187,944

GBP

12,348

Monex Group Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

19,230,067

JPY

(5,969)

Montana

Euro STR - 0.35%

Monthly

JPHQ

7/17/28

53,988

CHF

(16,592)

Montea Nv

Euro STR - 0.30%

Monthly

JPHQ

8/11/26

61,634

EUR

(10,417)

Morgan Advanced Materials

1-Day SONIA - 0.30%

Monthly

MSCS

8/12/30

47,811

GBP

(4,833)

Mortgage Advice Bureau

1-Day SONIA - 0.275%

Monthly

MSCO

8/14/30

79,378

GBP

4,917

Mosa Industrial Corporation

1-Day FEDEF - 6.375%

Monthly

MSCO

6/24/26

20,623

(3,835)

Mpc Container Ships Asa

1-Week NIBOR - 0.275%

Monthly

SEBA

8/13/26

2,139,288

NOK

(48,888)

MTR Corporation Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,806,269

HKD

(62,388)

Munters Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/14/30

1,486,949

SEK

(70,672)

Musti Group PLC

Euro STR - 0.28%

Monthly

SEBA

7/12/26

21,100

EUR

2,966

Mycronic Ab

1-Week STIBOR - 0.275%

Monthly

SEBA

7/02/26

1,680,883

SEK

3,723

MYP

1-Day FEDEF - 9.00%

Monthly

MSCO

6/24/26

33,051

6,474

Nan Kang Rubber Tire

1-Day FEDEF - 9.50%

Monthly

MSCO

7/20/26

79,241

10,436

Nan Ya Printed Circuit

1-Day FEDEF - 7.875%

Monthly

MSCO

6/24/26

65,659

(147,977)

Nat Bank Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

308,693

AUD

(39,562)

NCAB Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

2/24/31

1,276,921

SEK

(980)

NCC Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/15/30

152,196

GBP

15,890

NEC Capital Solutions Limited

1-Day TONAR - 0.55%

Monthly

GSCO

8/24/26

10,422,646

JPY

(7,161)

Nedbank Group Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

8/15/29

2,951,196

ZAR

(49,802)

Neste Corp.

Euro STR - 0.28%

Monthly

SEBA

7/17/26

91,019

EUR

(102,877)

Net Insight AB

1-Week STIBOR - 0.275%

Monthly

SEBA

9/22/26

246,573

SEK

14,175

Net Protections Hldgs Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

11/12/26

7,274,352

JPY

1,292

Netlink Nbn

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

376,951

SGD

(32,715)

Neuren Fpo Nz

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

140,447

AUD

17,737

New Wave Group AB

1-Week STIBOR - 0.52%

Monthly

SEBA

8/07/34

368,489

SEK

160

NewRiver REIT PLC

1-Day SONIA - 0.275%

Monthly

MSCO

7/11/30

17,745

GBP

(3,327)

Nexon Games

1-Day FEDEF - 18.00%

Monthly

MSCO

6/24/26

122,048

23,596

Nextdc Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/22/26

330,216

AUD

(2,517)

Nextin Inc.

1-Day FEDEF - 12.75%

Monthly

MSCO

10/29/26

38,184

(11,127)

NHK Spring Co Ltd

1-Day TONAR - 0.35%

Monthly

GSCO

8/14/26

11,000,096

JPY

(20,142)

Nibe Industrier AB

1-Week STIBOR - 0.28%

Monthly

SEBA

8/12/30

2,334,766

SEK

11,486

Nichiban Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

3/02/27

198,982

JPY

(2)

Nichiha Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

11/16/26

4,206,689

JPY

(6,364)

Nichireki Group Co Ltd

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

12,034,592

JPY

2,787

Nien Made Enterprise Co.

1-Day FEDEF - 12.75%

Monthly

MSCO

12/07/26

90,211

(4,209)

Nihon Kohden Corp.

1-Day TONAR - 0.25%

Monthly

GSCO

1/19/27

7,440,386

JPY

853

Nikkon Holdings Co.

1-Day TONAR - 6.00%

Monthly

GSCO

12/21/26

11,354,936

JPY

(8,225)

Nikon Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

11/12/26

23,891,328

JPY

(14,503)

Nine Ent Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

347,651

AUD

53,427

Ningbo Jifeng Auto

1-Day FEDEF - 5.57%

Monthly

MSCO

9/03/26

70,556

(16,076)

Ningbo Xusheng Group

1-Day FEDEF - 10.63%

Monthly

MSCO

12/09/26

66,080

(12,663)

Nippon Avionics Co.

1-Day TONAR - 4.25%

Monthly

GSCO

6/24/26

14,434,871

JPY

(60,510)

Nippon Carbon Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

8,319,270

JPY

(13,177)

Nippon Concrete Industries

1-Day TONAR - 0.35%

Monthly

GSCO

7/13/26

4,708,605

JPY

(4,386)

Nippon Steel Corporation

1-Day TONAR - 0.25%

Monthly

GSCO

2/25/27

4,969,955

JPY

467

Nippon Tel & Tel Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,391,736

JPY

(1,189)

Nishimatsu Construction

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

13,648,645

JPY

(26,971)

Nissan Motor Co.

1-Day TONAR - 0.25%

Monthly

GSCO

12/03/26

26,446,924

JPY

(19,513)

Nissha Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

1/28/27

4,545,465

JPY

(1,411)

Nisshin Oillio Group Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

3/01/27

597,135

JPY

(82)

Nissin Foods Holdings Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,386,227

JPY

(13,156)

Nitori Holdings Co Ltd

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

25,574,000

JPY

(24,464)

Nobia Ab

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/30

SEK

(541)

Nobia AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/30

506,805

SEK

19,336

Nokia Corporation

Euro STR - 0.275%

Monthly

SEBA

1/27/27

87,429

EUR

(12,812)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Nokian Tyres PLC

Euro STR - 0.28%

Monthly

SEBA

8/23/30

43,025

EUR

(6,266)

Nomura Micro Science Co.

1-Day TONAR - 4.50%

Monthly

GSCO

6/24/26

23,130,564

JPY

(40,238)

Norconsult Asa

1-Week NIBOR - 0.275%

Monthly

SEBA

1/15/27

313,469

NOK

3,027

Northam Platinum Ltd.

1-Day FEDEF

Monthly

MSCO

2/11/31

1,177,807

ZAR

(128,084)

North-Star International

1-Day FEDEF - 10.50%

Monthly

MSCO

6/24/26

93,603

36,109

Note Inc.

1-Day TONAR - 18.00%

Monthly

GSCO

6/24/26

3,484,036

JPY

(10,889)

Novozymes A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/26

1,735,326

DKK

17,354

NTG Nordic Transport Group

1-Week CIBOR - 0.275%

Monthly

SEBA

4/17/26

527,589

DKK

18,491

Nuvoton Technology Corporation

1-Day FEDEF - 8.125%

Monthly

MSCO

10/01/26

125,116

(31,389)

Nxera Pharma Co Ltd

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

22,448,230

JPY

(15,795)

OC Oerlikon

1-Day SARON - 0.35%

Monthly

JPHQ

10/07/30

27,734

CHF

(7,695)

Ocado Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/26

207,389

GBP

41,031

Oceana Group Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

8/20/26

423,654

ZAR

(1,024)

OCI Holdings Company Ltd.

1-Day FEDEF - 2.375%

Monthly

MSCO

9/08/26

109,746

(46,609)

Ock Group Berhad

1-Day FEDEF - 11.25%

Monthly

MSCO

6/25/26

40,103

901

Ocumension Therapeutics

1-Day HONIA - 6.50%

Monthly

GSCO

6/24/26

1,353,229

HKD

40,585

Oem International Ab Ser

1-Week STIBOR - 0.275%

Monthly

SEBA

8/31/26

967,550

SEK

1,586

Oesterreichische Post AG

Euro STR - 3.80%

Monthly

JPHQ

8/23/30

37,621

EUR

(7,253)

Omnibridge Fpo Forus

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

40,588

AUD

(2,943)

OMV AG

Euro STR - 0.30%

Monthly

JPHQ

3/19/26

211,858

EUR

(41,566)

Oneness Biotech Co Ltd

1-Day FEDEF - 5.875%

Monthly

MSCO

6/24/26

80,675

7,993

Open Door Inc.

1-Day TONAR - 13.75%

Monthly

GSCO

6/24/26

1,965,156

JPY

3,354

Orient Corp.

1-Day TONAR - 0.25%

Monthly

GSCO

12/21/26

14,855,246

JPY

(5,757)

Orient Overseas Int.

1-Day HONIA - 0.25%

Monthly

GSCO

12/10/26

896,971

HKD

(19,042)

Origin ENE Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

12/03/26

249,425

AUD

(10,431)

Orsted A/S

1-Week CIBOR - 0.275%

Monthly

SEBA

5/24/26

1,688,007

DKK

78,773

Osaka Soda Co Ltd

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

19,794,249

JPY

(28,472)

Osaka Titanium Technologies

1-Day TONAR - 7.00%

Monthly

GSCO

6/24/26

9,851,988

JPY

(42,481)

Outokumpu Oyj

Euro STR - 0.275%

Monthly

SEBA

7/20/26

185,747

EUR

(114,299)

Oxford Instruments PLC

1-Day SONIA - 0.30%

Monthly

MSCO

4/25/26

129,889

GBP

(51,673)

Oxford Nanopore Technologies PLC

1-Day SONIA - 0.30%

Monthly

MSCS

5/13/26

114,367

GBP

7,040

P.I.E. Industrial Bhd

1-Day FEDEF - 18.00%

Monthly

MSCO

10/28/26

5,965

795

P/F Bakkafrost

1-Week NIBOR - 0.28%

Monthly

SEBA

7/19/30

617,590

NOK

804

Pacific Basin Shipping Lt

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

814,942

HKD

(41,389)

Pagegroup Plc Ord

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/26

146,284

GBP

41,385

Paladin Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

128,458

AUD

(50,844)

Paradox Interactive AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/31

231,475

SEK

4,855

Paratus Energy Services

1-Week NIBOR - 0.275%

Monthly

SEBA

5/07/26

335,424

NOK

(5,492)

Park Systems

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

72,720

(7,285)

Parkwaylife Reit

1-Day SORA - 2.125%

Monthly

MSCO

1/20/27

93,000

SGD

365

Patrizia AG

Euro STR - 1.00%

Monthly

JPHQ

7/17/26

88,039

EUR

(25,728)

PCCW Limited

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,483,982

HKD

(18,886)

Pearlabyss

1-Day FEDEF - 3.00%

Monthly

MSCO

6/24/26

225,787

(96,254)

Pegasus

1-Day FEDEF - 5.25%

Monthly

MSCO

10/05/26

142,005

17,905

Pennon Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

154,718

GBP

(216,403)

Pentamaster Corporation

1-Day FEDEF - 16.125%

Monthly

MSCO

11/19/26

41,004

844

People And Technology Inc.

1-Day FEDEF - 4.50%

Monthly

MSCO

7/23/26

82,505

(28,414)

Pepkor

1-Day SABOR - 0.50%

Monthly

MSCS

10/10/30

2,269,677

ZAR

(2,846)

Pernod Ricard

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/30

211,358

EUR

36,901

Perpetual Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

183,913

AUD

(126)

Perseus Proteomics Inc.

1-Day TONAR - 3.50%

Monthly

GSCO

6/24/26

2,491,767

JPY

884

Petkim

1-Day FEDEF - 12.75%

Monthly

MSCO

9/21/26

91,814

8,622

Petronas Chemicals Group

1-Day FEDEF - 6.625%

Monthly

MSCO

12/08/26

33,448

1,725

Pets at Home Group PLC

1-Day SONIA - 0.30%

Monthly

MSCO

3/04/30

62,402

GBP

(913)

Pfisterer Holdings SE

Euro STR - 0.30%

Monthly

JPHQ

2/09/27

52,795

EUR

(2,792)

Pharma Mar SA

1-Day EONIA - 0.35%

Monthly

MSCO

1/22/31

183,597

EUR

(75,492)

Philex Mining Corporation

1-Day FEDEF - 2.50%

Monthly

MSCO

9/28/26

20,896

(3,757)

Phoenix Group Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

197,380

GBP

(107,552)

Piaggio

Euro STR - 0.30%

Monthly

JPHQ

7/14/26

223,442

EUR

(1,349)

Pilbara Minerals Fpo

1-Day RBACR -0.40%

Monthly

MSCO

6/24/26

34,159

AUD

(61,077)

Pillar Corporation

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

9,863,732

JPY

(51,134)

Pinewood Technologies Group

1-Day SONIA - 0.275%

Monthly

MSCO

10/16/30

118,758

GBP

29,877

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Ping AN Healthcare & Tech

1-Day HONIA - 3.00%

Monthly

GSCO

12/31/26

461,878

HKD

5,971

Piolax Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,305,015

JPY

(2,140)

Planisware

1-Day EONIA - 0.275%

Monthly

MSCO

10/23/26

77,006

EUR

18,803

PNE AG

Euro STR - 0.70%

Monthly

JPHQ

7/13/26

121,275

EUR

51,306

Poco Holdings Co Ltd.

1-Day FEDEF - 3.78%

Monthly

MSCO

9/02/26

83,440

(17,114)

Pole to Win Holdings Inc.

1-Day TONAR - 0.50%

Monthly

GSCO

2/26/27

549,189

JPY

(92)

Posco Future M Co Inc.

1-Day FEDEF - 7.00%

Monthly

MSCO

9/09/26

151,320

(69,855)

Power Assets Holdings Ltd.

1-Day HONIA - 0.40%

Monthly

GSCO

7/07/26

1,193,661

HKD

(27,447)

Powerchip Semiconductor

1-Day FEDEF - 3.125%

Monthly

MSCO

6/23/26

57,646

(213,917)

Ppb Group Bhd

1-Day FEDEF - 18.00%

Monthly

MSCO

6/25/26

19,388

(2,575)

PPHE Hotel Group Ltd.

1-Day SONIA - 0.275%

Monthly

MSCO

8/02/30

37,233

GBP

(24,034)

Precious Shipping

1-Day FEDEF - 12.75%

Monthly

MSCO

8/14/26

24,771

(4,448)

Propel Fp Fpo

1-Day RBACR - 4.50%

Monthly

MSCO

6/24/26

185,337

AUD

3,749

Prosus NV

Euro STR - 0.30%

Monthly

JPHQ

9/20/30

43,404

EUR

5,397

Protector Forsikring ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

8/28/30

1,199,368

NOK

(9,864)

PSP

1-Day FEDEF

Monthly

JPHQ

12/03/30

290,204

CHF

(80,787)

Ptt Public Company

1-Day FEDEF - 0.40%

Monthly

MSCO

7/17/26

116,062

(20,239)

Public Bank Bhd

1-Day FEDEF - 5.50%

Monthly

MSCO

6/24/26

82,853

(17,847)

Public Property Invest

1-Week NIBOR - 0.275%

Monthly

SEBA

10/05/26

689,156

NOK

(2,404)

Puma SE

Euro STR - 0.85%

Monthly

JPHQ

9/16/26

84,149

EUR

(8,593)

PureTech Health PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

78,963

GBP

17,340

Pwr Hlding Fpo

1-Day RBACR - 0.788%

Monthly

MSCO

6/24/26

279,645

AUD

(75,486)

QD Laser Inc.

1-Day TONAR - 10.75%

Monthly

GSCO

2/22/27

846,192

JPY

Qingdao Huicheng

1-Day FEDEF - 11.949%

Monthly

MSCO

9/04/26

79,718

(1,665)

Qinghai Saint Lake

1-Day FEDEF - 1.80%

Monthly

MSCO

7/08/26

22,993

(26,346)

Qisda Corporation

1-Day FEDEF - 16.00%

Monthly

MSCO

6/23/26

74,443

11,514

QL Resources Bhd

1-Day FEDEF - 12.75%

Monthly

MSCO

11/27/26

71,189

(2,583)

Qorialimit Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

93,442

AUD

30,130

Quadient SA

1-Day EONIA - 0.275%

Monthly

MSCO

12/09/26

43,153

EUR

4,655

Qual RE if Ord

1-Day RBACR - 5.625%

Monthly

MSCO

12/11/26

117,079

AUD

(247)

Quang Viet Enterprise Co.

1-Day FEDEF - 5.625%

Monthly

MSCO

6/24/26

32,352

3,824

Quilter Plc

1-Day SABOR - 0.50%

Monthly

MSCO

7/16/26

2,421,618

ZAR

(10,328)

Rainbow Robotics

1-Day FEDEF - 9.00%

Monthly

MSCO

6/24/26

44,794

(71,893)

Raspberry PI Holdings Plc

1-Day SONIA - 11.50%

Monthly

MSCO

10/07/26

74,476

GBP

(15,767)

Ratch Group Pcl

1-Day FEDEF - 17.125%

Monthly

MSCO

9/23/26

31,638

(5,279)

Rathbones Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/30

140,644

GBP

(45,658)

Rational Ag

Euro STR - 0.30%

Monthly

JPHQ

7/21/30

82,049

EUR

(12,079)

Ratos AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/26

985,369

SEK

(10,826)

RCE Capital Bhd

1-Day FEDEF - 13.25%

Monthly

MSCO

9/09/26

7,695

(677)

Reckitt Benckiser Group Plc

1-Day SONIA - 0.25%

Monthly

MSCO

7/17/30

136,413

GBP

(49,339)

Recordati SpA

Euro STR - 0.30%

Monthly

JPHQ

7/26/29

130,942

EUR

6,721

Recticel

Euro STR - 0.30%

Monthly

JPHQ

11/21/30

29,885

EUR

(8,339)

Redeia Corporacion SA

1-Day EONIA - 0.35%

Monthly

MSCS

8/05/30

280,208

EUR

22,756

Reinet Investments S.C.A.

1-Day SABOR - 0.50%

Monthly

MSCS

5/20/30

1,267,459

ZAR

(980)

Remgro Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

10/16/30

1,223,332

ZAR

(9,072)

Remy Cointreau

1-Day EONIA - 0.30%

Monthly

MSCS

12/11/30

336,426

EUR

98,797

Renesas Electronics Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

12,113,461

JPY

(43,710)

Renew Holdings ORD

1-Day SONIA - 0.275%

Monthly

MSCO

4/20/26

69,550

GBP

(10,649)

Renova Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

9,457,476

JPY

(6,717)

Rentokil Initial PLC

1-Day FEDEF - 0.65%

Monthly

MSCS

11/27/30

121,433

GBP

(39,947)

Retail Estates

Euro STR - 0.30%

Monthly

JPHQ

12/04/26

55,342

EUR

(5,160)

Revenio Group Corp.

Euro STR - 0.28%

Monthly

SEBA

7/17/30

84,380

EUR

23,693

Rheinmetall AG

Euro STR - 0.30%

Monthly

JPHQ

2/10/27

32,579

EUR

(798)

Rieter

Euro STR - 0.35%

Monthly

JPHQ

7/24/29

82,451

CHF

8,408

Rigaku Holdings Corporation

1-Day TONAR - 0.25%

Monthly

GSCO

1/27/27

7,409,561

JPY

(27,219)

Riken Keiki Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

16,554,729

JPY

(23,947)

Ringkjoebing Landbobank A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/26

1,380,912

DKK

(71,397)

Rio Tinto Ord

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/26

103,298

GBP

(80,507)

Riso Kagaku Corp.

1-Day TONAR - 0.25%

Monthly

GSCO

12/15/26

8,759,533

JPY

(1,877)

Riso Kyoiku Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

5,881,987

JPY

(1,058)

Riverstone

1-Day SORA - 2.125%

Monthly

MSCO

6/25/26

132,230

SGD

(13,129)

Robosense Technology Co.

1-Day HONIA - 5.22%

Monthly

GSCO

1/26/27

512,850

HKD

(2,434)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Rock Field Co. Ltd.

1-Day TONAR - 1.93%

Monthly

GSCO

12/08/26

3,022,401

JPY

(100)

Roko Ab Ser

1-Week STIBOR - 0.275%

Monthly

SEBA

2/08/27

1,449,781

SEK

554

RTL Group

Euro STR - 0.30%

Monthly

JPHQ

1/30/31

157,715

EUR

(30,021)

Run Long Construction Co.

1-Day FEDEF - 4.00%

Monthly

MSCO

8/31/26

158,454

11,494

Rwc Corp Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

8/03/26

325,076

AUD

37,301

S&P Biotechnology Select Industry Total Return Index

SOFR - 0.45%

Monthly

GSCO

6/17/26

14,526,439

(225,903)

Sabanci Holding

1-Day FEDEF - 0.53%

Monthly

MSCO

9/21/26

357,474

(29,498)

Sacyr SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/30

252,471

EUR

(182,396)

Saf Holland SE

Euro STR - 0.30%

Monthly

JPHQ

9/18/26

62,040

EUR

(5,610)

Safestore Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

10/21/30

187,627

GBP

(15,017)

Saga PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

95,790

GBP

(429,854)

Sagax AB

1-Week STIBOR - 0.275%

Monthly

SEBA

12/06/30

985,121

SEK

9,089

Saint Gobain

1-Day EONIA - 0.275%

Monthly

MSCO

6/03/26

203,060

EUR

20,660

Sakai Heavy Industries

1-Day TONAR - 0.25%

Monthly

GSCO

12/21/26

3,914,010

JPY

(1,222)

SalMar ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/29/30

839,848

NOK

(9,714)

Salmon Evolution ASA

1-Week NIBOR - 8.50%

Monthly

SEBA

7/12/26

944,624

NOK

27,919

Sampo PLC

Euro STR - 0.275%

Monthly

SEBA

7/17/30

223,605

EUR

(16,265)

Samsung F&Mins

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

47,608

(6,507)

Samsung Sdi Co Ltd.

1-Day FEDEF - 0.45%

Monthly

MSCO

6/24/26

135,982

(156,416)

Sanbio Company Limited

1-Day TONAR - 8.75%

Monthly

GSCO

6/24/26

11,658,449

JPY

(977)

Sanken Electric Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,376,658

JPY

(2,421)

Sanlam Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/30

3,562,696

ZAR

(36,425)

Sanlorenzo

Euro STR - 0.30%

Monthly

JPHQ

10/20/30

90,061

EUR

(5,741)

Santanamin Fpo

1-Day RBACR - 6.50%

Monthly

MSCO

6/24/26

68,282

AUD

(31,248)

Santhera

1-Day SARON - 7.15%

Monthly

JPHQ

9/07/26

28,716

CHF

(13,335)

SAP SE

Euro STR - 0.30%

Monthly

JPHQ

11/27/30

239,422

EUR

68,064

Sapporo Holdings Limited

1-Day TONAR - 0.35%

Monthly

GSCO

9/02/26

15,474,857

JPY

(14,328)

SBI Aruhi Corporation

1-Day TONAR - 0.75%

Monthly

GSCO

6/24/26

16,072,589

JPY

(15,046)

Scg Packaging Pcl

1-Day FEDEF - 15.00%

Monthly

MSCO

6/26/26

9,419

(2,831)

Schneider Electric SE

1-Day EONIA - 0.275%

Monthly

MSCO

6/25/26

163,237

EUR

(40,798)

Schoeller-Bleckmann Oilfield Equipment AG

Euro STR - 0.30%

Monthly

JPHQ

7/13/26

146,645

EUR

(41,340)

Sci Pharmtech Inc.

1-Day FEDEF - 4.875%

Monthly

MSCO

6/24/26

41,729

7,773

Scinopharm Taiwan Ltd.

1-Day FEDEF - 3.625%

Monthly

MSCO

6/24/26

71,084

(11,845)

SD Biosensor

1-Day FEDEF - 2.75%

Monthly

MSCO

6/24/26

68,252

9,163

Sdiptech AB

1-Week STIBOR - 1.00%

Monthly

SEBA

7/17/26

1,256,779

SEK

(1,607)

Seatrium Ltd.

1-Day SORA - 1.375%

Monthly

MSCO

6/25/26

61,185

SGD

(6,275)

Seazen Group Ltd.

1-Day HONIA - 0.25%

Monthly

GSCO

1/07/27

1,773,201

HKD

(2,262)

Seche Environnement

1-Day EONIA - 0.275%

Monthly

MSCO

3/30/26

40,599

EUR

6,706

secunet Security Networks AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

27,930

EUR

3,400

Sedana Medical AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/14/30

241,880

SEK

3,647

Sega Sammy Holdings Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

9/08/26

11,668,181

JPY

4,407

Segro PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

129,521

GBP

(43,277)

Sembcorp Ind.

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

284,352

SGD

758

Senior PLC

1-Day SONIA - 0.30%

Monthly

MSCO

3/20/26

93,972

GBP

(77,685)

Senko Group Holdings Co.

1-Day TONAR - 0.25%

Monthly

GSCO

12/22/26

10,085,868

JPY

(976)

Seobu T&D

1-Day FEDEF - 5.375%

Monthly

MSCO

6/24/26

106,536

(63,065)

Seojin System

1-Day FEDEF - 8.00%

Monthly

MSCO

6/24/26

107,278

(94,173)

Septeni Holdings

1-Day TONAR - 1.00%

Monthly

GSCO

6/24/26

13,841,477

JPY

(2,546)

Serica Energy Plc Ord

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/26

175,257

GBP

(78,106)

Seven Bank Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

29,154,525

JPY

(13,923)

Severfield PLC

1-Day FEDEF

Monthly

MSCO

1/02/31

29,186

GBP

12,667

Severn Trent PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/30

98,953

GBP

(31,867)

Severn Trent PLC

1-Day SONIA - 0.30%

Monthly

MSCO

1/08/31

14,199

GBP

(5,265)

SG Holdings Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

27,521,140

JPY

584

SGH Limited Fpo

1-Day RBACR - 0.30%

Monthly

MSCO

1/19/27

135,486

AUD

941

SGS SA

1-Day SARON - 0.35%

Monthly

JPHQ

6/17/29

108,806

CHF

(21,880)

Shaftesbury Capital PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/26/30

232,936

GBP

(42,972)

Shan Dong Yisheng

1-Day FEDEF - 8.85%

Monthly

MSCO

11/09/26

28,407

(3,339)

Shanghai Junshi Bioscience

1-Day HONIA - 8.00%

Monthly

GSCO

1/27/27

349,494

HKD

4,654

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Shanghai Microport Medbot

1-Day HONIA - 2.00%

Monthly

GSCO

1/27/27

192,668

HKD

(381)

Shanghai Wayne Enterprises

1-Day FEDEF - 13.35%

Monthly

MSCO

6/24/26

9,740

(1,832)

Shangri-La Asia

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

781,991

HKD

(15,682)

Sheng Siong

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

62,649

SGD

(17,620)

Shenzhen Expressway Corporation

1-Day HONIA - 0.40%

Monthly

GSCO

7/17/26

990,647

HKD

(2,387)

Shenzhen Fastprint

1-Day FEDEF - 13.67%

Monthly

MSCO

2/03/27

47,036

(8,406)

Shenzhen Investment Ltd.

1-Day HONIA - 1.00%

Monthly

GSCO

7/10/26

1,101,122

HKD

5,236

Shenzhen Sunline

1-Day FEDEF - 11.95%

Monthly

MSCO

2/25/27

7,711

(134)

Shift Up

1-Day FEDEF - 9.00%

Monthly

MSCO

6/24/26

67,850

19,841

Shima Seiki Mfg

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

9,931,767

JPY

(8,211)

Shimano Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

36,231,459

JPY

26,555

Shin ETSU Chemical Co.

1-Day TONAR - 0.35%

Monthly

GSCO

9/23/26

12,253,369

JPY

(20,275)

Shinhan Alpha REIT

1-Day FEDEF - 16.125%

Monthly

MSCO

6/24/26

9,535

Shochiku Co Ltd.

1-Day TONAR - 0.75%

Monthly

GSCO

6/24/26

33,516,958

JPY

29,521

Shoei Foods Corp.

1-Day TONAR - 1.25%

Monthly

GSCO

6/24/26

17,074,344

JPY

(5,699)

Shop Apotheke Europe NV

Euro STR - 0.85%

Monthly

JPHQ

7/17/30

103,173

EUR

42,017

Shurgard

Euro STR - 0.30%

Monthly

JPHQ

4/14/26

169,406

EUR

25,598

Siam Cement Co.

1-Day FEDEF - 0.75%

Monthly

MSCO

6/25/26

101,410

(18,663)

Siam Global House Public

1-Day FEDEF - 13.75%

Monthly

MSCO

6/25/26

28,795

(10,547)

Siemens

Euro STR - 0.40%

Monthly

MSCS

2/17/32

271,602

EUR

(16,833)

Siemens AG

Euro STR - 0.30%

Monthly

JPHQ

6/25/26

262,527

EUR

(32,837)

Siemens Healthineers AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/30

171,029

EUR

12,216

Sihuan Pharmaceutical

1-Day HONIA - 0.75%

Monthly

GSCO

1/06/27

304,874

HKD

(3,207)

Sika

1-Day SARON - 0.35%

Monthly

JPHQ

11/08/30

93,552

CHF

13,582

Silergy Corp.

1-Day FEDEF - 4.25%

Monthly

MSCO

6/24/26

120,874

12,768

Silicon2

1-Day FEDEF - 6.50%

Monthly

MSCO

6/24/26

80,689

19,327

Siltronic AG

Euro STR - 1.05%

Monthly

JPHQ

5/13/26

142,129

EUR

(84,979)

Simcere Pharmaceutical

1-Day HONIA - 0.25%

Monthly

GSCO

1/06/27

899,087

HKD

(5,455)

Simmtech Co.

1-Day FEDEF - 5.25%

Monthly

MSCO

9/07/26

56,912

(25,292)

Singapore Post

1-Day SORA - 2.50%

Monthly

MSCO

6/22/26

407,221

SGD

96,920

Singapore Telecommunications

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

38,705

SGD

(8,841)

Sinko Industries Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

2,199,507

JPY

(1,524)

Sino Land Co.

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,347,373

HKD

(83,172)

Sinopec Kantons Hldgs

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,261,706

HKD

2,442

Sixt SE

Euro STR - 0.30%

Monthly

JPHQ

4/17/26

39,575

EUR

755

SJM Holdings Limited

1-Day HONIA - 1.25%

Monthly

GSCO

12/07/26

517,594

HKD

225

SK Bioscience Co Ltd.

1-Day FEDEF - 0.875%

Monthly

MSCO

6/24/26

85,331

4,822

Sk Eternix

1-Day FEDEF - 10.25%

Monthly

MSCO

6/24/26

71,516

(12,646)

Sk Ie Technology

1-Day FEDEF - 4.75%

Monthly

MSCO

6/24/26

192,493

10,254

SK Innovation

1-Day FEDEF - 2.75%

Monthly

MSCO

6/24/26

179,770

(28,591)

SKAN AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/26

59,913

CHF

3,567

Skandinaviska Enskilda Bank

1-Day FEDEF

Monthly

SEBA

2/11/31

1,006,118

SEK

(3,594)

SKBP

1-Day FEDEF - 0.875%

Monthly

MSCO

6/24/26

144,927

(18,835)

SKC

1-Day FEDEF - 28.75%

Monthly

MSCO

6/24/26

163,410

SkiStar AB

1-Week STIBOR - 0.73%

Monthly

SEBA

7/15/29

1,181,298

SEK

(12,161)

Skoceanplant

1-Day FEDEF - 7.75%

Monthly

MSCO

6/24/26

44,890

(1,358)

Skycity Entertainment Group

1-Day NZOCR -0.40%

Monthly

MSCO

6/24/26

98,532

NZD

6,664

SM Entertainment Co. Ltd.

1-Day FEDEF - 4.375%

Monthly

MSCO

3/01/27

716

(7)

Sm Prime Holdings Inc.

1-Day FEDEF - 2.50%

Monthly

MSCO

6/23/26

83,859

3,405

Smc Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

25,955,191

JPY

(75,227)

Smoore Intl Hdgs Ltd.

1-Day HONIA - 1.75%

Monthly

GSCO

6/25/26

448,337

HKD

16,447

Smurfit Westrock PLC

1-Day FEDEF

Monthly

MSCO

2/24/31

21,823

GBP

(3,695)

Snam SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

125,072

EUR

(58,775)

Snt Dynamics

1-Day FEDEF - 7.125%

Monthly

MSCO

6/24/26

47,563

728

Sodexo

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/30

214,753

EUR

14,870

Softbank Group Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

6,671,613

JPY

(14,872)

S-Oil

1-Day FEDEF - 2.125%

Monthly

MSCO

6/24/26

154,846

(109,542)

Soitec SA

1-Day EONIA - 0.30%

Monthly

MSCS

8/12/30

75,011

EUR

(7,062)

Solaria Energia y Medio Ambiente SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/30

32,998

EUR

(53,046)

Solasia Pharma

1-Day TONAR - 5.50%

Monthly

GSCO

6/24/26

5,460,322

JPY

(3,430)

Solum

1-Day FEDEF - 5.625%

Monthly

MSCO

6/24/26

56,449

(6,595)

Solus Advanced Materials

1-Day FEDEF - 6.622%

Monthly

MSCO

6/24/26

92,239

(1,327)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Solutions 30 SE

1-Day EONIA - 10.125%

Monthly

MSCO

2/25/27

4,822

EUR

(27)

Somero Enterprises

1-Day SONIA - 1.25%

Monthly

MSCO

12/01/30

28,928

GBP

3,145

Sonova Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

8/08/30

25,166

CHF

1,217

Soul WH Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

201,067

AUD

5,343

South32 Ltd.

1-Day SABOR - 2.125%

Monthly

MSCS

10/10/30

914,806

ZAR

(25,831)

Sparebank 1 Oestlandet

1-Week NIBOR - 0.28%

Monthly

SEBA

12/23/30

1,297,004

NOK

(34,150)

SpareBank 1 SMN

1-Week NIBOR - 1.50%

Monthly

SEBA

10/23/30

2,957,811

NOK

(62,466)

SpareBank 1 SR Bank ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/22/30

2,531,113

NOK

(65,999)

Sparebanken Vest

1-Week NIBOR - 0.275%

Monthly

SEBA

3/24/26

769,723

NOK

(20,143)

Spark New Zealand Ltd.

1-Day NZOCR - 0.40%

Monthly

MSCO

9/03/26

154,741

NZD

2,074

Spirax-Sarco Engineering PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/30

127,046

GBP

(13,031)

Square Enix Holdings Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

14,935,873

JPY

13,250

Sri Trang Agro Industry

1-Day FEDEF -12.125%

Monthly

MSCO

2/02/27

32,394

(4,926)

SSE PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/28

144,106

GBP

(82,587)

SSY Group Limited

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,596,661

HKD

14,453

St Barbara Fpo

1-Day RBACR - 0.675%

Monthly

MSCO

6/24/26

191,999

AUD

(108,871)

Starlux Airlines Co Ltd.

1-Day FEDEF - 6.375%

Monthly

MSCO

6/24/26

141,335

15,232

Steadfast Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

222,472

AUD

34,838

Stef

1-Day EONIA - 0.275%

Monthly

MSCO

10/28/26

39,435

EUR

(1,164)

Stellantis

Euro STR - 0.30%

Monthly

JPHQ

5/08/26

166,167

EUR

35,631

Stor-age Prop Reit Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

1/11/27

516,195

ZAR

(2,469)

Storskogen Group AB

1-Week STIBOR - 0.75%

Monthly

SEBA

7/17/30

2,008,860

SEK

76,980

STOXX Europe 600 Utilities Index

1-Day EONIA - 0.45%

Monthly

MSCS

9/13/30

841,476

EUR

(37,599)

STOXX Europe 600 Utilities Index

1-Day EONIA - 0.45%

Monthly

MSCS

3/25/35

804,145

EUR

(21,379)

Strabag SE

Euro STR - 0.30%

Monthly

JPHQ

2/23/27

44,734

EUR

(903)

Straumann Group

1-Day SARON - 0.35%

Monthly

JPHQ

10/18/30

224,214

CHF

6,269

Strike Energy Fpo

1-Day RBACR - 3.625%

Monthly

MSCO

6/24/26

89,784

AUD

16,631

Studio Dragon Corp.

1-Day FEDEF - 4.00%

Monthly

MSCO

1/18/27

24,646

339

STX Engine

1-Day FEDEF - 17.00%

Monthly

MSCO

6/24/26

33,263

(10,038)

Sudzucker AG

Euro STR - 0.30%

Monthly

JPHQ

8/19/30

159,909

EUR

879

Suess Microtec SE

Euro STR - 0.80%

Monthly

JPHQ

2/10/27

97,806

EUR

(16,522)

Sumber Alfaria Trijaya Tb

1-Day FEDEF - 4.00%

Monthly

MSCO

6/24/26

25,737

6,915

Sumco Corporation

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

13,348,207

JPY

(40,229)

Sumitomo Metal Mining Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

5,042,740

JPY

(56,636)

Sun Yad Construction Co.

1-Day FEDEF - 16.75%

Monthly

MSCO

6/24/26

79,285

2,181

Sunac Services Hldgs

1-Day HONIA - 2.09%

Monthly

GSCO

11/13/26

962,899

HKD

12,180

Sung Kwang Bend Co. Ltd.

1-Day FEDEF - 4.00%

Monthly

MSCO

1/22/27

76,086

(13,071)

Sungeel Hitech

1-Day FEDEF - 17.00%

Monthly

MSCO

6/24/26

73,268

(45,226)

Sungshin Cement Industry

1-Day FEDEF - 4.625%

Monthly

MSCO

10/13/26

7,548

(345)

Sunresin New Mater

1-Day FEDEF - 6.05%

Monthly

MSCO

9/29/26

21,004

(6,269)

Sunrise

1-Day SARON - 0.35%

Monthly

JPHQ

5/08/26

145,440

CHF

(18,876)

Sunshine Lake Pharma Co.

HIBOR - 1.75%

Monthly

GSCO

7/06/26

192,546

HKD

5,969

Supermarket Income REIT

1-Day SONIA - 0.28%

Monthly

MSCS

9/16/30

43,314

GBP

(7,767)

Supply Net Fpo

1-Day RBACR - 0.875%

Monthly

MSCO

9/24/26

195,783

AUD

(7,425)

Suzhou Institute of Build

1-Day FEDEF - 3.729%

Monthly

MSCO

9/02/26

12,422

(845)

Svenska Cellulosa AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/30

2,945,089

SEK

(6,391)

Svenska Handelsbanken

1-Week STIBOR - 0.275%

Monthly

SEBA

5/08/30

1,874,810

SEK

(37,404)

Swatch Group

1-Day SARON - 0.35%

Monthly

JPHQ

7/30/30

49,537

CHF

(7,505)

Swiss Prime Site

1-Day SARON - 0.35%

Monthly

JPHQ

5/01/26

48,433

CHF

(11,237)

Swiss Re

1-Day SARON - 0.35%

Monthly

JPHQ

12/30/26

30,939

CHF

(2,378)

Swisscom AG

1-Day SARON - 0.35%

Monthly

JPHQ

2/03/31

176,096

CHF

(83,501)

Sword Group SE

1-Day EONIA - 4.00%

Monthly

MSCS

7/17/29

19,966

EUR

3,263

Syarikat Takaful Malaysia

1-Day FEDEF - 3.125%

Monthly

MSCO

6/25/26

79,529

(5,526)

Sydbank AS

1-Week CIBOR - 0.275%

Monthly

SEBA

5/27/26

1,256,423

DKK

(29,814)

Syensqo

Euro STR - 0.30%

Monthly

JPHQ

5/08/26

232,124

EUR

79,976

Symtek Automation Asia Co.

1-Day FEDEF - 19.00%

Monthly

MSCO

1/18/27

59,032

(2,949)

Systex Corporation

1-Day FEDEF - 3.75%

Monthly

MSCO

12/16/26

86,995

(430)

Syuppin Co. Limited

1-Day TONAR - 0.35%

Monthly

GSCO

12/01/26

10,762,397

JPY

(9,580)

T Halk Bankasi

1-Day FEDEF - 12.75%

Monthly

MSCO

1/07/27

26,572

(2,237)

Ta Ya Electronic Wire & Co.

1-Day FEDEF - 9.25%

Monthly

MSCO

6/24/26

121,332

(6,274)

TAG Immobilien AG

Euro STR - 0.30%

Monthly

JPHQ

8/16/30

28,077

EUR

(3,394)

Taihan Elecwire

1-Day FEDEF - 5.50%

Monthly

MSCO

6/24/26

109,550

(97,821)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Taihei Dengyo Kaisha

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

20,778,139

JPY

(73,681)

Taita Chemical

1-Day FEDEF - 6.375%

Monthly

MSCO

2/10/27

9,791

(317)

Taiwan Acceptance Corp.

1-Day FEDEF - 3.081%

Monthly

MSCO

8/19/26

17,839

3,336

Taiwan High Speed Rail Co.

1-Day FEDEF - 0.75%

Monthly

MSCO

6/24/26

299,380

23,910

Taiwan Mobile Co.

1-Day FEDEF - 0.75%

Monthly

MSCO

6/24/26

146,609

8,658

Taiwan Styrene Monomer

1-Day FEDEF - 4.25%

Monthly

MSCO

6/24/26

24,522

(436)

Taiwan-Asia Semiconductor

1-Day FEDEF - 8.75%

Monthly

MSCO

6/24/26

72,805

(17,407)

Takara Leben Real Estate

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

10,012,733

JPY

1,604

Tama Home Co Limited

1-Day TONAR - 5.75%

Monthly

GSCO

10/15/26

9,118,363

JPY

(5,783)

Tamburi

Euro STR - 0.30%

Monthly

JPHQ

7/17/26

69,278

EUR

(13,747)

Tate & Lyle PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/30

208,535

GBP

49,434

Tatung Co Ltd.

1-Day FEDEF - 3.375%

Monthly

MSCO

7/14/26

72,893

(2,650)

Tav Havalimanlari

1-Day FEDEF - 5.00%

Monthly

MSCO

9/21/26

148,541

(31,095)

Taylor Wimpey Plc Ord

1-Day SONIA - 0.275%

Monthly

MSCO

8/19/26

143,131

GBP

(23,417)

Tbs Holdings Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

7/10/26

13,486,943

JPY

(12,020)

Teamviewer SE

Euro STR - 0.30%

Monthly

JPHQ

6/25/26

47,812

EUR

9,605

Technoprobe

Euro STR - 0.30%

Monthly

JPHQ

10/16/30

103,268

EUR

(243,814)

Tekfen Holding

1-Day FEDEF - 5.25%

Monthly

MSCO

9/21/26

103,577

22,292

Telenor ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

11/27/28

501,195

NOK

(4,709)

Tenaris

Euro STR - 0.30%

Monthly

JPHQ

6/19/26

225,773

EUR

(121,988)

Tess Holdings Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

18,697,114

JPY

(93,261)

TGS ASA

1-Week NIBOR - 1.50%

Monthly

SEBA

4/16/26

570,179

NOK

(25,154)

Thai Beverage

1-Day SORA - 0.40%

Monthly

MSCO

6/25/26

222,540

SGD

732

Theon International Plc

Euro STR - 5.30%

Monthly

JPHQ

6/19/26

182,256

EUR

(22,845)

Thermador Groupe SA

1-Day EONIA - 2.25%

Monthly

MSCS

8/16/30

13,702

EUR

(498)

THG Plc Ord

1-Day SONIA - 4.48%

Monthly

MSCO

3/22/29

98,429

GBP

21,990

Thomson Medical

1-Day SORA - 6.75%

Monthly

MSCO

6/25/26

12,327

SGD

(3,692)

Thule Group AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/30

1,591,830

SEK

(1,197)

ThyssenKrupp Nucera AG

Euro STR - 0.34%

Monthly

JPHQ

3/28/26

129,269

EUR

(26,113)

Tiangong International Co.

1-Day HONIA - 1.25%

Monthly

GSCO

6/25/26

265,638

HKD

(35,638)

Tietoevry Corp.

Euro STR - 0.275%

Monthly

SEBA

3/04/31

127,718

EUR

(26,249)

Tikehau Capital SCA

1-Day EONIA - 4.00%

Monthly

MSCS

7/17/26

61,983

EUR

2,539

Timee Inc.

1-Day TONAR - 10.50%

Monthly

GSCO

11/16/26

5,044,336

JPY

2,875

Titan SA

Euro STR - 0.75%

Monthly

JPHQ

11/03/26

53,980

EUR

(15,546)

TKP Corporation

1-Day TONAR - 2.31%

Monthly

GSCO

6/24/26

25,313,078

JPY

(8,789)

TLB Co. Ltd.

1-Day FEDEF - 2.75%

Monthly

MSCO

2/25/27

31,995

1,416

Tmbthanachart Bank Pcl

1-Day FEDEF - 2.50%

Monthly

MSCO

7/22/26

68,953

(19,020)

TOC Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

7/13/26

12,459,275

JPY

(11,145)

Toei Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

10/12/26

14,938,755

JPY

2,311

Toho Holdings Co. Ltd.

1-Day TONAR - 0.25%

Monthly

GSCO

12/21/26

9,411,299

JPY

(1,641)

Toho Titanium Co.

1-Day TONAR - 1.25%

Monthly

GSCO

6/24/26

14,793,583

JPY

(93,920)

Tokyo Electron

1-Day TONAR - 0.35%

Monthly

GSCO

10/08/26

7,354,065

JPY

(9,261)

Tokyo Keiki Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

11,830,412

JPY

(64,702)

Tokyo Metro Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

6,996,193

JPY

(276)

Tokyo Tatemono Co.

1-Day TONAR - 0.35%

Monthly

GSCO

7/06/26

12,446,512

JPY

(39,016)

Tomra Systems ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

1/08/31

442,134

NOK

3,738

Tosei Reit Investment Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

11,913,445

JPY

(6,639)

TotalEnergies

1-Day EONIA - 0.275%

Monthly

MSCO

3/04/31

213,321

EUR

(56,988)

Towa Corp.

1-Day TONAR - 1.00%

Monthly

GSCO

12/30/26

8,661,279

JPY

(15,873)

Toyo Gosei Co Ltd.

1-Day TONAR - 4.50%

Monthly

GSCO

6/24/26

24,563,184

JPY

(158,864)

Toyota Motor Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

21,184,035

JPY

(48,012)

Transaction Capital Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/26

431,291

ZAR

13,664

Transaction Co Ltd

1-Day TONAR - 1.00%

Monthly

GSCO

6/24/26

4,805,206

JPY

(4,316)

Transurban Stapled

1-Day RBACR - 0.40%

Monthly

MSCO

6/19/26

200,480

AUD

(1,302)

Traton SE

Euro STR - 0.80%

Monthly

JPHQ

7/17/30

172,062

EUR

(41,261)

Tri Chemical Laboratories

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

5,689,663

JPY

(7,666)

Tritax Big Box

1-Day SONIA - 0.275%

Monthly

MSCO

4/24/26

232,977

GBP

(59,019)

Troax Group AB

1-Week STIBOR - 0.28%

Monthly

SEBA

8/02/30

295,660

SEK

10,509

True Corporation Pcl

1-Day FEDEF - 1.25%

Monthly

MSCO

1/19/27

22,162

(5,159)

Truecaller AB

1-Week STIBOR - 0.275%

Monthly

SEBA

5/07/30

436,167

SEK

(485)

Truworths Int Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

7/16/26

2,949,198

ZAR

(9,100)

Tryg A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/13/26

2,849,374

DKK

11,559

Tuas Ltd Fpo

1-Day RBACR - 0.875%

Monthly

MSCO

6/24/26

136,624

AUD

1,117

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Tubacex SA

1-Day EONIA - 1.63%

Monthly

MSCS

7/17/30

84,826

EUR

(4,091)

Turk Hava Yollari

1-Day FEDEF - 1.10%

Monthly

MSCO

1/26/27

118,287

540

U-Ming Marine Transport

1-Day FEDEF - 3.00%

Monthly

MSCO

8/25/26

149,070

(19,227)

UMS

1-Day SORA - 3.25%

Monthly

MSCO

1/06/27

105,386

SGD

(14,330)

Unicharm Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

23,810,786

JPY

(7,344)

Unilever Plc Ord.

1-Day SONIA - 0.275%

Monthly

MSCO

10/16/30

271,533

GBP

(37,688)

Unimicron Technology

1-Day FEDEF - 2.125%

Monthly

MSCO

6/24/26

145,826

(324,943)

UNIQA Insurance Group AG

Euro STR - 0.30%

Monthly

JPHQ

3/18/26

52,347

EUR

(5,348)

Unisem Bhd

1-Day FEDEF - 8.25%

Monthly

MSCO

9/22/26

28,272

(1,429)

Unite Group PLC (The)

1-Day SONIA - 0.30%

Monthly

MSCS

7/05/26

190,093

GBP

74,260

United Internet AG

Euro STR - 0.30%

Monthly

JPHQ

3/20/26

211,105

EUR

(111,457)

United Laboratories

1-Day HONIA - 0.25%

Monthly

GSCO

12/07/26

497,122

HKD

(2,887)

United Super Markets Hldg

1-Day TONAR - 1.00%

Monthly

GSCO

7/06/26

25,343,758

JPY

258

Universal Microwave Technologies

1-Day FEDEF - 7.625%

Monthly

MSCO

8/10/26

25,408

(77,582)

Universal Music Group

Euro STR - 0.30%

Monthly

JPHQ

9/05/30

48,547

EUR

6,762

UOB

1-Day SORA - 0.40%

Monthly

MSCO

10/12/26

58,652

SGD

(384)

USI Corporation

1-Day FEDEF - 2.50%

Monthly

MSCO

6/24/26

66,173

(9,778)

Vaisala Corporation

Euro STR - 0.275%

Monthly

SEBA

6/24/26

107,399

EUR

(8,239)

Vallourec

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

40,408

EUR

(8,431)

Valneva SE

1-Day EONIA - 4.50%

Monthly

MSCS

5/16/26

44,899

EUR

(19,710)

Valqua Ltd.

TONAR - 0.35%

Monthly

GSCO

6/24/26

24,661,459

JPY

(93,856)

Vastned Nv

Euro STR - 0.30%

Monthly

JPHQ

8/18/26

17,137

EUR

(1,310)

VAT Group AG

1-Day SARON - 0.35%

Monthly

JPHQ

4/22/26

158,678

CHF

(220,473)

Vats Liquor Chain

1-Day FEDEF - 9.95%

Monthly

MSCO

6/24/26

8,735

1,369

Vbg Group Ab Ser B

1-Week STIBOR - 0.275%

Monthly

SEBA

6/03/26

836,715

SEK

(28,014)

Vend Marketplaces ASA

1-Day FEDEF

Monthly

SEBA

1/16/31

1,903,816

NOK

(87,141)

Venustech Group

1-Day FEDEF - 16.95%

Monthly

MSCO

2/08/27

31,436

(253)

VERBIO Vereinigte BioEnergie AG

Euro STR - 1.00%

Monthly

JPHQ

7/01/27

105,650

EUR

(167,917)

VGP NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

83,445

EUR

(37,945)

Via Labs Inc.

1-Day FEDEF - 6.875%

Monthly

MSCO

6/24/26

69,578

12,655

Vicore Pharma Holdings Ab

1-Week STIBOR - 0.275%

Monthly

SEBA

2/08/27

74,001

SEK

144

Vimian Group

1-Week STIBOR - 0.275%

Monthly

SEBA

7/01/26

1,382,117

SEK

42,031

Vinatech

1-Day FEDEF - 15.00%

Monthly

MSCO

6/24/26

22,366

(58,549)

Vinci

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/30

156,948

EUR

(35,323)

Virbac

1-Day EONIA - 0.30%

Monthly

MSCS

4/01/26

86,550

EUR

(17,474)

Vital Healthcare Property

1-Day NZOCR - 0.788%

Monthly

MSCO

6/24/26

93,479

NZD

(1,912)

Vodacom Group Ltd.

1-Day SABOR - 0.75%

Monthly

MSCS

7/13/28

1,583,136

ZAR

(20,029)

Voltalia SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/30

135,137

EUR

17,207

Voltronic Power Technology

1-Day FEDEF - 9.50%

Monthly

MSCO

10/28/26

67,303

7,972

Volvo Group (The)

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/28

1,411,024

SEK

(39,478)

Vopak

Euro STR - 0.30%

Monthly

JPHQ

7/17/30

64,533

EUR

(8,491)

Vossloh Ag

Euro STR - 0.30%

Monthly

JPHQ

8/18/26

203,037

EUR

(568)

1-Day FEDEF - 18.00%

Monthly

MSCO

6/24/26

44,299

23,394

VZ Holding

1-Day SARON - 1.30%

Monthly

JPHQ

12/16/26

68,605

CHF

2,375

Wa1 Resources Fpo

1-Day RBACR - 5.25%

Monthly

MSCO

6/24/26

83,068

AUD

(5,848)

Wacker Chemie AG

Euro STR - 0.30%

Monthly

JPHQ

3/20/26

319,732

EUR

(91,813)

Wallenstam AB Series B

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/30

1,108,454

SEK

(6,991)

Walsin Lihwa Corp.

1-Day FEDEF - 4.625%

Monthly

MSCO

9/23/26

132,645

(41,884)

Want Want China Holdings

1-Day HONIA - 0.25%

Monthly

GSCO

6/25/26

885,290

HKD

(1,407)

Warehouses De Pauw

Euro STR - 0.30%

Monthly

JPHQ

1/05/31

74,977

EUR

(17,942)

Watches of Switzerland

1-Day SONIA - 0.275%

Monthly

MSCO

2/16/31

185,046

GBP

(45,888)

Wavestone

1-Day EONIA - 0.30%

Monthly

MSCS

7/18/30

58,282

EUR

731

WCT Holdings Berhad

1-Day FEDEF - 6.875%

Monthly

MSCO

9/23/26

54,824

15,707

WeBuyCars Pty Ltd.

1-Day SABOR - 2.75%

Monthly

MSCO

7/17/30

3,480,675

ZAR

38,133

Webzen Co.

1-Day FEDEF - 3.625%

Monthly

MSCO

8/26/26

21,283

1,497

Weimob Inc.

1-Day HONIA - 4.84%

Monthly

GSCO

1/06/27

717,562

HKD

2,134

Weir Group PLC

1-Day SONIA - 0.76%

Monthly

MSCS

2/19/29

185,440

GBP

(78,598)

Wemade

1-Day FEDEF - 4.25%

Monthly

MSCO

6/24/26

106,209

23,850

Wendel Group

1-Day EONIA - 0.30%

Monthly

MSCS

5/27/26

257,050

EUR

(17,167)

West China Cement Ltd.

1-Day HONIA - 2.75%

Monthly

GSCO

6/25/26

1,490,156

HKD

9,544

West Holdings Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

14,581,829

JPY

(11,248)

Westpac Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

279,497

AUD

(32,903)

WHA Corporation Public Co.

1-Day FEDEF - 7.75%

Monthly

MSCO

10/09/26

49,287

(13,621)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment
Frequency

Counter-
party

Maturity
Date

Notional
Value^*

Value/Unrealized
Appreciation
(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Short^d (continued)

Wharf

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

333,828

HKD

(6,433)

Whitbread PLC

1-Day SONIA - 0.30%

Monthly

MSCS

4/14/26

133,165

GBP

18,383

Wienerberger AG

Euro STR - 0.30%

Monthly

JPHQ

8/26/30

167,562

EUR

(4,063)

Wihlborgs Fastigheter AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/29

1,451,266

SEK

(8,425)

Wiit SpA

Euro STR - 0.70%

Monthly

JPHQ

7/31/30

64,012

EUR

(19,401)

Wilmar Intl.

1-Day SORA - 0.40%

Monthly

MSCO

9/08/26

174,195

SGD

(19,762)

Wintime Energy Group

1-Day FEDEF - 4.40%

Monthly

MSCO

2/04/27

58,362

(7,965)

Wise PLC Class A ORD

1-Day SONIA - 0.275%

Monthly

MSCO

2/24/31

78,110

GBP

(755)

Wizz Air Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

12/19/30

152,225

GBP

21,084

WNC Corporation

1-Day FEDEF - 3.125%

Monthly

MSCO

2/11/27

21,739

(2,227)

Woolworths Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCO

9/15/30

5,668,060

ZAR

2,146

WPG Holdings Limited

1-Day FEDEF - 2.25%

Monthly

MSCO

8/18/26

17,805

(136)

WPP PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/30/35

55,643

GBP

5,997

Wuhan Jingce Electric

1-Day FEDEF - 6.51%

Monthly

MSCO

11/04/26

57,516

(61,062)

Wuxi Rural Commercial

1-Day FEDEF - 12.194%

Monthly

MSCO

6/24/26

24,952

475

Xinte Energy Co. Ltd.

1-Day HONIA - 7.99%

Monthly

GSCO

1/22/27

361,588

HKD

1,640

Xinyi Solar Holdings Limtied

1-Day HONIA - 1.25%

Monthly

GSCO

12/07/26

421,584

HKD

(3,600)

XP Power Ltd.

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/30

14,853

GBP

(6,619)

Xpeng Inc.

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

1,326,382

HKD

13,359

XPS Pensions Group Plc

1-Day SONIA - 0.275%

Monthly

MSCO

1/28/27

80,710

GBP

11,171

XTB

1-Day FEDEF - 0.50%

Monthly

MSCO

6/30/26

231,656

(88,515)

Xvivo Perfusion AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/26

998,171

SEK

12,238

Yakult Honsha Co.

1-DAY TONAR - 0.25%

Monthly

GSCO

6/24/26

6,229,432

JPY

(287)

Yamaha Motor Co.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

23,335,700

JPY

(16,870)

Yamami Company

1-Day TONAR - 6.75%

Monthly

GSCO

9/30/26

4,537,210

JPY

(2,352)

Yamato Holdings Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

7/15/26

4,727,978

JPY

865

Yankuang Energy Group

1-Day HONIA - 1.00%

Monthly

GSCO

8/27/26

209,071

HKD

(9,049)

Yapi VE Kredi Bank

1-Day FEDEF - 0.53%

Monthly

MSCO

9/21/26

110,477

(28,727)

Yaskawa Electric Corp.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

9,510,860

JPY

(42,129)

YC Inox Co Ltd.

1-Day FEDEF - 2.00%

Monthly

MSCO

7/02/26

44,745

4,031

Yidu Tech Inc.

1-Day HONIA - 8.00%

Monthly

GSCO

6/25/26

1,294,758

HKD

(8,285)

Yihai International Holdings

1-Day HONIA - 0.40%

Monthly

GSCO

6/25/26

575,831

HKD

(5,553)

YIT Corp.

Euro STR - 0.275%

Monthly

SEBA

11/08/30

66,007

EUR

(17,715)

Yokogawa Bridge Holdings

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

17,255,053

JPY

(27,192)

Yokohama REIT Co Ltd.

1-Day TONAR - 0.35%

Monthly

GSCO

6/24/26

14,769,750

JPY

(30,296)

Yondoshi Holdings Inc.

1-Day TONAR - 0.35%

Monthly

GSCO

8/24/26

10,765,198

JPY

(5,802)

Yoshinoya Holdings Co Ltd.

1-Day TONAR - 1.00%

Monthly

GSCO

6/24/26

34,786,569

JPY

Ypsomed Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/26

146,132

CHF

36,206

Yuhan

1-Day FEDEF - 0.75%

Monthly

MSCO

6/24/26

124,951

1,355

Yutori Inc.

1-Day TONAR - 7.75%

Monthly

GSCO

8/24/26

5,009,430

JPY

9,607

Zai Lab Limited

1-Day HONIA - 0.40%

Monthly

GSCO

8/18/26

578,899

HKD

7,008

Zhejiang Jinggon

1-Day FEDEF - 4.90%

Monthly

MSCO

9/04/26

22,169

(3,414)

Zhejiang Weixing

1-Day FEDEF - 10.30%

Monthly

MSCO

11/20/26

12,359

(1,358)

Zhejiang Weixing – A Shares

1-Day FEDEF - 7.15%

Monthly

MSCO

1/11/27

81,537

(306)

Zhong Yang Technology Co.

1-Day FEDEF - 10.625%

Monthly

MSCO

6/24/26

37,087

9,444

Zhongan Online P & C

1-Day HONIA - 8.50%

Monthly

GSCO

6/25/26

1,043,350

HKD

14,749

Zhongsheng Group Holdings

1-Day HONIA - 3.50%

Monthly

GSCO

6/25/26

758,093

HKD

20,077

Zip Co Ltd Fpo

1-Day RBACR - 0.40%

Monthly

MSCO

6/24/26

215,881

AUD

55,828

(20,192,380)

Interest Rate Contracts - Long^a

Egyptian Treasury Bills

1-Day FEDEF

Monthly

CITI

6/02/26

1,334,250

61,732

Total - Total Return Swap Contracts

2,389,280

^* In U.S. dollars unless otherwise indicated.

^a The Fund receives the total return on the underlying instrument and pays a variable financing rate.

^b Fair valued using significant unobservable inputs. See Note 7 regarding fair value investments.

^c Notional value rounds to less than 1.

^d The Fund receives the variable financing rate and pays the total return on the underlying instrument.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alternative Strategies Fund (continued)

Abbreviations

Counterparty

Currency

Selected Portfolio

BNPP

BNP Paribas

AUD

Australian Dollar

ADR

American Depositary Receipt

BNYM

The Bank of New York Mellon Corp.

BRL

Brazilian Real

ASX

Australian Securities Exchange

BZWS

Barclays Bank PLC

CAD

Canadian Dollar

BOBL

Bundesobligation

CITI

Citigroup, NA

CHF

Swiss Franc

BRLCDI

Brazil Cetip Di Interbank Deposit Rate

DBAB

Deutsche Bank, AG

COP

Colombian Peso

BUBOR

Budapest Interbank Offered Rate

GSCO

Goldman Sachs International

CZK

Czech Koruna

CAC

Cotation Assistee en Continu

HSBC

HSBC Bank PLC

DKK

Danish Krone

CBOE

Chicago Board Options Exchange

JPHQ

JP Morgan Chase Bank, NA

DOP

Dominican Peso

CIBOR

Copenhagen Interbank Offered Rate

MLCO

Merrill Lynch & Co., Inc.

EGP

Egyptian Pound

CMT

Constant Maturity Treasury Index

MSCO

Morgan Stanley & Co. LLC

EUR

Euro

COIR

Colombia Overnight Interbank Rate

MSCS

Morgan Stanley Capital Services LLC

GBP

British Pound

CORRA

Canadian Overnight Repo Rate Average

SEBA

Skandinaviska Enskilda Banken AB

HKD

Hong Kong Dollar

DAX

Deutscher Aktienindex

HUF

Hungarian Forint

DJIA

Dow Jones Industrial Average

IDR

Indonesian Rupiah

ECX

European Climate Exchange

INR

Indian Rupee

EMTN

Euro Medium Term Note

JPY

Japanese Yen

EONIA

Euro OverNight Index Average

KZT

Kazakhstani Tenge

ETF

Exchange Traded Fund

MXN

Mexican Peso

EURIBOR

Euro Interbank Offered Rate

MYR

Malaysian Ringgit

FEDEF

Federal Funds Effective Rate

NGN

Nigerian Naira

FRN

Floating Rate Note

NOK

Norwegian Krone

FTSE

Financial Times Stock Exchange

NZD

New Zealand Dollar

HIBOR

Hong Kong Interbank Offered Rate

PEN

Peruvian Nuevo Sol

HONIA

Hong Kong Overnight Index Average

PLN

Polish Zloty

IBEX

Iberian Index

PYG

Paraguay Guarani

JIBAR

Johannesburg Interbank Agreed Rate

SEK

Swedish Krona

JSE

Johannesburg Stock Exchange Index

SGD

Singapore Dollar

KLIBOR

Kuala Lumpur Interbank Offered Rate

TRY

Turkish Lira

KOSPI

Korean Composite Stock Price Index

USD

United States Dollar

MIB

Milano Italia Borsa

ZAR

South African Rand

MIBOR

Mumbai Interbank Overnight Rate

MSCI

Morgan Stanley Capital International

Index

NIBOR

Norwegian Interbank Offered Rate

CDX.EM

CDX Emerging Markets Index

NZOCR

Reserve Bank of New Zealand Cash Rate

CDX.NA.HY

CDX North America High Yield Index

OAT

Obligation Assumable by the Treasurer

CDX.NA.IG

CDX North America Investment Grade Index

PIK

Payment In-Kind

ITRX.EUR

iTraxx Europe Index

PRIBOR

Prague Interbank Offered Rate

ITRX.EUR.XOVER

iTraxx Europe Crossover Index

RBACR

Reserve Bank of Australia’s Cash Rate

REIT

Real Estate Investment Trust

The following reference rates, and their values as of period end, are used for security description:

SABOR

South African Benchmark Overnight Rate

SARON

Swiss Average Rate Overnight

Reference Index

Reference Rate

SOFR

Secured Overnight Financing Rate

1-Day EONIA

1.930%

SONIA

Sterling Overnight Index Average

1-Day FEDEF

3.640

SORA

Singapore Overnight Rate Average

1-Day HONIA

2.330

SPDR

Standard & Poor’s Depositary Receipt

1-Day NZOCR

2.250

SPI

Swiss Performance Index

1-Day RBACR

4.100

STIBOR

Stockholm Interbank Offered Rate

1-Day SABOR

6.696

STR

Short Term Rate

1-Day SARON

-0.050

TLREF

Turkish Lira Overnight Reference Rate

1-Day SONIA

3.727

TONAR

Tokyo Overnight Average Rate

1-Day SORA

1.053

TOPIX

Tokyo Price Index

1-Day TONAR

0.727

TSX

Toronto Stock Exchange

1-Month EURIBOR

1.943

WTI

West Texas Intermediate

1-Month SOFR

3.669

1-Week CIBOR

1.810

1-Week NIBOR

3.980

1-Week STIBOR

1.770

3-Month JIBAR

6.625

3-Month SOFR

3.666

6-Month BUBOR

6.100

6-Month PRIBOR

3.450

Banxico Mexico 1 Month Rate

7.000

BRLCDI

14.900

COIR

9.634

EURIBOR

2.708

Euro STR

1.930

HIBOR

2.552

HONIA

2.330

KLIBOR

3.230

MIBOR

5.170

SOFR

3.680

TONAR

0.727

TLREF

36.873

US 5 Year CMT T-Note

3.510

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Notes to Consolidated Schedule of Investments (unaudited)

1. Organization

Franklin Alternative Strategies Funds (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of one fund, Franklin Alternative Strategies Fund (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946.

Effective January 30, 2026, K2 Alternative Strategies Fund was renamed Franklin Alternative Strategies Fund.

2. Financial Instrument Valuation

The Fund’s 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 Fund calculates 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 Fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, exchange traded funds 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 securities generally trade in the OTC market rather than on a securities exchange. The Fund’s 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 Fund’s 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 Fund’s net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs 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 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 Fund’s business day. Events can occur between the time at which trading in a foreign security is completed and 4p.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 Fund’s 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 Fund’s portfolio securities to the latest indications of fair value at 4 p.m. Eastern time. At February 28, 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 Fund’s NAV is not calculated, which could result in differences between the value of the Fund’s portfolio securities on the last business day and the last calendar day of

the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

3. Restricted Securities

The Fund invests in securities that are restricted under the Securities Act of 1933 (1933 Act). Restricted securities are often purchased in private placement transactions, and cannot be sold without prior registration unless the sale is pursuant to an exemption under the 1933 Act. Disposal of these securities may require greater effort and expense, and prompt sale at an acceptable price may be difficult. The Fund may have registration rights for restricted securities. The issuer generally incurs all registration costs.

At February 28, 2026, investments in restricted securities, excluding securities exempt from registration under the 1933 Act, were as follows:


Principal Amount	Issuer	Acquisition Date	Cost		Value
364,401	Atlas Security Products, A, zero cpn., 2/08/27	9/01/25	$	324,413	$	340,421
364,401	Atlas Security Products, B, zero cpn., 2/08/28	9/01/25		314,278		318,296
364,401	Atlas Security Products, C, zero cpn., 2/08/29	9/01/25		309,775		296,847

Total Restricted Securities (Value is 0.2% of Net Assets)			$	948,466	$	955,564

4. Unfunded Loan Commitments

The Fund enters into certain credit agreements, all or a portion of which may be unfunded. The Fund is 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 Consolidated Schedule of Investments.

At February 28, 2026, unfunded commitments were as follows:


Borrower		Unfunded Commitment
888 Holdings Ltd., Facility B	$	212,328
First Brands Group LLC, 2021 First Lien		700,986
H-Food Holdings LLC, Revolving Commitment		135,464
Liberty Communications of Puerto Rico LLC, 2021 Additional Term Loan		45,456
Ligado Networks LLC, 2024-1 Refinancing Term Loan		91,714
Perforce, 2024-1 Refinancing Term Loan		129,706
Project Boost, 2025-2 Refinancing Term Loan		18,463
Proofpoint, 2025-B Incremental Term Loan		55,390
Sedgwick Claims, 2024 Term Loan		18,463
SonicWall, 2023 First Lien		369,683
Zodiac Purchaser LLC, Term Loan		29,674

	$	1,807,327

5. Investments in Affiliated Management Investment Companies

The Fund invests 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 Fund does not invest for purposes of exercising a controlling influence over the management or policies. During the period ended February 28, 2026, the Fund held investments in affiliated management investment companies as follows:


	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		Income from Securities Loaned

Non-Controlled Affiliates
Franklin Institutional U.S. Government Money Market Fund, 3.58%	$	2,829,000	$	56,104,000	$	(58,352,000	)	$	-	$	-	$	581,000		581,000	$	79,105

6. Investments in K2 Holdings Investment Corp. (K2 Subsidiary)

The Fund invests in certain financial instruments and commodity-linked derivative investments through its investment in the K2 Subsidiary. The K2 Subsidiary is a Cayman Islands exempted company with limited liability, is a wholly-owned subsidiary of the Fund, and is able to invest in certain financial instruments and commodity-linked derivative investments consistent with the investment objective of the Fund. At February 28, 2026, the K2 Subsidiary’s investments, as well as any other assets and liabilities of the K2 Subsidiary, are reflected in the Fund’s Consolidated Schedule of Investments. At February 28, 2026, the Fund’s investments in the K2 Subsidiary were as follows:

Fund Name

Subsidiary Name^a

Consolidated

Net Assets

Subsidiary

Net Assets

% of Consolidated

Net Assets

Franklin Alternative Strategies Fund

K2 Holdings Investment Corp.

$524,442,642

$62,914,003

12.0%

^a	The Fund’s investments in the K2 Subsidiary is limited to 25% of consolidated assets.

7. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s 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 Fund’s 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 February 28, 2026, in valuing the Fund’s assets and liabilities carried at fair value, is as follows:



	Level 1		Level 2			Level 3			Total
Assets:
Investments in Securities^a
Equity Investments^b	$	86,698,341	$	10,271,667		$	70,869	^c	$	97,040,877
Convertible Bonds		–		110,049,349			–			110,049,349
Convertible Bonds in Reorganization		–		3,186			–			3,186
Corporate Bonds and Notes		–		14,207,058			2,764,483			16,971,541
Corporate Bonds and Notes in Reorganization		–		761,053			–			761,053
Senior Floating Rate Interests		–		3,514,824			2,989,008			6,503,832
Foreign Government and Agency Securities		–		30,162,343			–			30,162,343
Foreign Government and Agency Securities in Reorganization		–		2,118,705			–			2,118,705
U.S. Government and Agency Securities		–		21,125,354			–			21,125,354
Options Purchased		483,528		38,398			–			521,926
Short Term Investments		128,376,218		63,760,582			–			192,136,800

Total Investments in Securities	$	215,558,087	$	256,012,519	^d	$	5,824,360		$	477,394,966

Other Financial Instruments:
Futures Contracts	$	6,492,644	$	–		$	–		$	6,492,644
Forward Exchange Contracts		–		1,812,489			–			1,812,489
Swap Contracts		–		35,718,330			–			35,718,330

Total Other Financial Instruments	$	6,492,644	$	37,530,819		$	–		$	44,023,463


Liabilities:
Other Financial Instruments:
Options Written	$	196,607	$	–		$	–		$	196,607
Securities Sold Short^a		89,911,224		41,054,977	^e		–			130,966,201
Futures Contracts		5,204,786		–			–			5,204,786
Forward Exchange Contracts		–		1,235,466			–			1,235,466
Swap Contracts		–		33,529,643			–	^c		33,529,643
Unfunded Loan Commitments		–		747,700			35,255			782,955

Total Other Financial Instruments	$	95,312,617	$	76,567,786		$	35,255		$	171,915,658

^a	For detailed categories, see the accompanying Consolidated Schedule of Investments.

^b	Includes common stocks, preferred stocks as well as other equity interests.

^c	Includes securities determined to have no value at February 28, 2026.

^d	Includes foreign securities valued at $9,879,705, 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.

^e	Includes foreign securities valued at $2,634,645, 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.

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.

For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.