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Schedules
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
2
Franklin
Core
Plus
Bond
Fund
6
Franklin
Growth
Opportunities
Fund
63
Franklin
Natural
Resources
Fund
67
Franklin
Small
Cap
Growth
Fund
71
Franklin
Small-Mid
Cap
Growth
Fund
77
Notes
to
Schedules
of
Investments
82
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Biotechnology
Discovery
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.0%
Biotechnology
73.4%
a
Abivax
SA
,
ADR
....................................
France
109,022
$
13,619,028
a,b,c
Achieve
Life
Sciences,
Inc.
............................
United
States
706,649
4,536,687
a,d
Achieve
Life
Sciences,
Inc.
............................
United
States
1,095,791
7,034,978
a,c
Acumen
Pharmaceuticals,
Inc.
.........................
United
States
223,305
480,106
a
Acumen
Pharmaceuticals,
Inc.
.........................
United
States
826,400
1,776,760
a
Adicet
Bio,
Inc.
.....................................
United
States
225,186
2,051,444
a
Alkermes
plc
.......................................
United
States
232,937
11,411,584
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
51,286
10,540,299
Amgen,
Inc.
.......................................
United
States
131,554
50,669,339
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
505,651
13,581,786
a
Argenx
SE
,
ADR
....................................
Netherlands
48,962
41,804,735
a,d
Artiva
Biotherapeutics,
Inc.
............................
South
Korea
542,371
5,477,947
a
Ascendis
Pharma
A/S
................................
Denmark
121,287
29,583,112
a,d
Assembly
Biosciences,
Inc.
............................
United
States
40,982
1,029,058
a,d
Aura
Biosciences,
Inc.
................................
United
States
765,617
5,366,975
a
Avalo
Therapeutics,
Inc.
..............................
United
States
147,877
2,698,755
a
Benitec
Biopharma,
Inc.
..............................
Australia
995,152
11,653,230
a
BeOne
Medicines
Ltd.
,
ADR
...........................
United
States
33,421
10,561,370
a
Bicara
Therapeutics,
Inc.
..............................
United
States
474,899
12,869,763
a
BioNTech
SE
,
ADR
..................................
Germany
73,400
6,648,572
a
Bridgebio
Pharma,
Inc.
...............................
United
States
241,119
19,311,221
a,d
Cabaletta
Bio,
Inc.
...................................
United
States
876,846
2,349,947
a,d
Cardiff
Oncology,
Inc.
................................
United
States
438,961
375,487
a
Celcuity,
Inc.
.......................................
United
States
46,107
3,982,723
a
CG
oncology,
Inc.
...................................
United
States
174,532
12,424,933
a
Cogent
Biosciences,
Inc.
..............................
United
States
75,829
2,952,023
a
Cytokinetics,
Inc.
....................................
United
States
186,018
14,347,568
a
Dianthus
Therapeutics,
Inc.
............................
United
States
250,308
26,762,931
a
Dyne
Therapeutics,
Inc.
..............................
United
States
519,232
13,074,262
a,d
Eikon
Therapeutics,
Inc.
..............................
United
States
127,376
1,173,133
a,d
Faeth
Therapeutics,
Inc.
..............................
United
States
180,711
4,922,568
Gilead
Sciences,
Inc.
................................
United
States
341,817
44,507,992
a
GRAIL,
Inc.
........................................
United
States
46,433
3,183,446
a
Ideaya
Biosciences,
Inc.
..............................
United
States
81,852
2,905,746
a,d
Immix
Biopharma,
Inc.
...............................
United
States
357,034
2,970,523
a
IN8bio,
Inc.
........................................
United
States
332,083
345,366
a,d
InflaRx
NV
........................................
Germany
376,105
639,378
a
Insmed,
Inc.
.......................................
United
States
233,052
22,978,927
a,d
Inventiva
SACA
,
ADR
................................
France
1,042,549
4,670,620
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
209,423
10,841,829
a
Jade
Biosciences,
Inc.
...............................
United
States
479,949
9,478,993
a,d
Kailera
Therapeutics,
Inc.
.............................
United
States
146,385
2,479,762
a
Krystal
Biotech,
Inc.
.................................
United
States
14,607
4,982,740
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
533,511
13,615,201
a
Mirum
Pharmaceuticals,
Inc.
...........................
United
States
215,190
22,799,380
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
125,643
20,957,252
a
Neurogene,
Inc.
....................................
United
States
218,783
7,195,773
a
Newamsterdam
Pharma
Co.
NV
........................
Netherlands
187,726
5,216,906
a,d
Odyssey
Therapeutics,
Inc.
............................
United
States
99,826
1,889,706
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
568,915
6,514,077
a
ORIC
Pharmaceuticals,
Inc.
...........................
United
States
659,005
7,295,185
a
Oruka
Therapeutics,
Inc.
..............................
United
States
296,262
28,592,246
a
Palisade
Bio,
Inc.
...................................
United
States
2,119,910
4,017,229
a,d
Parabilis
Medicines,
Inc.
..............................
United
States
93,010
3,160,480
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
71,799
22,101,886
a
PTC
Therapeutics,
Inc.
...............................
United
States
279,737
19,024,913
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
57,013
43,479,824
a
Relay
Therapeutics,
Inc.
..............................
United
States
404,940
7,625,020
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Revolution
Medicines,
Inc.
.............................
United
States
185,428
$
34,773,313
a
Satellos
Bioscience,
Inc.
,
(
CAD
Traded)
..................
Canada
96,830
967,022
a
Satellos
Bioscience,
Inc.
,
(
USD
Traded)
..................
Canada
246,407
2,461,606
a,d
Scribe
Therapeutics,
Inc.
..............................
United
States
135,567
2,640,845
a,d
Sionna
Therapeutics,
Inc.
.............................
United
States
107,956
5,087,966
a
Solid
Biosciences,
Inc.
...............................
United
States
1,430,388
11,528,927
a
Spyre
Therapeutics,
Inc.
..............................
United
States
245,009
24,091,735
a
Syndax
Pharmaceuticals,
Inc.
..........................
United
States
582,815
11,102,626
a
Tango
Therapeutics,
Inc.
..............................
United
States
521,761
14,181,464
a
Tyra
Biosciences,
Inc.
................................
United
States
62,752
2,000,534
a
Ultragenyx
Pharmaceutical,
Inc.
........................
United
States
108,067
2,691,949
a
uniQure
NV
........................................
Netherlands
88,716
3,870,679
a
Vaxcyte,
Inc.
.......................................
United
States
145,674
7,878,050
a
Verastem,
Inc.
......................................
United
States
401,744
2,330,115
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
85,620
40,849,302
a
Vicore
Pharma
Holding
AB
............................
Sweden
8
10
a,d
Vicore
Pharma
Holding
AB
,
ADR
........................
Sweden
130,759
1,427,888
a
Vor
BioPharma,
Inc.
.................................
United
States
148,745
3,145,957
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
123,767
7,756,478
847,329,190
Capital
Markets
0.1%
a
JATT
II
Acquisition
Corp.
..............................
United
States
146,753
1,775,711
Health
Care
Providers
&
Services
2.8%
a
Guardant
Health,
Inc.
................................
United
States
196,520
31,834,275
Life
Sciences
Tools
&
Services
1.3%
Sartorius
Stedim
Biotech
..............................
France
10,100
1,952,735
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
22,999
13,208,326
15,161,061
Pharmaceuticals
17.4%
a
Alto
Neuroscience,
Inc.
...............................
United
States
347,904
9,417,761
a
Amylyx
Pharmaceuticals,
Inc.
..........................
United
States
752,824
15,289,855
AstraZeneca
plc
....................................
United
Kingdom
102,531
17,393,359
a,d
Avalyn
Pharma,
Inc.
.................................
United
States
120,364
3,465,280
a
BioAge
Labs,
Inc.
...................................
United
States
135,049
1,220,843
a
Context
Therapeutics,
Inc.
.............................
United
States
1,398,833
838,460
a
Contineum
Therapeutics,
Inc.
,
A
........................
United
States
625,148
9,683,543
a
Definium
Therapeutics,
Inc.
............................
United
States
86,980
3,785,370
Eli
Lilly
&
Co.
......................................
United
States
13,131
15,085,418
a
EyePoint,
Inc.
......................................
United
States
1,123,495
13,762,814
a
Indivior
Pharmaceuticals,
Inc.
..........................
United
States
332,496
13,303,165
a
Jazz
Pharmaceuticals
plc
.............................
United
States
258,371
65,331,691
a,d
Kardigan,
Inc.
......................................
United
States
144,820
3,015,152
a
MBX
Biosciences,
Inc.
...............................
United
States
85,528
5,638,861
a,d
Oculis
Holding
AG
...................................
Switzerland
314,736
3,559,664
a
Phathom
Pharmaceuticals,
Inc.
.........................
United
States
507,425
4,439,969
a
Relmada
Therapeutics,
Inc.
............................
United
States
788,718
4,188,093
a,d
SpyGlass
Pharma,
Inc.
...............................
United
States
84,708
1,908,471
a
Structure
Therapeutics,
Inc.
,
ADR
.......................
United
States
136,424
6,553,809
a,d
VeraDermics,
Inc.
...................................
United
States
31,081
3,263,505
201,145,083
Total
Common
Stocks
(Cost
$
524,155,020
)
...................................
1,097,245,320
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
2.2%
Biotechnology
0.9%
a,b
Obsidian
Therapeutics,
Inc.
,
C
..........................
United
States
4,354
$
6,385,654
a,b,c
Ray
Therapeutics,
Inc.
,
B
.............................
United
States
1,389,029
3,784,236
10,169,890
Diversified
Consumer
Services
0.3%
a,b
Baylor
Genetics
Holdings,
Inc.
,
B
.......................
United
States
188,069
3,433,012
Household
Products
0.5%
a,b,c
Candid,
Inc.
,
B
.....................................
United
States
1,519,609
5,563,712
Pharmaceuticals
0.5%
a,b,c
Processa
Pharmaceuticals,
Inc.
,
A
.......................
United
States
2,862
5,513,146
Total
Convertible
Preferred
Stocks
(Cost
$
16,277,733
)
.........................
24,679,760
Preferred
Stocks
0.4%
Biotechnology
0.0%
†
a,b,c
Lycia
Therapeutics,
Inc.
,
D
............................
United
States
177,052
426,799
Life
Sciences
Tools
&
Services
0.2%
e
Sartorius
AG
,
0
.34
%
.................................
Germany
9,200
2,318,712
Real
Estate
Management
&
Development
0.2%
a,b,c
Lycia
LLC
,
C
.......................................
Japan
859,370
2,071,586
Total
Preferred
Stocks
(Cost
$
6,300,097
)
.....................................
4,817,097
Warrants
Warrants
1.0%
Biotechnology
1.0%
a,b,c
Achieve
Life
Sciences,
Inc.
,
4/10/28
.....................
United
States
706,649
2,056,349
a,b
Achieve
Life
Sciences,
Inc.
,
6/26/30
.....................
United
States
698,900
2,390,238
a,b
Assembly
Biosciences,
Inc.
,
A
,
8/11/30
...................
United
States
44,450
445,382
a,b
Assembly
Biosciences,
Inc.
,
B
,
12/31/26
..................
United
States
44,450
22,556
a,b
Benitec
Biopharma,
Inc.
,
2/20/49
........................
Australia
310,881
3,640,385
a,b,c
IN8bio,
Inc.
,
C
,
10/04/27
..............................
United
States
69,673
4
a,b
Palisade
Bio,
Inc.
,
10/01/30
............................
United
States
1,447,549
2,742,961
11,297,875
Total
Warrants
(Cost
$
1,620,146
)
............................................
11,297,875
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Carmot
Therapeutics,
Inc.,
Escrow
Account
................
United
States
83,100
305,254
a,b
Sanofi
SA,
Escrow
Account
............................
France
2,333,755
2
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
305,256
Total
Long
Term
Investments
(Cost
$
548,352,996
)
.............................
1,138,345,308
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
99
.
Short
Term
Investments
4.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
17,047,625
$
17,047,625
Total
Money
Market
Funds
(Cost
$
17,047,625
)
................................
17,047,625
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.0%
Money
Market
Funds
3.0%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
34,531,620
34,531,620
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
34,531,620
)
.........................................................
34,531,620
Total
Short
Term
Investments
(Cost
$
51,579,245
)
..............................
51,579,245
a
Total
Investments
(Cost
$
599,932,241
)
103.1
%
................................
$1,189,924,553
Other
Assets,
less
Liabilities
(
3.1
)
%
.........................................
(35,246,458)
Net
Assets
100.0%
.........................................................
$1,154,678,095
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.1%
Machinery
0.1%
a
UTEX
Industries,
Inc.
................................
United
States
16,788
$
606,520
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Amplify
Energy
Corp.
................................
United
States
5,288
20,676
Birch
Permian
Holdings,
Inc.
...........................
United
States
46,176
268,976
289,652
Total
Common
Stocks
(Cost
$11,360,259)
....................................
896,172
Management
Investment
Companies
2.5%
Capital
Markets
2.5%
c
Franklin
BSP
Lending
Fund,
Class
R6
....................
United
States
1,394,700
14,114,364
c
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
2,269,267
56,845,138
70,959,502
Total
Management
Investment
Companies
(Cost
$70,939,826)
..................
70,959,502
Principal
Amount
*
Corporate
Bonds
41.6%
Aerospace
&
Defense
1.3%
d
Axon
Enterprise,
Inc.
,
Senior
Note,
144A,
6.125%,
3/15/30
...................
United
States
1,000,000
1,014,112
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
750,000
761,105
d
BAE
Systems
plc
,
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
1,375,000
1,388,523
Senior
Note,
144A,
5.25%,
3/26/31
....................
United
Kingdom
4,160,000
4,214,453
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
........................
United
States
5,000,000
4,714,389
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
1,200,000
1,063,171
Senior
Bond,
6.875%,
3/15/39
........................
United
States
2,600,000
2,852,427
Senior
Bond,
3.9%,
5/01/49
..........................
United
States
495,000
353,769
Senior
Bond,
5.93%,
5/01/60
.........................
United
States
705,000
658,675
Senior
Note,
5.15%,
5/01/30
.........................
United
States
8,100,000
8,142,097
d
Bombardier,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
6/15/33
.........
Canada
1,025,000
1,056,998
d
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
1,600,000
1,619,198
d
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
2,020,000
1,947,985
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
1,150,000
1,096,091
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
770,000
732,640
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
1,010,000
976,800
Howmet
Aerospace,
Inc.
,
Senior
Bond,
4.75%,
4/15/36
.........................
United
States
2,250,000
2,142,736
Senior
Note,
4.85%,
10/15/31
........................
United
States
2,100,000
2,085,245
36,820,414
Automobile
Components
0.1%
d
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
2,830,000
2,817,605
Automobiles
0.3%
d
Hyundai
Capital
America
,
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
1,300,000
1,311,380
Senior
Note,
144A,
4.75%,
9/26/31
....................
United
States
6,000,000
5,868,444
7,179,824
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
4.6%
d
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
6.339%
to
9/17/26,
FRN
thereafter
,
9/18/27
.....................
Netherlands
2,100,000
$
2,104,521
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
.........
Spain
3,000,000
2,705,849
Bank
of
America
Corp.
,
Senior
Bond,
2.299%
to
7/20/31,
FRN
thereafter,
7/21/32
...
United
States
3,500,000
3,063,844
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
...
United
States
8,000,000
7,747,230
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
1,434,000
1,318,586
d
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
4,840,000
4,711,687
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
2,770,000
2,786,240
d
BPCE
SA
,
Senior
Non-Preferred
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
............................
France
7,900,000
7,857,627
d
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
......................
Spain
5,515,000
5,615,447
Citigroup,
Inc.
,
Senior
Bond,
4.412%
to
3/30/30,
FRN
thereafter,
3/31/31
...
United
States
5,600,000
5,481,572
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
4,160,000
4,065,642
d
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
2.688
%
,
3/11/31
.........................................
Australia
4,130,000
3,705,072
Fifth
Third
Bancorp
,
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
.................................
United
States
7,300,000
7,425,611
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
...
United
Kingdom
8,300,000
7,641,591
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.....
United
Kingdom
5,850,000
5,878,755
JPMorgan
Chase
&
Co.
,
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
...
United
States
9,400,000
8,618,088
Senior
Bond,
1.953%
to
2/03/31,
FRN
thereafter,
2/04/32
...
United
States
3,400,000
2,973,227
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
2,500,000
2,493,487
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
1,195,000
1,190,043
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
1,620,000
1,605,407
Sub.
Bond,
5.803%
to
7/22/36,
FRN
thereafter,
7/23/41
.....
United
States
1,230,000
1,218,030
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
.............................
Japan
5,100,000
5,197,779
Royal
Bank
of
Canada
,
Senior
Note
,
5.2
%
,
8/01/28
..........
Canada
1,800,000
1,823,274
d
Societe
Generale
SA
,
Senior
Non-Preferred
Bond
,
144A,
2.889%
to
6/08/31,
FRN
thereafter
,
6/09/32
.....................
France
7,500,000
6,694,258
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
...
Canada
9,900,000
9,921,153
d
UniCredit
SpA
,
Senior
Preferred
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
.............................
Italy
5,300,000
4,844,188
Wells
Fargo
&
Co.
,
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
..
United
States
7,400,000
7,631,033
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
....
United
States
4,400,000
4,434,900
130,754,141
Beverages
0.2%
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond,
2.25%,
3/15/31
.........................
United
States
4,160,000
3,674,984
Senior
Bond,
5.3%,
3/15/34
..........................
United
States
1,330,000
1,314,047
4,989,031
Biotechnology
0.7%
AbbVie,
Inc.
,
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
520,000
497,766
Senior
Note,
4.4%,
3/15/33
..........................
United
States
1,510,000
1,455,627
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Biotechnology
(continued)
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
..........................
United
States
4,000,000
$
3,788,707
Senior
Bond,
5.25%,
3/02/33
.........................
United
States
6,600,000
6,616,434
Biogen,
Inc.
,
Senior
Bond
,
2.25
%
,
5/01/30
.................
United
States
2,755,000
2,501,168
d
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
2,230,000
2,251,894
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
United
States
2,755,000
2,422,843
19,534,439
Broadline
Retail
0.4%
Amazon.com,
Inc.
,
Senior
Bond,
4.875%,
3/13/36
........................
United
States
1,829,000
1,751,246
Senior
Bond,
6%,
7/09/46
...........................
United
States
2,695,000
2,621,453
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
260,000
239,244
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
1,636,000
1,513,929
Senior
Note,
4.55%,
3/13/33
.........................
United
States
1,235,000
1,193,532
Senior
Note,
5.1%,
7/09/33
..........................
United
States
2,165,000
2,145,502
a,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
10,914,248
—
a,d,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
4,807,777
—
d
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
....
United
States
2,500,000
2,576,163
12,041,069
Building
Products
0.0%
†
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
665,000
649,585
d
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
475,000
474,364
1,123,949
Capital
Markets
2.8%
Deutsche
Bank
AG
,
Senior
Preferred
Note
,
5.371
%
,
9/09/27
...
Germany
4,800,000
4,849,192
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.383%
to
7/20/31,
FRN
thereafter,
7/21/32
...
United
States
6,500,000
5,680,556
Senior
Bond,
5.536%
to
1/27/35,
FRN
thereafter,
1/28/36
...
United
States
9,800,000
9,729,333
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
1,035,000
986,156
Senior
Bond,
5.425%
to
6/02/36,
FRN
thereafter,
6/03/37
...
United
States
1,110,000
1,084,796
Senior
Bond,
5.655%
to
7/20/36,
FRN
thereafter,
7/21/37
...
United
States
875,000
871,343
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
..
United
States
3,000,000
2,983,695
Senior
Note,
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
....
United
States
895,000
876,348
Intercontinental
Exchange,
Inc.
,
Senior
Note
,
4.35
%
,
6/15/29
...
United
States
1,375,000
1,361,593
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
.............................
United
States
3,600,000
3,584,230
LPL
Holdings,
Inc.
,
Senior
Note,
5.2%,
3/15/30
..........................
United
States
2,755,000
2,752,513
d
Senior
Note,
144A,
4%,
3/15/29
......................
United
States
4,140,000
4,021,054
Morgan
Stanley
,
Senior
Bond,
3.591%,
7/22/28
........................
United
States
10,000,000
9,892,104
Senior
Bond,
1.794%
to
2/12/31,
FRN
thereafter,
2/13/32
...
United
States
5,000,000
4,312,242
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
...
United
States
1,900,000
1,894,637
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
1,585,000
1,521,269
Senior
Bond,
5.605%
to
7/16/36,
FRN
thereafter,
7/17/37
...
United
States
1,160,000
1,153,457
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
1,615,000
1,563,304
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
1,555,000
1,509,782
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
2,325,000
2,272,752
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
542,000
$
549,803
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
.............
United
States
11,800,000
10,249,319
d
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...................................
United
States
2,400,000
2,422,969
d
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
2,600,000
2,709,886
d
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
1,375,000
1,389,640
80,221,973
Chemicals
0.2%
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
3,000,000
2,951,685
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
2,670,000
2,847,515
5,799,200
Commercial
Services
&
Supplies
0.3%
d
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
.........................................
United
States
800,000
815,939
Republic
Services,
Inc.
,
Senior
Note
,
4.75
%
,
7/15/31
.........
United
States
756,000
751,125
d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
2,000,000
2,074,552
Waste
Connections,
Inc.
,
Senior
Bond
,
4.8
%
,
7/15/36
........
United
States
1,895,000
1,811,500
d
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
800,000
812,824
d
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
2,500,000
2,506,158
8,772,098
Communications
Equipment
0.3%
Motorola
Solutions,
Inc.
,
Senior
Bond
,
5.4
%
,
4/15/34
.........
United
States
7,300,000
7,241,442
Construction
&
Engineering
0.1%
d
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...........
United
States
2,000,000
1,959,420
Construction
Materials
0.0%
†
Cemex
SAB
de
CV
,
Senior
Bond
,
5.75
%
,
6/05/36
...........
Mexico
840,000
821,604
Consumer
Finance
1.9%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.4%,
10/29/33
.........................
Ireland
7,700,000
6,728,851
Senior
Note,
4.125%,
2/28/29
........................
Ireland
710,000
697,299
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
1,375,000
1,517,845
American
Express
Co.
,
Senior
Bond
,
5.442%
to
1/29/35,
FRN
thereafter
,
1/30/36
.................................
United
States
10,000,000
9,994,626
d
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
1,385,000
1,407,918
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
7,735,000
7,602,605
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
.............................
United
States
8,600,000
8,524,574
Caterpillar
Financial
Services
Corp.
,
L
,
Senior
Note
,
4.5
%
,
5/15/31
.........................................
United
States
2,770,000
2,731,688
d
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
.........................................
United
States
1,580,000
1,583,163
d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
3,000,000
3,046,857
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
1,265,000
1,245,353
Senior
Note,
4.2%,
10/27/28
.........................
United
States
815,000
805,185
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
8.25
%
,
5/15/30
.........................................
United
States
3,000,000
$
3,134,523
d
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
4,130,000
4,093,235
OneMain
Finance
Corp.
,
Senior
Note
,
6.75
%
,
9/15/33
........
United
States
1,400,000
1,379,183
54,492,905
Consumer
Staples
Distribution
&
Retail
0.2%
d
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
...........
United
States
2,755,000
2,384,877
d
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
2,300,000
2,236,589
4,621,466
Containers
&
Packaging
0.2%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
1,550,000
1,524,581
d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
1,300,000
1,239,052
d
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
500,000
452,107
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
..................
United
States
3,600,000
3,128,622
6,344,362
Diversified
Consumer
Services
0.1%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
1,700,000
1,685,533
Diversified
REITs
0.5%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
4,130,000
3,986,498
d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
3,000,000
2,932,755
VICI
Properties
LP
,
Senior
Note
,
5.625
%
,
4/01/35
...........
United
States
5,000,000
4,900,450
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
1/15/28
.........................................
United
States
1,385,000
1,374,383
13,194,086
Diversified
Telecommunication
Services
1.3%
d
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
1,545,000
1,511,804
d
APLD
ComputeCo
3
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
6/15/31
.........................................
United
States
1,440,000
1,406,196
d
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
1,315,000
1,398,563
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
5,000,000
4,119,993
Senior
Bond,
5.125%,
4/30/36
........................
United
States
1,320,000
1,258,507
Senior
Bond,
6.2%,
10/30/56
.........................
United
States
469,000
434,503
Senior
Bond,
3.65%,
9/15/59
.........................
United
States
4,000,000
2,372,332
d
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
1,275,000
1,224,179
d
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
900,000
899,617
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
....................................
United
States
2,000,000
1,726,093
d
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
440,000
449,355
d
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
515,000
485,567
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
d
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
3,785,000
$
3,671,342
d
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
2,040,000
1,986,310
d
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
1,385,000
1,287,864
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
2,305,000
2,267,715
Senior
Bond,
5.25%,
4/02/35
.........................
United
States
2,090,000
2,038,462
Senior
Note,
2.355%,
3/15/32
........................
United
States
8,400,000
7,275,913
d
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
1,310,000
1,362,219
37,176,534
Electric
Utilities
3.1%
American
Electric
Power
Co.,
Inc.
,
C,
Junior
Sub.
Bond,
5.8%
to
3/14/31,
FRN
thereafter,
3/15/56
United
States
2,600,000
2,554,927
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
865,000
850,404
d
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
2,000,000
1,973,457
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
740,000
733,685
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
1,530,000
1,462,166
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
.........................
United
States
6,200,000
5,664,775
Senior
Bond,
3.75%,
9/01/46
.........................
United
States
1,600,000
1,145,739
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
........
United
States
1,000,000
1,003,921
d
ENEL
Finance
International
NV
,
Senior
Note,
144A,
4.375%,
9/30/30
...................
Italy
2,770,000
2,700,406
Senior
Note,
144A,
4.875%,
7/13/31
...................
Italy
2,200,000
2,166,384
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
.........................
United
States
13,400,000
12,978,460
Senior
Bond,
4.45%,
4/15/46
.........................
United
States
1,400,000
1,113,963
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
1,375,000
1,356,892
Hydro
One,
Inc.
,
Senior
Note
,
4.75
%
,
5/30/31
..............
Canada
2,770,000
2,739,022
NextEra
Energy
Capital
Holdings,
Inc.
,
AA,
Senior
Bond,
6%
to
9/30/31,
FRN
thereafter,
10/01/56
...
United
States
1,360,000
1,337,719
Senior
Note,
5.05%,
3/15/30
.........................
United
States
4,160,000
4,187,620
d
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
2,300,000
2,251,573
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
2,060,000
1,961,126
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.2%,
5/01/36
..........................
United
States
770,000
733,154
f
Senior
Bond,
5.85%,
11/01/36
........................
United
States
1,115,000
1,113,646
Senior
Note,
5.05%,
11/15/31
........................
United
States
1,685,000
1,667,750
Senior
Secured
Bond,
3.25%,
6/01/31
..................
United
States
6,000,000
5,497,575
Southern
Co.
(The)
,
Senior
Bond,
4.4%,
7/01/46
..........................
United
States
5,000,000
4,004,988
Senior
Note,
5.5%,
3/15/29
..........................
United
States
6,100,000
6,208,828
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
2,970,000
2,826,531
Senior
Bond,
6.35%,
11/30/37
........................
United
States
820,000
861,659
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
d
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
5.25%,
10/15/35
...................
United
States
1,000,000
$
953,760
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
3,000,000
2,928,875
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
6,000,000
5,859,653
Xcel
Energy,
Inc.
,
Senior
Bond,
4.6%,
6/01/32
..........................
United
States
2,900,000
2,812,535
Senior
Bond,
5.45%,
8/15/33
.........................
United
States
4,500,000
4,514,974
88,166,167
Electrical
Equipment
0.4%
Eaton
Corp.
,
Senior
Bond
,
4.8
%
,
3/06/36
.................
United
States
1,600,000
1,534,263
Regal
Rexnord
Corp.
,
Senior
Note,
6.05%,
4/15/28
.........................
United
States
2,770,000
2,822,933
Senior
Note,
6.4%,
4/15/33
..........................
United
States
2,805,000
2,926,489
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
2,669,000
2,514,569
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
620,000
570,886
10,369,140
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
2,845,000
2,729,823
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
5,000,000
4,764,678
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
..................
United
States
7,100,000
7,002,443
d
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
2,000,000
1,923,290
16,420,234
Energy
Equipment
&
Services
0.3%
d
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
1,045,000
1,023,201
d
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note,
144A,
8.75%,
1/15/32
.............
Mexico
390,000
381,888
Senior
Secured
Note,
144A,
9%,
1/15/34
................
Mexico
360,000
352,890
d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
5.875
%
,
4/01/31
.
United
States
1,185,000
1,172,251
d
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
2,800,000
2,909,458
d
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
1,805,000
1,828,277
7,667,965
Entertainment
0.4%
d
Banijay
Entertainment
SAS
,
Senior
Secured
Note,
144A,
7%,
5/01/29
................
France
1,200,000
EUR
1,419,590
Senior
Secured
Note,
144A,
8.125%,
5/01/29
............
France
308,809
315,927
Discovery
Global
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
.
United
States
2,100,000
2,064,258
Netflix,
Inc.
,
Senior
Bond,
5.25%,
8/15/36
.........................
United
States
1,880,000
1,854,344
d
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
4,160,000
4,234,941
9,889,060
Financial
Services
0.6%
Corebridge
Financial,
Inc.
,
Senior
Note
,
6.05
%
,
9/15/33
.......
United
States
4,900,000
5,046,364
d
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
.........................................
United
States
2,000,000
2,010,358
d
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
2,770,000
2,781,303
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
d
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
2,540,000
$
2,544,282
d
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
8/01/31
.......
United
States
1,635,000
1,643,350
d
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.1
%
,
4/01/30
.........................................
Ireland
1,400,000
1,396,523
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
1,479,000
1,510,491
16,932,671
Food
Products
0.5%
d
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
1,650,000
1,613,890
d
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
1,075,000
1,092,216
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
d
Senior
Bond,
144A,
5.625%,
3/10/37
...................
United
States
595,000
580,895
d
Senior
Bond,
144A,
6.4%,
5/10/57
.....................
United
States
580,000
551,041
Senior
Note,
3%,
2/02/29
...........................
United
States
1,500,000
1,434,632
Senior
Note,
3.625%,
1/15/32
........................
United
States
3,500,000
3,215,178
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
5
%
,
6/04/42
...........
United
States
3,175,000
2,747,569
d
Mars,
Inc.
,
Senior
Note
,
144A,
5.2
%
,
3/01/35
...............
United
States
4,290,000
4,232,353
15,467,774
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
..
United
States
2,800,000
1,833,752
Ground
Transportation
0.6%
d
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
......
United
Kingdom
900,000
904,516
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
1,355,000
1,264,542
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
2,755,000
2,762,481
d
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond
,
144A,
5.7
%
,
7/25/33
.........................................
Ireland
7,300,000
7,355,144
d
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
1,700,000
1,743,695
d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
2,000,000
2,063,796
16,094,174
Health
Care
Equipment
&
Supplies
0.6%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
3,000,000
3,078,750
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
......
United
States
4,700,000
4,417,293
d
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
3,355,000
3,247,198
d
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note,
144A,
5%,
6/15/31
................
United
States
2,770,000
2,733,556
Senior
Secured
Note,
144A,
5.25%,
6/15/33
.............
United
States
1,810,000
1,781,778
d
VSP
Optical
Group,
Inc.
,
Senior
Bond,
144A,
5.65%,
6/01/36
....................
United
States
270,000
268,012
Senior
Note,
144A,
5.4%,
6/01/33
.....................
United
States
490,000
485,115
16,011,702
Health
Care
Providers
&
Services
1.6%
d
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
6%,
1/15/29
................
United
States
1,800,000
1,769,787
Senior
Secured
Note,
144A,
9.75%,
1/15/34
.............
United
States
1,000,000
1,014,312
d
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
1,500,000
1,544,320
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
.........................
United
States
4,000,000
$
3,528,318
Senior
Bond,
1.875%,
2/28/31
........................
United
States
990,000
862,315
Senior
Bond,
5.3%,
6/01/33
..........................
United
States
3,000,000
2,991,616
Senior
Bond,
2.7%,
8/21/40
..........................
United
States
6,300,000
4,395,007
d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...........
United
States
3,000,000
2,893,495
HCA,
Inc.
,
Senior
Bond,
3.5%,
9/01/30
..........................
United
States
11,900,000
11,219,177
Senior
Note,
4.6%,
11/15/32
.........................
United
States
1,385,000
1,332,196
d
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
2,740,000
2,732,709
Humana,
Inc.
,
Junior
Sub.
Bond,
6.625%
to
9/14/31,
FRN
thereafter,
9/15/56
United
States
2,590,000
2,549,703
Senior
Note,
5.375%,
4/15/31
........................
United
States
2,475,000
2,486,189
Icon
Investments
Six
DAC
,
Senior
Secured
Bond,
6%,
5/08/34
....................
United
States
460,000
465,582
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
2,150,000
2,194,161
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
2,000,000
1,973,516
d,g
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
...................................
United
States
340
320
d
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6
%
,
11/15/33
.....
United
States
1,360,000
1,365,071
45,317,794
Health
Care
Technology
0.1%
d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
3,000,000
3,042,333
Hotel
&
Resort
REITs
0.1%
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
...............................
United
States
2,500,000
2,544,242
Hotels,
Restaurants
&
Leisure
1.1%
d
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
2,000,000
1,880,613
d
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
570,000
567,728
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
605,000
589,732
Senior
Note,
4.65%,
3/16/31
.........................
United
States
1,205,000
1,188,293
d
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
4%,
8/01/28
......................
United
States
2,770,000
2,714,632
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
2,500,000
2,505,845
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
670,000
664,663
d
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
2,000,000
1,971,143
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.375
%
,
12/15/31
..........
United
States
4,130,000
4,151,354
Las
Vegas
Sands
Corp.
,
Senior
Note
,
5.3
%
,
5/15/31
.........
United
States
2,770,000
2,734,442
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
1,640,000
1,565,419
d
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
600,000
570,660
d
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
645,000
648,142
d
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
1,500,000
1,505,625
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
5,500,000
5,545,699
d
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
10/15/33
.....
United
States
2,030,000
2,011,020
30,815,010
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
0.3%
d
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
940,000
$
939,055
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
4,900,000
4,731,350
d
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
2,000,000
1,967,213
d
Whirlpool
Corp.
,
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
195,000
194,270
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
330,000
312,807
8,144,695
Independent
Power
and
Renewable
Electricity
Producers
0.6%
d
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
1,080,000
1,112,020
d
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...................................
Spain
1,528,000
1,505,487
d
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
.........................................
United
States
2,800,000
2,569,988
Constellation
Energy
Generation
LLC
,
Senior
Bond,
5.8%,
3/01/33
..........................
United
States
3,000,000
3,082,148
Senior
Bond,
6.125%,
1/15/34
........................
United
States
1,380,000
1,440,116
Senior
Note,
4.4%,
1/15/31
..........................
United
States
1,110,000
1,081,185
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
...................................
United
States
2,300,000
2,183,994
d
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
1,115,000
1,108,882
Senior
Note,
144A,
6.375%,
5/01/33
...................
United
States
1,740,000
1,714,380
15,798,200
Insurance
1.5%
d
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
.........
Hong
Kong
3,100,000
3,111,651
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
5
%
,
2/15/32
..........
United
States
2,075,000
2,058,625
d
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
1,300,000
1,185,454
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
1,100,000
1,113,680
d
Athene
Global
Funding
,
Senior
Secured
Bond,
144A,
5.543%,
8/22/35
............
United
States
1,200,000
1,168,898
Senior
Secured
Note,
144A,
5.033%,
7/17/30
............
United
States
3,800,000
3,748,489
Brown
&
Brown,
Inc.
,
Senior
Bond
,
5.65
%
,
6/11/34
..........
United
States
7,300,000
7,261,577
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
United
States
2,100,000
2,145,293
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
2,200,000
2,244,554
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
...................
United
States
9,600,000
9,664,653
Secured
Note,
144A,
4.3%,
8/25/29
....................
United
States
3,000,000
2,956,182
d
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.....
United
States
6,400,000
6,503,497
43,162,553
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
895,000
858,475
Senior
Bond,
6.3%,
5/15/56
..........................
United
States
1,280,000
1,175,803
2,034,278
IT
Services
0.2%
d
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
1,015,000
984,798
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
(continued)
d
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
2,000,000
$
1,782,540
d
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
2,000,000
2,037,464
d
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
1,895,000
1,965,446
6,770,248
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
2,685,000
2,330,038
Hasbro,
Inc.
,
Senior
Note
,
4.65
%
,
3/12/31
.................
United
States
1,385,000
1,357,661
3,687,699
Life
Sciences
Tools
&
Services
0.0%
†
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
1,380,000
1,334,727
Machinery
0.2%
d
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
2,900,000
2,934,321
d
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
2,000,000
2,008,898
4,943,219
Media
0.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
2.8%,
4/01/31
...................
United
States
15,900,000
13,925,379
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
1,255,000
1,172,571
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
3/15/33
...............................
United
States
500,000
524,523
d
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
1,440,000
1,467,906
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
6/01/32
...................
United
States
500,000
512,130
d
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
4/15/34
......
United
States
1,545,000
1,549,729
d
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
2,000,000
2,053,448
d
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.375%,
8/01/32
............
United
States
500,000
499,777
Senior
Secured
Note,
144A,
8.875%,
4/15/33
............
United
States
385,000
373,055
d
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
1,000,000
898,887
22,977,405
Metals
&
Mining
0.5%
d
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
2,155,000
2,109,772
d
Commercial
Metals
Co.
,
Senior
Bond,
144A,
6%,
12/15/35
.....................
United
States
1,040,000
1,022,878
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
520,000
511,078
d
Glencore
Funding
LLC
,
Senior
Bond,
144A,
5.508%,
4/01/36
...................
Australia
2,165,000
2,134,723
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
2,770,000
2,842,685
d
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
7%,
4/01/31
......................
Australia
685,000
705,081
Senior
Note,
144A,
6%,
5/01/32
......................
Australia
335,000
329,098
d
Novelis
Corp.
,
Senior
Note
,
144A,
6.375
%
,
8/15/33
..........
United
States
2,480,000
2,477,192
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
d
Sibanye-Stillwater
UK
Financing
plc
,
Senior
Note
,
144A,
6.25
%
,
11/15/31
........................................
South
Africa
620,000
$
611,274
12,743,781
Multi-Utilities
0.8%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
2,755,000
2,770,131
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.......................
United
States
3,200,000
3,056,053
C,
Senior
Note,
3.375%,
4/01/30
......................
United
States
7,800,000
7,394,463
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
.............
United
States
5,700,000
5,717,193
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
4,130,000
4,181,086
23,118,926
Oil,
Gas
&
Consumable
Fuels
4.7%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
............
Norway
8,700,000
7,881,471
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
..............
United
States
2,400,000
2,454,000
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
Canada
8,200,000
7,617,264
Cheniere
Energy,
Inc.
,
d
Senior
Bond,
144A,
5.2%,
7/30/36
.....................
United
States
430,000
416,105
Senior
Note,
5.65%,
4/15/34
.........................
United
States
1,600,000
1,616,230
d
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
4,130,000
4,268,056
d
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
750,000
753,901
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
1,865,000
1,925,372
d
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.....
United
States
6,600,000
6,321,829
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond
,
5.8
%
,
1/15/35
United
States
6,700,000
6,811,030
Energy
Transfer
LP
,
Junior
Sub.
Bond,
8%
to
5/14/29,
FRN
thereafter,
5/15/54
...
United
States
1,850,000
1,942,639
Junior
Sub.
Bond,
6.7%
to
1/14/37,
FRN
thereafter,
1/15/57
..
United
States
2,345,000
2,311,456
Senior
Note,
6.4%,
12/01/30
.........................
United
States
6,000,000
6,299,042
d
Senior
Note,
144A,
6%,
2/01/29
......................
United
States
4,000,000
4,022,321
d
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
3,060,000
2,954,227
d
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
United
States
2,700,000
2,754,448
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.25
%
,
4/15/32
...................................
United
States
910,000
883,912
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
1,120,000
1,118,697
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
3,000,000
3,005,214
MPLX
LP
,
Senior
Bond
,
5.4
%
,
4/01/35
....................
United
States
6,600,000
6,484,201
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
345,000
341,845
Senior
Note,
6.5%,
2/15/34
..........................
United
States
645,000
638,232
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
2,755,000
3,015,661
ONEOK,
Inc.
,
Senior
Bond,
5.375%,
6/01/29
........................
United
States
10,900,000
11,033,870
d
Senior
Note,
144A,
5.625%,
1/15/28
...................
United
States
1,700,000
1,714,512
d
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
1,700,000
1,684,851
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
.........................................
United
States
10,000,000
9,835,203
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
2,755,000
2,747,327
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
1,075,000
$
1,055,085
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
640,000
619,192
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
1,320,000
1,278,505
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
5.1
%
,
3/15/36
.........................................
United
States
1,525,000
1,477,146
d
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
..........
Norway
9,000,000
10,088,979
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
...................................
United
States
970,000
899,088
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
2,500,000
2,585,770
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
2,490,000
2,761,091
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
730,000
764,472
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
2,545,000
2,762,684
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
1,840,000
1,829,898
Senior
Note,
4.9%,
8/01/30
..........................
United
States
2,770,000
2,735,666
d
Western
Midstream
Operating
LP
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
.........................................
United
States
1,900,000
1,989,135
133,699,627
Paper
&
Forest
Products
0.1%
d
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
3,715,000
3,651,173
Passenger
Airlines
0.0%
†
d
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
1,375,000
1,355,370
Personal
Care
Products
0.4%
d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.........................................
United
States
8,000,000
7,861,506
d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
2,000,000
2,012,634
9,874,140
Pharmaceuticals
1.2%
d
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
Germany
11,700,000
11,550,129
Merck
&
Co.,
Inc.
,
Senior
Bond,
4.75%,
12/04/35
........................
United
States
1,190,000
1,143,121
Senior
Bond,
5.2%,
5/22/36
..........................
United
States
1,795,000
1,782,650
Senior
Note,
4.45%,
12/04/32
........................
United
States
740,000
720,273
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
1,780,000
1,730,340
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
955,000
923,564
Senior
Note,
4.1%,
11/05/30
.........................
United
States
5,305,000
5,166,943
Royalty
Pharma
plc
,
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
1,250,000
1,217,546
Senior
Bond,
3.3%,
9/02/40
..........................
United
States
5,300,000
3,997,968
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
...................................
Israel
4,545,000
4,534,067
32,766,601
Semiconductors
&
Semiconductor
Equipment
1.0%
Broadcom,
Inc.
,
Senior
Bond,
4.95%,
1/15/36
.........................
United
States
1,230,000
1,155,128
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Broadcom,
Inc.,
(continued)
Senior
Note,
4.6%,
7/15/30
..........................
United
States
2,770,000
$
2,721,333
d
Foundry
JV
Holdco
LLC
,
Senior
Secured
Bond,
144A,
6.25%,
1/25/35
.............
United
States
7,400,000
7,613,253
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
2,880,000
2,935,438
Intel
Corp.
,
Senior
Bond,
5.3%,
5/15/36
..........................
United
States
1,310,000
1,265,491
Senior
Bond,
6.125%,
5/15/56
........................
United
States
806,000
756,936
Marvell
Technology,
Inc.
,
Senior
Bond,
5.3%,
4/15/36
..........................
United
States
3,370,000
3,250,237
Senior
Note,
4.75%,
7/15/30
.........................
United
States
1,385,000
1,367,595
NVIDIA
Corp.
,
Senior
Bond,
5.55%,
6/15/46
.........................
United
States
2,306,000
2,129,569
Senior
Bond,
5.625%,
6/15/56
........................
United
States
1,025,000
928,145
Senior
Note,
4.75%,
6/15/33
.........................
United
States
2,280,000
2,211,405
Senior
Note,
4.95%,
6/15/36
.........................
United
States
2,280,000
2,182,491
d
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
320,000
321,891
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
550,000
546,775
29,385,687
Software
0.6%
d
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
750,000
738,840
Oracle
Corp.
,
Senior
Bond,
4.3%,
7/08/34
..........................
United
States
8,000,000
6,859,983
Senior
Bond,
3.9%,
5/15/35
..........................
United
States
1,465,000
1,198,108
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
1,390,000
1,287,790
Senior
Bond,
6.55%,
2/04/46
.........................
United
States
935,000
828,116
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
935,000
825,310
Senior
Note,
4.8%,
9/26/32
..........................
United
States
915,000
842,465
Senior
Note,
5.35%,
5/04/33
.........................
United
States
985,000
926,134
Synopsys,
Inc.
,
Senior
Bond
,
5.15
%
,
4/01/35
...............
United
States
4,631,000
4,495,514
18,002,260
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Note
,
4.7
%
,
12/15/32
.........
United
States
925,000
897,047
Crown
Castle,
Inc.
,
Senior
Note
,
4.9
%
,
9/01/29
.............
United
States
4,140,000
4,129,572
d
Iron
Mountain,
Inc.
,
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
1,000,000
1,016,582
Senior
Note,
144A,
6.25%,
1/15/35
....................
United
States
1,345,000
1,329,753
d
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
1,995,000
2,011,564
9,384,518
Specialty
Retail
0.2%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
.............
United
States
1,900,000
1,871,977
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
4
%
,
10/01/29
.......
United
States
4,160,000
4,042,328
5,914,305
Technology
Hardware,
Storage
&
Peripherals
0.3%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.25%,
2/15/37
.........................
United
States
2,240,000
2,151,287
Senior
Note,
4.75%,
7/15/31
.........................
United
States
595,000
585,193
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.85
%
,
10/15/31
.
United
States
4,500,000
4,434,975
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
1,600,000
$
1,626,867
8,798,322
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
,
Senior
Bond
,
5.5
%
,
3/11/35
.................
United
States
1,820,000
1,801,809
Tobacco
0.8%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
1,700,000
1,520,088
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
2,770,000
2,905,273
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
4,985,000
4,807,544
d
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
5.875%,
7/01/34
...................
United
Kingdom
2,800,000
2,843,567
Senior
Bond,
144A,
5.5%,
7/07/36
.....................
United
Kingdom
2,800,000
2,723,882
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
..
United
States
7,200,000
7,283,581
22,083,935
Trading
Companies
&
Distributors
0.4%
d
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
2,755,000
2,775,969
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
4,130,000
4,109,418
d
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
1,500,000
1,535,967
Secured
Note,
144A,
7.125%,
7/01/34
..................
United
States
320,000
306,041
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.
United
States
2,000,000
2,030,716
10,758,111
Transportation
Infrastructure
0.0%
†
d,h
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
2.64%
,
9/30/36
.........................................
United
States
196,000
150,430
Wireless
Telecommunication
Services
0.8%
d
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
2,500,000
2,625,574
a,h
Digicel
Group
Holdings
Ltd.
,
29.35%,
11/17/33
.................................
Bermuda
677,343
21,434
33.32%,
11/17/33
.................................
Bermuda
72,906
8,936
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
4,130,000
4,135,810
T-Mobile
USA,
Inc.
,
Senior
Bond,
5%,
2/15/36
...........................
United
States
2,485,000
2,356,260
Senior
Note,
3.875%,
4/15/30
........................
United
States
13,400,000
12,873,083
22,021,097
Total
Corporate
Bonds
(Cost
$1,210,772,458)
.................................
1,172,526,229
Senior
Floating
Rate
Interests
3.8%
i
Aerospace
&
Defense
0.1%
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.981%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
1,018,307
1,019,616
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.231%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
1,183,082
1,185,649
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/05/33
...............................
United
States
150,961
151,904
2,357,169
a
a
a
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Air
Freight
&
Logistics
0.1%
f
Rand
Parent
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.842%,
(12-month
SOFR
+
3%),
3/18/30
......................
United
States
990,650
$
993,607
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
391,387
392,556
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
1,097,250
1,096,048
2,482,211
a
a
a
a
a
a
i
Automobile
Components
0.0%
†
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.919%,
(1-month
SOFR
+
3.25;
3-month
SOFR
+
3.25),
2/03/33
.........................................
United
States
291,705
292,799
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
766,091
768,727
1,061,526
a
a
a
a
a
a
Beverages
0.0%
†
i
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
315,508
317,163
i
Biotechnology
0.2%
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
2,657,291
2,657,796
f
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
12/13/32
................
Denmark
2,800,000
2,801,106
5,458,902
a
a
a
a
a
a
Broadline
Retail
0.0%
†
i
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B5B,
6.232%,
(3-month
SOFR
+
2.5%),
7/01/31
......................
Netherlands
315,436
316,500
i
Building
Products
0.0%
†
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.073%,
(3-month
SOFR
+
2.25%),
8/04/31
.
United
States
218,027
218,278
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.981%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
399,096
400,217
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.981%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
272,414
272,925
891,420
a
a
a
a
a
a
i
Capital
Markets
0.2%
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
2,832,371
2,832,286
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
997,462
996,594
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
2,689,661
2,682,210
6,511,090
a
a
a
a
a
a
i
Chemicals
0.1%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.593%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
609,744
593,361
a
Minerals
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
11/26/31
................
United
States
997,468
997,468
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Chemicals
(continued)
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.573%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
224,527
$
224,995
1,815,824
a
a
a
a
a
a
i
Commercial
Services
&
Supplies
0.2%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
1,332,880
1,337,012
Cimpress
USA,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B1,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
...............
Ireland
511,367
513,285
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.414%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
1,094,458
1,085,872
Spin
Holdco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.417%,
(12-month
SOFR
+
4%),
9/04/30
......................
United
States
131,569
97,882
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
1,006,658
1,007,498
4,041,549
a
a
a
a
a
a
Construction
Materials
0.0%
†
i
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
725,000
725,305
Consumer
Finance
0.0%
†
i
EVERTEC
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
10/30/30
....................
United
States
159,883
160,182
Containers
&
Packaging
0.0%
†
i
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
583,567
558,765
Distributors
0.0%
†
i
Core
&
Main
LP,
First
Lien,
CME
Term
Loan,
F,
5.475%,
(3-month
SOFR
+
1.75%),
7/01/33
............................
United
States
377,229
378,331
Diversified
Telecommunication
Services
0.0%
†
f,i
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.24%,
(12-month
SOFR
+
2.25%),
7/22/33
............
United
States
582,524
575,243
i
Electric
Utilities
0.4%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
2,636,951
2,629,093
Astoria
Energy
LLC,
First
Lien,
Advance
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25;
3-month
SOFR
+
2.25),
6/23/32
.........................................
United
States
160,462
160,874
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
2,538,776
2,540,363
NRG
Energy,
Inc.,
First
Lien,
2026-1
New
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
4/28/33
..............
United
States
2,739,334
2,738,265
f
Pathfinder
Power
LLC,
First
Lien,
CME
Term
Loan,
B,
5.707%,
(12-month
SOFR
+
2%),
6/22/33
......................
United
States
2,426,829
2,424,936
10,493,531
a
a
a
a
a
a
i
Electronic
Equipment,
Instruments
&
Components
0.1%
a
Belden,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
7/01/33
............................
United
States
853,630
858,965
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Electronic
Equipment,
Instruments
&
Components
(continued)
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
5/30/30
..............
United
States
879,189
$
881,752
1,740,717
a
a
a
a
a
a
i
Entertainment
0.3%
Delta
2
(Lux)
SARL,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
9/30/31
.....................
Luxembourg
1,000,000
1,001,665
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
......
United
States
2,619,044
2,624,230
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.668%,
(1-month
SOFR
+
2%),
10/21/32
.............
United
States
997,494
999,210
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.595%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
681,624
669,171
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
2,622,889
2,621,407
7,915,683
a
a
a
a
a
a
i
Financial
Services
0.2%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.37%,
(1-day
SOFR
+
1.75%),
1/31/33
.................
United
States
2,697,243
2,690,311
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.481%,
(1-month
SOFR
+
1.75%),
11/05/32
.....
United
States
287,433
287,332
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
8/16/32
...............
United
States
481,624
482,363
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.167%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
282,826
282,657
Jupiter
Borrower,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
6/30/33
.....................
United
States
377,622
380,375
4,123,038
a
a
a
a
a
a
i
Food
Products
0.2%
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.981%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
271,278
272,635
Froneri
International
Ltd.,
First
Lien,
CME
Term
Loan,
B4,
5.877%,
(6-month
SOFR
+
2.25%),
9/30/31
..............
United
Kingdom
2,368,391
2,358,218
f
Wayne-Sanderson
Farms
LLC,
First
Lien,
CME
Term
Loan,
B,
5.693%,
(1-month
SOFR
+
2%),
5/21/32
................
United
States
2,797,487
2,786,116
5,416,969
a
a
a
a
a
a
i
Ground
Transportation
0.1%
Aggreko
Holdings,
Inc.,
First
Lien,
2025
Amended
USD
CME
Term
Loan,
6.632%,
(3-month
SOFR
+
3%),
5/21/31
.......
United
Kingdom
87,096
87,619
First
Student
Bidco,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
8/15/30
..............
United
States
1,075,527
1,078,120
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
2,690,369
2,686,011
3,851,750
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
0.0%
†
i
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
500,000
492,310
i
Health
Care
Providers
&
Services
0.1%
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.481%,
(1-month
SOFR
+
1.75%),
5/09/31
............................
United
States
571,077
571,657
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Health
Care
Providers
&
Services
(continued)
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
297,470
$
298,121
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A1,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
68,924
48,362
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
First-Out
CME
Term
Loan,
A2,
9.173%,
(3-month
SOFR
+
5.25%),
11/01/30
.
United
States
59,702
40,448
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Second-Out
CME
Term
Loan,
7.423%,
(3-month
SOFR
+
3.5%),
11/01/30
.
United
States
202,987
25,711
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Initial
Third-Out
CME
Term
Loan,
10.796%,
(3-month
SOFR
+
7%),
11/03/31
......
United
States
71,642
10,508
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
248,125
217,947
Surgery
Center
Holdings,
Inc.,
First
Lien,
2025
Refinancing
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
12/19/30
.....
United
States
57,342
57,355
1,270,109
a
a
a
a
a
a
Health
Care
Technology
0.0%
†
i
Cotiviti,
Inc.,
First
Lien,
New
CME
Term
Loan,
B,
6.397%,
(1-month
SOFR
+
2.75%),
5/01/31
.....................
United
States
309,351
291,022
i
Hotels,
Restaurants
&
Leisure
0.3%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.481%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
2,692,822
2,696,754
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.981%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
298,285
288,702
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.425%,
(1-month
SOFR
+
1.75%),
3/04/32
.....................
United
States
1,094,458
1,093,003
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
1,296,675
1,287,274
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
11/03/32
United
States
2,690,490
2,685,109
8,050,842
a
a
a
a
a
a
Household
Products
0.1%
i
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.667%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
1,093,823
1,095,195
i
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
300,000
300,357
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
12/15/31
..
United
States
2,152,385
2,148,575
Talen
Energy
Supply
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.479%,
(3-month
SOFR
+
1.75%),
11/25/32
.............
United
States
673,265
669,757
3,118,689
a
a
a
a
a
a
i
Insurance
0.1%
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B10,
7.763%,
(3-month
SOFR
+
4%),
8/21/28
.......................
United
States
232,976
233,704
Asurion
LLC,
First
Lien,
New
CME
Term
Loan,
B11,
8.173%,
(3-month
SOFR
+
4.25%),
8/21/28
.....................
United
States
10,216
10,244
a
Lockton,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.823%,
(3-month
SOFR
+
2%),
4/25/33
...............................
United
States
2,290,000
2,292,863
2,536,811
a
a
a
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
IT
Services
0.0%
†
i
MH
Sub
I
LLC,
First
Lien,
2024
December
New
CME
Term
Loan,
7.981%,
(1-month
SOFR
+
4.25%),
12/31/31
.............
United
States
101,130
$
90,739
i
Machinery
0.1%
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
63,753
63,979
f
INNIO
North
America
Holding,
Inc.,
First
Lien,
Extended
CME
Term
Loan,
B,
5.398%,
(3-month
SOFR
+
1.75%),
11/03/31
..
United
States
2,800,000
2,786,000
2,849,979
a
a
a
a
a
a
i
Media
0.1%
Advantage
Sales
&
Marketing,
Inc.,
First
Lien,
Exchange
CME
Term
Loan,
10.014%,
(3-month
SOFR
+
6%),
4/19/30
......
United
States
278,791
246,788
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B7,
6.481%,
(1-month
SOFR
+
2.75%),
3/18/33
.....................
United
States
2,339,786
2,340,148
2,586,936
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
i
Starwood
Property
Mortgage
LLC,
First
Lien,
CME
Term
Loan,
B5,
5.731%,
(1-month
SOFR
+
2%),
1/02/30
.............
United
States
246,263
246,570
i
Oil,
Gas
&
Consumable
Fuels
0.2%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
2,700,000
2,689,402
Delek
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.731%,
(1-month
SOFR
+
3%),
5/17/32
................
United
States
412,955
414,936
UGI
Energy
Services
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
2/22/30
............
United
States
516,135
517,425
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
2,652,382
2,673,720
6,295,483
a
a
a
a
a
a
Paper
&
Forest
Products
0.0%
†
i
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
715,477
715,381
i
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.479%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
1,094,458
1,095,826
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
290,332
290,643
AS
Mileage
Plan
IP
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
5.479%,
(3-month
SOFR
+
1.75%),
10/15/31
.............
United
States
420,471
419,947
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
1,056,752
1,055,960
2,862,376
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
i
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
398,465
400,085
i
Professional
Services
0.1%
Maximus,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/30/31
...............................
United
States
277,568
277,743
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
i
Professional
Services
(continued)
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.731%,
(1-month
SOFR
+
2%),
5/09/31
................
United
States
2,566,338
$
2,566,658
2,844,401
a
a
a
a
a
a
Real
Estate
Management
&
Development
0.0%
†
a,i
Greystar
Real
Estate
Partners
LLC,
First
Lien,
CME
Term
Loan,
B4,
5.917%,
(3-month
SOFR
+
2.25%),
8/21/30
...........
United
States
361,594
362,046
Software
0.1%
a,i
Adeia,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B6,
6.231%,
(1-month
SOFR
+
2.5%),
6/08/28
......................
United
States
2,707,911
2,711,296
f,i,j
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.12%,
(1-day
SOFR
+
4.5%),
11/17/31
....
United
States
73,189
73,235
i
Gen
Digital,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/12/29
............................
United
States
996,058
988,214
a,e
WorkCapital
BSD
SARL,
Term
Loan,
6.5%,
1/01/38
..........
Luxembourg
20,000,000
—
3,772,745
a
a
a
a
a
a
i
Specialty
Retail
0.1%
a
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.446%,
(3-month
SOFR
+
1.75%),
6/23/33
............................
United
States
2,599,144
2,597,520
Great
Outdoors
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.981%,
(1-month
SOFR
+
3.25%),
1/23/32
..............
United
States
438,339
440,960
Valvoline,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.499%,
(1-month
SOFR
+
1.75%),
12/01/32
.............
United
States
199,500
200,223
3,238,703
a
a
a
a
a
a
i
Trading
Companies
&
Distributors
0.1%
Herc
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.426%,
(1-month
SOFR
+
1.75%),
6/02/32
.....................
United
States
461,843
462,584
QXO
Building
Products,
Inc.,
First
Lien,
2026
Incremental
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
7/01/33
.....
United
States
755,555
755,178
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
4/30/32
................
United
States
1,100,000
1,100,148
2,317,910
a
a
a
a
a
a
Water
Utilities
0.0%
†
a,i
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
123,993
124,148
Total
Senior
Floating
Rate
Interests
(Cost
$126,592,292)
.......................
106,755,348
k
Marketplace
Loans
0.0%
a
Financial
Services
0.0%
†
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$8,114,584)
...................................
1,243,909
Foreign
Government
and
Agency
Securities
2.7%
d
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
1,760,000
1,765,776
d
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
1,660,000
EUR
1,779,536
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
3,430,000
3,262,788
Senior
Bond,
6%,
10/20/33
...........................
Brazil
720,000
715,680
d
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
530,000
505,500
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Bulgaria
Government
Bond,
(continued)
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
1,230,000
EUR
$
1,423,766
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
1,660,000
1,660,000
Colombia
Government
Bond
,
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
2,010,000
2,112,510
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
1,030,000
EUR
1,178,326
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
.........................................
Mexico
2,000,000
1,791,717
d
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3.75
%
,
1/15/31
.........................................
Chile
1,570,000
1,466,597
d
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
1,930,000
1,976,803
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
1,540,000
1,553,860
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
1,630,000
1,526,495
d
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
1,100,000
1,099,450
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
880,000
802,955
d
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
1,120,000
1,146,685
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
1,430,000
1,504,253
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
....
France
1,700,000
1,727,042
d
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
2,200,000
2,288,000
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
910,000
968,809
d
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,880,000
1,892,818
Indonesia
Government
Bond
,
d
Senior
Bond,
Reg
S,
4.35%,
1/08/27
...................
Indonesia
810,000
811,532
Senior
Note,
5.03%,
5/29/31
.........................
Indonesia
1,660,000
1,650,806
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
2,470,000
2,399,712
d
Kazakhstan
Government
Bond
,
Senior
Bond
,
Reg
S,
4.714
%
,
4/09/35
.........................................
Kazakhstan
1,890,000
1,804,951
Mexico
Government
Bond
,
Senior
Bond,
2.659%,
5/24/31
........................
Mexico
2,370,000
2,089,155
Senior
Bond,
6.125%,
2/09/38
........................
Mexico
420,000
401,625
d
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
990,000
EUR
1,148,082
d
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
1,650,000
1,740,285
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
450,000
EUR
513,293
d
Office
Cherifien
des
Phosphates
,
Senior
Bond
,
144A,
6.7
%
,
3/01/36
.........................................
Morocco
810,000
823,280
d
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
3.849
%
,
6/28/33
.........................................
Paraguay
3,180,000
2,913,675
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
2,660,000
2,435,895
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
410,000
409,263
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
2,360,000
2,359,014
d
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
2,000,000
1,910,245
d
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
2,330,000
EUR
2,676,092
Senior
Note,
Reg
S,
3%,
2/27/27
......................
Romania
1,990,000
1,969,914
d
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
2,080,000
2,115,407
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
820,000
820,125
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
Government
Bond,
(continued)
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
1,870,000
$
1,897,009
d
Trinidad
&
Tobago
Government
Bond
,
Senior
Bond
,
144A,
6.2
%
,
7/16/38
.........................................
Trinidad
and
Tobago
400,000
391,600
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
3,740,000
3,639,299
Uruguay
Government
Bond
,
Senior
Bond,
4.375%,
1/23/31
........................
Uruguay
2,660,000
2,657,340
g
Senior
Bond,
PIK,
7.875%,
1/15/33
....................
Uruguay
280,000
322,896
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
6.9
%
,
2/28/32
Uzbekistan
1,620,000
1,712,466
Total
Foreign
Government
and
Agency
Securities
(Cost
$75,735,066)
............
75,762,327
U.S.
Government
and
Agency
Securities
7.8%
FFCB
,
2.1
%,
2/25/36
.................................
United
States
7,700,000
6,044,944
U.S.
Treasury
Bonds
,
4.625%,
11/15/45
.................................
United
States
111,275,000
102,607,721
2.5%,
5/15/46
....................................
United
States
40,450,000
26,547,683
2.875%,
5/15/49
..................................
United
States
55,250,000
37,375,762
U.S.
Treasury
Notes
,
4.125
%,
6/15/29
....................
United
States
46,768,000
46,515,891
Total
U.S.
Government
and
Agency
Securities
(Cost
$227,821,897)
..............
219,092,001
Asset-Backed
Securities
14.7%
Automobiles
0.6%
Ford
Credit
Floorplan
Master
Owner
Trust
A
,
2026-1
,
A
,
4.42
%
,
5/15/31
.
.........................................
United
States
16,917,000
16,840,235
Consumer
Finance
2.1%
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2026-2,
A3,
4.15%,
8/18/31
..........................
United
States
6,067,000
6,025,557
2026-3,
A3,
4.44%,
7/16/31
..........................
United
States
15,193,000
15,166,578
Hyundai
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.51
%
,
2/18/31
.
..
United
States
20,905,000
20,917,278
Toyota
Auto
Receivables
Owner
Trust
,
2026-C
,
A3
,
4.51
%
,
3/17/31
.
.........................................
United
States
7,291,000
7,284,866
World
Omni
Auto
Receivables
Trust
,
2026-B
,
A3
,
4.37
%
,
6/16/31
.
United
States
10,310,000
10,276,468
59,670,747
a
a
a
a
a
a
Financial
Services
12.0%
d,i
Allegro
CLO
V-S
Ltd.
,
2024-2A
,
A1R
,
144A,
FRN
,
5.025
%
,
(
3-month
SOFR
+
1.25
%
),
7/24/37
.
....................
Jersey
6,950,000
6,953,364
d,f,i
Allegro
CLO
XII
Ltd.
,
2020-1AR
,
A2R2
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.5
%
),
7/21/37
.
.....................
United
States
2,250,000
2,250,574
d,i
Allegro
CLO
XIII
Ltd.
,
2021-1A
,
D1R
,
144A,
FRN
,
6.879
%
,
(
3-month
SOFR
+
3.15
%
),
7/20/38
.
....................
United
States
2,500,000
2,501,493
d,i
Angel
Oak
Mortgage
Trust
,
2025-HB1
,
A1
,
144A,
FRN
,
5.416
%
,
(
30-day
SOFR
Average
+
1.8
%
),
2/25/55
.
................
United
States
1,086,438
1,093,849
d,i
Apex
Credit
CLO
LLC
,
2021-2A
,
A1AR
,
144A,
FRN
,
4.909
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
...................
United
States
4,650,000
4,653,715
d,i
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.883
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
5,200,000
5,204,670
d,i
Balboa
Bay
Loan
Funding
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
4.919
%
,
(
3-month
SOFR
+
1.19
%
),
4/20/37
.
..............
United
States
850,000
851,036
d,i
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.983
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
4,132,000
4,135,434
d,i
BlueMountain
CLO
XXVI
Ltd.
,
2019-26A
,
D1R2
,
144A,
FRN
,
6.729
%
,
(
3-month
SOFR
+
3
%
),
10/20/34
.
...............
United
States
7,275,000
7,286,591
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,i
BlueMountain
CLO
XXXI
Ltd.
,
2021-31A
,
A1R
,
144A,
FRN
,
4.829
%
,
(
3-month
SOFR
+
1.1
%
),
4/19/34
.
...............
United
States
12,470,000
$
12,479,668
d
BofA
Auto
Trust
,
2026-1A
,
A3
,
144A,
4.18
%
,
10/15/30
.
.......
United
States
8,620,000
8,559,281
d
BRAVO
Residential
Funding
Trust
,
2024-CES1,
A1A,
144A,
6.377%,
4/25/54
................
United
States
2,241,874
2,252,655
i
2025-HE1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
9/25/72
...................................
United
States
2,356,177
2,362,763
d,i
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-2RA
,
B
,
144A,
FRN
,
5.738
%
,
(
3-month
SOFR
+
2.087
%
),
5/15/31
.
........
United
States
580,000
581,199
CarMax
Auto
Owner
Trust
,
2026-2,
A2A,
4.11%,
8/15/29
.........................
United
States
8,288,000
8,274,365
2026-2,
A3,
4.22%,
6/16/31
..........................
United
States
5,086,000
5,046,645
2026-3,
A3,
4.6%,
9/15/31
...........................
United
States
4,200,000
4,199,643
d
Chase
Auto
Owner
Trust
,
2026-1A
,
A3
,
144A,
4.53
%
,
6/25/31
.
..
United
States
8,483,000
8,472,063
d
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
1,191,000
1,175,114
2025-1A,
A1,
144A,
5.316%,
5/25/50
...................
United
States
1,279,000
1,269,557
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
6,207,000
6,043,084
d
Compass
Datacenters
Issuer
III
LLC
,
2025-1A,
A2,
144A,
5.656%,
2/25/50
...................
United
States
3,900,000
3,901,657
2026-2A,
A21,
144A,
5.715%,
7/25/56
..................
United
States
6,376,000
6,421,015
d,i
Dryden
115
CLO
Ltd.
,
2024-115A
,
BR
,
144A,
FRN
,
5.229
%
,
(
3-month
SOFR
+
1.5
%
),
4/18/37
.
.....................
Jersey
11,300,000
11,313,727
d,i
Dryden
53
CLO
Ltd.
,
2017-53A
,
AR
,
144A,
FRN
,
4.753
%
,
(
3-month
SOFR
+
1
%
),
1/15/31
.
.......................
United
States
2,221,349
2,222,446
d,i
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR3
,
144A,
FRN
,
4.793
%
,
(
3-month
SOFR
+
1.04
%
),
4/14/34
.
....................
United
States
11,970,230
11,975,886
d,i
Elmwood
CLO
25
Ltd.
,
2024-1A
,
CR
,
144A,
FRN
,
5.5
%
,
(
3-month
SOFR
+
1.75
%
),
4/17/37
.
............................
United
States
6,850,000
6,871,642
d
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
1,744,789
1,737,169
2025-FL2,
A1,
144A,
5.053%,
11/25/55
.................
United
States
1,502,620
1,485,390
l
2025-HE4,
A,
144A,
FRN,
5.408%,
7/25/55
..............
United
States
4,288,599
4,254,132
l
2025-HE5,
A,
144A,
FRN,
5.285%,
8/25/55
..............
United
States
1,298,436
1,287,640
d,i
Greywolf
CLO
II
Ltd.
,
2013-1A
,
A1SR
,
144A,
FRN
,
5.153
%
,
(
3-month
SOFR
+
1.4
%
),
4/15/34
.
.....................
United
States
915,461
916,565
d
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2,
A1,
144A,
5.18%,
9/25/55
..................
United
States
1,908,030
1,894,361
i
2025-HE1,
A1,
144A,
FRN,
5.166%,
(30-day
SOFR
Average
+
1.55%),
10/25/55
..................................
United
States
2,866,306
2,878,984
d,i
HalseyPoint
CLO
4
Ltd.
,
2021-4A
,
BR
,
144A,
FRN
,
5.543
%
,
(
3-month
SOFR
+
1.7
%
),
7/20/37
.
.....................
United
States
5,650,000
5,653,017
d
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
....................
United
States
10,962,671
10,845,144
2021-3,
B,
144A,
2.649%,
1/17/41
.....................
United
States
4,253,858
3,970,359
d
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
8,960,000
8,778,487
d
J.P.
Morgan
Mortgage
Trust
,
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
797,589
799,257
l
2025-CES2,
A1,
144A,
FRN,
5.592%,
6/25/55
............
United
States
2,260,497
2,264,210
i
2025-HE3,
A1,
144A,
FRN,
4.971%,
(30-day
SOFR
Average
+
1.35%),
3/20/56
...................................
United
States
1,418,302
1,426,863
d,i
LCM
34
Ltd.
,
34A
,
A1R
,
144A,
FRN
,
4.909
%
,
(
3-month
SOFR
+
1.18
%
),
10/20/34
.
.................................
United
States
10,900,000
10,908,637
d
Lohrasp
Enterprise
II
LLC
,
2026-1A
,
A21
,
144A,
5.512
%
,
7/17/56
.
United
States
4,570,000
4,565,945
d,i
Man
Capital
CLO
Ltd.
,
2021-1AR
,
A1R
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.15
%
),
10/15/38
.
...................
United
States
1,125,000
1,125,281
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d,i
MidOcean
Credit
CLO
XVIII
LLC
,
2025-18A
,
A1
,
144A,
FRN
,
4.899
%
,
(
3-month
SOFR
+
1.17
%
),
10/18/35
.
.............
United
States
10,000,000
$
10,008,926
d,i
Mountain
View
CLO
XV
Ltd.
,
2019-2A
,
A1R2
,
144A,
FRN
,
5.043
%
,
(
3-month
SOFR
+
1.29
%
),
7/15/37
.
..............
United
States
2,725,000
2,728,394
d,i
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.
,
2021-45A
,
AR
,
144A,
FRN
,
4.801
%
,
(
3-month
SOFR
+
1.06
%
),
10/14/36
.
...
United
States
850,000
851,002
d,i
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.
,
2022-50A
,
AR2
,
144A,
FRN
,
4.792
%
,
(
3-month
SOFR
+
1.04
%
),
7/23/36
.
....
Jersey
1,820,000
1,821,288
d,i
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
AR2
,
144A,
FRN
,
4.752
%
,
(
3-month
SOFR
+
1
%
),
10/23/36
.
......
Jersey
11,300,000
11,310,880
d,i
NGC
2024-I
Ltd.
,
2024-1A
,
BR
,
144A,
FRN
,
5.329
%
,
(
3-month
SOFR
+
1.6
%
),
7/20/37
.
.............................
Jersey
2,350,000
2,351,255
d,i
Northwoods
Capital
Ltd.
,
2018-11BA
,
D1R2
,
144A,
FRN
,
7.279
%
,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
....................
United
States
7,225,000
7,224,918
d,i
Octagon
57
Ltd.
,
2021-1A
,
AR
,
144A,
FRN
,
4.823
%
,
(
3-month
SOFR
+
1.07
%
),
10/15/34
.
...........................
United
States
2,125,000
2,126,077
d,i
Octagon
64
Ltd.
,
2022-1A
,
A1R
,
144A,
FRN
,
4.994
%
,
(
3-month
SOFR
+
1.26
%
),
7/21/35
.
............................
United
States
1,000,000
1,001,160
d,i
Octagon
66
Ltd.
,
2022-1A
,
A2R2
,
144A,
FRN
,
5.149
%
,
(
3-month
SOFR
+
1.5
%
),
2/16/37
.
.............................
United
States
5,000,000
5,009,505
d,i
Octagon
Investment
Partners
45
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.903
%
,
(
3-month
SOFR
+
1.15
%
),
4/15/35
.
.........
United
States
7,180,000
7,180,104
d
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
1,158,060
1,145,353
d
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
1,186,000
1,165,357
d
PRET
LLC
,
2026-NPL3,
A1,
144A,
4.968%,
2/25/56
.................
United
States
8,144,265
8,059,602
2026-NPL6,
A1,
144A,
5.693%,
5/25/56
.................
United
States
7,984,399
7,968,979
2026-RN2,
A1,
144A,
5.77%,
7/25/56
...................
United
States
5,267,000
5,260,227
d
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
2,365,771
2,370,888
d
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
4,362,497
4,348,000
d,i
Regatta
XI
Funding
Ltd.
,
2018-1A
,
D1R2
,
144A,
FRN
,
6.7
%
,
(
3-month
SOFR
+
2.95
%
),
7/17/37
.
....................
United
States
7,260,000
7,284,822
d
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
4,974,000
4,889,796
d,i
Trinitas
CLO
XVIII
Ltd.
,
2021-18A
,
A1R
,
144A,
FRN
,
4.949
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
10,000,000
10,010,208
d
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
2,458,438
2,450,353
d,i
Venture
45
CLO
Ltd.
,
2022-45A
,
A1R
,
144A,
FRN
,
4.999
%
,
(
3-month
SOFR
+
1.27
%
),
7/20/35
.
....................
Jersey
13,000,000
13,015,019
d,i
Voya
CLO
Ltd.
,
2013-2A,
A2AR,
144A,
FRN,
5.472%,
(3-month
SOFR
+
1.662%),
4/25/31
..................................
United
States
270,230
270,845
2013-2A,
BR,
144A,
FRN,
5.922%,
(3-month
SOFR
+
2.112%),
4/25/31
.........................................
United
States
5,770,000
5,783,177
2016-1A,
BR,
144A,
FRN,
5.791%,
(3-month
SOFR
+
2.062%),
1/20/31
.........................................
United
States
590,000
591,310
2019-3A,
AR,
144A,
FRN,
5.091%,
(3-month
SOFR
+
1.342%),
10/17/32
........................................
United
States
1,168,805
1,170,651
d,i
Wind
River
CLO
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.964
%
,
(
3-month
SOFR
+
1.23
%
),
1/20/35
.
....................
United
States
6,500,000
6,503,224
337,045,897
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$414,677,578)
............................
413,556,879
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
6.4%
Financial
Services
6.4%
l
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.286
%
,
9/15/48
..............................
United
States
1,059,534
$
1,057,018
l,m
BANK
Trust
,
2020-BN26
,
XA
,
IO,
FRN
,
1.189
%
,
3/15/63
......
United
States
26,398,122
798,374
l
BANK5
Trust
,
d,m
2025-5YR13,
XA,
IO,
144A,
FRN,
1.061%,
1/15/58
.........
United
States
49,370,126
1,607,022
m
2025-5YR14,
XA,
IO,
FRN,
0.982%,
4/15/58
.............
United
States
50,090,913
1,590,206
2025-5YR18,
AS,
FRN,
5.466%,
12/15/58
...............
United
States
3,758,000
3,729,800
2026-5YR22,
C,
FRN,
5.962%,
6/15/59
.................
United
States
3,149,000
3,124,062
l
BBCMS
Mortgage
Trust
,
m
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
38,510,674
1,182,340
m
2025-5C33,
XA,
IO,
FRN,
0.817%,
3/15/58
...............
United
States
89,224,389
2,283,368
2026-5C40,
C,
FRN,
5.813%,
2/15/59
..................
United
States
2,500,000
2,462,703
2026-5C41,
C,
FRN,
5.986%,
5/15/69
..................
United
States
3,000,000
2,976,839
Benchmark
Mortgage
Trust
,
2019-B13,
A2,
2.889%,
8/15/57
.......................
United
States
5,285,807
5,098,289
l,m
2020-B20,
XA,
IO,
FRN,
1.508%,
10/15/53
...............
United
States
34,562,530
1,415,740
l,m
2020-B22,
XA,
IO,
FRN,
1.488%,
1/15/54
................
United
States
26,258,357
1,359,243
l,m
2024-V12,
XA,
IO,
FRN,
0.847%,
12/15/57
...............
United
States
51,020,153
1,315,009
l,m
2025-V13,
XA,
IO,
FRN,
0.914%,
2/15/58
................
United
States
46,939,000
1,196,315
l
2025-V14,
C,
FRN,
6.39%,
4/15/57
....................
United
States
2,500,000
2,533,577
l,m
2025-V14,
XA,
IO,
FRN,
0.767%,
4/15/57
................
United
States
78,326,970
1,927,885
d
2025-V18,
D,
144A,
4.5%,
10/15/58
....................
United
States
3,650,000
3,078,333
d,l,m
2025-V18,
XD,
IO,
144A,
FRN,
1.949%,
10/15/58
..........
United
States
13,154,000
935,547
l
2025-V19,
AS,
FRN,
5.597%,
1/15/58
...................
United
States
3,779,000
3,800,897
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
2,696,000
2,696,238
l,m
2026-V21,
XA,
IO,
FRN,
1.43%,
3/15/59
.................
United
States
24,066,958
1,384,683
d,i
BIKE
Pass-Through
Trust
,
2026-BAND
,
B
,
144A,
FRN
,
7.826
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.....................
United
States
2,128,000
2,132,386
l,m
BMO
Mortgage
Trust
,
2024-5C8,
XA,
IO,
FRN,
1.02%,
12/15/57
................
United
States
47,146,054
1,434,098
2025-5C9,
XA,
IO,
FRN,
0.707%,
4/15/58
................
United
States
73,067,780
1,716,391
d,i
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
B
,
144A,
FRN
,
5.376
%
,
(
1-month
SOFR
+
1.7
%
),
2/15/43
...............
United
States
5,400,000
5,445,371
d
BX
Trust
,
l
2025-ARIA,
C,
144A,
FRN,
5.517%,
12/13/42
.............
United
States
2,802,000
2,775,900
i
2025-VOLT,
A,
144A,
FRN,
5.376%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
1,407,000
1,405,871
i
2026-CLS,
D,
144A,
FRN,
7.126%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
2,709,000
2,726,389
CFCRE
Commercial
Mortgage
Trust
,
2016-C6,
B,
3.804%,
11/10/49
........................
United
States
3,371,000
3,220,758
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
2,540,000
2,531,387
l
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
3,326,000
3,268,349
Citigroup
Commercial
Mortgage
Trust
,
2016-C3,
A4,
3.154%,
11/15/49
.......................
United
States
6,526,137
6,498,093
l
2016-P3,
B,
FRN,
4.271%,
4/15/49
.....................
United
States
4,377,000
4,234,737
COMM
Mortgage
Trust
,
d
2012-CR3,
B,
144A,
3.922%,
10/15/45
..................
United
States
3,404,473
3,322,963
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
2,790,000
2,709,601
d,l
2013-CR6,
C,
144A,
FRN,
3.777%,
3/10/46
..............
United
States
4,436,000
4,282,734
l
2014-CR14,
C,
FRN,
3.189%,
2/10/47
..................
United
States
1,548,000
1,529,080
2014-CR17,
B,
4.377%,
5/10/47
.......................
United
States
2,634,330
2,621,138
d,l
2014-UBS6,
D,
144A,
FRN,
3.814%,
12/10/47
............
United
States
2,660,939
2,589,811
l
2015-CR26,
B,
FRN,
4.683%,
10/10/48
.................
United
States
893,764
882,569
l
2015-LC19,
C,
FRN,
4.421%,
2/10/48
..................
United
States
973,055
949,378
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
l,m
CSAIL
Commercial
Mortgage
Trust
,
2021-C20
,
XA
,
IO,
FRN
,
0.986
%
,
3/15/54
...................................
United
States
39,183,140
$
1,269,596
GS
Mortgage
Securities
Trust
,
l
2014-GC24,
B,
FRN,
4.356%,
9/10/47
..................
United
States
1,285,475
1,257,293
l
2015-GC30,
B,
FRN,
3.961%,
5/10/50
..................
United
States
1,415,222
1,380,814
2016-GS2,
A4,
3.05%,
5/10/49
........................
United
States
54,882
54,807
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-JP2,
AS,
3.056%,
8/15/49
.......................
United
States
1,127,334
1,124,657
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
3,990,000
3,876,097
l
2016-JP3,
B,
FRN,
3.397%,
8/15/49
....................
United
States
1,368,000
1,265,013
d,l
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C19
,
F
,
144A,
FRN
,
3.75
%
,
4/15/47
..........................
United
States
2,307,684
2,269,689
JPMCC
Commercial
Mortgage
Securities
Trust
,
2016-C4
,
AS
,
3.385
%
,
12/15/49
..................................
United
States
5,571,000
5,467,570
d,l
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.359
%
,
10/15/42
..................................
United
States
3,423,000
3,452,257
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
l
2013-C10,
B,
FRN,
3.949%,
7/15/46
...................
United
States
3,012,546
2,866,192
l
2013-C10,
C,
FRN,
3.949%,
7/15/46
...................
United
States
4,935,000
4,569,270
l
2013-C9,
B,
FRN,
3.708%,
5/15/46
....................
United
States
2,145,089
2,058,416
l
2013-C9,
C,
FRN,
3.699%,
5/15/46
....................
United
States
3,888,000
3,630,989
l,m
2025-5C1,
XA,
IO,
FRN,
1.156%,
3/15/58
................
United
States
39,188,419
1,385,616
2025-5C2,
AS,
5.384%,
11/15/58
......................
United
States
4,968,000
4,935,155
Morgan
Stanley
Capital
I
Trust
,
d
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
4,226,000
4,019,917
l
2018-H3,
AS,
FRN,
4.429%,
7/15/51
...................
United
States
2,265,000
2,222,524
l,m
2021-L5,
XA,
IO,
FRN,
1.177%,
5/15/54
.................
United
States
32,883,119
1,393,784
d,l
NYC
Commercial
Mortgage
Trust
,
2025-28L,
A,
144A,
FRN,
4.668%,
11/05/38
..............
United
States
4,200,000
4,157,758
2026-1325,
C,
144A,
FRN,
6.009%,
5/09/41
..............
United
States
3,890,000
3,838,811
2026-1325,
D,
144A,
FRN,
6.685%,
5/09/41
..............
United
States
2,824,000
2,810,843
d,l
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
2,750,000
2,725,314
d,l
VRTX
Trust
,
2025-HQ
,
D
,
144A,
FRN
,
6.596
%
,
8/05/42
.......
United
States
3,960,000
3,872,254
Wells
Fargo
Commercial
Mortgage
Trust
,
d
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
674,881
661,750
d,l
2016-C34,
D,
144A,
FRN,
5.22%,
6/15/49
...............
United
States
1,753,666
1,721,648
2018-C46,
AS,
4.382%,
8/15/51
.......................
United
States
2,363,000
2,311,651
l,m
2025-5C3,
XA,
IO,
FRN,
0.813%,
1/15/58
................
United
States
41,682,214
1,068,348
2025-5C4,
AS,
6.093%,
5/15/58
.......................
United
States
3,517,000
3,584,664
d,i
X-Caliber
Funding
LLC
,
2026-HRP
,
A
,
144A,
FRN
,
9.92
%
,
(
1-month
SOFR
+
6.25
%
),
7/15/46
.....................
United
States
1,408,000
1,413,447
180,496,636
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$181,334,030)
.............
180,496,636
Mortgage-Backed
Securities
26.0%
n
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
5.848%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
United
States
6,360
6,464
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.2%
FHLMC
Gold
Pool,
20
Year,
5%,
5/01/27
-
5/01/30
...........
United
States
28,020
28,077
FHLMC
Gold
Pool,
30
Year,
4.5%,
10/01/40
...............
United
States
26,436
25,730
FHLMC
Gold
Pool,
30
Year,
5%,
3/01/34
-
2/01/38
...........
United
States
140,892
139,899
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
6/01/36
.........
United
States
233,950
236,625
FHLMC
Gold
Pool,
30
Year,
6%,
6/01/33
-
6/01/37
...........
United
States
116,776
118,746
FHLMC
Gold
Pool,
30
Year,
6.5%,
6/01/29
-
6/01/36
.........
United
States
23,532
24,612
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Gold
Pool,
30
Year,
7%,
8/01/32
..................
United
States
1,016
$
1,065
FHLMC
Gold
Pool,
30
Year,
7.5%,
1/01/31
................
United
States
793
814
FHLMC
Pool,
30
Year,
2%,
3/01/52
......................
United
States
29,647,826
23,263,530
FHLMC
Pool,
30
Year,
4%,
6/01/52
......................
United
States
30,401,215
27,843,512
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.....................
United
States
20,625,878
19,516,138
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
....................
United
States
20,514,020
20,494,429
91,693,177
n
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
6.049%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
United
States
23,877
24,464
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
14.6%
FNMA,
15
Year,
2.5%,
7/01/27
.........................
United
States
8,127
8,058
FNMA,
20
Year,
4.5%,
3/01/28
.........................
United
States
1,485
1,480
FNMA,
20
Year,
5%,
3/01/28
-
6/01/31
....................
United
States
48,112
48,131
FNMA,
30
Year,
2%,
4/01/52
...........................
United
States
90,323,744
70,768,519
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
....................
United
States
12,422,414
10,768,803
FNMA,
30
Year,
3.5%,
8/01/52
.........................
United
States
29,007,744
25,928,682
FNMA,
30
Year,
4%,
2/01/49
...........................
United
States
6,180,873
5,776,264
FNMA,
30
Year,
4.5%,
2/01/41
.........................
United
States
92,096
89,522
FNMA,
30
Year,
5%,
10/01/35
..........................
United
States
180,291
179,267
FNMA,
30
Year,
5%,
4/01/53
...........................
United
States
19,739,882
19,226,836
FNMA,
30
Year,
5.5%,
9/01/33
-
12/01/35
.................
United
States
266,780
268,867
FNMA,
30
Year,
6%,
6/01/34
-
5/01/38
....................
United
States
457,270
467,684
FNMA,
30
Year,
6%,
8/01/53
...........................
United
States
15,502,511
15,760,167
FNMA,
30
Year,
6.5%,
3/01/28
-
10/01/37
.................
United
States
71,770
75,052
FNMA,
30
Year,
7.5%,
10/01/29
.........................
United
States
875
891
o
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/56
.....
United
States
15,910,000
11,845,492
o
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
7,099,000
5,531,674
o
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
144,861,000
118,128,027
o
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/56
......
United
States
51,901,000
44,255,724
o
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
11,500,000
10,800,366
o
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
14,050,000
13,561,065
o
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
57,590,000
57,000,364
410,490,935
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
8.2%
GNMA
I,
Single-family,
30
Year,
5%,
6/15/34
-
7/15/34
........
United
States
20,807
20,774
GNMA
I,
Single-family,
30
Year,
5.5%,
2/15/33
-
6/15/36
......
United
States
108,278
108,304
GNMA
I,
Single-family,
30
Year,
6%,
8/15/36
...............
United
States
5,178
5,408
GNMA
I,
Single-family,
30
Year,
7.5%,
5/15/27
..............
United
States
42
42
o
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
34,310,000
27,480,166
o
GNMA
II,
Single-family,
30
Year,
2.5%,
8/15/56
.............
United
States
14,570,000
12,163,513
o
GNMA
II,
Single-family,
30
Year,
3.5%,
8/15/56
.............
United
States
19,960,000
17,475,469
o
GNMA
II,
Single-family,
30
Year,
4.5%,
8/15/56
.............
United
States
23,000,000
21,561,559
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.......
United
States
43,136
43,214
o
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
18,439,000
17,843,541
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
.............
United
States
23,788
24,236
o
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
27,833,000
27,653,224
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
..............
United
States
27,040
27,970
o
GNMA
II,
Single-family,
30
Year,
6%,
8/15/56
...............
United
States
81,518,000
82,860,231
GNMA
II,
Single-family,
30
Year,
6.5%,
7/20/28
-
12/20/31
.....
United
States
11,916
12,310
o
GNMA
II,
Single-family,
30
Year,
6.5%,
8/15/56
.............
United
States
23,635,000
24,423,075
231,703,036
Total
Mortgage-Backed
Securities
(Cost
$748,361,862)
.........................
733,918,076
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
3.4%
Financial
Services
3.4%
d,i
Bellemeade
Re
Ltd.
,
2021-3A
,
B1
,
144A,
FRN
,
7.466
%
,
(
30-day
SOFR
Average
+
3.85
%
),
9/25/31
.....................
United
States
2,675,000
$
2,736,843
d
BRAVO
Residential
Funding
Trust
,
l
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
.................
United
States
1,546,510
1,471,041
2023-NQM6,
A1,
144A,
6.602%,
9/25/63
................
United
States
740,433
738,648
2024-NQM3,
A1,
144A,
6.191%,
3/25/64
................
United
States
684,574
688,117
d,i
Chase
Home
Lending
Mortgage
Trust
,
2025-3,
A11,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/56
....................................
United
States
1,707,227
1,707,590
2025-7,
A11,
144A,
FRN,
5.016%,
(30-day
SOFR
Average
+
1.4%),
5/25/56
....................................
United
States
1,472,593
1,480,421
d,l
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
................
United
States
340,222
319,045
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
................
United
States
1,054,398
978,996
d,i
Citigroup
Mortgage
Loan
Trust
,
2025-4
,
A28
,
144A,
FRN
,
4.916
%
,
(
30-day
SOFR
Average
+
1.3
%
),
10/25/55
...............
United
States
1,317,521
1,321,786
d
Cross
Mortgage
Trust
,
2024-H1
,
A1
,
144A,
6.085
%
,
12/25/68
..
United
States
494,691
495,400
d,i
FHLMC
STACR
REMIC
Trust
,
2021-DNA6,
M2,
144A,
FRN,
5.116%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
...................................
United
States
1,776,342
1,778,663
2021-HQA4,
M2,
144A,
FRN,
5.966%,
(30-day
SOFR
Average
+
2.35%),
12/25/41
................................
United
States
2,457,126
2,469,134
2023-HQA1,
M1A,
144A,
FRN,
5.616%,
(30-day
SOFR
Average
+
2%),
5/25/43
....................................
United
States
1,223,115
1,229,024
2025-DNA1,
A1,
144A,
FRN,
4.566%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
1,589,985
1,591,635
2025-DNA3,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
2,076,937
2,077,691
d,i
FNMA
Connecticut
Avenue
Securities
Trust
,
2025-R01,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
589,774
589,941
2025-R02,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
904,082
904,919
2025-R03,
2A1,
144A,
FRN,
5.066%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
1,201,658
1,207,272
2025-R04,
1A1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
1,146,021
1,147,496
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
2,525,621
2,526,273
2026-R03,
2A1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
4/25/46
....................................
United
States
8,096,898
8,118,165
d,i
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ8
,
A27
,
144A,
FRN
,
4.916
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/56
.....
United
States
663,283
665,001
d,i
Home
Re
Ltd.
,
2026-1
,
M1C
,
144A,
FRN
,
6.216
%
,
(
30-day
SOFR
Average
+
2.6
%
),
1/25/36
............................
United
States
978,000
984,647
d
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
509,710
511,490
d
Imperial
Fund
Mortgage
Trust
,
2023-NQM1
,
A1
,
144A,
5.941
%
,
2/25/68
.........................................
United
States
1,554,805
1,551,514
d
J.P.
Morgan
Mortgage
Trust
,
l
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
.................
United
States
3,004,301
2,647,103
2025-VIS2,
A2,
144A,
5.638%,
12/25/55
.................
United
States
2,832,865
2,825,251
l
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........
United
States
2,667,884
2,660,558
d,l
LHOME
Mortgage
Trust
,
2025-RTL2
,
A1
,
144A,
FRN
,
5.612
%
,
4/25/40
.........................................
United
States
897,000
899,945
d,l
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
.........................................
United
States
2,879,021
2,827,236
d
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-NQM1
,
A1
,
144A,
6.152
%
,
12/25/68
..........................
United
States
1,461,114
1,464,246
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d
OBX
Trust
,
l
2021-J3,
A4,
144A,
FRN,
2.5%,
10/25/51
................
United
States
850,027
$
752,079
2023-NQM7,
A1,
144A,
6.844%,
4/25/63
................
United
States
1,299,686
1,298,888
2024-NQM2,
A1,
144A,
5.878%,
12/25/63
...............
United
States
884,916
885,662
2024-NQM3,
A1,
144A,
6.129%,
12/25/63
...............
United
States
1,148,949
1,151,957
2024-NQM8,
A1,
144A,
6.233%,
5/25/64
................
United
States
1,725,751
1,733,852
i
2025-J2,
AF,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
2,762,890
2,770,886
d,l
OLIT
,
2025-HB2
,
A
,
144A,
FRN
,
3
%
,
11/25/38
..............
United
States
1,615,772
1,581,080
d,l
Onity
Loan
Investment
Trust
,
2025-HB1,
A,
144A,
FRN,
3%,
6/25/38
..................
United
States
1,081,200
1,061,459
2026-HB3,
A,
144A,
FRN,
3%,
6/25/39
..................
United
States
3,137,887
3,072,565
2026-HB3,
M2,
144A,
FRN,
3%,
6/25/39
................
United
States
2,796,000
2,569,629
d,i
PMT
Loan
Trust
,
2025-J2
,
A11
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
8/25/56
.....................
United
States
411,542
412,750
d,l
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
....................................
United
States
1,401,058
1,230,790
d,l
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
........................................
United
States
1,191,156
1,013,265
d
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
3,627,500
3,575,308
d,l
PRPM
Trust
,
2026-NQM3
,
A1
,
144A,
FRN
,
5.845
%
,
7/25/71
...
United
States
4,708,000
4,721,673
d,l
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
.........
United
States
7,483,498
6,665,427
d,i
Radian
Mortgage
Capital
Trust
,
2025-J3
,
A25
,
144A,
FRN
,
5.116
%
,
(
30-day
SOFR
Average
+
1.5
%
),
12/25/55
.........
United
States
2,020,265
2,030,632
d,i
Sequoia
Mortgage
Trust
,
2025-8
,
A26F
,
144A,
FRN
,
5.016
%
,
(
30-
day
SOFR
Average
+
1.4
%
),
9/25/55
...................
United
States
1,550,570
1,554,554
d
Verus
Securitization
Trust
,
2023-6,
A1,
144A,
6.665%,
9/25/68
....................
United
States
321,522
321,295
2024-4,
A1,
144A,
6.218%,
6/25/69
....................
United
States
1,151,867
1,157,102
l
2026-R6,
A1,
144A,
FRN,
5.765%,
7/25/68
...............
United
States
2,495,000
2,502,684
94,678,628
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$96,829,540)
...............
94,678,628
Agency
Commercial
Mortgage-Backed
Securities
5.1%
Financial
Services
5.1%
FHLMC
,
m
4988,
LI,
IO,
4%,
7/25/50
............................
United
States
25,022,683
5,777,510
m
5052,
KI,
IO,
4%,
12/25/50
...........................
United
States
18,643,540
3,917,569
m
5070,
HI,
IO,
3.5%,
2/25/51
..........................
United
States
28,269,847
5,253,863
m
5124,
YI,
IO,
3%,
7/25/51
............................
United
States
14,348,845
2,468,422
m
5125,
IL,
IO,
4.5%,
11/15/47
..........................
United
States
21,573,108
4,546,873
m
5147,
NI,
IO,
3%,
10/25/46
...........................
United
States
64,318,001
9,072,382
m
5164,
IC,
IO,
4%,
11/25/51
...........................
United
States
22,035,370
4,552,706
m
5187,
EI,
IO,
4.5%,
1/25/52
..........................
United
States
11,521,140
2,669,164
m
5206,
IV,
IO,
4%,
1/25/50
............................
United
States
29,616,701
4,833,117
m
5365,
IO,
2.5%,
7/25/51
.............................
United
States
45,906,140
7,251,343
i
5419,
AF,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
4,009,908
4,042,104
m
5457,
IO,
5%,
10/25/54
.............................
United
States
14,880,769
3,299,453
i
5499,
CF,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
2/25/55
United
States
4,284,097
4,305,371
m
5529,
EI,
IO,
4.5%,
11/25/51
.........................
United
States
18,217,852
4,017,361
FNMA
,
m
2021-12,
MI,
IO,
3%,
3/25/51
.........................
United
States
15,439,458
3,065,924
i
2024-105,
AF,
FRN,
4.666%,
(30-day
SOFR
Average
+
1.05%),
1/25/55
.........................................
United
States
8,752,179
8,803,751
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
i
2024-105,
KF,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/55
.........................................
United
States
7,785,913
$
7,823,474
i
2024-87,
FB,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
12/25/54
........................................
United
States
7,791,379
7,854,630
i
2026-43,
FD,
FRN,
4.546%,
(30-day
SOFR
Average
+
0.93%),
6/25/56
.........................................
United
States
6,867,194
6,870,455
GNMA
,
m
2019-137,
PI,
IO,
3.5%,
11/20/49
......................
United
States
28,146,917
5,439,271
m
2020-151,
MI,
IO,
2.5%,
10/20/50
......................
United
States
27,147,830
3,972,460
m
2022-78,
IO,
3%,
8/20/51
............................
United
States
22,462,754
3,884,715
m
2023-168,
IE,
IO,
3%,
11/20/51
.......................
United
States
32,612,986
5,246,634
m
2023-171,
IO,
3%,
2/20/51
...........................
United
States
14,445,634
2,415,374
m
2023-40,
CI,
IO,
2%,
10/20/50
........................
United
States
20,372,589
1,997,172
m
2024-79,
IN,
IO,
3%,
11/20/51
........................
United
States
21,812,991
4,513,522
i
2025-169,
FB,
FRN,
4.621%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
5,772,321
5,802,628
m
2025-173,
DI,
IO,
3%,
8/20/51
........................
United
States
24,758,544
4,227,259
m
2025-25,
IG,
IO,
4.5%,
12/20/52
.......................
United
States
10,526,467
2,064,795
m
2025-5,
IO,
3.5%,
4/20/51
...........................
United
States
25,675,454
4,785,386
144,774,688
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$143,330,731)
......
144,774,688
Municipal
Bonds
0.9%
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue
,
2022
,
4.19
%
,
6/01/37
......
United
States
2,875,000
2,646,734
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
1,305,000
1,095,377
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
795,000
665,483
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
5.07
%,
8/15/32
.........................................
United
States
1,710,000
1,268,101
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
2,495,000
2,315,597
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
3,575,000
3,485,970
11,477,262
Florida
0.1%
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
2,540,000
2,604,725
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
615,000
596,386
Illinois
0.1%
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
2,390,000
2,372,841
New
Jersey
0.0%
†
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2010
B
,
6.561
%
,
12/15/40
.............
United
States
525,000
562,930
New
York
0.1%
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2026
F-2
,
4.66
%
,
2/01/36
....................
United
States
1,925,000
1,857,052
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
0.0%
†
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
1,575,000
$
1,298,384
Pennsylvania
0.2%
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
1,855,000
1,784,447
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
2,895,000
2,799,565
4,584,012
Total
Municipal
Bonds
(Cost
$26,361,736)
....................................
25,353,592
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
All
Day
Electric,
Inc.,
Escrow
Account
....................
United
States
291
—
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
620,001
9,894
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
9,894
Total
Long
Term
Investments
(Cost
$3,342,231,859)
...........................
3,240,023,881
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
0.0%
†
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
2.765%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
248,789,000
EUR
1,095,815
Total
Options
Purchased
(Cost
$1,040,527)
...................................
1,095,815
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.5%
c,p
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
.........................................
United
States
42,903,858
42,903,858
Total
Money
Market
Funds
(Cost
$42,903,858)
................................
42,903,858
Total
Short
Term
Investments
(Cost
$42,903,858
)
..............................
42,903,858
a
Total
Investments
(Cost
$3,386,176,244)
116.5%
...............................
$3,284,023,554
TBA
Sale
Commitments
(0.7)%
..............................................
(20,905,463)
Options
Written
(0.0)%
†
....................................................
(858,341)
Other
Assets,
less
Liabilities
(15.8)%
........................................
(444,158,654)
Net
Assets
100.0%
.........................................................
$2,818,101,096
a
a
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
a
Country
Principal
Amount
*
a
Value
q
TBA
Sale
Commitments
(0.7)%
Mortgage-Backed
Securities
(0.7)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(0.7)%
Uniform
Mortgage-Backed
Securities
,
3.5%,
TBA,
8/25/56
................................
United
States
(5,811,000)
$
(5,155,674)
4%,
TBA,
8/25/56
..................................
United
States
(17,250,000)
(15,749,789)
(20,905,463)
Total
TBA
Sale
Commitments
(Proceeds
$(21,485,371))
........................
$(20,905,463)
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
(0.0)%
†
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.165%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(248,789,000)
EUR
(559,094)
Receive
Floating
3-month
EURIBOR,
Pay
Fixed
3.565%,
Counterparty
BOFA,
Expires
3/19/27
...................
1
(248,789,000)
EUR
(299,247)
(858,341)
Total
Options
Written
(Premiums
received
$1,069,350)
.........................
$
(858,341)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$997,158,427,
representing
35.4%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
The
rate
shown
represents
the
yield
at
period
end.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
See
Note
4
regarding
unfunded
loan
commitments.
k
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(MBS
margin).
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
,
At
July
31,
2026,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
0.0%
Block,
Inc.
a,b
8789983.SQ.FTS.B
,
5
.031
%
,
9/02/26
....
$
9,342
$
274
a,b
8794574.SQ.FTS.B
,
4
.941
%
,
9/03/26
....
172
31
a,b
8798528.SQ.FTS.B
,
4
.937
%
,
9/04/26
....
15,404
1,085
a
8797084.SQ.FTS.B
,
5
.346
%
,
9/04/26
....
893
826
a
8797688.SQ.FTS.B
,
6
.1
%
,
9/04/26
......
6,909
4,775
a,b
8799251.SQ.FTS.B
,
6
.293
%
,
9/04/26
....
2,686
160
a
8797465.SQ.FTS.B
,
6
.314
%
,
9/04/26
....
195
167
a,b
8803302.SQ.FTS.B
,
5
.031
%
,
9/05/26
....
7,833
18
a
8803453.SQ.FTS.B
,
6
.289
%
,
9/05/26
....
2,225
1,663
a,b
8803185.SQ.FTS.B
,
6
.448
%
,
9/05/26
....
6,688
103
a,b
8808155.SQ.FTS.B
,
4
.949
%
,
9/06/26
....
713
37
a
8814570.SQ.FTS.B
,
4
.719
%
,
9/07/26
....
1,946
1,877
a
8813700.SQ.FTS.B
,
5
.031
%
,
9/07/26
....
1,741
1,691
a
8811330.SQ.FTS.B
,
5
.346
%
,
9/07/26
....
12,165
10,851
a
8810676.SQ.FTS.B
,
5
.591
%
,
9/07/26
....
1,347
1,047
a
8816217.SQ.FTS.B
,
4
.717
%
,
9/09/26
....
7,657
5,741
a
8817896.SQ.FTS.B
,
4
.718
%
,
9/10/26
....
2,801
2,610
a
8819695.SQ.FTS.B
,
5
.342
%
,
9/10/26
....
633
609
a
8824350.SQ.FTS.B
,
4
.717
%
,
9/11/26
....
4,100
3,910
a,b
8824912.SQ.FTS.B
,
4
.939
%
,
9/11/26
....
7,627
420
a
8823852.SQ.FTS.B
,
5
.027
%
,
9/11/26
....
1,115
1,047
a
8822169.SQ.FTS.B
,
5
.348
%
,
9/11/26
....
842
755
a,b
8822671.SQ.FTS.B
,
6
.099
%
,
9/11/26
....
2,827
181
a
8829866.SQ.FTS.B
,
6
.1
%
,
9/12/26
......
3,962
3,209
a,b
8836466.SQ.FTS.B
,
5
.911
%
,
9/13/26
....
1,364
83
a
8838758.SQ.FTS.B
,
5
.918
%
,
9/13/26
....
79
75
a,b
8841697.SQ.FTS.B
,
5
.031
%
,
9/14/26
....
3,170
318
a
8845787.SQ.FTS.B
,
4
.946
%
,
9/15/26
....
843
671
a,b
8846019.SQ.FTS.B
,
6
.095
%
,
9/15/26
....
1,341
47
a
8846996.SQ.FTS.B
,
5
.6
%
,
9/16/26
......
1,683
591
a,b
8848129.SQ.FTS.B
,
5
.597
%
,
9/17/26
....
7,312
89
a,b
8855947.SQ.FTS.B
,
5
.358
%
,
9/18/26
....
1,680
81
a,b
8862132.SQ.FTS.B
,
6
.1
%
,
9/19/26
......
4,940
4
a,b
8860499.SQ.FTS.B
,
6
.455
%
,
9/19/26
....
1,554
84
a
8867824.SQ.FTS.B
,
4
.719
%
,
9/20/26
....
3,178
3,063
a,b
8867817.SQ.FTS.B
,
4
.953
%
,
9/20/26
....
580
35
a,b
8865647.SQ.FTS.B
,
5
.031
%
,
9/20/26
....
163
66
a,b
8865093.SQ.FTS.B
,
5
.914
%
,
9/20/26
....
3,839
3,268
a,b
8866511.SQ.FTS.B
,
6
.289
%
,
9/20/26
....
6,099
236
a
8869364.SQ.FTS.B
,
6
.289
%
,
9/20/26
....
579
482
a,b
8866657.SQ.FTS.B
,
6
.447
%
,
9/20/26
....
26,140
137
a,b
8871615.SQ.FTS.B
,
4
.719
%
,
9/21/26
....
2,563
435
a
8873449.SQ.FTS.B
,
5
.35
%
,
9/21/26
.....
1,561
1,314
a,b
8870696.SQ.FTS.B
,
5
.618
%
,
9/21/26
....
1,558
28
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8875640.SQ.FTS.B
,
6
.102
%
,
9/22/26
....
$
1,015
$
275
a
8876611.SQ.FTS.B
,
4
.717
%
,
9/23/26
....
700
665
a
8876148.SQ.FTS.B
,
4
.72
%
,
9/23/26
.....
1,971
1,851
a
8877024.SQ.FTS.B
,
6
.45
%
,
9/24/26
.....
501
452
a,b
8881760.SQ.FTS.B
,
5
.038
%
,
9/25/26
....
1,438
1,116
a
8888248.SQ.FTS.B
,
6
.436
%
,
9/26/26
....
486
442
a,b
8886342.SQ.FTS.B
,
6
.445
%
,
9/26/26
....
4,893
249
a
8888165.SQ.FTS.B
,
6
.457
%
,
9/26/26
....
205
196
a
8895373.SQ.FTS.B
,
5
.026
%
,
9/27/26
....
753
719
a,b
8894126.SQ.FTS.B
,
6
.447
%
,
9/27/26
....
4,659
117
a
8898889.SQ.FTS.B
,
5
.031
%
,
9/28/26
....
488
461
a,b
8898952.SQ.FTS.B
,
5
.598
%
,
9/28/26
....
4,199
544
a,b
8898743.SQ.FTS.B
,
6
.105
%
,
9/28/26
....
545
87
a
8903852.SQ.FTS.B
,
4
.717
%
,
9/29/26
....
1,597
1,582
a
8908825.SQ.FTS.B
,
4
.719
%
,
9/30/26
....
3,682
3,219
a,b
8906652.SQ.FTS.B
,
6
.102
%
,
9/30/26
....
6,028
272
a
8913761.SQ.FTS.B
,
5
.342
%
,
10/01/26
...
793
530
a,b
8916787.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
5,743
169
a
8918904.SQ.FTS.B
,
4
.717
%
,
10/02/26
...
3,189
2,988
a,b
8916567.SQ.FTS.B
,
6
.316
%
,
10/02/26
...
645
54
a
8925868.SQ.FTS.B
,
4
.962
%
,
10/03/26
...
362
302
a
8925982.SQ.FTS.B
,
5
.031
%
,
10/03/26
...
1,496
1,185
a,b
8925548.SQ.FTS.B
,
6
.099
%
,
10/03/26
...
5,133
110
a,b
8921608.SQ.FTS.B
,
6
.473
%
,
10/03/26
...
711
45
a,b
8928016.SQ.FTS.B
,
5
.6
%
,
10/04/26
.....
4,939
140
a,b
8927566.SQ.FTS.B
,
6
.449
%
,
10/04/26
...
6,399
123
a
8927942.SQ.FTS.B
,
6
.452
%
,
10/04/26
...
683
456
a
8935811.SQ.FTS.B
,
5
.031
%
,
10/07/26
...
5,425
4,875
a
8939540.SQ.FTS.B
,
4
.719
%
,
10/08/26
...
2,392
2,212
a
8937064.SQ.FTS.B
,
6
.447
%
,
10/08/26
...
885
498
a
8942058.SQ.FTS.B
,
5
.031
%
,
10/09/26
...
14,291
10,640
a,b
8943220.SQ.FTS.B
,
6
.447
%
,
10/09/26
...
9,148
251
a
8942798.SQ.FTS.B
,
6
.45
%
,
10/09/26
....
600
519
a
8963717.SQ.FTS.B
,
5
.034
%
,
10/14/26
...
3,347
2,399
a,b
8964612.SQ.FTS.B
,
6
.446
%
,
10/15/26
...
5,657
124
a
8971413.SQ.FTS.B
,
5
.338
%
,
10/16/26
...
279
253
a
8977614.SQ.FTS.B
,
5
.037
%
,
10/17/26
...
666
463
a,b
8977675.SQ.FTS.B
,
6
.277
%
,
10/17/26
...
971
30
a
8978308.SQ.FTS.B
,
6
.447
%
,
10/17/26
...
412
358
a,b
8983195.SQ.FTS.B
,
6
.11
%
,
10/18/26
....
1,220
105
a
8985653.SQ.FTS.B
,
4
.969
%
,
10/19/26
...
457
382
a
8986677.SQ.FTS.B
,
5
.031
%
,
10/20/26
...
1,762
563
a
8995697.SQ.FTS.B
,
5
.346
%
,
10/22/26
...
8,873
4,783
a,b
8995610.SQ.FTS.B
,
6
.1
%
,
10/22/26
.....
6,434
77
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a
8996846.SQ.FTS.B
,
4
.719
%
,
10/23/26
...
$
2,331
$
2,214
a
8999594.SQ.FTS.B
,
5
.92
%
,
10/23/26
....
565
533
a
8999514.SQ.FTS.B
,
6
.441
%
,
10/23/26
...
1,158
527
a,b
9006269.SQ.FTS.B
,
5
.597
%
,
10/24/26
...
20,237
101
a
9009247.SQ.FTS.B
,
4
.712
%
,
10/25/26
...
1,857
1,507
a
9009735.SQ.FTS.B
,
6
.447
%
,
10/25/26
...
10,663
856
a
9012361.SQ.FTS.B
,
4
.717
%
,
10/26/26
...
942
863
a,b
4578615.SQ.FTS.B
,
4
.717
%
,
4/01/33
....
1,525
–
a,b
4583983.SQ.FTS.B
,
4
.403
%
,
4/04/33
....
3,383
–
a,b
4585288.SQ.FTS.B
,
4
.874
%
,
4/04/33
....
13,554
–
a,b
4587010.SQ.FTS.B
,
3
.938
%
,
4/05/33
....
1,755
–
a,b
4590358.SQ.FTS.B
,
3
.953
%
,
4/05/33
....
226
–
a,b
4588245.SQ.FTS.B
,
4
.558
%
,
4/05/33
....
3,204
–
a,b
4589702.SQ.FTS.B
,
4
.569
%
,
4/05/33
....
3,489
–
a,b
4598182.SQ.FTS.B
,
4
.574
%
,
4/07/33
....
1,281
–
a,b
4602285.SQ.FTS.B
,
4
.403
%
,
4/08/33
....
31,712
–
a,b
4604615.SQ.FTS.B
,
4
.56
%
,
4/09/33
.....
13,726
–
a,b
4604886.SQ.FTS.B
,
4
.717
%
,
4/10/33
....
2,273
–
a,b
4606179.SQ.FTS.B
,
3
.932
%
,
4/11/33
....
10,364
–
a,b
4606464.SQ.FTS.B
,
4
.403
%
,
4/11/33
....
12,284
1
a,b
4606335.SQ.FTS.B
,
4
.882
%
,
4/11/33
....
2,103
–
a,b
4609551.SQ.FTS.B
,
4
.56
%
,
4/12/33
.....
5,454
–
a,b
4612920.SQ.FTS.B
,
3
.314
%
,
4/13/33
....
2,172
–
a,b
4610443.SQ.FTS.B
,
4
.403
%
,
4/13/33
....
10,147
–
a,b
4622639.SQ.FTS.B
,
3
.928
%
,
4/15/33
....
3,183
–
a,b
4624869.SQ.FTS.B
,
4
.554
%
,
4/17/33
....
1,488
–
a,b
4626298.SQ.FTS.B
,
3
.934
%
,
4/18/33
....
10,268
–
a,b
4627586.SQ.FTS.B
,
4
.403
%
,
4/18/33
....
4,624
–
a,b
4626514.SQ.FTS.B
,
5
.031
%
,
4/18/33
....
2,949
1
a,b
4629149.SQ.FTS.B
,
4
.403
%
,
4/19/33
....
6,425
–
a,b
4632596.SQ.FTS.B
,
4
.705
%
,
4/20/33
....
848
–
a,b
4635753.SQ.FTS.B
,
4
.874
%
,
4/21/33
....
11,156
–
a,b
4642502.SQ.FTS.B
,
4
.868
%
,
4/25/33
....
662
–
a,b
4643970.SQ.FTS.B
,
4
.56
%
,
4/26/33
.....
2,081
–
a,b
4657373.SQ.FTS.B
,
3
.296
%
,
4/30/33
....
3,122
–
a,b
4656958.SQ.FTS.B
,
4
.717
%
,
4/30/33
....
3,103
–
a,b
4661015.SQ.FTS.B
,
4
.566
%
,
5/01/33
....
2,307
–
a,b
4661890.SQ.FTS.B
,
3
.931
%
,
5/02/33
....
2,289
–
a,b
4663096.SQ.FTS.B
,
4
.403
%
,
5/02/33
....
27,120
–
a,b
4663916.SQ.FTS.B
,
4
.403
%
,
5/02/33
....
24,742
1
a,b
4662184.SQ.FTS.B
,
5
.031
%
,
5/02/33
....
2,428
–
a,b
4665676.SQ.FTS.B
,
4
.564
%
,
5/03/33
....
4,604
–
a,b
4675799.SQ.FTS.B
,
3
.306
%
,
5/05/33
....
3,282
–
a,b
4677893.SQ.FTS.B
,
5
.031
%
,
5/06/33
....
2,173
–
a,b
4693423.SQ.FTS.B
,
4
.403
%
,
5/09/33
....
6,988
1
a,b
4693941.SQ.FTS.B
,
4
.561
%
,
5/09/33
....
8,872
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4692191.SQ.FTS.B
,
4
.562
%
,
5/09/33
....
$
9,113
$
–
a,b
4692982.SQ.FTS.B
,
4
.591
%
,
5/09/33
....
430
–
a,b
4691756.SQ.FTS.B
,
4
.715
%
,
5/09/33
....
7,269
–
a,b
4706450.SQ.FTS.B
,
4
.561
%
,
5/10/33
....
6,009
–
a,b
4706808.SQ.FTS.B
,
4
.563
%
,
5/10/33
....
3,732
–
a,b
4701939.SQ.FTS.B
,
4
.717
%
,
5/10/33
....
1,446
–
a,b
4707248.SQ.FTS.B
,
4
.732
%
,
5/11/33
....
641
–
a,b
4711828.SQ.FTS.B
,
5
.031
%
,
5/12/33
....
3,618
–
a,b
4714060.SQ.FTS.B
,
5
.031
%
,
5/13/33
....
1,082
–
a,b
4714469.SQ.FTS.B
,
3
.27
%
,
5/14/33
.....
828
–
a,b
4738688.SQ.FTS.B
,
4
.418
%
,
5/18/33
....
840
–
a,b
4747188.SQ.FTS.B
,
3
.31
%
,
5/19/33
.....
553
–
a,b
4750103.SQ.FTS.B
,
4
.403
%
,
5/20/33
....
8,831
–
a,b
4750803.SQ.FTS.B
,
4
.403
%
,
5/21/33
....
3,382
–
a,b
4764584.SQ.FTS.B
,
5
.031
%
,
5/23/33
....
523
–
a,b
4773604.SQ.FTS.B
,
4
.403
%
,
5/24/33
....
9,605
–
a,b
4777853.SQ.FTS.B
,
4
.565
%
,
5/24/33
....
1,347
–
a,b
4774144.SQ.FTS.B
,
4
.57
%
,
5/24/33
.....
1,718
–
a,b
4779678.SQ.FTS.B
,
3
.301
%
,
5/25/33
....
868
–
a,b
4796651.SQ.FTS.B
,
4
.564
%
,
6/01/33
....
3,524
–
a,b
4808500.SQ.FTS.B
,
4
.403
%
,
6/02/33
....
7,711
–
a,b
4807880.SQ.FTS.B
,
4
.56
%
,
6/02/33
.....
19,691
2
a,b
4815646.SQ.FTS.B
,
4
.403
%
,
6/05/33
....
5,300
–
a,b
4820091.SQ.FTS.B
,
4
.564
%
,
6/07/33
....
1,630
–
a,b
4820553.SQ.FTS.B
,
4
.875
%
,
6/07/33
....
10,164
–
a,b
4821904.SQ.FTS.B
,
4
.56
%
,
6/08/33
.....
796
–
a,b
4831001.SQ.FTS.B
,
3
.774
%
,
6/10/33
....
847
–
a,b
4831653.SQ.FTS.B
,
3
.926
%
,
6/10/33
....
2,099
–
a,b
4830931.SQ.FTS.B
,
4
.528
%
,
6/10/33
....
27
–
a,b
4831110.SQ.FTS.B
,
4
.57
%
,
6/10/33
.....
962
–
a,b
4834162.SQ.FTS.B
,
4
.574
%
,
6/12/33
....
208
–
a,b
4839102.SQ.FTS.B
,
3
.296
%
,
6/14/33
....
1,596
–
a,b
4838333.SQ.FTS.B
,
3
.941
%
,
6/14/33
....
750
–
a,b
4842631.SQ.FTS.B
,
3
.302
%
,
6/15/33
....
5,776
–
a,b
4842605.SQ.FTS.B
,
3
.937
%
,
6/15/33
....
4,000
–
a,b
4841116.SQ.FTS.B
,
4
.562
%
,
6/15/33
....
11,234
–
a,b
4848622.SQ.FTS.B
,
3
.302
%
,
6/16/33
....
2,069
–
a,b
4862341.SQ.FTS.B
,
2
.982
%
,
6/18/33
....
522
–
a,b
4862443.SQ.FTS.B
,
4
.227
%
,
6/18/33
....
7,578
–
a,b
4863062.SQ.FTS.B
,
4
.391
%
,
6/19/33
....
3,882
–
a,b
4863238.SQ.FTS.B
,
4
.42
%
,
6/19/33
.....
2,993
–
a,b
4862998.SQ.FTS.B
,
4
.559
%
,
6/19/33
....
1,010
–
a,b
4863412.SQ.FTS.B
,
4
.56
%
,
6/19/33
.....
11,561
–
a,b
4862938.SQ.FTS.B
,
5
.031
%
,
6/19/33
....
691
–
a,b
4867257.SQ.FTS.B
,
3
.939
%
,
6/20/33
....
607
–
a,b
4867843.SQ.FTS.B
,
3
.675
%
,
6/21/33
....
493
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
4868757.SQ.FTS.B
,
4
.406
%
,
6/21/33
....
$
3,219
$
1
a,b
4869815.SQ.FTS.B
,
4
.56
%
,
6/21/33
.....
7,257
–
a,b
4873297.SQ.FTS.B
,
3
.376
%
,
6/22/33
....
113
–
a,b
4871837.SQ.FTS.B
,
3
.928
%
,
6/22/33
....
1,490
–
a,b
4872072.SQ.FTS.B
,
4
.557
%
,
6/22/33
....
4,085
–
a,b
4873405.SQ.FTS.B
,
4
.56
%
,
6/22/33
.....
5,886
–
a,b
4873313.SQ.FTS.B
,
5
.031
%
,
6/22/33
....
1,287
–
a,b
4874535.SQ.FTS.B
,
3
.306
%
,
6/23/33
....
977
–
a,b
4875940.SQ.FTS.B
,
4
.539
%
,
6/23/33
....
7,944
1
a,b
4874845.SQ.FTS.B
,
4
.559
%
,
6/23/33
....
3,811
–
a,b
4874157.SQ.FTS.B
,
4
.877
%
,
6/23/33
....
3,873
–
a,b
4877067.SQ.FTS.B
,
3
.562
%
,
6/24/33
....
1,174
–
a,b
4877254.SQ.FTS.B
,
3
.774
%
,
6/25/33
....
1,462
–
a,b
4877394.SQ.FTS.B
,
4
.225
%
,
6/25/33
....
4,239
–
a,b
4877534.SQ.FTS.B
,
4
.931
%
,
6/25/33
....
1,841
–
a,b
4879828.SQ.FTS.B
,
2
.958
%
,
6/27/33
....
1,403
–
a,b
4879371.SQ.FTS.B
,
3
.443
%
,
6/27/33
....
536
–
a,b
4879124.SQ.FTS.B
,
4
.073
%
,
6/27/33
....
4,098
–
a,b
4878787.SQ.FTS.B
,
4
.233
%
,
6/27/33
....
4,067
–
a,b
4880273.SQ.FTS.B
,
4
.416
%
,
6/27/33
....
32,499
1
a,b
4879728.SQ.FTS.B
,
4
.695
%
,
6/27/33
....
2,694
–
a,b
4878103.SQ.FTS.B
,
5
.346
%
,
6/27/33
....
627
–
a,b
4881967.SQ.FTS.B
,
2
.297
%
,
6/28/33
....
358
–
a,b
4881632.SQ.FTS.B
,
2
.333
%
,
6/28/33
....
5,202
–
a,b
4880881.SQ.FTS.B
,
2
.411
%
,
6/28/33
....
274
–
a,b
4882630.SQ.FTS.B
,
3
.643
%
,
6/28/33
....
5,042
1
a,b
4881595.SQ.FTS.B
,
4
.069
%
,
6/28/33
....
1,106
–
a,b
4881625.SQ.FTS.B
,
4
.427
%
,
6/28/33
....
1,074
–
a,b
4881933.SQ.FTS.B
,
4
.55
%
,
6/28/33
.....
502
–
a,b
4882127.SQ.FTS.B
,
4
.561
%
,
6/28/33
....
35,043
–
a,b
4880840.SQ.FTS.B
,
4
.719
%
,
6/28/33
....
972
–
a,b
4886903.SQ.FTS.B
,
3
.296
%
,
6/30/33
....
2,071
–
a,b
4889268.SQ.FTS.B
,
3
.31
%
,
6/30/33
.....
524
–
a,b
4886912.SQ.FTS.B
,
4
.563
%
,
6/30/33
....
2,287
–
a,b
4889574.SQ.FTS.B
,
4
.877
%
,
7/01/33
....
2,517
–
a,b
4894101.SQ.FTS.B
,
4
.717
%
,
7/04/33
....
12,955
1
a,b
4893066.SQ.FTS.B
,
5
.031
%
,
7/04/33
....
3,265
–
a,b
4896547.SQ.FTS.B
,
5
.849
%
,
7/05/33
....
4,712
–
a,b
4899151.SQ.FTS.B
,
4
.563
%
,
7/06/33
....
3,147
–
a,b
4898852.SQ.FTS.B
,
4
.874
%
,
7/06/33
....
2,213
–
a,b
4908064.SQ.FTS.B
,
4
.403
%
,
7/11/33
....
16,814
1
a,b
4907364.SQ.FTS.B
,
5
.031
%
,
7/11/33
....
1,373
–
a,b
4922562.SQ.FTS.B
,
4
.56
%
,
7/14/33
.....
6,112
–
a,b
4916400.SQ.FTS.B
,
4
.569
%
,
7/14/33
....
955
–
a,b
4916673.SQ.FTS.B
,
4
.719
%
,
7/14/33
....
9,163
–
a,b
4923493.SQ.FTS.B
,
3
.354
%
,
7/15/33
....
134
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
4925329.SQ.FTS.B
,
4
.145
%
,
7/18/33
....
$
1,389
$
–
a,b
4928876.SQ.FTS.B
,
3
.333
%
,
7/19/33
....
514
–
a,b
4931020.SQ.FTS.B
,
4
.56
%
,
7/20/33
.....
10,152
–
a,b
4935511.SQ.FTS.B
,
4
.403
%
,
7/22/33
....
450
–
a,b
4941224.SQ.FTS.B
,
5
.031
%
,
7/25/33
....
4,401
–
a,b
4947272.SQ.FTS.B
,
4
.885
%
,
7/27/33
....
1,224
–
a,b
4954105.SQ.FTS.B
,
4
.557
%
,
7/28/33
....
2,531
–
a,b
4961597.SQ.FTS.B
,
3
.303
%
,
7/31/33
....
6,826
–
a,b
4964338.SQ.FTS.B
,
4
.886
%
,
8/01/33
....
1,028
–
a,b
4975322.SQ.FTS.B
,
4
.539
%
,
8/05/33
....
1,106
–
a,b
4976561.SQ.FTS.B
,
4
.553
%
,
8/07/33
....
2,306
–
a,b
4977248.SQ.FTS.B
,
4
.56
%
,
8/07/33
.....
23,393
1
a,b
4980976.SQ.FTS.B
,
4
.557
%
,
8/08/33
....
3,062
–
a,b
4978982.SQ.FTS.B
,
4
.561
%
,
8/08/33
....
8,763
1
a,b
4979694.SQ.FTS.B
,
6
.253
%
,
8/08/33
....
7,423
–
a,b
4981159.SQ.FTS.B
,
4
.717
%
,
8/09/33
....
3,017
–
a,b
4983108.SQ.FTS.B
,
5
.031
%
,
8/09/33
....
419
–
a,b
4989442.SQ.FTS.B
,
6
.239
%
,
8/11/33
....
717
–
a,b
4990668.SQ.FTS.B
,
3
.935
%
,
8/12/33
....
1,655
–
a,b
4995431.SQ.FTS.B
,
4
.556
%
,
8/15/33
....
6,247
–
a,b
5004424.SQ.FTS.B
,
4
.56
%
,
8/16/33
.....
1,829
–
a,b
5016072.SQ.FTS.B
,
5
.435
%
,
8/17/33
....
5,014
–
a,b
5025752.SQ.FTS.B
,
2
.033
%
,
8/19/33
....
6,406
–
a,b
5025882.SQ.FTS.B
,
4
.885
%
,
8/19/33
....
1,669
–
a,b
5027373.SQ.FTS.B
,
4
.018
%
,
8/21/33
....
8,844
–
a,b
5030831.SQ.FTS.B
,
4
.56
%
,
8/22/33
.....
5,213
–
a,b
5031471.SQ.FTS.B
,
4
.563
%
,
8/22/33
....
5,258
–
a,b
5033148.SQ.FTS.B
,
3
.906
%
,
8/23/33
....
471
–
a,b
5035669.SQ.FTS.B
,
4
.725
%
,
8/23/33
....
3,399
–
a,b
5044258.SQ.FTS.B
,
5
.149
%
,
8/27/33
....
8,147
2
a,b
5045662.SQ.FTS.B
,
4
.574
%
,
8/28/33
....
2,040
–
a,b
5047314.SQ.FTS.B
,
4
.591
%
,
8/28/33
....
460
–
a,b
5047321.SQ.FTS.B
,
4
.717
%
,
8/28/33
....
5,110
–
a,b
5044794.SQ.FTS.B
,
4
.807
%
,
8/28/33
....
5,731
–
a,b
5059326.SQ.FTS.B
,
4
.561
%
,
9/04/33
....
8,506
–
a,b
5062512.SQ.FTS.B
,
2
.6
%
,
9/06/33
......
3,648
–
a,b
5062340.SQ.FTS.B
,
4
.883
%
,
9/06/33
....
2,074
–
a,b
5065404.SQ.FTS.B
,
4
.572
%
,
9/07/33
....
2,639
–
a,b
5067242.SQ.FTS.B
,
4
.382
%
,
9/08/33
....
5,352
–
a,b
5067403.SQ.FTS.B
,
5
.351
%
,
9/08/33
....
2,045
–
a,b
5071139.SQ.FTS.B
,
3
.848
%
,
9/09/33
....
2,742
1
a,b
5075119.SQ.FTS.B
,
3
.748
%
,
9/10/33
....
1,106
–
a,b
5072967.SQ.FTS.B
,
4
.066
%
,
9/10/33
....
542
–
a,b
5074442.SQ.FTS.B
,
4
.861
%
,
9/10/33
....
1,909
–
a,b
5077583.SQ.FTS.B
,
5
.031
%
,
9/11/33
....
3,691
–
a,b
5081612.SQ.FTS.B
,
4
.666
%
,
9/14/33
....
1,324
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5084934.SQ.FTS.B
,
3
.774
%
,
9/16/33
....
$
33,929
$
–
a,b
5085858.SQ.FTS.B
,
3
.936
%
,
9/16/33
....
884
–
a,b
5090272.SQ.FTS.B
,
4
.563
%
,
9/17/33
....
4,187
–
a,b
5093863.SQ.FTS.B
,
4
.558
%
,
9/19/33
....
9,864
–
a,b
5094427.SQ.FTS.B
,
3
.774
%
,
9/20/33
....
2,121
–
a,b
5096674.SQ.FTS.B
,
4
.56
%
,
9/21/33
.....
13,763
1
a,b
5095917.SQ.FTS.B
,
5
.031
%
,
9/21/33
....
17,638
–
a,b
5098275.SQ.FTS.B
,
6
.063
%
,
9/22/33
....
6,026
–
a,b
5100485.SQ.FTS.B
,
5
.722
%
,
9/23/33
....
4,264
–
a,b
5106538.SQ.FTS.B
,
4
.562
%
,
9/24/33
....
11,727
–
a,b
5107353.SQ.FTS.B
,
5
.031
%
,
9/24/33
....
1,383
–
a,b
5109145.SQ.FTS.B
,
5
.031
%
,
9/25/33
....
1,195
–
a,b
5111024.SQ.FTS.B
,
4
.724
%
,
9/27/33
....
575
–
a,b
5112445.SQ.FTS.B
,
3
.774
%
,
9/28/33
....
344
–
a,b
5114206.SQ.FTS.B
,
4
.571
%
,
9/28/33
....
573
–
a,b
5112955.SQ.FTS.B
,
5
.031
%
,
9/28/33
....
4,811
–
a,b
5113266.SQ.FTS.B
,
5
.387
%
,
9/28/33
....
1,765
–
a,b
5124518.SQ.FTS.B
,
3
.351
%
,
9/30/33
....
11,687
–
a,b
5119221.SQ.FTS.B
,
4
.403
%
,
9/30/33
....
2,448
–
a,b
5119131.SQ.FTS.B
,
4
.56
%
,
9/30/33
.....
1,747
–
a,b
5126438.SQ.FTS.B
,
3
.495
%
,
10/01/33
...
22,782
1
a,b
5128413.SQ.FTS.B
,
3
.917
%
,
10/02/33
...
1,332
–
a,b
5131669.SQ.FTS.B
,
4
.56
%
,
10/04/33
....
22,967
–
a,b
5132006.SQ.FTS.B
,
5
.007
%
,
10/04/33
...
790
–
a,b
5138072.SQ.FTS.B
,
4
.672
%
,
10/06/33
...
4,185
–
a,b
5142028.SQ.FTS.B
,
3
.927
%
,
10/07/33
...
612
–
a,b
5142049.SQ.FTS.B
,
4
.503
%
,
10/07/33
...
537
–
a,b
5141482.SQ.FTS.B
,
4
.508
%
,
10/07/33
...
2,827
–
a,b
5149269.SQ.FTS.B
,
4
.974
%
,
10/10/33
...
941
–
a,b
5153369.SQ.FTS.B
,
4
.559
%
,
10/11/33
...
12,614
–
a,b
5153956.SQ.FTS.B
,
3
.94
%
,
10/12/33
....
2,957
–
a,b
5157152.SQ.FTS.B
,
4
.407
%
,
10/12/33
...
4,186
–
a,b
5154314.SQ.FTS.B
,
4
.567
%
,
10/12/33
...
2,780
–
a,b
5154612.SQ.FTS.B
,
4
.57
%
,
10/12/33
....
1,314
–
a,b
5157821.SQ.FTS.B
,
4
.557
%
,
10/13/33
...
4,950
–
a,b
5159643.SQ.FTS.B
,
4
.886
%
,
10/13/33
...
1,281
–
a,b
5163000.SQ.FTS.B
,
3
.303
%
,
10/14/33
...
6,619
–
a,b
5162509.SQ.FTS.B
,
4
.561
%
,
10/14/33
...
55,221
–
a,b
5165754.SQ.FTS.B
,
4
.566
%
,
10/14/33
...
1,218
–
a,b
5170843.SQ.FTS.B
,
4
.403
%
,
10/15/33
...
14,553
–
a,b
5168750.SQ.FTS.B
,
4
.558
%
,
10/15/33
...
2,545
–
a,b
5171656.SQ.FTS.B
,
4
.053
%
,
10/16/33
...
875
–
a,b
5172517.SQ.FTS.B
,
3
.302
%
,
10/17/33
...
3,231
–
a,b
5173148.SQ.FTS.B
,
5
.012
%
,
10/17/33
...
670
–
a,b
5176617.SQ.FTS.B
,
4
.294
%
,
10/18/33
...
935
–
a,b
5175826.SQ.FTS.B
,
4
.557
%
,
10/18/33
...
3,657
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5176935.SQ.FTS.B
,
5
.031
%
,
10/18/33
...
$
489
$
–
a,b
5177078.SQ.FTS.B
,
5
.189
%
,
10/18/33
...
260
–
a,b
5184366.SQ.FTS.B
,
3
.774
%
,
10/19/33
...
3,564
–
a,b
5189604.SQ.FTS.B
,
3
.774
%
,
10/20/33
...
4,636
–
a,b
5203735.SQ.FTS.B
,
3
.298
%
,
10/21/33
...
6,108
–
a,b
5210519.SQ.FTS.B
,
5
.535
%
,
10/24/33
...
11,522
–
a,b
5223636.SQ.FTS.B
,
4
.563
%
,
10/27/33
...
2,509
–
a,b
5230601.SQ.FTS.B
,
3
.301
%
,
10/28/33
...
5,805
–
a,b
5234006.SQ.FTS.B
,
4
.403
%
,
10/28/33
...
25,481
1
a,b
5230330.SQ.FTS.B
,
4
.717
%
,
10/28/33
...
1,320
–
a,b
5238828.SQ.FTS.B
,
3
.774
%
,
10/29/33
...
19,166
–
a,b
5240546.SQ.FTS.B
,
3
.953
%
,
10/30/33
...
1,371
–
a,b
5240481.SQ.FTS.B
,
4
.563
%
,
10/30/33
...
1,280
–
a,b
5240561.SQ.FTS.B
,
4
.95
%
,
10/30/33
....
993
–
a,b
5240923.SQ.FTS.B
,
4
.56
%
,
11/01/33
....
7,658
–
a,b
5245023.SQ.FTS.B
,
3
.936
%
,
11/02/33
...
1,235
–
a,b
5252966.SQ.FTS.B
,
4
.188
%
,
11/04/33
...
2,234
–
a,b
5256925.SQ.FTS.B
,
4
.403
%
,
11/04/33
...
12,494
–
a,b
5251953.SQ.FTS.B
,
4
.553
%
,
11/04/33
...
1,860
–
a,b
5267302.SQ.FTS.B
,
3
.354
%
,
11/06/33
...
212
–
a,b
5267196.SQ.FTS.B
,
4
.723
%
,
11/06/33
...
2,396
–
a,b
5270825.SQ.FTS.B
,
4
.877
%
,
11/06/33
...
4,533
–
a,b
5273714.SQ.FTS.B
,
4
.563
%
,
11/08/33
...
2,002
–
a,b
5276774.SQ.FTS.B
,
4
.556
%
,
11/09/33
...
3,264
–
a,b
5280986.SQ.FTS.B
,
4
.555
%
,
11/10/33
...
1,327
–
a,b
5284007.SQ.FTS.B
,
4
.403
%
,
11/11/33
...
1,049
–
a,b
5289917.SQ.FTS.B
,
3
.774
%
,
11/12/33
...
702
–
a,b
5287039.SQ.FTS.B
,
4
.475
%
,
11/12/33
...
8,749
–
a,b
5288567.SQ.FTS.B
,
6
.146
%
,
11/12/33
...
487
–
a,b
5292026.SQ.FTS.B
,
4
.719
%
,
11/13/33
...
5,106
–
a,b
5293955.SQ.FTS.B
,
4
.721
%
,
11/14/33
...
5,278
–
a,b
5293907.SQ.FTS.B
,
4
.874
%
,
11/14/33
...
2,714
–
a,b
5295255.SQ.FTS.B
,
3
.303
%
,
11/16/33
...
1,890
1
a,b
5296246.SQ.FTS.B
,
4
.26
%
,
11/16/33
....
1,628
–
a,b
5300323.SQ.FTS.B
,
4
.569
%
,
11/17/33
...
1,387
–
a,b
5312373.SQ.FTS.B
,
4
.56
%
,
11/18/33
....
721
–
a,b
5317481.SQ.FTS.B
,
4
.528
%
,
11/19/33
...
593
–
a,b
5319057.SQ.FTS.B
,
5
.031
%
,
11/19/33
...
2,284
–
a,b
5325009.SQ.FTS.B
,
3
.047
%
,
11/22/33
...
6,356
–
a,b
5325109.SQ.FTS.B
,
4
.114
%
,
11/22/33
...
3,741
–
a,b
5325953.SQ.FTS.B
,
3
.673
%
,
11/23/33
...
26,736
1
a,b
5331997.SQ.FTS.B
,
3
.29
%
,
11/24/33
....
1,138
–
a,b
5333772.SQ.FTS.B
,
3
.324
%
,
11/24/33
...
967
–
a,b
5334010.SQ.FTS.B
,
3
.33
%
,
11/24/33
....
435
–
a,b
5332017.SQ.FTS.B
,
4
.403
%
,
11/24/33
...
3,457
–
a,b
5334017.SQ.FTS.B
,
4
.403
%
,
11/24/33
...
710
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5334919.SQ.FTS.B
,
4
.56
%
,
11/24/33
....
$
1,216
$
–
a,b
5332382.SQ.FTS.B
,
4
.858
%
,
11/24/33
...
1,453
–
a,b
5333523.SQ.FTS.B
,
4
.881
%
,
11/24/33
...
620
–
a,b
5337318.SQ.FTS.B
,
3
.962
%
,
11/25/33
...
1,470
–
a,b
5336258.SQ.FTS.B
,
4
.558
%
,
11/25/33
...
4,115
–
a,b
5365379.SQ.FTS.B
,
4
.56
%
,
11/26/33
....
768
–
a,b
5364900.SQ.FTS.B
,
4
.571
%
,
11/26/33
...
1,391
–
a,b
5377413.SQ.FTS.B
,
3
.944
%
,
11/27/33
...
944
–
a,b
5378585.SQ.FTS.B
,
3
.953
%
,
11/27/33
...
392
–
a,b
5369148.SQ.FTS.B
,
4
.354
%
,
11/27/33
...
969
–
a,b
5377620.SQ.FTS.B
,
4
.414
%
,
11/27/33
...
13,408
2
a,b
5397535.SQ.FTS.B
,
3
.585
%
,
11/30/33
...
5,543
–
a,b
5393796.SQ.FTS.B
,
5
.031
%
,
11/30/33
...
8
–
a,b
5408127.SQ.FTS.B
,
3
.774
%
,
12/01/33
...
1,021
–
a,b
5412734.SQ.FTS.B
,
3
.992
%
,
12/01/33
...
8,127
–
a,b
5413423.SQ.FTS.B
,
4
.879
%
,
12/01/33
...
2,550
–
a,b
5411388.SQ.FTS.B
,
5
.031
%
,
12/01/33
...
563
–
a,b
5447961.SQ.FTS.B
,
4
.557
%
,
12/02/33
...
697
–
a,b
5472760.SQ.FTS.B
,
4
.479
%
,
12/04/33
...
3,648
–
a,b
5475686.SQ.FTS.B
,
4
.56
%
,
12/06/33
....
2,736
–
a,b
5479438.SQ.FTS.B
,
4
.866
%
,
12/06/33
...
631
–
a,b
5480752.SQ.FTS.B
,
5
.031
%
,
12/06/33
...
3,098
–
a,b
5505930.SQ.FTS.B
,
6
.289
%
,
12/07/33
...
1,048
–
a,b
5518310.SQ.FTS.B
,
3
.913
%
,
12/08/33
...
390
–
a,b
5515187.SQ.FTS.B
,
4
.403
%
,
12/08/33
...
4,692
–
a,b
5516154.SQ.FTS.B
,
4
.72
%
,
12/08/33
....
12,489
–
a,b
5507000.SQ.FTS.B
,
4
.758
%
,
12/08/33
...
38,614
1
a,b
5533995.SQ.FTS.B
,
3
.277
%
,
12/09/33
...
813
–
a,b
5534121.SQ.FTS.B
,
5
.031
%
,
12/09/33
...
5,159
–
a,b
5534689.SQ.FTS.B
,
3
.346
%
,
12/10/33
...
3,849
–
a,b
5537817.SQ.FTS.B
,
4
.193
%
,
12/10/33
...
798
–
a,b
5537728.SQ.FTS.B
,
4
.447
%
,
12/10/33
...
2,668
–
a,b
5535547.SQ.FTS.B
,
4
.724
%
,
12/10/33
...
4,404
–
a,b
5537953.SQ.FTS.B
,
5
.029
%
,
12/10/33
...
4,030
–
a,b
5539948.SQ.FTS.B
,
4
.239
%
,
12/11/33
...
1,314
–
a,b
5541083.SQ.FTS.B
,
2
.917
%
,
12/12/33
...
114
–
a,b
5541094.SQ.FTS.B
,
4
.721
%
,
12/12/33
...
5,085
–
a,b
5546515.SQ.FTS.B
,
4
.556
%
,
12/13/33
...
2,064
–
a,b
5552344.SQ.FTS.B
,
3
.537
%
,
12/14/33
...
1,674
–
a,b
5547946.SQ.FTS.B
,
5
.031
%
,
12/14/33
...
1,134
–
a,b
5554641.SQ.FTS.B
,
3
.292
%
,
12/15/33
...
62,255
–
a,b
5556696.SQ.FTS.B
,
5
.344
%
,
12/15/33
...
5,553
1
a,b
5563038.SQ.FTS.B
,
4
.564
%
,
12/16/33
...
4,772
–
a,b
5562047.SQ.FTS.B
,
4
.565
%
,
12/16/33
...
3,095
–
a,b
5564628.SQ.FTS.B
,
3
.302
%
,
12/17/33
...
2,787
–
a,b
5565992.SQ.FTS.B
,
4
.875
%
,
12/17/33
...
2,616
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5568881.SQ.FTS.B
,
3
.298
%
,
12/19/33
...
$
1,314
$
–
a,b
5569070.SQ.FTS.B
,
4
.568
%
,
12/19/33
...
29,610
–
a,b
5572327.SQ.FTS.B
,
4
.572
%
,
12/20/33
...
243
–
a,b
5574351.SQ.FTS.B
,
4
.403
%
,
12/21/33
...
10,696
1
a,b
5573406.SQ.FTS.B
,
4
.546
%
,
12/21/33
...
363
–
a,b
5575886.SQ.FTS.B
,
4
.557
%
,
12/21/33
...
894
–
a,b
5586899.SQ.FTS.B
,
3
.653
%
,
12/24/33
...
2,468
–
a,b
5585522.SQ.FTS.B
,
4
.55
%
,
12/24/33
....
445
–
a,b
5588173.SQ.FTS.B
,
3
.774
%
,
12/25/33
...
2,502
–
a,b
5589322.SQ.FTS.B
,
4
.564
%
,
12/26/33
...
4,040
–
a,b
5588832.SQ.FTS.B
,
4
.719
%
,
12/26/33
...
7,140
–
a,b
5594180.SQ.FTS.B
,
2
.869
%
,
12/28/33
...
732
–
a,b
5595624.SQ.FTS.B
,
4
.567
%
,
12/28/33
...
789
–
a,b
5600496.SQ.FTS.B
,
2
.664
%
,
12/29/33
...
371
–
a,b
5599728.SQ.FTS.B
,
2
.797
%
,
12/29/33
...
4,867
–
a,b
5597497.SQ.FTS.B
,
4
.56
%
,
12/29/33
....
1,451
–
a,b
5600632.SQ.FTS.B
,
5
.031
%
,
12/29/33
...
3,133
–
a,b
5600526.SQ.FTS.B
,
5
.296
%
,
12/29/33
...
1,008
–
a,b
5611517.SQ.FTS.B
,
4
.558
%
,
12/30/33
...
2,001
–
a,b
5612507.SQ.FTS.B
,
4
.56
%
,
12/30/33
....
11,600
1
a,b
5616046.SQ.FTS.B
,
2
.619
%
,
1/01/34
....
1,631
–
a,b
5616216.SQ.FTS.B
,
3
.563
%
,
1/01/34
....
5,841
1
a,b
5614938.SQ.FTS.B
,
4
.555
%
,
1/01/34
....
2,188
–
a,b
5618116.SQ.FTS.B
,
4
.875
%
,
1/02/34
....
8,099
1
a,b
5618863.SQ.FTS.B
,
3
.774
%
,
1/03/34
....
1,492
–
a,b
5619959.SQ.FTS.B
,
4
.559
%
,
1/04/34
....
2,374
–
a,b
5620066.SQ.FTS.B
,
4
.566
%
,
1/04/34
....
2,868
–
a,b
5619464.SQ.FTS.B
,
4
.582
%
,
1/04/34
....
646
–
a,b
5623363.SQ.FTS.B
,
4
.559
%
,
1/05/34
....
10,990
–
a,b
5624299.SQ.FTS.B
,
4
.712
%
,
1/05/34
....
6,091
–
a,b
5630151.SQ.FTS.B
,
3
.936
%
,
1/06/34
....
506
–
a,b
5647775.SQ.FTS.B
,
4
.257
%
,
1/07/34
....
1,305
–
a,b
5654133.SQ.FTS.B
,
4
.875
%
,
1/08/34
....
32,774
–
a,b
5655643.SQ.FTS.B
,
3
.936
%
,
1/09/34
....
4,363
–
a,b
5656207.SQ.FTS.B
,
4
.559
%
,
1/09/34
....
8,733
1
a,b
5663245.SQ.FTS.B
,
3
.302
%
,
1/11/34
....
500
–
a,b
5663983.SQ.FTS.B
,
3
.826
%
,
1/11/34
....
461
–
a,b
5662691.SQ.FTS.B
,
4
.56
%
,
1/11/34
.....
573
–
a,b
5666806.SQ.FTS.B
,
3
.304
%
,
1/12/34
....
13,430
–
a,b
5671581.SQ.FTS.B
,
4
.559
%
,
1/12/34
....
18,583
–
a,b
5673210.SQ.FTS.B
,
3
.934
%
,
1/13/34
....
2,838
–
a,b
5675130.SQ.FTS.B
,
4
.718
%
,
1/13/34
....
490
–
a,b
5695450.SQ.FTS.B
,
3
.323
%
,
1/14/34
....
26,182
1
a,b
5694816.SQ.FTS.B
,
3
.38
%
,
1/14/34
.....
1,074
–
a,b
5689248.SQ.FTS.B
,
4
.556
%
,
1/14/34
....
1,934
–
a,b
5700432.SQ.FTS.B
,
4
.193
%
,
1/15/34
....
929
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5696963.SQ.FTS.B
,
4
.559
%
,
1/15/34
....
$
8,836
$
–
a,b
5703401.SQ.FTS.B
,
5
.031
%
,
1/17/34
....
1,653
–
a,b
5708905.SQ.FTS.B
,
3
.906
%
,
1/18/34
....
553
–
a,b
5709549.SQ.FTS.B
,
4
.174
%
,
1/18/34
....
12,160
–
a,b
5708392.SQ.FTS.B
,
4
.561
%
,
1/18/34
....
9,171
–
a,b
5706022.SQ.FTS.B
,
5
.179
%
,
1/18/34
....
194
–
a,b
5721102.SQ.FTS.B
,
4
.871
%
,
1/20/34
....
1,302
–
a,b
5728577.SQ.FTS.B
,
4
.56
%
,
1/21/34
.....
3,241
–
a,b
5732624.SQ.FTS.B
,
4
.56
%
,
1/22/34
.....
11,619
–
a,b
5731303.SQ.FTS.B
,
4
.574
%
,
1/22/34
....
1,418
–
a,b
5735573.SQ.FTS.B
,
4
.403
%
,
1/24/34
....
5,816
1
a,b
5737632.SQ.FTS.B
,
3
.931
%
,
1/25/34
....
5,796
–
a,b
5741303.SQ.FTS.B
,
4
.567
%
,
1/26/34
....
2,044
–
a,b
5751520.SQ.FTS.B
,
3
.308
%
,
1/28/34
....
2,991
–
a,b
5754310.SQ.FTS.B
,
3
.164
%
,
1/29/34
....
954
–
a,b
5756610.SQ.FTS.B
,
3
.774
%
,
1/29/34
....
4,556
–
a,b
5757607.SQ.FTS.B
,
3
.929
%
,
1/31/34
....
9,346
–
a,b
5760954.SQ.FTS.B
,
4
.102
%
,
2/01/34
....
2,824
–
a,b
5758291.SQ.FTS.B
,
4
.565
%
,
2/01/34
....
5,772
–
a,b
5767488.SQ.FTS.B
,
4
.566
%
,
2/03/34
....
1,220
–
a,b
5773116.SQ.FTS.B
,
4
.87
%
,
2/04/34
.....
3,729
–
a,b
5777772.SQ.FTS.B
,
4
.558
%
,
2/05/34
....
8,178
–
a,b
5778008.SQ.FTS.B
,
4
.687
%
,
2/05/34
....
4,729
–
a,b
5781951.SQ.FTS.B
,
4
.557
%
,
2/08/34
....
4,019
–
a,b
5784874.SQ.FTS.B
,
5
.153
%
,
2/09/34
....
3,818
–
a,b
5792518.SQ.FTS.B
,
4
.876
%
,
2/10/34
....
16,456
–
a,b
5802478.SQ.FTS.B
,
3
.774
%
,
2/11/34
....
7,637
–
a,b
5812068.SQ.FTS.B
,
3
.302
%
,
2/12/34
....
2,493
–
a,b
5809201.SQ.FTS.B
,
3
.975
%
,
2/12/34
....
718
–
a,b
5810852.SQ.FTS.B
,
4
.558
%
,
2/12/34
....
3,602
–
a,b
5813253.SQ.FTS.B
,
4
.558
%
,
2/12/34
....
7,311
–
a,b
5813184.SQ.FTS.B
,
4
.894
%
,
2/12/34
....
1,676
–
a,b
5813462.SQ.FTS.B
,
4
.687
%
,
2/13/34
....
1,394
–
a,b
5814016.SQ.FTS.B
,
4
.876
%
,
2/13/34
....
2,868
–
a,b
5814576.SQ.FTS.B
,
3
.308
%
,
2/14/34
....
2,223
–
a,b
5816945.SQ.FTS.B
,
4
.876
%
,
2/15/34
....
4,384
–
a,b
5815447.SQ.FTS.B
,
5
.156
%
,
2/15/34
....
1,227
–
a,b
5817070.SQ.FTS.B
,
5
.158
%
,
2/15/34
....
30,140
–
a,b
5823345.SQ.FTS.B
,
3
.944
%
,
2/17/34
....
1,884
–
a,b
5825002.SQ.FTS.B
,
4
.56
%
,
2/17/34
.....
35,998
–
a,b
5823283.SQ.FTS.B
,
4
.633
%
,
2/17/34
....
18
–
a,b
5824742.SQ.FTS.B
,
4
.688
%
,
2/17/34
....
3,322
–
a,b
5825354.SQ.FTS.B
,
4
.723
%
,
2/17/34
....
4,905
–
a,b
5827842.SQ.FTS.B
,
4
.561
%
,
2/18/34
....
7,668
–
a,b
5830440.SQ.FTS.B
,
4
.562
%
,
2/18/34
....
2,577
–
a,b
5828926.SQ.FTS.B
,
4
.685
%
,
2/18/34
....
17,907
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
5832209.SQ.FTS.B
,
4
.403
%
,
2/19/34
....
$
26,120
$
–
a,b
5832609.SQ.FTS.B
,
4
.929
%
,
2/19/34
....
2,194
–
a,b
5834318.SQ.FTS.B
,
3
.304
%
,
2/20/34
....
8,185
–
a,b
5834294.SQ.FTS.B
,
4
.537
%
,
2/20/34
....
502
–
a,b
5835079.SQ.FTS.B
,
5
.031
%
,
2/20/34
....
683
–
a,b
5837211.SQ.FTS.B
,
4
.56
%
,
2/22/34
.....
2,901
–
a,b
5837315.SQ.FTS.B
,
4
.561
%
,
2/22/34
....
4,547
–
a,b
5837252.SQ.FTS.B
,
5
.262
%
,
2/22/34
....
1,427
–
a,b
5840394.SQ.FTS.B
,
4
.809
%
,
2/23/34
....
7,735
–
a,b
5839815.SQ.FTS.B
,
4
.859
%
,
2/23/34
....
615
–
a,b
5842093.SQ.FTS.B
,
4
.874
%
,
2/23/34
....
1,240
–
a,b
5851647.SQ.FTS.B
,
4
.534
%
,
2/25/34
....
1,396
–
a,b
5848551.SQ.FTS.B
,
4
.685
%
,
2/25/34
....
1,094
–
a,b
5852027.SQ.FTS.B
,
4
.82
%
,
2/26/34
.....
455
–
a,b
5854311.SQ.FTS.B
,
5
.158
%
,
2/26/34
....
663
–
a,b
5853740.SQ.FTS.B
,
5
.288
%
,
2/26/34
....
2,104
–
a,b
5855240.SQ.FTS.B
,
5
.19
%
,
2/27/34
.....
6,098
–
a,b
5866864.SQ.FTS.B
,
4
.019
%
,
2/28/34
....
2,964
–
a,b
5857039.SQ.FTS.B
,
4
.523
%
,
2/28/34
....
219
–
a,b
5861134.SQ.FTS.B
,
4
.529
%
,
2/28/34
....
14,061
2
a,b
5866568.SQ.FTS.B
,
4
.617
%
,
2/28/34
....
2,638
–
a,b
5855911.SQ.FTS.B
,
4
.687
%
,
2/28/34
....
2,925
–
a,b
5861125.SQ.FTS.B
,
4
.772
%
,
2/28/34
....
619
–
a,b
5862630.SQ.FTS.B
,
5
.067
%
,
2/28/34
....
5,065
–
a,b
5873819.SQ.FTS.B
,
5
.09
%
,
3/01/34
.....
1,232
–
a,b
5874482.SQ.FTS.B
,
4
.762
%
,
3/02/34
....
657
–
a,b
5874329.SQ.FTS.B
,
5
.179
%
,
3/02/34
....
422
–
a,b
5877776.SQ.FTS.B
,
5
.458
%
,
3/03/34
....
691
–
a,b
5878846.SQ.FTS.B
,
5
.302
%
,
3/05/34
....
356
–
a,b
5885192.SQ.FTS.B
,
5
.384
%
,
3/07/34
....
2,394
–
a,b
5884477.SQ.FTS.B
,
5
.518
%
,
3/07/34
....
988
–
a,b
5883334.SQ.FTS.B
,
5
.524
%
,
3/07/34
....
1,109
–
a,b
5889080.SQ.FTS.B
,
4
.718
%
,
3/08/34
....
771
–
a,b
5889436.SQ.FTS.B
,
4
.844
%
,
3/08/34
....
14,724
–
a,b
5889875.SQ.FTS.B
,
5
.174
%
,
3/08/34
....
97
–
a,b
5889597.SQ.FTS.B
,
5
.287
%
,
3/08/34
....
1,085
–
a,b
5894091.SQ.FTS.B
,
4
.599
%
,
3/09/34
....
2,167
–
a,b
5893929.SQ.FTS.B
,
4
.751
%
,
3/09/34
....
788
–
a,b
5893541.SQ.FTS.B
,
5
.441
%
,
3/09/34
....
4,112
–
a,b
5893815.SQ.FTS.B
,
5
.451
%
,
3/09/34
....
1,195
–
a,b
5898769.SQ.FTS.B
,
3
.93
%
,
3/12/34
.....
2,169
–
a,b
5898320.SQ.FTS.B
,
5
.031
%
,
3/12/34
....
8,262
–
a,b
5900989.SQ.FTS.B
,
3
.935
%
,
3/13/34
....
5,386
–
a,b
5900390.SQ.FTS.B
,
4
.434
%
,
3/13/34
....
13,495
–
a,b
5900600.SQ.FTS.B
,
5
.093
%
,
3/13/34
....
7,701
–
a,b
5903864.SQ.FTS.B
,
5
.043
%
,
3/14/34
....
2,296
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
5911495.SQ.FTS.B
,
4
.309
%
,
3/16/34
....
$
40,359
$
3
a,b
5910869.SQ.FTS.B
,
5
.031
%
,
3/16/34
....
2,092
–
a,b
5913989.SQ.FTS.B
,
5
.445
%
,
3/17/34
....
1,336
–
a,b
5914396.SQ.FTS.B
,
5
.177
%
,
3/18/34
....
1,467
–
a,b
5915505.SQ.FTS.B
,
5
.283
%
,
3/19/34
....
16,318
1
a,b
5917707.SQ.FTS.B
,
5
.541
%
,
3/19/34
....
3,053
–
a,b
5921285.SQ.FTS.B
,
4
.747
%
,
3/20/34
....
2,698
–
a,b
5921918.SQ.FTS.B
,
5
.156
%
,
3/20/34
....
11,547
–
a,b
5923022.SQ.FTS.B
,
5
.284
%
,
3/21/34
....
1,435
–
a,b
5934059.SQ.FTS.B
,
5
.076
%
,
3/24/34
....
1,242
–
a,b
5934219.SQ.FTS.B
,
5
.158
%
,
3/24/34
....
22,371
–
a,b
5934730.SQ.FTS.B
,
4
.74
%
,
3/25/34
.....
2,564
–
a,b
5936923.SQ.FTS.B
,
4
.526
%
,
3/26/34
....
9,927
–
a,b
5938584.SQ.FTS.B
,
5
.097
%
,
3/26/34
....
6,806
–
a,b
5937124.SQ.FTS.B
,
5
.189
%
,
3/26/34
....
181
–
a,b
5941367.SQ.FTS.B
,
4
.717
%
,
3/27/34
....
4,768
–
a,b
5945082.SQ.FTS.B
,
3
.927
%
,
3/28/34
....
2,500
–
a,b
5943947.SQ.FTS.B
,
4
.74
%
,
3/28/34
.....
1,308
–
a,b
5945214.SQ.FTS.B
,
5
.367
%
,
3/28/34
....
656
–
a,b
5950686.SQ.FTS.B
,
4
.744
%
,
3/29/34
....
810
–
a,b
5954440.SQ.FTS.B
,
4
.843
%
,
3/30/34
....
7,514
–
a,b
5953097.SQ.FTS.B
,
5
.031
%
,
3/30/34
....
885
–
a,b
5956888.SQ.FTS.B
,
4
.221
%
,
4/02/34
....
2,980
–
a,b
5956650.SQ.FTS.B
,
5
.084
%
,
4/02/34
....
182
–
a,b
5956268.SQ.FTS.B
,
5
.096
%
,
4/02/34
....
609
–
a,b
5960434.SQ.FTS.B
,
5
.182
%
,
4/03/34
....
375
–
a,b
5959931.SQ.FTS.B
,
5
.429
%
,
4/03/34
....
1,644
–
a,b
5959978.SQ.FTS.B
,
5
.543
%
,
4/03/34
....
1,182
–
a,b
5966156.SQ.FTS.B
,
4
.03
%
,
4/05/34
.....
4,893
–
a,b
5964109.SQ.FTS.B
,
5
.28
%
,
4/05/34
.....
3,134
1
a,b
5980129.SQ.FTS.B
,
4
.947
%
,
4/10/34
....
337
–
a,b
5981924.SQ.FTS.B
,
4
.843
%
,
4/11/34
....
12,026
1
a,b
5983869.SQ.FTS.B
,
5
.031
%
,
4/11/34
....
1,723
–
a,b
5983705.SQ.FTS.B
,
5
.441
%
,
4/11/34
....
4,402
–
a,b
5986027.SQ.FTS.B
,
5
.095
%
,
4/12/34
....
3,601
–
a,b
5991404.SQ.FTS.B
,
4
.591
%
,
4/13/34
....
1,408
1
a,b
5995853.SQ.FTS.B
,
4
.028
%
,
4/14/34
....
7,553
–
a,b
5995769.SQ.FTS.B
,
4
.938
%
,
4/14/34
....
4,698
–
a,b
5996582.SQ.FTS.B
,
5
.428
%
,
4/15/34
....
330
–
a,b
6000328.SQ.FTS.B
,
5
.275
%
,
4/17/34
....
2,618
–
a,b
6001519.SQ.FTS.B
,
4
.591
%
,
4/18/34
....
505
–
a,b
6010572.SQ.FTS.B
,
4
.216
%
,
4/20/34
....
6,145
–
a,b
6010705.SQ.FTS.B
,
4
.906
%
,
4/20/34
....
4,090
–
a,b
6015748.SQ.FTS.B
,
4
.756
%
,
4/21/34
....
3,151
–
a,b
6023977.SQ.FTS.B
,
5
.196
%
,
4/25/34
....
871
–
a,b
6024354.SQ.FTS.B
,
5
.439
%
,
4/26/34
....
2,773
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6037378.SQ.FTS.B
,
4
.751
%
,
4/29/34
....
$
732
$
–
a,b
6038361.SQ.FTS.B
,
4
.526
%
,
4/30/34
....
2,968
–
a,b
6057823.SQ.FTS.B
,
4
.905
%
,
5/04/34
....
17,364
–
a,b
6063087.SQ.FTS.B
,
4
.305
%
,
5/07/34
....
4,299
–
a,b
6064155.SQ.FTS.B
,
5
.379
%
,
5/08/34
....
694
–
a,b
6064464.SQ.FTS.B
,
5
.542
%
,
5/08/34
....
3,001
–
a,b
6111911.SQ.FTS.B
,
5
.379
%
,
5/09/34
.....
1,257
1
a,b
6120978.SQ.FTS.B
,
4
.769
%
,
5/10/34
....
836
–
a,b
6123828.SQ.FTS.B
,
4
.906
%
,
5/10/34
....
15,343
–
a,b
6122851.SQ.FTS.B
,
5
.157
%
,
5/10/34
....
5,276
–
a,b
6122683.SQ.FTS.B
,
5
.438
%
,
5/10/34
....
9,407
–
a,b
6126543.SQ.FTS.B
,
5
.457
%
,
5/12/34
....
452
–
a,b
6127052.SQ.FTS.B
,
5
.539
%
,
5/13/34
....
2,897
–
a,b
6134462.SQ.FTS.B
,
4
.527
%
,
5/15/34
....
5,519
1
a,b
6143084.SQ.FTS.B
,
5
.515
%
,
5/17/34
....
140
–
a,b
6145383.SQ.FTS.B
,
5
.158
%
,
5/18/34
....
25,311
1
a,b
6147718.SQ.FTS.B
,
5
.373
%
,
5/20/34
....
3,339
–
a,b
6147775.SQ.FTS.B
,
5
.453
%
,
5/20/34
....
1,022
–
a,b
6149657.SQ.FTS.B
,
4
.748
%
,
5/21/34
....
8,931
–
a,b
6149268.SQ.FTS.B
,
5
.031
%
,
5/21/34
....
3,411
–
a,b
6154074.SQ.FTS.B
,
4
.534
%
,
5/22/34
....
4,237
–
a,b
6160262.SQ.FTS.B
,
4
.751
%
,
5/23/34
....
4,566
–
a,b
6159444.SQ.FTS.B
,
4
.901
%
,
5/23/34
....
605
–
a,b
6161261.SQ.FTS.B
,
5
.287
%
,
5/24/34
....
1,545
–
a,b
6164819.SQ.FTS.B
,
5
.444
%
,
5/26/34
....
480
–
a,b
6164962.SQ.FTS.B
,
5
.445
%
,
5/26/34
....
3,092
–
a,b
6169262.SQ.FTS.B
,
5
.444
%
,
5/28/34
....
142
–
a,b
6173109.SQ.FTS.B
,
4
.311
%
,
5/29/34
....
732
–
a,b
6173073.SQ.FTS.B
,
4
.906
%
,
5/29/34
....
1,600
–
a,b
6185954.SQ.FTS.B
,
5
.441
%
,
6/03/34
....
1,742
–
a,b
6185770.SQ.FTS.B
,
5
.547
%
,
6/03/34
....
2,564
–
a,b
6190982.SQ.FTS.B
,
4
.314
%
,
6/05/34
....
4,546
–
a,b
6191154.SQ.FTS.B
,
5
.532
%
,
6/06/34
....
2,148
–
a,b
6209210.SQ.FTS.B
,
4
.309
%
,
6/09/34
....
6,712
1
a,b
6209706.SQ.FTS.B
,
5
.036
%
,
6/10/34
....
2,323
–
a,b
6211694.SQ.FTS.B
,
5
.372
%
,
6/12/34
....
2,506
–
a,b
6217699.SQ.FTS.B
,
4
.748
%
,
6/13/34
....
3,192
–
a,b
6217315.SQ.FTS.B
,
5
.031
%
,
6/13/34
....
687
–
a,b
6220586.SQ.FTS.B
,
5
.031
%
,
6/14/34
....
3,429
–
a,b
6220625.SQ.FTS.B
,
5
.378
%
,
6/14/34
....
8,814
–
a,b
6227194.SQ.FTS.B
,
5
.02
%
,
6/16/34
.....
1,771
–
a,b
6236255.SQ.FTS.B
,
5
.436
%
,
6/18/34
....
2,023
–
a,b
6237088.SQ.FTS.B
,
4
.742
%
,
6/19/34
....
1,309
–
a,b
6237213.SQ.FTS.B
,
5
.438
%
,
6/19/34
....
994
–
a,b
6243468.SQ.FTS.B
,
4
.969
%
,
6/20/34
....
12,676
–
a,b
6243792.SQ.FTS.B
,
5
.374
%
,
6/21/34
....
2,999
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6245571.SQ.FTS.B
,
5
.674
%
,
6/21/34
....
$
502
$
–
a,b
6254473.SQ.FTS.B
,
5
.251
%
,
6/23/34
....
13,950
–
a,b
6254361.SQ.FTS.B
,
5
.374
%
,
6/23/34
....
1,745
–
a,b
6254841.SQ.FTS.B
,
5
.443
%
,
6/23/34
....
4,682
–
a,b
6259695.SQ.FTS.B
,
5
.545
%
,
6/27/34
....
2,225
–
a,b
6265153.SQ.FTS.B
,
5
.127
%
,
6/29/34
....
11,421
–
a,b
6266370.SQ.FTS.B
,
5
.252
%
,
6/29/34
....
4,336
–
a,b
6275326.SQ.FTS.B
,
5
.44
%
,
7/03/34
.....
2,114
–
a,b
6277033.SQ.FTS.B
,
5
.25
%
,
7/04/34
.....
3,011
–
a,b
6278139.SQ.FTS.B
,
5
.61
%
,
7/04/34
.....
931
–
a,b
6282812.SQ.FTS.B
,
4
.969
%
,
7/06/34
....
15,894
–
a,b
6285291.SQ.FTS.B
,
4
.969
%
,
7/06/34
....
21,510
–
a,b
6285821.SQ.FTS.B
,
5
.609
%
,
7/07/34
....
1,998
–
a,b
6300866.SQ.FTS.B
,
5
.66
%
,
7/13/34
.....
274
–
a,b
6309341.SQ.FTS.B
,
5
.767
%
,
7/18/34
....
1,719
–
a,b
6314763.SQ.FTS.B
,
4
.749
%
,
7/19/34
....
982
–
a,b
6319056.SQ.FTS.B
,
4
.748
%
,
7/21/34
....
430
–
a,b
6351823.SQ.FTS.B
,
4
.966
%
,
7/24/34
....
1,939
–
a,b
6353581.SQ.FTS.B
,
5
.118
%
,
7/24/34
....
916
–
a,b
6351975.SQ.FTS.B
,
5
.478
%
,
7/24/34
....
2,638
–
a,b
6359468.SQ.FTS.B
,
5
.627
%
,
7/26/34
....
432
–
a,b
6370285.SQ.FTS.B
,
5
.757
%
,
7/30/34
....
1,998
–
a,b
6372961.SQ.FTS.B
,
5
.377
%
,
7/31/34
....
57,137
–
a,b
6379092.SQ.FTS.B
,
5
.66
%
,
8/02/34
.....
954
–
a,b
6382243.SQ.FTS.B
,
4
.969
%
,
8/03/34
....
40,502
–
a,b
6386635.SQ.FTS.B
,
4
.99
%
,
8/05/34
.....
1,423
–
a,b
6389269.SQ.FTS.B
,
5
.373
%
,
8/06/34
....
5,046
–
a,b
6389202.SQ.FTS.B
,
5
.751
%
,
8/06/34
....
3,677
–
a,b
6392987.SQ.FTS.B
,
4
.75
%
,
8/07/34
.....
7,102
–
a,b
6392793.SQ.FTS.B
,
5
.48
%
,
8/07/34
.....
432
–
a,b
6393441.SQ.FTS.B
,
4
.971
%
,
8/08/34
....
2,464
–
a,b
6404033.SQ.FTS.B
,
4
.755
%
,
8/11/34
....
2,159
–
a,b
6410608.SQ.FTS.B
,
5
.471
%
,
8/14/34
....
23,537
–
a,b
6413090.SQ.FTS.B
,
5
.251
%
,
8/15/34
....
14,328
–
a,b
6422493.SQ.FTS.B
,
4
.96
%
,
8/17/34
.....
96
–
a,b
6424176.SQ.FTS.B
,
4
.969
%
,
8/18/34
....
22,930
2
a,b
6427394.SQ.FTS.B
,
4
.75
%
,
8/21/34
.....
24,524
–
a,b
6427044.SQ.FTS.B
,
5
.471
%
,
8/21/34
....
637
–
a,b
6431015.SQ.FTS.B
,
4
.969
%
,
8/22/34
....
2,894
–
a,b
6439616.SQ.FTS.B
,
4
.969
%
,
8/23/34
....
2,924
–
a,b
6439850.SQ.FTS.B
,
5
.472
%
,
8/23/34
....
7,981
–
a,b
6436390.SQ.FTS.B
,
5
.597
%
,
8/23/34
....
3,413
–
a,b
6442480.SQ.FTS.B
,
5
.383
%
,
8/24/34
....
1,919
–
a,b
6451818.SQ.FTS.B
,
4
.528
%
,
8/28/34
....
32,683
1
a,b
6452723.SQ.FTS.B
,
4
.75
%
,
8/28/34
.....
1,840
–
a,b
6454314.SQ.FTS.B
,
4
.97
%
,
9/01/34
.....
6,133
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6461434.SQ.FTS.B
,
5
.252
%
,
9/03/34
....
$
6,632
$
1
a,b
6464078.SQ.FTS.B
,
5
.121
%
,
9/04/34
....
818
–
a,b
6467555.SQ.FTS.B
,
5
.377
%
,
9/06/34
....
3,596
–
a,b
6465421.SQ.FTS.B
,
5
.451
%
,
9/06/34
....
1,180
–
a,b
6470092.SQ.FTS.B
,
5
.469
%
,
9/07/34
....
3,576
–
a,b
6475454.SQ.FTS.B
,
5
.126
%
,
9/08/34
....
2,557
–
a,b
6475554.SQ.FTS.B
,
5
.597
%
,
9/08/34
....
8,062
–
a,b
6481328.SQ.FTS.B
,
4
.748
%
,
9/09/34
....
6,302
–
a,b
6483513.SQ.FTS.B
,
4
.528
%
,
9/10/34
....
7,889
–
a,b
6484336.SQ.FTS.B
,
5
.253
%
,
9/10/34
....
22,221
1
a,b
6488356.SQ.FTS.B
,
5
.66
%
,
9/13/34
.....
3,633
–
a,b
6496050.SQ.FTS.B
,
5
.598
%
,
9/15/34
....
2,621
–
a,b
6503201.SQ.FTS.B
,
4
.755
%
,
9/17/34
....
1,828
–
a,b
6508534.SQ.FTS.B
,
5
.66
%
,
9/20/34
.....
3,125
–
a,b
6523267.SQ.FTS.B
,
4
.84
%
,
9/24/34
.....
5,923
–
a,b
6531074.SQ.FTS.B
,
5
.031
%
,
9/28/34
....
24,833
–
a,b
6533670.SQ.FTS.B
,
5
.44
%
,
9/28/34
.....
2,210
1
a,b
6537472.SQ.FTS.B
,
5
.437
%
,
9/29/34
....
2,567
–
a,b
6541353.SQ.FTS.B
,
5
.597
%
,
9/30/34
....
727
–
a,b
6547411.SQ.FTS.B
,
4
.749
%
,
10/01/34
...
14,177
1
a,b
6552948.SQ.FTS.B
,
5
.131
%
,
10/04/34
...
1,758
–
a,b
6553144.SQ.FTS.B
,
5
.44
%
,
10/04/34
....
734
–
a,b
6563116.SQ.FTS.B
,
5
.436
%
,
10/07/34
...
626
–
a,b
6566625.SQ.FTS.B
,
5
.189
%
,
10/08/34
...
10,420
–
a,b
6570679.SQ.FTS.B
,
5
.44
%
,
10/10/34
....
15,812
–
a,b
6577981.SQ.FTS.B
,
5
.251
%
,
10/12/34
...
10,021
–
a,b
6581786.SQ.FTS.B
,
5
.755
%
,
10/13/34
...
584
–
a,b
6582337.SQ.FTS.B
,
6
.008
%
,
10/13/34
...
569
–
a,b
6592468.SQ.FTS.B
,
5
.188
%
,
10/18/34
...
26,389
–
a,b
6591444.SQ.FTS.B
,
6
.157
%
,
10/18/34
...
1,914
–
a,b
6608375.SQ.FTS.B
,
6
.263
%
,
10/24/34
...
1,568
–
a,b
6614457.SQ.FTS.B
,
5
.759
%
,
10/26/34
...
2,216
–
a,b
6617414.SQ.FTS.B
,
6
.006
%
,
10/27/34
...
2,152
–
a,b
6623607.SQ.FTS.B
,
6
.419
%
,
10/28/34
...
2,737
–
a,b
6624957.SQ.FTS.B
,
6
.411
%
,
10/30/34
...
3,183
–
a,b
6628247.SQ.FTS.B
,
4
.937
%
,
11/01/34
...
3,665
–
a,b
6626404.SQ.FTS.B
,
6
.006
%
,
11/01/34
...
693
–
a,b
6628104.SQ.FTS.B
,
6
.162
%
,
11/01/34
...
8,424
–
a,b
6629787.SQ.FTS.B
,
5
.57
%
,
11/02/34
....
7,692
–
a,b
6632388.SQ.FTS.B
,
6
.413
%
,
11/02/34
...
6,201
–
a,b
6633231.SQ.FTS.B
,
4
.745
%
,
11/03/34
...
238
–
a,b
6639032.SQ.FTS.B
,
5
.442
%
,
11/04/34
...
11,342
–
a,b
6644191.SQ.FTS.B
,
5
.189
%
,
11/05/34
...
32,363
–
a,b
6641907.SQ.FTS.B
,
5
.372
%
,
11/05/34
...
3,766
–
a,b
6641788.SQ.FTS.B
,
5
.445
%
,
11/05/34
...
1,794
–
a,b
6651688.SQ.FTS.B
,
4
.654
%
,
11/09/34
...
53,478
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6649660.SQ.FTS.B
,
5
.185
%
,
11/09/34
...
$
121
$
–
a,b
6651437.SQ.FTS.B
,
5
.454
%
,
11/09/34
...
494
–
a,b
6655130.SQ.FTS.B
,
5
.442
%
,
11/10/34
...
888
–
a,b
6663871.SQ.FTS.B
,
4
.935
%
,
11/12/34
...
3,838
–
a,b
6662849.SQ.FTS.B
,
4
.936
%
,
11/12/34
...
4,461
–
a,b
6662189.SQ.FTS.B
,
6
.013
%
,
11/12/34
...
858
–
a,b
6664005.SQ.FTS.B
,
6
.167
%
,
11/12/34
...
3,617
–
a,b
6665226.SQ.FTS.B
,
6
.006
%
,
11/13/34
...
660
–
a,b
6668780.SQ.FTS.B
,
5
.566
%
,
11/15/34
...
9,273
–
a,b
6672424.SQ.FTS.B
,
5
.377
%
,
11/16/34
...
4,203
4
a,b
6670037.SQ.FTS.B
,
5
.571
%
,
11/16/34
...
6,805
–
a,b
6674961.SQ.FTS.B
,
5
.44
%
,
11/17/34
....
5,853
–
a,b
6678696.SQ.FTS.B
,
4
.936
%
,
11/18/34
...
19,360
–
a,b
6681578.SQ.FTS.B
,
4
.937
%
,
11/18/34
...
10,776
–
a,b
6679343.SQ.FTS.B
,
5
.379
%
,
11/18/34
...
3,191
–
a,b
6684387.SQ.FTS.B
,
4
.738
%
,
11/19/34
...
1,197
–
a,b
6682519.SQ.FTS.B
,
5
.381
%
,
11/19/34
...
771
–
a,b
6685009.SQ.FTS.B
,
5
.752
%
,
11/20/34
...
2,633
1
a,b
6685907.SQ.FTS.B
,
5
.568
%
,
11/21/34
...
3,147
–
a,b
6686639.SQ.FTS.B
,
4
.937
%
,
11/22/34
...
1,131
–
a,b
6686940.SQ.FTS.B
,
4
.937
%
,
11/22/34
...
2,880
–
a,b
6689856.SQ.FTS.B
,
4
.659
%
,
11/23/34
...
4,087
–
a,b
6692529.SQ.FTS.B
,
5
.186
%
,
11/23/34
...
6,099
–
a,b
6689979.SQ.FTS.B
,
5
.377
%
,
11/23/34
...
12,919
–
a,b
6709316.SQ.FTS.B
,
5
.767
%
,
11/29/34
...
108
–
a,b
6719810.SQ.FTS.B
,
6
.432
%
,
12/01/34
...
1,571
–
a,b
6724464.SQ.FTS.B
,
4
.747
%
,
12/02/34
...
9,907
–
a,b
6729931.SQ.FTS.B
,
6
.262
%
,
12/05/34
...
5,140
–
a,b
6731838.SQ.FTS.B
,
4
.654
%
,
12/06/34
...
5,855
–
a,b
6731255.SQ.FTS.B
,
5
.188
%
,
12/06/34
...
1,286
–
a,b
6730881.SQ.FTS.B
,
5
.755
%
,
12/06/34
...
5,559
–
a,b
6737291.SQ.FTS.B
,
5
.203
%
,
12/07/34
...
1,511
–
a,b
6742103.SQ.FTS.B
,
6
.26
%
,
12/08/34
....
970
–
a,b
6746092.SQ.FTS.B
,
4
.659
%
,
12/09/34
...
1,222
–
a,b
6745247.SQ.FTS.B
,
4
.74
%
,
12/09/34
....
775
–
a,b
6746977.SQ.FTS.B
,
5
.188
%
,
12/10/34
...
15,911
–
a,b
6753247.SQ.FTS.B
,
4
.655
%
,
12/13/34
...
9,691
–
a,b
6753008.SQ.FTS.B
,
4
.749
%
,
12/13/34
...
6,085
–
a,b
6764489.SQ.FTS.B
,
4
.937
%
,
12/15/34
...
21,402
–
a,b
6770530.SQ.FTS.B
,
5
.39
%
,
12/19/34
....
1,058
–
a,b
6771134.SQ.FTS.B
,
6
.006
%
,
12/19/34
...
18,256
–
a,b
6774551.SQ.FTS.B
,
5
.567
%
,
12/20/34
...
17,810
–
a,b
6781272.SQ.FTS.B
,
5
.566
%
,
12/22/34
...
37,439
–
a,b
6783369.SQ.FTS.B
,
6
.27
%
,
12/23/34
....
1,854
–
a,b
6792314.SQ.FTS.B
,
6
.005
%
,
12/27/34
...
6,421
–
a,b
6795315.SQ.FTS.B
,
6
.417
%
,
12/28/34
...
1,229
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
6800044.SQ.FTS.B
,
6
.258
%
,
12/29/34
...
$
4,386
$
–
a,b
6804745.SQ.FTS.B
,
5
.449
%
,
12/30/34
...
180
–
a,b
6806677.SQ.FTS.B
,
5
.568
%
,
12/30/34
...
3,293
–
a,b
6808256.SQ.FTS.B
,
5
.546
%
,
1/01/35
....
794
–
a,b
6812850.SQ.FTS.B
,
4
.652
%
,
1/03/35
....
1,848
–
a,b
6812517.SQ.FTS.B
,
5
.566
%
,
1/03/35
....
14,910
–
a,b
6810642.SQ.FTS.B
,
6
.009
%
,
1/03/35
....
5,633
–
a,b
6815367.SQ.FTS.B
,
5
.371
%
,
1/05/35
....
1,775
–
a,b
6822097.SQ.FTS.B
,
4
.751
%
,
1/06/35
....
1,805
–
a,b
6818955.SQ.FTS.B
,
4
.938
%
,
1/06/35
....
7,512
–
a,b
6826532.SQ.FTS.B
,
5
.749
%
,
1/08/35
....
3,960
–
a,b
6836269.SQ.FTS.B
,
4
.747
%
,
1/12/35
....
758
–
a,b
6833875.SQ.FTS.B
,
5
.189
%
,
1/12/35
....
1,457
–
a,b
6836478.SQ.FTS.B
,
5
.749
%
,
1/12/35
....
673
–
a,b
6841626.SQ.FTS.B
,
4
.748
%
,
1/13/35
....
5,625
–
a,b
6838796.SQ.FTS.B
,
6
.176
%
,
1/13/35
....
1,173
–
a,b
6839643.SQ.FTS.B
,
6
.205
%
,
1/13/35
....
576
–
a,b
6843667.SQ.FTS.B
,
6
.415
%
,
1/14/35
....
32,216
–
a,b
6845960.SQ.FTS.B
,
4
.748
%
,
1/15/35
....
2,477
–
a,b
6846131.SQ.FTS.B
,
5
.747
%
,
1/15/35
....
690
–
a,b
6846797.SQ.FTS.B
,
5
.191
%
,
1/16/35
....
623
–
a,b
6846652.SQ.FTS.B
,
5
.773
%
,
1/16/35
....
183
–
a,b
6849498.SQ.FTS.B
,
4
.655
%
,
1/17/35
....
5,530
–
a,b
6849711.SQ.FTS.B
,
4
.743
%
,
1/17/35
....
628
–
a,b
6849119.SQ.FTS.B
,
5
.563
%
,
1/17/35
....
126
–
a,b
6848265.SQ.FTS.B
,
6
.172
%
,
1/17/35
....
1,144
–
a,b
6852615.SQ.FTS.B
,
4
.756
%
,
1/18/35
....
1,041
–
a,b
6855849.SQ.FTS.B
,
4
.653
%
,
1/19/35
....
3,144
–
a,b
6862957.SQ.FTS.B
,
6
.254
%
,
1/21/35
....
4,171
–
a,b
6871369.SQ.FTS.B
,
5
.567
%
,
1/25/35
....
499
–
a,b
6871155.SQ.FTS.B
,
6
.012
%
,
1/25/35
....
3,560
–
a,b
6873383.SQ.FTS.B
,
6
.15
%
,
1/26/35
.....
334
–
a,b
6880856.SQ.FTS.B
,
5
.366
%
,
1/28/35
....
1,568
–
a,b
6884787.SQ.FTS.B
,
6
.262
%
,
1/29/35
....
3,067
–
a,b
6889119.SQ.FTS.B
,
6
.008
%
,
1/31/35
....
3,513
–
a,b
6889109.SQ.FTS.B
,
6
.258
%
,
1/31/35
....
1,082
–
a,b
6891067.SQ.FTS.B
,
6
.255
%
,
2/01/35
....
5,566
–
a,b
6895588.SQ.FTS.B
,
4
.657
%
,
2/02/35
....
10,603
–
a,b
6893023.SQ.FTS.B
,
5
.378
%
,
2/02/35
....
14,273
1
a,b
6899300.SQ.FTS.B
,
4
.643
%
,
2/03/35
....
1,221
–
a,b
6899194.SQ.FTS.B
,
4
.754
%
,
2/03/35
....
443
–
a,b
6903284.SQ.FTS.B
,
4
.654
%
,
2/04/35
....
3,163
–
a,b
6904989.SQ.FTS.B
,
5
.189
%
,
2/05/35
....
22,112
–
a,b
6904822.SQ.FTS.B
,
5
.573
%
,
2/05/35
....
238
–
a,b
6908001.SQ.FTS.B
,
5
.565
%
,
2/07/35
....
23,167
–
a,b
6909141.SQ.FTS.B
,
5
.379
%
,
2/08/35
....
19,068
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
6913052.SQ.FTS.B
,
4
.942
%
,
2/09/35
....
$
2,970
$
–
a,b
6914678.SQ.FTS.B
,
5
.758
%
,
2/09/35
....
3,385
–
a,b
6916173.SQ.FTS.B
,
5
.577
%
,
2/10/35
....
512
–
a,b
6920447.SQ.FTS.B
,
6
.006
%
,
2/11/35
....
24,973
–
a,b
6923496.SQ.FTS.B
,
6
.258
%
,
2/15/35
....
1,139
1
a,b
6934833.SQ.FTS.B
,
4
.938
%
,
2/17/35
....
4,744
–
a,b
6934329.SQ.FTS.B
,
6
.258
%
,
2/17/35
....
12,367
–
a,b
6936990.SQ.FTS.B
,
4
.748
%
,
2/18/35
....
3,340
–
a,b
6937130.SQ.FTS.B
,
6
.132
%
,
2/18/35
....
381
–
a,b
6938552.SQ.FTS.B
,
6
.416
%
,
2/18/35
....
6,233
–
a,b
6942251.SQ.FTS.B
,
4
.656
%
,
2/20/35
....
3,601
–
a,b
6946120.SQ.FTS.B
,
6
.164
%
,
2/21/35
....
10,017
–
a,b
6944161.SQ.FTS.B
,
6
.261
%
,
2/21/35
....
1,708
–
a,b
6966531.SQ.FTS.B
,
4
.749
%
,
2/28/35
....
3,997
–
a,b
6978952.SQ.FTS.B
,
4
.937
%
,
2/28/35
....
51,353
1
a,b
6967741.SQ.FTS.B
,
5
.189
%
,
2/28/35
....
1,401
–
a,b
6966362.SQ.FTS.B
,
5
.376
%
,
2/28/35
....
230
–
a,b
6968103.SQ.FTS.B
,
5
.455
%
,
2/28/35
....
537
–
a,b
6966621.SQ.FTS.B
,
5
.569
%
,
2/28/35
....
1,752
–
a,b
6971755.SQ.FTS.B
,
5
.975
%
,
2/28/35
....
353
–
a,b
6970716.SQ.FTS.B
,
6
.005
%
,
2/28/35
....
1,583
–
a,b
6966412.SQ.FTS.B
,
6
.167
%
,
2/28/35
....
2,449
–
a,b
6978418.SQ.FTS.B
,
6
.247
%
,
2/28/35
....
1,258
–
a,b
6966854.SQ.FTS.B
,
6
.26
%
,
2/28/35
.....
3,823
–
a,b
6981964.SQ.FTS.B
,
5
.376
%
,
3/01/35
....
13,283
–
a,b
6984708.SQ.FTS.B
,
5
.567
%
,
3/02/35
....
1,263
–
a,b
6987569.SQ.FTS.B
,
5
.754
%
,
3/05/35
....
3,671
–
a,b
6993089.SQ.FTS.B
,
4
.76
%
,
3/06/35
.....
594
–
a,b
7009269.SQ.FTS.B
,
6
.165
%
,
3/12/35
....
22,063
–
a,b
7014159.SQ.FTS.B
,
5
.56
%
,
3/13/35
.....
1,246
–
a,b
7021732.SQ.FTS.B
,
5
.376
%
,
3/15/35
....
2,798
1
a,b
7022730.SQ.FTS.B
,
6
.259
%
,
3/15/35
....
3,666
–
a,b
7028537.SQ.FTS.B
,
5
.189
%
,
3/18/35
....
66,996
1
a,b
7032279.SQ.FTS.B
,
5
.567
%
,
3/19/35
....
1,308
–
a,b
7043444.SQ.FTS.B
,
5
.376
%
,
3/21/35
....
6,529
–
a,b
7040179.SQ.FTS.B
,
5
.564
%
,
3/21/35
....
8,893
–
a,b
7046836.SQ.FTS.B
,
6
.261
%
,
3/22/35
....
2,078
–
a,b
7050197.SQ.FTS.B
,
4
.749
%
,
3/25/35
....
13,025
–
a,b
7052668.SQ.FTS.B
,
4
.936
%
,
3/25/35
....
1,948
–
a,b
7052092.SQ.FTS.B
,
5
.754
%
,
3/25/35
....
4,535
–
a,b
7050592.SQ.FTS.B
,
6
.263
%
,
3/25/35
....
912
–
a,b
7054612.SQ.FTS.B
,
6
.006
%
,
3/26/35
....
5,385
–
a,b
7061323.SQ.FTS.B
,
5
.189
%
,
3/28/35
....
34,494
–
a,b
7062421.SQ.FTS.B
,
6
.006
%
,
3/28/35
....
896
–
a,b
7062617.SQ.FTS.B
,
6
.164
%
,
3/28/35
....
20,347
–
a,b
7067874.SQ.FTS.B
,
6
.003
%
,
3/29/35
....
3,096
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7065573.SQ.FTS.B
,
6
.258
%
,
3/29/35
....
$
13,691
$
–
a,b
7071000.SQ.FTS.B
,
4
.721
%
,
4/02/35
....
645
–
a,b
7071948.SQ.FTS.B
,
6
.248
%
,
4/02/35
....
631
–
a,b
7080510.SQ.FTS.B
,
6
.274
%
,
4/04/35
....
1,437
–
a,b
7085620.SQ.FTS.B
,
6
.007
%
,
4/05/35
....
8,877
–
a,b
7089901.SQ.FTS.B
,
5
.375
%
,
4/06/35
....
7,927
–
a,b
7091540.SQ.FTS.B
,
5
.756
%
,
4/06/35
....
10,017
–
a,b
7091737.SQ.FTS.B
,
6
.421
%
,
4/06/35
....
949
–
a,b
7095396.SQ.FTS.B
,
5
.76
%
,
4/09/35
.....
2,090
–
a,b
7098792.SQ.FTS.B
,
4
.653
%
,
4/10/35
....
2,031
–
a,b
7101698.SQ.FTS.B
,
5
.393
%
,
4/11/35
....
1,010
–
a,b
7102724.SQ.FTS.B
,
5
.566
%
,
4/11/35
....
4,584
1
a,b
7102932.SQ.FTS.B
,
6
.255
%
,
4/11/35
....
1,825
–
a,b
7105121.SQ.FTS.B
,
4
.938
%
,
4/12/35
....
1,161
–
a,b
7106451.SQ.FTS.B
,
5
.377
%
,
4/12/35
....
11,899
–
a,b
7108839.SQ.FTS.B
,
4
.653
%
,
4/13/35
....
3,313
–
a,b
7109927.SQ.FTS.B
,
6
.418
%
,
4/13/35
....
8,573
–
a,b
7112255.SQ.FTS.B
,
6
.155
%
,
4/14/35
....
2,323
–
a,b
7115405.SQ.FTS.B
,
4
.655
%
,
4/16/35
....
32,107
1
a,b
7115331.SQ.FTS.B
,
5
.762
%
,
4/16/35
....
561
–
a,b
7121272.SQ.FTS.B
,
6
.012
%
,
4/17/35
....
2,783
–
a,b
7122345.SQ.FTS.B
,
4
.762
%
,
4/18/35
....
402
–
a,b
7123668.SQ.FTS.B
,
4
.936
%
,
4/18/35
....
2,218
–
a,b
7123343.SQ.FTS.B
,
6
.006
%
,
4/18/35
....
2,848
1
a,b
7134939.SQ.FTS.B
,
5
.756
%
,
4/19/35
....
9,292
–
a,b
7137611.SQ.FTS.B
,
5
.189
%
,
4/20/35
....
10,916
1
a,b
7147597.SQ.FTS.B
,
5
.364
%
,
4/23/35
....
1,926
–
a,b
7147279.SQ.FTS.B
,
5
.38
%
,
4/23/35
.....
6,828
–
a,b
7154719.SQ.FTS.B
,
5
.759
%
,
4/25/35
....
6,577
–
a,b
7163900.SQ.FTS.B
,
6
.413
%
,
4/27/35
....
5,443
1
a,b
7164193.SQ.FTS.B
,
5
.377
%
,
4/28/35
....
5,624
–
a,b
7165931.SQ.FTS.B
,
5
.385
%
,
4/29/35
....
1,875
–
a,b
7168044.SQ.FTS.B
,
5
.764
%
,
4/30/35
....
2,062
–
a,b
7176646.SQ.FTS.B
,
4
.762
%
,
5/01/35
....
1,231
–
a,b
7176634.SQ.FTS.B
,
5
.445
%
,
5/01/35
....
1,458
–
a,b
7173920.SQ.FTS.B
,
5
.759
%
,
5/01/35
....
289
–
a,b
7173881.SQ.FTS.B
,
6
.415
%
,
5/01/35
....
2,005
–
a,b
7180807.SQ.FTS.B
,
4
.654
%
,
5/02/35
....
2,907
–
a,b
7180850.SQ.FTS.B
,
4
.935
%
,
5/02/35
....
2,462
–
a,b
7179318.SQ.FTS.B
,
5
.189
%
,
5/02/35
....
11,067
–
a,b
7196096.SQ.FTS.B
,
6
.003
%
,
5/07/35
....
8,216
–
a,b
7201085.SQ.FTS.B
,
6
.419
%
,
5/08/35
....
1,847
–
a,b
7203631.SQ.FTS.B
,
4
.745
%
,
5/09/35
....
1,386
–
a,b
7204614.SQ.FTS.B
,
5
.184
%
,
5/09/35
....
3,537
–
a,b
7206450.SQ.FTS.B
,
5
.373
%
,
5/09/35
....
1,582
–
a,b
7204933.SQ.FTS.B
,
5
.409
%
,
5/09/35
....
381
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7206160.SQ.FTS.B
,
6
.258
%
,
5/09/35
....
$
11,872
$
–
a,b
7215803.SQ.FTS.B
,
4
.932
%
,
5/13/35
....
3,486
–
a,b
7215930.SQ.FTS.B
,
6
.257
%
,
5/13/35
....
13,761
–
a,b
7224254.SQ.FTS.B
,
5
.757
%
,
5/15/35
....
2,767
–
a,b
7222451.SQ.FTS.B
,
6
.258
%
,
5/15/35
....
616
–
a,b
7235145.SQ.FTS.B
,
6
.008
%
,
5/18/35
....
20,605
–
a,b
7237806.SQ.FTS.B
,
5
.384
%
,
5/20/35
....
768
–
a,b
7243413.SQ.FTS.B
,
5
.382
%
,
5/21/35
....
689
–
a,b
7244368.SQ.FTS.B
,
6
%
,
5/21/35
.......
620
–
a,b
7243236.SQ.FTS.B
,
6
.26
%
,
5/21/35
.....
8,746
–
a,b
7247605.SQ.FTS.B
,
5
.185
%
,
5/22/35
....
1,856
–
a,b
7249679.SQ.FTS.B
,
6
.422
%
,
5/22/35
....
245
–
a,b
7249518.SQ.FTS.B
,
6
.424
%
,
5/22/35
....
1,960
–
a,b
7253237.SQ.FTS.B
,
6
.01
%
,
5/24/35
.....
270
–
a,b
7252834.SQ.FTS.B
,
6
.167
%
,
5/24/35
....
4,847
–
a,b
7256122.SQ.FTS.B
,
5
.365
%
,
5/25/35
....
1,533
–
a,b
7256570.SQ.FTS.B
,
4
.935
%
,
5/26/35
....
5,380
–
a,b
7262532.SQ.FTS.B
,
4
.752
%
,
5/28/35
....
3,144
–
a,b
7262602.SQ.FTS.B
,
5
.43
%
,
5/28/35
.....
462
–
a,b
7264204.SQ.FTS.B
,
4
.654
%
,
5/29/35
....
20,052
–
a,b
7275604.SQ.FTS.B
,
5
.374
%
,
6/01/35
....
756
–
a,b
7280873.SQ.FTS.B
,
5
.192
%
,
6/04/35
....
5,514
–
a,b
7281601.SQ.FTS.B
,
5
.409
%
,
6/04/35
....
1,132
–
a,b
7282811.SQ.FTS.B
,
6
.248
%
,
6/04/35
....
529
–
a,b
7281210.SQ.FTS.B
,
6
.261
%
,
6/04/35
....
901
–
a,b
7287176.SQ.FTS.B
,
6
.006
%
,
6/05/35
....
5,152
–
a,b
7284693.SQ.FTS.B
,
6
.007
%
,
6/05/35
....
1,055
–
a,b
7287732.SQ.FTS.B
,
6
.184
%
,
6/05/35
....
300
–
a,b
7287144.SQ.FTS.B
,
6
.267
%
,
6/05/35
....
1,419
–
a,b
7290056.SQ.FTS.B
,
5
.377
%
,
6/06/35
....
5,162
–
a,b
7289261.SQ.FTS.B
,
5
.565
%
,
6/06/35
....
1,039
–
a,b
7299621.SQ.FTS.B
,
4
.654
%
,
6/08/35
....
35,360
2
a,b
7303540.SQ.FTS.B
,
5
.565
%
,
6/10/35
....
1,343
–
a,b
7303522.SQ.FTS.B
,
6
.265
%
,
6/10/35
....
335
–
a,b
7314543.SQ.FTS.B
,
5
.191
%
,
6/12/35
....
3,475
–
a,b
7316842.SQ.FTS.B
,
4
.743
%
,
6/13/35
....
1,433
–
a,b
7317981.SQ.FTS.B
,
5
.434
%
,
6/13/35
....
1,348
–
a,b
7314697.SQ.FTS.B
,
5
.559
%
,
6/13/35
....
3,748
–
a,b
7318018.SQ.FTS.B
,
5
.564
%
,
6/13/35
....
6,392
–
a,b
7323718.SQ.FTS.B
,
6
.006
%
,
6/14/35
....
3,869
–
a,b
7327791.SQ.FTS.B
,
4
.748
%
,
6/15/35
....
8,988
–
a,b
7324925.SQ.FTS.B
,
5
.182
%
,
6/15/35
....
1,333
–
a,b
7328914.SQ.FTS.B
,
5
.566
%
,
6/16/35
....
10,484
–
a,b
7329210.SQ.FTS.B
,
6
.42
%
,
6/17/35
.....
3,315
–
a,b
7334014.SQ.FTS.B
,
5
.459
%
,
6/18/35
....
1,044
–
a,b
7330422.SQ.FTS.B
,
6
.162
%
,
6/18/35
....
625
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7336581.SQ.FTS.B
,
4
.937
%
,
6/19/35
....
$
49,530
$
–
a,b
7335932.SQ.FTS.B
,
5
.566
%
,
6/19/35
....
8,474
–
a,b
7334863.SQ.FTS.B
,
5
.763
%
,
6/19/35
....
1,344
–
a,b
7339897.SQ.FTS.B
,
4
.653
%
,
6/20/35
....
3,395
–
a,b
7340806.SQ.FTS.B
,
6
.008
%
,
6/20/35
....
3,592
–
a,b
7344575.SQ.FTS.B
,
6
.009
%
,
6/21/35
....
4,098
–
a,b
7346393.SQ.FTS.B
,
6
.164
%
,
6/21/35
....
62,612
–
a,b
7348505.SQ.FTS.B
,
6
.038
%
,
6/22/35
....
564
–
a,b
7351981.SQ.FTS.B
,
4
.654
%
,
6/23/35
....
17,215
1
a,b
7352490.SQ.FTS.B
,
4
.752
%
,
6/23/35
....
1,987
–
a,b
7352850.SQ.FTS.B
,
6
.257
%
,
6/24/35
....
12,690
–
a,b
7353901.SQ.FTS.B
,
6
.167
%
,
6/25/35
....
4,755
–
a,b
7359006.SQ.FTS.B
,
5
.439
%
,
6/27/35
....
2,767
–
a,b
7371685.SQ.FTS.B
,
5
.752
%
,
6/30/35
....
3,456
–
a,b
7370367.SQ.FTS.B
,
5
.764
%
,
6/30/35
....
1,662
–
a,b
7370851.SQ.FTS.B
,
6
.02
%
,
6/30/35
.....
664
–
a,b
7375076.SQ.FTS.B
,
5
.374
%
,
7/02/35
....
6,359
–
a,b
7377813.SQ.FTS.B
,
5
.76
%
,
7/03/35
.....
5,830
–
a,b
7387529.SQ.FTS.B
,
5
.372
%
,
7/06/35
....
631
–
a,b
7389966.SQ.FTS.B
,
4
.756
%
,
7/08/35
....
1,331
–
a,b
7389892.SQ.FTS.B
,
5
.193
%
,
7/08/35
....
2,172
–
a,b
7402047.SQ.FTS.B
,
5
.75
%
,
7/11/35
.....
5,039
–
a,b
7401076.SQ.FTS.B
,
6
.161
%
,
7/11/35
....
4,234
–
a,b
7411525.SQ.FTS.B
,
6
.169
%
,
7/16/35
....
946
–
a,b
7412344.SQ.FTS.B
,
4
.707
%
,
7/17/35
....
212
–
a,b
7412972.SQ.FTS.B
,
5
.377
%
,
7/17/35
....
6,512
1
a,b
7416105.SQ.FTS.B
,
4
.939
%
,
7/18/35
....
2,940
–
a,b
7417924.SQ.FTS.B
,
5
.566
%
,
7/18/35
....
5,269
–
a,b
7423387.SQ.FTS.B
,
5
.574
%
,
7/21/35
....
1,914
–
a,b
7426750.SQ.FTS.B
,
4
.758
%
,
7/22/35
....
1,835
–
a,b
7430504.SQ.FTS.B
,
4
.654
%
,
7/24/35
....
68,115
2
a,b
7438053.SQ.FTS.B
,
5
.566
%
,
7/25/35
....
9,004
–
a,b
7441625.SQ.FTS.B
,
4
.937
%
,
7/26/35
....
27,139
1
a,b
7443079.SQ.FTS.B
,
6
.271
%
,
7/28/35
....
415
–
a,b
7447048.SQ.FTS.B
,
4
.749
%
,
7/29/35
....
43,825
1
a,b
7446590.SQ.FTS.B
,
5
.377
%
,
7/29/35
....
8,070
–
a,b
7461359.SQ.FTS.B
,
6
.162
%
,
8/02/35
....
10,885
–
a,b
7468484.SQ.FTS.B
,
4
.653
%
,
8/06/35
....
27,792
1
a,b
7473943.SQ.FTS.B
,
5
.377
%
,
8/07/35
....
1,919
–
a,b
7483714.SQ.FTS.B
,
5
.453
%
,
8/10/35
....
442
–
a,b
7484428.SQ.FTS.B
,
5
.189
%
,
8/11/35
....
4,409
–
a,b
7483959.SQ.FTS.B
,
5
.756
%
,
8/11/35
....
2,817
–
a,b
7488673.SQ.FTS.B
,
5
.581
%
,
8/13/35
....
805
–
a,b
7489102.SQ.FTS.B
,
5
.757
%
,
8/13/35
....
1,307
–
a,b
7490203.SQ.FTS.B
,
6
.424
%
,
8/13/35
....
509
–
a,b
7500824.SQ.FTS.B
,
6
.258
%
,
8/15/35
....
27,055
1
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7508686.SQ.FTS.B
,
4
.934
%
,
8/16/35
....
$
2,765
$
–
a,b
7508856.SQ.FTS.B
,
4
.932
%
,
8/17/35
....
3,854
–
a,b
7511303.SQ.FTS.B
,
4
.939
%
,
8/19/35
....
5,973
–
a,b
7511680.SQ.FTS.B
,
5
.381
%
,
8/19/35
....
5,184
–
a,b
7511795.SQ.FTS.B
,
5
.761
%
,
8/19/35
....
2,165
–
a,b
7514863.SQ.FTS.B
,
4
.654
%
,
8/20/35
....
9,340
–
a,b
7519968.SQ.FTS.B
,
6
.415
%
,
8/21/35
....
10,143
1
a,b
7533921.SQ.FTS.B
,
5
.566
%
,
8/26/35
....
9,844
–
a,b
7535779.SQ.FTS.B
,
4
.653
%
,
8/27/35
....
3,761
–
a,b
7537580.SQ.FTS.B
,
4
.937
%
,
8/27/35
....
25,953
–
a,b
7539738.SQ.FTS.B
,
5
.566
%
,
8/27/35
....
7,362
298
a,b
7542074.SQ.FTS.B
,
4
.654
%
,
8/28/35
....
5,237
1
a,b
7549987.SQ.FTS.B
,
5
.732
%
,
8/29/35
....
653
1
a,b
7552166.SQ.FTS.B
,
5
.418
%
,
9/01/35
....
717
–
a,b
7560015.SQ.FTS.B
,
6
.262
%
,
9/04/35
....
1,773
–
a,b
7573684.SQ.FTS.B
,
4
.764
%
,
9/07/35
....
481
–
a,b
7573640.SQ.FTS.B
,
4
.937
%
,
9/07/35
....
3,544
–
a,b
7573480.SQ.FTS.B
,
5
.571
%
,
9/07/35
....
3,736
1
a,b
7573972.SQ.FTS.B
,
6
.003
%
,
9/07/35
....
4,053
54
a,b
7571507.SQ.FTS.B
,
6
.169
%
,
9/07/35
....
2,659
–
a,b
7578877.SQ.FTS.B
,
4
.78
%
,
9/09/35
.....
61
–
a,b
7580830.SQ.FTS.B
,
5
.189
%
,
9/11/35
....
4,100
8
a,b
7581869.SQ.FTS.B
,
6
.01
%
,
9/11/35
.....
1,493
–
a,b
7581762.SQ.FTS.B
,
6
.253
%
,
9/11/35
....
384
–
a,b
7586278.SQ.FTS.B
,
4
.654
%
,
9/12/35
....
8,025
–
a,b
7586914.SQ.FTS.B
,
5
.375
%
,
9/12/35
....
9,130
–
a,b
7590230.SQ.FTS.B
,
5
.196
%
,
9/13/35
....
855
4
a,b
7596084.SQ.FTS.B
,
4
.94
%
,
9/14/35
.....
7,066
1,236
a,b
7599917.SQ.FTS.B
,
6
.447
%
,
9/15/35
....
492
2
a,b
7600486.SQ.FTS.B
,
4
.769
%
,
9/16/35
....
645
–
a,b
7600104.SQ.FTS.B
,
5
.752
%
,
9/16/35
....
3,186
3
a,b
7601096.SQ.FTS.B
,
5
.377
%
,
9/17/35
....
12,879
–
a,b
7603430.SQ.FTS.B
,
5
.38
%
,
9/18/35
.....
4,283
2
a,b
7602494.SQ.FTS.B
,
6
.255
%
,
9/18/35
....
2,210
–
a,b
7608442.SQ.FTS.B
,
5
.565
%
,
9/19/35
....
5,862
1
a,b
7617942.SQ.FTS.B
,
5
.758
%
,
9/21/35
....
2,823
1
a,b
7621404.SQ.FTS.B
,
6
.413
%
,
9/23/35
....
3,184
3
a,b
7623850.SQ.FTS.B
,
5
.19
%
,
9/25/35
.....
462
18
a,b
7623781.SQ.FTS.B
,
5
.379
%
,
9/25/35
....
1,952
–
a,b
7624159.SQ.FTS.B
,
6
.261
%
,
9/25/35
....
668
1
a,b
7629674.SQ.FTS.B
,
5
.189
%
,
9/26/35
....
7,987
–
a,b
7626558.SQ.FTS.B
,
5
.564
%
,
9/26/35
....
970
–
a,b
7629259.SQ.FTS.B
,
5
.565
%
,
9/26/35
....
2,930
–
a,b
7629134.SQ.FTS.B
,
6
.413
%
,
9/26/35
....
4,696
–
a,b
7630481.SQ.FTS.B
,
5
.189
%
,
9/27/35
....
11,930
1
a,b
7643054.SQ.FTS.B
,
6
.165
%
,
9/29/35
....
373
–
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7639746.SQ.FTS.B
,
6
.415
%
,
9/29/35
....
$
63,645
$
1
a,b
7643615.SQ.FTS.B
,
6
.134
%
,
9/30/35
....
212
–
a,b
7648077.SQ.FTS.B
,
4
.75
%
,
10/01/35
....
6,098
1
a,b
7647696.SQ.FTS.B
,
5
.441
%
,
10/01/35
...
11,385
–
a,b
7654130.SQ.FTS.B
,
6
.264
%
,
10/03/35
...
202
69
a,b
7669547.SQ.FTS.B
,
5
.432
%
,
10/07/35
...
1,096
16
a,b
7674523.SQ.FTS.B
,
6
.289
%
,
10/09/35
...
6,179
1
a,b
7675618.SQ.FTS.B
,
6
.415
%
,
10/09/35
...
38,440
–
a,b
7679612.SQ.FTS.B
,
5
.562
%
,
10/10/35
...
2,162
768
a,b
7682366.SQ.FTS.B
,
5
.376
%
,
10/11/35
...
4,325
3
a,b
7684952.SQ.FTS.B
,
5
.567
%
,
10/11/35
...
684
64
a,b
7685699.SQ.FTS.B
,
6
.305
%
,
10/11/35
...
968
1
a,b
7686665.SQ.FTS.B
,
5
.569
%
,
10/12/35
...
2,104
2
a,b
7694250.SQ.FTS.B
,
4
.749
%
,
10/15/35
...
606
4
a,b
7693783.SQ.FTS.B
,
5
.378
%
,
10/15/35
...
11,907
5
a,b
7696123.SQ.FTS.B
,
5
.912
%
,
10/16/35
...
1,117
8
a,b
7696300.SQ.FTS.B
,
5
.912
%
,
10/16/35
...
4,966
82
a,b
7695636.SQ.FTS.B
,
6
.27
%
,
10/16/35
....
276
–
a,b
7703086.SQ.FTS.B
,
5
.093
%
,
10/18/35
...
1,487
2
a,b
7714659.SQ.FTS.B
,
5
.193
%
,
10/24/35
...
5,959
14
a,b
7723470.SQ.FTS.B
,
4
.78
%
,
10/25/35
....
302
2
a,b
7725398.SQ.FTS.B
,
5
.907
%
,
10/26/35
...
3,637
3
a,b
7725775.SQ.FTS.B
,
6
.163
%
,
10/26/35
...
3,004
1
a,b
7729059.SQ.FTS.B
,
6
.165
%
,
10/26/35
...
13,362
2
a,b
7726167.SQ.FTS.B
,
6
.289
%
,
10/26/35
...
112
60
a,b
7735985.SQ.FTS.B
,
6
.479
%
,
10/29/35
...
2,176
6
a,b
7740921.SQ.FTS.B
,
4
.779
%
,
10/30/35
...
11,985
7
a,b
7738357.SQ.FTS.B
,
5
.723
%
,
10/30/35
...
36,237
4
a,b
7742677.SQ.FTS.B
,
5
.094
%
,
11/01/35
...
5,339
4
a,b
7751779.SQ.FTS.B
,
5
.105
%
,
11/02/35
...
894
3
a,b
7755761.SQ.FTS.B
,
5
.723
%
,
11/03/35
...
8,935
4
a,b
7756617.SQ.FTS.B
,
5
.725
%
,
11/03/35
...
590
14
a,b
7763863.SQ.FTS.B
,
4
.783
%
,
11/06/35
...
361
1
a,b
7764093.SQ.FTS.B
,
4
.767
%
,
11/07/35
...
1,341
1
a,b
7765591.SQ.FTS.B
,
6
.162
%
,
11/07/35
...
3,020
99
a,b
7769643.SQ.FTS.B
,
6
.178
%
,
11/08/35
...
1,249
–
a,b
7768040.SQ.FTS.B
,
6
.293
%
,
11/08/35
...
1,043
3
a,b
7781183.SQ.FTS.B
,
6
.289
%
,
11/10/35
...
4,278
142
a,b
7779968.SQ.FTS.B
,
6
.479
%
,
11/10/35
...
604
7
a,b
7781843.SQ.FTS.B
,
6
.164
%
,
11/11/35
...
675
2
a,b
7782479.SQ.FTS.B
,
6
.272
%
,
11/11/35
...
955
31
a,b
7782836.SQ.FTS.B
,
6
.302
%
,
11/12/35
...
1,154
–
a,b
7786042.SQ.FTS.B
,
6
.167
%
,
11/13/35
...
7,212
9
a,b
7791025.SQ.FTS.B
,
4
.783
%
,
11/14/35
...
6,835
16
a,b
7790524.SQ.FTS.B
,
6
.16
%
,
11/14/35
....
2,565
3
a,b
7794575.SQ.FTS.B
,
4
.78
%
,
11/15/35
....
17,650
7
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
7791568.SQ.FTS.B
,
5
.537
%
,
11/15/35
...
$
2,384
$
2
a,b
7791405.SQ.FTS.B
,
6
.16
%
,
11/15/35
....
6,235
–
a,b
7794434.SQ.FTS.B
,
6
.169
%
,
11/15/35
...
6,526
–
a,b
7794291.SQ.FTS.B
,
6
.173
%
,
11/15/35
...
1,915
3
a,b
7805584.SQ.FTS.B
,
5
.536
%
,
11/19/35
...
571
288
a,b
7808746.SQ.FTS.B
,
5
.346
%
,
11/20/35
...
13,544
7
a,b
7812943.SQ.FTS.B
,
4
.765
%
,
11/21/35
...
1,044
8
a,b
7811957.SQ.FTS.B
,
6
.287
%
,
11/21/35
...
4,258
4
a,b
7812879.SQ.FTS.B
,
6
.48
%
,
11/21/35
....
2,192
3
a,b
7816821.SQ.FTS.B
,
4
.749
%
,
11/22/35
...
3,477
9
a,b
7815015.SQ.FTS.B
,
5
.719
%
,
11/22/35
...
3,550
2
a,b
7813617.SQ.FTS.B
,
5
.91
%
,
11/22/35
....
9,140
2
a,b
7822474.SQ.FTS.B
,
4
.781
%
,
11/23/35
...
603
381
a,b
7826745.SQ.FTS.B
,
5
.094
%
,
11/24/35
...
2,934
159
a,b
7829173.SQ.FTS.B
,
5
.912
%
,
11/24/35
...
5,086
7
a,b
7830023.SQ.FTS.B
,
4
.78
%
,
11/25/35
....
11,398
86
a,b
7831708.SQ.FTS.B
,
5
.535
%
,
11/27/35
...
2,942
2
a,b
7835424.SQ.FTS.B
,
4
.749
%
,
11/28/35
...
17,516
–
a,b
7836267.SQ.FTS.B
,
6
.475
%
,
11/28/35
...
590
8
a,b
7840090.SQ.FTS.B
,
4
.75
%
,
11/29/35
....
1,654
3
a,b
7836996.SQ.FTS.B
,
5
.912
%
,
11/29/35
...
384
315
a,b
7846633.SQ.FTS.B
,
4
.75
%
,
11/30/35
....
5,174
8
a,b
7848953.SQ.FTS.B
,
5
.723
%
,
11/30/35
...
16,191
5
a,b
7851585.SQ.FTS.B
,
5
.915
%
,
12/02/35
...
139
89
a,b
7856432.SQ.FTS.B
,
4
.776
%
,
12/03/35
...
1,773
574
a,b
7854215.SQ.FTS.B
,
6
.167
%
,
12/03/35
...
1,540
12
a,b
7858606.SQ.FTS.B
,
5
.094
%
,
12/04/35
...
11,300
1
a,b
7858486.SQ.FTS.B
,
5
.954
%
,
12/04/35
...
814
–
a,b
7867381.SQ.FTS.B
,
6
.163
%
,
12/06/35
...
10,339
2
a,b
7869657.SQ.FTS.B
,
6
.168
%
,
12/06/35
...
1,298
16
a,b
7872677.SQ.FTS.B
,
5
.094
%
,
12/07/35
...
10,160
103
a,b
7874634.SQ.FTS.B
,
5
.103
%
,
12/08/35
...
972
7
a,b
7874816.SQ.FTS.B
,
5
.921
%
,
12/08/35
...
1,135
14
a,b
7875298.SQ.FTS.B
,
6
.287
%
,
12/09/35
...
1,486
110
a,b
7876499.SQ.FTS.B
,
4
.762
%
,
12/10/35
...
600
1
a,b
7883146.SQ.FTS.B
,
4
.747
%
,
12/11/35
...
7,837
14
a,b
7880155.SQ.FTS.B
,
6
.164
%
,
12/11/35
...
1,351
4
a,b
7886840.SQ.FTS.B
,
4
.747
%
,
12/12/35
...
510
25
a,b
7885173.SQ.FTS.B
,
5
.433
%
,
12/12/35
...
636
7
a,b
7886251.SQ.FTS.B
,
5
.912
%
,
12/12/35
...
10,832
24
a,b
7885639.SQ.FTS.B
,
6
.163
%
,
12/12/35
...
3,984
29
a,b
7889998.SQ.FTS.B
,
4
.78
%
,
12/13/35
....
4,101
11
a,b
7895307.SQ.FTS.B
,
6
.289
%
,
12/14/35
...
20,016
5
a,b
7898689.SQ.FTS.B
,
5
.346
%
,
12/15/35
...
6,885
659
a,b
7899279.SQ.FTS.B
,
6
.156
%
,
12/15/35
...
1,617
11
a,b
7900211.SQ.FTS.B
,
4
.745
%
,
12/16/35
...
1,260
2
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
7910537.SQ.FTS.B
,
5
.346
%
,
12/19/35
...
$
16,066
$
6
a,b
7914153.SQ.FTS.B
,
5
.348
%
,
12/20/35
...
5,956
–
a,b
7913994.SQ.FTS.B
,
6
.177
%
,
12/20/35
...
1,646
4
a,b
7915978.SQ.FTS.B
,
5
.094
%
,
12/21/35
...
36,680
16
a,b
7919471.SQ.FTS.B
,
5
.912
%
,
12/22/35
...
5,680
35
a,b
7923129.SQ.FTS.B
,
4
.781
%
,
12/24/35
...
6,985
57
a,b
7926597.SQ.FTS.B
,
5
.911
%
,
12/25/35
...
3,105
12
a,b
7931961.SQ.FTS.B
,
5
.439
%
,
12/26/35
...
1,910
985
a,b
7929420.SQ.FTS.B
,
6
.281
%
,
12/26/35
...
2,513
7
a,b
7935066.SQ.FTS.B
,
4
.725
%
,
12/27/35
...
208
5
a,b
7935729.SQ.FTS.B
,
6
.153
%
,
12/27/35
...
1,923
–
a,b
7939914.SQ.FTS.B
,
5
.534
%
,
12/28/35
...
7,671
11
a,b
7942180.SQ.FTS.B
,
4
.757
%
,
12/29/35
...
2,229
13
a,b
7942057.SQ.FTS.B
,
5
.904
%
,
12/29/35
...
3,066
5
a,b
7944955.SQ.FTS.B
,
5
.093
%
,
1/01/36
....
24,782
4
a,b
7951446.SQ.FTS.B
,
5
.719
%
,
1/02/36
....
3,188
–
a,b
7950515.SQ.FTS.B
,
5
.911
%
,
1/02/36
....
1,304
–
a,b
7962505.SQ.FTS.B
,
6
.163
%
,
1/05/36
....
20,002
20
a,b
7964764.SQ.FTS.B
,
4
.759
%
,
1/07/36
....
1,606
4
a,b
7968350.SQ.FTS.B
,
4
.746
%
,
1/08/36
....
1,919
2
a,b
7969237.SQ.FTS.B
,
5
.097
%
,
1/09/36
....
667
21
a,b
7970839.SQ.FTS.B
,
5
.718
%
,
1/09/36
....
2,272
452
a,b
7978500.SQ.FTS.B
,
4
.766
%
,
1/11/36
....
771
9
a,b
7977115.SQ.FTS.B
,
5
.436
%
,
1/11/36
....
1,089
10
a,b
7983953.SQ.FTS.B
,
5
.723
%
,
1/12/36
....
5,227
1,172
a,b
7984842.SQ.FTS.B
,
4
.741
%
,
1/13/36
....
3,159
–
a,b
7984169.SQ.FTS.B
,
6
.164
%
,
1/13/36
....
24,072
4
a,b
7986712.SQ.FTS.B
,
6
.165
%
,
1/15/36
....
760
562
a,b
7990281.SQ.FTS.B
,
6
.165
%
,
1/16/36
....
9,974
–
a,b
7993294.SQ.FTS.B
,
6
.151
%
,
1/17/36
....
1,119
6
a,b
8000517.SQ.FTS.B
,
6
.284
%
,
1/17/36
....
1,021
8
a,b
7997671.SQ.FTS.B
,
6
.289
%
,
1/17/36
....
580
14
a,b
8004096.SQ.FTS.B
,
6
.163
%
,
1/18/36
....
67,437
7
a,b
8008266.SQ.FTS.B
,
4
.722
%
,
1/19/36
....
232
6
a,b
8008601.SQ.FTS.B
,
4
.78
%
,
1/19/36
.....
6,115
13
a,b
8010295.SQ.FTS.B
,
5
.911
%
,
1/20/36
....
13,906
1
a,b
8010866.SQ.FTS.B
,
5
.547
%
,
1/21/36
....
528
19
a,b
8012825.SQ.FTS.B
,
5
.906
%
,
1/22/36
....
779
35
a,b
8015166.SQ.FTS.B
,
6
.158
%
,
1/22/36
....
646
262
a,b
8016541.SQ.FTS.B
,
6
.477
%
,
1/23/36
....
4,399
3
a,b
8021419.SQ.FTS.B
,
4
.759
%
,
1/24/36
....
1,975
7
a,b
8021596.SQ.FTS.B
,
5
.093
%
,
1/24/36
....
2,023
25
a,b
8020710.SQ.FTS.B
,
6
.162
%
,
1/24/36
....
5,242
11
a,b
8021730.SQ.FTS.B
,
6
.478
%
,
1/24/36
....
10,299
24
a,b
8025995.SQ.FTS.B
,
5
.422
%
,
1/25/36
....
943
2
a,b
8031599.SQ.FTS.B
,
5
.346
%
,
1/27/36
....
872
30
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
8031473.SQ.FTS.B
,
5
.445
%
,
1/27/36
....
$
3,422
$
5
a,b
8040547.SQ.FTS.B
,
5
.351
%
,
1/30/36
....
425
386
a,b
8048220.SQ.FTS.B
,
4
.78
%
,
2/01/36
.....
618
19
a,b
8050429.SQ.FTS.B
,
4
.78
%
,
2/01/36
.....
94
91
a,b
8051888.SQ.FTS.B
,
4
.744
%
,
2/02/36
....
1,531
33
a,b
8052271.SQ.FTS.B
,
6
.163
%
,
2/02/36
....
669
5
a,b
8050565.SQ.FTS.B
,
6
.164
%
,
2/02/36
....
6,532
23
a,b
8056576.SQ.FTS.B
,
6
.477
%
,
2/05/36
....
669
5
a,b
8074535.SQ.FTS.B
,
4
.78
%
,
2/09/36
.....
17,750
548
a,b
8073409.SQ.FTS.B
,
6
.296
%
,
2/09/36
....
1,109
17
a,b
8076636.SQ.FTS.B
,
4
.776
%
,
2/10/36
....
547
2
a,b
8083196.SQ.FTS.B
,
5
.347
%
,
2/13/36
....
2,338
2,040
a,b
8085032.SQ.FTS.B
,
6
.48
%
,
2/14/36
.....
9,808
20
a,b
8097211.SQ.FTS.B
,
5
.909
%
,
2/17/36
....
827
579
a,b
8098527.SQ.FTS.B
,
5
.72
%
,
2/18/36
.....
1,559
73
a,b
8099364.SQ.FTS.B
,
5
.917
%
,
2/19/36
....
855
41
a,b
8104579.SQ.FTS.B
,
6
.474
%
,
2/20/36
....
2,671
11
a,b
8113190.SQ.FTS.B
,
6
.543
%
,
2/22/36
....
2,143
25
a,b
8117156.SQ.FTS.B
,
6
.152
%
,
2/23/36
....
10,626
639
a,b
8119065.SQ.FTS.B
,
6
.155
%
,
2/24/36
....
2,100
403
a,b
8122481.SQ.FTS.B
,
4
.78
%
,
2/26/36
.....
12,947
54
a,b
8125247.SQ.FTS.B
,
4
.749
%
,
2/27/36
....
2,612
9
a,b
8124817.SQ.FTS.B
,
5
.644
%
,
2/27/36
....
1,528
11
a,b
8137603.SQ.FTS.B
,
4
.782
%
,
2/28/36
....
3,384
178
a,b
8139400.SQ.FTS.B
,
6
.423
%
,
2/28/36
....
564
18
a,b
8162440.SQ.FTS.B
,
6
.421
%
,
3/07/36
....
6,964
74
a,b
8163826.SQ.FTS.B
,
6
.4
%
,
3/08/36
......
676
24
a,b
8165084.SQ.FTS.B
,
5
.41
%
,
3/09/36
.....
11,638
2
a,b
8164934.SQ.FTS.B
,
6
.159
%
,
3/09/36
....
802
75
a,b
8165043.SQ.FTS.B
,
6
.348
%
,
3/09/36
....
1,097
224
a,b
8177398.SQ.FTS.B
,
4
.779
%
,
3/12/36
....
7,486
97
a,b
8178539.SQ.FTS.B
,
4
.78
%
,
3/12/36
.....
9,322
90
a,b
8181148.SQ.FTS.B
,
5
.628
%
,
3/13/36
....
3,453
63
a,b
8185861.SQ.FTS.B
,
6
.336
%
,
3/15/36
....
900
49
a,b
8187056.SQ.FTS.B
,
4
.779
%
,
3/16/36
....
28,286
29
a,b
8190366.SQ.FTS.B
,
5
.119
%
,
3/17/36
....
400
33
a,b
8193726.SQ.FTS.B
,
5
.114
%
,
3/18/36
....
14,703
24
a,b
8203270.SQ.FTS.B
,
5
.413
%
,
3/20/36
....
708
662
a,b
8205976.SQ.FTS.B
,
5
.912
%
,
3/20/36
....
3,822
162
a,b
8205369.SQ.FTS.B
,
6
.329
%
,
3/20/36
....
1,746
2
a,b
8204610.SQ.FTS.B
,
6
.682
%
,
3/20/36
....
2,461
37
a,b
8206989.SQ.FTS.B
,
6
.551
%
,
3/21/36
....
1,112
814
a,b
8209177.SQ.FTS.B
,
6
.148
%
,
3/23/36
....
4,860
41
a,b
8213268.SQ.FTS.B
,
4
.958
%
,
3/24/36
....
425
341
a,b
8216882.SQ.FTS.B
,
5
.66
%
,
3/25/36
.....
2,258
2,034
a,b
8216590.SQ.FTS.B
,
6
.314
%
,
3/25/36
....
1,287
13
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8221997.SQ.FTS.B
,
6
.536
%
,
3/26/36
....
$
342
$
27
a,b
8228042.SQ.FTS.B
,
4
.779
%
,
3/28/36
....
7,220
2,755
a,b
8247535.SQ.FTS.B
,
6
.552
%
,
4/03/36
....
1,830
66
a,b
8248806.SQ.FTS.B
,
6
.675
%
,
4/03/36
....
5,839
3,751
a,b
8250977.SQ.FTS.B
,
4
.778
%
,
4/04/36
....
871
819
a,b
8255354.SQ.FTS.B
,
4
.958
%
,
4/07/36
....
655
–
a,b
8255421.SQ.FTS.B
,
5
.41
%
,
4/07/36
.....
7,188
259
a,b
8276869.SQ.FTS.B
,
5
.114
%
,
4/11/36
....
4,139
308
a,b
8283179.SQ.FTS.B
,
5
.117
%
,
4/15/36
....
6,353
65
a,b
8281860.SQ.FTS.B
,
5
.408
%
,
4/15/36
....
3,357
111
a,b
8284791.SQ.FTS.B
,
5
.66
%
,
4/15/36
.....
134
124
a,b
8287641.SQ.FTS.B
,
5
.112
%
,
4/16/36
....
4,543
20
a,b
8287420.SQ.FTS.B
,
5
.909
%
,
4/16/36
....
2,138
60
a,b
8288479.SQ.FTS.B
,
6
.326
%
,
4/16/36
....
5,431
35
a,b
8286845.SQ.FTS.B
,
6
.411
%
,
4/16/36
....
1,221
19
a,b
8287565.SQ.FTS.B
,
6
.414
%
,
4/16/36
....
230
184
a,b
8286690.SQ.FTS.B
,
6
.534
%
,
4/16/36
....
1,636
11
a,b
8298827.SQ.FTS.B
,
5
.41
%
,
4/19/36
.....
2,336
2,040
a,b
8304334.SQ.FTS.B
,
5
.409
%
,
4/21/36
....
1,843
1,242
a,b
8301755.SQ.FTS.B
,
6
.326
%
,
4/21/36
....
4,584
45
a,b
8304151.SQ.FTS.B
,
6
.673
%
,
4/21/36
....
2,265
22
a,b
8304649.SQ.FTS.B
,
6
.325
%
,
4/22/36
....
2,215
115
a,b
8318235.SQ.FTS.B
,
5
.646
%
,
4/25/36
....
1,152
350
a,b
8319657.SQ.FTS.B
,
5
.66
%
,
4/25/36
.....
16,364
146
a,b
8322385.SQ.FTS.B
,
4
.78
%
,
4/27/36
.....
832
758
a,b
8322107.SQ.FTS.B
,
6
.54
%
,
4/27/36
.....
619
502
a,b
8339247.SQ.FTS.B
,
6
.673
%
,
4/30/36
....
8,515
4
a,b
8344345.SQ.FTS.B
,
6
.329
%
,
5/02/36
....
2,202
427
a,b
8345584.SQ.FTS.B
,
6
.415
%
,
5/03/36
....
1,848
76
a,b
8348402.SQ.FTS.B
,
4
.952
%
,
5/04/36
....
305
109
a,b
8349157.SQ.FTS.B
,
6
.327
%
,
5/04/36
....
5,772
14
a,b
8352758.SQ.FTS.B
,
4
.78
%
,
5/05/36
.....
20,630
19,186
a,b
8351752.SQ.FTS.B
,
6
.422
%
,
5/05/36
....
4,250
253
a,b
8360828.SQ.FTS.B
,
5
.66
%
,
5/07/36
.....
7,759
2,390
a,b
8367859.SQ.FTS.B
,
4
.78
%
,
5/08/36
.....
2,964
121
a,b
8368633.SQ.FTS.B
,
5
.675
%
,
5/09/36
....
512
65
a,b
8370594.SQ.FTS.B
,
5
.615
%
,
5/11/36
....
231
84
a,b
8370392.SQ.FTS.B
,
6
.301
%
,
5/11/36
....
311
18
a,b
8370612.SQ.FTS.B
,
6
.42
%
,
5/11/36
.....
4,659
19
a,b
8373458.SQ.FTS.B
,
5
.912
%
,
5/12/36
....
1,718
253
a,b
8373052.SQ.FTS.B
,
6
.141
%
,
5/12/36
....
2,470
27
a,b
8373371.SQ.FTS.B
,
6
.321
%
,
5/12/36
....
3,913
16
a,b
8374700.SQ.FTS.B
,
6
.424
%
,
5/12/36
....
1,627
1,397
a,b
8376661.SQ.FTS.B
,
4
.956
%
,
5/13/36
....
1,560
16
a,b
8376230.SQ.FTS.B
,
5
.66
%
,
5/13/36
.....
4,232
–
a,b
8381919.SQ.FTS.B
,
4
.965
%
,
5/14/36
....
1,506
28
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
8382098.SQ.FTS.B
,
6
.149
%
,
5/14/36
....
$
8,174
$
48
a,b
8383353.SQ.FTS.B
,
6
.15
%
,
5/14/36
.....
37,881
209
a,b
8382493.SQ.FTS.B
,
6
.55
%
,
5/14/36
.....
10,128
–
a,b
8391986.SQ.FTS.B
,
5
.112
%
,
5/18/36
....
5,055
140
a,b
8396180.SQ.FTS.B
,
4
.959
%
,
5/19/36
....
1,271
18
a,b
8395941.SQ.FTS.B
,
6
.146
%
,
5/19/36
....
2,058
342
a,b
8396223.SQ.FTS.B
,
6
.152
%
,
5/19/36
....
3,884
331
a,b
8398764.SQ.FTS.B
,
5
.66
%
,
5/20/36
.....
21,029
30
a,b
8408339.SQ.FTS.B
,
6
.551
%
,
5/22/36
....
5,451
18
a,b
8418827.SQ.FTS.B
,
5
.409
%
,
5/25/36
....
63,952
871
a,b
8424605.SQ.FTS.B
,
5
.911
%
,
5/26/36
....
3,964
409
a,b
8431678.SQ.FTS.B
,
6
.153
%
,
5/28/36
....
706
302
a,b
8435782.SQ.FTS.B
,
4
.943
%
,
5/29/36
....
1,958
19
a,b
8436467.SQ.FTS.B
,
4
.962
%
,
5/29/36
....
261
233
a,b
8435257.SQ.FTS.B
,
5
.917
%
,
5/29/36
....
1,285
100
a,b
8440181.SQ.FTS.B
,
5
.639
%
,
6/02/36
....
1,123
711
a,b
8439564.SQ.FTS.B
,
5
.908
%
,
6/02/36
....
671
166
a,b
8445397.SQ.FTS.B
,
6
.325
%
,
6/03/36
....
12,637
157
a,b
8451575.SQ.FTS.B
,
5
.409
%
,
6/04/36
....
20,874
149
a,b
8449424.SQ.FTS.B
,
6
.419
%
,
6/04/36
....
1,146
158
a,b
8458127.SQ.FTS.B
,
5
.114
%
,
6/05/36
....
19,354
69
a
8463921.SQ.FTS.B
,
4
.948
%
,
6/06/36
....
194
170
a,b
8463484.SQ.FTS.B
,
6
.672
%
,
6/06/36
....
9,869
52
a
8467646.SQ.FTS.B
,
6
.657
%
,
6/08/36
....
610
475
a,b
8470542.SQ.FTS.B
,
5
.114
%
,
6/09/36
....
8,590
5,271
a,b
8471165.SQ.FTS.B
,
5
.635
%
,
6/09/36
....
18,441
49
a,b
8470455.SQ.FTS.B
,
6
.325
%
,
6/09/36
....
984
34
a
8476774.SQ.FTS.B
,
6
.326
%
,
6/10/36
....
205
153
a
8480113.SQ.FTS.B
,
6
.533
%
,
6/11/36
....
128
119
a,b
8488063.SQ.FTS.B
,
4
.957
%
,
6/12/36
....
1,079
121
a,b
8485522.SQ.FTS.B
,
6
.42
%
,
6/12/36
.....
13,205
58
a,b
8503138.SQ.FTS.B
,
6
.415
%
,
6/18/36
....
1,828
54
a,b
8512865.SQ.FTS.B
,
5
.912
%
,
6/19/36
....
21,196
99
a,b
8520316.SQ.FTS.B
,
6
.442
%
,
6/22/36
....
2,089
1,152
a
8524499.SQ.FTS.B
,
4
.707
%
,
6/23/36
....
294
286
a,b
8523060.SQ.FTS.B
,
4
.979
%
,
6/23/36
....
1,036
31
a,b
8523082.SQ.FTS.B
,
6
.335
%
,
6/23/36
....
3,349
730
a,b
8530595.SQ.FTS.B
,
6
.289
%
,
6/25/36
....
11,746
46
a
8533616.SQ.FTS.B
,
5
.338
%
,
6/26/36
....
235
228
a
8531192.SQ.FTS.B
,
5
.914
%
,
6/26/36
....
2,712
762
a,b
8534044.SQ.FTS.B
,
6
.448
%
,
6/26/36
....
11,141
81
a,b
8539874.SQ.FTS.B
,
5
.031
%
,
6/28/36
....
8,313
34
a,b
8540718.SQ.FTS.B
,
5
.343
%
,
6/29/36
....
3,501
104
a
8546597.SQ.FTS.B
,
4
.717
%
,
6/30/36
....
262
243
a,b
8557100.SQ.FTS.B
,
4
.945
%
,
7/03/36
....
2,142
62
a
8560945.SQ.FTS.B
,
5
.904
%
,
7/05/36
....
149
144
Description
Principal
Amount
Value
Block,
Inc.
(continued)
a,b
8590354.SQ.FTS.B
,
5
.348
%
,
7/06/36
....
$
2,989
$
16
a,b
8592557.SQ.FTS.B
,
6
.095
%
,
7/06/36
....
2,028
78
a,b
8596048.SQ.FTS.B
,
5
.598
%
,
7/07/36
....
15,182
170
a
8598520.SQ.FTS.B
,
5
.031
%
,
7/08/36
....
2,460
1,123
a,b
8603241.SQ.FTS.B
,
5
.031
%
,
7/09/36
....
5,719
162
a,b
8604154.SQ.FTS.B
,
5
.031
%
,
7/09/36
....
25,330
9,927
a,b
8608202.SQ.FTS.B
,
5
.66
%
,
7/10/36
.....
227
171
a,b
8606413.SQ.FTS.B
,
6
.45
%
,
7/10/36
.....
5,442
12
a
8609461.SQ.FTS.B
,
5
.031
%
,
7/11/36
....
56
51
a,b
8621035.SQ.FTS.B
,
6
.443
%
,
7/15/36
....
1,808
36
a
8627682.SQ.FTS.B
,
4
.721
%
,
7/16/36
....
542
524
a,b
8627433.SQ.FTS.B
,
5
.603
%
,
7/16/36
....
2,412
1,560
a
8625165.SQ.FTS.B
,
5
.64
%
,
7/16/36
.....
643
570
a,b
8625097.SQ.FTS.B
,
6
.081
%
,
7/16/36
....
1,551
26
a,b
8625055.SQ.FTS.B
,
6
.44
%
,
7/16/36
.....
1,055
674
a,b
8624623.SQ.FTS.B
,
6
.445
%
,
7/16/36
....
1,687
101
a,b
8630161.SQ.FTS.B
,
4
.928
%
,
7/17/36
....
676
403
a,b
8630113.SQ.FTS.B
,
6
.11
%
,
7/17/36
.....
3,058
65
a,b
8632209.SQ.FTS.B
,
5
.619
%
,
7/18/36
....
348
23
a
8634408.SQ.FTS.B
,
4
.715
%
,
7/21/36
....
1,996
1,816
a
8635256.SQ.FTS.B
,
5
.031
%
,
7/21/36
....
12,344
10,383
a
8639095.SQ.FTS.B
,
5
.031
%
,
7/22/36
....
5,157
4,936
a
8637462.SQ.FTS.B
,
6
.1
%
,
7/22/36
......
4,225
1,985
a
8640249.SQ.FTS.B
,
6
.448
%
,
7/22/36
....
880
835
a
8646055.SQ.FTS.B
,
6
.094
%
,
7/23/36
....
362
328
a,b
8652314.SQ.FTS.B
,
6
.447
%
,
7/26/36
....
1,492
103
a,b
8659412.SQ.FTS.B
,
4
.72
%
,
7/28/36
.....
7,284
292
a
8656818.SQ.FTS.B
,
5
.031
%
,
7/28/36
....
1,870
1,617
a,b
8661211.SQ.FTS.B
,
6
.499
%
,
7/28/36
....
130
20
a
8665558.SQ.FTS.B
,
4
.719
%
,
7/29/36
....
2,077
1,111
a
8666384.SQ.FTS.B
,
6
.1
%
,
7/29/36
......
12,072
10,045
a,b
8662647.SQ.FTS.B
,
6
.445
%
,
7/29/36
....
3,734
74
a
8673280.SQ.FTS.B
,
5
.036
%
,
7/30/36
....
1,459
1,362
a
8674563.SQ.FTS.B
,
5
.344
%
,
7/30/36
....
3,058
2,745
a,b
8671964.SQ.FTS.B
,
5
.346
%
,
7/30/36
....
5,871
2,311
a,b
8674744.SQ.FTS.B
,
6
.472
%
,
7/30/36
....
879
190
a
8677309.SQ.FTS.B
,
4
.719
%
,
7/31/36
....
3,412
3,071
a,b
8692180.SQ.FTS.B
,
5
.912
%
,
8/04/36
....
34,128
37
a,b
8697792.SQ.FTS.B
,
5
.343
%
,
8/05/36
....
5,744
12
a
8706579.SQ.FTS.B
,
5
.597
%
,
8/07/36
....
3,114
2,698
a
8712364.SQ.FTS.B
,
6
.447
%
,
8/09/36
....
589
419
a
8715175.SQ.FTS.B
,
5
.361
%
,
8/10/36
....
140
132
a,b
8713665.SQ.FTS.B
,
5
.6
%
,
8/10/36
......
951
113
a
8720364.SQ.FTS.B
,
5
.353
%
,
8/11/36
....
978
895
a,b
8723059.SQ.FTS.B
,
4
.717
%
,
8/12/36
....
20,170
220
a,b
8723864.SQ.FTS.B
,
5
.627
%
,
8/12/36
....
9,920
53
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
a,b
8722338.SQ.FTS.B
,
5
.63
%
,
8/12/36
.....
$
1,713
$
68
a
8734581.SQ.FTS.B
,
4
.717
%
,
8/13/36
....
1,362
1,181
a,b
8734472.SQ.FTS.B
,
6
.444
%
,
8/13/36
....
3,490
28
a,b
8738312.SQ.FTS.B
,
6
.45
%
,
8/14/36
.....
6,129
52
a,b
8739327.SQ.FTS.B
,
6
.447
%
,
8/15/36
....
10,390
166
a,b
8740558.SQ.FTS.B
,
5
.031
%
,
8/16/36
....
23,179
222
a
8740399.SQ.FTS.B
,
5
.597
%
,
8/16/36
....
5,141
4,181
a,b
8741215.SQ.FTS.B
,
5
.595
%
,
8/17/36
....
5,658
559
a
8744200.SQ.FTS.B
,
5
.342
%
,
8/18/36
....
2,406
1,765
a
8757818.SQ.FTS.B
,
5
.348
%
,
8/21/36
....
170
168
a,b
8757027.SQ.FTS.B
,
6
.105
%
,
8/21/36
....
3,241
120
a
8763721.SQ.FTS.B
,
4
.72
%
,
8/24/36
.....
2,235
1,788
a,b
8764217.SQ.FTS.B
,
5
.346
%
,
8/24/36
....
8,186
217
a,b
8767996.SQ.FTS.B
,
6
.447
%
,
8/25/36
....
7,938
29
a,b
8768460.SQ.FTS.B
,
6
.451
%
,
8/25/36
....
4,904
61
a
8775913.SQ.FTS.B
,
5
.031
%
,
8/26/36
....
3,075
2,350
a
8772121.SQ.FTS.B
,
5
.6
%
,
8/26/36
......
3,896
3,632
a,b
8775615.SQ.FTS.B
,
5
.6
%
,
8/26/36
......
1,993
198
a
8773308.SQ.FTS.B
,
6
.103
%
,
8/26/36
....
634
600
a
8783977.SQ.FTS.B
,
5
.036
%
,
8/28/36
....
2,317
1,906
a,b
8784101.SQ.FTS.B
,
6
.095
%
,
8/28/36
....
1,625
75
a
8786222.SQ.FTS.B
,
6
.453
%
,
8/28/36
....
46
42
264,176
Freedom
Financial
Asset
Management
LLC
APP-16719236.FP.FTS.B
,
10
.49
%
,
9/04/26
455
455
APP-16335651.FP.FTS.B
,
14
.49
%
,
9/15/26
619
620
APP-16710569.FP.FTS.B
,
15
.49
%
,
9/16/26
914
916
APP-16676602.FP.FTS.B
,
11
.24
%
,
11/05/26
720
720
APP-11579549.FP.FTS.B
,
13
.49
%
,
12/15/26
..........................
1,907
1,911
APP-11022370.FP.FTS.B
,
16
.49
%
,
12/20/26
..........................
645
648
APP-11740523.FP.FTS.B
,
10
.99
%
,
12/21/26
..........................
2,592
2,608
APP-11723942.FP.FTS.B
,
19
.49
%
,
12/21/26
..........................
7,709
7,917
APP-12116526.FP.FTS.B
,
18
.99
%
,
1/05/27
1,862
1,886
APP-11410185.FP.FTS.B
,
22
.49
%
,
1/10/27
4,616
4,743
APP-12032875.FP.FTS.B
,
11
.24
%
,
1/16/27
3,105
3,129
APP-11694985.FP.FTS.B
,
12
.99
%
,
1/21/27
1,863
1,879
APP-12169743.FP.FTS.B
,
24
.24
%
,
1/22/27
4,802
4,956
APP-12186510.FP.FTS.B
,
9
.74
%
,
1/23/27
.
4,445
4,474
APP-11595106.FP.FTS.B
,
13
.49
%
,
1/26/27
1,616
1,630
APP-11595260.FP.FTS.B
,
18
.99
%
,
1/30/27
318
320
APP-11709701.FP.FTS.B
,
16
.49
%
,
2/04/27
1,581
1,589
APP-11725393.FP.FTS.B
,
17
.99
%
,
2/04/27
7,914
8,056
APP-11660434.FP.FTS.B
,
20
.49
%
,
2/04/27
5,419
5,588
APP-11694079.FP.FTS.B
,
10
.99
%
,
2/05/27
2,794
2,810
APP-11722179.FP.FTS.B
,
11
.99
%
,
2/05/27
3,821
3,844
APP-11742867.FP.FTS.B
,
23
.24
%
,
2/05/27
3,655
3,759
APP-12337990.FP.FTS.B
,
16
.49
%
,
2/07/27
1,315
1,324
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11738196.FP.FTS.B
,
21
.99
%
,
2/15/27
$
2,099
$
2,155
APP-12029572.FP.FTS.B
,
16
.99
%
,
2/24/27
604
607
APP-12050224.FP.FTS.B
,
11
.74
%
,
3/01/27
6,447
6,484
APP-12168636.FP.FTS.B
,
13
.24
%
,
3/01/27
3,074
3,095
APP-12158633.FP.FTS.B
,
23
.24
%
,
3/02/27
3,951
4,057
APP-12050159.FP.FTS.B
,
13
.24
%
,
3/07/27
5,416
5,460
APP-12105970.FP.FTS.B
,
10
.99
%
,
3/08/27
3,404
3,427
APP-12155604.FP.FTS.B
,
11
.24
%
,
3/08/27
972
974
APP-12106008.FP.FTS.B
,
13
.49
%
,
3/08/27
2,571
2,593
APP-12432804.FP.FTS.B
,
13
.24
%
,
3/09/27
5,627
5,669
APP-11508449.FP.FTS.B
,
8
.49
%
,
3/10/27
.
4,347
4,376
APP-12210087.FP.FTS.B
,
18
.74
%
,
3/11/27
7,934
8,095
APP-12071137.FP.FTS.B
,
19
.99
%
,
3/11/27
5,222
5,357
APP-12460903.FP.FTS.B
,
10
.99
%
,
3/15/27
5,967
6,011
APP-12467297.FP.FTS.B
,
13
.24
%
,
3/15/27
4,835
4,880
APP-12418630.FP.FTS.B
,
17
.99
%
,
3/18/27
3,476
3,556
APP-12463831.FP.FTS.B
,
19
.99
%
,
3/18/27
1,476
1,506
APP-12380981.FP.FTS.B
,
13
.74
%
,
3/20/27
1,384
1,394
APP-12230901.FP.FTS.B
,
20
.24
%
,
3/20/27
7,528
7,710
APP-12424835.FP.FTS.B
,
23
.99
%
,
3/20/27
6,744
7,006
APP-12459776.FP.FTS.B
,
10
.99
%
,
3/21/27
5,153
5,197
APP-12287335.FP.FTS.B
,
13
.24
%
,
3/21/27
3,935
3,980
APP-12270745.FP.FTS.B
,
17
.74
%
,
3/23/27
4,987
5,102
APP-11397497.FP.FTS.B
,
11
.99
%
,
4/19/27
4,723
4,771
APP-12133804.FP.FTS.B
,
10
.99
%
,
4/30/27
4,258
4,293
APP-12097459.FP.FTS.B
,
13
.24
%
,
5/08/27
5,290
5,346
APP-12345892.FP.FTS.B
,
13
.49
%
,
5/22/27
1,874
1,888
b
APP-12468566.FP.FTS.B
,
19
.74
%
,
6/25/27
13,331
1,489
APP-15007182.FP.FTS.B
,
16
.99
%
,
7/11/27
2,868
2,907
APP-15105817.FP.FTS.B
,
11
.74
%
,
7/15/27
5,070
5,119
APP-16662334.FP.FTS.B
,
15
.24
%
,
7/26/27
6,770
6,858
APP-15116487.FP.FTS.B
,
21
.49
%
,
7/28/27
4,984
5,209
APP-16465567.FP.FTS.B
,
15
.49
%
,
7/30/27
3,967
4,023
b
APP-16640475.FP.FTS.B
,
12
.74
%
,
8/02/27
5,926
1,230
APP-12159801.FP.FTS.B
,
16
.99
%
,
8/15/27
7,187
7,386
APP-16632155.FP.FTS.B
,
11
.49
%
,
9/01/27
4,680
4,723
APP-16448250.FP.FTS.B
,
13
.49
%
,
9/01/27
1,936
1,957
APP-12175594.FP.FTS.B
,
18
.99
%
,
9/01/27
1,638
1,679
APP-16852920.FP.FTS.B
,
10
.99
%
,
9/04/27
10,324
10,424
APP-16640455.FP.FTS.B
,
10
.99
%
,
9/05/27
5,990
6,047
APP-15052242.FP.FTS.B
,
11
.74
%
,
9/13/27
13,456
13,652
APP-16687847.FP.FTS.B
,
9
.49
%
,
9/15/27
.
5,271
5,330
APP-17490395.FP.FTS.B
,
15
.24
%
,
9/26/27
9,690
9,834
APP-17504832.FP.FTS.B
,
13
.74
%
,
9/27/27
1,039
1,042
b
APP-12176796.FP.FTS.B
,
8
.99
%
,
10/25/27
3,415
609
APP-16627732.FP.FTS.B
,
12
.99
%
,
11/25/27
..........................
9,070
9,205
APP-11872544.FP.FTS.B
,
19
.99
%
,
11/25/27
1,828
642
280,136
LendingClub
Corp.
-
LCX
162966512.LC.FTS.B
,
11
.02
%
,
4/12/35
...
1,342
–
Prosper
Funding
LLC
1611798.PS.FTS.B
,
25
.74
%
,
9/01/26
....
919
927
1625300.PS.FTS.B
,
11
.79
%
,
9/23/26
....
305
307
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1631647.PS.FTS.B
,
12
.7
%
,
9/28/26
.....
$
7
$
7
1638105.PS.FTS.B
,
13
.4
%
,
9/28/26
.....
293
295
1648282.PS.FTS.B
,
14
%
,
10/26/26
......
1,028
1,040
1645223.PS.FTS.B
,
10
.5
%
,
10/27/26
....
572
573
1648588.PS.FTS.B
,
14
.39
%
,
10/27/26
...
1,036
1,049
1646309.PS.FTS.B
,
9
.62
%
,
10/28/26
....
968
971
1646072.PS.FTS.B
,
28
.23
%
,
10/28/26
...
1,003
1,024
1650901.PS.FTS.B
,
11
.2
%
,
10/29/26
....
1,325
1,329
1489833.PS.FTS.B
,
16
.99
%
,
10/30/26
...
784
796
1649809.PS.FTS.B
,
11
.1
%
,
10/31/26
....
824
826
1650023.PS.FTS.B
,
14
.79
%
,
11/04/26
....
1,009
1,009
1649791.PS.FTS.B
,
15
.1
%
,
11/05/26
....
2,360
2,395
1651754.PS.FTS.B
,
10
.5
%
,
11/08/26
....
1,681
1,682
1658080.PS.FTS.B
,
14
.63
%
,
11/08/26
....
1,005
1,011
1666449.PS.FTS.B
,
14
.6
%
,
11/09/26
....
1,050
1,061
1658839.PS.FTS.B
,
14
.68
%
,
11/09/26
....
1,373
1,374
1658842.PS.FTS.B
,
17
%
,
11/09/26
......
1,233
1,243
1667757.PS.FTS.B
,
18
.25
%
,
11/12/26
....
1,275
1,291
1661797.PS.FTS.B
,
21
%
,
11/15/26
......
293
299
1664327.PS.FTS.B
,
13
.5
%
,
11/30/26
....
562
572
1680241.PS.FTS.B
,
14
.38
%
,
12/16/26
...
2,819
2,825
1680301.PS.FTS.B
,
18
.5
%
,
12/16/26
....
614
622
1689036.PS.FTS.B
,
14
.6
%
,
12/21/26
....
3,045
2,797
1676819.PS.FTS.B
,
14
.68
%
,
12/22/26
...
3,653
3,660
1680116.PS.FTS.B
,
14
%
,
12/29/26
......
3,624
3,681
1690116.PS.FTS.B
,
23
.11
%
,
12/31/26
....
2,454
2,520
1694572.PS.FTS.B
,
11
.6
%
,
1/13/27
.....
2,784
2,788
b
1694593.PS.FTS.B
,
23
.4
%
,
1/13/27
.....
5,320
–
1702152.PS.FTS.B
,
12
.87
%
,
1/14/27
....
786
787
1698709.PS.FTS.B
,
15
.2
%
,
1/20/27
.....
2,053
2,086
1674146.PS.FTS.B
,
18
.78
%
,
1/20/27
....
1,745
1,773
1721439.PS.FTS.B
,
12
%
,
2/15/27
.......
159
159
1708901.PS.FTS.B
,
18
.33
%
,
2/15/27
....
3,348
3,408
1720974.PS.FTS.B
,
18
.4
%
,
2/15/27
.....
3,353
3,404
1708466.PS.FTS.B
,
18
.6
%
,
2/22/27
.....
1,107
1,123
1709507.PS.FTS.B
,
13
.5
%
,
3/15/27
.....
585
588
1749006.PS.FTS.B
,
19
.53
%
,
3/31/27
....
2,410
2,468
1749429.PS.FTS.B
,
25
.9
%
,
4/01/27
.....
1,471
1,529
b
1603750.PS.FTS.B
,
15
.9
%
,
5/20/27
.....
3,095
–
1722171.PS.FTS.B
,
18
.78
%
,
6/14/27
....
2,574
1,509
b
1682455.PS.FTS.B
,
11
.43
%
,
11/21/27
....
14,842
880
b
1739157.PS.FTS.B
,
11
.5
%
,
12/18/27
....
12,327
7,613
1708907.PS.FTS.B
,
18
.13
%
,
2/20/28
....
8,435
8,378
1599440.PS.FTS.B
,
26
.4
%
,
8/05/36
.....
109
109
1600466.PS.FTS.B
,
18
.73
%
,
8/06/36
....
391
392
1603759.PS.FTS.B
,
20
.59
%
,
8/06/36
....
272
272
1611384.PS.FTS.B
,
13
.88
%
,
8/09/36
....
234
234
1611810.PS.FTS.B
,
13
%
,
8/10/36
.......
57
57
b
1606042.PS.FTS.B
,
14
.74
%
,
8/10/36
....
2,352
431
1611807.PS.FTS.B
,
19
.33
%
,
8/10/36
....
426
427
1612149.PS.FTS.B
,
20
.7
%
,
8/10/36
.....
203
204
1603532.PS.FTS.B
,
20
.5
%
,
8/12/36
.....
358
360
1618149.PS.FTS.B
,
13
.7
%
,
8/19/36
.....
137
137
1615738.PS.FTS.B
,
13
.3
%
,
8/27/36
.....
92
92
78,394
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
b
991784708.UG.FTS.B
,
Zero
Cpn
,
2/04/25
.
$
206
$
14
991573331.UG.FTS.B
,
29
.49
%
,
9/17/26
..
94
–
991658250.UG.FTS.B
,
16
.99
%
,
1/20/27
..
42
43
991721939.UG.FTS.B
,
16
.99
%
,
2/02/27
..
233
237
991894965.UG.FTS.B
,
16
.99
%
,
2/03/27
..
969
987
b
991762816.UG.FTS.B
,
29
.49
%
,
2/20/27
..
35
29
991645022.UG.FTS.B
,
29
.49
%
,
5/21/27
..
36
30
991663324.UG.FTS.B
,
22
.36
%
,
5/29/27
..
16
17
991579317.UG.FTS.B
,
29
.49
%
,
6/16/27
..
25
25
991579043.UG.FTS.B
,
19
.99
%
,
8/17/27
..
1,253
999
991716805.UG.FTS.B
,
22
.97
%
,
11/08/27
.
245
251
991664785.UG.FTS.B
,
18
.98
%
,
12/26/27
.
145
105
991735384.UG.FTS.B
,
29
.49
%
,
6/06/29
..
360
–
991587677.UG.FTS.B
,
29
.49
%
,
1/17/30
..
410
433
b
991719643.UG.FTS.B
,
29
.49
%
,
10/22/30
.
150
11
991883200.UG.FTS.B
,
29
.49
%
,
1/07/31
..
21
2
991754815.UG.FTS.B
,
29
.49
%
,
2/24/31
..
1
2
991545568.UG.FTS.B
,
29
.49
%
,
8/16/31
..
319
330
991721350.UG.FTS.B
,
29
.49
%
,
8/16/31
..
339
346
3,861
Upstart
Network,
Inc.
L1711804.UP.FTS.B
,
9
.08
%
,
9/14/26
.....
409
404
L1710250.UP.FTS.B
,
9
.72
%
,
9/14/26
....
333
329
L1711626.UP.FTS.B
,
13
.98
%
,
9/14/26
....
910
899
L1707201.UP.FTS.B
,
16
.24
%
,
9/14/26
....
714
706
L1711610.UP.FTS.B
,
17
.32
%
,
9/14/26
....
1,208
1,192
L1710981.UP.FTS.B
,
17
.81
%
,
9/14/26
....
590
582
L1709643.UP.FTS.B
,
20
.04
%
,
9/14/26
....
201
199
L1708429.UP.FTS.B
,
20
.63
%
,
9/14/26
....
155
153
b
L1710592.UP.FTS.B
,
25
.03
%
,
9/14/26
....
212
7
L1712014.UP.FTS.B
,
25
.46
%
,
9/14/26
....
97
95
L1710375.UP.FTS.B
,
25
.49
%
,
9/14/26
....
108
107
L1711582.UP.FTS.B
,
25
.87
%
,
9/14/26
....
2,524
2,250
b
FW1709045.UP.FTS.B
,
31
.04
%
,
9/14/26
..
686
49
FW1709237.UP.FTS.B
,
31
.24
%
,
9/14/26
..
311
306
b
FW1712567.UP.FTS.B
,
31
.44
%
,
9/14/26
..
389
101
L1709686.UP.FTS.B
,
14
.5
%
,
9/16/26
....
933
922
FW1711817.UP.FTS.B
,
20
.95
%
,
9/20/26
..
253
249
L1873001.UP.FTS.B
,
11
.14
%
,
10/18/26
...
658
599
L1872155.UP.FTS.B
,
11
.36
%
,
10/18/26
...
34
34
L1873842.UP.FTS.B
,
11
.7
%
,
10/18/26
....
1,000
989
L1873090.UP.FTS.B
,
11
.9
%
,
10/18/26
....
98
97
FW1873975.UP.FTS.B
,
13
.55
%
,
10/18/26
.
439
434
FW1874328.UP.FTS.B
,
14
.8
%
,
10/18/26
..
694
687
b
L1860167.UP.FTS.B
,
14
.86
%
,
10/18/26
...
233
54
L1873835.UP.FTS.B
,
15
.93
%
,
10/18/26
...
742
698
L1872814.UP.FTS.B
,
16
.38
%
,
10/18/26
...
858
849
L1873320.UP.FTS.B
,
16
.64
%
,
10/18/26
...
144
142
FW1869707.UP.FTS.B
,
17
.52
%
,
10/18/26
.
1,098
1,084
L1874163.UP.FTS.B
,
17
.64
%
,
10/18/26
...
484
478
L1873356.UP.FTS.B
,
19
.63
%
,
10/18/26
...
85
84
L1873825.UP.FTS.B
,
20
.43
%
,
10/18/26
...
3,878
3,827
L1873221.UP.FTS.B
,
20
.79
%
,
10/18/26
...
158
156
L1874034.UP.FTS.B
,
22
.67
%
,
10/18/26
...
237
220
L1873180.UP.FTS.B
,
24
.02
%
,
10/18/26
...
83
82
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1873408.UP.FTS.B
,
24
.34
%
,
10/18/26
...
$
251
$
248
L1870381.UP.FTS.B
,
24
.72
%
,
10/18/26
...
825
412
L1872784.UP.FTS.B
,
25
.04
%
,
10/18/26
...
732
681
L1873304.UP.FTS.B
,
25
.15
%
,
10/18/26
...
32
32
FW1873077.UP.FTS.B
,
25
.29
%
,
10/18/26
.
254
251
L1872764.UP.FTS.B
,
25
.4
%
,
10/18/26
....
129
127
L1874151.UP.FTS.B
,
25
.48
%
,
10/18/26
...
93
92
L1870887.UP.FTS.B
,
26
.18
%
,
10/18/26
...
147
145
FW1874429.UP.FTS.B
,
27
.19
%
,
10/18/26
.
337
333
FW1873344.UP.FTS.B
,
27
.72
%
,
10/18/26
.
1,242
1,226
FW1872622.UP.FTS.B
,
28
.59
%
,
10/18/26
.
304
300
FW1874208.UP.FTS.B
,
29
.47
%
,
10/18/26
.
321
316
FW1873268.UP.FTS.B
,
30
.52
%
,
10/18/26
.
168
166
FW1872558.UP.FTS.B
,
30
.55
%
,
10/18/26
.
160
149
L1874280.UP.FTS.B
,
15
.62
%
,
11/01/26
...
2,653
2,626
L2010047.UP.FTS.B
,
7
.23
%
,
11/09/26
....
770
760
L1982018.UP.FTS.B
,
9
.85
%
,
11/09/26
....
413
408
L2008329.UP.FTS.B
,
10
.3
%
,
11/09/26
....
501
495
L2009188.UP.FTS.B
,
10
.68
%
,
11/09/26
...
1,390
1,373
L2009665.UP.FTS.B
,
10
.88
%
,
11/09/26
...
718
708
L2006518.UP.FTS.B
,
11
.38
%
,
11/09/26
...
172
170
L2005066.UP.FTS.B
,
12
.51
%
,
11/09/26
...
1,347
1,330
FW2004957.UP.FTS.B
,
13
.66
%
,
11/09/26
.
223
221
b
L2006397.UP.FTS.B
,
13
.66
%
,
11/09/26
...
1,545
320
L2008524.UP.FTS.B
,
14
.03
%
,
11/09/26
...
1,680
1,658
L2008618.UP.FTS.B
,
14
.73
%
,
11/09/26
...
547
540
L2009287.UP.FTS.B
,
14
.91
%
,
11/09/26
...
531
524
L2008772.UP.FTS.B
,
15
.55
%
,
11/09/26
...
927
916
L2009243.UP.FTS.B
,
15
.94
%
,
11/09/26
...
936
924
FW2010280.UP.FTS.B
,
16
.52
%
,
11/09/26
.
1,515
1,496
FW2009372.UP.FTS.B
,
16
.77
%
,
11/09/26
.
1,423
1,406
L2008272.UP.FTS.B
,
17
.06
%
,
11/09/26
...
1,909
1,885
L2006918.UP.FTS.B
,
18
.03
%
,
11/09/26
...
2,845
2,803
FW2005908.UP.FTS.B
,
18
.71
%
,
11/09/26
.
443
436
FW2009511.UP.FTS.B
,
18
.82
%
,
11/09/26
.
586
577
L2007966.UP.FTS.B
,
18
.98
%
,
11/09/26
...
198
195
L2007099.UP.FTS.B
,
20
.26
%
,
11/09/26
...
3,107
3,054
L2008551.UP.FTS.B
,
20
.27
%
,
11/09/26
...
2,219
2,181
FW2004995.UP.FTS.B
,
21
%
,
11/09/26
...
596
587
FW2006513.UP.FTS.B
,
21
.09
%
,
11/09/26
.
138
136
FW2009886.UP.FTS.B
,
22
.16
%
,
11/09/26
.
420
414
L2009468.UP.FTS.B
,
22
.18
%
,
11/09/26
...
1,361
1,338
L2007056.UP.FTS.B
,
24
.37
%
,
11/09/26
...
291
286
L2007001.UP.FTS.B
,
25
.04
%
,
11/09/26
...
166
163
L2009837.UP.FTS.B
,
25
.1
%
,
11/09/26
....
169
166
L2005357.UP.FTS.B
,
25
.2
%
,
11/09/26
....
553
544
L2007046.UP.FTS.B
,
25
.34
%
,
11/09/26
...
200
197
FW2009941.UP.FTS.B
,
25
.35
%
,
11/09/26
.
834
820
L2009460.UP.FTS.B
,
25
.35
%
,
11/09/26
...
344
338
L1976857.UP.FTS.B
,
25
.45
%
,
11/09/26
...
889
874
L2008185.UP.FTS.B
,
25
.45
%
,
11/09/26
...
454
446
FW2007576.UP.FTS.B
,
26
.1
%
,
11/09/26
..
396
389
L2009167.UP.FTS.B
,
26
.14
%
,
11/09/26
...
1,125
1,106
FW2006658.UP.FTS.B
,
26
.38
%
,
11/09/26
.
678
668
FW2008080.UP.FTS.B
,
27
.3
%
,
11/09/26
..
213
174
FW2005194.UP.FTS.B
,
29
.14
%
,
11/09/26
.
817
803
FW2005025.UP.FTS.B
,
31
.15
%
,
11/09/26
.
929
913
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2008400.UP.FTS.B
,
31
.31
%
,
11/09/26
.
$
414
$
408
FW2009323.UP.FTS.B
,
31
.47
%
,
11/09/26
.
759
747
FW2009221.UP.FTS.B
,
30
.79
%
,
11/12/26
.
1,326
1,304
b
L2005604.UP.FTS.B
,
7
.24
%
,
11/15/26
....
3,725
315
L2009697.UP.FTS.B
,
20
.69
%
,
11/15/26
...
525
517
b
L2079683.UP.FTS.B
,
10
.46
%
,
11/19/26
...
616
135
L2077229.UP.FTS.B
,
11
.22
%
,
11/19/26
...
1,699
1,679
L2079790.UP.FTS.B
,
11
.54
%
,
11/19/26
...
741
732
L2069545.UP.FTS.B
,
12
.88
%
,
11/19/26
...
528
522
L2080759.UP.FTS.B
,
14
.39
%
,
11/19/26
...
1,203
1,189
L2077934.UP.FTS.B
,
15
.05
%
,
11/19/26
...
690
682
b
L2077136.UP.FTS.B
,
16
.73
%
,
11/19/26
...
2,286
166
FW2080998.UP.FTS.B
,
16
.87
%
,
11/19/26
.
47
46
FW2078513.UP.FTS.B
,
16
.88
%
,
11/19/26
.
1,716
1,699
L2079147.UP.FTS.B
,
16
.93
%
,
11/19/26
...
1,482
1,467
L2073789.UP.FTS.B
,
17
.39
%
,
11/19/26
...
386
339
L2079089.UP.FTS.B
,
19
.11
%
,
11/19/26
...
579
573
L2079136.UP.FTS.B
,
19
.7
%
,
11/19/26
....
1,655
1,635
FW2076082.UP.FTS.B
,
20
.04
%
,
11/19/26
.
877
867
L2077767.UP.FTS.B
,
20
.73
%
,
11/19/26
...
1,023
1,010
FW2080860.UP.FTS.B
,
21
.93
%
,
11/19/26
.
1,632
1,611
L2080597.UP.FTS.B
,
22
.59
%
,
11/19/26
...
233
230
L2079001.UP.FTS.B
,
24
.08
%
,
11/19/26
...
987
624
FW2080275.UP.FTS.B
,
26
.15
%
,
11/19/26
.
393
388
L2075827.UP.FTS.B
,
27
%
,
11/19/26
.....
1,062
1,049
L2078364.UP.FTS.B
,
15
.16
%
,
11/20/26
...
555
550
FW2009687.UP.FTS.B
,
29
.61
%
,
11/21/26
.
605
595
FW2007433.UP.FTS.B
,
21
.02
%
,
11/24/26
.
746
734
L2079956.UP.FTS.B
,
14
.89
%
,
12/01/26
...
964
788
FW2080677.UP.FTS.B
,
18
.72
%
,
12/04/26
.
2,134
2,113
L2196810.UP.FTS.B
,
7
.42
%
,
12/07/26
....
589
580
L2198501.UP.FTS.B
,
8
.94
%
,
12/07/26
....
404
398
L2195995.UP.FTS.B
,
9
.12
%
,
12/07/26
....
437
431
FW2199260.UP.FTS.B
,
12
.51
%
,
12/07/26
.
2,665
2,629
L2200250.UP.FTS.B
,
13
.28
%
,
12/07/26
...
553
546
L2197658.UP.FTS.B
,
13
.72
%
,
12/07/26
...
575
479
L2199997.UP.FTS.B
,
14
.15
%
,
12/07/26
...
416
410
L2198350.UP.FTS.B
,
15
.19
%
,
12/07/26
...
72
71
b
L2199879.UP.FTS.B
,
16
.31
%
,
12/07/26
...
2,346
168
L2198446.UP.FTS.B
,
16
.58
%
,
12/07/26
...
5,155
5,089
b
L2198345.UP.FTS.B
,
17
.18
%
,
12/07/26
...
5,240
382
L2198376.UP.FTS.B
,
17
.42
%
,
12/07/26
...
3,320
1,450
L2199726.UP.FTS.B
,
18
.1
%
,
12/07/26
....
728
718
L2196412.UP.FTS.B
,
18
.83
%
,
12/07/26
...
221
218
L2199248.UP.FTS.B
,
19
.04
%
,
12/07/26
...
1,917
1,892
L2199129.UP.FTS.B
,
20
.12
%
,
12/07/26
...
278
274
L2197655.UP.FTS.B
,
20
.75
%
,
12/07/26
...
641
629
L2196680.UP.FTS.B
,
21
.47
%
,
12/07/26
...
741
730
L2199874.UP.FTS.B
,
22
.34
%
,
12/07/26
...
1,081
1,062
L2192706.UP.FTS.B
,
22
.47
%
,
12/07/26
...
1,308
1,284
L2198546.UP.FTS.B
,
25
.32
%
,
12/07/26
...
207
204
L2197183.UP.FTS.B
,
25
.46
%
,
12/07/26
...
237
233
L2199814.UP.FTS.B
,
25
.68
%
,
12/07/26
...
834
820
FW2199793.UP.FTS.B
,
25
.9
%
,
12/07/26
..
1,117
1,098
FW2200069.UP.FTS.B
,
28
.54
%
,
12/07/26
.
239
235
FW2199632.UP.FTS.B
,
32
.42
%
,
12/07/26
.
767
753
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2201100.UP.FTS.B
,
5
.82
%
,
12/08/26
....
$
950
$
935
L2203382.UP.FTS.B
,
6
.5
%
,
12/08/26
....
962
948
L2206413.UP.FTS.B
,
7
.44
%
,
12/08/26
....
439
434
L2200918.UP.FTS.B
,
8
.74
%
,
12/08/26
....
434
428
FW2202215.UP.FTS.B
,
9
.76
%
,
12/08/26
..
1,243
1,227
L2205258.UP.FTS.B
,
10
.97
%
,
12/08/26
...
269
265
L2200873.UP.FTS.B
,
11
.09
%
,
12/08/26
...
953
940
L2205661.UP.FTS.B
,
11
.13
%
,
12/08/26
...
1,270
1,253
FW2202691.UP.FTS.B
,
11
.21
%
,
12/08/26
.
318
313
FW2201210.UP.FTS.B
,
12
.48
%
,
12/08/26
.
218
215
b
L2202867.UP.FTS.B
,
13
.27
%
,
12/08/26
...
694
50
L2202534.UP.FTS.B
,
13
.68
%
,
12/08/26
...
1,673
1,650
L2200884.UP.FTS.B
,
13
.99
%
,
12/08/26
...
830
819
L2201701.UP.FTS.B
,
14
.19
%
,
12/08/26
...
788
777
L2200543.UP.FTS.B
,
14
.23
%
,
12/08/26
...
656
647
FW2206534.UP.FTS.B
,
14
.38
%
,
12/08/26
.
360
355
FW2201365.UP.FTS.B
,
14
.41
%
,
12/08/26
.
1,638
1,616
L2205970.UP.FTS.B
,
14
.78
%
,
12/08/26
...
294
290
L2203172.UP.FTS.B
,
14
.86
%
,
12/08/26
...
1,142
1,126
b
L2203888.UP.FTS.B
,
15
.35
%
,
12/08/26
...
543
105
L2205432.UP.FTS.B
,
15
.94
%
,
12/08/26
...
2,546
2,514
L2195672.UP.FTS.B
,
16
.2
%
,
12/08/26
....
1,796
1,774
L2203269.UP.FTS.B
,
16
.66
%
,
12/08/26
...
532
526
L2200406.UP.FTS.B
,
17
.28
%
,
12/08/26
...
527
520
L2203876.UP.FTS.B
,
17
.53
%
,
12/08/26
...
2,706
2,672
L2202653.UP.FTS.B
,
17
.59
%
,
12/08/26
...
1,492
1,474
L2200437.UP.FTS.B
,
17
.72
%
,
12/08/26
...
301
296
L2206114.UP.FTS.B
,
17
.92
%
,
12/08/26
...
248
245
L2201870.UP.FTS.B
,
17
.98
%
,
12/08/26
...
364
358
L2202316.UP.FTS.B
,
18
.78
%
,
12/08/26
...
441
183
L2171699.UP.FTS.B
,
19
.26
%
,
12/08/26
...
979
962
FW2201480.UP.FTS.B
,
19
.28
%
,
12/08/26
.
872
861
L2201833.UP.FTS.B
,
19
.78
%
,
12/08/26
...
619
610
L2203346.UP.FTS.B
,
19
.86
%
,
12/08/26
...
805
795
L2200528.UP.FTS.B
,
20
.47
%
,
12/08/26
...
445
438
L2201790.UP.FTS.B
,
20
.6
%
,
12/08/26
....
357
352
L2203266.UP.FTS.B
,
21
.37
%
,
12/08/26
...
699
687
L2203685.UP.FTS.B
,
21
.52
%
,
12/08/26
...
453
445
L2206634.UP.FTS.B
,
21
.58
%
,
12/08/26
...
286
281
FW2202543.UP.FTS.B
,
22
.46
%
,
12/08/26
.
93
92
L2200624.UP.FTS.B
,
22
.5
%
,
12/08/26
....
263
259
L2203293.UP.FTS.B
,
22
.93
%
,
12/08/26
...
225
222
FW2200085.UP.FTS.B
,
23
.88
%
,
12/08/26
.
298
22
L2204440.UP.FTS.B
,
24
.51
%
,
12/08/26
...
164
161
L2200752.UP.FTS.B
,
24
.63
%
,
12/08/26
...
137
135
FW2200668.UP.FTS.B
,
24
.66
%
,
12/08/26
.
531
522
L2201876.UP.FTS.B
,
24
.84
%
,
12/08/26
...
152
149
L2200418.UP.FTS.B
,
24
.91
%
,
12/08/26
...
796
784
L2204385.UP.FTS.B
,
25
.38
%
,
12/08/26
...
169
166
L2200539.UP.FTS.B
,
25
.48
%
,
12/08/26
...
769
756
L2202382.UP.FTS.B
,
25
.5
%
,
12/08/26
....
250
246
L2205529.UP.FTS.B
,
25
.96
%
,
12/08/26
...
978
961
FW2200840.UP.FTS.B
,
27
.39
%
,
12/08/26
.
1,205
1,185
FW2200263.UP.FTS.B
,
28
.29
%
,
12/08/26
.
2,881
2,833
FW2203128.UP.FTS.B
,
28
.72
%
,
12/08/26
.
136
134
FW2202866.UP.FTS.B
,
30
.6
%
,
12/08/26
..
278
105
FW2203290.UP.FTS.B
,
31
.07
%
,
12/08/26
.
209
205
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2205002.UP.FTS.B
,
31
.08
%
,
12/08/26
.
$
637
$
268
FW2199311.UP.FTS.B
,
31
.18
%
,
12/08/26
.
214
211
FW2199186.UP.FTS.B
,
25
.95
%
,
12/09/26
.
328
323
L2202911.UP.FTS.B
,
21
.13
%
,
12/14/26
...
788
776
FW2203667.UP.FTS.B
,
23
.01
%
,
12/14/26
.
1,941
1,908
L2196899.UP.FTS.B
,
24
.65
%
,
12/15/26
...
799
785
FW2199126.UP.FTS.B
,
31
.54
%
,
12/15/26
.
960
944
L2200110.UP.FTS.B
,
25
.93
%
,
12/16/26
...
1,185
1,032
L2203117.UP.FTS.B
,
13
.79
%
,
12/17/26
...
965
952
FW2205704.UP.FTS.B
,
28
.05
%
,
12/18/26
.
720
708
L2206448.UP.FTS.B
,
16
%
,
12/19/26
.....
1,014
1,001
L2196775.UP.FTS.B
,
22
.04
%
,
12/19/26
...
158
138
L2411009.UP.FTS.B
,
5
.26
%
,
1/11/27
.....
3,922
3,857
L2402399.UP.FTS.B
,
6
.09
%
,
1/11/27
.....
3,089
3,038
L2413519.UP.FTS.B
,
6
.19
%
,
1/11/27
.....
2,400
2,363
FW2406810.UP.FTS.B
,
7
.3
%
,
1/11/27
....
352
348
L2408660.UP.FTS.B
,
7
.61
%
,
1/11/27
.....
812
800
b
L2413727.UP.FTS.B
,
8
.61
%
,
1/11/27
.....
871
63
L2407187.UP.FTS.B
,
8
.85
%
,
1/11/27
.....
599
590
FW2411415.UP.FTS.B
,
9
.04
%
,
1/11/27
...
842
648
L2410685.UP.FTS.B
,
9
.48
%
,
1/11/27
.....
1,388
1,016
L2411458.UP.FTS.B
,
10
.12
%
,
1/11/27
....
273
269
L2413044.UP.FTS.B
,
11
.78
%
,
1/11/27
....
1,075
1,060
L2412100.UP.FTS.B
,
13
.07
%
,
1/11/27
....
867
855
L2411596.UP.FTS.B
,
13
.42
%
,
1/11/27
....
865
329
FW2412839.UP.FTS.B
,
13
.8
%
,
1/11/27
...
1,463
1,443
FW2407206.UP.FTS.B
,
13
.82
%
,
1/11/27
..
797
786
L2409821.UP.FTS.B
,
14
.42
%
,
1/11/27
....
726
716
L2410324.UP.FTS.B
,
14
.46
%
,
1/11/27
....
2,762
2,724
L2408774.UP.FTS.B
,
14
.55
%
,
1/11/27
....
539
533
L2406986.UP.FTS.B
,
16
.62
%
,
1/11/27
....
701
693
L2412621.UP.FTS.B
,
16
.62
%
,
1/11/27
....
561
555
FW2411635.UP.FTS.B
,
17
.05
%
,
1/11/27
..
836
636
L2411840.UP.FTS.B
,
17
.48
%
,
1/11/27
....
4,546
3,476
FW2411466.UP.FTS.B
,
17
.75
%
,
1/11/27
..
287
283
b
L2407285.UP.FTS.B
,
17
.96
%
,
1/11/27
....
1,233
90
L2410765.UP.FTS.B
,
18
.19
%
,
1/11/27
....
999
987
L2412345.UP.FTS.B
,
18
.51
%
,
1/11/27
....
391
385
FW2406958.UP.FTS.B
,
18
.83
%
,
1/11/27
..
146
144
L2407160.UP.FTS.B
,
18
.83
%
,
1/11/27
....
2,554
2,524
L2412374.UP.FTS.B
,
19
.25
%
,
1/11/27
....
1,832
1,802
FW2410395.UP.FTS.B
,
20
.34
%
,
1/11/27
..
749
738
FW2412890.UP.FTS.B
,
20
.68
%
,
1/11/27
..
1,602
1,575
L2407644.UP.FTS.B
,
21
.08
%
,
1/11/27
....
607
597
L2410907.UP.FTS.B
,
21
.6
%
,
1/11/27
.....
566
557
L2410622.UP.FTS.B
,
23
.11
%
,
1/11/27
....
756
743
FW2412083.UP.FTS.B
,
23
.34
%
,
1/11/27
..
725
713
FW2412786.UP.FTS.B
,
24
.26
%
,
1/11/27
..
1,100
1,082
FW2407461.UP.FTS.B
,
25
.01
%
,
1/11/27
..
813
800
L2407824.UP.FTS.B
,
25
.08
%
,
1/11/27
....
668
657
b
L2411780.UP.FTS.B
,
25
.37
%
,
1/11/27
....
142
10
L2409900.UP.FTS.B
,
25
.4
%
,
1/11/27
.....
84
83
L2411973.UP.FTS.B
,
25
.47
%
,
1/11/27
....
247
191
FW2412928.UP.FTS.B
,
25
.61
%
,
1/11/27
..
330
324
FW2411046.UP.FTS.B
,
26
.47
%
,
1/11/27
..
1,741
1,345
FW2406988.UP.FTS.B
,
27
.86
%
,
1/11/27
..
852
839
FW2410159.UP.FTS.B
,
27
.94
%
,
1/11/27
..
650
639
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2411293.UP.FTS.B
,
29
.42
%
,
1/11/27
..
$
280
$
275
b
FW2407567.UP.FTS.B
,
29
.43
%
,
1/11/27
..
1,132
24
FW2408568.UP.FTS.B
,
29
.5
%
,
1/11/27
...
1,025
393
FW2412942.UP.FTS.B
,
30
.18
%
,
1/11/27
..
764
752
FW2413147.UP.FTS.B
,
30
.55
%
,
1/11/27
..
1,009
755
FW2412502.UP.FTS.B
,
30
.76
%
,
1/11/27
..
2,147
2,113
b
FW2411299.UP.FTS.B
,
30
.92
%
,
1/11/27
..
430
80
FW2392367.UP.FTS.B
,
30
.94
%
,
1/11/27
..
475
189
FW2411010.UP.FTS.B
,
31
.02
%
,
1/11/27
..
608
598
FW2407947.UP.FTS.B
,
31
.05
%
,
1/11/27
..
659
648
FW2411738.UP.FTS.B
,
31
.08
%
,
1/11/27
..
344
278
FW2410751.UP.FTS.B
,
34
.47
%
,
1/11/27
..
1,096
462
L2414801.UP.FTS.B
,
6
.11
%
,
1/12/27
.....
1,237
1,216
L2402757.UP.FTS.B
,
6
.51
%
,
1/12/27
....
659
649
L2416784.UP.FTS.B
,
6
.53
%
,
1/12/27
....
230
226
FW2414856.UP.FTS.B
,
6
.64
%
,
1/12/27
...
115
113
L2416695.UP.FTS.B
,
6
.86
%
,
1/12/27
....
522
513
L2414595.UP.FTS.B
,
7
.05
%
,
1/12/27
....
873
860
L2417990.UP.FTS.B
,
7
.34
%
,
1/12/27
....
5,852
5,764
L2417199.UP.FTS.B
,
7
.43
%
,
1/12/27
....
5,398
4,138
FW2419541.UP.FTS.B
,
7
.5
%
,
1/12/27
....
1,436
1,415
L2417691.UP.FTS.B
,
7
.69
%
,
1/12/27
....
2,011
1,981
L2418009.UP.FTS.B
,
9
.08
%
,
1/12/27
....
1,454
1,432
L2414926.UP.FTS.B
,
9
.43
%
,
1/12/27
....
3,910
3,851
L2413887.UP.FTS.B
,
9
.49
%
,
1/12/27
....
737
726
FW2415990.UP.FTS.B
,
9
.9
%
,
1/12/27
....
4,441
3,375
L2414275.UP.FTS.B
,
9
.91
%
,
1/12/27
....
3,987
3,931
L2417012.UP.FTS.B
,
10
.17
%
,
1/12/27
....
201
198
FW2417548.UP.FTS.B
,
10
.24
%
,
1/12/27
..
1,860
1,832
FW2417403.UP.FTS.B
,
10
.31
%
,
1/12/27
..
872
860
L2414718.UP.FTS.B
,
10
.85
%
,
1/12/27
....
502
495
L2414779.UP.FTS.B
,
11
.77
%
,
1/12/27
....
512
505
L2419353.UP.FTS.B
,
12
.95
%
,
1/12/27
....
4,272
4,214
L2414553.UP.FTS.B
,
14
.38
%
,
1/12/27
....
2,653
2,618
L2418960.UP.FTS.B
,
15
.54
%
,
1/12/27
....
2,748
2,716
L2414253.UP.FTS.B
,
16
.15
%
,
1/12/27
....
1,127
1,114
L2414473.UP.FTS.B
,
16
.4
%
,
1/12/27
....
111
109
L2417581.UP.FTS.B
,
17
.27
%
,
1/12/27
....
625
618
FW2415024.UP.FTS.B
,
19
.94
%
,
1/12/27
..
1,297
1,277
L2418100.UP.FTS.B
,
20
.74
%
,
1/12/27
....
2,735
2,697
b
L2389418.UP.FTS.B
,
22
.12
%
,
1/12/27
....
1,429
278
FW2416362.UP.FTS.B
,
23
.42
%
,
1/12/27
..
613
604
L2409743.UP.FTS.B
,
23
.49
%
,
1/12/27
....
2,358
1,687
L2415306.UP.FTS.B
,
24
.21
%
,
1/12/27
....
2,267
878
L2411740.UP.FTS.B
,
25
.36
%
,
1/12/27
....
262
258
L2414777.UP.FTS.B
,
25
.43
%
,
1/12/27
....
205
202
L2418684.UP.FTS.B
,
25
.49
%
,
1/12/27
....
533
525
FW2419574.UP.FTS.B
,
26
.43
%
,
1/12/27
..
2,748
2,705
FW2418008.UP.FTS.B
,
28
.88
%
,
1/12/27
..
387
156
FW2418392.UP.FTS.B
,
30
.87
%
,
1/12/27
..
342
337
FW2416140.UP.FTS.B
,
30
.99
%
,
1/12/27
..
394
388
FW2419527.UP.FTS.B
,
33
.12
%
,
1/12/27
..
146
143
L2413945.UP.FTS.B
,
10
.53
%
,
1/14/27
....
2,745
2,707
L2418737.UP.FTS.B
,
5
.93
%
,
1/16/27
....
455
448
L2410494.UP.FTS.B
,
17
.56
%
,
1/16/27
....
1,338
1,321
L2413379.UP.FTS.B
,
24
.03
%
,
1/18/27
....
3,240
3,189
FW2415348.UP.FTS.B
,
30
.45
%
,
1/19/27
..
3,536
3,482
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2419563.UP.FTS.B
,
14
.64
%
,
1/27/27
....
$
3,733
$
3,683
L2417088.UP.FTS.B
,
15
.78
%
,
2/12/27
....
1,253
1,239
L1708544.UP.FTS.B
,
12
.57
%
,
2/14/27
....
456
33
FW1708581.UP.FTS.B
,
23
.53
%
,
2/14/27
..
631
621
L2632551.UP.FTS.B
,
5
.37
%
,
2/15/27
....
1,570
1,541
L2632779.UP.FTS.B
,
5
.63
%
,
2/15/27
....
919
902
L2630774.UP.FTS.B
,
8
.69
%
,
2/15/27
....
559
549
FW2633029.UP.FTS.B
,
9
.57
%
,
2/15/27
...
213
209
FW2635247.UP.FTS.B
,
10
.37
%
,
2/15/27
..
1,199
1,182
L2633836.UP.FTS.B
,
12
%
,
2/15/27
......
1,639
1,616
L2635861.UP.FTS.B
,
12
.41
%
,
2/15/27
....
1,274
1,256
L2637042.UP.FTS.B
,
13
.14
%
,
2/15/27
....
1,218
1,201
L2631332.UP.FTS.B
,
13
.22
%
,
2/15/27
....
762
751
FW2633237.UP.FTS.B
,
13
.24
%
,
2/15/27
..
604
596
FW2631558.UP.FTS.B
,
15
.18
%
,
2/15/27
..
2,366
2,333
FW2631951.UP.FTS.B
,
15
.91
%
,
2/15/27
..
1,688
1,373
L2635424.UP.FTS.B
,
16
.37
%
,
2/15/27
....
6,452
6,382
FW2635945.UP.FTS.B
,
17
.32
%
,
2/15/27
..
901
889
FW2635531.UP.FTS.B
,
18
.53
%
,
2/15/27
..
1,975
1,954
L2633648.UP.FTS.B
,
20
.29
%
,
2/15/27
....
1,630
1,612
L2632212.UP.FTS.B
,
21
.09
%
,
2/15/27
....
670
661
FW2631142.UP.FTS.B
,
21
.84
%
,
2/15/27
..
516
508
L2636740.UP.FTS.B
,
22
.15
%
,
2/15/27
....
179
176
L2633500.UP.FTS.B
,
22
.28
%
,
2/15/27
....
929
915
L2629665.UP.FTS.B
,
24
.47
%
,
2/15/27
....
1,472
1,222
L2634268.UP.FTS.B
,
25
.05
%
,
2/15/27
....
410
404
L2632154.UP.FTS.B
,
25
.31
%
,
2/15/27
....
4,409
4,346
L2634591.UP.FTS.B
,
25
.45
%
,
2/15/27
....
206
203
FW2631141.UP.FTS.B
,
25
.72
%
,
2/15/27
..
2,505
2,469
L2634677.UP.FTS.B
,
25
.78
%
,
2/15/27
....
756
745
L2636195.UP.FTS.B
,
25
.92
%
,
2/15/27
....
2,839
2,798
L2635199.UP.FTS.B
,
26
.23
%
,
2/15/27
....
1,197
1,180
FW2634760.UP.FTS.B
,
26
.38
%
,
2/15/27
..
1,123
1,107
FW2637086.UP.FTS.B
,
26
.68
%
,
2/15/27
..
632
623
FW2632183.UP.FTS.B
,
27
.72
%
,
2/15/27
..
1,373
1,354
FW2629864.UP.FTS.B
,
30
.9
%
,
2/15/27
...
557
465
FW2631968.UP.FTS.B
,
30
.98
%
,
2/15/27
..
105
103
L2641249.UP.FTS.B
,
9
.09
%
,
2/16/27
....
2,069
2,037
FW2640044.UP.FTS.B
,
9
.77
%
,
2/16/27
...
767
755
L2628258.UP.FTS.B
,
10
.4
%
,
2/16/27
....
2,349
2,317
L2639939.UP.FTS.B
,
10
.73
%
,
2/16/27
....
2,074
2,045
L2640107.UP.FTS.B
,
11
.57
%
,
2/16/27
....
1,580
1,559
L2642580.UP.FTS.B
,
11
.66
%
,
2/16/27
....
517
510
L2642829.UP.FTS.B
,
11
.96
%
,
2/16/27
....
3,183
3,140
L2637999.UP.FTS.B
,
12
.45
%
,
2/16/27
....
1,679
1,656
L2639543.UP.FTS.B
,
14
.06
%
,
2/16/27
....
1,548
1,527
L2637807.UP.FTS.B
,
14
.59
%
,
2/16/27
....
2,227
2,197
L2643572.UP.FTS.B
,
14
.72
%
,
2/16/27
....
313
309
FW2640160.UP.FTS.B
,
14
.88
%
,
2/16/27
..
3,612
3,563
FW2643607.UP.FTS.B
,
16
.31
%
,
2/16/27
..
8,047
7,963
FW2638305.UP.FTS.B
,
16
.48
%
,
2/16/27
..
1,788
1,769
L2639711.UP.FTS.B
,
16
.7
%
,
2/16/27
.....
259
257
L2641429.UP.FTS.B
,
17
.81
%
,
2/16/27
....
2,150
2,127
L2638277.UP.FTS.B
,
18
.32
%
,
2/16/27
....
842
833
FW2640938.UP.FTS.B
,
20
.16
%
,
2/16/27
..
1,888
1,861
L2643431.UP.FTS.B
,
20
.38
%
,
2/16/27
....
3,111
2,536
FW2639130.UP.FTS.B
,
21
.01
%
,
2/16/27
..
699
689
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2631819.UP.FTS.B
,
22
.11
%
,
2/16/27
....
$
2,134
$
2,102
L2637903.UP.FTS.B
,
22
.13
%
,
2/16/27
....
2,002
1,976
b
FW2643737.UP.FTS.B
,
23
.79
%
,
2/16/27
..
4,481
324
L2644184.UP.FTS.B
,
24
.14
%
,
2/16/27
....
1,886
1,867
L2638887.UP.FTS.B
,
24
.84
%
,
2/16/27
....
372
367
b
L2642235.UP.FTS.B
,
24
.97
%
,
2/16/27
....
392
72
L2644251.UP.FTS.B
,
25
.49
%
,
2/16/27
....
238
234
L2643938.UP.FTS.B
,
25
.5
%
,
2/16/27
....
306
302
L2638678.UP.FTS.B
,
25
.84
%
,
2/16/27
....
918
905
FW2638017.UP.FTS.B
,
27
.09
%
,
2/16/27
..
1,658
1,636
FW2636711.UP.FTS.B
,
27
.4
%
,
2/16/27
...
1,953
1,927
FW2644630.UP.FTS.B
,
28
.55
%
,
2/16/27
..
2,145
2,116
FW2639696.UP.FTS.B
,
30
.14
%
,
2/16/27
..
201
199
FW2639361.UP.FTS.B
,
31
.17
%
,
2/16/27
..
286
282
FW2638060.UP.FTS.B
,
31
.21
%
,
2/16/27
..
541
535
FW2645630.UP.FTS.B
,
12
.87
%
,
2/17/27
..
730
721
L2644980.UP.FTS.B
,
12
.95
%
,
2/17/27
....
174
172
FW2645588.UP.FTS.B
,
15
.61
%
,
2/17/27
..
604
544
b
L2645010.UP.FTS.B
,
20
.52
%
,
2/17/27
....
3,456
251
FW2642053.UP.FTS.B
,
21
.61
%
,
2/17/27
..
730
721
L2645131.UP.FTS.B
,
25
.45
%
,
2/17/27
....
225
222
FW2645571.UP.FTS.B
,
26
.48
%
,
2/17/27
..
764
755
FW2645842.UP.FTS.B
,
30
.86
%
,
2/17/27
..
510
503
FW2639867.UP.FTS.B
,
26
.3
%
,
2/19/27
...
411
405
L2633374.UP.FTS.B
,
7
.21
%
,
2/22/27
....
2,587
2,540
FW2636201.UP.FTS.B
,
12
.12
%
,
2/28/27
..
1,053
1,039
FW2645675.UP.FTS.B
,
15
.8
%
,
2/28/27
...
4,383
4,339
FW2644598.UP.FTS.B
,
29
.38
%
,
3/01/27
..
2,387
2,355
L1874284.UP.FTS.B
,
13
.39
%
,
3/18/27
....
1,324
1,090
b
L1874238.UP.FTS.B
,
17
.32
%
,
3/18/27
....
1,703
57
L1874548.UP.FTS.B
,
26
.04
%
,
3/26/27
....
1,503
1,486
b
FW2204427.UP.FTS.B
,
30
.34
%
,
4/08/27
..
2,842
8
L1947969.UP.FTS.B
,
8
.25
%
,
4/09/27
....
531
366
L2004674.UP.FTS.B
,
22
.44
%
,
4/09/27
....
2,617
2,577
L2006933.UP.FTS.B
,
23
.7
%
,
4/09/27
....
1,393
1,371
L2006560.UP.FTS.B
,
24
.67
%
,
4/09/27
....
1,815
1,786
L2004971.UP.FTS.B
,
25
.6
%
,
4/09/27
....
2,228
2,189
FW2007255.UP.FTS.B
,
28
.65
%
,
4/09/27
..
1,108
1,090
FW2009107.UP.FTS.B
,
29
.81
%
,
4/09/27
..
932
917
FW2008461.UP.FTS.B
,
31
.23
%
,
4/09/27
..
309
304
b
L2079526.UP.FTS.B
,
17
.98
%
,
4/19/27
....
1,024
47
L2078541.UP.FTS.B
,
18
.53
%
,
4/19/27
....
678
670
L2076557.UP.FTS.B
,
21
.86
%
,
4/19/27
....
5,185
5,126
L2078089.UP.FTS.B
,
22
.76
%
,
4/19/27
....
4,872
4,814
FW2077484.UP.FTS.B
,
23
.29
%
,
4/19/27
..
4,798
1,705
FW2076494.UP.FTS.B
,
27
.89
%
,
4/19/27
..
963
952
L2412142.UP.FTS.B
,
8
.74
%
,
4/26/27
....
4,390
4,298
L2196542.UP.FTS.B
,
14
.21
%
,
5/07/27
....
2,315
1,515
FW2198673.UP.FTS.B
,
15
.71
%
,
5/07/27
..
6,047
3,951
L2197891.UP.FTS.B
,
23
.8
%
,
5/07/27
....
641
629
FW2198564.UP.FTS.B
,
27
.96
%
,
5/07/27
..
1,470
1,011
FW2197220.UP.FTS.B
,
29
.81
%
,
5/07/27
..
729
716
b
L2205436.UP.FTS.B
,
16
.02
%
,
5/08/27
....
13,386
979
L2201272.UP.FTS.B
,
16
.5
%
,
5/08/27
....
1,106
1,089
L2205691.UP.FTS.B
,
16
.93
%
,
5/08/27
....
7,124
516
L2203740.UP.FTS.B
,
19
.62
%
,
5/08/27
....
552
543
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2204624.UP.FTS.B
,
23
.54
%
,
5/08/27
....
$
7,269
$
4,917
L2204118.UP.FTS.B
,
23
.56
%
,
5/08/27
....
4,960
4,877
FW2202542.UP.FTS.B
,
24
.64
%
,
5/08/27
..
1,185
1,166
FW2201944.UP.FTS.B
,
25
.52
%
,
5/08/27
..
1,934
1,283
L2195192.UP.FTS.B
,
17
.22
%
,
5/15/27
....
884
874
FW2198942.UP.FTS.B
,
24
.77
%
,
5/18/27
..
5,076
4,042
FW2645832.UP.FTS.B
,
18
.88
%
,
5/21/27
..
5,116
3,953
L2194879.UP.FTS.B
,
17
.51
%
,
5/22/27
....
5,688
4,396
L2195912.UP.FTS.B
,
25
.21
%
,
5/22/27
....
1,837
1,805
FW2195399.UP.FTS.B
,
29
.81
%
,
5/22/27
..
835
822
FW2199867.UP.FTS.B
,
13
.82
%
,
5/23/27
..
4,223
4,159
L2203381.UP.FTS.B
,
18
.04
%
,
5/23/27
....
1,359
1,342
L2204897.UP.FTS.B
,
23
.87
%
,
5/23/27
....
9,274
7,184
b
L2203217.UP.FTS.B
,
25
.16
%
,
5/23/27
....
391
67
L2206744.UP.FTS.B
,
13
.51
%
,
5/28/27
....
5,510
5,426
L2203741.UP.FTS.B
,
7
.33
%
,
6/03/27
....
3,484
3,423
FW2185665.UP.FTS.B
,
20
.17
%
,
6/08/27
..
2,123
152
L2412468.UP.FTS.B
,
7
.67
%
,
6/11/27
.....
11,117
6,867
L2412874.UP.FTS.B
,
8
.03
%
,
6/11/27
.....
1,600
997
L2412901.UP.FTS.B
,
8
.44
%
,
6/11/27
.....
3,098
3,039
L2408318.UP.FTS.B
,
10
.27
%
,
6/11/27
....
519
511
b
L2413229.UP.FTS.B
,
11
.26
%
,
6/11/27
....
7,138
1,126
L2406982.UP.FTS.B
,
17
.53
%
,
6/11/27
....
1,920
1,890
FW2407472.UP.FTS.B
,
18
.08
%
,
6/11/27
..
7,281
7,168
FW2409812.UP.FTS.B
,
24
.81
%
,
6/11/27
..
961
946
FW2411228.UP.FTS.B
,
26
.37
%
,
6/11/27
..
1,495
1,473
FW2413018.UP.FTS.B
,
30
.69
%
,
6/11/27
..
243
239
b
L2418697.UP.FTS.B
,
22
.86
%
,
6/12/27
....
1,820
131
b
L2416737.UP.FTS.B
,
23
.4
%
,
6/12/27
....
750
23
FW2418092.UP.FTS.B
,
30
.98
%
,
6/12/27
..
514
338
FW2411936.UP.FTS.B
,
13
.61
%
,
6/26/27
..
1,772
1,744
b
L2198053.UP.FTS.B
,
20
.47
%
,
7/08/27
....
1,714
111
L2409231.UP.FTS.B
,
26
.66
%
,
7/11/27
....
651
47
FW1711888.UP.FTS.B
,
15
.29
%
,
7/14/27
..
1,653
1,635
L2633167.UP.FTS.B
,
24
.54
%
,
7/15/27
....
2,043
2,015
b
FW2634310.UP.FTS.B
,
27
.59
%
,
7/15/27
..
3,560
54
FW2634423.UP.FTS.B
,
28
.99
%
,
7/15/27
..
8,393
8,287
FW2637881.UP.FTS.B
,
14
.54
%
,
7/16/27
..
1,521
1,497
L2639355.UP.FTS.B
,
21
.49
%
,
7/16/27
....
1,112
1,097
FW2639691.UP.FTS.B
,
23
.69
%
,
7/16/27
..
5,124
5,046
L2645113.UP.FTS.B
,
10
.21
%
,
7/17/27
....
1,963
1,931
FW2645472.UP.FTS.B
,
26
.31
%
,
7/17/27
..
5,388
5,317
FW2632915.UP.FTS.B
,
24
.46
%
,
7/20/27
..
4,588
4,518
FW2644628.UP.FTS.B
,
30
.88
%
,
7/24/27
..
569
563
L2642277.UP.FTS.B
,
22
.82
%
,
7/28/27
....
2,427
2,396
L2407955.UP.FTS.B
,
27
%
,
8/11/27
......
2,033
146
FW2007802.UP.FTS.B
,
23
.93
%
,
9/09/27
..
11,623
11,407
L1868887.UP.FTS.B
,
24
.97
%
,
9/18/27
....
1,311
94
L2004302.UP.FTS.B
,
21
.93
%
,
9/24/27
....
699
687
FW2005949.UP.FTS.B
,
25
.57
%
,
9/24/27
..
2,335
2,297
FW2192438.UP.FTS.B
,
23
.66
%
,
10/07/27
.
3,099
3,043
L2202159.UP.FTS.B
,
13
.54
%
,
10/08/27
...
7,122
6,976
L2203340.UP.FTS.B
,
21
.11
%
,
10/08/27
...
869
64
L2197277.UP.FTS.B
,
23
.68
%
,
10/08/27
...
1,728
1,697
L2206615.UP.FTS.B
,
25
.87
%
,
10/08/27
...
6,645
6,537
L2641861.UP.FTS.B
,
16
.53
%
,
10/17/27
...
4,055
293
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2200600.UP.FTS.B
,
11
.71
%
,
10/23/27
...
$
1,353
$
1,329
L2201626.UP.FTS.B
,
25
.65
%
,
11/08/27
...
1,425
103
FW2202975.UP.FTS.B
,
30
.2
%
,
11/08/27
..
1,517
108
FW2410081.UP.FTS.B
,
8
.78
%
,
11/11/27
..
2,700
196
b
FW2415964.UP.FTS.B
,
31
.16
%
,
11/12/27
.
496
–
FW2410499.UP.FTS.B
,
31
.67
%
,
11/16/27
.
604
595
b
L2645397.UP.FTS.B
,
26
.19
%
,
11/19/27
...
1,295
94
FW2406392.UP.FTS.B
,
23
.41
%
,
12/11/27
.
2,668
193
L2644100.UP.FTS.B
,
5
.16
%
,
12/16/27
....
689
678
FW2643411.UP.FTS.B
,
29
.58
%
,
12/16/27
.
2,396
2,362
L1710242.UP.FTS.B
,
16
.42
%
,
9/14/28
....
1,274
1,253
L2009558.UP.FTS.B
,
26
.34
%
,
11/09/28
...
8,437
8,380
L2195991.UP.FTS.B
,
26
.01
%
,
12/07/28
...
5,047
5,022
L2204377.UP.FTS.B
,
25
.94
%
,
12/08/28
...
2,438
2,405
L2635238.UP.FTS.B
,
13
.81
%
,
2/15/29
....
7,595
1,481
L2631621.UP.FTS.B
,
15
.64
%
,
2/15/29
....
10,691
10,501
L2633434.UP.FTS.B
,
17
.36
%
,
2/15/29
....
2,351
2,336
L2632724.UP.FTS.B
,
14
.48
%
,
6/15/29
....
1,485
107
617,342
Total
Marketplace
Loans
(Cost
$
8,114,584
)
$1,243,909
a
The
rate
shown
represents
the
yield
at
period
end.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Core
Plus
Bond
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
At
July
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
At
July
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
July
31,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
26
$
3,413,140
9/08/26
$
24,609
Euro-Bund
.................................
Short
27
3,871,955
9/08/26
44,993
U.S.
Treasury
10
Year
Notes
....................
Long
16
1,728,000
9/21/26
(
13,020
)
U.S.
Treasury
5
Year
Notes
.....................
Long
2,410
255,403,517
9/30/26
(
2,445,506
)
U.S.
Treasury
Long
Bonds
.....................
Long
512
55,456,000
9/21/26
(
2,365,882
)
U.S.
Treasury
Ultra
Bonds
......................
Long
1,612
176,816,250
9/21/26
(
5,429,591
)
Total
Futures
Contracts
......................................................................
$(10,184,397)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Buy
846,000
969,808
10/13/26
$
8,530
$
—
Euro
.............
JPHQ
Sell
10,120,000
11,603,997
10/13/26
—
(
99,065
)
Total
Forward
Exchange
Contracts
...................................................
$8,530
$(99,065)
Net
unrealized
appreciation
(depreciation)
............................................
$(90,535)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.46
.
(5.00)%
Quarterly
6/20/31
9,400,000
$
(
755,889
)
$
(
705,161
)
$
(
50,728
)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.45
.
5.00%
Quarterly
12/20/30
10,230,000
818,541
692,299
126,242
Non-
Investment
Grade
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Core
Plus
Bond
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
At
July
31,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Total
Centrally
Cleared
Swap
Contracts
.....................................
$62,652
$(12,862)
$75,514
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CDX.NA.HY.45
.
(5.00)%
Quarterly
CITI
12/20/30
9,300,000
$
(
1,369,767
)
$
(
1,221,102
)
$
(
148,665
)
Total
OTC
Swap
Contracts
..............................................
$(1,369,767)
$(1,221,102)
$(148,665)
Total
Credit
Default
Swap
Contracts
....................................
$(1,307,115)
$
(
1,233,964
)
$(73,151)
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.04%
....
Annual
9/16/28
415,700,000
$
960,518
$
(
818,827
)
$
1,779,345
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
53,609,000
324,928
(
128,684
)
453,612
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.16%
....
Annual
9/16/36
18,474,000
224,714
(
256,027
)
480,741
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.3%
.....
Annual
9/16/56
8,124,000
265,260
(
41,654
)
306,914
Total
Interest
Rate
Swap
Contracts
.................................
$1,775,420
$
(
1,245,192
)
$3,020,612
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
99.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Growth
Opportunities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.1%
Aerospace
&
Defense
3.9%
a,b,c
Anduril
Industries,
Inc.
,
B
.............................
United
States
117,526
$
8,103,735
a,b,c
Anduril
Industries,
Inc.
,
C
.............................
United
States
55
3,792
b
Axon
Enterprise,
Inc.
.................................
United
States
59,975
31,652,406
BWX
Technologies,
Inc.
..............................
United
States
168,598
28,442,483
Curtiss-Wright
Corp.
.................................
United
States
74,281
53,779,444
Howmet
Aerospace,
Inc.
..............................
United
States
168,253
47,491,092
169,472,952
Automobiles
1.5%
b
Tesla,
Inc.
.........................................
United
States
216,078
67,245,634
Beverages
0.6%
Coca-Cola
Co.
(The)
.................................
United
States
286,610
25,104,170
Biotechnology
1.7%
b
Insmed,
Inc.
.......................................
United
States
227,635
22,444,811
b
Natera,
Inc.
........................................
United
States
193,955
51,933,391
74,378,202
Broadline
Retail
4.6%
b
Amazon.com,
Inc.
...................................
United
States
743,302
201,865,957
Building
Products
1.2%
Trane
Technologies
plc
...............................
United
States
110,655
50,342,492
Capital
Markets
0.7%
S&P
Global,
Inc.
....................................
United
States
72,600
29,906,118
Chemicals
0.9%
Linde
plc
..........................................
United
States
80,837
38,670,804
Commercial
Services
&
Supplies
0.8%
a,b,c
Celonis
SE
........................................
Germany
4,619
491,904
a,b,c
Celonis
SE
,
D
......................................
Germany
25,571
2,723,201
Republic
Services,
Inc.
,
A
.............................
United
States
151,570
31,913,064
35,128,169
Communications
Equipment
1.6%
b
Arista
Networks,
Inc.
.................................
United
States
284,115
51,240,140
b
Ciena
Corp.
.......................................
United
States
46,362
17,480,792
68,720,932
Construction
&
Engineering
0.7%
Comfort
Systems
USA,
Inc.
............................
United
States
17,580
30,407,950
Construction
Materials
0.6%
Martin
Marietta
Materials,
Inc.
..........................
United
States
53,572
28,132,800
Consumer
Staples
Distribution
&
Retail
2.1%
Casey's
General
Stores,
Inc.
...........................
United
States
103,779
90,391,509
Diversified
Telecommunication
Services
2.3%
a,b,c
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
714,285
77,407,066
b,d
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
212,136
22,989,178
100,396,244
Electric
Utilities
1.0%
Entergy
Corp.
......................................
United
States
421,733
45,386,905
Electrical
Equipment
2.1%
b
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
332,179
11,051,595
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
(continued)
GE
Vernova,
Inc.
....................................
United
States
48,746
$
48,272,677
nVent
Electric
plc
...................................
United
States
203,763
31,344,862
90,669,134
Electronic
Equipment,
Instruments
&
Components
3.2%
Amphenol
Corp.
,
A
..................................
United
States
619,990
99,632,393
b
Celestica,
Inc.
......................................
Canada
90,713
30,065,917
b
Coherent
Corp.
.....................................
United
States
36,701
9,648,326
139,346,636
Entertainment
0.9%
b
Netflix,
Inc.
........................................
United
States
563,094
40,379,471
Financial
Services
1.2%
Mastercard,
Inc.
,
A
..................................
United
States
89,888
51,514,813
Ground
Transportation
0.8%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
156,657
33,233,216
Health
Care
Equipment
&
Supplies
1.0%
b
Dexcom,
Inc.
.......................................
United
States
496,566
41,438,433
Health
Care
Providers
&
Services
1.5%
b
Hims
&
Hers
Health,
Inc.
..............................
United
States
358,810
9,964,154
McKesson
Corp.
....................................
United
States
63,714
54,551,289
64,515,443
Hotels,
Restaurants
&
Leisure
0.6%
b
DoorDash,
Inc.
,
A
...................................
United
States
141,761
27,807,838
Interactive
Media
&
Services
9.9%
Alphabet,
Inc.
,
C
....................................
United
States
864,803
308,431,990
Meta
Platforms,
Inc.
,
A
...............................
United
States
217,918
121,317,130
429,749,120
IT
Services
1.9%
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A
.....................
Australia
3,094
5,345,416
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
B
.....................
Australia
11,829
20,436,626
b
Cloudflare,
Inc.
,
A
...................................
United
States
126,315
35,239,359
b
Quantinuum,
Inc.
,
A
..................................
United
States
34,611
1,779,351
b
Shopify,
Inc.
,
A
.....................................
Canada
179,073
20,978,402
83,779,154
Life
Sciences
Tools
&
Services
0.5%
b
Repligen
Corp.
.....................................
United
States
88,804
12,522,252
b,d
Tempus
AI,
Inc.
,
A
...................................
United
States
186,393
8,177,061
20,699,313
Machinery
1.0%
Parker-Hannifin
Corp.
................................
United
States
44,219
43,181,180
Pharmaceuticals
4.0%
Eli
Lilly
&
Co.
......................................
United
States
109,483
125,778,450
b
Jazz
Pharmaceuticals
plc
.............................
United
States
192,521
48,680,860
174,459,310
Semiconductors
&
Semiconductor
Equipment
25.8%
b
Advanced
Micro
Devices,
Inc.
..........................
United
States
161,252
76,780,140
Analog
Devices,
Inc.
.................................
United
States
100,531
36,936,095
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Broadcom,
Inc.
.....................................
United
States
394,759
$
153,671,784
b,d
Cerebras
Systems,
Inc.
,
A
.............................
United
States
38,607
7,671,597
KLA
Corp.
.........................................
United
States
148,706
27,186,431
Lam
Research
Corp.
.................................
United
States
277,559
81,330,338
b
Lattice
Semiconductor
Corp.
...........................
United
States
437,397
54,355,325
b
MACOM
Technology
Solutions
Holdings,
Inc.
..............
United
States
73,346
18,442,118
Micron
Technology,
Inc.
...............................
United
States
99,201
81,645,399
Monolithic
Power
Systems,
Inc.
.........................
United
States
49,836
71,067,631
NVIDIA
Corp.
......................................
United
States
2,078,438
417,246,428
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
156,443
63,242,083
Teradyne,
Inc.
......................................
United
States
95,639
35,165,504
1,124,740,873
Software
5.8%
b
AppLovin
Corp.
,
A
...................................
United
States
36,621
14,498,254
a,b,c
ClearMotion,
Inc.
....................................
United
States
6,309,366
647,505
b
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
230,372
43,968,800
Microsoft
Corp.
.....................................
United
States
298,760
138,839,747
a,b,c
OpenAI
Foundation
..................................
United
States
8,668
5,960,897
a,b,c
Plaid,
Inc.
,
A
.......................................
United
States
56,433
15,759,854
a,b,c
Stripe,
Inc.
,
B
......................................
United
States
260,482
16,523,024
b
Synopsys,
Inc.
.....................................
United
States
45,017
17,500,809
253,698,890
Specialty
Retail
0.5%
b
AutoZone,
Inc.
.....................................
United
States
7,479
22,558,534
Technology
Hardware,
Storage
&
Peripherals
8.9%
Apple,
Inc.
........................................
United
States
940,075
290,398,568
Dell
Technologies,
Inc.
,
C
.............................
United
States
107,581
43,610,110
b
Sandisk
Corp.
......................................
United
States
27,366
33,245,038
Seagate
Technology
Holdings
plc
.......................
United
States
23,011
19,700,407
386,954,123
Trading
Companies
&
Distributors
0.3%
b,d
QXO,
Inc.
.........................................
United
States
931,611
12,390,426
Total
Common
Stocks
(Cost
$
2,052,593,010
)
..................................
4,096,666,745
Convertible
Preferred
Stocks
3.2%
Aerospace
&
Defense
0.3%
a,b,c
Anduril
Industries,
Inc.
,
G
.............................
United
States
180,222
12,426,794
Automobile
Components
0.3%
a,b,c
Flock
Group,
Inc.
,
B
.................................
United
States
750,387
11,372,807
a,b,c
Flock
Group,
Inc.
,
C
.................................
United
States
80,684
1,222,840
a,b,c
Flock
Group,
Inc.
,
F-1
................................
United
States
21,303
322,867
12,918,514
Software
2.6%
a,b,c
Anthropic
PBC
,
G-1
.................................
United
States
38,589
22,729,287
a,b,c
Databricks,
Inc.
,
G
..................................
United
States
338,280
83,202,034
a,b,c
OneTrust
LLC
,
C
....................................
United
States
517,056
6,093,046
112,024,367
Total
Convertible
Preferred
Stocks
(Cost
$
60,096,304
)
.........................
137,369,675
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
See
Abbreviations
on
page
99
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
1.6%
Software
1.6%
a,b,c
Anthropic
PBC
,
F-1
..................................
United
States
49,656
$
29,247,856
a,b,c
Anthropic
PBC
,
H-1
..................................
United
States
67,909
39,999,046
a,b,c
ClearMotion,
Inc.
,
A-3
................................
United
States
417,667
60,391
a,b,c
ClearMotion,
Inc.
,
A-4
................................
United
States
2,606,463
341,791
69,649,084
Total
Preferred
Stocks
(Cost
$
47,250,433
)
....................................
69,649,084
Escrows
and
Litigation
Trusts
0.0%
a,b
Fortinet,
Inc.,
Escrow
Account
..........................
United
States
810,440
—
a,b
Optoro,
Inc.,
Escrow
Account
..........................
United
States
556,026
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
2,159,939,747
)
...........................
4,303,685,504
a
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
7,979,119
7,979,119
Total
Money
Market
Funds
(Cost
$
7,979,119
)
.................................
7,979,119
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
Money
Market
Funds
0.6%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
27,464,182
27,464,182
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
27,464,182
)
.........................................................
27,464,182
Total
Short
Term
Investments
(Cost
$
35,443,301
)
..............................
35,443,301
a
Total
Investments
(Cost
$
2,195,383,048
)
99.7
%
................................
$4,339,128,805
Other
Assets,
less
Liabilities
0.3
%
...........................................
13,661,961
Net
Assets
100.0%
.........................................................
$4,352,790,766
a
a
a
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Natural
Resources
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Country
Shares
a
Value
a
Common
Stocks
98.4%
Agricultural
Products
&
Services
0.7%
Bunge
Global
SA
.....................................
United
States
34,700
$
3,686,181
Aluminum
0.0%
†
a
Alurion
Resources
Ltd.
.................................
Australia
353,244
223,704
a
Coal
&
Consumable
Fuels
0.8%
Cameco
Corp.
.......................................
Canada
46,300
3,999,394
Construction
&
Engineering
0.5%
a,b
Cadeler
A/S
,
ADR
.....................................
Denmark
107,624
2,444,141
a
Construction
Materials
1.9%
Martin
Marietta
Materials,
Inc.
............................
United
States
18,100
9,505,034
Copper
4.9%
Antofagasta
plc
.......................................
Chile
85,900
4,281,324
a
Capstone
Copper
Corp.
................................
Canada
152,500
1,447,926
a
ERO
Copper
Corp.
....................................
Brazil
50,300
1,350,567
Freeport-McMoRan,
Inc.
................................
United
States
215,600
13,503,028
Lundin
Mining
Corp.
...................................
Chile
141,600
3,506,035
24,088,880
Diversified
Metals
&
Mining
9.2%
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
549,700
1,415,570
a,c
Aclara
Resources,
Inc.
,
144A
............................
United
Kingdom
281,954
726,079
Anglo
American
plc
....................................
South
Africa
54,516
2,759,682
b
BHP
Group
Ltd.
,
ADR
..................................
Australia
146,700
12,394,683
a
Blue
Moon
Metals,
Inc.
.................................
Canada
237,000
1,237,536
a
Brazilian
Rare
Earths
Ltd.
...............................
Australia
630,000
1,659,640
Glencore
plc
.........................................
Australia
546,900
4,028,109
Hudbay
Minerals,
Inc.
..................................
Canada
60,800
1,379,640
a
IperionX
Ltd.
.........................................
Australia
1,036,400
2,205,539
a
IperionX
Ltd.
,
ADR
....................................
Australia
32,569
675,807
a
Ivanhoe
Electric,
Inc.
...................................
United
States
111,800
1,022,970
a
Ivanhoe
Mines
Ltd.
,
A
..................................
Congo
306,600
2,202,420
a
Lindian
Resources
Ltd.
.................................
Australia
4,764,052
2,592,009
a,b
MP
Materials
Corp.
....................................
United
States
81,700
3,379,929
Rio
Tinto
plc
,
ADR
.....................................
Australia
36,600
3,544,710
South32
Ltd.
.........................................
Australia
685,800
2,186,401
Teck
Resources
Ltd.
,
B
.................................
Canada
44,300
2,668,632
46,079,356
Electrical
Components
&
Equipment
0.4%
a
Otovo
ASA
..........................................
Norway
1,518,096
1,853,237
a
Electronic
Equipment
&
Instruments
0.5%
Badger
Meter,
Inc.
.....................................
United
States
18,000
2,418,300
Fertilizers
&
Agricultural
Chemicals
3.9%
Corteva,
Inc.
.........................................
United
States
116,400
9,161,844
Nutrien
Ltd.
..........................................
Canada
154,500
10,671,315
19,833,159
Gold
10.0%
Agnico
Eagle
Mines
Ltd.
................................
Canada
67,100
9,741,550
Alamos
Gold,
Inc.
,
A
...................................
Canada
164,500
4,571,759
Barrick
Mining
Corp.
...................................
Canada
327,300
12,021,729
Coeur
Mining,
Inc.
.....................................
United
States
132,900
1,981,539
b
Equinox
Gold
Corp.
....................................
Canada
706,800
6,325,860
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Gold
(continued)
Newmont
Corp.
.......................................
United
States
163,200
$
15,293,472
49,935,909
Heavy
Electrical
Equipment
0.9%
a
Forgent
Power
Solutions,
Inc.
,
A
..........................
United
States
60,300
2,006,181
GE
Vernova,
Inc.
......................................
United
States
2,600
2,574,754
4,580,935
Industrial
Gases
3.8%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
30,800
9,082,612
Linde
plc
............................................
United
States
20,900
9,998,142
19,080,754
Industrial
Machinery
&
Supplies
&
Components
0.7%
Xylem,
Inc.
..........................................
United
States
30,900
3,614,373
Integrated
Oil
&
Gas
17.1%
BP
plc
,
ADR
.........................................
United
States
299,300
13,534,346
Chevron
Corp.
.......................................
United
States
86,600
17,045,478
a
ExxonMobil
Holdings
Corp.
..............................
United
States
144,000
22,383,360
Occidental
Petroleum
Corp.
.............................
United
States
118,900
6,785,623
Shell
plc
,
ADR
........................................
United
States
101,300
9,317,574
Suncor
Energy,
Inc.
....................................
Canada
119,000
7,991,340
TotalEnergies
SE
.....................................
France
89,400
7,854,684
84,912,405
Metal,
Glass
&
Plastic
Containers
1.1%
Ball
Corp.
...........................................
United
States
40,600
2,634,940
Crown
Holdings,
Inc.
...................................
United
States
20,900
2,463,065
5,098,005
Oil
&
Gas
Drilling
0.8%
Patterson-UTI
Energy,
Inc.
..............................
United
States
249,200
2,611,616
a
Precision
Drilling
Corp.
.................................
Canada
17,200
1,336,956
3,948,572
Oil
&
Gas
Equipment
&
Services
7.5%
Baker
Hughes
Co.
,
A
...................................
United
States
67,200
4,064,928
Cactus,
Inc.
,
A
........................................
United
States
47,000
3,055,470
Flowco
Holdings,
Inc.
,
A
................................
United
States
89,800
1,836,410
Halliburton
Co.
.......................................
United
States
75,100
2,421,975
Liberty
Energy,
Inc.
,
A
..................................
United
States
174,600
3,266,766
a
Oceaneering
International,
Inc.
...........................
United
States
34,700
1,692,666
Ranger
Energy
Services,
Inc.
,
A
..........................
United
States
118,800
1,906,740
Select
Water
Solutions,
Inc.
,
A
............................
United
States
128,000
2,370,560
SLB
Ltd.
............................................
United
States
121,500
6,025,185
Solaris
Energy
Infrastructure,
Inc.
,
A
.......................
United
States
31,100
1,598,851
Technip
Energies
NV
...................................
France
64,399
2,227,351
TechnipFMC
plc
......................................
United
Kingdom
84,100
6,026,606
Trican
Well
Service
Ltd.
.................................
Canada
283,200
1,195,951
37,689,459
Oil
&
Gas
Exploration
&
Production
16.8%
Aker
BP
ASA
.........................................
Norway
140,900
5,023,705
Canadian
Natural
Resources
Ltd.
.........................
Canada
199,600
9,508,355
ConocoPhillips
.......................................
United
States
145,000
17,469,600
Devon
Energy
Corp.
...................................
United
States
169,680
7,657,658
EOG
Resources,
Inc.
..................................
United
States
75,500
11,226,095
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Oil
&
Gas
Exploration
&
Production
(continued)
EQT
Corp.
..........................................
United
States
125,800
$
6,703,882
a
Infinity
Natural
Resources,
Inc.
,
A
.........................
United
States
317,100
4,173,036
Matador
Resources
Co.
................................
United
States
96,900
4,834,341
Ovintiv,
Inc.
..........................................
United
States
129,600
8,094,816
Permian
Resources
Corp.
,
A
.............................
United
States
203,300
4,332,323
a
Tamboran
Resources
Corp.
..............................
Australia
76,900
2,556,925
Tourmaline
Oil
Corp.
...................................
Canada
60,400
2,667,450
84,248,186
Oil
&
Gas
Refining
&
Marketing
4.8%
Marathon
Petroleum
Corp.
..............................
United
States
23,700
7,500,339
Phillips
66
...........................................
United
States
50,000
10,584,000
Valero
Energy
Corp.
...................................
United
States
19,400
6,070,260
24,154,599
Oil
&
Gas
Storage
&
Transportation
8.8%
Cheniere
Energy,
Inc.
..................................
United
States
13,000
3,426,410
Enbridge,
Inc.
........................................
Canada
75,200
4,095,392
Kinder
Morgan,
Inc.
....................................
United
States
270,700
8,711,126
ONEOK,
Inc.
.........................................
United
States
24,300
2,206,683
Targa
Resources
Corp.
.................................
United
States
26,800
7,245,916
TC
Energy
Corp.
......................................
Canada
118,400
7,983,712
Williams
Cos.,
Inc.
(The)
................................
United
States
149,500
10,695,230
44,364,469
Paper
&
Plastic
Packaging
Products
&
Materials
0.8%
Packaging
Corp.
of
America
.............................
United
States
16,800
4,130,112
Precious
Metals
&
Minerals
0.1%
Valterra
Platinum
Ltd.
..................................
South
Africa
5,648
427,621
Renewable
Electricity
0.2%
a,b
Fervo
Energy
Co.
,
A
...................................
United
States
49,633
1,118,728
a
Semiconductors
0.4%
a
T1
Energy,
Inc.
.......................................
Norway
496,600
2,070,822
a
Specialty
Chemicals
0.5%
Neo
Performance
Materials,
Inc.
..........................
Canada
27,400
645,005
c
Neo
Performance
Materials,
Inc.
,
144A
.....................
Canada
70,600
1,661,947
2,306,952
Steel
1.3%
Reliance,
Inc.
........................................
United
States
10,400
4,223,440
Vale
SA
,
ADR
,
B
......................................
Brazil
166,300
2,504,478
6,727,918
Total
Common
Stocks
(Cost
$
277,572,878
)
.....................................
492,541,205
a
Convertible
Preferred
Stocks
0.7%
Environmental
&
Facilities
Services
0.4%
a,d,e
Redwood
Materials,
Inc.
,
E
..............................
United
States
39,802
1,899,983
a
Specialty
Chemicals
0.3%
Albemarle
Corp.
,
7.25
%
................................
United
States
30,800
1,533,223
Total
Convertible
Preferred
Stocks
(Cost
$
3,439,982
)
............................
3,433,206
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
See
Abbreviations
on
page
99
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.1%
Integrated
Oil
&
Gas
0.1%
a
Occidental
Petroleum
Corp.
,
8/03/27
.......................
United
States
17,900
$
627,753
Total
Warrants
(Cost
$
88,605
)
.................................................
627,753
Principal
Amount
*
Convertible
Bonds
0.3%
Gold
0.3%
c
B2Gold
Corp.
,
Senior
Note
,
144A,
2.75
%
,
2/01/30
.............
Canada
933,000
1,309,699
Total
Convertible
Bonds
(Cost
$
933,000
)
.......................................
1,309,699
Total
Long
Term
Investments
(Cost
$
282,034,465
)
...............................
497,911,863
a
Short
Term
Investments
4.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
United
States
2,749,077
2,749,077
Total
Money
Market
Funds
(Cost
$
2,749,077
)
...................................
2,749,077
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
4.1%
Money
Market
Funds
4.1%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
United
States
20,599,725
20,599,725
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
20,599,725
)
................................................................
20,599,725
Total
Short
Term
Investments
(Cost
$
23,348,802
)
................................
23,348,802
a
Total
Investments
(Cost
$
305,383,267
)
104.2
%
..................................
$521,260,665
Other
Assets,
less
Liabilities
(
4.2
)
%
...........................................
(20,726,112)
Net
Assets
100.0%
...........................................................
$500,534,553
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2026,
the
aggregate
value
of
these
securities
was
$3,697,725,
representing
0.7%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Small
Cap
Growth
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.0%
Aerospace
&
Defense
5.1%
a
AAR
Corp.
........................................
United
States
207,057
$
28,996,262
a,b
Aevex
Corp.
,
A
.....................................
United
States
295,212
4,909,376
BWX
Technologies,
Inc.
..............................
United
States
263,450
44,444,015
a
Karman
Holdings,
Inc.
................................
United
States
415,003
19,982,395
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
600,482
27,982,461
126,314,509
Banks
2.4%
FB
Financial
Corp.
..................................
United
States
482,756
29,148,807
Western
Alliance
Bancorp
.............................
United
States
358,313
28,840,614
57,989,421
Biotechnology
15.3%
a
Alkermes
plc
.......................................
United
States
313,647
15,365,566
a
Arcutis
Biotherapeutics,
Inc.
...........................
United
States
390,293
10,483,270
a,b
Artiva
Biotherapeutics,
Inc.
............................
South
Korea
456,468
4,610,327
a
Ascendis
Pharma
A/S
................................
Denmark
110,189
26,876,199
a
Benitec
Biopharma,
Inc.
..............................
Australia
357,531
4,186,688
a
Bicara
Therapeutics,
Inc.
..............................
United
States
623,692
16,902,053
a
Bridgebio
Pharma,
Inc.
...............................
United
States
424,752
34,018,388
a
Celcuity,
Inc.
.......................................
United
States
112,860
9,748,847
a
CG
oncology,
Inc.
...................................
United
States
192,634
13,713,614
a
Cogent
Biosciences,
Inc.
..............................
United
States
406,975
15,843,537
a
Cytokinetics,
Inc.
....................................
United
States
205,028
15,813,810
a
Dianthus
Therapeutics,
Inc.
............................
United
States
234,483
25,070,922
a
Dyne
Therapeutics,
Inc.
..............................
United
States
478,731
12,054,447
a
Jade
Biosciences,
Inc.
...............................
United
States
432,709
8,546,003
a
Mirum
Pharmaceuticals,
Inc.
...........................
United
States
177,843
18,842,466
a
Newamsterdam
Pharma
Co.
NV
........................
Netherlands
292,360
8,124,684
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
693,867
7,944,777
a
Oruka
Therapeutics,
Inc.
..............................
United
States
208,013
20,075,335
a,b
Parabilis
Medicines,
Inc.
..............................
United
States
156,411
5,314,846
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
53,877
16,584,957
a
PTC
Therapeutics,
Inc.
...............................
United
States
203,308
13,826,977
a
Relay
Therapeutics,
Inc.
..............................
United
States
567,916
10,693,858
a
Spyre
Therapeutics,
Inc.
..............................
United
States
195,293
19,203,161
a
Syndax
Pharmaceuticals,
Inc.
..........................
United
States
928,025
17,678,876
a
Tango
Therapeutics,
Inc.
..............................
United
States
506,657
13,770,937
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
187,878
11,774,314
377,068,859
Building
Products
2.5%
AAON,
Inc.
........................................
United
States
366,724
32,660,439
a
Modine
Manufacturing
Co.
............................
United
States
142,243
28,599,378
61,259,817
Capital
Markets
4.4%
Evercore,
Inc.
,
A
....................................
United
States
70,953
22,744,694
Hamilton
Lane,
Inc.
,
A
................................
United
States
166,979
14,846,103
Houlihan
Lokey,
Inc.
,
A
...............................
United
States
181,564
22,784,466
a,b
Lincoln
International,
Inc.
,
A
............................
United
States
423,002
8,798,442
a
Miami
International
Holdings,
Inc.
.......................
United
States
848,300
39,904,032
109,077,737
Construction
&
Engineering
2.0%
Granite
Construction,
Inc.
.............................
United
States
271,169
32,803,314
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
&
Engineering
(continued)
a,b
Solv
Energy,
Inc.
,
A
..................................
United
States
614,622
$
17,473,703
50,277,017
Construction
Materials
0.4%
b
Titan
America
SA
...................................
Belgium
617,891
9,564,953
Consumer
Staples
Distribution
&
Retail
1.5%
a
Performance
Food
Group
Co.
..........................
United
States
331,796
37,954,144
Electrical
Equipment
1.7%
a,b
DPC
Holdings
plc
...................................
United
Kingdom
110,302
5,029,771
a,b
ERock,
Inc.
,
A
......................................
United
States
824,839
8,462,848
a
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
847,856
28,208,169
41,700,788
Electronic
Equipment,
Instruments
&
Components
4.7%
Badger
Meter,
Inc.
...................................
United
States
194,389
26,116,162
a
Fabrinet
..........................................
Thailand
40,735
17,736,426
a
Mirion
Technologies,
Inc.
,
A
............................
United
States
1,097,558
16,441,419
a,c
Novanta,
Inc.
......................................
United
States
66,170
9,432,534
a
Novanta,
Inc.
......................................
United
States
123,019
17,536,358
Vontier
Corp.
.......................................
United
States
902,863
29,008,988
116,271,887
Energy
Equipment
&
Services
2.6%
Cactus,
Inc.
,
A
......................................
United
States
684,666
44,510,137
Liberty
Energy,
Inc.
,
A
................................
United
States
1,024,365
19,165,869
63,676,006
Financial
Services
2.2%
a
Flywire
Corp.
......................................
United
States
1,000,731
16,021,703
a
Paymentus
Holdings,
Inc.
,
A
...........................
United
States
1,103,485
37,628,839
53,650,542
Food
Products
0.7%
a
Freshpet,
Inc.
......................................
United
States
279,581
16,646,253
Health
Care
Equipment
&
Supplies
3.9%
a
Ceribell,
Inc.
.......................................
United
States
750,219
13,271,374
a
Glaukos
Corp.
......................................
United
States
94,160
15,698,355
a
Haemonetics
Corp.
..................................
United
States
309,605
26,483,612
a
Integer
Holdings
Corp.
...............................
United
States
181,592
22,010,766
a
Kestra
Medical
Technologies
Ltd.
.......................
United
States
858,407
19,597,432
97,061,539
Health
Care
Providers
&
Services
6.4%
Ensign
Group,
Inc.
(The)
..............................
United
States
147,940
26,356,990
a
GeneDx
Holdings
Corp.
,
A
.............................
United
States
201,666
13,130,473
a
Guardant
Health,
Inc.
................................
United
States
244,150
39,549,859
a
HealthEquity,
Inc.
...................................
United
States
308,622
31,050,459
a
Hinge
Health,
Inc.
,
A
.................................
United
States
328,741
24,560,240
a
Privia
Health
Group,
Inc.
..............................
United
States
1,039,286
24,599,900
159,247,921
Health
Care
REITs
0.8%
Janus
Living,
Inc.
,
A-1
................................
United
States
658,099
19,881,171
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotel
&
Resort
REITs
0.9%
Pebblebrook
Hotel
Trust
..............................
United
States
1,098,819
$
20,987,443
Hotels,
Restaurants
&
Leisure
3.3%
a
Cava
Group,
Inc.
....................................
United
States
267,045
17,419,345
a
Jersey
Mike's
Subs,
Inc.
,
A
............................
United
States
221,058
5,084,334
a
Navan,
Inc.
,
A
......................................
United
States
668,439
17,793,846
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
130,741
26,859,431
Wingstop,
Inc.
......................................
United
States
119,781
15,510,442
82,667,398
Household
Durables
1.1%
a
M/I
Homes,
Inc.
.....................................
United
States
190,975
27,907,177
Independent
Power
and
Renewable
Electricity
Producers
0.1%
a,b
Fervo
Energy
Co.
,
A
.................................
United
States
57,365
1,293,007
IT
Services
1.0%
a
DigitalOcean
Holdings,
Inc.
............................
United
States
166,977
19,619,798
a
Quantinuum,
Inc.
,
A
..................................
United
States
78,457
4,033,474
23,653,272
Life
Sciences
Tools
&
Services
1.4%
a
Repligen
Corp.
.....................................
United
States
245,937
34,679,576
Machinery
2.5%
a
Alliance
Laundry
Holdings,
Inc.
.........................
United
States
798,698
21,061,666
a
RBC
Bearings,
Inc.
..................................
United
States
61,179
33,728,595
Terex
Corp.
........................................
United
States
113,822
7,152,574
61,942,835
Media
1.1%
New
York
Times
Co.
(The)
,
A
...........................
United
States
375,153
28,095,208
Metals
&
Mining
0.9%
a,b
Eldorado
Gold
Corp.
.................................
Turkiye
616,305
18,606,248
a,b
IperionX
Ltd.
,
ADR
..................................
Australia
202,725
4,206,544
22,812,792
Multi-Utilities
0.5%
Black
Hills
Corp.
....................................
United
States
180,709
12,868,288
Oil,
Gas
&
Consumable
Fuels
2.2%
a
Infinity
Natural
Resources,
Inc.
,
A
.......................
United
States
1,551,521
20,418,017
Matador
Resources
Co.
..............................
United
States
696,244
34,735,613
55,153,630
Passenger
Airlines
1.0%
a
Alaska
Air
Group,
Inc.
................................
United
States
508,833
24,144,126
Pharmaceuticals
4.4%
a
Amylyx
Pharmaceuticals,
Inc.
..........................
United
States
743,983
15,110,295
a
Definium
Therapeutics,
Inc.
............................
United
States
348,339
15,159,713
a
EyePoint,
Inc.
......................................
United
States
1,084,494
13,285,051
a
Indivior
Pharmaceuticals,
Inc.
..........................
United
States
311,625
12,468,116
a
Jazz
Pharmaceuticals
plc
.............................
United
States
145,846
36,878,620
a
Phathom
Pharmaceuticals,
Inc.
.........................
United
States
827,068
7,236,845
a
Structure
Therapeutics,
Inc.
,
ADR
.......................
United
States
178,989
8,598,632
108,737,272
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
1.8%
a,b
Andersen
Group,
Inc.
,
A
..............................
United
States
615,845
$
29,147,944
a
Legalzoom.com,
Inc.
.................................
United
States
1,885,166
14,836,256
43,984,200
Semiconductors
&
Semiconductor
Equipment
5.1%
a
Lattice
Semiconductor
Corp.
...........................
United
States
350,507
43,557,505
a
Onto
Innovation,
Inc.
.................................
United
States
156,275
40,409,589
a,b
Rigetti
Computing,
Inc.
...............................
United
States
192,750
2,881,613
a
SiTime
Corp.
.......................................
United
States
73,722
39,456,014
126,304,721
Software
8.3%
a
Agilysys,
Inc.
.......................................
United
States
165,880
17,443,941
a,c,d
ClearMotion,
Inc.
....................................
United
States
3,698,772
379,590
a
D-Wave
Quantum,
Inc.
...............................
Canada
169,705
3,068,266
a
Gitlab,
Inc.
,
A
......................................
United
States
663,401
22,893,969
a
Intapp,
Inc.
........................................
United
States
699,438
22,864,628
a
JFrog
Ltd.
.........................................
United
States
452,371
36,094,682
a
Klaviyo,
Inc.
,
A
.....................................
United
States
941,201
16,791,026
a
nCino,
Inc.
........................................
United
States
1,150,651
21,241,017
a
Procore
Technologies,
Inc.
............................
United
States
489,557
26,813,037
a
ServiceTitan,
Inc.
,
A
.................................
United
States
443,709
36,854,470
204,444,626
Specialty
Retail
2.1%
a
Boot
Barn
Holdings,
Inc.
..............................
United
States
130,466
19,438,129
Lithia
Motors,
Inc.
,
A
.................................
United
States
65,062
25,076,196
a
Reformation,
Inc.
...................................
United
States
444,373
7,207,730
51,722,055
Textiles,
Apparel
&
Luxury
Goods
0.6%
Steven
Madden
Ltd.
.................................
United
States
310,419
14,304,108
Trading
Companies
&
Distributors
1.1%
Herc
Holdings,
Inc.
..................................
United
States
186,743
28,037,594
Total
Common
Stocks
(Cost
$
1,728,275,533
)
..................................
2,371,381,892
Convertible
Preferred
Stocks
2.9%
Automobile
Components
0.6%
a,c,d
Flock
Group,
Inc.
,
G
.................................
United
States
987,540
14,967,079
Communications
Equipment
0.2%
a,c,d
Astranis
Space
Technologies
Corp.
,
E
....................
United
States
311,952
5,999,994
Diversified
Consumer
Services
0.5%
a,c,d
Newsela,
Inc.
,
D
....................................
United
States
709,046
12,221,219
Software
1.4%
a,c,d
Benchling,
Inc.
,
F
...................................
United
States
382,306
2,210,314
a,c,d
Checkr,
Inc.
,
E
.....................................
United
States
1,388,889
21,802,974
a,c,d
OneTrust
LLC
,
A
....................................
United
States
625,361
7,369,324
a,c,d
OneTrust
LLC
,
A-1
..................................
United
States
56,457
665,296
a,c,d
Smule,
Inc.
,
J
......................................
United
States
162,712
1,785,583
33,833,491
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Specialty
Retail
0.2%
a,c,d
1661,
Inc.
,
F
.......................................
United
States
3,436,485
$
4,101,634
Total
Convertible
Preferred
Stocks
(Cost
$
96,764,288
)
.........................
71,123,417
Preferred
Stocks
0.2%
Automobile
Components
0.2%
a,c,d
Tula
eTechnology,
Inc.
................................
United
States
361,111
—
a,c,d
Tula
eTechnology,
Inc.
,
E
.............................
United
States
3,611,111
3,872,916
3,872,916
Software
0.0%
†
a,c,d
ClearMotion,
Inc.
,
A-3
................................
United
States
1,037,942
150,078
a,c,d
ClearMotion,
Inc.
,
A-4
................................
United
States
6,477,294
849,381
a,c,d
Smule,
Inc.
,
144A
,
G
.................................
United
States
1,542,673
254,249
a,c,d
Smule,
Inc.
,
144A
,
H
.................................
United
States
352,675
68,716
1,322,424
Total
Preferred
Stocks
(Cost
$
21,224,989
)
....................................
5,195,340
Rights
Rights
0.0%
Biotechnology
0.0%
a,c,d
Novartis
AG,
CVR
,
6/30/30
............................
United
States
410,500
—
Total
Rights
(Cost
$
–
)
......................................................
—
Shares
Escrows
and
Litigation
Trusts
0.0%
a,c
Optoro,
Inc.,
Escrow
Account
..........................
United
States
554,878
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
1,846,264,810
)
...........................
2,447,700,649
a
Short
Term
Investments
2.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.9%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
22,304,432
22,304,432
Total
Money
Market
Funds
(Cost
$
22,304,432
)
................................
22,304,432
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
See
Abbreviations
on
page
99
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
2.0%
Money
Market
Funds
2.0%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
49,159,976
$
49,159,976
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
49,159,976
)
.........................................................
49,159,976
Total
Short
Term
Investments
(Cost
$
71,464,408
)
..............................
71,464,408
a
Total
Investments
(Cost
$
1,917,729,218
)
102.0
%
..............................
$2,519,165,057
Other
Assets,
less
Liabilities
(
2.0
)
%
.........................................
(49,280,644)
Net
Assets
100.0%
.........................................................
$2,469,884,413
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Small-Mid
Cap
Growth
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.9%
Aerospace
&
Defense
6.5%
a,b
Arxis,
Inc.
,
A
.......................................
United
States
431,768
$
23,445,002
a
Axon
Enterprise,
Inc.
.................................
United
States
161,884
85,435,900
BWX
Technologies,
Inc.
..............................
United
States
277,450
46,805,815
Curtiss-Wright
Corp.
.................................
United
States
47,522
34,405,928
a
Karman
Holdings,
Inc.
................................
United
States
216,983
10,447,732
a
Rocket
Lab
Corp.
...................................
United
States
372,677
24,205,371
224,745,748
Banks
1.1%
Fifth
Third
Bancorp
..................................
United
States
667,760
37,728,440
Biotechnology
5.8%
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
158,320
32,537,926
a
Ascendis
Pharma
A/S
................................
Denmark
51,046
12,450,630
a
Bridgebio
Pharma,
Inc.
...............................
United
States
172,573
13,821,372
a
CG
oncology,
Inc.
...................................
United
States
200,480
14,272,171
a
Insmed,
Inc.
.......................................
United
States
262,483
25,880,824
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
167,060
8,648,696
a
Natera,
Inc.
........................................
United
States
214,878
57,535,733
a
Revolution
Medicines,
Inc.
.............................
United
States
203,777
38,214,301
203,361,653
Building
Products
1.3%
AAON,
Inc.
........................................
United
States
501,746
44,685,499
Capital
Markets
4.3%
Ares
Management
Corp.
,
A
............................
United
States
372,306
47,688,676
Nasdaq,
Inc.
.......................................
United
States
398,652
37,549,032
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
453,788
39,279,889
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
241,426
24,263,313
148,780,910
Communications
Equipment
1.9%
a
Lumentum
Holdings,
Inc.
..............................
United
States
92,064
65,728,172
Construction
&
Engineering
3.1%
Comfort
Systems
USA,
Inc.
............................
United
States
61,667
106,664,793
Consumer
Staples
Distribution
&
Retail
2.2%
Casey's
General
Stores,
Inc.
...........................
United
States
56,989
49,637,419
a
Performance
Food
Group
Co.
..........................
United
States
224,893
25,725,510
75,362,929
Electrical
Equipment
4.5%
AMETEK,
Inc.
......................................
United
States
251,604
60,815,203
a,b
DPC
Holdings
plc
...................................
United
Kingdom
157,312
7,173,427
a
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
707,116
23,525,750
a,b
Innio
NV
..........................................
Germany
71,472
1,745,346
nVent
Electric
plc
...................................
United
States
191,066
29,391,683
Vertiv
Holdings
Co.
,
A
................................
United
States
146,416
35,369,713
158,021,122
Electronic
Equipment,
Instruments
&
Components
1.6%
Jabil,
Inc.
.........................................
United
States
182,201
57,402,425
Energy
Equipment
&
Services
0.8%
TechnipFMC
plc
....................................
United
Kingdom
372,143
26,667,767
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Entertainment
2.5%
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
259,458
$
45,179,422
a
ROBLOX
Corp.
,
A
...................................
United
States
1,159,615
41,282,294
86,461,716
Ground
Transportation
1.3%
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
210,904
44,741,175
Health
Care
Equipment
&
Supplies
3.5%
a
Dexcom,
Inc.
.......................................
United
States
1,059,973
88,454,747
a
IDEXX
Laboratories,
Inc.
..............................
United
States
59,856
33,463,694
121,918,441
Health
Care
Providers
&
Services
2.4%
Cencora,
Inc.
......................................
United
States
264,086
82,220,535
Hotels,
Restaurants
&
Leisure
8.3%
a
Cava
Group,
Inc.
....................................
United
States
461,336
30,092,947
a
DoorDash,
Inc.
,
A
...................................
United
States
222,008
43,549,089
a
Jersey
Mike's
Subs,
Inc.
,
A
............................
United
States
313,093
7,201,139
Marriott
International,
Inc.
,
A
...........................
United
States
151,450
56,465,104
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
256,670
81,698,061
Texas
Roadhouse,
Inc.
,
A
.............................
United
States
206,876
42,500,606
Wingstop,
Inc.
......................................
United
States
198,353
25,684,730
287,191,676
Household
Durables
0.8%
a
NVR,
Inc.
.........................................
United
States
4,717
28,995,635
Independent
Power
and
Renewable
Electricity
Producers
2.2%
Vistra
Corp.
........................................
United
States
511,605
75,814,745
Interactive
Media
&
Services
1.0%
a
Reddit,
Inc.
,
A
......................................
United
States
247,461
34,810,339
IT
Services
7.0%
a
Cloudflare,
Inc.
,
A
...................................
United
States
452,969
126,369,292
a,b
Quantinuum,
Inc.
,
A
..................................
United
States
50,671
2,604,996
a
Snowflake,
Inc.
,
A
...................................
United
States
385,929
113,185,257
242,159,545
Life
Sciences
Tools
&
Services
1.0%
a
Repligen
Corp.
.....................................
United
States
256,804
36,211,932
Machinery
0.9%
Xylem,
Inc.
........................................
United
States
275,637
32,241,260
Media
1.2%
New
York
Times
Co.
(The)
,
A
...........................
United
States
548,575
41,082,782
Oil,
Gas
&
Consumable
Fuels
3.4%
Cheniere
Energy,
Inc.
................................
United
States
88,393
23,297,743
Targa
Resources
Corp.
...............................
United
States
350,445
94,749,815
118,047,558
Professional
Services
0.7%
Verisk
Analytics,
Inc.
,
A
...............................
United
States
130,012
25,332,838
Real
Estate
Management
&
Development
1.0%
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
97,045
34,453,886
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Retail
REITs
1.2%
Simon
Property
Group,
Inc.
............................
United
States
186,643
$
42,810,305
Semiconductors
&
Semiconductor
Equipment
7.5%
a,b
Cerebras
Systems,
Inc.
,
A
.............................
United
States
71,473
14,202,400
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
258,570
53,521,404
a
Lattice
Semiconductor
Corp.
...........................
United
States
405,921
50,443,803
a
MACOM
Technology
Solutions
Holdings,
Inc.
..............
United
States
188,986
47,518,640
Monolithic
Power
Systems,
Inc.
.........................
United
States
27,214
38,807,980
Teradyne,
Inc.
......................................
United
States
157,283
57,831,386
262,325,613
Software
9.0%
a
Arteris,
Inc.
........................................
United
States
1,092,637
32,647,993
a
Datadog,
Inc.
,
A
....................................
United
States
519,477
139,204,252
a
Fair
Isaac
Corp.
....................................
United
States
33,957
38,132,692
a
Guidewire
Software,
Inc.
..............................
United
States
252,784
38,408,001
a,c,d
Plaid,
Inc.
,
A
.......................................
United
States
30,940
8,640,509
a
Procore
Technologies,
Inc.
............................
United
States
552,941
30,284,579
a
Tyler
Technologies,
Inc.
...............................
United
States
77,771
24,077,902
311,395,928
Specialty
Retail
3.5%
a
AutoZone,
Inc.
.....................................
United
States
15,400
46,450,250
a
Burlington
Stores,
Inc.
................................
United
States
128,551
47,368,472
Tractor
Supply
Co.
..................................
United
States
892,448
27,460,625
121,279,347
Technology
Hardware,
Storage
&
Peripherals
1.4%
a
Everpure,
Inc.
,
A
....................................
United
States
647,101
49,936,784
Trading
Companies
&
Distributors
2.0%
Fastenal
Co.
.......................................
United
States
417,357
19,912,102
United
Rentals,
Inc.
..................................
United
States
47,365
51,119,150
71,031,252
Total
Common
Stocks
(Cost
$
2,465,150,911
)
..................................
3,299,612,750
Convertible
Preferred
Stocks
3.1%
Aerospace
&
Defense
0.8%
a,c,d
Anduril
Industries,
Inc.
,
F
..............................
United
States
414,483
28,579,722
Diversified
Consumer
Services
0.2%
a,c,d
Newsela,
Inc.
,
D
....................................
United
States
423,782
7,304,367
Semiconductors
&
Semiconductor
Equipment
0.2%
a,c,d
Phononic
Devices,
Inc.
,
F-S
...........................
United
States
2,970,061
5,667,111
Software
1.9%
a,c,d
Benchling,
Inc.
,
F
...................................
United
States
347,106
2,006,804
a,c,d
Databricks,
Inc.
,
G
..................................
United
States
227,829
56,035,935
a,c,d
OneTrust
LLC
,
C
....................................
United
States
767,526
9,044,613
67,087,352
Total
Convertible
Preferred
Stocks
(Cost
$
65,344,990
)
.........................
108,638,552
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.1%
Semiconductors
&
Semiconductor
Equipment
0.1%
a,c,d
Phononic
Devices,
Inc.
,
G-2-S
..........................
United
States
513,050
$
1,721,689
a,c,d
Phononic,
Inc.
,
H-S
..................................
United
States
117,763
576,796
2,298,485
Total
Preferred
Stocks
(Cost
$
460,692
)
.......................................
2,298,485
Warrants
Warrants
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d
Phononic,
Inc.
,
H-S
,
12/31/29
..........................
United
States
23,970
31,425
a,c,d
Phononic,
Inc.
,
H-S-X
,
12/31/29
........................
United
States
47,104
61,755
93,180
Total
Warrants
(Cost
$
44,031
)
...............................................
93,180
Principal
Amount
*
Convertible
Bonds
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
c,d
Phononic,
Inc.
,
5.31
%
,
11/30/27
........................
United
States
66,235
82,828
c,d
Phononic,
Inc.
,
H-S
,
5.31
%
,
11/30/27
....................
United
States
66,235
84,152
c,d
Phononic,
Inc.
,
H-S
,
5.31
%
,
11/30/27
....................
United
States
66,235
85,505
252,485
Total
Convertible
Bonds
(Cost
$
198,704
)
.....................................
252,485
Senior
Floating
Rate
Interests
0.1%
Semiconductors
&
Semiconductor
Equipment
0.1%
c
Phononic,
Inc.,
First
Lien,
Term
Loan,
B
,
12
%
,
12/31/27
.......
United
States
1,209,656
1,060,010
Total
Senior
Floating
Rate
Interests
(Cost
$
1,165,029
)
.........................
1,060,010
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Blaize
Events
&
Media,
Inc.,
Escrow
Account
...............
United
States
343,168
—
a,c
Blaize
Holdings,
Inc.,
Escrow
Account
....................
United
States
114,150
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
2,532,364,357
)
...........................
3,411,955,462
a
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
25,558,913
25,558,913
Total
Money
Market
Funds
(Cost
$
25,558,913
)
................................
25,558,913
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
See
Abbreviations
on
page
99
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.0%
Money
Market
Funds
1.0%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
34,991,570
$
34,991,570
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
34,991,570
)
.........................................................
34,991,570
Total
Short
Term
Investments
(Cost
$
60,550,483
)
..............................
60,550,483
a
Total
Investments
(Cost
$
2,592,914,840
)
99.9
%
................................
$3,472,505,945
Other
Assets,
less
Liabilities
0.1
%
...........................................
2,905,026
Net
Assets
100.0%
.........................................................
$3,475,410,971
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
82
franklintempleton.com
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Strategic
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
ten
separate funds, six
of
which
are
included
in
this
report
(Funds).
The Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
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
and
certain
preferred
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
83
franklintempleton.com
Quarterly
Schedules
of
Investments
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
July
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
July
31,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Biotechnology
Discovery
Fund
706,649
a
Achieve
Life
Sciences,
Inc.
.....................
4/17/26
$
2,568,669
$
4,536,687
706,649
a
Achieve
Life
Sciences,
Inc.,
4/10/28
..............
4/17/26
71
2,056,349
223,305
b
Acumen
Pharmaceuticals,
Inc.
..................
3/16/26
736,906
480,106
1,519,609
Candid,
Inc.,
B
..............................
8/19/24
1,823,531
5,563,712
69,673
c
IN8bio,
Inc.,
C,
10/04/27
.......................
10/10/24
—
4
859,370
Lycia
LLC,
C
...............................
4/26/24
1,754,576
2,071,586
177,052
Lycia
Therapeutics,
Inc.,
D
.....................
6/10/26
361,487
426,799
2,862
Processa
Pharmaceuticals,
Inc.
.................
7/29/26
3,495,046
5,513,146
1,389,029
Ray
Therapeutics,
Inc.,
B.
.....................
4/17/26
3,671,203
3,784,236
Total
Restricted
Securities
(Value
is
2.1%
of
Net
Assets)
...............
$14,411,489
$24,432,625
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
117,526
Anduril
Industries,
Inc.,
B
......................
7/22/25
$
4,804,792
$
8,103,735
55
Anduril
Industries,
Inc.,
C
......................
7/22/25
2,249
3,792
180,222
Anduril
Industries,
Inc.,
G
......................
5/08/25
7,367,980
12,426,794
49,656
Anthropic
PBC,
F-1
..........................
8/29/25
6,999,887
29,247,856
38,589
Anthropic
PBC,
G-1
..........................
2/12/26
9,999,815
22,729,287
67,909
Anthropic
PBC,
H-1
..........................
5/28/26
39,999,046
39,999,046
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
84
franklintempleton.com
Quarterly
Schedules
of
Investments
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
(continued)
3,094
Canva
Australia
Holdings
Pty.
Ltd.,
A
.............
3/18/24
$
3,300,249
$
5,345,416
11,829
Canva
Australia
Holdings
Pty.
Ltd.,
B
.............
12/22/21
20,158,531
20,436,626
4,619
Celonis
SE
.................................
6/16/21
1,708,060
491,904
25,571
Celonis
SE,
D
..............................
6/16/21
-
10/04/22
9,427,681
2,723,201
6,309,366
ClearMotion,
Inc.
............................
11/06/17
-
12/21/18
15,500,000
647,505
417,667
ClearMotion,
Inc.,
A-3
.........................
3/23/23
—
60,391
2,606,463
ClearMotion,
Inc.,
A-4
.........................
12/21/21
251,500
341,791
338,280
Databricks,
Inc.,
G
...........................
2/01/21
20,000,005
83,202,034
750,387
Flock
Group,
Inc.,
B
..........................
3/26/25
11,082,616
11,372,807
80,684
Flock
Group,
Inc.,
C
..........................
3/26/25
1,191,638
1,222,840
21,303
Flock
Group,
Inc.,
F-1
........................
3/26/25
314,628
322,867
517,056
OneTrust
LLC,
C
............................
4/01/21
10,139,623
6,093,046
8,668
OpenAI
Foundation
..........................
10/03/25
3,727,240
5,960,897
56,433
Plaid,
Inc.,
A
................................
3/31/25
11,511,011
15,759,854
714,285
d
Space
Exploration
Technologies
Corp.,
A
..........
5/25/22
9,999,990
77,407,066
260,482
Stripe,
Inc.,
B
...............................
4/30/25
9,377,352
16,523,024
Total
Restricted
Securities
(Value
is
8.3%
of
Net
Assets)
...............
$196,863,893
$360,421,779
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Natural
Resources
Fund
39,802
Redwood
Materials,
Inc.,
E
.....................
10/20/25
$
1,899,983
$
1,899,983
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
...............
$1,899,983
$1,899,983
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
3,436,485
1661,
Inc.,
F
................................
5/28/21
$
19,999,999
$
4,101,634
311,952
Astranis
Space
Technologies
Corp.,
E
............
2/10/26
5,999,994
5,999,994
382,306
Benchling,
Inc.,
F
............................
10/20/21
12,499,992
2,210,314
1,388,889
Checkr,
Inc.,
E
..............................
8/24/21
25,000,002
21,802,974
3,698,772
ClearMotion,
Inc.
............................
12/21/18
10,000,000
379,590
1,037,942
ClearMotion,
Inc.,
A-3
.........................
3/23/23
—
150,078
6,477,294
ClearMotion,
Inc.,
A-4
.........................
12/21/21
625,000
849,381
987,540
Flock
Group,
Inc.,
G
..........................
3/08/24
9,999,899
14,967,079
709,046
Newsela,
Inc.,
D
.............................
1/21/21
15,000,010
12,221,219
410,500
Novartis
AG,
CVR,
6/30/30
.....................
8/14/23
—
—
625,361
OneTrust
LLC,
A
............................
3/10/23
6,878,971
7,369,324
56,457
OneTrust
LLC,
A-1
...........................
3/10/23
621,027
665,296
1,542,673
Smule,
Inc.,
144A,
G
.........................
5/31/16
11,099,995
254,249
352,675
Smule,
Inc.,
144A,
H
.........................
4/27/17
2,999,995
68,716
162,712
Smule,
Inc.,
J
...............................
8/05/22
-
11/28/22
764,393
1,785,583
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
85
franklintempleton.com
Quarterly
Schedules
of
Investments
4.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
July
31,
2026,
unfunded
commitments
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
(continued)
361,111
Tula
eTechnology,
Inc.
........................
11/01/18
$
—
$
—
3,611,111
Tula
eTechnology,
Inc.,
E
......................
9/08/17
6,500,000
3,872,916
Total
Restricted
Securities
(Value
is
3.1%
of
Net
Assets)
...............
$127,989,277
$76,698,347
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
414,483
Anduril
Industries,
Inc.,
F
......................
7/17/24
$
9,009,451
$
28,579,722
347,106
Benchling,
Inc.,
F
............................
10/20/21
11,349,082
2,006,804
227,829
Databricks,
Inc.,
G
...........................
2/01/21
13,469,851
56,035,935
423,782
Newsela,
Inc.,
D
.............................
1/21/21
8,965,193
7,304,367
767,526
OneTrust
LLC,
C
............................
4/01/21
15,051,415
9,044,613
2,970,061
Phononic
Devices,
Inc.,
F-S
....................
6/06/19
7,499,998
5,667,111
513,050
Phononic
Devices,
Inc.,
G-2-S
..................
1/17/20
-
11/03/20
47
1,721,689
66,235
Phononic,
Inc.,
5.31%,
11/30/27
.................
2/11/25
66,235
82,828
117,763
Phononic,
Inc.,
H-S
..........................
10/17/22
460,645
576,796
23,970
Phononic,
Inc.,
H-S,
12/31/29
...................
5/15/24
-
2/11/25
2
31,425
66,235
Phononic,
Inc.,
H-S,
5.31%,
11/30/27
.............
10/01/24
66,235
84,152
66,235
Phononic,
Inc.,
H-S,
5.31%,
11/30/27
.
............
5/15/24
66,235
85,505
47,104
Phononic,
Inc.,
H-S-X,
12/31/29
.................
10/17/22
44,029
61,755
30,940
Plaid,
Inc.,
A
................................
3/31/25
6,311,036
8,640,509
Total
Restricted
Securities
(Value
is
3.5%
of
Net
Assets)
...............
$72,359,454
$119,923,211
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$9,425,216
as
of
July
31,
2026.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,776,760
as
of
July
31,
2026.
c
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$345,366
as
of
July
31,
2026.
d
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$22,989,178
as
of
July
31,
2026.
Borrower
Unfunded
Commitment
Franklin
Core
Plus
Bond
Fund
CoreWeave,
Inc.
$
95,626
First
Eagle
Holdings,
Inc.
82,642
$
178,268
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
86
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$25,985,537
$63,280,634
$(72,218,546)
$—
$—
$17,047,625
17,047,625
$123,473
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$31,626,763
$85,471,668
$(82,566,811)
$—
$—
$34,531,620
34,531,620
$335,422
Total
Affiliated
Securities
...
$57,612,300
$148,752,302
$(154,785,357)
$—
$—
$51,579,245
$458,895
Franklin
Core
Plus
Bond
Fund
Non-Controlled
Affiliates
Dividends
Franklin
BSP
Lending
Fund,
Class
R6
...............
$—
$14,184,099
$—
$—
$(69,735)
$14,114,364
1,394,700
$102,173
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
234,995,433
216,690,175
(408,781,750)
—
—
42,903,858
42,903,858
993,964
Franklin
Ultra
Short
Bond
ETF
.
—
56,755,727
—
—
89,411
56,845,138
2,269,267
225,758
Total
Non-Controlled
Affiliates
$234,995,433
$287,630,001
$(408,781,750)
$—
$19,676
$113,863,360
$1,321,895
Total
Affiliated
Securities
...
$234,995,433
$287,630,001
$(408,781,750)
$—
$19,676
$113,863,360
$1,321,895
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$47,555,504
$134,942,958
$(174,519,343)
$—
$—
$7,979,119
7,979,119
$62,999
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
87
franklintempleton.com
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Growth
Opportunities
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$19,950,750
$158,187,277
$(150,673,845)
$—
$—
$27,464,182
27,464,182
$312,898
Total
Affiliated
Securities
...
$67,506,254
$293,130,235
$(325,193,188)
$—
$—
$35,443,301
$375,897
Franklin
Natural
Resources
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$7,586,679
$38,514,489
$(43,352,091)
$—
$—
$2,749,077
2,749,077
$67,520
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$12,868,615
$83,373,221
$(75,642,111)
$—
$—
$20,599,725
20,599,725
$173,366
Total
Affiliated
Securities
...
$20,455,294
$121,887,710
$(118,994,202)
$—
$—
$23,348,802
$240,886
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$11,427,550
$271,105,489
$(260,228,607)
$—
$—
$22,304,432
22,304,432
$247,050
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$51,918,825
$226,039,795
$(228,798,644)
$—
$—
$49,159,976
49,159,976
$470,500
Total
Affiliated
Securities
...
$63,346,375
$497,145,284
$(489,027,251)
$—
$—
$71,464,408
$717,550
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
88
franklintempleton.com
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$74,959,605
$261,390,117
$(310,790,809)
$—
$—
$25,558,913
25,558,913
$451,346
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.618%
............
$—
$240,432,344
$(205,440,774)
$—
$—
$34,991,570
34,991,570
$268,758
Total
Affiliated
Securities
...
$74,959,605
$501,822,461
$(516,231,583)
$—
$—
$60,550,483
$720,104
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Biotechnology
.........................
$
842,312,387
$
480,116
$
4,536,687
$
847,329,190
Capital
Markets
........................
1,775,711
—
—
1,775,711
Health
Care
Providers
&
Services
..........
31,834,275
—
—
31,834,275
Life
Sciences
Tools
&
Services
............
13,208,326
1,952,735
—
15,161,061
Pharmaceuticals
.......................
201,145,083
—
—
201,145,083
Convertible
Preferred
Stocks
................
—
—
24,679,760
24,679,760
Preferred
Stocks
:
Biotechnology
.........................
—
—
426,799
426,799
Life
Sciences
Tools
&
Services
............
—
2,318,712
—
2,318,712
Real
Estate
Management
&
Development
....
—
—
2,071,586
2,071,586
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
89
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Warrants
...............................
$
—
$
—
$
11,297,875
$
11,297,875
Escrows
and
Litigation
Trusts
...............
—
—
305,256
305,256
Short
Term
Investments
...................
51,579,245
—
—
51,579,245
Total
Investments
in
Securities
...........
$1,141,855,027
$4,751,563
b
$43,317,963
$1,189,924,553
Franklin
Core
Plus
Bond
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Machinery
............................
—
—
606,520
606,520
Oil,
Gas
&
Consumable
Fuels
.............
20,676
268,976
—
289,652
Management
Investment
Companies
.........
70,959,502
—
—
70,959,502
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
36,820,414
—
36,820,414
Automobile
Components
.................
—
2,817,605
—
2,817,605
Automobiles
..........................
—
7,179,824
—
7,179,824
Banks
...............................
—
130,754,141
—
130,754,141
Beverages
...........................
—
4,989,031
—
4,989,031
Biotechnology
.........................
—
19,534,439
—
19,534,439
Broadline
Retail
.......................
—
12,041,069
—
c
12,041,069
Building
Products
......................
—
1,123,949
—
1,123,949
Capital
Markets
........................
—
80,221,973
—
80,221,973
Chemicals
...........................
—
5,799,200
—
5,799,200
Commercial
Services
&
Supplies
...........
—
8,772,098
—
8,772,098
Communications
Equipment
..............
—
7,241,442
—
7,241,442
Construction
&
Engineering
...............
—
1,959,420
—
1,959,420
Construction
Materials
..................
—
821,604
—
821,604
Consumer
Finance
.....................
—
54,492,905
—
54,492,905
Consumer
Staples
Distribution
&
Retail
......
—
4,621,466
—
4,621,466
Containers
&
Packaging
.................
—
6,344,362
—
6,344,362
Diversified
Consumer
Services
............
—
1,685,533
—
1,685,533
Diversified
REITs
......................
—
13,194,086
—
13,194,086
Diversified
Telecommunication
Services
.....
—
37,176,534
—
37,176,534
Electric
Utilities
........................
—
88,166,167
—
88,166,167
Electrical
Equipment
....................
—
10,369,140
—
10,369,140
Electronic
Equipment,
Instruments
&
Components
........................
—
16,420,234
—
16,420,234
Energy
Equipment
&
Services
.............
—
7,667,965
—
7,667,965
Entertainment
.........................
—
9,889,060
—
9,889,060
Financial
Services
......................
—
16,932,671
—
16,932,671
Food
Products
........................
—
15,467,774
—
15,467,774
Gas
Utilities
..........................
—
1,833,752
—
1,833,752
Ground
Transportation
..................
—
16,094,174
—
16,094,174
Health
Care
Equipment
&
Supplies
.........
—
16,011,702
—
16,011,702
Health
Care
Providers
&
Services
..........
—
45,317,794
—
45,317,794
Health
Care
Technology
.................
—
3,042,333
—
3,042,333
Hotel
&
Resort
REITs
...................
—
2,544,242
—
2,544,242
Hotels,
Restaurants
&
Leisure
.............
—
30,815,010
—
30,815,010
Household
Durables
....................
—
8,144,695
—
8,144,695
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
15,798,200
—
15,798,200
Insurance
............................
—
43,162,553
—
43,162,553
Interactive
Media
&
Services
..............
—
2,034,278
—
2,034,278
IT
Services
...........................
—
6,770,248
—
6,770,248
Leisure
Products
.......................
—
3,687,699
—
3,687,699
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
90
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Core
Plus
Bond
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Life
Sciences
Tools
&
Services
............
$
—
$
1,334,727
$
—
$
1,334,727
Machinery
............................
—
4,943,219
—
4,943,219
Media
...............................
—
22,977,405
—
22,977,405
Metals
&
Mining
.......................
—
12,743,781
—
12,743,781
Multi-Utilities
..........................
—
23,118,926
—
23,118,926
Oil,
Gas
&
Consumable
Fuels
.............
—
133,699,627
—
133,699,627
Paper
&
Forest
Products
.................
—
3,651,173
—
3,651,173
Passenger
Airlines
.....................
—
1,355,370
—
1,355,370
Personal
Care
Products
.................
—
9,874,140
—
9,874,140
Pharmaceuticals
.......................
—
32,766,601
—
32,766,601
Semiconductors
&
Semiconductor
Equipment
.
—
29,385,687
—
29,385,687
Software
.............................
—
18,002,260
—
18,002,260
Specialized
REITs
......................
—
9,384,518
—
9,384,518
Specialty
Retail
........................
—
5,914,305
—
5,914,305
Technology
Hardware,
Storage
&
Peripherals
.
—
8,798,322
—
8,798,322
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,801,809
—
1,801,809
Tobacco
.............................
—
22,083,935
—
22,083,935
Trading
Companies
&
Distributors
..........
—
10,758,111
—
10,758,111
Transportation
Infrastructure
..............
—
150,430
—
150,430
Wireless
Telecommunication
Services
.......
—
21,990,727
30,370
22,021,097
Senior
Floating
Rate
Interests
...............
—
96,811,042
9,944,306
106,755,348
Marketplace
Loans
.......................
—
—
1,243,909
c
1,243,909
Foreign
Government
and
Agency
Securities
....
—
75,762,327
—
75,762,327
U.S.
Government
and
Agency
Securities
.......
—
219,092,001
—
219,092,001
Asset-Backed
Securities
...................
—
413,556,879
—
413,556,879
Commercial
Mortgage-Backed
Securities
......
—
180,496,636
—
180,496,636
Mortgage-Backed
Securities
................
—
733,918,076
—
733,918,076
Residential
Mortgage-Backed
Securities
.......
—
94,678,628
—
94,678,628
Agency
Commercial
Mortgage-Backed
Securities
—
144,774,688
—
144,774,688
Municipal
Bonds
.........................
—
25,353,592
—
25,353,592
Escrows
and
Litigation
Trusts
...............
—
—
9,894
c
9,894
Options
Purchased
.......................
—
1,095,815
—
1,095,815
Short
Term
Investments
...................
42,903,858
—
—
42,903,858
Total
Investments
in
Securities
...........
$113,884,036
$3,158,304,519
$11,834,999
$3,284,023,554
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$8,530
$—
$8,530
Futures
Contracts
.......................
69,602
—
—
69,602
Swap
Contracts
.........................
—
3,146,854
—
3,146,854
Unfunded
Loan
Commitments
..............
—
1,134
—
1,134
Total
Other
Financial
Instruments
.........
$69,602
$3,156,518
$—
$3,226,120
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
20,905,463
$
—
$
20,905,463
Options
Written
..........................
—
858,341
—
858,341
Forward
Exchange
Contracts
...............
—
99,065
—
99,065
Futures
Contracts
........................
10,253,999
—
—
10,253,999
Swap
Contracts
.........................
—
199,393
—
199,393
Total
Other
Financial
Instruments
.........
$10,253,999
$22,062,262
$—
$32,316,261
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
91
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
161,365,425
$
—
$
8,107,527
$
169,472,952
Automobiles
..........................
67,245,634
—
—
67,245,634
Beverages
...........................
25,104,170
—
—
25,104,170
Biotechnology
.........................
74,378,202
—
—
74,378,202
Broadline
Retail
.......................
201,865,957
—
—
201,865,957
Building
Products
......................
50,342,492
—
—
50,342,492
Capital
Markets
........................
29,906,118
—
—
29,906,118
Chemicals
...........................
38,670,804
—
—
38,670,804
Commercial
Services
&
Supplies
...........
31,913,064
—
3,215,105
35,128,169
Communications
Equipment
..............
68,720,932
—
—
68,720,932
Construction
&
Engineering
...............
30,407,950
—
—
30,407,950
Construction
Materials
..................
28,132,800
—
—
28,132,800
Consumer
Staples
Distribution
&
Retail
......
90,391,509
—
—
90,391,509
Diversified
Telecommunication
Services
.....
22,989,178
—
77,407,066
100,396,244
Electric
Utilities
........................
45,386,905
—
—
45,386,905
Electrical
Equipment
....................
90,669,134
—
—
90,669,134
Electronic
Equipment,
Instruments
&
Components
........................
139,346,636
—
—
139,346,636
Entertainment
.........................
40,379,471
—
—
40,379,471
Financial
Services
......................
51,514,813
—
—
51,514,813
Ground
Transportation
..................
33,233,216
—
—
33,233,216
Health
Care
Equipment
&
Supplies
.........
41,438,433
—
—
41,438,433
Health
Care
Providers
&
Services
..........
64,515,443
—
—
64,515,443
Hotels,
Restaurants
&
Leisure
.............
27,807,838
—
—
27,807,838
Interactive
Media
&
Services
..............
429,749,120
—
—
429,749,120
IT
Services
...........................
57,997,112
—
25,782,042
83,779,154
Life
Sciences
Tools
&
Services
............
20,699,313
—
—
20,699,313
Machinery
............................
43,181,180
—
—
43,181,180
Pharmaceuticals
.......................
174,459,310
—
—
174,459,310
Semiconductors
&
Semiconductor
Equipment
.
1,124,740,873
—
—
1,124,740,873
Software
.............................
214,807,610
—
38,891,280
253,698,890
Specialty
Retail
........................
22,558,534
—
—
22,558,534
Technology
Hardware,
Storage
&
Peripherals
.
386,954,123
—
—
386,954,123
Trading
Companies
&
Distributors
..........
12,390,426
—
—
12,390,426
Convertible
Preferred
Stocks
................
—
—
137,369,675
137,369,675
Preferred
Stocks
.........................
—
—
69,649,084
69,649,084
Escrows
and
Litigation
Trusts
...............
—
—
—
c
—
Short
Term
Investments
...................
35,443,301
—
—
35,443,301
Total
Investments
in
Securities
...........
$3,978,707,026
$—
$360,421,779
$4,339,128,805
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Agricultural
Products
&
Services
...........
$
3,686,181
$
—
$
—
$
3,686,181
Aluminum
............................
223,704
—
—
223,704
Coal
&
Consumable
Fuels
................
3,999,394
—
—
3,999,394
Construction
&
Engineering
...............
2,444,141
—
—
2,444,141
Construction
Materials
..................
9,505,034
—
—
9,505,034
Copper
..............................
19,807,556
4,281,324
—
24,088,880
Diversified
Metals
&
Mining
...............
30,647,976
15,431,380
—
46,079,356
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
92
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Electrical
Components
&
Equipment
........
$
—
$
1,853,237
$
—
$
1,853,237
Electronic
Equipment
&
Instruments
........
2,418,300
—
—
2,418,300
Fertilizers
&
Agricultural
Chemicals
.........
19,833,159
—
—
19,833,159
Gold
................................
49,935,909
—
—
49,935,909
Heavy
Electrical
Equipment
..............
4,580,935
—
—
4,580,935
Industrial
Gases
.......................
19,080,754
—
—
19,080,754
Industrial
Machinery
&
Supplies
&
Components
3,614,373
—
—
3,614,373
Integrated
Oil
&
Gas
....................
84,912,405
—
—
84,912,405
Metal,
Glass
&
Plastic
Containers
..........
5,098,005
—
—
5,098,005
Oil
&
Gas
Drilling
......................
3,948,572
—
—
3,948,572
Oil
&
Gas
Equipment
&
Services
...........
35,462,108
2,227,351
—
37,689,459
Oil
&
Gas
Exploration
&
Production
.........
79,224,481
5,023,705
—
84,248,186
Oil
&
Gas
Refining
&
Marketing
............
24,154,599
—
—
24,154,599
Oil
&
Gas
Storage
&
Transportation
.........
44,364,469
—
—
44,364,469
Paper
&
Plastic
Packaging
Products
&
Materials
4,130,112
—
—
4,130,112
Precious
Metals
&
Minerals
...............
—
427,621
—
427,621
Renewable
Electricity
...................
1,118,728
—
—
1,118,728
Semiconductors
.......................
2,070,822
—
—
2,070,822
Specialty
Chemicals
....................
2,306,952
—
—
2,306,952
Steel
................................
6,727,918
—
—
6,727,918
Convertible
Preferred
Stocks
:
Environmental
&
Facilities
Services
.........
—
—
1,899,983
1,899,983
Specialty
Chemicals
....................
1,533,223
—
—
1,533,223
Warrants
..............................
627,753
—
—
627,753
Convertible
Bonds
.......................
—
1,309,699
—
1,309,699
Short
Term
Investments
...................
23,348,802
—
—
23,348,802
Total
Investments
in
Securities
...........
$488,806,365
$30,554,317
d
$1,899,983
$521,260,665
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
126,314,509
$
—
$
—
$
126,314,509
Banks
...............................
57,989,421
—
—
57,989,421
Biotechnology
.........................
377,068,859
—
—
377,068,859
Building
Products
......................
61,259,817
—
—
61,259,817
Capital
Markets
........................
109,077,737
—
—
109,077,737
Construction
&
Engineering
...............
50,277,017
—
—
50,277,017
Construction
Materials
..................
9,564,953
—
—
9,564,953
Consumer
Staples
Distribution
&
Retail
......
37,954,144
—
—
37,954,144
Electrical
Equipment
....................
41,700,788
—
—
41,700,788
Electronic
Equipment,
Instruments
&
Components
........................
106,839,353
—
9,432,534
116,271,887
Energy
Equipment
&
Services
.............
63,676,006
—
—
63,676,006
Financial
Services
......................
53,650,542
—
—
53,650,542
Food
Products
........................
16,646,253
—
—
16,646,253
Health
Care
Equipment
&
Supplies
.........
97,061,539
—
—
97,061,539
Health
Care
Providers
&
Services
..........
159,247,921
—
—
159,247,921
Health
Care
REITs
.....................
19,881,171
—
—
19,881,171
Hotel
&
Resort
REITs
...................
20,987,443
—
—
20,987,443
Hotels,
Restaurants
&
Leisure
.............
82,667,398
—
—
82,667,398
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
93
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Household
Durables
....................
$
27,907,177
$
—
$
—
$
27,907,177
Independent
Power
and
Renewable
Electricity
Producers
..........................
1,293,007
—
—
1,293,007
IT
Services
...........................
23,653,272
—
—
23,653,272
Life
Sciences
Tools
&
Services
............
34,679,576
—
—
34,679,576
Machinery
............................
61,942,835
—
—
61,942,835
Media
...............................
28,095,208
—
—
28,095,208
Metals
&
Mining
.......................
22,812,792
—
—
22,812,792
Multi-Utilities
..........................
12,868,288
—
—
12,868,288
Oil,
Gas
&
Consumable
Fuels
.............
55,153,630
—
—
55,153,630
Passenger
Airlines
.....................
24,144,126
—
—
24,144,126
Pharmaceuticals
.......................
108,737,272
—
—
108,737,272
Professional
Services
...................
43,984,200
—
—
43,984,200
Semiconductors
&
Semiconductor
Equipment
.
126,304,721
—
—
126,304,721
Software
.............................
204,065,036
—
379,590
204,444,626
Specialty
Retail
........................
51,722,055
—
—
51,722,055
Textiles,
Apparel
&
Luxury
Goods
..........
14,304,108
—
—
14,304,108
Trading
Companies
&
Distributors
..........
28,037,594
—
—
28,037,594
Convertible
Preferred
Stocks
................
—
—
71,123,417
71,123,417
Preferred
Stocks
.........................
—
—
5,195,340
5,195,340
Rights
.................................
—
—
—
c
—
Escrows
and
Litigation
Trusts
...............
—
—
—
—
Short
Term
Investments
...................
71,464,408
—
—
71,464,408
Total
Investments
in
Securities
...........
$2,433,034,176
$—
$86,130,881
$2,519,165,057
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
224,745,748
—
—
224,745,748
Banks
...............................
37,728,440
—
—
37,728,440
Biotechnology
.........................
203,361,653
—
—
203,361,653
Building
Products
......................
44,685,499
—
—
44,685,499
Capital
Markets
........................
148,780,910
—
—
148,780,910
Communications
Equipment
..............
65,728,172
—
—
65,728,172
Construction
&
Engineering
...............
106,664,793
—
—
106,664,793
Consumer
Staples
Distribution
&
Retail
......
75,362,929
—
—
75,362,929
Electrical
Equipment
....................
158,021,122
—
—
158,021,122
Electronic
Equipment,
Instruments
&
Components
........................
57,402,425
—
—
57,402,425
Energy
Equipment
&
Services
.............
26,667,767
—
—
26,667,767
Entertainment
.........................
86,461,716
—
—
86,461,716
Ground
Transportation
..................
44,741,175
—
—
44,741,175
Health
Care
Equipment
&
Supplies
.........
121,918,441
—
—
121,918,441
Health
Care
Providers
&
Services
..........
82,220,535
—
—
82,220,535
Hotels,
Restaurants
&
Leisure
.............
287,191,676
—
—
287,191,676
Household
Durables
....................
28,995,635
—
—
28,995,635
Independent
Power
and
Renewable
Electricity
Producers
..........................
75,814,745
—
—
75,814,745
Interactive
Media
&
Services
..............
34,810,339
—
—
34,810,339
IT
Services
...........................
242,159,545
—
—
242,159,545
Life
Sciences
Tools
&
Services
............
36,211,932
—
—
36,211,932
Machinery
............................
32,241,260
—
—
32,241,260
Media
...............................
41,082,782
—
—
41,082,782
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
94
franklintempleton.com
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At July
31,
2026,
the
reconciliations
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Oil,
Gas
&
Consumable
Fuels
.............
$
118,047,558
$
—
$
—
$
118,047,558
Professional
Services
...................
25,332,838
—
—
25,332,838
Real
Estate
Management
&
Development
....
34,453,886
—
—
34,453,886
Retail
REITs
..........................
42,810,305
—
—
42,810,305
Semiconductors
&
Semiconductor
Equipment
.
262,325,613
—
—
262,325,613
Software
.............................
302,755,419
—
8,640,509
311,395,928
Specialty
Retail
........................
121,279,347
—
—
121,279,347
Technology
Hardware,
Storage
&
Peripherals
.
49,936,784
—
—
49,936,784
Trading
Companies
&
Distributors
..........
71,031,252
—
—
71,031,252
Convertible
Preferred
Stocks
................
—
—
108,638,552
108,638,552
Preferred
Stocks
.........................
—
—
2,298,485
2,298,485
Warrants
...............................
—
—
93,180
93,180
Convertible
Bonds
.......................
—
—
252,485
252,485
Senior
Floating
Rate
Interests
...............
—
—
1,060,010
1,060,010
Escrows
and
Litigation
Trusts
...............
—
—
—
c
—
Short
Term
Investments
...................
60,550,483
—
—
60,550,483
Total
Investments
in
Securities
...........
$3,351,522,724
$—
$120,983,221
$3,472,505,945
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$4,271,457,
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.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
foreign
securities
valued
at
$29,244,618,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Biotechnology
......
$
2,976,339
$
(2,735,200)
$
2,735,200
$
—
$
—
$
—
$
—
$
1,560,348
$
4,536,687
$
1,560,348
Convertible
Preferred
Stocks
:
Biotechnology
......
6,762,833
(86)
(1,827,375)
3,667,504
—
—
—
1,567,014
10,169,890
3,103,203
Diversified
Consumer
Services
........
—
3,620,535
—
—
—
—
—
(187,523)
3,433,012
(187,523)
Household
Products
..
2,372,462
—
—
—
—
—
—
3,191,250
5,563,712
3,191,250
Pharmaceuticals
....
—
3,495,046
—
—
—
—
—
2,018,100
5,513,146
2,018,100
Preferred
Stocks
:
Biotechnology
......
—
361,487
—
—
—
—
—
65,312
426,799
65,312
Real
Estate
Management
&
Development
.....
3,017,588
—
—
—
—
—
—
(946,002)
2,071,586
(946,002)
Warrants
:
Biotechnology
......
8,983,143
—
(71)
—
—
—
71
2,314,732
11,297,875
2,314,732
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
95
franklintempleton.com
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Biotechnology
Discovery
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Escrows
and
Litigation
Trusts
:
$
534,289
d
$
—
$
(249,029)
$
—
$
—
$
—
$
249,029
$
(229,033)
$
305,256
$
(229,033)
Total
Investments
in
Securities
............
$24,646,654
$4,741,782
$658,725
$3,667,504
$—
$—
$249,100
$9,354,198
$43,317,963
$10,890,387
Other
Financial
Instruments:
Unfunded
Commitments
......
$311,468
$—
$—
$—
$—
$—
$—
$(311,468)
$—
$—
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
8,107,210
—
—
—
—
—
—
317
8,107,527
317
Commercial
Services
&
Supplies
........
2,723,122
—
—
—
—
—
—
491,983
3,215,105
491,983
Diversified
Telecommunication
Services
........
75,227,068
—
d
—
—
—
—
—
2,179,998
77,407,066
2,179,998
IT
Services
........
24,565,347
—
—
—
—
—
—
1,216,695
25,782,042
1,216,695
Leisure
Products
....
—
—
—
—
—
—
—
—
—
—
Software
..........
36,914,457
—
—
—
—
—
—
1,976,823
38,891,280
1,976,823
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
12,426,307
—
—
—
—
—
—
487
12,426,794
487
Automobile
Components
13,324,225
—
—
—
—
—
—
(405,711)
12,918,514
(405,711)
Software
..........
79,429,179
—
—
—
—
—
—
32,595,188
112,024,367
32,595,188
Preferred
Stocks
:
Software
..........
13,269,343
39,999,046
—
—
—
—
—
16,380,695
69,649,084
16,380,695
Escrows
and
Litigation
Trusts
:
—
d
—
—
d
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$265,986,258
$39,999,046
$—
$—
$—
$—
$—
$54,436,475
$360,421,779
$54,436,475
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Electronic
Equipment,
Instruments
&
Components
.....
—
9,263,800
—
—
—
—
—
168,734
9,432,534
168,734
Software
..........
381,580
—
—
—
—
—
—
(1,990)
379,590
(1,990)
Convertible
Preferred
Stocks
:
Automobile
Components
15,437,126
—
—
—
—
—
—
(470,047)
14,967,079
(470,047)
Communications
Equipment
.......
5,999,994
—
—
—
—
—
—
—
5,999,994
—
Diversified
Consumer
Services
........
12,707,441
—
—
—
—
—
—
(486,222)
12,221,219
(486,222)
Software
..........
30,914,846
—
—
—
—
—
—
2,918,645
33,833,491
2,918,645
Specialty
Retail
.....
3,786,378
—
—
—
—
—
—
315,256
4,101,634
315,256
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
96
franklintempleton.com
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Preferred
Stocks
:
Automobile
Components
$
3,872,916
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3,872,916
d
$
—
Software
..........
1,223,145
—
—
—
—
—
—
99,279
1,322,424
99,279
Rights
:
Biotechnology
......
—
d
—
—
—
—
—
—
—
—
d
—
Escrows
and
Litigation
Trusts
...........
—
d
—
—
d
—
—
—
—
—
—
—
Total
Investments
in
Securities
............
$74,323,426
$9,263,800
$—
$—
$—
$—
$—
$2,543,655
$86,130,881
$2,543,655
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Software
..........
7,493,068
—
—
—
—
—
—
1,147,441
8,640,509
1,147,441
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
28,578,603
—
—
—
—
—
—
1,119
28,579,722
1,119
Diversified
Consumer
Services
........
7,594,972
—
—
—
—
—
—
(290,605)
7,304,367
(290,605)
Semiconductors
&
Semiconductor
Equipment
.......
6,046,293
—
—
—
—
—
—
(379,182)
5,667,111
(379,182)
Software
..........
52,294,801
—
—
—
—
—
—
14,792,551
67,087,352
14,792,551
Preferred
Stocks
:
Semiconductors
&
Semiconductor
Equipment
.......
2,409,237
—
—
—
—
—
—
(110,752)
2,298,485
(110,752)
Warrants
:
Semiconductors
&
Semiconductor
Equipment
.......
95,450
—
—
—
—
—
—
(2,270)
93,180
(2,270)
Convertible
Bonds
:
Semiconductors
&
Semiconductor
Equipment
.......
243,073
—
—
—
—
—
—
9,412
252,485
9,412
Senior
Floating
Rate
Interests
:
Semiconductors
&
Semiconductor
Equipment
.......
1,010,160
1,194,676
(1,163,779)
—
—
6,376
14
12,563
1,060,010
(105,019)
Escrows
and
Litigation
Trusts
:
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$105,765,657
$1,194,676
$(1,163,779)
$—
$—
$6,376
$14
$15,180,277
$120,983,221
$15,062,695
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
97
franklintempleton.com
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
July
31,
2026,
are
as
follows:
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Biotechnology
..................
$6,385,654
Discount
for
lack
of
marketability
Asset
price
$15.6
Increase
Discount
for
lack
of
marketability
6.1%
Decrease
All
Other
Investments
.............
36,932,309
b
Total
..........................
$43,317,963
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Diversified
Consumer
Services
.....
$14,967,079
Market
comparables
Discount
for
lack
of
marketability
13.4%
Decrease
EV
/
Revenue
multiple
19.3x
Increase
Trade
price
$15.6
Increase
Software
......................
21,802,974
Market
comparables
Discount
for
lack
of
marketability
10.0%
Decrease
EV
/
Revenue
multiple
3.1x
Increase
Volatility
51.1%
Increase
All
Other
Investments
.............
49,360,828
b,c
Total
..........................
$86,130,881
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
98
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
3
financial
instruments,
for
Franklin
Growth
Opportunities
Fund
and
Franklin
Small-Mid
Cap
Growth
Fund,
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs
as
well
as
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
c
Includes
financial
instruments
determined
to
have
no
value.
Abbreviations
List
EV
-
Enterprise
value
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
99
franklintempleton.com
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
Cu
r
rency
CAD
Canadian
Dollar
EUR
Euro
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CVR
Contingent
Value
Right
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
IO
Interest
Only
MBS
Mortgage-Backed
Security
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.